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, 2013

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.

Annual Report

February 28, 2013

Columbia Convertible Securities Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Convertible Securities Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as the year 2012 came to a close. However, they ended the year up strongly, as first- and third-quarter gains more than offset second- and fourth-quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Stock markets outside the United States generated some of the best returns for the fourth quarter, as optimism rebounded, thanks to the September actions of the European Central Bank in support of the euro and an improving outlook from China. Both developed and emerging foreign markets topped U.S. stocks by a solid margin.

Corporate and emerging markets led fixed income

Fixed-income investors took their cue from the equity markets and continued to favor the highest risk sectors through the end of 2012. Global fixed-income returns posted mixed results in the final quarter of the year. Gains were the highest for corporate high-yield and emerging market bonds. Although investors remained cautious ahead of the year-end budget negotiations, better economic data and a further improvement in the European sovereign debt crisis supported riskier assets and depressed government bond prices. In December, the Federal Reserve announced its intention to continue to purchase both Treasury and mortgage-backed securities and said that it would seek to keep short-term interest rates unchanged until the unemployment rate reaches 6.5%, or inflation turned noticeably higher.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. 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.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. 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.

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 a fund, visit 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.

Annual Report 2013

Columbia Convertible Securities Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					16
Statement of Operations					18
Statement of Changes in Net Assets					19
Financial Highlights					21
Notes to Financial Statements					30
Report of Independent Registered Public Accounting Firm					37
Federal Income Tax Information					38
Trustees and Officers					39
Important Information About This Report					45

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

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.

Annual Report 2013

Columbia Convertible Securities Fund

Performance Overview

Performance Summary

> Columbia Convertible Securities Fund (the Fund) Class A shares returned 7.84% excluding sales charges for the 12-month period ended February 28, 2013.

> The Fund underperformed its benchmark, the BofA Merrill Lynch All Convertibles All Qualities Index, which returned 10.06% for the same 12-month period.

> During a period of strong equity market performance, the Fund's maturity and premium composition was somewhat more defensive than the benchmark, which generally accounted for the modest relative shortfall in performance.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	09/25/87
Excluding sales charges			7.84		4.40		7.18
Including sales charges			1.67		3.17		6.54
Class B	07/15/98
Excluding sales charges			7.10		3.62		6.37
Including sales charges			2.10		3.27		6.37
Class C	10/21/96
Excluding sales charges			6.99		3.61		6.36
Including sales charges			5.99		3.61		6.36
Class I*	09/27/10		8.29		4.59		7.28
Class R*	11/16/11		7.55		4.01		6.76
Class R4*	11/08/12		7.98		4.42		7.19
Class R5*	11/08/12		8.01		4.43		7.19
Class W*	11/16/11		7.87		4.27		7.02
Class Z	05/21/99		8.10		4.67		7.44
BofA Merrill Lynch All Convertibles All Qualities Index			10.06		5.50		7.64

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The BofA Merrill Lynch All Convertibles All Qualities Index 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.

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.

Annual Report 2013
2

Columbia Convertible Securities Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

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.

Annual Report 2013
3

Columbia Convertible Securities Fund

Manager Discussion of Fund Performance

For the 12-month period ended February 28, 2013, the Fund's Class A shares returned 7.84% excluding sales charges. The Fund underperformed its benchmark, the BofA Merrill Lynch All Convertibles All Qualities Index, which returned 10.06% for the same 12-month period. The Fund's positioning was more defensive than the benchmark during a period of rising share prices, which generally accounted for the modest relative shortfall in performance.

Investors Shrug Off Weak Economic Growth

The federal government's struggles to avoid a fiscal cliff of tax increases and spending cuts weighed on the U.S. economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action and improving economic prospects in some sectors gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity were encouraging signs. The U.S. housing market staged a solid comeback, with higher home sales, rising prices and lower inventories.

Against this backdrop, the convertible securities market performed well, aided by an extended equity rally toward the end of the period. As stocks rallied, several large-capitalization, equity-sensitive convertibles close to maturity did especially well, boosting the overall performance of the benchmark. Actively-managed convertible securities funds tend to underweight this class of convertibles and were therefore at a slight structural disadvantage during the period.

Security Selection Aided Performance

Several specific Fund holdings kept overall performance competitive. Biotechnology company Gilead Sciences performed well and was the Fund's single biggest holding at the end of the period. Auto parts manufacturer TRW Automotive, whose shares rallied strongly beginning in the summer of 2012, was another meaningful contributor. We eventually trimmed the Fund's position in TRW Automotive when the price advance of the convertible had reduced its defensive characteristics.

Although the Fund generally benefited from its technology holdings, it was hurt by its overweight in EMC, which had been a solid investment but declined during the period amid a deteriorating growth outlook for its investment in VMWare. The Fund also took a loss on Knight Capital, which was sold from the portfolio because of concern about a potential bankruptcy, which was averted at the last minute. The weak performance of the mining sector, to which the Fund was exposed via investments in Jaguar Mining, Molycorp, and James River Coal, was also a drag overall results.

Fund Took Advantage as Pace of Convertible Issuance Picked Up

For much of the period, convertible issuance was slow, as prevailing low interest rates enabled companies to issue regular debt cheaply without the need to grant investors a long-term call option on their common stock. Issuance picked up as the stock market advanced, however, and the Fund took advantage of this new issuance to refresh the portfolio. The early returns from this activity have been

Portfolio Management

David King, CFA

Yan Jin

Top Ten Holdings (%) (at February 28, 2013)
Gilead Sciences, Inc. 1.625% 05/01/16					3.5
General Motors Co., 4.750%					2.4
Dendreon Corp. 2.875% 01/15/16					2.3
Bank of America Corp., 7.250%					2.0
Intel Corp. 3.250% 08/01/39					1.8
EMC Corp. 1.750% 12/01/13					1.7
Health Care REIT, Inc., 6.500%					1.5
MGM Resorts International 4.250% 04/15/15					1.5
Jarden Corp. 1.875% 09/15/18					1.3
Micron Technology, Inc. 2.125% 02/15/33					1.3

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
4

Columbia Convertible Securities Fund

Manager Discussion of Fund Performance (continued)

favorable, as most of these new purchases have moved up from their offering prices. We also purchased a so-called "synthetic" convertible of Vertex Pharmaceuticals. This privately issued security will enable the Fund to preserve its long-term exposure to the potential upside of this equity, given that its existing publicly-traded becomes callable later this year.

Looking Ahead

We currently anticipate that the pace of new issuance in the period ahead will exceed that of the past 12 months. This trend would be welcome to active managers, who tend to prefer convertibles with more downside protection than the equity-sensitive issues that led the market over the past 12 months. We expect to continue to focus on issue selection and to avoid large sector bets unless an unusual opportunity arises.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					1.6
Financials					0.5
Information Technology					0.5
Utilities					0.6
Convertible Bonds					73.8
Consumer Discretionary					10.0
Consumer Staples					2.6
Energy					3.4
Financials					8.5
Health Care					19.3
Industrials					6.4
Materials					4.0
Telecommunication					18.9
Utilities					0.7
Convertible Preferred Stocks					22.4
Consumer Discretionary					3.1
Consumer Staples					2.0
Energy					4.3
Financials					7.2
Industrials					2.3
Information Technology					0.5
Utilities					3.0
Equity-Linked Notes					0.8
Money Market Funds					1.4
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Convertible Securities Fund

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

September 1, 2012 – February 28, 2013

	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		1,090.10			1,018.99		6.06			5.86		1.17
Class B		1,000.00		1,000.00		1,086.20			1,015.27		9.93			9.59		1.92
Class C		1,000.00		1,000.00		1,085.60			1,015.27		9.93			9.59		1.92
Class I		1,000.00		1,000.00		1,092.70			1,021.12		3.84			3.71		0.74
Class R		1,000.00		1,000.00		1,088.80			1,017.75		7.35			7.10		1.42
Class R4		1,000.00		1,000.00		1,080.50	*		1,020.23		2.91	*		4.61		0.92	*
Class R5		1,000.00		1,000.00		1,080.80	*		1,020.88		2.50	*		3.96		0.79	*
Class W		1,000.00		1,000.00		1,090.20			1,018.99		6.06			5.86		1.17
Class Z		1,000.00		1,000.00		1,091.30			1,020.23		4.77			4.61		0.92

*For the period November 8, 2012 through February 28, 2013. Class R4 and Class R5 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as "acquired funds"), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Convertible Securities Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 1.6%

Issuer	Shares		Value ($)
Financials 0.5%
Real Estate Investment Trusts (REITs) 0.5%
Digital Realty Trust, Inc.		40,000		2,679,200
Total Financials				2,679,200
Information Technology 0.5%
Semiconductors & Semiconductor Equipment 0.5%
Microchip Technology, Inc.		80,000		2,917,600
Total Information Technology				2,917,600
Utilities 0.6%
Multi-Utilities 0.6%
CMS Energy Corp.		120,000		3,193,200
Total Utilities				3,193,200
Total Common Stocks (Cost: $8,642,689)				8,790,000
Convertible Preferred Stocks 22.4%
Consumer Discretionary 3.1%
Automobiles 2.4%
General Motors Co., 4.750%		315,000		13,157,550
Media 0.7%
Interpublic Group of Companies, Inc. (The), 5.250%		3,460		4,033,063
Total Consumer Discretionary				17,190,613
Consumer Staples 2.0%
Food Products 2.0%
Bunge Ltd., 4.875%		50,000		5,277,500
Post Holdings, Inc., 3.750%^(a)(b)		57,100		5,734,153
Total				11,011,653
Total Consumer Staples				11,011,653
Energy 4.3%
Oil, Gas & Consumable Fuels 4.3%
Apache Corp., 6.000%		111,500		4,814,570
Chesapeake Energy Corp., 5.000%		73,100		6,327,719
Chesapeake Energy Corp., 5.750%^(a)		5,500		5,702,812
Energy XXI Bermuda Ltd., 5.625%		7,600		2,476,080

Convertible Preferred Stocks (continued)

Issuer	Shares		Value ($)
Penn Virginia Corp., 6.000%		27,065		2,367,890
Whiting Petroleum Corp., 6.250%		10,500		2,377,358
Total				24,066,429
Total Energy				24,066,429
Financials 7.2%
Commercial Banks 1.0%
Fifth Third Bancorp, 8.500%		40,350		5,772,067
Diversified Financial Services 2.9%
AMG Capital Trust II, 5.150%		110,000		5,692,500
Bank of America Corp., 7.250%		9,000		10,800,000
Total				16,492,500
Insurance 0.9%
MetLife, Inc., 5.000%		105,000		4,956,000
Real Estate Investment Trusts (REITs) 2.4%
Alexandria Real Estate Equities, Inc., 7.000%		190,000		5,153,750
Health Care REIT, Inc., 6.500%		135,000		8,127,000
Total				13,280,750
Total Financials				40,501,317
Industrials 2.3%
Aerospace & Defense 1.0%
United Technologies Corp., 7.500%		91,000		5,300,750
Road & Rail 1.3%
2010 Swift Mandatory Common Exchange Security Trust, 6.000%^(a)		345,000		4,138,275
Genesee & Wyoming, Inc., 5.000%		26,650		3,384,550
Total				7,522,825
Total Industrials				12,823,575
Information Technology 0.5%
IT Services 0.5%
Unisys Corp., 6.250%		46,000		2,996,440
Total Information Technology				2,996,440
Utilities 3.0%
Electric Utilities 2.0%
NextEra Energy, Inc., 5.599%		110,000		5,761,800
PPL Corp., 8.750%		100,000		5,486,000
Total				11,247,800

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Convertible Preferred Stocks (continued)

Issuer	Shares		Value ($)
Multi-Utilities 1.0%
CenterPoint Energy, Inc., 0.283%^(b)(c)		132,000		5,700,750
Total Utilities				16,948,550
Total Convertible Preferred Stocks (Cost: $120,520,800)				125,538,577

Convertible Bonds 73.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Airlines 1.5%
AirTran Holdings, Inc. Senior Unsecured 11/01/16		5.250	%		2,950,000		4,028,594
Continental Airlines, Inc. Senior Unsecured 01/15/15		4.500	%		1,835,000		2,880,950
U.S. Airways Group, Inc. Senior Unsecured 05/15/14		7.250	%		455,000		1,352,772
Total							8,262,316
Automotive 1.5%
Navistar International Corp. Senior Subordinated Notes 10/15/14		3.000	%		5,700,000		5,372,250
TRW Automotive, Inc. 12/01/15		3.500	%		1,400,000		2,876,930
Total							8,249,180
Banking 1.0%
Walter Investment Management Corp. Senior Subordinated Notes 11/01/19		4.500	%		4,950,000		5,540,906
Building Materials 1.0%
Cemex SAB de CV Subordinated Notes 03/15/15		4.875	%		4,800,000		5,592,000
Chemicals —%
ShengdaTech, Inc. Senior Notes^(a)(d)(e)(f)12/15/15		6.500	%		2,430,000		24,300

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Consumer Cyclical Services 0.8%
Coinstar, Inc. Senior Unsecured 09/01/14		4.000	%		2,020,000		2,643,675
MasTec, Inc. 06/15/14		4.000	%		956,000		1,852,250
Total							4,495,925
Consumer Products 1.3%
Jarden Corp.^(a)09/15/18		1.875	%		6,650,000		7,431,508
Diversified Manufacturing 0.5%
GT Advanced Technologies, Inc. Senior Unsecured 10/01/17		3.000	%		3,650,000		2,739,781
Electric 0.7%
Covanta Holding Corp. Senior Unsecured 06/01/14		3.250	%		3,050,000		3,839,187
Entertainment 0.9%
Take-Two Interactive Software, Inc. Senior Unsecured 12/01/16		1.750	%		4,500,000		4,891,860
Food and Beverage 0.5%
Chiquita Brands International, Inc. Senior Unsecured 08/15/16		4.250	%		2,989,000		2,596,694
Gaming 1.4%
MGM Resorts International 04/15/15		4.250	%		7,450,000		8,018,062
Health Care 6.0%
HeartWare International, Inc. Senior Unsecured 12/15/17		3.500	%		2,650,000		3,088,906
Hologic, Inc. Senior Unsecured^(c)03/01/42		2.000	%		5,520,000		5,743,450
Insulet Corp. Senior Unsecured 06/15/16		3.750	%		4,220,000		4,706,988
Molina Healthcare, Inc. Senior Notes^(a)01/15/20		1.125	%		3,804,000		3,896,247

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Omnicare, Inc. 04/01/42		3.750	%		5,100,000		5,298,543
Opko Health, Inc. Senior Unsecured^(a)02/01/33		3.000	%		2,850,000		3,129,157
WebMD Health Corp. Senior Unsecured 01/31/18		2.500	%		5,790,000		5,207,381
Wright Medical Group, Inc. Senior Unsecured^(a)08/15/17		2.000	%		2,510,000		2,846,466
Total							33,917,138
Healthcare Insurance 1.1%
WellPoint, Inc. Senior Unsecured^(a)10/15/42		2.750	%		6,030,000		6,457,648
Home Construction 2.9%
KB Homes 02/01/19		1.375	%		5,500,000		5,530,937
Lennar Corp.^(a)11/15/21		3.250	%		2,800,000		4,998,000
Meritage Homes Corp. 09/15/32		1.875	%		5,300,000		5,611,375
Total							16,140,312
Independent Energy 1.6%
Endeavour International Corp. 07/15/16		5.500	%		3,450,000		1,664,625
Newpark Resources, Inc. Senior Unsecured 10/01/17		4.000	%		2,950,000		3,342,350
Stone Energy Corp.^(a)03/01/17		1.750	%		4,200,000		3,790,500
Total							8,797,475
Lodging 0.5%
Home Inns & Hotels Management, Inc. Senior Unsecured 12/15/15		2.000	%		400,000		356,750
Home Inns & Hotels Management, Inc.^(a)Senior Unsecured 12/15/15		2.000	%		3,020,000		2,693,463
Total							3,050,213

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Metals 2.9%
Horsehead Holding Corp. Senior Unsecured 07/01/17		3.800	%		2,670,000		2,647,244
Jaguar Mining, Inc. Senior Unsecured 03/31/16		5.500	%		3,500,000		1,327,812
James River Coal Co. Senior Unsecured 12/01/15		4.500	%		5,890,000		2,157,778
Molycorp, Inc. Senior Unsecured 09/01/17		6.000	%		3,330,000		2,544,187
Royal Gold, Inc. Senior Unsecured 06/15/19		2.875	%		3,800,000		3,952,950
United States Steel Corp. Senior Unsecured 05/15/14		4.000	%		3,750,000		3,937,500
Total							16,567,471
Non-Captive Consumer 1.0%
DFC Global Corp. Senior Unsecured^(a)04/15/17		3.250	%		5,100,000		5,636,979
Non-Captive Diversified 0.8%
Air Lease Corp. Senior Unsecured^(a)12/01/18		3.875	%		3,500,000		4,305,210
Oil Field Services 1.9%
Cobalt International Energy, Inc. Senior Unsecured 12/01/19		2.625	%		4,100,000		4,264,000
Hornbeck Offshore Services, Inc.^(a)09/01/19		1.500	%		3,800,000		4,196,625
SEACOR Holdings, Inc. Senior Unsecured^(a)12/15/27		2.500	%		1,894,000		2,009,667
Total							10,470,292
Other Financial Institutions 1.9%
Ares Capital Corp. Senior Unsecured^(a)03/15/17		4.875	%		5,000,000		5,270,000
Forest City Enterprises, Inc. Senior Unsecured 08/15/18		4.250	%		5,190,000		5,529,945
Total							10,799,945

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Other Industry 1.5%
Altra Holdings, Inc. 03/01/31		2.750	%		2,500,000		2,854,687
General Cable Corp. Subordinated Notes^(c)11/15/29		4.500	%		2,500,000		2,925,000
WESCO International, Inc. 09/15/29		6.000	%		1,000,000		2,677,500
Total							8,457,187
Pharmaceuticals 12.0%
Akorn, Inc. 06/01/16		3.500	%		1,620,000		2,786,400
Corsicanto Ltd. 01/15/32		3.500	%		1,900,000		2,407,680
Dendreon Corp. Senior Unsecured 01/15/16		2.875	%		15,520,000		12,837,415
Endo Health Solutions, Inc. Senior Subordinated Notes 04/15/15		1.750	%		2,300,000		2,774,375
Gilead Sciences, Inc. Senior Unsecured 05/01/16		1.625	%		9,880,000		19,037,179
InterMune, Inc. Senior Unsecured 12/15/17		2.500	%		1,710,000		1,758,094
09/15/18		2.500	%		4,967,000		4,116,401
Isis Pharmaceuticals, Inc. Senior Unsecured^(a)10/01/19		2.750	%		2,180,000		2,505,637
Medivation, Inc. Senior Unsecured 04/01/17		2.625	%		2,200,000		2,780,250
Mylan, Inc. 09/15/15		3.750	%		1,750,000		3,972,500
Onyx Pharmaceuticals, Inc. Senior Unsecured 08/15/16		4.000	%		1,140,000		2,302,800
Pacira Pharmaceuticals, Inc. Senior Unsecured^(a)02/01/19		3.250	%		1,900,000		2,220,036
Regeneron Pharmaceuticals, Inc. Senior Unsecured 10/01/16		1.875	%		1,120,000		2,288,944
Salix Pharmaceuticals Ltd. Senior Notes^(a)03/15/19		1.500	%		5,300,000		5,555,937
Total							67,343,648

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Property & Casualty 0.6%
Radian Group, Inc. Senior Unsecured^(g)03/01/19		2.250	%		3,100,000		3,320,875
Railroads 0.8%
Greenbrier Companies, Inc. Senior Unsecured 04/01/18		3.500	%		4,500,000		4,370,625
REITs 3.3%
Boston Properties LP Senior Unsecured 05/15/36		3.750	%		4,500,000		4,730,625
Forestar Group, Inc. Senior Unsecured 03/01/20		3.750	%		2,850,000		2,934,075
SL Green Operating Partnership LP^(a)10/15/17		3.000	%		4,800,000		5,526,000
Starwood Property Trust, Inc. Senior Unsecured 03/01/18		4.550	%		4,758,000		5,109,331
Total							18,300,031
Retailers 1.0%
priceline.com, Inc. Senior Unsecured^(a)03/15/18		1.000	%		5,000,000		5,530,550
Technology 17.1%
Bottomline Technologies de, Inc. Senior Unsecured 12/01/17		1.500	%		2,840,000		3,272,305
Ciena Corp. Senior Unsecured^(a)10/15/18		3.750	%		4,800,000		5,365,968
Dealertrack Technologies, Inc.^(a)03/15/17		1.500	%		4,750,000		5,100,312
EMC Corp. Senior Unsecured 12/01/13		1.750	%		6,500,000		9,400,625
Equinix, Inc. Subordinated Notes 10/15/14		3.000	%		1,550,000		3,055,438
Intel Corp. 08/01/39		3.250	%		8,500,000		10,056,562
Ixia Senior Notes 12/15/15		3.000	%		2,700,000		3,402,000

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Mentor Graphics Corp. 04/01/31		4.000	%		4,740,000		5,498,400
Micron Technology, Inc.^(a)Senior Unsecured 02/15/33		1.625	%		1,900,000		1,978,090
02/15/33		2.125	%		6,850,000		7,018,989
Novellus Systems, Inc. 05/15/41		2.625	%		3,000,000		4,220,100
Nuance Communications, Inc. Senior Unsecured 11/01/31		2.750	%		4,840,000		4,976,125
ON Semiconductor Corp. 12/15/26		2.625	%		5,250,000		5,932,500
Powerwave Technologies, Inc.^(e)Subordinated Notes 10/01/27		3.875	%		1,900,000		72,438
Salesforce.com, Inc. Senior Unsecured 01/15/15		0.750	%		2,000,000		4,021,250
SanDisk Corp. Senior Unsecured 08/15/17		1.500	%		3,380,000		4,161,625
Symantec Corp. Senior Unsecured 06/15/13		1.000	%		3,400,000		4,182,000
TIBCO Software, Inc. Senior Unsecured^(a)05/01/32		2.250	%		5,300,000		5,155,374
TTM Technologies, Inc. Senior Unsecured 05/15/15		3.250	%		4,000,000		3,995,000
TiVo, Inc. Senior Unsecured^(a)03/15/16		4.000	%		3,900,000		5,265,000
Total							96,130,101
Textile 1.0%
Iconix Brand Group, Inc. Senior Subordinated Notes^(a)06/01/16		2.500	%		5,050,000		5,465,817
Tobacco 0.8%
Vector Group Ltd. Senior Unsecured^(c)01/15/19		2.500	%		3,900,000		4,382,118
Transportation Services 2.1%
DryShips, Inc. Senior Unsecured 12/01/14		5.000	%		7,000,000		5,998,125

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Wabash National Corp. Senior Unsecured 05/01/18		3.375	%		2,400,000		2,832,768
XPO Logistics, Inc. Senior Unsecured 10/01/17		4.500	%		2,500,000		3,039,025
Total							11,869,918
Wireless 1.6%
InterDigital, Inc. 03/15/16		2.500	%		4,800,000		5,263,680
SBA Communications Corp. Senior Unsecured 10/01/14		4.000	%		1,695,000		4,013,972
Total							9,277,652
Total Convertible Bonds (Cost: $389,176,317)							412,272,924

Equity-Linked Notes 0.7%

Issuer

Coupon
Rate

Shares

Value ($)

Goldman Sachs Group, Inc. (The)
Mandatory Exchangeable Notes
(linked to convertible preferred
stock of Vertex Pharmaceuticals)^(a)08/27/14

0.500

93,305

4,250,418

Total Equity-Linked Notes
(Cost: $4,275,049)

4,250,418

Money Market Funds 1.4%

Columbia Short-Term Cash Fund, 0.128%^(h)(i)	7,891,361	7,891,361
Total Money Market Funds (Cost: $7,891,361)		7,891,361
Total Investments (Cost: $530,506,216)		558,743,280
Other Assets & Liabilities, Net		2,279,232
Net Assets		561,022,512

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2013, the value of these securities amounted to $133,199,138 or 23.74% of net assets.

(b) Non-income producing.

(d) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 28, 2013 was $24,300, representing less than 0.01% of net assets. Information concerning such security holdings at February 28, 2013 is as follows:

Security Description				Acquisition Dates				Cost ($)
ShengdaTech, Inc. Senior Notes 12/15/15 6.500%				12/10/10 - 12/21/10					2,434,408

(e) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At February 28, 2013, the value of these securities amounted to $96,738, which represents 0.02% of net assets.

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2013, the value of these securities amounted to $24,300, which represents less than 0.01% of net assets.

(g) Represents a security purchased on a when-issued or delayed delivery basis.

(h) The rate shown is the seven-day current annualized yield at February 28, 2013.

(i) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					368,531				189,234,409				(181,711,579	)			7,891,361				15,237				7,891,361

Fair Value Measurements

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.

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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.

Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Financials		2,679,200		—		—		2,679,200
Information Technology		2,917,600		—		—		2,917,600
Utilities		3,193,200		—		—		3,193,200
Convertible Preferred Stocks
Consumer Discretionary		13,157,550		4,033,063		—		17,190,613
Consumer Staples		—		11,011,653		—		11,011,653
Energy		7,191,928		16,874,501		—		24,066,429
Financials		29,655,067		10,846,250		—		40,501,317
Industrials		8,685,300		4,138,275		—		12,823,575
Information Technology		2,996,440		—		—		2,996,440
Utilities		5,486,000		11,462,550		—		16,948,550
Total Equity Securities		75,962,285		58,366,292		—		134,328,577
Bonds
Convertible Bonds
Chemicals		—		—		24,300		24,300
All other industries		—		412,248,624		—		412,248,624
Total Bonds		—		412,248,624		24,300		412,272,924
Other
Equity-Linked Notes		—		4,250,418		—		4,250,418
Money Market Funds		7,891,361		—		—		7,891,361
Total Other		7,891,361		4,250,418		—		12,141,779
Total		83,853,646		474,865,334		24,300		558,743,280

See the Portfolio of Investments for all investment classifications not indicated in the table.

Financial assets were transferred from Level 2 to Level 1 as the market for these assets was deemed to be active during the period and fair value were consequently obtained using quoted prices for identical assets rather than being based upon other observable market inputs as of period ended, February 28, 2013.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair value were consequently obtained using the observable market inputs rather than quoted prices for identical assets as of period end, February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Convertible Securities Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

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
$	52,502,138	$	5,975,400	$	5,975,400	$	52,502,138

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Convertible Bonds ($)
Balance as of February 29, 2012		362,131
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)^(a)		(337,831	)
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of February 28, 2013		24,300

(a) Change in unrealized appreciation (depreciation) relating to securities held at February 28, 2013 was $(337,831).

The Fund's assets assigned to Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Convertible Bonds classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were limited to, the halt price of the security, the movement in observed market prices for the other securities from the issuer, the movement in certain foreign or domestic market indices, and the estimated earnings of the respective company and market multiples derived from a set comparable companies. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Convertible Securities Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $522,614,855)	$	550,851,919
Affiliated issuers (identified cost $7,891,361)		7,891,361
Total investments (identified cost $530,506,216)		558,743,280
Cash		32,802
Receivable for:
Investments sold		1,115,183
Capital shares sold		1,156,630
Dividends		486,333
Interest		3,333,880
Reclaims		1,784
Expense reimbursement due from Investment Manager		3,318
Prepaid expenses		2,402
Total assets		564,875,612
Liabilities
Payable for:
Investments purchased on a delayed delivery basis		3,100,000
Capital shares purchased		474,614
Investment management fees		11,584
Distribution and/or service fees		2,177
Transfer agent fees		81,993
Administration fees		912
Compensation of board members		82,787
Other expenses		99,033
Total liabilities		3,853,100
Net assets applicable to outstanding capital stock	$	561,022,512
Represented by
Paid-in capital	$	576,918,698
Undistributed net investment income		2,089,221
Accumulated net realized loss		(46,222,471	)
Unrealized appreciation (depreciation) on:
Investments		28,237,064
Total — representing net assets applicable to outstanding capital stock	$	561,022,512

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Convertible Securities Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	212,251,779
Shares outstanding		13,535,351
Net asset value per share	$	15.68
Maximum offering price per share^(a)	$	16.64
Class B
Net assets	$	1,334,996
Shares outstanding		86,716
Net asset value per share	$	15.40
Class C
Net assets	$	17,617,488
Shares outstanding		1,126,922
Net asset value per share	$	15.63
Class I
Net assets	$	180,373,632
Shares outstanding		11,474,017
Net asset value per share	$	15.72
Class R
Net assets	$	1,893,836
Shares outstanding		120,869
Net asset value per share	$	15.67
Class R4
Net assets	$	2,677
Shares outstanding		169
Net asset value per share^(b)	$	15.80
Class R5
Net assets	$	2,677
Shares outstanding		169
Net asset value per share^(b)	$	15.80
Class W
Net assets	$	26,639,850
Shares outstanding		1,701,148
Net asset value per share	$	15.66
Class Z
Net assets	$	120,905,577
Shares outstanding		7,699,200
Net asset value per share	$	15.70

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Convertible Securities Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	7,311,838
Dividends — affiliated issuers		15,237
Interest		13,627,987
Income from securities lending — net		151,004
Total income		21,106,066
Expenses:
Investment management fees		4,029,231
Distribution and/or service fees
Class A		480,547
Class B		20,102
Class C		184,657
Class R		9,789
Class W		58,330
Transfer agent fees
Class A		496,224
Class B		5,086
Class C		47,540
Class R		5,048
Class R4^(a)		2
Class W		59,849
Class Z		313,273
Administration fees		317,615
Compensation of board members		28,846
Custodian fees		10,344
Printing and postage fees		131,850
Registration fees		142,025
Professional fees		42,206
Other		27,529
Total expenses		6,410,093
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(1,123,957	)
Expense reductions		(1,854	)
Total net expenses		5,284,282
Net investment income		15,821,784
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		13,379,079
Foreign currency translations		115
Net realized gain		13,379,194
Net change in unrealized appreciation (depreciation) on:
Investments		10,548,141
Net change in unrealized appreciation (depreciation)		10,548,141
Net realized and unrealized gain		23,927,335
Net increase in net assets resulting from operations	$	39,749,119

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Convertible Securities Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012^(b)
Operations
Net investment income	$	15,821,784		$	15,647,501
Net realized gain		13,379,194			16,675,985
Net change in unrealized appreciation (depreciation)		10,548,141			(40,544,999	)
Net increase (decrease) in net assets resulting from operations		39,749,119			(8,221,513	)
Distributions to shareholders
Net investment income
Class A		(5,824,316	)		(5,825,865	)
Class B		(48,373	)		(130,520	)
Class C		(426,422	)		(409,894	)
Class I		(5,875,875	)		(4,448,990	)
Class R		(55,704	)		(22	)
Class R4		(22	)		—
Class R5		(23	)		—
Class W		(748,268	)		(23	)
Class Z		(4,072,063	)		(4,429,884	)
Total distributions to shareholders		(17,051,066	)		(15,245,198	)
Increase (decrease) in net assets from capital stock activity		(31,063,283	)		84,968,676
Total increase (decrease) in net assets		(8,365,230	)		61,501,965
Net assets at beginning of year		569,387,742			507,885,777
Net assets at end of year	$	561,022,512		$	569,387,742
Undistributed net investment income	$	2,089,221		$	2,642,988

(a) Class R4 and Class R5 shares are for the period November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class R and Class W shares are for the period November 16, 2011 (commencement of operations) to February 29, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Convertible Securities Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		2,978,867			45,049,079			2,272,231			33,487,733
Distributions reinvested		182,375			2,677,479			158,265			2,252,369
Redemptions		(2,882,841	)		(42,782,310	)		(3,615,035	)		(52,730,837	)
Net increase (decrease)		278,401			4,944,248			(1,184,539	)		(16,990,735	)
Class B shares
Subscriptions		9,141			138,620			21,036			302,932
Distributions reinvested		1,563			22,517			2,689			38,136
Redemptions^(c)		(134,684	)		(1,961,789	)		(604,151	)		(8,791,016	)
Net decrease		(123,980	)		(1,800,652	)		(580,426	)		(8,449,948	)
Class C shares
Subscriptions		124,220			1,848,364			338,701			5,009,845
Distributions reinvested		13,916			203,668			13,798			195,556
Redemptions		(357,837	)		(5,295,639	)		(406,435	)		(5,811,801	)
Net decrease		(219,701	)		(3,243,607	)		(53,936	)		(606,400	)
Class I shares
Subscriptions		638,685			9,415,136			10,082,655			149,501,517
Distributions reinvested		399,546			5,875,783			317,539			4,448,906
Redemptions		(1,957,488	)		(28,708,271	)		(3,325,698	)		(46,905,955	)
Net increase (decrease)		(919,257	)		(13,417,352	)		7,074,496			107,044,468
Class R shares
Subscriptions		34,136			502,970			143,409			2,071,722
Distributions reinvested		828			12,150			—			—
Redemptions		(52,085	)		(772,004	)		(5,419	)		(81,051	)
Net increase (decrease)		(17,121	)		(256,884	)		137,990			1,990,671
Class R4 shares
Subscriptions		169			2,500			—			—
Net increase		169			2,500			—			—
Class R5 shares
Subscriptions		169			2,500			—			—
Net increase		169			2,500			—			—
Class W shares
Subscriptions		704,883			10,370,297			1,944,273			29,221,765
Distributions reinvested		50,873			748,185			—			—
Redemptions		(978,875	)		(14,393,032	)		(20,006	)		(300,253	)
Net increase (decrease)		(223,119	)		(3,274,550	)		1,924,267			28,921,512
Class Z shares
Subscriptions		3,470,807			51,631,561			4,751,824			70,147,549
Distributions reinvested		86,361			1,266,808			90,235			1,304,380
Redemptions		(4,543,771	)		(66,917,855	)		(6,852,715	)		(98,392,821	)
Net decrease		(986,603	)		(14,019,486	)		(2,010,656	)		(26,940,892	)
Total net increase (decrease)		(2,211,042	)		(31,063,283	)		5,307,196			84,968,676

(a) Class R4 and Class 5 are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class R and Class W shares are for the period from November 16, 2011 (commencement of operation) to February 29, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Convertible Securities Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.99		$	15.55		$	12.92		$	9.93		$	14.90
Income from investment operations:
Net investment income		0.41			0.42			0.45			0.34			0.29
Net realized and unrealized gain (loss)		0.73			(0.56	)		2.67			2.99			(4.73	)
Total from investment operations		1.14			(0.14	)		3.12			3.33			(4.44	)
Less distributions to shareholders:
Net investment income		(0.45	)		(0.42	)		(0.49	)		(0.34	)		(0.30	)
Net realized gains		—			—			—			—			(0.23	)
Total distributions to shareholders		(0.45	)		(0.42	)		(0.49	)		(0.34	)		(0.53	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.68		$	14.99		$	15.55		$	12.92		$	9.93
Total return		7.84	%		(0.75	%)		24.72	%		33.91	%		(30.64	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.39	%		1.27	%		1.31	%^(d)		1.24	%		1.24	%^(d)
Total net expenses^(e)		1.15	%^(f)		1.12	%^(f)		1.15	%^(d)(f)		1.20	%^(f)		1.21	%^(d)(f)
Net investment income		2.80	%		2.86	%		3.27	%		2.88	%		2.33	%
Supplemental data
Net assets, end of period (in thousands)	$	212,252		$	198,721		$	224,608		$	191,414		$	154,987
Portfolio turnover		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Convertible Securities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.72		$	15.28		$	12.70		$	9.77		$	14.66
Income from investment operations:
Net investment income		0.30			0.30			0.35			0.24			0.19
Net realized and unrealized gain (loss)		0.72			(0.55	)		2.62			2.94			(4.65	)
Total from investment operations		1.02			(0.25	)		2.97			3.18			(4.46	)
Less distributions to shareholders:
Net investment income		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.20	)
Net realized gains		—			—			—			—			(0.23	)
Total distributions to shareholders		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.43	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.40		$	14.72		$	15.28		$	12.70		$	9.77
Total return		7.10	%		(1.53	%)		23.83	%		32.86	%		(31.14	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.13	%		2.04	%		2.06	%^(d)		1.99	%		1.99	%^(d)
Total net expenses^(e)		1.89	%^(f)		1.88	%^(f)		1.90	%^(d)(f)		1.95	%^(f)		1.96	%^(d)(f)
Net investment income		2.07	%		2.04	%		2.61	%		2.10	%		1.53	%
Supplemental data
Net assets, end of period (in thousands)	$	1,335		$	3,102		$	12,089		$	24,126		$	31,792
Portfolio turnover		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Convertible Securities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.95		$	15.51		$	12.88		$	9.91		$	14.86
Income from investment operations:
Net investment income		0.30			0.31			0.35			0.25			0.20
Net realized and unrealized gain (loss)		0.72			(0.56	)		2.67			2.97			(4.72	)
Total from investment operations		1.02			(0.25	)		3.02			3.22			(4.52	)
Less distributions to shareholders:
Net investment income		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.20	)
Net realized gains		—			—			—			—			(0.23	)
Total distributions to shareholders		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.43	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.63		$	14.95		$	15.51		$	12.88		$	9.91
Total return		6.99	%		(1.51	%)		23.88	%		32.80	%		(31.13	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.14	%		2.02	%		2.06	%^(d)		1.99	%		1.99	%^(d)
Total net expenses^(e)		1.90	%^(f)		1.87	%^(f)		1.90	%^(d)(f)		1.95	%^(f)		1.96	%^(d)(f)
Net investment income		2.05	%		2.10	%		2.53	%		2.12	%		1.54	%
Supplemental data
Net assets, end of period (in thousands)	$	17,617		$	20,127		$	21,717		$	20,103		$	18,239
Portfolio turnover		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Convertible Securities Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	15.02		$	15.58		$	13.69
Income from investment operations:
Net investment income		0.48			0.47			0.17
Net realized and unrealized gain (loss)		0.72			(0.57	)		1.86
Total from investment operations		1.20			(0.10	)		2.03
Less distributions to shareholders:
Net investment income		(0.50	)		(0.46	)		(0.14	)
Total distributions to shareholders		(0.50	)		(0.46	)		(0.14	)
Net asset value, end of period	$	15.72		$	15.02		$	15.58
Total return		8.29	%		(0.43	%)		14.92	%
Ratios to average net assets^(b)
Total gross expenses		0.89	%		0.84	%		0.90	%^(c)
Total net expenses^(d)		0.74	%		0.77	%		0.86	%^(c)(e)
Net investment income		3.21	%		3.28	%		2.63	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	180,374		$	186,160		$	82,875
Portfolio turnover		71	%		66	%		118	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
24

Columbia Convertible Securities Fund

Financial Highlights (continued)

Class R	Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	14.99		$	13.80
Income from investment operations:
Net investment income		0.38			0.11
Net realized and unrealized gain		0.72			1.20	^(b)
Total from investment operations		1.10			1.31
Less distributions to shareholders:
Net investment income		(0.42	)		(0.12	)
Total distributions to shareholders		(0.42	)		(0.12	)
Net asset value, end of period	$	15.67		$	14.99
Total return		7.55	%		9.57	%
Ratios to average net assets^(c)
Total gross expenses		1.64	%		1.28	%^(d)
Total net expenses^(e)		1.40	%^(f)		1.20	%^(d)
Net investment income		2.56	%		2.64	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,894		$	2,068
Portfolio turnover		71	%		66	%

Notes to Financial Highlights

(a) For the period from November 16, 2011 (commencement of operations) to February 29, 2012.

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
25

Columbia Convertible Securities Fund

Financial Highlights (continued)

Class R4	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.75
Income from investment operations:
Net investment income		0.14
Net realized and unrealized gain		1.04
Total from investment operations		1.18
Less distributions to shareholders:
Net investment income		(0.13	)
Total distributions to shareholders		(0.13	)
Net asset value, end of period	$	15.80
Total return		8.05	%
Ratios to average net assets^(b)
Total gross expenses		1.24	%^(c)
Total net expenses^(d)		0.92	%^(c)
Net investment income		2.96	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		71	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
26

Columbia Convertible Securities Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.75
Income from investment operations:
Net investment income		0.14
Net realized and unrealized gain		1.04
Total from investment operations		1.18
Less distributions to shareholders:
Net investment income		(0.13	)
Total distributions to shareholders		(0.13	)
Net asset value, end of period	$	15.80
Total return		8.08	%
Ratios to average net assets^(b)
Total gross expenses		1.01	%^(c)
Total net expenses^(d)		0.79	%^(c)
Net investment income		3.09	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		71	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
27

Columbia Convertible Securities Fund

Financial Highlights (continued)

Class W	Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	14.98		$	13.80
Income from investment operations:
Net investment income		0.42			0.14
Net realized and unrealized gain		0.72			1.17	^(b)
Total from investment operations		1.14			1.31
Less distributions to shareholders:
Net investment income		(0.46	)		(0.13	)
Total distributions to shareholders		(0.46	)		(0.13	)
Net asset value, end of period	$	15.66		$	14.98
Total return		7.87	%		9.56	%
Ratios to average net assets^(c)
Total gross expenses		1.39	%		0.85	%^(d)
Total net expenses^(e)		1.15	%^(f)		0.77	%^(d)
Net investment income		2.83	%		3.44	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	26,640		$	28,830
Portfolio turnover		71	%		66	%

Notes to Financial Highlights

(a) For the period from November 16, 2011 (commencement of operations) to February 29, 2012.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
28

Columbia Convertible Securities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.01		$	15.58		$	12.93		$	9.94		$	14.91
Income from investment operations:
Net investment income		0.45			0.45			0.49			0.37			0.33
Net realized and unrealized gain (loss)		0.73			(0.57	)		2.68			2.99			(4.73	)
Total from investment operations		1.18			(0.12	)		3.17			3.36			(4.40	)
Less distributions to shareholders:
Net investment income		(0.49	)		(0.45	)		(0.52	)		(0.37	)		(0.34	)
Net realized gains		—			—			—			—			(0.23	)
Total distributions to shareholders		(0.49	)		(0.45	)		(0.52	)		(0.37	)		(0.57	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.70		$	15.01		$	15.58		$	12.93		$	9.94
Total return		8.10	%		(0.56	%)		25.17	%		34.20	%		(30.43	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.14	%		1.02	%		1.06	%^(d)		0.99	%		0.99	%^(d)
Total net expenses^(e)		0.90	%^(f)		0.87	%^(f)		0.90	%^(d)(f)		0.95	%^(f)		0.96	%^(d)(f)
Net investment income		3.06	%		3.08	%		3.52	%		3.12	%		2.56	%
Supplemental data
Net assets, end of period (in thousands)	$	120,906		$	130,380		$	166,597		$	198,457		$	190,168
Portfolio turnover		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
29

Columbia Convertible Securities Fund

Notes to Financial Statements

February 28, 2013

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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R4, Class R5, Class W and Class Z 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 initial 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 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.

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. 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 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 only available to the Columbia Family of Funds.

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

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class W shares are not subject to sales charges and are only available to investors purchasing through authorized

investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) 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.

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, 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 mean of the latest quoted bid and ask prices on such exchanges or markets.

Annual Report 2013
30

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Investments for which market quotations are not readily available, or that have quotations which management 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. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated 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 in the Statement of Operations.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to

subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Equity-Linked Notes

The Fund may invest in equity-linked notes (ELNs). An ELN is a debt instrument whose value is based on the value of a single equity security, basket of equity securities or an index of equity securities (each, an Underlying Equity). An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an Underlying Equity. However, the holder of an ELN may have limited or no benefit from any appreciation in the Underlying Equity, but is exposed to various risks, including, without limitation, volatility, issuer and market risk. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, including securities offered and sold under Rule 144A of the Securities Act of 1933, as amended. The Fund may also purchase an ELN in a privately negotiated transaction with the issuer of the ELN (or its broker-dealer affiliate).

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 an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the

Annual Report 2013
31

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), 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, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a

Annual Report 2013
32

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

percentage of the Fund's average daily net assets that declines from 0.76% to 0.62% as the Fund's net assets increase. The effective investment management fee rate for the year ended February 28, 2013 was 0.76% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.05% as the Fund's net assets increase. The effective administration fee rate for the year ended February 28, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the year ended February 28, 2013, other expenses paid to this company were $2,524.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

value of the Fund's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The 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 (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.26	%
Class B	0.25
Class C	0.26
Class R	0.26
Class R4*	0.28
Class R5*	0.05
Class W	0.26
Class Z	0.26

*Annualized.

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 in the Statement of Operations. For the year ended February 28, 2013, these minimum account balance fees reduced total expenses by $1,854.

Distribution and Service Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Annual Report 2013
33

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund and the payment of a monthly distribution fee at the maximum annual rate of 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class B, Class C, Class R and Class W shares, respectively.

The Fund may pay a distribution fee 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $54,569 for Class A, $1,269 for Class B and $4,011 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective July 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through June 30, 2013, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.17	%
Class B	1.92
Class C	1.92
Class I	0.74
Class R	1.42
Class R4*	0.92
Class R5*	0.79
Class W	1.17
Class Z	0.92

*Annual rate is contractual from November 8, 2012 (the commencement of operations of each share class) through November 8, 2013.

Prior to July 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.11	%
Class B	1.86
Class C	1.86
Class I	0.75
Class R	1.36
Class W	1.11
Class Z	0.86

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At February 28, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, principal and/or interest of fixed income securities, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, post-October capital losses and adjustments on certain convertible preferred securities. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do

Annual Report 2013
34

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income				$	675,515
Accumulated net realized gain					(675,515	)

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended				February 28, 2013				February 29, 2012
Ordinary income				$	17,051,066			$	15,245,198

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	2,910,320
Accumulated realized loss		(46,078,769	)
Unrealized appreciation		27,765,672

At February 28, 2013, the cost of investments for federal income tax purposes was $530,977,608 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	50,572,261
Unrealized depreciation		(22,806,589	)
Net unrealized appreciation		27,765,672

The following capital loss carryforward, determined at February 28, 2013, 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	Amount
2017	$	6,555,090
2018		39,523,679
Total	$	46,078,769

For the year ended February 28, 2013, $9,232,349 of capital loss carryforward was utilized.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years

remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $370,368,360 and $402,754,663, respectively, for the year ended February 28, 2013.

Note 6. Lending of Portfolio Securities

Effective December 19 , 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Pursuant to the Agreement, the Fund received income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the year ended February 28, 2013 is disclosed in the Statement of Operations. The Fund continued to earn and accrue interest and dividends on the securities loaned.

Note 7. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as "Dividends — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Annual Report 2013
35

Columbia Convertible Securities Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 8. Shareholder Concentration

At February 28, 2013, one unaffiliated shareholder account owned 34.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 34.8% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the year ended February 28, 2013.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

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 www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise 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 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.

Annual Report 2013
36

Columbia Convertible Securities Fund

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 portfolio of investments, 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, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
37

Columbia Convertible Securities Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

Tax Designations:

Qualified Dividend Income					22.18	%
Dividends Received Deduction					19.90	%

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
38

Columbia Convertible Securities Fund

Trustees and Officers

Shareholders elect the Board that oversees the funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds' Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds' Board ("Nations Funds"), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds ("RiverSource Funds") effective June 1, 2011.

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
39

Columbia Convertible Securities Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Director, Infinity, Inc. (oil and gas exploration and production) since 1994; Director, OGE Energy Corp. (energy and energy services) since November 2007

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Director, Healthways, Inc. (health and well-being improvement) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

Annual Report 2013
40

Columbia Convertible Securities Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

*Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the 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 funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

President, Columbia Management Investment Advisers, LLC since February 2012, (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Chief Executive Officer, Columbia Management Investment Distributors, Inc. since February 2012, (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; President and Chief Executive Officer, Ameriprise Certificate Company 2006-August 2012

210

Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Director, Ameriprise Certificate Company, 2006-January 2013

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

The SAI has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

Annual Report 2013
41

Columbia Convertible Securities Fund

Trustees and Officers (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds' other officers are:

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
42

Columbia Convertible Securities Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
43

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Annual Report 2013
44

Columbia Convertible Securities Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

Each 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. Each fund's Form N-Q is available on the SEC's website at 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 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2013
45

Columbia Convertible Securities 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. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

ANN134_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Large Cap Core Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Large Cap Core Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Large Cap Core Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					14
Statement of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					24
Report of Independent Registered Public Accounting Firm					32
Federal Income Tax Information					33
Trustees and Officers					34
Important Information About This Report					41

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Large Cap Core Fund

Performance Overview

Performance Summary

> Columbia Large Cap Core Fund (the Fund) Class A shares returned 12.83% excluding sales charges for the 12-month period that ended February 28, 2013,

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period.

> Good overall stock selection, particularly in the consumer discretionary and information technology areas, aided performance. Disappointing results from a handful of stocks accounted for the modest shortfall relative to the index.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	08/02/99
Excluding sales charges			12.83		4.16		7.77
Including sales charges			6.34		2.94		7.14
Class B	08/02/99
Excluding sales charges			11.93		3.38		6.95
Including sales charges			6.93		3.03		6.95
Class C	08/02/99
Excluding sales charges			11.94		3.37		6.94
Including sales charges			10.94		3.37		6.94
Class I*	09/27/10		13.24		4.48		8.07
Class R5*	11/08/12		13.11		4.40		8.03
Class W*	09/27/10		12.78		4.18		7.80
Class Z	10/02/98		13.08		4.39		8.02
S&P 500 Index			13.46		4.94		8.24

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Annual Report 2013
2

Columbia Large Cap Core Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Core 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.

Annual Report 2013
3

Columbia Large Cap Core Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 12.83% excluding sales charges. The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period. Good overall stock selection, particularly in the consumer discretionary and information technology areas, aided returns. Disappointing results from a few individual investments accounted for the modest shortfall relative to the index.

Investors Shrug Off Weak Global Growth

Europe's economic woes and U.S. struggles to avoid a fiscal cliff of tax increases and spending cuts weighed on the global economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action in key markets and improving prospects for the U.S. economy gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity were encouraging signs. The U.S. housing market staged a solid comeback, with higher home sales, rising prices and lower inventories. Meanwhile, much of Europe headed toward recession. So far, the United Kingdom has avoided recession — but only barely so — and Japan's economy slipped into negative territory for the fifth time in 15 years. Major emerging market economies forged ahead, although mostly at a slower pace, including China.

Consumer, Tech Selections Aided Performance

Consistent with the Fund's fundamental discipline and history, stock selection, rather than sector or industry weights, drove performance. Selections in the consumer discretionary and information technology sectors helped results. In the consumer area, home improvement and hardware retailer Lowe's was a top contributor, as investments in residential housing increased noticeably after a prolonged slump. Media-related investments also did well, most notably Time Warner, which generated healthy earnings gains from its entertainment production and distribution operations, while preparing to shed underperforming assets, including publisher Time-Life. The Fund's innovation theme played out in the strong results from three information technology holdings: eBay, Google and Visa International. They benefited either from the growth of Internet commerce or the increased use of financial transactions. Elsewhere, utility and energy company Sempra posted a big gain as it boosted its stock dividend and improved its future prospects with plans for construction of a major liquefied natural gas (LNG) export terminal. Meanwhile, oil refiner HollyFrontier appreciated as it improved earnings and raised its stock dividend.

Company-specific problems dragged down a handful of holdings, which weighed on performance. Among financials, credit-card issuer Capital One struggled in integrating recent acquisitions and failed to control its costs. In addition, the company experienced weak loan growth at the same time that the credit quality of its customer base appeared to deteriorate. We sold the investment in Capital One, as we did with another underperforming holding, KBR, an energy equipment and services corporation. KBR's earnings were hit by delays in several expected contracts, including for a large liquefied natural gas project. We decided to retain a position in EMC, another poor performer during the period.

Portfolio Management

Peter Santoro, CFA

Craig Leopold, CFA

Morningstar Style Box^TM

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

©2013 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.

Top Ten Holdings (%) (at February 28, 2013)
Chevron Corp.					3.7
Procter & Gamble Co. (The)					3.3
Johnson & Johnson					3.2
Google, Inc., Class A					3.0
Verizon Communications, Inc.					2.7
Philip Morris International, Inc.					2.7
Cisco Systems, Inc.					2.6
McDonald's Corp.					2.6
Wells Fargo & Co.					2.5
Honeywell International, Inc.					2.5

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
4

Columbia Large Cap Core Fund

Manager Discussion of Fund Performance (continued)

A global leader in storage technology, EMC fell victim both to economic weakness in Europe and uncertainty over government spending in the United States. However, we believe institutional spending on data storage has the potential to improve, despite the recent slowdown, and EMC retains a very strong competitive position.

Looking Ahead

At present, we believe that stock valuations remain reasonable, and we remain cautiously optimistic about the equity market in 2013. However, it may be difficult to identify significant growth opportunities because of the many political and economic uncertainties that hover over the market. We intend to remain focused on individual stock selection, searching for under-appreciated stocks. Our bias is to look for higher quality companies with superior growth trends and the ability to generate high levels of cash flow. We expect to favor companies that can grow independently of economic conditions, often by innovation. We look for companies whose managements have demonstrated their concerns for shareholders through steps such as re-structuring and streamlining operations and increasing dividend payouts.

Current holdings place greater emphasis on basic manufacturing corporations, where we see favorable demand trends. By contrast, we have reduced the Fund's exposure to the information technology and consumer discretionary sectors, the latter of which may face difficulties in the face of continued high unemployment and the effects of the recent increase in payroll taxes.

Portfolio Breakdown (%) (at February 28, 2013)
Convertible Preferred Stocks					0.9
Energy					0.9
Common Stocks					97.2
Consumer Discretionary					11.8
Consumer Staples					8.6
Energy					10.4
Financials					14.0
Health Care					13.6
Industrials					12.2
Information Technology					18.7
Materials					2.2
Telecommunication Services					3.6
Utilities					2.1
Money Market Funds					1.9
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Large Cap Core Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,082.70			1,018.84		6.20			6.01		1.20
Class B		1,000.00		1,000.00		1,078.40			1,015.12		10.05			9.74		1.95
Class C		1,000.00		1,000.00		1,078.50			1,015.12		10.05			9.74		1.95
Class I		1,000.00		1,000.00		1,084.30			1,020.88		4.08			3.96		0.79
Class R5		1,000.00		1,000.00		1,111.50	*		1,020.88		2.54	*		3.96		0.79	*
Class W		1,000.00		1,000.00		1,082.20			1,018.84		6.20			6.01		1.20
Class Z		1,000.00		1,000.00		1,083.80			1,020.08		4.91			4.76		0.95

*For the period November 8, 2012 through February 28, 2013. Class R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Large Cap Core Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 98.7%

Issuer	Shares		Value ($)
Consumer Discretionary 12.0%
Hotels, Restaurants & Leisure 2.5%
McDonald's Corp.		166,570		15,974,063
Internet & Catalog Retail 1.2%
Amazon.com, Inc.^(a)		28,990		7,661,187
Media 4.7%
DISH Network Corp., Class A		139,293		4,847,396
Time Warner, Inc.		247,310		13,149,473
Viacom, Inc., Class B		190,360		11,128,446
Total				29,125,315
Specialty Retail 3.6%
Gap, Inc. (The)		234,712		7,726,719
Lowe's Companies, Inc.		386,410		14,741,542
Total				22,468,261
Total Consumer Discretionary				75,228,826
Consumer Staples 8.7%
Beverages 1.1%
PepsiCo, Inc.		92,200		6,985,994
Food Products 1.6%
Kraft Foods Group, Inc.		209,200		10,139,924
Household Products 3.3%
Procter & Gamble Co. (The)		271,230		20,662,301
Tobacco 2.7%
Philip Morris International, Inc.		181,877		16,687,215
Total Consumer Staples				54,475,434
Energy 10.6%
Energy Equipment & Services 2.1%
Halliburton Co.		313,990		13,033,725
Oil, Gas & Consumable Fuels 8.5%
Anadarko Petroleum Corp.		121,170		9,642,708
Chevron Corp.		198,745		23,282,977
EOG Resources, Inc.		77,690		9,766,410
HollyFrontier Corp.		112,880		6,343,856
Range Resources Corp.		55,620		4,271,616
Total				53,307,567
Total Energy				66,341,292

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 14.1%
Capital Markets 3.1%
BlackRock, Inc.		37,830		9,069,743
Goldman Sachs Group, Inc. (The)		68,690		10,287,014
Total				19,356,757
Commercial Banks 4.5%
PNC Financial Services Group, Inc.		196,150		12,237,798
Wells Fargo & Co.		451,938		15,853,985
Total				28,091,783
Diversified Financial Services 4.6%
Bank of America Corp.		1,237,170		13,893,419
Citigroup, Inc.		361,299		15,163,719
Total				29,057,138
Insurance 1.9%
ACE Ltd.		141,440		12,077,562
Total Financials				88,583,240
Health Care 13.8%
Biotechnology 1.0%
Onyx Pharmaceuticals, Inc.^(a)		27,946		2,104,613
Vertex Pharmaceuticals, Inc.^(a)		97,167		4,549,359
Total				6,653,972
Health Care Equipment & Supplies 3.2%
Abbott Laboratories		315,450		10,659,056
Edwards Lifesciences Corp.^(a)		48,760		4,189,947
Hologic, Inc.^(a)		235,910		5,149,915
Total				19,998,918
Health Care Providers & Services 3.7%
Aetna, Inc.		233,580		11,022,640
Express Scripts Holding Co.^(a)		210,300		11,968,173
Total				22,990,813
Life Sciences Tools & Services 1.3%
Thermo Fisher Scientific, Inc.		111,090		8,198,442
Pharmaceuticals 4.6%
Johnson & Johnson		263,667		20,067,695
Merck & Co., Inc.		204,170		8,724,184
Total				28,791,879
Total Health Care				86,634,024

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Large Cap Core Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Industrials 12.4%
Aerospace & Defense 2.5%
Honeywell International, Inc.		221,930		15,557,293
Air Freight & Logistics 1.8%
FedEx Corp.		106,680		11,247,272
Commercial Services & Supplies 1.2%
Tyco International Ltd.		239,121		7,654,263
Electrical Equipment 1.9%
Eaton Corp. PLC		188,781		11,698,759
Industrial Conglomerates 2.1%
General Electric Co.		550,310		12,778,198
Machinery 1.1%
Pall Corp.		103,350		7,046,403
Road & Rail 1.8%
Hertz Global Holdings, Inc.^(a)		269,550		5,377,523
JB Hunt Transport Services, Inc.		88,370		6,143,482
Total				11,521,005
Total Industrials				77,503,193
Information Technology 19.0%
Communications Equipment 5.9%
Cisco Systems, Inc.		780,580		16,275,093
F5 Networks, Inc.^(a)		82,900		7,828,247
QUALCOMM, Inc.		195,540		12,833,290
Total				36,936,630
Computers & Peripherals 4.0%
Apple, Inc.		30,440		13,436,216
EMC Corp.^(a)		491,804		11,316,410
Total				24,752,626
Internet Software & Services 4.0%
eBay, Inc.^(a)		115,333		6,306,409
Google, Inc., Class A^(a)		23,424		18,767,309
Total				25,073,718
IT Services 1.3%
Cognizant Technology Solutions Corp., Class A^(a)		107,630		8,262,755
Semiconductors & Semiconductor Equipment 2.4%
Avago Technologies Ltd.		259,319		8,873,896
Microchip Technology, Inc.		163,840		5,975,245
Total				14,849,141

Common Stocks (continued)

Issuer	Shares		Value ($)
Software 1.4%
Activision Blizzard, Inc.		120,300		1,720,290
Citrix Systems, Inc.^(a)		101,970		7,229,673
Total				8,949,963
Total Information Technology				118,824,833
Materials 2.3%
Chemicals 1.5%
Celanese Corp., Class A		82,980		3,887,613
Cytec Industries, Inc.		75,710		5,480,647
Total				9,368,260
Metals & Mining 0.8%
Rio Tinto PLC, ADR		87,720		4,705,301
Total Materials				14,073,561
Telecommunication Services 3.7%
Diversified Telecommunication Services 2.7%
Verizon Communications, Inc.		359,291		16,717,810
Wireless Telecommunication Services 1.0%
Vodafone Group PLC, ADR		253,590		6,375,253
Total Telecommunication Services				23,093,063
Utilities 2.1%
Gas Utilities 1.0%
Questar Corp.		265,970		6,252,955
Multi-Utilities 1.1%
Sempra Energy		89,302		6,944,123
Total Utilities				13,197,078
Total Common Stocks (Cost: $506,681,862)				617,954,544

Convertible Preferred Stocks 0.9%

Energy 0.9%
Oil, Gas & Consumable Fuels 0.9%
Chesapeake Energy Corp., 5.750%^(b)	5,290	5,485,068
Total Energy		5,485,068
Total Convertible Preferred Stocks (Cost: $5,415,784)		5,485,068

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Large Cap Core Fund

Portfolio of Investments (continued)

February 28, 2013

Money Market Funds 1.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.128%^(c)(d)		11,840,690		11,840,690
Total Money Market Funds (Cost: $11,840,690)				11,840,690
Total Investments (Cost: $523,938,336)				635,280,302
Other Assets & Liabilities, Net				(9,133,604	)
Net Assets				626,146,698

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2013, the value of these securities amounted to $5,485,068 or 0.88% of net assets.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					15,535,546				236,893,659				(240,588,515	)			11,840,690				28,063				11,840,690

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Large Cap Core Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Large Cap Core Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		75,228,826		—		—		75,228,826
Consumer Staples		54,475,434		—		—		54,475,434
Energy		66,341,292		—		—		66,341,292
Financials		88,583,240		—		—		88,583,240
Health Care		86,634,024		—		—		86,634,024
Industrials		77,503,193		—		—		77,503,193
Information Technology		118,824,833		—		—		118,824,833
Materials		14,073,561		—		—		14,073,561
Telecommunication Services		23,093,063		—		—		23,093,063
Utilities		13,197,078		—		—		13,197,078
Convertible Preferred Stocks
Energy		—		5,485,068		—		5,485,068
Total Equity Securities		617,954,544		5,485,068		—		623,439,612
Other
Money Market Funds		11,840,690		—		—		11,840,690
Total Other		11,840,690		—		—		11,840,690
Total		629,795,234		5,485,068		—		635,280,302

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Large Cap Core Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $512,097,646)	$	623,439,612
Affiliated issuers (identified cost $11,840,690)		11,840,690
Total investments (identified cost $523,938,336)		635,280,302
Receivable for:
Investments sold		59,258,984
Capital shares sold		233,731
Dividends		1,180,600
Reclaims		3,786
Prepaid expenses		4,650
Trustees' deferred compensation plan		11,609
Total assets		695,973,662
Liabilities
Payable for:
Investments purchased		1,696,385
Capital shares purchased		67,836,121
Investment management fees		13,267
Distribution and/or service fees		937
Transfer agent fees		85,918
Administration fees		1,115
Compensation of board members		101,025
Expense reimbursement due to Investment Manager		219
Other expenses		80,368
Trustees' deferred compensation plan		11,609
Total liabilities		69,826,964
Net assets applicable to outstanding capital stock	$	626,146,698
Represented by
Paid-in capital	$	431,753,519
Undistributed net investment income		734,125
Accumulated net realized gain		82,317,816
Unrealized appreciation (depreciation) on:
Investments		111,341,966
Foreign currency translations		(728	)
Total — representing net assets applicable to outstanding capital stock	$	626,146,698

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Large Cap Core Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	120,365,455
Shares outstanding		7,916,045
Net asset value per share	$	15.21
Maximum offering price per share^(a)	$	16.14
Class B
Net assets	$	700,206
Shares outstanding		47,838
Net asset value per share	$	14.64
Class C
Net assets	$	3,436,337
Shares outstanding		234,870
Net asset value per share	$	14.63
Class I
Net assets	$	128,241,358
Shares outstanding		8,462,269
Net asset value per share	$	15.15
Class R5
Net assets	$	2,656
Shares outstanding		173
Net asset value per share	$	15.35
Class W
Net assets	$	3,221
Shares outstanding		212
Net asset value per share^(b)	$	15.20
Class Z
Net assets	$	373,397,465
Shares outstanding		24,646,645
Net asset value per share	$	15.15

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Large Cap Core Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	15,013,933
Dividends — affiliated issuers		28,063
Interest		2,931
Income from securities lending — net		51,567
Foreign taxes withheld		(12,834	)
Total income		15,083,660
Expenses:
Investment management fees		5,618,096
Distribution and/or service fees
Class A		294,571
Class B		6,995
Class C		27,957
Class W		8
Transfer agent fees
Class A		227,739
Class B		1,351
Class C		5,380
Class W		6
Class Z		1,094,665
Administration fees		470,848
Compensation of board members		38,019
Custodian fees		10,274
Printing and postage fees		82,484
Registration fees		109,971
Professional fees		22,057
Other		33,266
Total expenses		8,043,687
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(284,624	)
Expense reductions		(5,443	)
Total net expenses		7,753,620
Net investment income		7,330,040
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		163,873,038
Options contracts written		3,922
Net realized gain		163,876,960
Net change in unrealized appreciation (depreciation) on:
Investments		(78,364,566	)
Foreign currency translations		(77	)
Net change in unrealized appreciation (depreciation)		(78,364,643	)
Net realized and unrealized gain		85,512,317
Net increase in net assets resulting from operations	$	92,842,357

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Large Cap Core Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment income	$	7,330,040		$	11,895,732
Net realized gain		163,876,960			61,028,187
Net change in unrealized appreciation (depreciation)		(78,364,643	)		(49,265,246	)
Net increase in net assets resulting from operations		92,842,357			23,658,673
Distributions to shareholders
Net investment income
Class A		(1,076,421	)		(905,722	)
Class B		(1,354	)		(1,257	)
Class C		(5,754	)		(3,321	)
Class I		(1,584,826	)		(1,919,215	)
Class R5		(27	)		—
Class W		(29	)		(23	)
Class Z		(5,353,527	)		(8,396,793	)
Net realized gains
Class A		(4,007,588	)		—
Class B		(23,331	)		—
Class C		(101,913	)		—
Class I		(4,219,734	)		—
Class R5		(88	)		—
Class W		(108	)		—
Class Z		(15,036,075	)		—
Total distributions to shareholders		(31,410,775	)		(11,226,331	)
Increase (decrease) in net assets from capital stock activity		(506,304,449	)		(185,782,787	)
Proceeds from regulatory settlements (Note 6)		—			64,591
Total decrease in net assets		(444,872,867	)		(173,285,854	)
Net assets at beginning of year		1,071,019,565			1,244,305,419
Net assets at end of year	$	626,146,698		$	1,071,019,565
Undistributed net investment income	$	734,125		$	1,382,613

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Large Cap Core Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		476,836			6,902,383			520,353			6,582,973
Fund merger		—			—			34,275			460,907
Distributions reinvested		88,054			1,257,399			15,512			197,131
Redemptions		(1,125,296	)		(16,403,955	)		(1,563,986	)		(20,552,117	)
Net decrease		(560,406	)		(8,244,173	)		(993,846	)		(13,311,106	)
Class B shares
Subscriptions		3,698			52,520			3,792			49,240
Distributions reinvested		1,002			13,798			52			637
Redemptions^(b)		(16,725	)		(232,219	)		(68,737	)		(872,316	)
Net decrease		(12,025	)		(165,901	)		(64,893	)		(822,439	)
Class C shares
Subscriptions		61,098			857,831			33,247			403,474
Fund merger		—			—			14,642			190,045
Distributions reinvested		5,707			78,565			171			2,096
Redemptions		(27,016	)		(370,894	)		(50,144	)		(616,794	)
Net increase (decrease)		39,789			565,502			(2,084	)		(21,179	)
Class I shares
Subscriptions		603,974			8,378,312			6,461,139			87,125,127
Distributions reinvested		408,241			5,804,411			151,420			1,919,181
Redemptions		(1,296,672	)		(18,797,963	)		(7,777,573	)		(102,134,050	)
Net decrease		(284,457	)		(4,615,240	)		(1,165,014	)		(13,089,742	)
Class R5 shares
Subscriptions		173			2,500			—			—
Net increase		173			2,500			—			—
Class Z shares
Subscriptions		2,410,751			34,663,296			4,649,967			61,005,623
Fund merger		—			—			7,530,591			100,981,718
Distributions reinvested		292,445			4,153,989			330,829			4,191,690
Redemptions		(36,835,629	)		(532,664,422	)		(24,897,373	)		(324,717,352	)
Net decrease		(34,132,433	)		(493,847,137	)		(12,385,986	)		(158,538,321	)
Total net decrease		(34,949,359	)		(506,304,449	)		(14,611,823	)		(185,782,787	)

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Large Cap Core Fund

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.09		$	13.73		$	11.48		$	7.95		$	13.66
Income from investment operations:
Net investment income		0.10			0.10			0.05			0.08			0.13
Net realized and unrealized gain (loss)		1.66			0.36			2.26			3.57			(5.49	)
Total from investment operations		1.76			0.46			2.31			3.65			(5.36	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.10	)		(0.06	)		(0.12	)		(0.10	)
Net realized gains		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(0.64	)		(0.10	)		(0.06	)		(0.12	)		(0.35	)
Proceeds from regulatory settlements		—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	15.21		$	14.09		$	13.73		$	11.48		$	7.95
Total return		12.83	%		3.45	%		20.16	%		45.99	%		(40.12	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.23	%		1.21	%^(d)		1.20	%^(d)		1.18	%^(d)		1.15	%^(d)
Total net expenses^(e)		1.19	%^(f)		1.16	%^(d)(f)		1.20	%^(d)(f)		1.18	%^(d)(f)		1.15	%^(d)(f)
Net investment income		0.70	%		0.77	%		0.38	%		0.78	%		1.10	%
Supplemental data
Net assets, end of period (in thousands)	$	120,365		$	119,434		$	130,039		$	131,652		$	95,714
Portfolio turnover		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Large Cap Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.59		$	13.25		$	11.11		$	7.71		$	13.23
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.00	)^(a)		(0.04	)		0.00	^(a)		0.03
Net realized and unrealized gain (loss)		1.60			0.36			2.18			3.44			(5.28	)
Total from investment operations		1.59			0.36			2.14			3.44			(5.25	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.02	)		—			(0.04	)		(0.02	)
Net realized gains		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(0.54	)		(0.02	)		—			(0.04	)		(0.27	)
Proceeds from regulatory settlements		—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	14.64		$	13.59		$	13.25		$	11.11		$	7.71
Total return		11.93	%		2.72	%		19.26	%		44.74	%		(40.51	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.98	%		1.96	%^(d)		1.95	%^(d)		1.93	%^(d)		1.90	%^(d)
Total net expenses^(e)		1.94	%^(f)		1.91	%^(d)(f)		1.95	%^(d)(f)		1.93	%^(d)(f)		1.90	%^(d)(f)
Net investment income (loss)		(0.05	%)		(0.04	%)		(0.36	%)		0.04	%		0.28	%
Supplemental data
Net assets, end of period (in thousands)	$	700		$	813		$	1,653		$	2,696		$	3,300
Portfolio turnover		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Large Cap Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			��	2009
Per share data
Net asset value, beginning of period	$	13.58		$	13.25		$	11.11		$	7.70			$	13.23
Income from investment operations:
Net investment income (loss)		(0.01	)		0.00	^(a)		(0.04	)		0.00	^(a)			0.04
Net realized and unrealized gain (loss)		1.60			0.35			2.18			3.45				(5.30	)
Total from investment operations		1.59			0.35			2.14			3.45				(5.26	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.02	)		—			(0.04	)			(0.02	)
Net realized gains		(0.51	)		—			—			—				(0.25	)
Total distributions to shareholders		(0.54	)		(0.02	)		—			(0.04	)			(0.27	)
Proceeds from regulatory settlements		—			0.00	^(a)		—			0.00	^(a)			—
Net asset value, end of period	$	14.63		$	13.58		$	13.25		$	11.11			$	7.70
Total return		11.94	%		2.64	%		19.26	%		44.93	%			(40.58	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.98	%		1.96	%^(d)		1.95	%^(d)		1.93	%^(d)			1.90	%^(d)
Total net expenses^(e)		1.94	%^(f)		1.91	%^(d)(f)		1.95	%^(d)(f)		1.93	%^(d)(f)			1.90	%^(d)(f)
Net investment income (loss)		(0.04	%)		0.02	%		(0.36	%)		0.03	%			0.39	%
Supplemental data
Net assets, end of period (in thousands)	$	3,436		$	2,649		$	2,612		$	2,449			$	1,559
Portfolio turnover		147	%		197	%		171	%		165	%			156	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Large Cap Core Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	14.04		$	13.69		$	11.78
Income from investment operations:
Net investment income		0.16			0.15			0.04
Net realized and unrealized gain		1.65			0.36			1.96
Total from investment operations		1.81			0.51			2.00
Less distributions to shareholders:
Net investment income		(0.19	)		(0.16	)		(0.09	)
Net realized gains		(0.51	)		—			—
Total distributions to shareholders		(0.70	)		(0.16	)		(0.09	)
Proceeds from regulatory settlements		—			0.00	^(b)		—
Net asset value, end of period	$	15.15		$	14.04		$	13.69
Total return		13.24	%		3.82	%		16.99	%
Ratios to average net assets^(c)(d)
Total gross expenses		0.79	%		0.76	%^(e)		0.79	%^(e)(f)
Total net expenses^(g)		0.79	%		0.76	%^(e)(h)		0.79	%^(e)(f)(h)
Net investment income		1.11	%		1.18	%		0.64	%^(f)
Supplemental data
Net assets, end of period (in thousands)	$	128,241		$	122,828		$	135,677
Portfolio turnover		147	%		197	%		171	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Annualized.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Large Cap Core Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.45
Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain		1.51
Total from investment operations		1.57
Less distributions to shareholders:
Net investment income		(0.16	)
Net realized gains		(0.51	)
Total distributions to shareholders		(0.67	)
Net asset value, end of period	$	15.35
Total return		11.15	%
Ratios to average net assets^(b)
Total gross expenses		0.79	%^(c)
Total net expenses^(d)		0.79	%^(c)
Net investment income		1.37	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		147	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Large Cap Core Fund

Financial Highlights (continued)

Class W	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	14.09		$	13.73		$	11.80
Income from investment operations:
Net investment income		0.10			0.11			0.03
Net realized and unrealized gain		1.66			0.36			1.95
Total from investment operations		1.76			0.47			1.98
Less distributions to shareholders:
Net investment income		(0.14	)		(0.11	)		(0.05	)
Net realized gains		(0.51	)		—			—
Total distributions to shareholders		(0.65	)		(0.11	)		(0.05	)
Proceeds from regulatory settlements		—			0.00	^(b)		—
Net asset value, end of period	$	15.20		$	14.09		$	13.73
Total return		12.78	%		3.48	%		16.77	%
Ratios to average net assets^(c)(d)
Total gross expenses		1.20	%		1.18	%^(e)		1.16	%^(e)(f)
Total net expenses^(g)		1.17	%^(h)		1.14	%^(e)(h)		1.16	%^(e)(f)(h)
Net investment income		0.72	%		0.81	%		0.50	%^(f)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3
Portfolio turnover		147	%		197	%		171	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Annualized.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Large Cap Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.04		$	13.69		$	11.45		$	7.93		$	13.66
Income from investment operations:
Net investment income		0.13			0.13			0.08			0.11			0.16
Net realized and unrealized gain (loss)		1.66			0.36			2.25			3.55			(5.48	)
Total from investment operations		1.79			0.49			2.33			3.66			(5.32	)
Less distributions to shareholders:
Net investment income		(0.17	)		(0.14	)		(0.09	)		(0.14	)		(0.16	)
Net realized gains		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(0.68	)		(0.14	)		(0.09	)		(0.14	)		(0.41	)
Proceeds from regulatory settlements		—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	15.15		$	14.04		$	13.69		$	11.45		$	7.93
Total return		13.08	%		3.65	%		20.40	%		46.30	%		(39.95	%)
Ratios to average net assets^(b)(c)
Total gross expenses		0.98	%		0.95	%^(d)		0.95	%^(d)		0.93	%^(d)		0.90	%^(d)
Total net expenses^(e)		0.93	%^(f)		0.91	%^(d)(f)		0.95	%^(d)(f)		0.93	%^(d)(f)		0.90	%^(d)(f)
Net investment income		0.90	%		0.99	%		0.64	%		1.03	%		1.35	%
Supplemental data
Net assets, end of period (in thousands)	$	373,397		$	825,292		$	974,320		$	988,640		$	712,304
Portfolio turnover		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Large Cap Core Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Large Cap Core 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R5, Class W and Class Z 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 only available to the Columbia Family of Funds.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

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

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Annual Report 2013
24

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option contracts, including over-the-counter (OTC) option contracts, with no readily available market value are valued using quotations obtained from independent brokers as of the close of the NYSE.

Foreign Currency Transactions and Translations

Derivative Instruments

instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. The Fund purchased and wrote option contracts to enhance total return. Completion of transactions for option contracts traded in the OTC market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain OTC option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Option contracts purchased are recorded as investments and options contracts written are recorded as liabilities of the Fund. The Fund will realize a gain or loss when the option contract expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

Annual Report 2013
25

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

security increases. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases and the option contract is exercised. The Fund's maximum payout in the case of written put option contracts represents the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under the contract. For OTC options contracts, the transaction is also subject to counterparty credit risk. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained upon the exercise of the put option contracts by holders of the option contracts or proceeds received upon entering into the contracts.

Contracts and premiums associated with options contracts written for the year ended February 28, 2013 are as follows:

	Calls
	Contracts			Premiums
Balance at February 29, 2012		—		$	—
Opened		700			13,282
Closed		(700	)		(13,282	)
Balance at February 28, 2013		—		$	—

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund's operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at February 28, 2013:

At February 28, 2013, the Fund had no outstanding derivatives.

The effect of derivative instruments in the Statement of Operations for the year ended February 28, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Written and Purchased ($)
Equity contracts		3,922

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2013:

Derivative Instrument				Contracts Opened
Options contracts					700

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

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

Annual Report 2013
26

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

all of its taxable income (including net short-term capital gains), 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.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. The effective investment management fee rate for the year ended February 28, 2013 was 0.69% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The effective administration fee rate for the year ended February 28, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Annual Report 2013
27

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

Transfer Agent Fees

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The 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 (with the exception of out-of-pocket fees).

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class R5*	0.05
Class W	0.20
Class Z	0.19

*Annualized.

Distribution and Service Fees

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund and the payment of a monthly distribution fee at the maximum annual rate of 0.75%, 0.75% and 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $42,670 for Class A, $782 for Class B and $91 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Annual Report 2013
28

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

the following annual rates as a percentage of the class' average daily net assets:

Class A	1.20	%
Class B	1.95
Class C	1.95
Class I	0.82
Class R5*	0.87
Class W	1.20
Class Z	0.95

*Annual rate is contractual from November 8, 2012 (the commencement of operations of Class R5 shares) through November 8, 2013.

Class A	1.16	%
Class B	1.91
Class C	1.91
Class I	0.81
Class W	1.16
Class Z	0.91

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation and passive foreign investment company (PFIC) holdings. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	43,410
Accumulated net realized gain		(43,410	)
Paid-in capital		—

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended	February 28, 2013		February 29, 2012
Ordinary income	$	8,021,938	$	11,226,331
Long-term capital gains		23,388,837		—
Total	$	31,410,775	$	11,226,331

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	1,329,402
Undistributed accumulated long-term capital gains		82,584,977
Unrealized appreciation		110,591,514

At February 28, 2013, the cost of investments for federal income tax purposes was $524,688,788 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	111,881,765
Unrealized depreciation		(1,290,251	)
Net unrealized appreciation	$	110,591,514		��

For the year ended February 28, 2013, $52,694,574 of capital loss carryforward was utilized.

Annual Report 2013
29

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,191,192,443 and $1,715,564,325, respectively, for the year ended February 28, 2013.

Note 6. Regulatory Settlements

During the year ended February 29, 2012, the Fund received $64,591 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 8. Affiliated Money Market Fund

Note 9. Shareholder Concentration

At February 28, 2013, one unaffiliated shareholder account owned 59.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 18.5% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund had no borrowings during the year ended February 28, 2013.

Note 11. Fund Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Blended Equity Fund, a series of Columbia Funds Series Trust I (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved the plan of reorganization on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

Annual Report 2013
30

Columbia Large Cap Core Fund

Notes to Financial Statements (continued)

February 28, 2013

The aggregate net assets of the Fund immediately before the acquisition were $1,218,171,435 and the combined net assets immediately after the acquisition were $1,391,804,105.

The merger was accomplished by a tax-free exchange of 6,625,629 shares of the acquired fund valued at $101,632,670 (including $34,347,901 of unrealized appreciation).

In exchange for the acquired fund's shares, the Fund issued the following number of shares:

	Shares
Class A		34,275
Class C		14,642
Class Z		7,530,591

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the acquired fund's cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on March 1, 2011 the Fund's pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the year ended February 29, 2012, would have been approximately $11.9 million, $66.6 million, $(56.5) million and $22.0 million, respectively.

Note 12. Subsequent Events

Note 13. Information Regarding Pending and Settled Legal Proceedings

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 www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise 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 Trustees.

Annual Report 2013
31

Columbia Large Cap Core Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Core Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
32

Columbia Large Cap Core Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income		100	%
Dividends Received Deduction		100	%
Capital Gain Dividend	$	111,272,505

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Annual Report 2013
33

Columbia Large Cap Core Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
34

Columbia Large Cap Core Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
35

Columbia Large Cap Core Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
36

Columbia Large Cap Core Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
37

Columbia Large Cap Core Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
38

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Annual Report 2013
39

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Annual Report 2013
40

Columbia Large Cap Core Fund

Important Information About This Report

Annual Report 2013
41

Columbia Large Cap Core Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN172_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Large Cap Enhanced Core Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Large Cap Enhanced Core Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Large Cap Enhanced Core Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					14
Statement of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					22
Report of Independent Registered Public Accounting Firm					29
Federal Income Tax Information					30
Trustees and Officers					31
Important Information About This Report					37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Large Cap Enhanced Core Fund

Performance Overview

Performance Summary

> Columbia Large Cap Enhanced Core Fund (the Fund) Class A shares returned 11.71% for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period.

> Stock selection in consumer discretionary, information technology, industrials and financials generally accounted for the Fund's shortfall relative to the benchmark during the period.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	07/31/96		11.71		4.69		8.08
Class I*	09/27/10		12.15		4.87		8.17
Class R*	01/23/06		11.54		4.44		7.81
Class Y*	07/15/09		12.13		4.97		8.22
Class Z	07/31/96		12.02		4.96		8.35
S&P 500 Index			13.46		4.94		8.24

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Annual Report 2013
2

Columbia Large Cap Enhanced Core Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Enhanced Core 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.

Annual Report 2013
3

Columbia Large Cap Enhanced Core Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 11.71%. The Fund lagged its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period. Stock selection in consumer discretionary, information technology, industrials and financials generally accounted for the Fund's shortfall relative to the benchmark. Stock selection in health care, energy and materials was generally favorable. The Fund's sector allocations were generally in line with the benchmark and did not have a material impact on results for the period.

Investors Shrug Off Weak Global Growth

Investors Were "Risk On" for the Period

Generally speaking, the riskiest stocks generated the best performance during the period. Within the benchmark S&P 500 Index, the stocks with the highest leverage outperformed stocks with the lowest leverage by about four percentage points. The quintile (20%) of stocks that appeared least expensive based on earnings underperformed the quintile that looked most expensive, also by about four percentage points, and the largest stocks within the benchmark, by weight, underperformed by more than eight percentage points. However, the highest beta stocks — the most volatile quintile in the benchmark — underperformed the lowest beta stocks by almost 12 percentage points. Non-dividend paying stocks outperformed, but they only outperformed the dividend-paying stocks with the highest yields — and only by a slim margin.

The components of the Fund's stock selection model were consistent with the "risk-on" trend. We divide the metrics for our stock selection model into three broad categories: valuation (fundamental measures such as earnings and cash flow relative to market values), catalyst (price momentum and business momentum), and quality (quality of earnings and financial strength). The stocks that we consider to be the highest quality (top 20% of stocks in the S&P 500 Index, ranked using our aggregate quality score) underperformed the lowest quality stocks (bottom 20%). However, the highest quintile of stocks ranked on our catalyst measures outperformed the lowest catalyst quintile and were the biggest positive driver of Fund returns relative to the benchmark.

The Fund's valuation metrics were more neutral, with the top quintile of stocks ranked on valuation outperforming the bottom quintile of stocks by slightly less than two percentage points. However, the positive contribution from our

Portfolio Management

Brian Condon, CFA

Oliver Buckley

Morningstar Style Box^TM

© 2013 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.

Top Ten Holdings (%) (at February 28, 2013)
Apple, Inc.					3.7
Exxon Mobil Corp.					2.5
Chevron Corp.					2.4
Microsoft Corp.					2.3
JPMorgan Chase & Co.					2.2
Pfizer, Inc.					2.2
Google, Inc., Class A					2.1
Philip Morris International, Inc.					1.8
Oracle Corp.					1.8
Verizon Communications, Inc.					1.7

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
4

Columbia Large Cap Enhanced Core Fund

Manager Discussion of Fund Performance (continued)

valuation and quality measures wasn't enough to overcome the headwind from the quality measures, and our top-ranked quintile of stocks for the aggregate stock selection model slightly underperformed the benchmark slightly.

Health Care, Energy and Materials Investments Bolstered Performance

The three top sectors contributing to Fund performance were health care, energy and materials. In the health care sector, the Fund had more exposure than the benchmark to Merck, which was a standout performer during the period. Within the energy sector, overweights relative to the benchmark to Valero Energy and Tesoro aided results, as both were very strong performers during the period. An overweight in Discover Financial bolstered relative returns in the financials sector due to the stock's solid results. Intel did poorly for the period; as a result, the Fund's underweight in the stock aided relative returns.

Stock Selection Detracted from Returns in Several Sectors

The Fund gave up ground in the consumer discretionary, technology, industrials, financials, consumer staples and utilities sector. Stock selection generally accounted for the shortfall in these sectors. In the consumer discretionary sector, Apollo Group, a for-profit higher education company, lost significant ground. In the energy sector, Apache sustained a significant loss during the period. In the industrials sector, both Pitney Bowes and R.R. Donnelley & Sons were weak performers. In technology, Advanced Micro Devices was a disappointment. In all five instances, losses were amplified by overweights in the stocks relative to the benchmark.

Looking Forward

The market has had to absorb a mixed bag of economic data, including news that U.S. economic growth was just barely positive in the fourth quarter of 2012, impaired by the biggest cut in defense spending in 40 years, declining exports and sluggish growth in corporate inventories. Personal consumption advanced moderately but appears to be decelerating as consumers react to a 2% payroll tax increase. On a more positive note, home sales in 2012 reached their highest level since 2007, and the economy added more than a million new jobs in the last five months of the period.

Fourth quarter earnings reported early in 2013 modestly beat expectations, and even with a cautious outlook for 2013, investors seemed to give companies the benefit of the doubt that they can manage through a tough demand environment. This may be based on a general belief that the risk of extreme events is dropping. Nonetheless, the many economic and investment challenges we face in the year ahead will likely result in continued market volatility. Yet, equity valuations still currently appear reasonable relative to fixed-income alternatives, and corporate balance sheets are in good condition, with low debt and high cash levels. As a result, even a slower rate of economic growth may be sufficient to sustain a healthy equities market.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					97.3
Consumer Discretionary					10.9
Consumer Staples					10.9
Energy					10.6
Financials					15.1
Health Care					12.3
Industrials					9.7
Information Technology					17.8
Materials					3.2
Telecommunication Services					3.3
Utilities					3.5
Money Market Funds					2.7
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Large Cap Enhanced Core Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,074.90		1,020.53		4.42		4.31		0.86
Class I		1,000.00		1,000.00		1,076.90		1,022.51		2.37		2.31		0.46
Class R		1,000.00		1,000.00		1,074.40		1,019.29		5.71		5.56		1.11
Class Y		1,000.00		1,000.00		1,076.80		1,022.51		2.37		2.31		0.46
Class Z		1,000.00		1,000.00		1,075.90		1,021.77		3.14		3.06		0.61

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Large Cap Enhanced Core Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 97.2%

Issuer	Shares		Value ($)
Consumer Discretionary 10.9%
Auto Components 0.4%
Delphi Automotive PLC^(a)		24,600		1,029,510
Hotels, Restaurants & Leisure 0.3%
Yum! Brands, Inc.		11,600		759,568
Media 5.0%
Comcast Corp., Class A		105,100		4,181,929
DIRECTV^(a)		52,000		2,504,840
Discovery Communications, Inc., Class A^(a)		36,800		2,698,544
Gannett Co., Inc.		46,100		925,227
Scripps Networks Interactive, Inc., Class A		34,700		2,187,835
Time Warner Cable, Inc.		10,200		881,178
Total				13,379,553
Multiline Retail 0.9%
Macy's, Inc.		56,700		2,330,370
Specialty Retail 4.3%
Gap, Inc. (The)		66,100		2,176,012
Home Depot, Inc. (The)		61,300		4,199,050
PetSmart, Inc.		3,600		234,396
Ross Stores, Inc.		39,900		2,312,604
TJX Companies, Inc.		61,100		2,747,667
Total				11,669,729
Total Consumer Discretionary				29,168,730
Consumer Staples 10.9%
Beverages 0.8%
Coca-Cola Co. (The)		26,200		1,014,464
Coca-Cola Enterprises, Inc.		10,800		386,424
PepsiCo, Inc.		10,100		765,277
Total				2,166,165
Food & Staples Retailing 4.1%
CVS Caremark Corp.		65,300		3,338,136
Kroger Co. (The)		33,600		981,456
Safeway, Inc.		100,600		2,400,316
Wal-Mart Stores, Inc.		59,600		4,218,488
Total				10,938,396
Food Products 1.8%
Campbell Soup Co.		55,100		2,267,916
General Mills, Inc.		9,900		457,875
Tyson Foods, Inc., Class A		95,800		2,171,786
Total				4,897,577

Common Stocks (continued)

Issuer	Shares		Value ($)
Household Products 1.0%
Kimberly-Clark Corp.		8,700		820,236
Procter & Gamble Co. (The)		23,200		1,767,376
Total				2,587,612
Tobacco 3.2%
Altria Group, Inc.		51,900		1,741,245
Lorillard, Inc.		55,400		2,135,116
Philip Morris International, Inc.		51,400		4,715,950
Total				8,592,311
Total Consumer Staples				29,182,061
Energy 10.6%
Energy Equipment & Services 1.2%
Diamond Offshore Drilling, Inc.		29,300		2,041,624
Ensco PLC, Class A		9,000		541,260
Nabors Industries Ltd.^(a)		27,900		467,604
Total				3,050,488
Oil, Gas & Consumable Fuels 9.4%
Apache Corp.		32,400		2,406,348
Chevron Corp.		52,700		6,173,805
ConocoPhillips		56,700		3,285,765
Exxon Mobil Corp.		72,900		6,528,195
Marathon Oil Corp.		40,800		1,366,800
Marathon Petroleum Corp.		6,700		555,296
Tesoro Corp.		39,100		2,198,984
Valero Energy Corp.		61,800		2,817,462
Total				25,332,655
Total Energy				28,383,143
Financials 15.1%
Capital Markets 2.2%
Franklin Resources, Inc.		16,700		2,358,875
Goldman Sachs Group, Inc. (The)		23,400		3,504,384
Total				5,863,259
Commercial Banks 1.5%
Fifth Third Bancorp		136,800		2,166,912
Wells Fargo & Co.		53,300		1,869,764
Total				4,036,676
Consumer Finance 0.9%
SLM Corp.		125,400		2,378,838

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Large Cap Enhanced Core Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Diversified Financial Services 4.2%
Citigroup, Inc.		106,700		4,478,199
JPMorgan Chase & Co.		119,500		5,845,940
Moody's Corp.		20,500		985,230
Total				11,309,369
Insurance 4.5%
Allstate Corp. (The)		54,200		2,494,284
Aon PLC		32,900		2,009,861
Berkshire Hathaway, Inc., Class B^(a)		12,200		1,246,352
Lincoln National Corp.		66,100		1,952,594
MetLife, Inc.		53,300		1,888,952
Prudential Financial, Inc.		43,800		2,433,966
Total				12,026,009
Real Estate Investment Trusts (REITs) 1.8%
Public Storage		11,400		1,723,794
Simon Property Group, Inc.		19,100		3,034,226
Ventas, Inc.		3,900		276,042
Total				5,034,062
Total Financials				40,648,213
Health Care 12.3%
Biotechnology 1.7%
Amgen, Inc.		9,500		868,395
Celgene Corp.^(a)		15,800		1,630,244
Gilead Sciences, Inc.^(a)		50,500		2,156,855
Total				4,655,494
Health Care Equipment & Supplies 2.8%
Abbott Laboratories		31,200		1,054,248
Becton Dickinson and Co.		25,900		2,280,754
Boston Scientific Corp.^(a)		56,600		418,274
CareFusion Corp.^(a)		25,500		834,870
St. Jude Medical, Inc.		49,100		2,013,100
Zimmer Holdings, Inc.		10,100		757,096
Total				7,358,342
Health Care Providers & Services 1.4%
AmerisourceBergen Corp.		32,900		1,552,880
Cardinal Health, Inc.		50,100		2,315,121
Total				3,868,001

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 6.4%
AbbVie, Inc.		31,200		1,151,904
Bristol-Myers Squibb Co.		84,600		3,127,662
Eli Lilly & Co.		57,300		3,132,018
Johnson & Johnson		27,100		2,062,581
Merck & Co., Inc.		43,800		1,871,574
Pfizer, Inc.		209,500		5,734,015
Total				17,079,754
Total Health Care				32,961,591
Industrials 9.7%
Aerospace & Defense 2.5%
Boeing Co. (The)		19,600		1,507,240
General Dynamics Corp.		12,500		849,625
Northrop Grumman Corp.		35,000		2,298,800
Raytheon Co.		39,800		2,171,886
Total				6,827,551
Air Freight & Logistics 1.2%
United Parcel Service, Inc., Class B		37,900		3,132,435
Airlines 0.8%
Southwest Airlines Co.		197,300		2,308,410
Electrical Equipment 1.8%
Emerson Electric Co.		45,800		2,596,860
Rockwell Automation, Inc.		24,100		2,177,194
Total				4,774,054
Industrial Conglomerates 2.0%
Danaher Corp.		45,500		2,802,800
General Electric Co.^(b)		109,300		2,537,946
Total				5,340,746
Machinery 1.0%
Illinois Tool Works, Inc.		43,000		2,644,500
Professional Services 0.4%
Dun & Bradstreet Corp. (The)		10,500		846,300
Equifax, Inc.		3,900		214,968
Total				1,061,268
Total Industrials				26,088,964

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Large Cap Enhanced Core Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Information Technology 17.7%
Communications Equipment 1.6%
Cisco Systems, Inc.		205,800		4,290,930
QUALCOMM, Inc.		1,700		111,571
Total				4,402,501
Computers & Peripherals 5.2%
Apple, Inc.		22,100		9,754,940
EMC Corp.^(a)		118,400		2,724,384
Seagate Technology PLC		8,200		263,712
Western Digital Corp.		26,900		1,268,604
Total				14,011,640
Internet Software & Services 2.7%
Google, Inc., Class A^(a)		6,800		5,448,160
VeriSign, Inc.^(a)		41,700		1,909,860
Total				7,358,020
IT Services 2.2%
Accenture PLC, Class A		8,600		639,496
International Business Machines Corp.		11,100		2,229,213
Mastercard, Inc., Class A		6,000		3,106,920
Total				5,975,629
Semiconductors & Semiconductor Equipment 1.2%
Broadcom Corp., Class A		25,900		883,449
Intel Corp.		5,900		123,015
Linear Technology Corp.		500		19,120
NVIDIA Corp.		167,300		2,118,018
Total				3,143,602
Software 4.8%
CA, Inc.		84,700		2,074,303
Microsoft Corp.^(b)		217,800		6,054,840
Oracle Corp.		134,500		4,607,970
Total				12,737,113
Total Information Technology				47,628,505
Materials 3.2%
Chemicals 3.0%
CF Industries Holdings, Inc.		11,100		2,229,213
Eastman Chemical Co.		34,000		2,370,820
LyondellBasell Industries NV, Class A		42,600		2,497,212
Mosaic Co. (The)		13,800		807,852
Total				7,905,097

Common Stocks (continued)

Issuer	Shares		Value ($)
Metals & Mining 0.2%
Freeport-McMoRan Copper & Gold, Inc.		17,300		552,216
Total Materials				8,457,313
Telecommunication Services 3.3%
Diversified Telecommunication Services 3.3%
AT&T, Inc.		119,900		4,305,609
Verizon Communications, Inc.		97,600		4,541,328
Total				8,846,937
Total Telecommunication Services				8,846,937
Utilities 3.5%
Electric Utilities 1.6%
American Electric Power Co., Inc.		51,600		2,414,364
Pinnacle West Capital Corp.		32,800		1,834,832
Total				4,249,196
Independent Power Producers & Energy Traders 0.8%
AES Corp. (The)		189,100		2,197,342
Multi-Utilities 1.1%
Ameren Corp.		10,600		358,174
CenterPoint Energy, Inc.		12,500		267,875
Public Service Enterprise Group, Inc.		73,500		2,395,365
Total				3,021,414
Total Utilities				9,467,952
Total Common Stocks (Cost: $178,497,450)				260,833,409
Money Market Funds 2.7%
Columbia Short-Term Cash Fund, 0.128%^(c)(d)		7,247,525		7,247,525

Total Money Market Funds (Cost: $7,247,525)					7,247,525
Total Investments (Cost: $185,744,975)					268,080,934
Other Assets & Liabilities, Net					388,291
Net Assets					268,469,225

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Large Cap Enhanced Core Fund

Portfolio of Investments (continued)

February 28, 2013

Investments in Derivatives

Futures Contracts Outstanding at February 28, 2013

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

S&P 500 Index

7,944,825

March 2013

388,929

—

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At February 28, 2013, investments in securities included securities valued at $3,383,400 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					4,604,916				93,452,380				(90,809,771	)			7,247,525				9,245				7,247,525

(d) The rate shown is the seven-day current annualized yield at February 28, 2013.

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Large Cap Enhanced Core Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		29,168,730		—		—		29,168,730
Consumer Staples		29,182,061		—		—		29,182,061
Energy		28,383,143		—		—		28,383,143
Financials		40,648,213		—		—		40,648,213
Health Care		32,961,591		—		—		32,961,591
Industrials		26,088,964		—		—		26,088,964
Information Technology		47,628,505		—		—		47,628,505
Materials		8,457,313		—		—		8,457,313
Telecommunication Services		8,846,937		—		—		8,846,937
Utilities		9,467,952		—		—		9,467,952
Total Equity Securities		260,833,409		—		—		260,833,409
Other
Money Market Funds		7,247,525		—		—		7,247,525
Total Other		7,247,525		—		—		7,247,525
Investments in Securities		268,080,934		—		—		268,080,934
Derivatives
Assets
Futures Contracts		388,929		—		—		388,929
Total		268,469,863		—		—		268,469,863

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Large Cap Enhanced Core Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $178,497,450)	$	260,833,409
Affiliated issuers (identified cost $7,247,525)		7,247,525
Total investments (identified cost $185,744,975)		268,080,934
Receivable for:
Investments sold		40,755,295
Capital shares sold		203,251
Dividends		767,158
Expense reimbursement due from Investment Manager		1,734
Prepaid expenses		1,791
Total assets		309,810,163
Liabilities
Payable for:
Investments purchased		11,520,243
Capital shares purchased		29,333,053
Variation margin on futures contracts		125,041
Investment management fees		4,408
Distribution and/or service fees		107
Transfer agent fees		40,635
Administration fees		490
Compensation of board members		76,679
Other expenses		240,282
Total liabilities		41,340,938
Net assets applicable to outstanding capital stock	$	268,469,225
Represented by
Paid-in capital	$	293,027,781
Undistributed net investment income		605,646
Accumulated net realized loss		(107,889,090	)
Unrealized appreciation (depreciation) on:
Investments		82,335,959
Futures contracts		388,929
Total — representing net assets applicable to outstanding capital stock	$	268,469,225

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Large Cap Enhanced Core Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	13,209,120
Shares outstanding		878,215
Net asset value per share	$	15.04
Class I
Net assets	$	36,224,009
Shares outstanding		2,414,783
Net asset value per share	$	15.00
Class R
Net assets	$	1,284,166
Shares outstanding		85,464
Net asset value per share	$	15.03
Class Y
Net assets	$	3,177,252
Shares outstanding		211,811
Net asset value per share	$	15.00
Class Z
Net assets	$	214,574,678
Shares outstanding		14,311,637
Net asset value per share	$	14.99

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Large Cap Enhanced Core Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	6,744,945
Dividends — affiliated issuers		9,245
Interest		246
Income from securities lending — net		73,212
Foreign taxes withheld		(25,347	)
Total income		6,802,301
Expenses:
Investment management fees		1,932,008
Distribution and/or service fees
Class A		30,732
Class R		2,487
Transfer agent fees
Class A		24,591
Class R		993
Class Y		21
Class Z		474,768
Administration fees		168,003
Compensation of board members		27,700
Custodian fees		9,653
Printing and postage fees		71,437
Registration fees		85,308
Professional fees		31,026
Other		14,313
Total expenses		2,873,040
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(1,086,399	)
Expense reductions		(140	)
Total net expenses		1,786,501
Net investment income		5,015,800
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		33,758,933
Futures contracts		1,040,532
Net realized gain		34,799,465
Net change in unrealized appreciation (depreciation) on:
Investments		(6,768,144	)
Futures contracts		233,171
Net change in unrealized appreciation (depreciation)		(6,534,973	)
Net realized and unrealized gain		28,264,492
Net increase in net assets resulting from operations	$	33,280,292

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Large Cap Enhanced Core Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013			Year Ended February 29, 2012
Operations
Net investment income	$	5,015,800		$	4,899,025
Net realized gain		34,799,465			55,219,777
Net change in unrealized appreciation (depreciation)		(6,534,973	)		(39,680,472	)
Net increase in net assets resulting from operations		33,280,292			20,438,330
Distributions to shareholders
Net investment income
Class A		(188,669	)		(177,778	)
Class I		(650,071	)		(218,209	)
Class R		(9,708	)		(2,930	)
Class Y		(55,773	)		(56,015	)
Class Z		(4,155,698	)		(4,721,975	)
Total distributions to shareholders		(5,059,919	)		(5,176,907	)
Increase (decrease) in net assets from capital stock activity		(43,179,736	)		(148,478,815	)
Total decrease in net assets		(14,959,363	)		(133,217,392	)
Net assets at beginning of year		283,428,588			416,645,980
Net assets at end of year	$	268,469,225		$	283,428,588
Undistributed net investment income	$	605,646		$	649,765

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Large Cap Enhanced Core Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		145,052			2,069,335			102,738			1,292,075
Distributions reinvested		7,146			100,390			6,941			85,718
Redemptions		(181,688	)		(2,565,249	)		(155,456	)		(1,913,399	)
Net decrease		(29,490	)		(395,524	)		(45,777	)		(535,606	)
Class I shares
Subscriptions		3,406,324			47,272,503			1,115,305			13,431,106
Distributions reinvested		46,353			650,012			17,728			218,155
Redemptions		(2,013,490	)		(28,588,536	)		(741,741	)		(9,394,174	)
Net increase		1,439,187			19,333,979			391,292			4,255,087
Class R shares
Subscriptions		79,167			1,128,386			6,183			74,577
Distributions reinvested		562			7,914			237			2,930
Redemptions		(9,187	)		(133,056	)		(5,162	)		(66,574	)
Net increase		70,542			1,003,244			1,258			10,933
Class Y shares
Subscriptions		18,945			258,233			4,531			55,742
Distributions reinvested		—			—			23			273
Redemptions		(29,073	)		(415,740	)		(2,253,345	)		(28,066,198	)
Net decrease		(10,128	)		(157,507	)		(2,248,791	)		(28,010,183	)
Class Z shares
Subscriptions		2,714,857			38,196,210			1,005,023			12,568,288
Distributions reinvested		21,699			304,171			12,154			149,441
Redemptions		(7,107,729	)		(101,464,309	)		(10,921,456	)		(136,916,775	)
Net decrease		(4,371,173	)		(62,963,928	)		(9,904,279	)		(124,199,046	)
Total net decrease		(2,901,062	)		(43,179,736	)		(11,806,297	)		(148,478,815	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Large Cap Enhanced Core Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.67		$	12.81		$	10.73		$	7.24		$	12.91
Income from investment operations:
Net investment income		0.22			0.17			0.14			0.13			0.18
Net realized and unrealized gain (loss)		1.36			0.89			2.08			3.52			(5.69	)
Total from investment operations		1.58			1.06			2.22			3.65			(5.51	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.20	)		(0.14	)		(0.16	)		(0.16	)
Total distributions to shareholders		(0.21	)		(0.20	)		(0.14	)		(0.16	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.04		$	13.67		$	12.81		$	10.73		$	7.24
Total return		11.71	%		8.41	%		20.84	%		50.49	%		(42.89	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.28	%		1.19	%^(d)		0.96	%^(d)		0.92	%^(d)		0.82	%^(d)
Total net expenses^(e)		0.89	%^(f)		0.94	%^(d)(f)		0.95	%^(d)(f)		0.89	%^(d)(f)		0.75	%^(d)(f)
Net investment income		1.53	%		1.33	%		1.22	%		1.39	%		1.63	%
Supplemental data
Net assets, end of period (in thousands)	$	13,209		$	12,404		$	12,213		$	12,348		$	9,291
Portfolio turnover		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Large Cap Enhanced Core Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	13.63		$	12.78		$	11.11
Income from investment operations:
Net investment income		0.28			0.21			0.09
Net realized and unrealized gain		1.36			0.88			1.75
Total from investment operations		1.64			1.09			1.84
Less distributions to shareholders:
Net investment income		(0.27	)		(0.24	)		(0.17	)
Total distributions to shareholders		(0.27	)		(0.24	)		(0.17	)
Net asset value, end of period	$	15.00		$	13.63		$	12.78
Total return		12.15	%		8.73	%		16.65	%
Ratios to average net assets^(b)(c)
Total gross expenses		0.84	%		0.74	%^(d)		0.59	%^(d)(e)
Total net expenses^(f)		0.50	%		0.61	%^(d)		0.57	%^(d)(e)(g)
Net investment income		2.01	%		1.72	%		1.68	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	36,224		$	13,297		$	7,466
Portfolio turnover		92	%		67	%		63	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Annualized.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Large Cap Enhanced Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.65		$	12.80		$	10.72		$	7.24		$	12.90
Income from investment operations:
Net investment income		0.20			0.14			0.12			0.11			0.16
Net realized and unrealized gain (loss)		1.36			0.88			2.08			3.51			(5.69	)
Total from investment operations		1.56			1.02			2.20			3.62			(5.53	)
Less distributions to shareholders:
Net investment income		(0.18	)		(0.17	)		(0.12	)		(0.14	)		(0.13	)
Total distributions to shareholders		(0.18	)		(0.17	)		(0.12	)		(0.14	)		(0.13	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.03		$	13.65		$	12.80		$	10.72		$	7.24
Total return		11.54	%		8.08	%		20.58	%		50.02	%		(43.01	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.53	%		1.44	%^(d)		1.21	%^(d)		1.17	%^(d)		1.07	%^(d)
Total net expenses^(e)		1.12	%^(f)		1.19	%^(d)(f)		1.20	%^(d)(f)		1.14	%^(d)(f)		1.00	%^(d)(f)
Net investment income		1.45	%		1.11	%		1.02	%		1.08	%		1.46	%
Supplemental data
Net assets, end of period (in thousands)	$	1,284		$	204		$	175		$	112		$	39
Portfolio turnover		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Large Cap Enhanced Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Y	2013			2012			2011			2010^(a)
Per share data
Net asset value, beginning of period	$	13.63		$	12.78		$	10.70		$	9.10
Income from investment operations:
Net investment income		0.27			0.18			0.17			0.11
Net realized and unrealized gain		1.36			0.91			2.09			1.64
Total from investment operations		1.63			1.09			2.26			1.75
Less distributions to shareholders:
Net investment income		(0.26	)		(0.24	)		(0.18	)		(0.15	)
Total distributions to shareholders		(0.26	)		(0.24	)		(0.18	)		(0.15	)
Net asset value, end of period	$	15.00		$	13.63		$	12.78		$	10.70
Total return		12.13	%		8.74	%		21.30	%		19.23	%
Ratios to average net assets^(b)(c)
Total gross expenses		0.83	%		0.74	%^(d)		0.59	%^(d)		0.57	%^(d)(e)
Total net expenses^(f)		0.52	%		0.60	%^(d)		0.58	%^(d)(g)		0.57	%^(d)(e)(g)
Net investment income		1.90	%		1.46	%		1.53	%		1.62	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	3,177		$	3,024		$	31,588		$	60,329
Portfolio turnover		92	%		67	%		63	%		122	%

Notes to Financial Highlights

(a) For the period from July 15, 2009 (commencement of operations) to February 28, 2010.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Annualized.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Large Cap Enhanced Core Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.62		$	12.78		$	10.70		$	7.22		$	12.90
Income from investment operations:
Net investment income		0.25			0.19			0.16			0.16			0.21
Net realized and unrealized gain (loss)		1.37			0.88			2.09			3.50			(5.68	)
Total from investment operations		1.62			1.07			2.25			3.66			(5.47	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.17	)		(0.18	)		(0.21	)
Total distributions to shareholders		(0.25	)		(0.23	)		(0.17	)		(0.18	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	14.99		$	13.62		$	12.78		$	10.70		$	7.22
Total return		12.02	%		8.54	%		21.18	%		50.82	%		(42.69	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.03	%		0.94	%^(d)		0.71	%^(d)		0.67	%^(d)		0.57	%^(d)
Total net expenses^(e)		0.64	%^(f)		0.70	%^(d)(f)		0.70	%^(d)(f)		0.64	%^(d)(f)		0.50	%^(d)(f)
Net investment income		1.77	%		1.54	%		1.46	%		1.65	%		1.86	%
Supplemental data
Net assets, end of period (in thousands)	$	214,575		$	254,500		$	365,205		$	451,824		$	382,637
Portfolio turnover		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Large Cap Enhanced Core 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class I, Class R, Class Y and Class Z 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 have no sales charge.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

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

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Foreign equity securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Derivative Instruments

Annual Report 2013
22

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at February 28, 2013:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized appreciation on futures contracts		388,929*

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for the year ended February 28, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		1,040,532
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		233,171

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					389

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date

Annual Report 2013
23

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

or upon receipt of ex-dividend notification in the case of certain foreign securities.

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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.

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a

Annual Report 2013
24

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

percentage of the Fund's average daily net assets that declines from 0.69% to 0.52% as the Fund's net assets increase.

Effective July 1, 2012, the Investment Manager has contractually agreed to waive 0.15% of the Fund's investment management fee through June 30, 2013. Prior to July 1, 2012, the Investment Manager contractually agreed to waive 0.20% of the Fund's investment management fee. The effective investment management fee waiver for the year ended February 28, 2013 was 0.17% of the Fund's average daily net assets.

The effective investment management fee rate, net of fee waivers, for the year ended February 28, 2013 was 0.52% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The effective administration fee rate for the year ended February 28, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a

wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class R	0.20
Class Y	0.00	*
Class Z	0.20

*Rounds to zero.

Distribution and Service Fees

Annual Report 2013
25

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	0.86	%
Class I	0.46
Class R	1.11
Class Y	0.46
Class Z	0.61

Class A	0.95	%
Class I	0.63
Class R	1.20
Class Y	0.70
Class Z	0.70

any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

The Fund did not have any permanent differences; therefore, no reclassifications were made to the Statement of Assets and Liabilities.

The tax character of distributions paid during the years indicated was as follows:

Year Ended				February 28, 2013				February 29, 2012
Ordinary income				$	5,059,919			$	5,176,907

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	682,147
Accumulated realized loss		106,916,233
Unrealized appreciation		81,806,031

At February 28, 2013, the cost of investments for federal income tax purposes was $186,274,903 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	82,513,589
Unrealized depreciation		(707,558	)
Net unrealized appreciation	$	81,806,031

The following capital loss carryforward, determined at February 28, 2013, may be available to reduce taxable income

Annual Report 2013
26

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration				Amount
2018				$	106,916,233

For the year ended February 28, 2013, $33,983,006 of capital loss carryforward was utilized.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $252,041,198 and $300,609,165, respectively, for the year ended February 28, 2013.

Note 6. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

February 28, 2013 is disclosed in the Statement of Operations. The Fund continued to earn and accrue interest and dividends on the securities loaned.

Note 7. Affiliated Money Market Fund

Note 8. Shareholder Concentration

At February 28, 2013, one unaffiliated shareholder accounts owned an aggregate of 75.2% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 15.1% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund had no borrowings during the year ended February 28, 2013.

Note 10. Subsequent Events

Annual Report 2013
27

Columbia Large Cap Enhanced Core Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 11. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
28

Columbia Large Cap Enhanced Core Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Enhanced Core Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
29

Columbia Large Cap Enhanced Core Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income					100.00	%
Dividends Received Deduction					100.00	%

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
30

Columbia Large Cap Enhanced Core Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
31

Columbia Large Cap Enhanced Core Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
32

Columbia Large Cap Enhanced Core Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
33

Columbia Large Cap Enhanced Core Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
34

Columbia Large Cap Enhanced Core Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
35

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Annual Report 2013
36

Columbia Large Cap Enhanced Core Fund

Important Information About This Report

Annual Report 2013
37

Columbia Large Cap Enhanced Core Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN173_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Large Cap Index Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Large Cap Index Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Large Cap Index Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					18
Statement of Operations					20
Statement of Changes in Net Assets					21
Financial Highlights					23
Notes to Financial Statements					28
Report of Independent Registered Public Accounting Firm					36
Federal Income Tax Information					37
Trustees and Officers					38
Important Information About This Report					45

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Large Cap Index Fund

Performance Overview

Performance Summary

> Columbia Large Cap Index Fund (the Fund) Class A shares returned 12.98% for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period.

> For the Fund and the U.S stock market, it was the fourth consecutive 12-month period of gains.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	10/10/95		12.98		4.54		7.82
Class B*	09/23/05
Excluding sales charges			12.08		3.76		7.02
Including sales charges			7.08		3.41		7.02
Class I*	11/16/11		13.28		4.77		8.03
Class R5*	11/08/12		13.26		4.81		8.09
Class Z	12/15/93		13.28		4.81		8.09
S&P 500 Index			13.46		4.94		8.24

Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Annual Report 2013
2

Columbia Large Cap Index Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Index 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.

Annual Report 2013
3

Columbia Large Cap Index Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 12.98%. The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period. The Fund seeks to approximate the benchmark weights of securities, industries and sectors represented in the S&P 500 Index. As such, its return was in line with the index return, after fees and expenses, which the index does not incur. Despite periods of volatility, stock prices climbed for the fourth consecutive year, buoyed by strong gains from the telecommunication services, health care and financials sectors.

Investors Shrug Off Weak Global Growth

Europe's economic woes and U.S. struggles to avoid a fiscal cliff of tax increases and spending cuts weighed on the global economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action in key markets and improving prospects for the U.S. economy gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity were encouraging signs. The U.S. housing market staged a solid comeback, with higher home sales, rising prices and lower inventories. Meanwhile, much of Europe headed toward recession. So far, the United Kingdom has avoided recession — but only barely so — and Japan's economy slipped into negative territory for the fifth time in 15 years. Major emerging market economies, including China, forged ahead, although mostly at a slower pace.

A Solid Year for the U.S. Stock Market

Against this economic backdrop, all ten sectors of the S&P 500 Index delivered positive returns. The strongest performance came from the telecommunication services, financials and health care sectors, each of which logged returns of more than 20% for the period. Financials, health care and consumer discretionary stocks made the greatest contributions to the Fund's returns, based on their weights in the portfolio. Within health care, pharmaceutical stocks posted strong gains. Within financials, diversified financial services companies were the sector leaders. The top-performing large-cap stocks for the 12-month period included telecommunications provider Sprint Nextel, energy-efficient home builder PulteGroup, independent petroleum refiner and marketer Tesoro, integrated oil and natural gas exploration and production company Marathon and wine, beer and spirits marketer Constellation Brands, all of which logged gains of more than 100%. Top contributors to the Fund's performance, based on their weights in the portfolio, were pharmaceutical giant Pfizer, consumer appliance manufacturer General Electric, telecom provider AT&T and class B shares of multinational conglomerate holding company Berkshire Hathaway.

Technology, energy and materials were the weakest performing sectors in the index, although all three generated modest, positive returns. Materials, technology and utilities were the weakest performing sectors for the Fund, based on their weights in the portfolio. Within the materials sector, metals & mining was the weakest industry performer, as were semiconductors & semiconductor equipment and computer peripherals in the technology sector. The list of major large-cap decliners for the period, each posting losses of 55% or more, included

Portfolio Management

Alfred Alley III, CFA

Vadim Shteyn

Morningstar Style Box^TM

© 2013 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.

Top Ten Holdings (%) (at February 28, 2013)
Apple, Inc.					3.1
Exxon Mobil Corp.					3.0
General Electric Co.					1.8
Chevron Corp.					1.7
International Business Machines Corp.					1.6
Google, Inc., Class A					1.6
Johnson & Johnson					1.6
Microsoft Corp.					1.6
Procter & Gamble Co. (The)					1.5
AT&T, Inc.					1.5

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
4

Columbia Large Cap Index Fund

Manager Discussion of Fund Performance (continued)

Advanced Micro Devices, a multinational semiconductor company; Alpha Natural Resources, a coal producer; Apollo Group, owner of for-profit educational institutions; Cliffs Natural Resources, a mining and natural resources company and retailer J.C. Penney. However, technology giants Apple, Intel, and Microsoft, as well as energy exploration and production company Occidental Petroleum and construction and machine manufacturer Caterpillar were the worst-performing stocks for the Fund, based on their weights in the portfolio.

The Fund owned stock index futures in the amount of its cash balances during the period. It did so in order to keep its investment exposure on par with the index, which is always fully invested, but to retain the liquidity necessary for trading and redemption within the Fund.

Changes to Index and Portfolio Holdings

There were 19 additions and deletions to the S&P 500 Index during the 12-month period. All changes to the index were matched by changes in the portfolio during the period.

Looking Ahead

Fourth-quarter 2012 earnings modestly beat expectations, raising confidence that many companies have the ability to manage successfully through an environment in which higher taxes and forced spending cuts weigh on consumer demands. Although the many economic and investment challenges we face in the year ahead will likely result in heightened volatility, equity valuations currently still appear reasonable relative to fixed-income alternatives, and corporate balance sheets are presently in good condition, with low debt and high cash levels. As a result, our current belief is that the equities market has the potential to remain healthy even in an environment of slower economic growth.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					97.7
Consumer Discretionary					11.2
Consumer Staples					10.6
Energy					10.9
Financials					15.5
Health Care					12.0
Industrials					10.0
Information Technology					17.8
Materials					3.4
Telecommunication Services					2.9
Utilities					3.4
Money Market Funds					2.3
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Large Cap Index Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,087.10			1,022.56		2.33			2.26		0.45
Class B		1,000.00		1,000.00		1,083.00			1,018.84		6.20			6.01		1.20
Class I		1,000.00		1,000.00		1,088.50			1,023.80		1.04			1.00		0.20
Class R5		1,000.00		1,000.00		1,107.30	*		1,024.10		0.45	*		0.70		0.14	*
Class Z		1,000.00		1,000.00		1,088.50			1,023.80		1.04			1.00		0.20

*For the period November 8, 2012 through February 28, 2013. Class R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Large Cap Index Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 97.5%

Issuer	Shares		Value ($)
Consumer Discretionary 11.2%
Auto Components 0.3%
BorgWarner, Inc.^(a)		21,115		1,571,167
Delphi Automotive PLC^(a)		53,280		2,229,768
Goodyear Tire & Rubber Co. (The)^(a)		44,194		573,638
Johnson Controls, Inc.		123,364		3,882,265
Total				8,256,838
Automobiles 0.4%
Ford Motor Co.		687,843		8,673,700
Harley-Davidson, Inc.		40,819		2,148,304
Total				10,822,004
Distributors 0.1%
Genuine Parts Co.		27,987		1,987,917
Diversified Consumer Services 0.1%
Apollo Group, Inc., Class A^(a)		18,049		304,487
H&R Block, Inc.		48,944		1,216,748
Total				1,521,235
Hotels, Restaurants & Leisure 1.7%
Carnival Corp.		80,438		2,877,267
Chipotle Mexican Grill, Inc.^(a)		5,682		1,800,001
Darden Restaurants, Inc.		23,202		1,073,557
International Game Technology		48,007		765,232
Marriott International, Inc., Class A		44,403		1,751,698
McDonald's Corp.		181,128		17,370,175
Starbucks Corp.		134,153		7,354,267
Starwood Hotels & Resorts Worldwide, Inc.		35,356		2,133,028
Wyndham Worldwide Corp.		25,306		1,524,433
Wynn Resorts Ltd.		14,335		1,675,762
Yum! Brands, Inc.		81,511		5,337,340
Total				43,662,760
Household Durables 0.3%
D.R. Horton, Inc.		50,378		1,123,429
Garmin Ltd.		19,698		676,429
Harman International Industries, Inc.		12,238		519,503
Leggett & Platt, Inc.		25,488		779,423
Lennar Corp., Class A		29,616		1,142,882
Newell Rubbermaid, Inc.		51,886		1,211,019
PulteGroup, Inc.^(a)		61,332		1,176,348
Whirlpool Corp.		14,046		1,586,496
Total				8,215,529

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet & Catalog Retail 1.1%
Amazon.com, Inc.^(a)		65,375		17,276,651
Expedia, Inc.		16,789		1,071,810
Netflix, Inc.^(a)		10,021		1,884,750
priceline.com, Inc.^(a)		8,996		6,185,469
TripAdvisor, Inc.^(a)		19,774		898,926
Total				27,317,606
Leisure Equipment & Products 0.1%
Hasbro, Inc.		20,862		834,897
Mattel, Inc.		61,905		2,522,629
Total				3,357,526
Media 3.4%
Cablevision Systems Corp., Class A		38,929		544,617
CBS Corp., Class B Non Voting		106,606		4,625,634
Comcast Corp., Class A		479,397		19,075,207
DIRECTV^(a)		108,992		5,250,145
Discovery Communications, Inc., Class A^(a)		43,092		3,159,936
Gannett Co., Inc.		41,456		832,022
Interpublic Group of Companies, Inc. (The)		77,827		994,629
News Corp., Class A		363,760		10,476,288
Omnicom Group, Inc.		47,661		2,741,937
Scripps Networks Interactive, Inc., Class A		15,680		988,624
Time Warner Cable, Inc.		54,443		4,703,331
Time Warner, Inc.		170,823		9,082,659
Viacom, Inc., Class B		83,350		4,872,641
Walt Disney Co. (The)		319,709		17,452,914
Washington Post Co. (The), Class B		812		323,614
Total				85,124,198
Multiline Retail 0.8%
Dollar General Corp.^(a)		47,374		2,195,311
Dollar Tree, Inc.^(a)		40,990		1,852,133
Family Dollar Stores, Inc.		17,280		994,464
JCPenney Co., Inc.		25,710		451,725
Kohl's Corp.		38,176		1,759,914
Macy's, Inc.		71,312		2,930,923
Nordstrom, Inc.		27,435		1,487,526
Target Corp.		117,410		7,392,133
Total				19,064,129

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Specialty Retail 2.2%
Abercrombie & Fitch Co., Class A		14,354		669,327
AutoNation, Inc.^(a)		7,030		307,703
AutoZone, Inc.^(a)		6,663		2,532,939
Bed Bath & Beyond, Inc.^(a)		41,349		2,346,556
Best Buy Co., Inc.		48,186		790,732
CarMax, Inc.^(a)		41,280		1,585,565
GameStop Corp., Class A		21,862		547,862
Gap, Inc. (The)		53,625		1,765,335
Home Depot, Inc. (The)		269,745		18,477,533
Limited Brands, Inc.		43,181		1,965,599
Lowe's Companies, Inc.		202,903		7,740,749
O'Reilly Automotive, Inc.^(a)		20,679		2,103,882
PetSmart, Inc.		19,390		1,262,483
Ross Stores, Inc.		40,120		2,325,355
Staples, Inc.		121,575		1,602,359
Tiffany & Co.		21,499		1,443,873
TJX Companies, Inc.		131,565		5,916,478
Urban Outfitters, Inc.^(a)		19,743		799,986
Total				54,184,316
Textiles, Apparel & Luxury Goods 0.7%
Coach, Inc.		51,181		2,473,578
Fossil, Inc.^(a)		9,746		1,001,596
Nike, Inc., Class B		131,680		7,171,293
PVH Corp.		14,100		1,718,085
Ralph Lauren Corp.		11,058		1,918,231
VF Corp.		15,899		2,563,873
Total				16,846,656
Total Consumer Discretionary				280,360,714
Consumer Staples 10.6%
Beverages 2.3%
Beam, Inc.		28,706		1,751,927
Brown-Forman Corp., Class B		27,343		1,794,248
Coca-Cola Co. (The)		695,885		26,944,667
Coca-Cola Enterprises, Inc.		48,679		1,741,735
Constellation Brands, Inc., Class A^(a)		27,322		1,208,725
Crimson Wine Group Ltd.^(a)		3,574		28,790
Dr. Pepper Snapple Group, Inc.		37,546		1,637,757
Molson Coors Brewing Co., Class B		28,116		1,243,008

Common Stocks (continued)

Issuer	Shares		Value ($)
Monster Beverage Corp.^(a)		26,898		1,356,466
PepsiCo, Inc.		279,068		21,144,982
Total				58,852,305
Food & Staples Retailing 2.3%
Costco Wholesale Corp.		78,014		7,902,038
CVS Caremark Corp.		224,916		11,497,706
Kroger Co. (The)		92,695		2,707,621
Safeway, Inc.		43,226		1,031,372
SYSCO Corp.		106,046		3,410,439
Wal-Mart Stores, Inc.		301,757		21,358,361
Walgreen Co.		154,989		6,345,250
Whole Foods Market, Inc.		31,128		2,665,179
Total				56,917,966
Food Products 1.8%
Archer-Daniels-Midland Co.		118,812		3,785,350
Campbell Soup Co.		32,333		1,330,826
ConAgra Foods, Inc.		73,523		2,507,870
Dean Foods Co.^(a)		33,418		554,739
General Mills, Inc.		116,405		5,383,731
Hershey Co. (The)		26,979		2,248,430
HJ Heinz Co.		57,850		4,190,075
Hormel Foods Corp.		24,187		904,836
JM Smucker Co. (The)		19,568		1,864,830
Kellogg Co.		44,617		2,699,328
Kraft Foods Group, Inc.		106,876		5,180,280
McCormick & Co., Inc.		23,907		1,608,224
Mead Johnson Nutrition Co.		36,627		2,743,729
Mondelez International, Inc., Class A		320,605		8,864,728
Tyson Foods, Inc., Class A		51,780		1,173,853
Total				45,040,829
Household Products 2.2%
Clorox Co. (The)		23,538		1,977,427
Colgate-Palmolive Co.		80,126		9,168,818
Kimberly-Clark Corp.		70,592		6,655,414
Procter & Gamble Co. (The)		493,283		37,578,299
Total				55,379,958
Personal Products 0.2%
Avon Products, Inc.		77,966		1,524,236
Estee Lauder Companies, Inc. (The), Class A		43,310		2,776,171
Total				4,300,407

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 1.8%
Altria Group, Inc.		365,350		12,257,492
Lorillard, Inc.		70,059		2,700,074
Philip Morris International, Inc.		301,385		27,652,074
Reynolds American, Inc.		58,487		2,554,712
Total				45,164,352
Total Consumer Staples				265,655,817
Energy 10.9%
Energy Equipment & Services 1.9%
Baker Hughes, Inc.		79,317		3,554,988
Cameron International Corp.^(a)		44,510		2,836,177
Diamond Offshore Drilling, Inc.		12,541		873,857
Ensco PLC, Class A		41,907		2,520,287
FMC Technologies, Inc.^(a)		42,889		2,226,368
Halliburton Co.		167,418		6,949,521
Helmerich & Payne, Inc.		19,074		1,263,843
Nabors Industries Ltd.^(a)		52,388		878,023
National Oilwell Varco, Inc.		77,018		5,247,237
Noble Corp.		45,593		1,633,141
Rowan Companies PLC, Class A^(a)		22,406		775,024
Schlumberger Ltd.		239,507		18,645,620
Total				47,404,086
Oil, Gas & Consumable Fuels 9.0%
Anadarko Petroleum Corp.		90,162		7,175,092
Apache Corp.		70,592		5,242,868
Cabot Oil & Gas Corp.		37,857		2,345,998
Chesapeake Energy Corp.		93,530		1,885,565
Chevron Corp.		353,095		41,365,079
ConocoPhillips		218,999		12,690,992
CONSOL Energy, Inc.		41,094		1,321,172
Denbury Resources, Inc.^(a)		69,818		1,265,102
Devon Energy Corp.		67,951		3,687,021
EOG Resources, Inc.		48,870		6,143,448
EQT Corp.		26,992		1,702,925
Exxon Mobil Corp.^(b)		822,552		73,659,532
Hess Corp.		53,608		3,564,932
Kinder Morgan Management LLC^(c)		60,281		50
Kinder Morgan, Inc.		114,090		4,229,316
Marathon Oil Corp.		127,445		4,269,407

Common Stocks (continued)

Issuer	Shares		Value ($)
Marathon Petroleum Corp.		61,192		5,071,593
Murphy Oil Corp.		33,308		2,027,791
Newfield Exploration Co.^(a)		24,396		564,036
Noble Energy, Inc.		32,093		3,556,867
Occidental Petroleum Corp.		146,165		12,033,764
Peabody Energy Corp.		48,420		1,043,935
Phillips 66		112,902		7,108,310
Pioneer Natural Resources Co.		23,852		3,000,820
QEP Resources, Inc.		32,134		978,802
Range Resources Corp.		29,340		2,253,312
Southwestern Energy Co.^(a)		63,041		2,160,415
Spectra Energy Corp.		120,120		3,488,285
Tesoro Corp.		25,336		1,424,897
Valero Energy Corp.		99,864		4,552,800
Williams Companies, Inc. (The)		121,565		4,219,521
WPX Energy, Inc.^(a)		35,936		509,932
Total				224,543,579
Total Energy				271,947,665
Financials 15.4%
Capital Markets 2.0%
Ameriprise Financial, Inc.^(d)		37,131		2,548,301
Bank of New York Mellon Corp. (The)		210,829		5,721,899
BlackRock, Inc.		22,634		5,426,501
Charles Schwab Corp. (The)		197,835		3,212,840
E*TRADE Financial Corp.^(a)		46,447		497,447
Franklin Resources, Inc.		24,895		3,516,419
Goldman Sachs Group, Inc. (The)		79,696		11,935,273
Invesco Ltd.		80,110		2,146,147
Legg Mason, Inc.		21,148		602,718
Morgan Stanley		249,331		5,622,414
Northern Trust Corp.		39,369		2,093,250
State Street Corp.		83,856		4,745,411
T Rowe Price Group, Inc.		45,980		3,273,316
Total				51,341,936
Commercial Banks 2.7%
BB&T Corp.		126,222		3,832,100
Comerica, Inc.		34,340		1,180,609
Fifth Third Bancorp		161,912		2,564,686
First Horizon National Corp.		44,585		473,939

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Huntington Bancshares, Inc.		154,338		1,084,996
KeyCorp		168,439		1,581,642
M&T Bank Corp.		21,939		2,239,752
PNC Financial Services Group, Inc.		95,412		5,952,755
Regions Financial Corp.		254,920		1,950,138
SunTrust Banks, Inc.		97,210		2,682,024
U.S. Bancorp		339,238		11,527,307
Wells Fargo & Co.		883,247		30,984,305
Zions Bancorporation		33,228		802,124
Total				66,856,377
Consumer Finance 0.8%
American Express Co.		175,644		10,916,275
Capital One Financial Corp.		104,942		5,355,190
Discover Financial Services		91,067		3,508,811
SLM Corp.		83,378		1,581,681
Total				21,361,957
Diversified Financial Services 3.6%
Bank of America Corp.		1,944,474		21,836,443
Citigroup, Inc.		529,056		22,204,480
CME Group, Inc.		55,335		3,310,140
IntercontinentalExchange, Inc.^(a)		13,119		2,031,084
JPMorgan Chase & Co.		685,811		33,549,874
Leucadia National Corp.		52,941		1,424,113
McGraw-Hill Companies, Inc. (The)		50,100		2,332,155
Moody's Corp.		34,986		1,681,427
NASDAQ OMX Group, Inc. (The)		21,127		668,881
NYSE Euronext		43,840		1,634,355
Total				90,672,952
Insurance 4.0%
ACE Ltd.		61,305		5,234,834
Aflac, Inc.		84,596		4,225,570
Allstate Corp. (The)		86,918		3,999,966
American International Group, Inc.^(a)		266,340		10,123,583
Aon PLC		57,491		3,512,125
Assurant, Inc.		14,200		596,258
Berkshire Hathaway, Inc., Class B^(a)		329,078		33,618,609
Chubb Corp. (The)		47,257		3,971,006
Cincinnati Financial Corp.		26,415		1,188,939
Genworth Financial, Inc., Class A^(a)		88,731		757,763

Common Stocks (continued)

Issuer	Shares		Value ($)
Hartford Financial Services Group, Inc.		78,714		1,858,438
Lincoln National Corp.		49,616		1,465,657
Loews Corp.		56,098		2,418,385
Marsh & McLennan Companies, Inc.		98,213		3,647,631
MetLife, Inc.		196,835		6,975,832
Principal Financial Group, Inc.		49,788		1,573,799
Progressive Corp. (The)		100,375		2,445,135
Prudential Financial, Inc.		83,710		4,651,765
Torchmark Corp.		17,126		962,310
Travelers Companies, Inc. (The)		68,817		5,534,263
Unum Group		49,635		1,214,568
XL Group PLC		54,232		1,553,204
Total				101,529,640
Real Estate Investment Trusts (REITs) 2.1%
American Tower Corp.		71,326		5,534,898
Apartment Investment & Management Co., Class A		26,258		777,762
AvalonBay Communities, Inc.		20,635		2,575,867
Boston Properties, Inc.		27,217		2,827,302
Equity Residential		58,045		3,194,797
HCP, Inc.		81,557		3,986,506
Health Care REIT, Inc.		46,849		3,004,895
Host Hotels & Resorts, Inc.		130,752		2,179,636
Kimco Realty Corp.		73,539		1,600,944
Plum Creek Timber Co., Inc.		29,150		1,413,775
ProLogis, Inc.		83,153		3,237,978
Public Storage		26,012		3,933,274
Simon Property Group, Inc.		55,810		8,865,976
Ventas, Inc.		53,321		3,774,060
Vornado Realty Trust		30,560		2,451,218
Weyerhaeuser Co.		97,698		2,873,298
Total				52,232,186
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A^(a)		54,430		1,315,573
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		85,762		730,692
People's United Financial, Inc.		62,716		821,580
Total				1,552,272
Total Financials				386,862,893

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 11.9%
Biotechnology 1.7%
Alexion Pharmaceuticals, Inc.^(a)		35,051		3,040,324
Amgen, Inc.		138,439		12,654,709
Biogen Idec, Inc.^(a)		42,684		7,100,057
Celgene Corp.^(a)		76,311		7,873,769
Gilead Sciences, Inc.^(a)		273,374		11,675,803
Total				42,344,662
Health Care Equipment & Supplies 2.1%
Abbott Laboratories		285,169		9,635,860
Baxter International, Inc.		99,113		6,700,039
Becton Dickinson and Co.		35,533		3,129,036
Boston Scientific Corp.^(a)		247,700		1,830,503
CareFusion Corp.^(a)		40,036		1,310,779
Covidien PLC		85,404		5,429,132
CR Bard, Inc.		13,810		1,365,118
DENTSPLY International, Inc.		25,605		1,060,559
Edwards Lifesciences Corp.^(a)		20,821		1,789,149
Intuitive Surgical, Inc.^(a)		7,174		3,657,951
Medtronic, Inc.		182,459		8,203,357
St. Jude Medical, Inc.		55,598		2,279,518
Stryker Corp.		52,130		3,330,064
Varian Medical Systems, Inc.^(a)		19,737		1,394,024
Zimmer Holdings, Inc.		31,302		2,346,398
Total				53,461,487
Health Care Providers & Services 1.8%
Aetna, Inc.		60,363		2,848,530
AmerisourceBergen Corp.		42,482		2,005,150
Cardinal Health, Inc.		61,299		2,832,627
CIGNA Corp.		51,577		3,015,191
Coventry Health Care, Inc.		24,266		1,100,706
DaVita HealthCare Partners, Inc.^(a)		15,123		1,809,013
Express Scripts Holding Co.^(a)		147,287		8,382,103
Five Star Quality Care, Inc.^(c)		23,000		2
Humana, Inc.		28,545		1,948,482
Laboratory Corp. of America Holdings^(a)		17,067		1,512,136
McKesson Corp.		42,584		4,519,440
Patterson Companies, Inc.		15,091		548,407
Quest Diagnostics, Inc.		28,679		1,610,899

Common Stocks (continued)

Issuer	Shares		Value ($)
Tenet Healthcare Corp.^(a)		19,209		755,106
UnitedHealth Group, Inc.		184,288		9,850,194
WellPoint, Inc.		54,782		3,406,345
Total				46,144,331
Health Care Technology 0.1%
Cerner Corp.^(a)		26,309		2,300,985
Life Sciences Tools & Services 0.5%
Agilent Technologies, Inc.		62,863		2,607,557
Life Technologies Corp.^(a)		31,041		1,804,413
PerkinElmer, Inc.		20,707		707,558
Thermo Fisher Scientific, Inc.		64,986		4,795,967
Waters Corp.^(a)		15,687		1,454,499
Total				11,369,994
Pharmaceuticals 5.7%
AbbVie, Inc.		285,169		10,528,440
Actavis, Inc.^(a)		23,049		1,962,853
Allergan, Inc.		55,482		6,015,358
Bristol-Myers Squibb Co.		297,801		11,009,703
Eli Lilly & Co.		184,235		10,070,285
Forest Laboratories, Inc.^(a)		42,233		1,554,174
Hospira, Inc.^(a)		29,807		877,220
Johnson & Johnson		499,964		38,052,260
Merck & Co., Inc.		548,460		23,435,696
Mylan, Inc.^(a)		73,522		2,176,986
Perrigo Co.		15,921		1,801,780
Pfizer, Inc.		1,328,283		36,355,106
Total				143,839,861
Total Health Care				299,461,320
Industrials 10.0%
Aerospace & Defense 2.3%
Boeing Co. (The)		122,439		9,415,559
General Dynamics Corp.		59,876		4,069,772
Honeywell International, Inc.		141,328		9,907,093
L-3 Communications Holdings, Inc.		16,969		1,294,226
Lockheed Martin Corp.		48,454		4,263,952
Northrop Grumman Corp.		44,281		2,908,376
Precision Castparts Corp.		26,257		4,899,294
Raytheon Co.		59,511		3,247,515
Rockwell Collins, Inc.		25,296		1,520,542

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Textron, Inc.		50,844		1,466,849
United Technologies Corp.		152,126		13,775,009
Total				56,768,187
Air Freight & Logistics 0.8%
CH Robinson Worldwide, Inc.		29,081		1,658,199
Expeditors International of Washington, Inc.		37,702		1,464,723
FedEx Corp.		52,698		5,555,950
United Parcel Service, Inc., Class B		129,085		10,668,875
Total				19,347,747
Airlines 0.1%
Southwest Airlines Co.		133,139		1,557,726
Building Products —%
Masco Corp.		64,424		1,240,806
Commercial Services & Supplies 0.5%
ADT Corp. (The)		41,940		2,008,506
Avery Dennison Corp.		17,968		733,993
Cintas Corp.		19,154		840,861
Iron Mountain, Inc.		30,094		1,038,243
Pitney Bowes, Inc.		36,218		474,456
Republic Services, Inc.		53,953		1,696,282
Stericycle, Inc.^(a)		15,495		1,486,280
Tyco International Ltd.		84,020		2,689,480
Waste Management, Inc.		78,671		2,936,002
Total				13,904,103
Construction & Engineering 0.2%
Fluor Corp.		30,040		1,859,476
Jacobs Engineering Group, Inc.^(a)		23,467		1,146,128
Quanta Services, Inc.^(a)		38,456		1,092,151
Total				4,097,755
Electrical Equipment 0.7%
Eaton Corp. PLC		83,308		5,162,597
Emerson Electric Co.		130,642		7,407,401
Rockwell Automation, Inc.		25,133		2,270,515
Roper Industries, Inc.		17,751		2,211,952
Total				17,052,465
Industrial Conglomerates 2.5%
3M Co.		114,845		11,943,880
Danaher Corp.		104,973		6,466,337
General Electric Co.		1,891,835		43,928,409
Total				62,338,626

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 1.8%
Caterpillar, Inc.		117,976		10,897,443
Cummins, Inc.		31,890		3,695,094
Deere & Co.		70,661		6,206,156
Dover Corp.		32,295		2,368,838
Flowserve Corp.		9,018		1,447,389
Illinois Tool Works, Inc.		76,922		4,730,703
Ingersoll-Rand PLC		50,503		2,658,983
Joy Global, Inc.		19,101		1,209,857
PACCAR, Inc.		63,690		3,020,817
Pall Corp.		20,042		1,366,464
Parker Hannifin Corp.		26,914		2,542,835
Pentair Ltd.		37,939		2,021,011
Snap-On, Inc.		10,505		843,236
Stanley Black & Decker, Inc.		30,451		2,396,494
Xylem, Inc.		33,519		921,772
Total				46,327,092
Professional Services 0.1%
Dun & Bradstreet Corp. (The)		8,040		648,024
Equifax, Inc.		21,577		1,189,324
Robert Half International, Inc.		25,391		902,650
Total				2,739,998
Road & Rail 0.8%
CSX Corp.		186,071		4,268,469
Norfolk Southern Corp.		57,017		4,165,092
Ryder System, Inc.		9,221		518,220
Union Pacific Corp.		84,864		11,635,703
Total				20,587,484
Trading Companies & Distributors 0.2%
Fastenal Co.		48,648		2,511,696
WW Grainger, Inc.		10,782		2,441,692
Total				4,953,388
Total Industrials				250,915,377
Information Technology 17.8%
Communications Equipment 1.9%
Cisco Systems, Inc.		957,842		19,971,006
F5 Networks, Inc.^(a)		14,261		1,346,667
Harris Corp.		20,488		984,858
JDS Uniphase Corp.^(a)		42,207		597,651

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Juniper Networks, Inc.^(a)		93,015		1,923,550
Motorola Solutions, Inc.		50,605		3,148,137
QUALCOMM, Inc.		307,424		20,176,237
Total				48,148,106
Computers & Peripherals 4.1%
Apple, Inc.		169,710		74,909,994
Dell, Inc.		263,274		3,672,672
EMC Corp.^(a)		380,062		8,745,227
Hewlett-Packard Co.		354,715		7,143,960
NetApp, Inc.^(a)		64,638		2,186,704
SanDisk Corp.^(a)		43,621		2,198,062
Seagate Technology PLC		60,612		1,949,282
Western Digital Corp.		39,553		1,865,319
Total				102,671,220
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		28,927		2,049,767
Corning, Inc.		266,617		3,362,040
FLIR Systems, Inc.		27,066		712,919
Jabil Circuit, Inc.		33,747		632,081
Molex, Inc.		24,926		690,700
TE Connectivity Ltd.		76,236		3,059,351
Total				10,506,858
Internet Software & Services 2.3%
Akamai Technologies, Inc.^(a)		32,017		1,183,348
eBay, Inc.^(a)		210,103		11,488,432
Google, Inc., Class A^(a)		48,018		38,472,022
VeriSign, Inc.^(a)		28,010		1,282,858
Yahoo!, Inc.^(a)		187,765		4,001,272
Total				56,427,932
IT Services 3.7%
Accenture PLC, Class A		115,196		8,565,974
Automatic Data Processing, Inc.		87,584		5,374,154
Cognizant Technology Solutions Corp., Class A^(a)		54,158		4,157,710
Computer Sciences Corp.		28,030		1,346,281
Fidelity National Information Services, Inc.		44,962		1,692,819
Fiserv, Inc.^(a)		24,080		1,977,209
International Business Machines Corp.		191,620		38,483,045
Mastercard, Inc., Class A		19,279		9,983,052
Paychex, Inc.		58,358		1,931,650
SAIC, Inc.		51,192		605,089

Common Stocks (continued)

Issuer	Shares		Value ($)
Teradata Corp.^(a)		30,507		1,771,236
Total System Services, Inc.		28,988		688,755
Visa, Inc., Class A		94,051		14,920,251
Western Union Co. (The)		107,629		1,510,035
Total				93,007,260
Office Electronics 0.1%
Xerox Corp.		227,975		1,848,877
Semiconductors & Semiconductor Equipment 1.9%
Advanced Micro Devices, Inc.^(a)		109,176		271,848
Altera Corp.		57,835		2,048,516
Analog Devices, Inc.		54,368		2,458,521
Applied Materials, Inc.		216,070		2,960,159
Broadcom Corp., Class A		93,611		3,193,071
First Solar, Inc.^(a)		10,834		280,059
Intel Corp.		897,721		18,717,483
KLA-Tencor Corp.		30,041		1,645,045
Lam Research Corp.^(a)		29,312		1,239,898
Linear Technology Corp.		41,746		1,596,367
LSI Corp.^(a)		99,840		694,886
Microchip Technology, Inc.		35,109		1,280,425
Micron Technology, Inc.^(a)		183,578		1,540,219
NVIDIA Corp.		112,729		1,427,149
Teradyne, Inc.^(a)		33,890		567,996
Texas Instruments, Inc.		202,204		6,949,752
Xilinx, Inc.		47,073		1,754,411
Total				48,625,805
Software 3.4%
Adobe Systems, Inc.^(a)		89,313		3,510,001
Autodesk, Inc.^(a)		40,538		1,488,555
BMC Software, Inc.^(a)		23,716		950,300
CA, Inc.		60,488		1,481,351
Citrix Systems, Inc.^(a)		33,685		2,388,267
Electronic Arts, Inc.^(a)		55,049		965,009
Intuit, Inc.		50,206		3,237,283
Microsoft Corp.		1,366,574		37,990,757
Oracle Corp.		678,137		23,232,974
Red Hat, Inc.^(a)		34,878		1,772,151
Salesforce.com, Inc.^(a)		23,569		3,988,346
Symantec Corp.^(a)		125,187		2,934,383
Total				83,939,377
Total Information Technology				445,175,435

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 3.4%
Chemicals 2.4%
Air Products & Chemicals, Inc.		38,400		3,315,456
Airgas, Inc.		12,681		1,271,651
CF Industries Holdings, Inc.		11,343		2,278,015
Dow Chemical Co. (The)		216,354		6,862,749
Eastman Chemical Co.		27,669		1,929,359
Ecolab, Inc.		47,559		3,640,641
EI du Pont de Nemours & Co.		168,227		8,058,073
FMC Corp.		24,787		1,493,665
International Flavors & Fragrances, Inc.		14,715		1,073,901
LyondellBasell Industries NV, Class A		68,487		4,014,708
Monsanto Co.		96,447		9,744,040
Mosaic Co. (The)		49,915		2,922,024
PPG Industries, Inc.		25,766		3,469,650
Praxair, Inc.		53,605		6,060,045
Sherwin-Williams Co. (The)		15,439		2,494,788
Sigma-Aldrich Corp.		21,708		1,672,819
Total				60,301,584
Construction Materials 0.1%
Vulcan Materials Co.		23,380		1,190,743
Containers & Packaging 0.1%
Ball Corp.		27,756		1,232,644
Bemis Co., Inc.		18,635		695,831
Owens-Illinois, Inc.^(a)		29,683		756,917
Sealed Air Corp.		35,092		779,393
Total				3,464,785
Metals & Mining 0.6%
Alcoa, Inc.		192,534		1,640,390
Allegheny Technologies, Inc.		19,361		589,930
Cliffs Natural Resources, Inc.		27,328		695,771
Freeport-McMoRan Copper & Gold, Inc.		171,267		5,466,842
Newmont Mining Corp.		89,562		3,608,453
Nucor Corp.		57,305		2,581,590
United States Steel Corp.		26,030		542,465
Total				15,125,441
Paper & Forest Products 0.2%
International Paper Co.		79,226		3,486,736
MeadWestvaco Corp.		31,536		1,126,151
Total				4,612,887
Total Materials				84,695,440

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 2.9%
Diversified Telecommunication Services 2.6%
AT&T, Inc.		1,024,730		36,798,054
CenturyLink, Inc.		112,624		3,904,674
Frontier Communications Corp.		180,130		745,738
Verizon Communications, Inc.		514,876		23,957,180
Windstream Corp.		106,104		911,434
Total				66,317,080
Wireless Telecommunication Services 0.3%
Crown Castle International Corp.^(a)		52,889		3,691,652
MetroPCS Communications, Inc.^(a)		57,148		560,050
Sprint Nextel Corp.^(a)		542,063		3,143,966
Total				7,395,668
Total Telecommunication Services				73,712,748
Utilities 3.4%
Electric Utilities 1.9%
American Electric Power Co., Inc.		87,544		4,096,184
Duke Energy Corp.		127,053		8,798,420
Edison International		58,780		2,823,203
Entergy Corp.		32,065		1,996,367
Exelon Corp.		154,121		4,776,210
FirstEnergy Corp.		75,450		2,978,766
NextEra Energy, Inc.		76,351		5,487,346
Northeast Utilities		56,638		2,351,043
Pepco Holdings, Inc.		41,399		839,986
Pinnacle West Capital Corp.		19,791		1,107,109
PPL Corp.		104,946		3,234,436
Southern Co. (The)		157,698		7,097,987
Xcel Energy, Inc.		87,972		2,524,796
Total				48,111,853
Gas Utilities 0.1%
AGL Resources, Inc.		21,249		849,110
ONEOK, Inc.		36,914		1,660,761
Total				2,509,871
Independent Power Producers & Energy Traders 0.1%
AES Corp. (The)		111,401		1,294,480
NRG Energy, Inc.		58,143		1,395,432
Total				2,689,912

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Multi-Utilities 1.3%
Ameren Corp.		43,774		1,479,124
CenterPoint Energy, Inc.		77,115		1,652,574
CMS Energy Corp.		47,611		1,266,929
Consolidated Edison, Inc.		52,837		3,117,383
Dominion Resources, Inc.		103,665		5,805,240
DTE Energy Co.		31,044		2,073,739
Integrys Energy Group, Inc.		14,055		795,091
NiSource, Inc.		55,883		1,547,959
PG&E Corp.		77,573		3,307,713
Public Service Enterprise Group, Inc.		91,273		2,974,587
SCANA Corp.		23,777		1,161,269
Sempra Energy		40,578		3,155,345
TECO Energy, Inc.		36,729		633,575
Wisconsin Energy Corp.		41,507		1,714,239
Total				30,684,767
Total Utilities				83,996,403
Total Common Stocks (Cost: $2,009,573,167)				2,442,783,812

Money Market Funds 2.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.128%^(d)(e)		57,654,389		57,654,389
Total Money Market Funds (Cost: $57,654,389)				57,654,389
Total Investments (Cost: $2,067,227,556)				2,500,438,201
Other Assets & Liabilities, Net				5,179,865
Net Assets				2,505,618,066

Investments in Derivatives

Futures Contracts Outstanding at February 28, 2013

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

S&P 500 Index

165

62,423,625

March 2013

2,466,828

—

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At February 28, 2013, investments in securities included securities valued at $5,373,000 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

(c) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 28, 2013 was $52, representing less than 0.01% of net assets. Information concerning such security holdings at February 28, 2013 is as follows:

Security Description	Acquisition Dates	Cost ($)
Five Star Quality Care, Inc.	01/02/02		2
Kinder Morgan Management LLC	09/26/02 - 05/20/08		14

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Ameriprise Financial, Inc.		1,744,781		70,930		(1,694,668	)		1,038,285		1,159,328		—		64,477		2,548,301
Columbia Short-Term Cash Fund		36,309,837		377,788,598		(356,444,046	)		—		57,654,389		—		70,651		57,654,389
Total		38,054,618		377,859,528		(358,138,714	)		1,038,285		58,813,717		—		135,128		60,202,690

(e) The rate shown is the seven-day current annualized yield at February 28, 2013.

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Large Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		280,360,714		—		—		280,360,714
Consumer Staples		265,655,817		—		—		265,655,817
Energy		271,947,615		50		—		271,947,665
Financials		386,862,893		—		—		386,862,893
Health Care		299,461,318		2		—		299,461,320
Industrials		250,915,377		—		—		250,915,377
Information Technology		445,175,435		—		—		445,175,435
Materials		84,695,440		—		—		84,695,440
Telecommunication Services		73,712,748		—		—		73,712,748
Utilities		83,996,403		—		—		83,996,403
Total Equity Securities		2,442,783,760		52		—		2,442,783,812
Other
Money Market Funds		57,654,389		—		—		57,654,389
Total Other		57,654,389		—		—		57,654,389
Investments in Securities		2,500,438,149		52		—		2,500,438,201
Derivatives
Assets
Futures Contracts		2,466,828		—		—		2,466,828
Total		2,502,904,977		52		—		2,502,905,029

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Large Cap Index Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,008,413,839)	$	2,440,235,511
Affiliated issuers (identified cost $58,813,717)		60,202,690
Total investments (identified cost $2,067,227,556)		2,500,438,201
Receivable for:
Capital shares sold		3,208,900
Dividends		6,062,946
Expense reimbursement due from Investment Manager		39
Total assets		2,509,710,086
Liabilities
Payable for:
Investments purchased		462,422
Capital shares purchased		3,389,566
Variation margin on futures contracts		109,596
Investment management fees		6,874
Distribution and/or service fees		3,744
Administration fees		6,874
Compensation of board members		111,103
Other expenses		1,841
Total liabilities		4,092,020
Net assets applicable to outstanding capital stock	$	2,505,618,066
Represented by
Paid-in capital	$	2,111,225,060
Undistributed net investment income		6,887,066
Accumulated net realized loss		(48,171,533	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		431,821,672
Investments — affiliated issuers		1,388,973
Futures contracts		2,466,828
Total — representing net assets applicable to outstanding capital stock	$	2,505,618,066

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Large Cap Index Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	544,127,810
Shares outstanding		18,658,682
Net asset value per share	$	29.16
Class B
Net assets	$	426,316
Shares outstanding		14,579
Net asset value per share	$	29.24
Class I
Net assets	$	3,022
Shares outstanding		103
Net asset value per share^(a)	$	29.28
Class R5
Net assets	$	2,716
Shares outstanding		92
Net asset value per share^(a)	$	29.63
Class Z
Net assets	$	1,961,058,202
Shares outstanding		66,980,821
Net asset value per share	$	29.28

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Large Cap Index Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	56,712,430
Dividends — affiliated issuers		135,128
Interest		733
Income from securities lending — net		123,691
Foreign taxes withheld		(43,127	)
Total income		56,928,855
Expenses:
Investment management fees		2,516,462
Distribution and/or service fees
Class A		1,217,590
Class B		7,465
Administration fees		2,516,462
Compensation of board members		76,845
Line of credit interest expense		294
Other		16,543
Total expenses		6,351,661
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(345,458	)
Expense reductions		(10,834	)
Total net expenses		5,995,369
Net investment income		50,933,486
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		742,154,869
Investments — affiliated issuers		1,038,285
Futures contracts		3,852,413
Net realized gain		747,045,567
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(468,345,687	)
Investments — affiliated issuers		(508,378	)
Futures contracts		658,551
Net change in unrealized appreciation (depreciation)		(468,195,514	)
Net realized and unrealized gain		278,850,053
Net increase in net assets resulting from operations	$	329,783,539

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Large Cap Index Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012^(b)
Operations
Net investment income	$	50,933,486		$	64,443,247
Net realized gain		747,045,567			60,378,260
Net change in unrealized appreciation (depreciation)		(468,195,514	)		51,935,406
Net increase in net assets resulting from operations		329,783,539			176,756,913
Distributions to shareholders
Net investment income
Class A		(10,203,246	)		(7,494,825	)
Class B		(7,896	)		(22,739	)
Class I		(66	)		(43	)
Class R5		(50	)		—
Class Z		(42,594,114	)		(57,569,836	)
Total distributions to shareholders		(52,805,372	)		(65,087,443	)
Increase (decrease) in net assets from capital stock activity		(1,393,088,952	)		71,992,379
Total increase (decrease) in net assets		(1,116,110,785	)		183,661,849
Net assets at beginning of year		3,621,728,851			3,438,067,002
Net assets at end of year	$	2,505,618,066		$	3,621,728,851
Undistributed net investment income	$	6,887,066		$	8,786,359

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class I shares are for the period from November 16, 2011 (commencement of operations) to February 29, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Large Cap Index Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		6,742,663			183,652,453			6,905,904			171,194,657
Fund merger		—			—			787,315			17,981,794
Distributions reinvested		360,059			9,790,803			286,000			6,919,883
Redemptions		(6,367,900	)		(171,641,000	)		(5,024,385	)		(124,351,906	)
Net increase		734,822			21,802,256			2,954,834			71,744,428
Class B shares
Subscriptions		1,184			31,844			697			16,731
Distributions reinvested		212			5,783			399			9,714
Redemptions^(c)		(36,162	)		(975,990	)		(89,890	)		(2,230,876	)
Net decrease		(34,766	)		(938,363	)		(88,794	)		(2,204,431	)
Class I shares
Subscriptions		—			—			103			2,500
Net increase		—			—			103			2,500
Class R5 shares
Subscriptions		92			2,500			—			—
Net increase		92			2,500			—			—
Class Z shares
Subscriptions		17,960,330			489,325,782			16,905,590			420,417,150
Fund merger		—			—			4,433,356			101,748,793
Distributions reinvested		1,139,550			31,077,280			1,929,052			46,823,918
Redemptions		(71,115,547	)		(1,934,358,407	)		(22,903,786	)		(566,539,979	)
Net increase (decrease)		(52,015,667	)		(1,413,955,345	)		364,212			2,449,882
Total net increase (decrease)		(51,315,519	)		(1,393,088,952	)		3,230,355			71,992,379

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class I shares are for the period from November 16, 2011 (commencement of operations) to February 29, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Large Cap Index Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	26.35		$	25.62		$	21.30		$	14.14		$	25.64
Income from investment operations:
Net investment income		0.50			0.42			0.37			0.34			0.45
Net realized and unrealized gain (loss)		2.88			0.74			4.30			7.15			(11.54	)
Total from investment operations		3.38			1.16			4.67			7.49			(11.09	)
Less distributions to shareholders:
Net investment income		(0.57	)		(0.43	)		(0.35	)		(0.33	)		(0.41	)
Total distributions to shareholders		(0.57	)		(0.43	)		(0.35	)		(0.33	)		(0.41	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	29.16		$	26.35		$	25.62		$	21.30		$	14.14
Total return		12.98	%		4.67	%		22.09	%		53.09	%		(43.51	%)
Ratios to average net assets^(b)(c)
Total gross expenses		0.45	%^(d)		0.45	%		0.45	%		0.45	%^(d)		0.45	%
Total net expenses^(e)		0.44	%^(d)(f)		0.42	%^(f)		0.39	%		0.39	%^(d)		0.39	%^(f)
Net investment income		1.85	%		1.72	%		1.64	%		1.75	%		2.09	%
Supplemental data
Net assets, end of period (in thousands)	$	544,128		$	472,381		$	383,538		$	268,091		$	101,119
Portfolio turnover		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Large Cap Index Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	26.44		$	25.70		$	21.37		$	14.20		$	25.70
Income from investment operations:
Net investment income		0.28			0.22			0.20			0.19			0.28
Net realized and unrealized gain (loss)		2.89			0.76			4.32			7.18			(11.53	)
Total from investment operations		3.17			0.98			4.52			7.37			(11.25	)
Less distributions to shareholders:
Net investment income		(0.37	)		(0.24	)		(0.19	)		(0.20	)		(0.25	)
Total distributions to shareholders		(0.37	)		(0.24	)		(0.19	)		(0.20	)		(0.25	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	29.24		$	26.44		$	25.70		$	21.37		$	14.20
Total return		12.08	%		3.90	%		21.22	%		51.94	%		(43.94	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.20	%^(d)		1.20	%		1.20	%		1.20	%^(d)		1.20	%
Total net expenses^(e)		1.18	%^(d)(f)		1.17	%^(f)		1.14	%		1.14	%^(d)		1.14	%^(f)
Net investment income		1.04	%		0.90	%		0.87	%		1.01	%		1.28	%
Supplemental data
Net assets, end of period (in thousands)	$	426		$	1,305		$	3,550		$	3,769		$	3,248
Portfolio turnover		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
24

Columbia Large Cap Index Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	26.45		$	24.22
Income from investment operations:
Net investment income		0.57			0.15
Net realized and unrealized gain		2.89			2.49
Total from investment operations		3.46			2.64
Less distributions to shareholders:
Net investment income		(0.63	)		(0.41	)
Total distributions to shareholders		(0.63	)		(0.41	)
Net asset value, end of period	$	29.28		$	26.45
Total return		13.28	%		11.08	%
Ratios to average net assets^(b)
Total gross expenses		0.22	%^(c)		0.15	%^(d)
Total net expenses^(e)		0.19	%^(c)		0.15	%^(d)
Net investment income		2.09	%		2.06	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		7	%		6	%

Notes to Financial Highlights

(a) For the period from November 16, 2011 (commencement of operations) to February 29, 2012.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
25

Columbia Large Cap Index Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	27.28
Income from investment operations:
Net investment income		0.21
Net realized and unrealized gain		2.68
Total from investment operations		2.89
Less distributions to shareholders:
Net investment income		(0.54	)
Total distributions to shareholders		(0.54	)
Net asset value, end of period	$	29.63
Total return		10.73	%
Ratios to average net assets^(b)
Total gross expenses		0.14	%^(c)
Total net expenses^(d)		0.14	%^(c)
Net investment income		2.48	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		7	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
26

Columbia Large Cap Index Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	26.45		$	25.72		$	21.37		$	14.18		$	25.79
Income from investment operations:
Net investment income		0.57			0.48			0.43			0.38			0.51
Net realized and unrealized gain (loss)		2.89			0.74			4.33			7.19			(11.59	)
Total from investment operations		3.46			1.22			4.76			7.57			(11.08	)
Less distributions to shareholders:
Net investment income		(0.63	)		(0.49	)		(0.41	)		(0.38	)		(0.53	)
Total distributions to shareholders		(0.63	)		(0.49	)		(0.41	)		(0.38	)		(0.53	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	29.28		$	26.45		$	25.72		$	21.37		$	14.18
Total return		13.28	%		4.91	%		22.44	%		53.49	%		(43.37	%)
Ratios to average net assets^(b)(c)
Total gross expenses		0.20	%^(d)		0.20	%		0.20	%		0.20	%^(d)		0.20	%
Total net expenses^(e)		0.19	%^(d)(f)		0.16	%^(f)		0.14	%		0.14	%^(d)		0.14	%^(f)
Net investment income		2.06	%		1.95	%		1.88	%		2.00	%		2.31	%
Supplemental data
Net assets, end of period (in thousands)	$	1,961,058		$	3,148,041		$	3,050,979		$	2,412,760		$	1,359,555
Portfolio turnover		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
27

Columbia Large Cap Index Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Large Cap Index 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class I, Class R5 and Class Z 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 have no sales charge.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and

Annual Report 2013
28

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

Futures Contracts

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at February 28, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized appreciation on futures contracts		2,466,828*

The effect of derivative instruments in the Statement of Operations for the year ended February 28, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		3,852,413
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		658,551

Annual Report 2013
29

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					1,607

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Annual Report 2013
30

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to 0.10% of the Fund's average daily net assets.

Administration Fees

The Investment Manager, from the administration fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, interest, fees and expenses of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution (Rule 12b-1) and/or shareholder servicing fees and any extraordinary non-recurring expenses that may arise, including litigation.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

The transfer agent fees are payable by the Investment Manager. The 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 Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

Distribution and Service Fees

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $289 for Class B shares for the year ended February 28, 2013.

Annual Report 2013
31

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	0.45	%
Class B	1.20
Class I	0.20
Class R5*	0.20
Class Z	0.20

*Annual rate is contractual from November 8, 2012 (commencement of operations of Class R5 shares) through November 8, 2013.

Class A	0.42	%
Class B	1.17
Class I	0.17
Class Z	0.17

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, re-characterization of distributions for investments, reversal of capital gains (losses) on a redemption-in-kind and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	(27,407	)
Accumulated net realized loss		(639,665,088	)
Paid-in capital		639,692,495

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended				February 28, 2013 ($)				February 29, 2012 ($)
Ordinary income					52,805,372				65,087,443

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	6,968,817
Accumulated realized loss		(12,602,870	)
Unrealized appreciation		400,266,593

At February 28, 2013, the cost of investments for federal income tax purposes was $2,100,171,608 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	737,125,725
Unrealized depreciation		(336,859,132	)
Net unrealized appreciation	$	400,266,593

The following capital loss carryforward, determined at February 28, 2013, may be available to reduce taxable income

Annual Report 2013
32

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration				Amount ($)
2017				12,602,870

For the year ended February 28, 2013, $92,811,226 of capital loss carryforward was utilized.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $161,295,995 and $1,562,125,177, respectively, for the year ended February 28, 2013.

Note 6. Redemption-in-Kind

Sales of securities for the Fund include the value of securities delivered through an in-kind redemption of certain fund shares. During the year ended February 28, 2013, securities and other assets with a value of $1,269,715,794 were distributed to shareholders to satisfy their redemption requests. The net realized gain on these securities was $652,210,537, which is not taxable to remaining shareholders in the Fund.

Note 7. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested

by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 8. Affiliated Money Market Fund

Note 9. Shareholder Concentration

At February 28, 2013, one unaffiliated shareholder account owned 18.9% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

For the year ended February 28, 2013, the average daily loan balance outstanding on days when borrowing existed was $4,350,000 at a weighted average interest rate of 1.22%.

Annual Report 2013
33

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 11. Fund Merger

At the close of business on August 12, 2011 the Fund acquired the assets and assumed the identified liabilities of RiverSource S&P 500 Index Fund, a series of RiverSource Market Advantage Series, Inc. The reorganization was completed after shareholders of RiverSource S&P 500 Index Fund approved a plan of reorganization on April 27, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $3,045,750,893 and the combined net assets immediately after the acquisition were $3,165,481,480.

The merger was accomplished by a tax-free exchange of 30,883,112 shares of RiverSource S&P 500 Index Fund valued at $119,730,587 (including $7,017,237 of unrealized appreciation).

In exchange for RiverSource S&P 500 Index Fund shares, the Fund issued the following number of shares:

	Shares
Class A		787,315
Class Z		4,433,356

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, RiverSource S&P 500 Index Fund's cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of RiverSource S&P 500 Index Fund that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on March 1, 2011, the Fund's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended February 29, 2012 would have been approximately $66.0 million, $64.3 million, $32.0 million and $162.3 million, respectively.

Note 12. 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 13. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
34

Columbia Large Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2013
35

Columbia Large Cap Index Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Index Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
36

Columbia Large Cap Index Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for in the fiscal year ended February 28, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

Tax Designations:

Qualified Dividend Income					100.00	%
Dividends Received Deduction					100.00	%

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
37

Columbia Large Cap Index Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
38

Columbia Large Cap Index Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc., (biotechnology), 2003-2010

153

Annual Report 2013
39

Columbia Large Cap Index Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
40

Columbia Large Cap Index Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
41

Columbia Large Cap Index Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
42

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Annual Report 2013
43

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Annual Report 2013
44

Columbia Large Cap Index Fund

Important Information About This Report

Annual Report 2013
45

Columbia Large Cap Index Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN175_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Marsico 21st Century Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Marsico 21st Century Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Marsico 21st Century Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					11
Statement of Operations					13
Statement of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					22
Report of Independent Registered Public Accounting Firm					29
Federal Income Tax Information					30
Trustees and Officers					31
Important Information About This Report					37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Marsico 21st Century Fund

Performance Overview

Performance Summary

> Columbia Marsico 21st Century Fund (the Fund) Class A shares returned 6.74% excluding sales charges for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the Russell 3000 Index, which returned 13.65% for the same 12-month period.

> Stock selection and sector allocations both detracted from Fund results relative to the benchmark during the period.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	04/10/00
Excluding sales charges			6.74		-0.57		9.46
Including sales charges			0.59		-1.74		8.81
Class B	04/10/00
Excluding sales charges			5.96		-1.30		8.65
Including sales charges			0.96		-1.70		8.65
Class C	04/10/00
Excluding sales charges			5.96		-1.30		8.65
Including sales charges			4.96		-1.30		8.65
Class R*	01/23/06		6.48		-0.81		9.19
Class R4*	11/08/12		6.84		-0.55		9.47
Class Z	04/10/00		7.09		-0.31		9.75
Russell 3000 Index			13.65		5.38		8.85

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Annual Report 2013
2

Columbia Marsico 21st Century Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Marsico 21st Century 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.

Annual Report 2013
3

Columbia Marsico 21st Century Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 6.74% excluding sales charges. The Fund's return for the period was lower than the 13.65% return of its benchmark, the Russell 3000 Index. Underweight allocations and stock selection in the financials and consumer staples sectors, plus stock selection within the consumer discretionary and energy sectors generally accounted for the Fund's underperformance during the period. An overweight allocation to the strong-performing consumer discretionary sector, plus stock selection in materials aided results.

Stock Selection in Several Sectors Hurt Results

The financials sector was a strong performer in the Russell 3000 Index, and Fund performance was hurt both by having an underweight in financials and by stock selection in the sector as well. PNC Financial Services Group had a negative return and Capital One Financial significantly lagged the benchmark's financials sector. PNC Financial Services Group was sold from the Fund. Several holdings in the consumer discretionary sector (which was a good performing sector overall) also disappointed. Restaurants Chipotle Mexican Grill and Arcos Dorados Holdings (a Latin American McDonald's franchisee) each posted double-digit declines. The latter was sold from the portfolio. Apparel firm Ralph Lauren, online travel reservations firm priceline.com and automobile component company Borg Warner posted weak returns. Borg Warner was sold prior to period-end.

Selected energy and technology positions also hurt performance. Energy firms National Oilwell Varco and Occidental Petroleum, and software firms VMware and Bankrate disappointed and were sold from the Fund.

Consumer Discretionary Holdings, Overweight Aided Results

The consumer discretionary sector was a strong performer within the Russell 3000 Index, and the Fund benefited from having a significant portion of assets allocated to that sector. In the materials sector, agricultural materials company Monsanto (the second largest holding at period end) and LyondellBasell Industries were strong contributors to performance. Biotechnology company and top holding Biogen Idec and consulting and technology services firm Accenture also had strong price gains.

Looking Ahead

Overall, we currently think the U.S. and international economic picture is generally improving. Large capitalization stocks are presently trading at reasonable valuations. However, serious fiscal challenges remain, both in the United States and abroad. Uncertainty about government economic policy is currently high and we believe additional tax hikes and spending cuts are likely. The question is whether this fiscal tightening can be done in a balanced and sensible manner. A major policy misstep could have profound repercussions for the economy.

Still, we believe there is currently significant pent-up demand for vehicles, houses, travel and leisure activities and corporate capital spending. If this demand is unleashed, we believe it may have a beneficial impact on job growth and corporate profits.

Portfolio Management

Marsico Capital Management, LLC

Brandon Geisler

Morningstar Style Box^TM

© 2013 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.

Annual Report 2013
4

Columbia Marsico 21st Century Fund

Manager Discussion of Fund Performance (continued)

Against this backdrop, we are currently emphasizing companies that we believe have a high degree of earnings visibility, unleveraged balance sheets and are buying back stock and increasing dividends. There are several themes at work in the Fund. It currently has a significant consumer discretionary exposure, with many of the positions being more staple-like in nature, meaning they offer needed rather than wanted products and services. We are also currently focusing on health care, particularly pharmaceuticals. A number of drug companies offer robust new product pipelines for unmet clinical needs. Other themes include recoveries in U.S. housing, manufacturing and automobiles. We think the U.S. manufacturing sector has the potential to benefit from an inexpensive and growing supply of natural gas that provides a significant cost advantage.

During the period, we increased the Fund's allocation to the industrials, health care and consumer staples sectors. We reduced the Fund's allocations to the energy, information technology and financial sectors. At period end, the Fund's sector allocations emphasized consumer discretionary, industrials, information technology and health care. It had no investments in the utilities or telecommunication services sectors.

Top Ten Holdings (%) (at February 28, 2013)
Biogen Idec, Inc.					4.1
Monsanto Co.					3.4
Lowe's Companies, Inc.					3.4
Gilead Sciences, Inc.					3.2
Precision Castparts Corp.					3.1
Google, Inc., Class A					3.0
McDonald's Corp.					2.9
Intuitive Surgical, Inc.					2.8
WW Grainger, Inc.					2.7
Mastercard, Inc., Class A					2.6

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					97.7
Consumer Discretionary					25.3
Consumer Staples					5.4
Energy					3.4
Financials					9.0
Health Care					13.1
Industrials					20.9
Information Technology					15.4
Materials					5.2
Money Market Funds					2.3
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Marsico 21st Century Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,065.00			1,018.30		6.71			6.56		1.31
Class B		1,000.00		1,000.00		1,061.30			1,014.58		10.53			10.29		2.06
Class C		1,000.00		1,000.00		1,062.20			1,014.58		10.53			10.29		2.06
Class R		1,000.00		1,000.00		1,064.00			1,017.06		7.98			7.80		1.56
Class R4		1,000.00		1,000.00		1,112.00	*		1,019.74		3.28	*		5.11		1.02	*
Class Z		1,000.00		1,000.00		1,067.00			1,019.54		5.43			5.31		1.06

*For the period November 8, 2012 through February 28, 2013. Class R4 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Marsico 21st Century Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 99.8%

Issuer	Shares		Value ($)
Consumer Discretionary 25.8%
Automobiles 0.9%
Tesla Motors, Inc.^(a)		273,058		9,510,610
Hotels, Restaurants & Leisure 9.5%
Chipotle Mexican Grill, Inc.^(a)		51,208		16,222,182
Dunkin' Brands Group, Inc.		513,585		19,079,683
McDonald's Corp.		318,507		30,544,821
Norwegian Cruise Line Holdin^(a)		218,947		6,782,978
Wynn Resorts Ltd.		219,194		25,623,779
Total				98,253,443
Internet & Catalog Retail 1.5%
priceline.com, Inc.^(a)		22,649		15,572,999
Media 2.9%
Liberty Global Inc-series C^(a)		180,397		11,520,152
Viacom, Inc., Class B		314,764		18,401,104
Total				29,921,256
Multiline Retail 2.2%
Dollar Tree, Inc.^(a)		516,620		23,343,475
Specialty Retail 7.3%
Foot Locker, Inc.		317,583		10,858,163
Lowe's Companies, Inc.		912,135		34,797,950
Monro Muffler Brake, Inc.		138,880		5,145,504
Ross Stores, Inc.		267,412		15,499,200
Tractor Supply Co.		91,865		9,553,041
Total				75,853,858
Textiles, Apparel & Luxury Goods 1.5%
Ralph Lauren Corp.		91,469		15,867,128
Total Consumer Discretionary				268,322,769
Consumer Staples 5.6%
Beverages 1.5%
Constellation Brands, Inc., Class A^(a)		342,013		15,130,655
Food Products 3.1%
Green Mountain Coffee Roasters, Inc.^(a)		228,650		10,920,324
Mondelez International, Inc., Class A		753,518		20,834,773
Total				31,755,097
Household Products 1.0%
Church & Dwight Co., Inc.		175,112		10,849,939
Total Consumer Staples				57,735,691

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 3.5%
Energy Equipment & Services 3.5%
Halliburton Co.		297,426		12,346,153
Schlumberger Ltd.		304,694		23,720,428
Total				36,066,581
Total Energy				36,066,581
Financials 9.3%
Capital Markets 0.7%
Morgan Stanley		338,013		7,622,193
Commercial Banks 2.5%
City National Corp.		308,596		17,531,339
Columbia Banking System, Inc.		421,416		8,428,320
Total				25,959,659
Consumer Finance 1.5%
Capital One Financial Corp.		294,200		15,013,026
Diversified Financial Services 2.5%
Citigroup, Inc.		604,663		25,377,706
Real Estate Investment Trusts (REITs) 2.1%
American Tower Corp.		286,443		22,227,977
Total Financials				96,200,561
Health Care 13.3%
Biotechnology 9.0%
Alkermes PLC^(a)		597,505		12,971,834
Biogen Idec, Inc.^(a)		253,859		42,226,906
BioMarin Pharmaceutical, Inc.^(a)		93,855		5,440,774
Gilead Sciences, Inc.^(a)		786,683		33,599,231
Total				94,238,745
Health Care Equipment & Supplies 4.0%
Hologic, Inc.^(a)		584,087		12,750,619
Intuitive Surgical, Inc.^(a)		56,092		28,600,750
Total				41,351,369
Pharmaceuticals 0.3%
Zoetis, Inc.^(a)		91,272		3,053,049
Total Health Care				138,643,163
Industrials 21.3%
Aerospace & Defense 5.2%
Precision Castparts Corp.		172,698		32,223,720
TransDigm Group, Inc.		153,711		21,879,224
Total				54,102,944

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Marsico 21st Century Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies 1.0%
Copart, Inc.^(a)		296,424		10,119,915
Machinery 3.8%
Cummins, Inc.		145,792		16,892,919
Pentair Ltd.		430,935		22,955,907
Total				39,848,826
Professional Services 3.8%
IHS, Inc., Class A^(a)		181,350		19,268,437
Nielsen Holdings NV^(a)		606,340		20,427,595
Total				39,696,032
Road & Rail 2.0%
Genesee & Wyoming, Inc., Class A^(a)		237,019		21,217,941
Trading Companies & Distributors 5.5%
MRC Global, Inc.^(a)		269,214		8,270,254
United Rentals, Inc.^(a)		195,818		10,458,639
WESCO International, Inc.^(a)		141,045		10,423,226
WW Grainger, Inc.		122,313		27,699,002
Total				56,851,121
Total Industrials				221,836,779
Information Technology 15.7%
Internet Software & Services 7.0%
Equinix, Inc.^(a)		99,535		21,056,629
Facebook, Inc., Class A^(a)		357,882		9,752,285
Google, Inc., Class A^(a)		38,926		31,187,511
VeriSign, Inc.^(a)		245,185		11,229,473
Total				73,225,898

Common Stocks (continued)

Issuer	Shares		Value ($)
IT Services 5.4%
Accenture PLC, Class A		230,525		17,141,839
FleetCor Technologies, Inc.^(a)		170,876		11,928,853
Mastercard, Inc., Class A		51,511		26,673,426
Total				55,744,118
Software 3.3%
Red Hat, Inc.^(a)		427,513		21,721,936
Salesforce.com, Inc.^(a)		72,896		12,335,461
Total				34,057,397
Total Information Technology				163,027,413
Materials 5.3%
Chemicals 5.3%
LyondellBasell Industries NV, Class A		352,910		20,687,584
Monsanto Co.		345,699		34,925,970
Total				55,613,554
Total Materials				55,613,554
Total Common Stocks (Cost: $809,230,587)				1,037,446,511
Money Market Funds 2.4%
Columbia Short-Term Cash Fund, 0.128%^(b)(c)		24,539,509		24,539,509
Total Money Market Funds (Cost: $24,539,509)				24,539,509
Total Investments (Cost: $833,770,096)				1,061,986,020
Other Assets & Liabilities, Net				(23,334,202	)
Net Assets				1,038,651,818

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					—				793,003,133				(768,463,624	)			24,539,509				50,742				24,539,509

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Marsico 21st Century Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Marsico 21st Century Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		268,322,769		—		—		268,322,769
Consumer Staples		57,735,691		—		—		57,735,691
Energy		36,066,581		—		—		36,066,581
Financials		96,200,561		—		—		96,200,561
Health Care		138,643,163		—		—		138,643,163
Industrials		221,836,779		—		—		221,836,779
Information Technology		163,027,413		—		—		163,027,413
Materials		55,613,554		—		—		55,613,554
Total Equity Securities		1,037,446,511		—		—		1,037,446,511
Other
Money Market Funds		24,539,509		—		—		24,539,509
Total Other		24,539,509		—		—		24,539,509
Total		1,061,986,020		—		—		1,061,986,020

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Marsico 21st Century Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $809,230,587)	$	1,037,446,511
Affiliated issuers (identified cost $24,539,509)		24,539,509
Total investments (identified cost $833,770,096)		1,061,986,020
Receivable for:
Capital shares sold		235,672
Dividends		734,261
Reclaims		17,905
Prepaid expenses		4,612
Total assets		1,062,978,470
Liabilities
Payable for:
Investments purchased		20,398,264
Capital shares purchased		3,350,165
Investment management fees		19,550
Distribution and/or service fees		11,884
Transfer agent fees		331,153
Administration fees		1,633
Compensation of board members		82,736
Expense reimbursement due to Investment Manager		10,113
Other expenses		121,154
Total liabilities		24,326,652
Net assets applicable to outstanding capital stock	$	1,038,651,818
Represented by
Paid-in capital	$	2,712,269,612
Excess of distributions over net investment income		(2,863,345	)
Accumulated net realized loss		(1,898,966,643	)
Unrealized appreciation (depreciation) on:
Investments		228,215,924
Foreign currency translations		(3,730	)
Total — representing net assets applicable to outstanding capital stock	$	1,038,651,818

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Marsico 21st Century Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	526,471,445
Shares outstanding		37,223,335
Net asset value per share	$	14.14
Maximum offering price per share^(a)	$	15.00
Class B
Net assets	$	52,822,713
Shares outstanding		4,069,732
Net asset value per share	$	12.98
Class C
Net assets	$	236,372,512
Shares outstanding		18,214,417
Net asset value per share	$	12.98
Class R
Net assets	$	22,756,449
Shares outstanding		1,629,067
Net asset value per share	$	13.97
Class R4
Net assets	$	2,773
Shares outstanding		188
Net asset value per share^(b)	$	14.74
Class Z
Net assets	$	200,225,926
Shares outstanding		13,810,112
Net asset value per share	$	14.50

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Marsico 21st Century Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	17,017,787
Dividends — affiliated issuers		50,742
Interest		14
Income from securities lending — net		1,824,655
Foreign taxes withheld		(363,843	)
Total income		18,529,355
Expenses:
Investment management fees		9,238,502
Distribution and/or service fees
Class A		1,598,921
Class B		616,562
Class C		2,782,037
Class R		132,545
Transfer agent fees
Class A		1,073,908
Class B		103,267
Class C		466,589
Class R		44,385
Class R4^(a)		1
Class Z		521,595
Administration fees		2,715,082
Compensation of board members		51,573
Custodian fees		9,626
Printing and postage fees		141,692
Registration fees		146,556
Professional fees		40,754
Line of credit interest expense		4,435
Other		55,085
Total expenses		19,743,115
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(131,463	)
Expense reductions		(2,000	)
Total net expenses		19,609,652
Net investment loss		(1,080,297	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		231,180,927
Foreign currency translations		(7,829	)
Net realized gain		231,173,098
Net change in unrealized appreciation (depreciation) on:
Investments		(161,139,815	)
Foreign currency translations		(642	)
Forward foreign currency exchange contracts		124
Net change in unrealized appreciation (depreciation)		(161,140,333	)
Net realized and unrealized gain		70,032,765
Net increase in net assets resulting from operations	$	68,952,468

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Marsico 21st Century Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment loss	$	(1,080,297	)	$	(7,688,851	)
Net realized gain		231,173,098			166,838,681
Net change in unrealized appreciation (depreciation)		(161,140,333	)		(507,817,767	)
Net increase (decrease) in net assets resulting from operations		68,952,468			(348,667,937	)
Distributions to shareholders
Net investment income
Class A		(121,266	)		—
Class R4		(7	)		—
Class Z		(499,317	)		—
Total distributions to shareholders		(620,590	)		—
Increase (decrease) in net assets from capital stock activity		(736,286,595	)		(1,639,855,848	)
Total decrease in net assets		(667,954,717	)		(1,988,523,785	)
Net assets at beginning of year		1,706,606,535			3,695,130,320
Net assets at end of year	$	1,038,651,818		$	1,706,606,535
Excess of distributions over net investment income	$	(2,863,345	)	$	(1,213,625	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Marsico 21st Century Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		2,935,350			39,345,751			9,300,938			118,588,125
Distributions reinvested		8,190			107,943			—			—
Redemptions		(26,997,107	)		(361,326,434	)		(68,368,653	)		(877,841,428	)
Net decrease		(24,053,567	)		(321,872,740	)		(59,067,715	)		(759,253,303	)
Class B shares
Subscriptions		12,672			159,307			30,448			364,279
Redemptions^(b)		(1,878,016	)		(23,192,865	)		(2,430,830	)		(28,976,210	)
Net decrease		(1,865,344	)		(23,033,558	)		(2,400,382	)		(28,611,931	)
Class C shares
Subscriptions		355,966			4,406,138			969,332			11,921,869
Redemptions		(10,071,680	)		(124,268,382	)		(17,334,797	)		(205,030,554	)
Net decrease		(9,715,714	)		(119,862,244	)		(16,365,465	)		(193,108,685	)
Class R shares
Subscriptions		306,394			4,070,405			589,190			7,450,288
Redemptions		(975,144	)		(12,901,929	)		(1,158,431	)		(14,729,624	)
Net decrease		(668,750	)		(8,831,524	)		(569,241	)		(7,279,336	)
Class R4 shares
Subscriptions		188			2,500			—			—
Net increase		188			2,500			—			—
Class Z shares
Subscriptions		2,756,504			37,933,107			26,656,902			364,029,006
Distributions reinvested		29,952			404,045			—			—
Redemptions		(22,117,135	)		(301,026,181	)		(79,185,174	)		(1,015,631,599	)
Net decrease		(19,330,679	)		(262,689,029	)		(52,528,272	)		(651,602,593	)
Total net decrease		(55,633,866	)		(736,286,595	)		(130,931,075	)		(1,639,855,848	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Marsico 21st Century Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.25		$	14.22		$	11.63		$	7.31		$	14.55
Income from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.06	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		0.88			(0.94	)		2.65			4.35			(7.25	)
Total from investment operations		0.89			(0.97	)		2.59			4.32			(7.24	)
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		—			—			—			—
Total distributions to shareholders		(0.00	)^(a)		—			—			—			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)
Net asset value, end of period	$	14.14		$	13.25		$	14.22		$	11.63		$	7.31
Total return		6.74	%		(6.82	%)		22.27	%^(b)		59.10	%		(49.76	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.36	%^(e)		1.37	%^(e)		1.31	%		1.31	%		1.29	%
Total net expenses^(f)		1.35	%^(e)(g)		1.37	%^(e)(g)		1.31	%^(g)		1.30	%^(g)		1.25	%^(g)
Net investment income (loss)		0.06	%		(0.23	%)		(0.47	%)		(0.35	%)		0.12	%
Supplemental data
Net assets, end of period (in thousands)	$	526,471		$	811,890		$	1,711,839		$	1,993,000		$	1,967,386
Portfolio turnover		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Includes interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Marsico 21st Century Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.25		$	13.25		$	10.91		$	6.92		$	13.86
Income from investment operations:
Net investment loss		(0.08	)		(0.12	)		(0.14	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss)		0.81			(0.88	)		2.48			4.09			(6.87	)
Total from investment operations		0.73			(1.00	)		2.34			3.99			(6.94	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)
Net asset value, end of period	$	12.98		$	12.25		$	13.25		$	10.91		$	6.92
Total return		5.96	%		(7.55	%)		21.45	%^(b)		57.66	%		(50.07	%)
Ratios to average net assets^(c)(d)
Total gross expenses		2.10	%^(e)		2.12	%^(e)		2.06	%		2.06	%		2.04	%
Total net expenses^(f)		2.10	%^(e)(g)		2.12	%^(e)(g)		2.06	%^(g)		2.05	%^(g)		2.00	%^(g)
Net investment loss		(0.67	%)		(0.97	%)		(1.21	%)		(1.10	%)		(0.63	%)
Supplemental data
Net assets, end of period (in thousands)	$	52,823		$	72,692		$	110,427		$	117,307		$	95,889
Portfolio turnover		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Includes interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Marsico 21st Century Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.25		$	13.25		$	10.91		$	6.91		$	13.86
Income from investment operations:
Net investment loss		(0.08	)		(0.12	)		(0.14	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss)		0.81			(0.88	)		2.48			4.10			(6.88	)
Total from investment operations		0.73			(1.00	)		2.34			4.00			(6.95	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)
Net asset value, end of period	$	12.98		$	12.25		$	13.25		$	10.91		$	6.91
Total return		5.96	%		(7.55	%)		21.45	%^(b)		57.89	%		(50.14	%)
Ratios to average net assets^(c)(d)
Total gross expenses		2.10	%^(e)		2.12	%^(e)		2.06	%		2.06	%		2.04	%
Total net expenses^(f)		2.10	%^(e)(g)		2.12	%^(e)(g)		2.06	%^(g)		2.05	%^(g)		2.00	%^(g)
Net investment loss		(0.68	%)		(0.97	%)		(1.22	%)		(1.10	%)		(0.63	%)
Supplemental data
Net assets, end of period (in thousands)	$	236,373		$	342,021		$	586,725		$	660,457		$	622,098
Portfolio turnover		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Includes interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Marsico 21st Century Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.12		$	14.11		$	11.57		$	7.29		$	14.55
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.06	)		(0.09	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		0.87			(0.93	)		2.63			4.34			(7.24	)
Total from investment operations		0.85			(0.99	)		2.54			4.28			(7.26	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)
Net asset value, end of period	$	13.97		$	13.12		$	14.11		$	11.57		$	7.29
Total return		6.48	%		(7.02	%)		21.95	%^(b)		58.71	%		(49.90	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.61	%^(e)		1.62	%^(e)		1.56	%		1.56	%		1.54	%
Total net expenses^(f)		1.60	%^(e)(g)		1.62	%^(e)(g)		1.56	%^(g)		1.55	%^(g)		1.50	%^(g)
Net investment loss		(0.17	%)		(0.46	%)		(0.71	%)		(0.59	%)		(0.13	%)
Supplemental data
Net assets, end of period (in thousands)	$	22,756		$	30,137		$	40,468		$	41,627		$	42,429
Portfolio turnover		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Includes interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Marsico 21st Century Fund

Financial Highlights (continued)

Class R4	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	13.29
Income from investment operations:
Net investment income		0.01
Net realized and unrealized gain		1.48
Total from investment operations		1.49
Less distributions to shareholders:
Net investment income		(0.04	)
Total distributions to shareholders		(0.04	)
Net asset value, end of period	$	14.74
Total return		11.20	%
Ratios to average net assets^(b)
Total gross expenses		1.02	%^(c)(d)
Total net expenses^(e)		1.02	%^(c)(d)
Net investment income		0.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		65	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Includes interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Marsico 21st Century Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.57		$	14.54		$	11.86		$	7.44		$	14.76
Income from investment operations:
Net investment income (loss)		0.04			0.01			(0.03	)		(0.01	)		0.05
Net realized and unrealized gain (loss)		0.92			(0.98	)		2.71			4.43			(7.37	)
Total from investment operations		0.96			(0.97	)		2.68			4.42			(7.32	)
Less distributions to shareholders:
Net investment income		(0.03	)		—			—			(0.00	)^(a)		—
Total distributions to shareholders		(0.03	)		—			—			(0.00	)^(a)		—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)
Net asset value, end of period	$	14.50		$	13.57		$	14.54		$	11.86		$	7.44
Total return		7.09	%		(6.67	%)		22.60	%^(b)		59.42	%		(49.59	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.11	%^(e)		1.12	%^(e)		1.06	%		1.06	%		1.04	%
Total net expenses^(f)		1.10	%^(e)(g)		1.12	%^(e)(g)		1.06	%^(g)		1.05	%^(g)		1.00	%^(g)
Net investment income (loss)		0.27	%		0.04	%		(0.20	%)		(0.10	%)		0.37	%
Supplemental data
Net assets, end of period (in thousands)	$	200,226		$	449,867		$	1,245,671		$	1,008,937		$	870,875
Portfolio turnover		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Includes interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Marsico 21st Century Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Marsico 21st Century 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class R, Class R4 and Class Z 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 R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and

assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Annual Report 2013
22

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

value, such value is likely to be different from the last quoted market price for the security.

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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.

Distributions to Shareholders

Guarantees and Indemnifications

Annual Report 2013
23

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. Effective January 23, 2013, the investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. Prior to January 23, 2013, the investment management fee was equal to a percentage of the Fund's average daily net assets that declined from 0.75% to 0.56% as the Fund's net assets increased. The effective investment management fee rate for the year ended February 28, 2013 was 0.70% of the Fund's average daily net assets.

affiliated funds managed by the Investment Manager and sub-advised by Marsico Capital Management, LLC (Marsico), at a rate that increased from 0.00% to 0.10% as the combined daily net assets increased.

For the year ended February 28, 2013, no investment management fees were waived for the Fund.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Marsico to subadvise the assets of the Fund. The Investment Manager compensates Marsico to manage the investment of the Fund's assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. Effective January 23, 2013, the Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. Prior to January 23, 2013, the administration fee was equal to 0.22% of the Fund's average daily net assets. The effective administration fee rate for the year ended February 28, 2013 was 0.21% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a

Annual Report 2013
24

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.17	%
Class B	0.17
Class C	0.17
Class R	0.17
Class R4*	0.14
Class Z	0.17

*Annualized

Distribution and Service Fees

distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Fund and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $161,576 for Class A, $137,504 for Class B and $6,134 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	1.31	%
Class B	2.06
Class C	2.06
Class R	1.56
Class R4*	1.06
Class Z	1.06

*Annual rate is contractual from November 8, 2012 (the commencement of operations of Class R4 shares) through November 8, 2013.

Annual Report 2013
25

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.45	%
Class B	2.20
Class C	2.20
Class R	1.70
Class Z	1.20

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for: capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, late-year ordinary losses and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	51,167
Accumulated net realized loss		7,829
Paid-in capital		(58,996	)

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended				February 28, 2013				February 29, 2012
Ordinary income				$	620,590			$	—

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Accumulated realized loss				$	(1,892,546,208	)
Unrealized appreciation					219,013,786

At February 28, 2013, the cost of investments for federal income tax purposes was $842,972,234 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	220,883,860
Unrealized depreciation		(1,870,074	)
Net unrealized appreciation		219,013,786

Year of Expiration	Amount
2017	$	362,781,815
2018		1,526,982,692
Total	$	1,889,764,507

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

For the year ended February 28, 2013, $225,269,485 of capital loss carryforward was utilized.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2013, the Fund will elect to treat late year ordinary losses of $2,781,701 as arising on March 1, 2013.

Annual Report 2013
26

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $839,472,571 and $1,532,622,042, respectively, for the year ended February 28, 2013.

Note 6. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 7. Affiliated Money Market Fund

Note 8. Shareholder Concentration

At February 28, 2013, two unaffiliated shareholder accounts owned an aggregate of 31.9% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

For the year ended February 28, 2013, the average daily loan balance outstanding on days when borrowing existed was $12,930,000 at a weighted average interest rate of 1.22%.

Note 10. Significant Risks

Consumer Discretionary Risk

The Fund's portfolio managers may invest significantly in issuers operating in the consumer discretionary sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
27

Columbia Marsico 21st Century Fund

Notes to Financial Statements (continued)

February 28, 2013

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 www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise 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 Trustees.

Annual Report 2013
28

Columbia Marsico 21st Century Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of
Columbia Marsico 21st Century Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Marsico 21st Century Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
29

Columbia Marsico 21st Century Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income					100.00	%
Dividends Received Deduction					100.00	%

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
30

Columbia Marsico 21st Century Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
31

Columbia Marsico 21st Century Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
32

Columbia Marsico 21st Century Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
33

Columbia Marsico 21st Century Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
34

Columbia Marsico 21st Century Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
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36

Columbia Marsico 21st Century Fund

Important Information About This Report

Annual Report 2013
37

Columbia Marsico 21st Century Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN184_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Marsico Focused Equities Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Marsico Focused Equities Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Marsico Focused Equities Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					10
Statement of Operations					12
Statement of Changes in Net Assets					13
Financial Highlights					15
Notes to Financial Statements					21
Report of Independent Registered Public Accounting Firm					28
Federal Income Tax Information					29
Trustees and Officers					30
Important Information About This Report					37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Marsico Focused Equities Fund

Performance Overview

Performance Summary

> Columbia Marsico Focused Equities Fund (the Fund) Class A shares returned 6.84% excluding sales charges for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period.

> Stock selection in several sectors, as well as underweight allocations to the consumer staples and financials sectors detracted from performance.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	12/31/97
Excluding sales charges			6.84		4.05		8.01
Including sales charges			0.68		2.83		7.37
Class B	12/31/97
Excluding sales charges			6.09		3.28		7.21
Including sales charges			1.90		2.95		7.21
Class C	12/31/97
Excluding sales charges			6.02		3.27		7.21
Including sales charges			5.18		3.27		7.21
Class I*	09/27/10		7.29		4.34		8.16
Class R4*	11/08/12		6.91		4.07		8.02
Class Z	12/31/97		7.12		4.32		8.29
S&P 500 Index			13.46		4.94		8.24

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Annual Report 2013
2

Columbia Marsico Focused Equities Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Marsico Focused Equities 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.

Annual Report 2013
3

Columbia Marsico Focused Equities Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 6.84% excluding sales charges. The Fund's benchmark, the S&P 500 Index, returned 13.46% for the same 12-month period. Stock selection in the consumer discretionary, energy, financials, consumer staples and industrials sectors was disappointing. Underweight positions in the consumer staples and financials areas also hurt performance. On the positive side, stock selection in information technology and materials and an overweight allocation to the strong-performing consumer discretionary and health care sectors aided results.

Stock Selection, Sector Underweights Detracted

Although the consumer discretionary sector was a strong performer in the benchmark, the Fund's stock selection proved disappointing. Restaurant operators Chipotle Mexican Grill and McDonald's posted negative returns. McDonald's, a long-term Fund holding, was hurt by global economic uncertainty, while unfavorable currency exchange rates hurt its international results. We trimmed the Fund's position in the stock but continue to believe it is an attractive long-term investment. Other disappointing performers in the sector included discount retailer Dollar General (which was sold from the portfolio) and athletic apparel firm Nike.

Stock selection in the energy and financial sectors also detracted from relative results. Energy services firms Halliburton and Occidental Petroleum had negative returns and were sold. The Fund's financials holdings had positive returns, but were disappointing compared to the sector's return in the index. Individual holdings with double-digit losses also weighed on results: heavy equipment engine manufacturer Cummins, Chinese Internet search engine Baidu, Mead Johnson Nutrition and software firm VMware. The latter three were sold.

Technology and Materials Aided Results

Stock selection in the information technology and materials sectors buoyed results. In the former, Apple and financial transaction processor Visa were leading contributors. We sold Apple in January 2013 owing to concerns about the company's future revenue growth. The sale had a favorable impact on Fund results because the stock declined in the final weeks of the fiscal year. Within materials, agricultural materials company Monsanto was a strong performer as it benefited from increased use of its U.S. corn and soybean products, as well as strong performance in its international seeds and traits business. Meanwhile, home improvement retailer Home Depot was also a strong contributor to Fund results. The health care and consumer discretionary sectors were also good performers in the index, and the Fund benefited from overweight allocations to both. Biotechnology firms Biogen Idec and Gilead Sciences (the top two Fund holdings) had strong price gains.

Looking Ahead

Overall, we currently think U.S. and international economic prospects are generally improving. Large capitalization stocks are presently trading at reasonable valuations. However, serious fiscal challenges remain, both in the United States and abroad. Uncertainty about government economic policy is currently high and additional tax hikes and spending cuts are likely. The question

Portfolio Management

Marsico Capital Management, LLC

Thomas Marsico

Coralie Witter, CFA

Morningstar Style Box^TM

Annual Report 2013
4

Columbia Marsico Focused Equities Fund

Manager Discussion of Fund Performance (continued)

is whether fiscal tightening can be done in a balanced and sensible manner. A major policy misstep could have profound repercussions for the economy. Still, there currently is significant pent-up demand for vehicles, houses, travel and leisure activities and corporate capital spending. If this demand is unleashed, it may have a beneficial impact on job growth and corporate profits.

Against this current backdrop, we are emphasizing companies that we believe have a high degree of earnings visibility, unleveraged balance sheets and are buying back stock and increasing dividends. There are several themes at work in the Fund. At present, it has a significant consumer discretionary exposure, with many of the positions being more staple-like in nature, meaning they offer needed rather than wanted products and services. We are also currently focusing on health care, particularly pharmaceuticals. A number of drug companies offer robust new product pipelines for unmet clinical needs. Other themes include recoveries in U.S. housing, manufacturing and automobiles. We think the U.S. manufacturing sector has the potential to benefit from an inexpensive and growing supply of natural gas that provides a significant cost advantage.

During the period, we increased the Fund's allocation to the health care and financials sectors. We reduced allocations to the energy, information technology, consumer discretionary and materials sectors. At period end, the Fund's sector allocations emphasized consumer discretionary, financials, information technology and health care. It had no investments in the utilities or telecommunication services sectors.

Top Ten Holdings (%) (at February 28, 2013)
Biogen Idec, Inc.					5.3
Gilead Sciences, Inc.					5.1
Wells Fargo & Co.					4.7
Bristol-Myers Squibb Co.					4.4
Google, Inc., Class A					4.4
eBay, Inc.					4.4
Visa, Inc., Class A					4.3
Nike, Inc., Class B					4.0
Monsanto Co.					3.9
Precision Castparts Corp.					3.8

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					97.3
Consumer Discretionary					26.7
Consumer Staples					4.5
Energy					5.6
Financials					14.3
Health Care					17.6
Industrials					7.2
Information Technology					17.6
Materials					3.8
Money Market Funds					2.7
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Marsico Focused Equities Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,065.70			1,018.60		6.40			6.26		1.25
Class B		1,000.00		1,000.00		1,062.50			1,014.88		10.23			9.99		2.00
Class C		1,000.00		1,000.00		1,061.70			1,014.88		10.22			9.99		2.00
Class I		1,000.00		1,000.00		1,068.20			1,020.63		4.31			4.21		0.84
Class R4		1,000.00		1,000.00		1,108.80	*		1,019.89		3.17	*		4.96		0.99	*
Class Z		1,000.00		1,000.00		1,067.30			1,019.84		5.13			5.01		1.00

*For the period November 8, 2012 through February 28, 2013. Class R4 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Marsico Focused Equities Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 99.1%

Issuer	Shares		Value ($)
Consumer Discretionary 27.2%
Hotels, Restaurants & Leisure 9.9%
Chipotle Mexican Grill, Inc.^(a)		116,444		36,888,295
McDonald's Corp.		307,323		29,472,276
Starbucks Corp.		654,329		35,870,316
Wynn Resorts Ltd.		459,318		53,694,274
Total				155,925,161
Media 2.1%
Comcast Corp., Class A		825,299		32,838,647
Specialty Retail 11.3%
AutoZone, Inc.^(a)		104,204		39,613,151
Home Depot, Inc. (The)		812,711		55,670,703
Lowe's Companies, Inc.		919,183		35,066,831
TJX Companies, Inc.		1,063,315		47,817,276
Total				178,167,961
Textiles, Apparel & Luxury Goods 3.9%
Nike, Inc., Class B		1,144,557		62,332,574
Total Consumer Discretionary				429,264,343
Consumer Staples 4.5%
Beverages 1.6%
Anheuser-Busch InBev NV, ADR		269,449		25,325,511
Food & Staples Retailing 2.9%
Wal-Mart Stores, Inc.		656,379		46,458,506
Total Consumer Staples				71,784,017
Energy 5.8%
Energy Equipment & Services 2.5%
Schlumberger Ltd.		507,211		39,486,376
Oil, Gas & Consumable Fuels 3.3%
Kinder Morgan, Inc.		1,384,468		51,322,229
Total Energy				90,808,605
Financials 14.5%
Commercial Banks 4.6%
Wells Fargo & Co.		2,073,368		72,733,750
Consumer Finance 2.0%
American Express Co.		515,896		32,062,936
Diversified Financial Services 2.8%
Citigroup, Inc.		1,044,776		43,849,249

Common Stocks (continued)

Issuer	Shares		Value ($)
Insurance 3.1%
American International Group, Inc.^(a)		1,273,616		48,410,144
Real Estate Investment Trusts (REITs) 2.0%
American Tower Corp.		419,292		32,537,059
Total Financials				229,593,138
Health Care 18.0%
Biotechnology 10.9%
Biogen Idec, Inc.^(a)		497,694		82,786,420
Celgene Corp.^(a)		82,815		8,544,852
Gilead Sciences, Inc.^(a)		1,876,458		80,143,521
Total				171,474,793
Health Care Equipment & Supplies 2.7%
Intuitive Surgical, Inc.^(a)		83,748		42,702,268
Pharmaceuticals 4.4%
Bristol-Myers Squibb Co.		1,881,804		69,570,294
Total Health Care				283,747,355
Industrials 7.3%
Aerospace & Defense 3.8%
Precision Castparts Corp.		318,520		59,432,647
Machinery 1.1%
Cummins, Inc.		152,721		17,695,782
Road & Rail 2.4%
Union Pacific Corp.		276,211		37,871,290
Total Industrials				114,999,719
Information Technology 18.0%
Internet Software & Services 10.7%
eBay, Inc.^(a)		1,261,875		68,999,325
Equinix, Inc.^(a)		146,632		31,020,000
Google, Inc., Class A^(a)		86,145		69,019,374
Total				169,038,699
IT Services 7.3%
Accenture PLC, Class A		629,772		46,829,846
Visa, Inc., Class A		424,546		67,349,977
Total				114,179,823
Total Information Technology				283,218,522

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Marsico Focused Equities Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 3.8%
Chemicals 3.8%
Monsanto Co.		599,429		60,560,312
Total Materials				60,560,312
Total Common Stocks (Cost: $1,225,167,203)				1,563,976,011

Money Market Funds 2.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.128%^(b)(c)		43,733,734		43,733,734
Total Money Market Funds (Cost: $43,733,734)				43,733,734
Total Investments (Cost: $1,268,900,937)				1,607,709,745
Other Assets & Liabilities, Net				(30,590,589	)
Net Assets				1,577,119,156

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					115,542,763				1,029,161,511				(1,100,970,540	)			43,733,734				94,285				43,733,734

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Marsico Focused Equities Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		429,264,343		—		—		429,264,343
Consumer Staples		71,784,017		—		—		71,784,017
Energy		90,808,605		—		—		90,808,605
Financials		229,593,138		—		—		229,593,138
Health Care		283,747,355		—		—		283,747,355
Industrials		114,999,719		—		—		114,999,719
Information Technology		283,218,522		—		—		283,218,522
Materials		60,560,312		—		—		60,560,312
Total Equity Securities		1,563,976,011		—		—		1,563,976,011
Other
Money Market Funds		43,733,734		—		—		43,733,734
Total Other		43,733,734		—		—		43,733,734
Total		1,607,709,745		—		—		1,607,709,745

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Marsico Focused Equities Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,225,167,203)	$	1,563,976,011
Affiliated issuers (identified cost $43,733,734)		43,733,734
Total investments (identified cost $1,268,900,937)		1,607,709,745	��
Receivable for:
Investments sold		25,605,244
Capital shares sold		1,650,334
Dividends		1,691,444
Prepaid expenses		5,855
Other assets		3,296
Total assets		1,636,665,918
Liabilities
Payable for:
Investments purchased		55,005,445
Capital shares purchased		3,940,960
Investment management fees		28,629
Distribution and/or service fees		13,023
Transfer agent fees		321,451
Administration fees		2,374
Compensation of board members		102,567
Expense reimbursement due to Investment Manager		5,419
Other expenses		126,894
Total liabilities		59,546,762
Net assets applicable to outstanding capital stock	$	1,577,119,156
Represented by
Paid-in capital	$	1,141,062,475
Excess of distributions over net investment income		(2,335,566	)
Accumulated net realized gain		99,583,439
Unrealized appreciation (depreciation) on:
Investments		338,808,808
Total — representing net assets applicable to outstanding capital stock	$	1,577,119,156

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Marsico Focused Equities Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	932,546,429
Shares outstanding		44,739,998
Net asset value per share	$	20.84
Maximum offering price per share^(a)	$	22.11
Class B
Net assets	$	14,818,068
Shares outstanding		807,681
Net asset value per share	$	18.35
Class C
Net assets	$	225,678,348
Shares outstanding		12,248,748
Net asset value per share	$	18.42
Class I
Net assets	$	2,615
Shares outstanding		121
Net asset value per share^(b)	$	21.53
Class R4
Net assets	$	2,390
Shares outstanding		110
Net asset value per share^(b)	$	21.72
Class Z
Net assets	$	404,071,306
Shares outstanding		18,845,632
Net asset value per share	$	21.44

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Marsico Focused Equities Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	24,130,863
Dividends — affiliated issuers		94,285
Interest		363
Income from securities lending — net		4,783,450
Total income		29,008,961
Expenses:
Investment management fees		12,456,659
Distribution and/or service fees
Class A		2,485,296
Class B		187,697
Class C		2,414,264
Transfer agent fees
Class A		1,876,883
Class B		35,323
Class C		456,105
Class R4^(a)		1
Class Z		1,090,671
Administration fees		3,771,874
Compensation of board members		63,575
Custodian fees		16,652
Printing and postage fees		94,434
Registration fees		152,092
Professional fees		57,844
Other		60,143
Total expenses		25,219,513
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(1,025,662	)
Expense reductions		(4,647	)
Total net expenses		24,189,204
Net investment income		4,819,757
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		368,994,633
Foreign currency translations		(67,054	)
Net realized gain		368,927,579
Net change in unrealized appreciation (depreciation) on:
Investments		(253,060,050	)
Foreign currency translations		(95	)
Net change in unrealized appreciation (depreciation)		(253,060,145	)
Net realized and unrealized gain		115,867,434
Net increase in net assets resulting from operations	$	120,687,191

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Marsico Focused Equities Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment income	$	4,819,757		$	2,697,486
Net realized gain		368,927,579			300,116,756
Net change in unrealized appreciation (depreciation)		(253,060,145	)		(219,767,843	)
Net increase in net assets resulting from operations		120,687,191			83,046,399
Distributions to shareholders
Net investment income
Class A		(4,477,020	)		(573,926	)
Class I		(24	)		(11	)
Class R4		(19	)		—
Class Z		(2,956,813	)		(2,594,756	)
Net realized gains
Class A		(187,615,794	)		(14,846,323	)
Class B		(3,841,675	)		(389,717	)
Class C		(51,321,227	)		(3,789,432	)
Class I		(555	)		(37	)
Class R4		(339	)		—
Class Z		(95,628,685	)		(13,503,688	)
Total distributions to shareholders		(345,842,151	)		(35,697,890	)
Increase (decrease) in net assets from capital stock activity		(649,517,051	)		(445,676,081	)
Total decrease in net assets		(874,672,011	)		(398,327,572	)
Net assets at beginning of year		2,451,791,167			2,850,118,739
Net assets at end of year	$	1,577,119,156		$	2,451,791,167
Excess of distributions over net investment income	$	(2,335,566	)	$	(65,661	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Marsico Focused Equities Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		6,980,940			155,143,861			8,090,553			184,044,149
Distributions reinvested		7,681,988			157,483,656			528,991			11,637,803
Redemptions		(16,957,060	)		(388,145,892	)		(19,811,566	)		(453,046,764	)
Net decrease		(2,294,132	)		(75,518,375	)		(11,192,022	)		(257,364,812	)
Class B shares
Subscriptions		115,842			2,125,284			22,816			462,254
Distributions reinvested		89,978			1,641,505			7,804			155,680
Redemptions^(b)		(483,235	)		(9,837,671	)		(1,049,502	)		(21,648,084	)
Net decrease		(277,415	)		(6,070,882	)		(1,018,882	)		(21,030,150	)
Class C shares
Subscriptions		1,743,011			32,705,231			514,678			10,608,656
Distributions reinvested		1,301,180			23,722,704			84,636			1,693,561
Redemptions		(2,730,710	)		(54,773,353	)		(2,811,937	)		(58,086,548	)
Net increase (decrease)		313,481			1,654,582			(2,212,623	)		(45,784,331	)
Class I shares
Subscriptions		—			—			32,484			791,497
Redemptions		—			—			(1,232,495	)		(29,338,948	)
Net increase (decrease)		—			—			(1,200,011	)		(28,547,451	)
Class R4 shares
Subscriptions		110			2,500			—			—
Net increase		110			2,500			—			—
Class Z shares
Subscriptions		5,199,659			120,644,765			10,118,134			240,278,094
Distributions reinvested		3,304,164			70,353,848			584,625			13,148,224
Redemptions		(31,257,022	)		(760,583,489	)		(14,883,910	)		(346,375,655	)
Net decrease		(22,753,199	)		(569,584,876	)		(4,181,151	)		(92,949,337	)
Total net decrease		(25,011,155	)		(649,517,051	)		(19,804,689	)		(445,676,081	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Marsico Focused Equities Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	24.18		$	23.53		$	18.99		$	12.76		$	21.59
Income from investment operations:
Net investment income		0.06			0.02			0.00	^(a)		0.01			0.07
Net realized and unrealized gain (loss)		1.28			0.95			4.54			6.25			(8.86	)
Total from investment operations		1.34			0.97			4.54			6.26			(8.79	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.01	)		—			(0.02	)		(0.04	)
Net realized gains		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			(0.01	)		—
Total distributions to shareholders		(4.68	)		(0.32	)		—			(0.03	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	20.84		$	24.18		$	23.53		$	18.99		$	12.76
Total return		6.84	%		4.26	%		23.91	%		49.12	%		(40.73	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.34	%		1.36	%		1.30	%^(d)		1.31	%^(d)		1.31	%
Total net expenses^(e)		1.29	%^(f)		1.36	%^(f)		1.30	%^(d)(f)		1.30	%^(d)(f)		1.26	%^(f)
Net investment income		0.28	%		0.09	%		0.01	%		0.03	%		0.37	%
Supplemental data
Net assets, end of period (in thousands)	$	932,546		$	1,137,240		$	1,370,199		$	1,599,661		$	1,312,382
Portfolio turnover		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Focused Equities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	21.88		$	21.48		$	17.46		$	11.80		$	20.07
Income from investment operations:
Net investment loss		(0.09	)		(0.15	)		(0.14	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.13			0.86			4.16			5.77			(8.20	)
Total from investment operations		1.04			0.71			4.02			5.66			(8.27	)
Less distributions to shareholders:
Net realized gains		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			(0.00	)^(a)		—
Total distributions to shareholders		(4.57	)		(0.31	)		—			(0.00	)^(a)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	18.35		$	21.88		$	21.48		$	17.46		$	11.80
Total return		6.09	%		3.44	%		23.02	%		48.02	%		(41.21	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.09	%		2.12	%		2.05	%^(d)		2.06	%^(d)		2.06	%
Total net expenses^(e)		2.04	%^(f)		2.12	%^(f)		2.05	%^(d)(f)		2.05	%^(d)(f)		2.01	%^(f)
Net investment loss		(0.46	%)		(0.70	%)		(0.74	%)		(0.72	%)		(0.40	%)
Supplemental data
Net assets, end of period (in thousands)	$	14,818		$	23,745		$	45,196		$	62,935		$	64,937
Portfolio turnover		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
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Columbia Marsico Focused Equities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	21.96		$	21.55		$	17.52		$	11.84		$	20.13
Income from investment operations:
Net investment loss		(0.10	)		(0.14	)		(0.14	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.13			0.86			4.17			5.79			(8.22	)
Total from investment operations		1.03			0.72			4.03			5.68			(8.29	)
Less distributions to shareholders:
Net realized gains		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			(0.00	)^(a)		—
Total distributions to shareholders		(4.57	)		(0.31	)		—			(0.00	)^(a)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	18.42		$	21.96		$	21.55		$	17.52		$	11.84
Total return		6.02	%		3.47	%		23.00	%		48.02	%		(41.18	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.09	%		2.11	%		2.05	%^(d)		2.06	%^(d)		2.06	%
Total net expenses^(e)		2.04	%^(f)		2.11	%^(f)		2.05	%^(d)(f)		2.05	%^(d)(f)		2.01	%^(f)
Net investment loss		(0.47	%)		(0.66	%)		(0.73	%)		(0.72	%)		(0.38	%)
Supplemental data
Net assets, end of period (in thousands)	$	225,678		$	262,048		$	304,857		$	298,344		$	258,191
Portfolio turnover		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Focused Equities Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	24.81		$	24.04		$	20.59
Income from investment operations:
Net investment income		0.17			0.10			0.00	^(b)
Net realized and unrealized gain		1.32			1.07			3.52
Total from investment operations		1.49			1.17			3.52
Less distributions to shareholders:
Net investment income		(0.20	)		(0.09	)		(0.07	)
Net realized gains		(4.57	)		(0.31	)		—
Total distributions to shareholders		(4.77	)		(0.40	)		(0.07	)
Net asset value, end of period	$	21.53		$	24.81		$	24.04
Total return		7.29	%		5.04	%		17.09	%
Ratios to average net assets^(c)(d)
Total gross expenses		0.88	%		0.91	%		0.89	%^(e)
Total net expenses^(f)		0.86	%		0.91	%^(g)		0.89	%^(e)(g)
Net investment income		0.71	%		0.44	%		0.00	%^(b)(e)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	28,852
Portfolio turnover		76	%		90	%		77	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Focused Equities Fund

Financial Highlights (continued)

Class R4	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	22.72
Income from investment operations:
Net investment income		0.01
Net realized and unrealized gain		2.25
Total from investment operations		2.26
Less distributions to shareholders:
Net investment income		(0.18	)
Net realized gains		(3.08	)
Total distributions to shareholders		(3.26	)
Net asset value, end of period	$	21.72
Total return		10.88	%
Ratios to average net assets^(b)
Total gross expenses		1.03	%^(c)
Total net expenses^(d)		0.99	%^(c)
Net investment income		0.18	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		76	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
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Columbia Marsico Focused Equities Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	24.73		$	24.05		$	19.39		$	13.02		$	22.06
Income from investment operations:
Net investment income		0.13			0.08			0.06			0.05			0.13
Net realized and unrealized gain (loss)		1.31			0.97			4.64			6.39			(9.07	)
Total from investment operations		1.44			1.05			4.70			6.44			(8.94	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.06	)		(0.04	)		(0.05	)		(0.10	)
Net realized gains		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			(0.02	)		—
Total distributions to shareholders		(4.73	)		(0.37	)		(0.04	)		(0.07	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	21.44		$	24.73		$	24.05		$	19.39		$	13.02
Total return		7.12	%		4.51	%		24.23	%		49.53	%		(40.60	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.09	%		1.11	%		1.05	%^(d)		1.06	%^(d)		1.06	%
Total net expenses^(e)		1.04	%^(f)		1.11	%^(f)		1.05	%^(d)(f)		1.05	%^(d)(f)		1.01	%^(f)
Net investment income		0.55	%		0.34	%		0.28	%		0.28	%		0.65	%
Supplemental data
Net assets, end of period (in thousands)	$	404,071		$	1,028,756		$	1,101,015		$	995,452		$	874,565
Portfolio turnover		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Ratios include line of credit interest expense which rounds to less than 0.01%.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
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Columbia Marsico Focused Equities Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Marsico Focused Equities Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a non-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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R4 and Class Z 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 only available to the Columbia Family of Funds.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP)

requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

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21

Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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.

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

Annual Report 2013
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Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. Effective January 23, 2013, the investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. Prior to January 23, 2013, the investment management fee was equal to a percentage of the Fund's average daily net assets that declined from 0.75% to 0.56% as the Fund's net assets increased. The annualized effective investment management fee rate for the year ended February 28, 2013 was 0.68% of the Fund's average daily net assets.

Prior to June 30, 2012, to the extent that the Fund was not benefitting from a separate contractual expense limitation arrangement, the Investment Manager contractually agreed to waive a portion of its investment management fee. In the absence of a separate contractual expense limitation arrangement, the investment management fee waiver for the Fund was equal to a percentage of the Fund's pro-rata portion of the combined average daily net assets of the Fund and other affiliated funds managed by the Investment Manager and sub-advised by Marsico Capital Management, LLC (Marsico), at a rate that increased from 0.00% to 0.10% as the combined daily net assets increased.

For the year ended February 28, 2013, no investment management fees were waived for the Fund.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Marsico to subadvise the assets of the Fund.

The Investment Manager compensates Marsico to manage the investment of the Fund's assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. Effective January 23, 2013, the Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. Prior to January 23, 2013, the administration fee was equal to 0.22% of the Fund's average daily net assets. The annualized effective administration fee rate for the year ended February 28, 2013 was 0.20% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

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Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class R4*	0.15
Class Z	0.19

*Annualized

Distribution and Service Fees

require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Fund and the payment of a monthly distribution fee at the maximum annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares of the Fund.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $177,239 for Class A, $20,409 for Class B and $5,924 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	1.25	%
Class B	2.00
Class C	2.00
Class I	0.84
Class R4*	1.00
Class Z	1.00

*Annual rate is contractual from November 8, 2012 (the commencement of operations of Class R4 shares) through November 8, 2013.

Class A	1.45	%
Class B	2.20
Class C	2.20
Class I	1.02
Class Z	1.20

Annual Report 2013
24

Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, late-year ordinary losses, derivative investments and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	344,214
Accumulated net realized gain		(38,898,138	)
Paid-in capital		38,553,924

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

The tax character of distributions paid during the years indicated was as follows:

	February 28, 2013 ($)		February 29, 2012 ($)
Ordinary income		30,660,079		2,759,309
Long-term capital gains		315,182,072		32,938,581
Total		345,842,151		35,697,890

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed accumulated long-term capital gains				$	99,590,854
Unrealized appreciation					338,801,393

At February 28, 2013, the cost of investments for federal income tax purposes was $1,268,908,352 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	340,406,978
Unrealized depreciation		(1,605,585	)
Net unrealized appreciation	$	338,801,393

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2013, the Fund will elect to treat late-year ordinary losses of $2,234,270 as arising on March 1, 2013.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,355,237,767 and $2,290,461,850, respectively, for the year ended February 28, 2013.

Note 6. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund had entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of

Annual Report 2013
25

Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 7. Affiliated Money Market Fund

Note 8. Shareholder Concentration

At February 28, 2013, two unaffiliated shareholder accounts owned an aggregate of 55.5% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund had no borrowings during the year ended February 28, 2013.

Note 10. Significant Risks

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Consumer Discretionary Risk

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

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Columbia Marsico Focused Equities Fund

Notes to Financial Statements (continued)

February 28, 2013

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.

Annual Report 2013
27

Columbia Marsico Focused Equities Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and
the Shareholders of Columbia Marsico Focused Equities Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Marsico Focused Equities Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
28

Columbia Marsico Focused Equities Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income		74.19	%
Dividends Received Deduction		70.67	%
Capital Gain Dividend	$	350,101,865

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
29

Columbia Marsico Focused Equities Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
30

Columbia Marsico Focused Equities Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc., (biotechnology) 2003-2010

153

Annual Report 2013
31

Columbia Marsico Focused Equities Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
32

Columbia Marsico Focused Equities Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
33

Columbia Marsico Focused Equities Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
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Annual Report 2013
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Annual Report 2013
36

Columbia Marsico Focused Equities Fund

Important Information About This Report

Annual Report 2013
37

Columbia Marsico Focused Equities Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN186_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Marsico Global Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Marsico Global Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Marsico Global Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					7
Portfolio of Investments					8
Statement of Assets and Liabilities					11
Statement of Operations					13
Statement of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					20
Report of Independent Registered Public Accounting Firm					26
Trustees and Officers					27
Important Information About This Report					33

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Marsico Global Fund

Performance Overview

Performance Summary

> Columbia Marsico Global Fund (the Fund) Class A shares returned 11.02% excluding sales charges for the 12-month period ended February 28, 2013.

> The Fund outperformed its benchmark, the MSCI All Country World Index (Net), which returned 9.29% for the same 12-month period.

> Both stock selection and sector allocations benefited Fund results during the period.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		Life
Class A	04/30/08
Excluding sales charges			11.02		2.03
Including sales charges			4.66		0.79
Class C	04/30/08
Excluding sales charges			10.28		1.28
Including sales charges			9.28		1.28
Class R	04/30/08		10.88		1.79
Class Z	04/30/08		11.37		2.29
MSCI All Country World Index (Net)			9.29		0.62

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge (CDSC) for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.

Annual Report 2013
2

Columbia Marsico Global Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (April 30, 2008 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Marsico Global 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.

Annual Report 2013
3

Columbia Marsico Global Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 11.02% excluding sales charges. The Fund outperformed its benchmark, the MSCI All Country World Index (Net), which returned 9.29% for the same 12-month period. Strong stock selection in information technology generally accounted for the performance advantage, while several sector allocations aided results as well. Stock selection in industrials, energy and consumer staples detracted from performance, as did underweight allocations to the financials and consumer staples sectors.

Technology Selections, Sector Positioning Positive

Stock selection in the information technology sector significantly aided Fund performance. Mobile device advertising company Millennial Media and consulting and technology services company Accenture both registered double-digit stock price gains. We purchased Millennial Media at its initial public offering and sold the position as it reached our price target. Apple was a large constituent of the benchmark and was also a significant holding in the Fund early in the reporting period. We sold Apple late in 2012, owing to concerns about the company's future revenue growth. The timing of the sale aided performance as the stock declined sharply in the final weeks of the fiscal year.

The Fund had more exposure than the index to the strong-performing consumer discretionary sector, which also aided performance. Several stocks within the sector soared, including German media company Kabel Deutschland Holding and retailers Home Depot and Inditex, a Spain-based fashion company. Fund returns were also aided by underweight positions in the weak-performing energy and materials sectors.

Active currency management is not a central facet of the Fund's investment process, but fluctuations in major world currencies can affect performance. Overall, currencies had a positive impact on the Fund's performance during the period, aided by an underweight allocation to securities denominated in the Japanese yen, which weakened in the period.

Underweights in Financials and Consumer Staples Disappointed

Fund performance was hurt by underweights in the strong-performing financials and consumer staples sectors. Stock selection in the latter also detracted. Mead Johnson Nutrition's stock price declined after the company warned that slowing international growth for its baby formula products could affect future revenue and profit growth. Dairy and nutritional products company Danone posted weak performance on slower sales in Southern Europe. We sold both stocks. The Fund's holdings in the energy and industrials sectors also posted results that lagged the overall return of the benchmark index. Oil and gas exploration and production company Occidental Petroleum and energy services firm Halliburton posted double-digit declines and were sold. In the industrials sector, engine manufacturer Cummins recorded a negative return as a slower global growth environment led to softer demand for its heavy truck engines.

Looking Ahead

Overall, we currently think the U.S. and international economic environment is generally improving. At present, we believe large capitalization stocks are trading

Portfolio Management

Marsico Capital Management, LLC

James Gendelman

Thomas Marsico

Morningstar Style Box^TM

© 2013 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.

Annual Report 2013
4

Columbia Marsico Global Fund

Manager Discussion of Fund Performance (continued)

at reasonable valuations. However, serious fiscal challenges remain, both in the United States and abroad. Uncertainty about government economic policy is currently high and we believe additional tax hikes and spending cuts are likely. The question is whether this fiscal tightening can be done in a balanced and sensible manner. A major policy misstep could have profound repercussions for the economy. Still, there is currently significant pent-up demand for vehicles, houses, travel and leisure activities and corporate capital spending. If this demand is unleashed, it will have a beneficial impact on job growth and corporate profits.

Overseas, the current picture has brightened to some extent, particularly in emerging markets. Leading indicators have turned up for a variety of regions and countries, including China, Brazil and Hong Kong. Emerging market consumption, after retreating in concert with the global slowdown, is presently showing signs of revival. The current outlook has improved for Japan, where new leadership appears committed to a major stimulus program and improving trade relations with regional strategic partners, such as South Korea. China's economy currently appears to be snapping back from a rather dismal summer. At present, with inflation remaining relatively calm and bank lending looking more constrained, it appears that China can avoid a hard landing and has more room for policy stimulus if deemed necessary.

In the European Union (EU), credit conditions have improved significantly since the European Central Bank launched its bond-buying program in late summer. Intra-bank lending rates have declined. Corporate credit default swap spreads are currently at two-year lows. Funding markets have been receptive as of late to sovereign debt auctions and borrowing costs have declined significantly. It currently appears the EU may have averted the worst-case outcome. However, recessionary pressures are intensifying and, without fiscal union, the region lacks a cohesive distribution mechanism for policy stimulus. Social unrest is a material risk factor, most recently highlighted by the lack of an outcome in the Italian general election. Another risk factor for the EU is the degree to which economic growth recovers in the rest of the world, since exports represent a major part of the economies of Germany, Italy, France and the United Kingdom.

Against this backdrop, we are currently emphasizing companies that we believe have a high degree of earnings visibility, unleveraged balance sheets and are buying back stock and increasing dividends. The Fund had a degree of U.S.-centricity in its portfolio, although a number of its U.S. companies derive a significant portion of revenues from international markets. There are several investment themes currently at work in the Fund. It has a significant consumer discretionary exposure, with many of the positions being more staple-like in nature, meaning they offer needed rather than wanted products and services. We are also currently focusing on health care, particularly pharmaceuticals. A number of drug companies offer robust new product pipelines for unmet clinical needs. Other themes include recoveries in U.S. housing, manufacturing and automobiles. We think the U.S. manufacturing sector has the potential to benefit from an inexpensive and growing supply of natural gas that provides a significant cost advantage.

During the period, we significantly reduced the Fund's allocation to the information technology sector. We also trimmed holdings in the financials, consumer staples, materials and energy sectors. We increased allocations to

Top Ten Holdings (%) (at February 28, 2013)
Roche Holding AG, Genusschein Shares (Switzerland)					5.3
Rolls-Royce Holdings PLC (United Kingdom)					4.5
eBay, Inc. (United States)					4.2
Google, Inc., Class A (United States)					3.9
Biogen Idec, Inc. (United States)					3.6
Home Depot, Inc. (The) (United States)					3.2
Gilead Sciences, Inc. (United States)					3.2
Wells Fargo & Co. (United States)					3.1
Kabel Deutschland Holding AG (Germany)					3.1
Citigroup, Inc. (United States)					3.1

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country Breakdown (%) (at February 28, 2013)
Belgium					2.0
France					2.4
Germany					6.7
Hong Kong					2.3
Ireland					2.0
Italy					0.5
Japan					1.8
Singapore					1.6
Spain					1.7
Switzerland					7.2
United Kingdom					6.4
United States^(a)					65.4
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Annual Report 2013
5

Columbia Marsico Global Fund

Manager Discussion of Fund Performance (continued)

health care, industrials and consumer discretionary. Fund repositioning contributed to modestly higher cash levels at times throughout the period. This uninvested cash weighed on performance as the equity market rose. At period end, the Fund emphasized the consumer discretionary, health care and industrials sectors. It had no holdings in utilities or telecommunication services.

Summary of Investments in Securities by Industry (%) (at February 28, 2013)
Aerospace & Defense					6.2
Automobiles					5.1
Beverages					1.9
Biotechnology					6.0
Chemicals					1.8
Commercial Banks					2.8
Diversified Financial Services					2.7
Electrical Equipment					2.0
Energy Equipment & Services					2.1
Food & Staples Retailing					1.8
Food Products					2.4
Health Care Equipment & Supplies					2.4
Hotels, Restaurants & Leisure					5.5
Internet & Catalog Retail					1.8
Internet Software & Services					7.2
IT Services					1.9
Machinery					3.7
Media					7.0
Pharmaceuticals					7.1
Real Estate Management & Development					1.6
Specialty Retail					8.2
Textiles, Apparel & Luxury Goods					5.7
Trading Companies & Distributors					1.5
Money Market Funds					10.0
Total					98.4

Percentages indicated are based upon net assets. The Fund's portfolio composition is subject to change.

Annual Report 2013
6

Columbia Marsico Global Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,088.90		1,017.06		8.08		7.80		1.56
Class C		1,000.00		1,000.00		1,084.60		1,013.34		11.94		11.53		2.31
Class R		1,000.00		1,000.00		1,088.50		1,015.82		9.37		9.05		1.81
Class Z		1,000.00		1,000.00		1,090.30		1,018.30		6.79		6.56		1.31

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
7

Columbia Marsico Global Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 86.5%

Issuer	Shares		Value ($)
Belgium 1.9%
Anheuser-Busch InBev NV		3,927		368,018
France 2.4%
Hermes International		1,370		455,465
Germany 4.7%
Bayerische Motoren Werke AG		3,975		365,465
Kabel Deutschland Holding AG		6,112		529,176
Total				894,641
Hong Kong 2.3%
Wynn Macau Ltd.^(a)		163,727		430,870
Ireland 2.0%
Eaton Corp. PLC		6,192		383,718
Italy 0.5%
Luxottica Group, SpA, ADR		2,017		94,033
Japan 1.8%
Rakuten, Inc.		39,100		337,974
Singapore 1.6%
Global Logistic Properties Ltd.		149,000		305,593
Spain 1.7%
Inditex SA		2,428		324,586
Switzerland 7.0%
Nestlé SA, Registered Shares		6,510		454,467
Roche Holding AG, Genusschein Shares		3,888		889,606
Total				1,344,073
United Kingdom 6.3%
British Sky Broadcasting Group PLC		35,439		456,044
Rolls-Royce Holdings PLC		48,583		755,768
Total				1,211,812
United States 54.3%
Accenture PLC, Class A		4,955		368,454
AutoZone, Inc.^(a)		687		261,163
Biogen Idec, Inc.^(a)		3,647		606,642
Bristol-Myers Squibb Co.		12,370		457,319
Citigroup, Inc.		12,453		522,652
Comcast Corp., Class A		8,929		355,285
Cummins, Inc.		3,067		355,373

Common Stocks (continued)

Issuer	Shares		Value ($)
eBay, Inc.^(a)		12,983		709,910
Gilead Sciences, Inc.^(a)		12,466		532,423
Google, Inc., Class A^(a)		823		659,388
Home Depot, Inc. (The)		7,911		541,904
Intuitive Surgical, Inc.^(a)		914		466,039
lululemon athletica, Inc.^(a)		2,618		175,537
LyondellBasell Industries NV, Class A		5,971		350,020
Nike, Inc., Class B		6,602		359,545
Pentair Ltd.		6,704		357,122
Precision Castparts Corp.		2,323		433,449
Pricesmart, Inc.		4,581		339,681
Schlumberger Ltd.		5,106		397,502
Starbucks Corp.		6,514		357,097
Starwood Hotels & Resorts Worldwide, Inc.		4,434		267,503
Tesla Motors, Inc.^(a)		7,244		252,309
TJX Companies, Inc.		9,870		443,854
Wells Fargo & Co.		15,101		529,743
WW Grainger, Inc.		1,236		279,905
Total				10,379,819
Total Common Stocks (Cost: $14,571,122)				16,530,602

Preferred Stocks 1.9%

Germany 1.9%
Volkswagen AG	1,633	355,198
Total Preferred Stocks (Cost: $377,440)		355,198

Money Market Funds 10.0%

Columbia Short-Term Cash Fund, 0.128%^(b)(c)					1,904,236				1,904,236
Total Money Market Funds (Cost: $1,904,236)									1,904,236

Total Investments (Cost: $16,852,798)					18,790,036
Other Assets & Liabilities, Net					314,030
Net Assets					19,104,066

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
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Columbia Marsico Global Fund

Portfolio of Investments (continued)

February 28, 2013

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Realized Gain (Loss) ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					162,080				15,618,329				(13,876,173	)			—				1,904,236				1,964				1,904,236

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
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Columbia Marsico Global Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		3,108,230		2,899,580		—		6,007,810
Consumer Staples		339,681		822,485		—		1,162,166
Energy		397,502		—		—		397,502
Financials		1,052,395		305,592		—		1,357,987
Health Care		2,062,423		889,606		—		2,952,029
Industrials		1,809,567		755,769		—		2,565,336
Information Technology		1,737,752		—		—		1,737,752
Materials		350,020		—		—		350,020
Preferred Stocks
Consumer Discretionary		—		355,198		—		355,198
Total Equity Securities		10,857,570		6,028,230		—		16,885,800
Other
Money Market Funds		1,904,236		—		—		1,904,236
Total Other		1,904,236		—		—		1,904,236
Total		12,761,806		6,028,230		—		18,790,036

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The 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.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Global Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $14,948,562)	$	16,885,800
Affiliated issuers (identified cost $1,904,236)		1,904,236
Total investments (identified cost $16,852,798)		18,790,036
Receivable for:
Investments sold		393,744
Capital shares sold		105,903
Dividends		14,470
Reclaims		5,220
Prepaid expenses		1,141
Total assets		19,310,514
Liabilities
Payable for:
Investments purchased		94,305
Capital shares purchased		6,725
Investment management fees		415
Distribution and/or service fees		166
Transfer agent fees		1,484
Administration fees		42
Compensation of board members		21,272
Expense reimbursement due to Investment Manager		46,500
Other expenses		35,539
Total liabilities		206,448
Net assets applicable to outstanding capital stock	$	19,104,066
Represented by
Paid-in capital	$	17,538,736
Excess of distributions over net investment income		(54,091	)
Accumulated net realized loss		(317,766	)
Unrealized appreciation (depreciation) on:
Investments		1,937,238
Foreign currency translations		(51	)
Total — representing net assets applicable to outstanding capital stock	$	19,104,066

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Global Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	10,610,257
Shares outstanding		983,849
Net asset value per share	$	10.78
Maximum offering price per share^(a)	$	11.44
Class C
Net assets	$	2,585,798
Shares outstanding		245,982
Net asset value per share	$	10.51
Class R
Net assets	$	1,645,497
Shares outstanding		153,856
Net asset value per share	$	10.70
Class Z
Net assets	$	4,262,514
Shares outstanding		392,055
Net asset value per share	$	10.87

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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12

Columbia Marsico Global Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	153,357
Dividends — affiliated issuers		1,964
Foreign taxes withheld		(9,608	)
Total income		145,713
Expenses:
Investment management fees		98,982
Distribution and/or service fees
Class A		16,294
Class C		22,447
Class R		6,441
Transfer agent fees
Class A		7,217
Class C		2,403
Class R		1,368
Class Z		2,619
Administration fees		24,657
Compensation of board members		8,056
Custodian fees		3,903
Printing and postage fees		8,280
Registration fees		48,098
Professional fees		22,831
Other		13,842
Total expenses		287,438
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(78,204	)
Total net expenses		209,234
Net investment loss		(63,521	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		1,114,050
Foreign currency translations		(3,335	)
Net realized gain		1,110,715
Net change in unrealized appreciation (depreciation) on:
Investments		443,762
Foreign currency translations		(95	)
Forward foreign currency exchange contracts		368
Net change in unrealized appreciation (depreciation)		444,035
Net realized and unrealized gain		1,554,750
Net increase in net assets resulting from operations	$	1,491,229

The accompanying Notes to Financial Statements are an integral part of this statement.

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13

Columbia Marsico Global Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013			Year Ended February 29, 2012
Operations
Net investment loss	$	(63,521	)	$	(56,126	)
Net realized gain (loss)		1,110,715			(247,532	)
Net change in unrealized appreciation (depreciation)		444,035			(103,783	)
Net increase (decrease) in net assets resulting from operations		1,491,229			(407,441	)
Distributions to shareholders
Net investment income
Class A		—			(4,805	)
Class C		—			(730	)
Class R		—			(1,118	)
Class Z		—			(2,247	)
Net realized gains
Class A		—			(39,988	)
Class C		—			(20,597	)
Class R		—			(11,798	)
Class Z		—			(14,569	)
Tax return of capital
Class A		—			(3,507	)
Class C		—			(1,036	)
Class R		—			(903	)
Class Z		—			(1,497	)
Total distributions to shareholders		—			(102,795	)
Increase (decrease) in net assets from capital stock activity		9,181,802			745,769
Total increase in net assets		10,673,031			235,533
Net assets at beginning of year		8,431,035			8,195,502
Net assets at end of year	$	19,104,066		$	8,431,035
Excess of distributions over net investment income	$	(54,091	)	$	(20,057	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Marsico Global Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		839,765			8,497,513			206,746			2,013,459
Distributions reinvested		—			—			2,568			24,649
Redemptions		(245,776	)		(2,456,822	)		(148,345	)		(1,331,799	)
Net increase		593,989			6,040,691			60,969			706,309
Class C shares
Subscriptions		65,211			638,876			28,078			260,860
Distributions reinvested		—			—			775			7,338
Redemptions		(30,288	)		(302,304	)		(22,034	)		(190,106	)
Net increase		34,923			336,572			6,819			78,092
Class R shares
Subscriptions		30,075			313,224			877			8,195
Distributions reinvested		—			—			16			150
Redemptions		(3	)		(35	)		—			—
Net increase		30,072			313,189			893			8,345
Class Z shares
Subscriptions		284,021			2,898,398			3,282			31,235
Distributions reinvested		—			—			237			2,280
Redemptions		(39,285	)		(407,048	)		(8,826	)		(80,492	)
Net increase (decrease)		244,736			2,491,350			(5,307	)		(46,977	)
Total net increase		903,720			9,181,802			63,374			745,769

The accompanying Notes to Financial Statements are an integral part of this statement.

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15

Columbia Marsico Global Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009^(a)
Per share data
Net asset value, beginning of period	$	9.71		$	10.16		$	7.85		$	4.98		$	10.00
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.05	)		(0.05	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		1.11			(0.28	)		2.42			2.93			(5.03	)
Total from investment operations		1.07			(0.33	)		2.37			2.90			(5.02	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		(0.06	)		(0.03	)		—
Net realized gains		—			(0.10	)		—			—			—
Tax return of capital		—			(0.01	)		—			—			—
Total distributions to shareholders		—			(0.12	)		(0.06	)		(0.03	)		—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	10.78		$	9.71		$	10.16		$	7.85		$	4.98
Total return		11.02	%		(3.27	%)		30.23	%		58.22	%		(50.20	%)
Ratios to average net assets^(c)
Total gross expenses		2.18	%		3.58	%		5.38	%		5.44	%		8.79	%^(d)
Total net expenses^(e)		1.57	%		1.60	%		1.60	%^(f)		1.60	%^(f)		1.60	%^(d)(g)
Net investment income (loss)		(0.41	%)		(0.50	%)		(0.59	%)		(0.42	%)		0.09	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	10,610		$	3,786		$	3,343		$	1,990		$	1,113
Portfolio turnover		98	%		112	%		104	%		137	%		168	%

Notes to Financial Highlights

(a) For the period from April 30, 2008 (commencement of operations) to February 28, 2009.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

(g) The benefits derived from expense reductions had an impact of 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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16

Columbia Marsico Global Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009^(a)
Per share data
Net asset value, beginning of period	$	9.53		$	10.04		$	7.78		$	4.95		$	10.00
Income from investment operations:
Net investment loss		(0.11	)		(0.11	)		(0.12	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		1.09			(0.30	)		2.39			2.91			(5.01	)
Total from investment operations		0.98			(0.41	)		2.27			2.83			(5.05	)
Less distributions to shareholders:
Net investment income		—			(0.00	)^(b)		(0.01	)		—			—
Net realized gains		—			(0.10	)		—			—			—
Tax return of capital		—			(0.00	)^(b)		—			—			—
Total distributions to shareholders		—			(0.10	)		(0.01	)		—			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	10.51		$	9.53		$	10.04		$	7.78		$	4.95
Total return		10.28	%		(4.04	%)		29.14	%		57.17	%		(50.50	%)
Ratios to average net assets^(c)
Total gross expenses		3.03	%		4.32	%		6.13	%		6.19	%		9.54	%^(d)
Total net expenses^(e)		2.32	%		2.35	%		2.35	%^(f)		2.35	%^(f)		2.35	%^(d)(g)
Net investment loss		(1.10	%)		(1.25	%)		(1.33	%)		(1.15	%)		(0.63	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	2,586		$	2,012		$	2,051		$	1,426		$	886
Portfolio turnover		98	%		112	%		104	%		137	%		168	%

Notes to Financial Highlights

(a) For the period from April 30, 2008 (commencement of operations) to February 28, 2009.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

(g) The benefits derived from expense reductions had an impact of 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Global Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	2013			2012			2011			2010			2009^(a)
Per share data
Net asset value, beginning of period	$	9.65		$	10.13		$	7.83		$	4.97		$	10.00
Income from investment operations:
Net investment loss		(0.06	)		(0.07	)		(0.07	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss)		1.11			(0.30	)		2.41			2.93			(5.02	)
Total from investment operations		1.05			(0.37	)		2.34			2.88			(5.03	)
Less distributions to shareholders:
Net investment income		—			(0.00	)^(b)		(0.04	)		(0.02	)		—
Net realized gains		—			(0.10	)		—			—			—
Tax return of capital		—			(0.01	)		—			—			—
Total distributions to shareholders		—			(0.11	)		(0.04	)		(0.02	)		—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	10.70		$	9.65		$	10.13		$	7.83		$	4.97
Total return		10.88	%		(3.62	%)		29.94	%		57.86	%		(50.30	%)
Ratios to average net assets^(c)
Total gross expenses		2.53	%		3.82	%		5.63	%		5.69	%		9.04	%^(d)
Total net expenses^(e)		1.82	%		1.85	%		1.85	%^(f)		1.85	%^(f)		1.85	%^(d)(g)
Net investment loss		(0.61	%)		(0.75	%)		(0.82	%)		(0.62	%)		(0.12	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,645		$	1,195		$	1,245		$	984		$	621
Portfolio turnover		98	%		112	%		104	%		137	%		168	%

Notes to Financial Highlights

(a) For the period from April 30, 2008 (commencement of operations) to February 28, 2009.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

(g) The benefits derived from expense reductions had an impact of 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Global Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009^(a)
Per share data
Net asset value, beginning of period	$	9.76		$	10.20		$	7.88		$	4.99		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.03	)		(0.01	)		0.02
Net realized and unrealized gain (loss)		1.13			(0.30	)		2.43			2.94			(5.03	)
Total from investment operations		1.11			(0.32	)		2.40			2.93			(5.01	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		(0.08	)		(0.04	)		—
Net realized gains		—			(0.10	)		—			—			—
Tax return of capital		—			(0.01	)		—			—			—
Total distributions to shareholders		—			(0.12	)		(0.08	)		(0.04	)		—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	10.87		$	9.76		$	10.20		$	7.88		$	4.99
Total return		11.37	%		(3.12	%)		30.47	%		58.79	%		(50.10	%)
Ratios to average net assets^(c)
Total gross expenses		1.88	%		3.32	%		5.13	%		5.19	%		8.54	%^(d)
Total net expenses^(e)		1.32	%		1.35	%		1.35	%^(f)		1.35	%^(f)		1.35	%^(d)(g)
Net investment income (loss)		(0.19	%)		(0.25	%)		(0.33	%)		(0.13	%)		0.35	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	4,263		$	1,438		$	1,557		$	1,136		$	707
Portfolio turnover		98	%		112	%		104	%		137	%		168	%

Notes to Financial Highlights

(a) For the period from April 30, 2008 (commencement of operations) to February 28, 2009.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

(g) The benefits derived from expense reductions had an impact of 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Marsico Global Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Marsico Global 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class R and Class Z 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 R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange

or market on which they trade, except for securities traded on the NASDAQ Stock Market, 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 mean of the latest quoted bid and ask prices on such exchanges or markets.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on

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20

Columbia Marsico Global Fund

Notes to Financial Statements (continued)

February 28, 2013

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.

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

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

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

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Columbia Marsico Global Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investment made by the Fund. The Fund's subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. Effective January 23, 2013, the investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.79% to 0.62% as the Fund's net assets increase. Prior to January 23, 2013, the investment management fee was equal to 0.80% of the Fund's average daily net assets. The effective investment management fee rate for the year ended February 28, 2013 was 0.80% of the Fund's average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Marsico Capital Management, LLC (Marsico) to subadvise the assets of the Fund. The Investment Manager compensates Marsico to manage the investment of the Fund's assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. Effective January 23, 2013, the Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.05% as the Fund's net assets increase. Prior to January 23, 2013, the administration fee was equal to 0.22% of the Fund's average daily net assets. The effective administration fee rate for the year ended

February 28, 2013 was 0.20% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

Annual Report 2013
22

Columbia Marsico Global Fund

Notes to Financial Statements (continued)

February 28, 2013

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the year ended February 28, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.11	%
Class C	0.11
Class R	0.11
Class Z	0.11

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 in the Statement of Operations. For the year ended February 28, 2013, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee at the maximum annual rates of 0.75% and 0.50%, respectively, of the average daily net assets attributable to Class C and Class R shares of the Fund.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $42,578 for Class A and $105 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	1.56	%
Class C	2.31
Class R	1.81
Class Z	1.31

Class A	1.60	%
Class C	2.35
Class R	1.85
Class Z	1.35

Note 4. Federal Tax Information

Annual Report 2013
23

Columbia Marsico Global Fund

Notes to Financial Statements (continued)

February 28, 2013

At February 28, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions and late-year ordinary losses. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	29,487
Accumulated net realized loss		3,335
Paid-in capital		(32,822	)

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended	February 28, 2013		February 29, 2012
Ordinary income	$	—	$	8,900
Long-term capital gains		—		86,952
Tax return of capital		—		6,943
Total	$	—	$	102,795

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	—
Undistributed accumulated long-term capital gains		—
Accumulated realized losses		(344,410	)
Unrealized appreciation		1,930,965

At February 28, 2013, the cost of investments for federal income tax purposes was $16,859,071 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	2,005,753
Unrealized depreciation		(74,788	)
Net unrealized appreciation	$	1,930,965

Year of Expiration				Amount
2018				$311,493

For the year ended February 28, 2013, $1,018,367 of capital loss carryforward was utilized.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $17,984,917 and $11,139,467, respectively, for the year ended February 28, 2013.

Note 6. Affiliated Money Market Fund

The Fund may invest its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as "Dividends — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At February 28, 2013, two unaffiliated shareholder accounts owned an aggregate of 46.9% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 27.6% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Annual Report 2013
24

Columbia Marsico Global Fund

Notes to Financial Statements (continued)

February 28, 2013

purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the year ended February 28, 2013.

Note 9. Significant Risks

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 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

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 www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise 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 Trustees.

Annual Report 2013
25

Columbia Marsico Global Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and
the Shareholders of Columbia Marsico Global Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Marsico Global Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
26

Columbia Marsico Global Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
27

Columbia Marsico Global Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
28

Columbia Marsico Global Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
29

Columbia Marsico Global Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
30

Columbia Marsico Global Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
31

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Annual Report 2013
32

Columbia Marsico Global Fund

Important Information About This Report

Annual Report 2013
33

Columbia Marsico Global Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN187_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Mid Cap Index Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Mid Cap Index Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Mid Cap Index Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					16
Statement of Operations					18
Statement of Changes in Net Assets					19
Financial Highlights					21
Notes to Financial Statements					25
Report of Independent Registered Public Accounting Firm					32
Federal Income Tax Information					33
Trustees and Officers					34
Important Information About This Report					41

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Mid Cap Index Fund

Performance Overview

Performance Summary

> Columbia Mid Cap Index Fund (the Fund) Class A shares returned 14.03% for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the S&P MidCap 400 Index, which returned 14.57% for the same 12-month period.

> The Fund's portfolio is constructed to closely approximate the benchmark.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	05/31/00		14.03		8.18		11.60
Class I*	09/27/10		14.34		8.47		11.88
Class R5*	11/08/12		14.38		8.48		11.88
Class Z	03/31/00		14.35		8.47		11.88
S&P MidCap 400 Index			14.57		8.60		12.01

The S&P MidCap 400 Index is a market-value weighted index that tracks the performance of 400 mid-cap U.S. companies.

Annual Report 2013
2

Columbia Mid Cap Index Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Mid Cap Index 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.

Annual Report 2013
3

Columbia Mid Cap Index Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 14.03%. The Fund's benchmark, the S&P MidCap 400 Index, returned 14.57% for the same 12-month period. The Fund seeks to approximate the benchmark weights of securities, industries and sectors represented in the S&P MidCap 400 Index. As such, its return was in line with the return of the index, after fees and expenses, which the index does not incur.

Investors Shrug Off Weak Global Growth

Europe's economic woes and U.S. struggles to avoid a fiscal cliff of tax increases and spending cuts weighed on the global economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action in key markets and improving prospects for the U.S. economy gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity were encouraging. The housing market also showed signs of life, with rising sales, higher average prices and lower inventories. Meanwhile, much of Europe headed toward recession. So far, the United Kingdom has avoided recession — but only barely so — and Japan's economy slipped into negative territory for the fifth time in 15 years. Major emerging market economies, including China, forged ahead, although mostly at a slower pace.

A Solid Year for the U.S. Stock Market

During a period marked by solid gains for stocks across a broad spectrum of sectors, health care, utilities and industrials were the mid-cap market's leaders. Financials, industrials and consumer discretionary stocks made the largest contributions to the Fund's return. Within financials, real estate investment trusts and insurance were the strongest-performing industries. The period's top individual performers were Holly Frontier, an independent oil refiner; Regeneron Pharmaceuticals, a biopharmaceutical company; Equinix, a technology company that provides carrier-neutral data centers and Internet exchanges; Kansas City Southern, an international holding company of three major railroads and PVH Corporation, an American apparel company.

With the exception of energy, all sectors of the benchmark delivered positive returns for the period. Energy, telecommunication services and information technology were the weakest performers. Within energy, oil, gas and consumable fuels were laggards. Communications equipment was a drag on the telecommunication sector and semiconductors & semiconductor equipment was the weak link in the technology sector. Four of the five weakest individual securities for the period were in the technology sector: VeriFone Systems, a provider of secure electronic payment solutions; Rovi, a technology provider to the television and entertainment industries; Polycom, which specializes in videoconferencing technology and Riverbed Technology, a specialist in improving networks and networking technology. Green Mountain Coffee Roasters, a specialty coffee company, also detracted from Fund returns with a double-digit loss for the period.

The Fund owned stock index futures in the amount of its cash balances during the period. It did so in order to keep its investment exposure on par with the index, which is always fully invested, and to retain the liquidity necessary for trading and redemption within the Fund.

Portfolio Management

Alfred Alley III, CFA

Vadim Shteyn

Morningstar Style Box^TM

© 2013 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.

Top Ten Holdings (%) (at February 28, 2013)
Regeneron Pharmaceuticals, Inc.					1.0
HollyFrontier Corp.					0.9
Kansas City Southern					0.9
Equinix, Inc.					0.8
AMETEK, Inc.					0.8
Vertex Pharmaceuticals, Inc.					0.8
Church & Dwight Co., Inc.					0.7
Macerich Co. (The)					0.6
Realty Income Corp.					0.6
Alliance Data Systems Corp.					0.6

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
4

Columbia Mid Cap Index Fund

Manager Discussion of Fund Performance (continued)

Index Changes

There were 25 additions and deletions to the S&P MidCap 400 Index during the 12-month period. All changes to the index were matched by changes in the portfolio during the period.

Looking Ahead

Fourth-quarter 2012 earnings modestly beat expectations, raising confidence that many companies have the ability to manage successfully through an environment in which higher taxes and enforced spending cuts weigh on consumer demands. Although the many economic and investment challenges we face in the year ahead will likely result in heightened volatility, equity valuations currently still appear reasonable relative to fixed-income alternatives, and corporate balance sheets are, at present, in good condition, with low debt and high cash levels. As a result, our current belief is that the equities market has the potential to remain healthy even in an environment of slower economic growth.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					95.6
Consumer Discretionary					11.9
Consumer Staples					3.4
Energy					5.9
Financials					22.0
Health Care					9.1
Industrials					16.9
Information Technology					14.6
Materials					6.6
Telecommunication Services					0.4
Utilities					4.8
Money Market Funds					4.4
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Mid Cap Index Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,140.40			1,022.56		2.39			2.26		0.45
Class I		1,000.00		1,000.00		1,142.00			1,024.05		0.80			0.75		0.15
Class R5		1,000.00		1,000.00		1,143.40	*		1,024.00		0.52	*		0.80		0.16	*
Class Z		1,000.00		1,000.00		1,142.20			1,023.80		1.06			1.00		0.20

*For the period November 8, 2012 through February 28, 2013. Class R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Mid Cap Index Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 96.8%

Issuer	Shares		Value ($)
Consumer Discretionary 12.1%
Auto Components 0.2%
Gentex Corp.		281,173		5,271,994
Automobiles 0.1%
Thor Industries, Inc.		86,584		3,254,693
Distributors 0.5%
LKQ Corp.^(a)		585,427		12,405,198
Diversified Consumer Services 0.8%
DeVry, Inc.		112,478		3,372,091
Matthews International Corp., Class A		54,166		1,787,478
Regis Corp.		113,305		2,041,756
Service Corp. International		418,961		6,510,654
Sotheby's		133,497		5,103,590
Strayer Education, Inc.		23,387		1,148,068
Total				19,963,637
Hotels, Restaurants & Leisure 1.3%
Bally Technologies, Inc.^(a)		80,808		3,858,582
Bob Evans Farms, Inc.		55,344		2,252,501
Brinker International, Inc.		144,059		4,808,689
Cheesecake Factory, Inc. (The)		98,320		3,405,805
International Speedway Corp., Class A		50,289		1,515,710
Life Time Fitness, Inc.^(a)		78,984		3,328,386
Panera Bread Co., Class A^(a)		55,656		8,957,833
Scientific Games Corp., Class A^(a)		103,897		935,073
Wendy's Co. (The)		554,618		3,155,776
WMS Industries, Inc.^(a)		107,512		2,692,101
Total				34,910,456
Household Durables 2.3%
Jarden Corp.^(a)		144,636		8,983,342
KB Home		160,146		2,993,129
MDC Holdings, Inc.		76,678		2,946,736
Mohawk Industries, Inc.^(a)		114,256		12,113,421
NVR, Inc.^(a)		9,055		9,138,306
Tempur-Pedic International, Inc.^(a)		117,364		4,820,139
Toll Brothers, Inc.^(a)		294,856		10,060,487
Tupperware Brands Corp.		108,910		8,520,029
Total				59,575,589
Internet & Catalog Retail 0.2%
HSN, Inc.		71,599		3,830,547

Common Stocks (continued)

Issuer	Shares		Value ($)
Leisure Equipment & Products 0.4%
Polaris Industries, Inc.		126,404		11,043,917
Media 1.2%
AMC Networks, Inc., Class A^(a)		112,974		6,484,708
Cinemark Holdings, Inc.		201,403		5,599,003
DreamWorks Animation SKG, Inc., Class A^(a)		141,235		2,344,501
John Wiley & Sons, Inc., Class A		92,414		3,380,504
Lamar Advertising Co., Class A^(a)		108,844		5,032,947
Meredith Corp.		71,008		2,983,756
New York Times Co. (The), Class A^(a)		239,834		2,319,195
Scholastic Corp.		51,758		1,557,916
Valassis Communications, Inc.		77,254		2,123,712
Total				31,826,242
Multiline Retail 0.2%
Big Lots, Inc.^(a)		114,570		3,815,181
Saks, Inc.^(a)		199,706		2,276,648
Total				6,091,829
Specialty Retail 4.0%
Aaron's, Inc.		138,489		3,779,365
Advance Auto Parts, Inc.		144,500		11,031,130
Aeropostale, Inc.^(a)		154,157		2,007,124
American Eagle Outfitters, Inc.		354,944		7,340,242
ANN, Inc.^(a)		95,273		2,695,273
Ascena Retail Group, Inc.^(a)		248,159		4,166,590
Barnes & Noble, Inc.^(a)		74,335		1,170,033
Cabela's, Inc.^(a)		91,040		4,605,714
Chico's FAS, Inc.		327,803		5,566,095
Dick's Sporting Goods, Inc.		193,265		9,663,250
Foot Locker, Inc.		296,872		10,150,054
Guess?, Inc.		120,803		3,345,035
Office Depot, Inc.^(a)		561,802		2,264,062
Rent-A-Center, Inc.		115,897		4,204,743
Signet Jewelers Ltd.		159,520		9,765,814
Tractor Supply Co.		138,740		14,427,572
Williams-Sonoma, Inc.		169,938		7,715,185
Total				103,897,281
Textiles, Apparel & Luxury Goods 0.9%
Carter's, Inc.^(a)		99,992		5,640,549
Deckers Outdoor Corp.^(a)		69,452		2,801,694

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Hanesbrands, Inc.^(a)		192,750		7,640,610
Under Armour, Inc., Class A^(a)		152,540		7,517,171
Total				23,600,024
Total Consumer Discretionary				315,671,407
Consumer Staples 3.4%
Food & Staples Retailing 0.4%
Harris Teeter Supermarkets, Inc.		97,122		4,176,246
SUPERVALU, Inc.		420,546		1,669,568
United Natural Foods, Inc.^(a)		97,066		4,913,481
Total				10,759,295
Food Products 1.8%
Flowers Foods, Inc.		225,899		6,365,834
Green Mountain Coffee Roasters, Inc.^(a)		242,695		11,591,113
Hillshire Brands Co.		240,789		7,801,564
Ingredion, Inc.		150,791		9,982,364
Lancaster Colony Corp.		38,175		2,793,265
Post Holdings, Inc.^(a)		64,311		2,486,263
Smithfield Foods, Inc.^(a)		245,861		5,467,949
Tootsie Roll Industries, Inc.		40,418		1,134,937
Total				47,623,289
Household Products 1.1%
Church & Dwight Co., Inc.		275,201		17,051,454
Energizer Holdings, Inc.		121,938		11,209,760
Total				28,261,214
Tobacco 0.1%
Universal Corp.		46,165		2,575,545
Total Consumer Staples				89,219,343
Energy 5.9%
Energy Equipment & Services 2.8%
Atwood Oceanics, Inc.^(a)		112,180		5,738,007
CARBO Ceramics, Inc.		38,664		3,510,691
Dresser-Rand Group, Inc.^(a)		149,041		9,189,868
Dril-Quip, Inc.^(a)		71,680		5,894,246
Helix Energy Solutions Group, Inc.^(a)		192,953		4,517,030
Oceaneering International, Inc.		212,541		13,515,482
Oil States International, Inc.^(a)		108,123		8,233,566
Patterson-UTI Energy, Inc.		294,168		6,865,881
Superior Energy Services, Inc.^(a)		310,604		8,215,476

Common Stocks (continued)

Issuer	Shares		Value ($)
Tidewater, Inc.		98,132		4,644,588
Unit Corp.^(a)		85,133		3,871,849
Total				74,196,684
Oil, Gas & Consumable Fuels 3.1%
Alpha Natural Resources, Inc.^(a)		434,305		3,465,754
Arch Coal, Inc.		418,112		2,186,726
Bill Barrett Corp.^(a)		94,841		1,711,880
Cimarex Energy Co.		170,460		11,473,663
Energen Corp.		142,105		6,570,935
Forest Oil Corp.^(a)		233,122		1,352,108
HollyFrontier Corp.		399,010		22,424,362
Northern Oil and Gas, Inc.^(a)		116,274		1,594,116
Plains Exploration & Production Co.^(a)		254,081		11,527,655
Quicksilver Resources, Inc.^(a)		235,047		437,187
Rosetta Resources, Inc.^(a)		103,482		5,037,504
SM Energy Co.		130,149		7,533,024
World Fuel Services Corp.		141,990		5,399,880
Total				80,714,794
Total Energy				154,911,478
Financials 22.2%
Capital Markets 2.4%
Affiliated Managers Group, Inc.^(a)		102,032		14,920,139
Apollo Investment Corp.		399,627		3,472,759
Eaton Vance Corp.		226,882		8,664,624
Federated Investors, Inc., Class B		184,300		4,279,446
Greenhill & Co., Inc.		51,921		3,155,758
Janus Capital Group, Inc.		368,740		3,414,532
Raymond James Financial, Inc.		219,751		9,642,674
SEI Investments Co.		265,625		7,509,219
Waddell & Reed Financial, Inc., Class A		168,356		6,905,963
Total				61,965,114
Commercial Banks 3.8%
Associated Banc-Corp.		338,114		4,865,460
BancorpSouth, Inc.		163,695		2,504,534
Bank of Hawaii Corp.		88,531		4,284,015
Cathay General Bancorp		144,260		2,811,627
City National Corp.		93,247		5,297,362
Commerce Bancshares, Inc.		153,471		5,845,710
Cullen/Frost Bankers, Inc.		121,059		7,331,333

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
East West Bancorp, Inc.		276,377		6,798,874
First Niagara Financial Group, Inc.		694,549		5,681,411
FirstMerit Corp.		215,971		3,265,482
Fulton Financial Corp.		392,170		4,451,130
Hancock Holding Co.		166,991		5,043,128
International Bancshares Corp.		107,247		2,171,752
Prosperity Bancshares, Inc.		86,690		3,999,877
Signature Bank^(a)		90,946		6,754,559
SVB Financial Group^(a)		87,687		5,880,290
Synovus Financial Corp.		1,549,280		3,935,171
TCF Financial Corp.		321,709		4,420,282
Trustmark Corp.		132,020		3,023,258
Valley National Bancorp		389,241		3,904,087
Webster Financial Corp.		158,160		3,482,683
Westamerica Bancorporation		53,938		2,386,757
Total				98,138,782
Diversified Financial Services 0.5%
CBOE Holdings, Inc.		171,898		6,174,576
MSCI, Inc.^(a)		240,487		7,967,335
Total				14,141,911
Insurance 4.6%
Alleghany Corp.^(a)		33,378		12,612,545
American Financial Group, Inc.		149,297		6,563,096
Arthur J Gallagher & Co.		245,003		9,427,715
Aspen Insurance Holdings Ltd.		139,824		5,014,089
Brown & Brown, Inc.		232,283		6,968,490
Everest Re Group Ltd.		101,845		12,690,905
Fidelity National Financial, Inc., Class A		417,205		10,405,093
First American Financial Corp.		210,105		5,103,450
Hanover Insurance Group, Inc. (The)		87,795		3,747,091
HCC Insurance Holdings, Inc.		199,528		7,981,120
Kemper Corp.		106,886		3,381,873
Mercury General Corp.		71,381		2,774,579
Old Republic International Corp.		475,276		5,708,065
Primerica, Inc.		92,000		2,895,240
Protective Life Corp.		155,880		4,975,690
Reinsurance Group of America, Inc.		145,464		8,364,180
StanCorp Financial Group, Inc.		87,133		3,468,765
WR Berkley Corp.		216,683		8,992,344
Total				121,074,330

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 9.8%
Alexandria Real Estate Equities, Inc.		125,446		8,924,228
American Campus Communities, Inc.		206,088		9,315,178
BioMed Realty Trust, Inc.		330,515		6,980,477
BRE Properties, Inc.		151,363		7,357,755
Camden Property Trust		165,677		11,454,908
Corporate Office Properties Trust		159,136		4,116,848
Duke Realty Corp.		612,609		9,899,761
Equity One, Inc.		121,715		2,861,520
Essex Property Trust, Inc.		71,943		10,718,788
Extra Space Storage, Inc.		201,740		7,553,146
Federal Realty Investment Trust		127,293		13,519,790
Highwoods Properties, Inc.		154,674		5,645,601
Home Properties, Inc.		100,942		6,300,800
Hospitality Properties Trust		243,518		6,501,931
Kilroy Realty Corp.		146,800		7,745,168
Liberty Property Trust		232,891		9,033,842
Macerich Co. (The)		269,086		16,174,759
Mack-Cali Realty Corp.		163,613		4,643,337
National Retail Properties, Inc.		216,733		7,466,452
Omega Healthcare Investors, Inc.		220,700		6,177,393
Potlatch Corp.		79,522		3,499,763
Rayonier, Inc.		242,675		13,558,252
Realty Income Corp.		352,560		16,094,364
Regency Centers Corp.		178,033		9,236,352
Senior Housing Properties Trust		367,450		9,219,320
SL Green Realty Corp.		177,992		14,527,707
Taubman Centers, Inc.		121,524		9,323,321
UDR, Inc.		492,682		11,755,393
Weingarten Realty Investors		219,902		6,739,996
Total				256,346,150
Real Estate Management & Development 0.4%
Alexander & Baldwin, Inc.^(a)		84,426		2,974,328
Jones Lang LaSalle, Inc.		86,753		8,383,810
Total				11,358,138
Thrifts & Mortgage Finance 0.7%
Astoria Financial Corp.		160,900		1,573,602
New York Community Bancorp, Inc.		864,899		11,676,136
Washington Federal, Inc.		209,234		3,672,057
Total				16,921,795
Total Financials				579,946,220

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 9.2%
Biotechnology 1.9%
Regeneron Pharmaceuticals, Inc.^(a)		148,343		24,773,281
United Therapeutics Corp.^(a)		93,053		5,565,500
Vertex Pharmaceuticals, Inc.^(a)		427,069		19,995,371
Total				50,334,152
Health Care Equipment & Supplies 2.5%
Cooper Companies, Inc. (The)		94,332		10,004,852
Hill-Rom Holdings, Inc.		119,769		3,926,028
Hologic, Inc.^(a)		525,441		11,470,377
IDEXX Laboratories, Inc.^(a)		107,686		9,920,034
Masimo Corp.		102,582		2,036,253
ResMed, Inc.		281,812		12,537,816
STERIS Corp.		115,168		4,491,552
Teleflex, Inc.		80,617		6,446,135
Thoratec Corp.^(a)		115,735		4,075,029
Total				64,908,076
Health Care Providers & Services 2.9%
Community Health Systems, Inc.		179,629		7,591,122
Health Management Associates, Inc., Class A^(a)		504,958		5,549,489
Health Net, Inc.^(a)		160,079		4,120,434
Henry Schein, Inc.^(a)		173,320		15,463,610
LifePoint Hospitals, Inc.^(a)		97,197		4,285,416
Mednax, Inc.^(a)		98,136		8,402,404
Omnicare, Inc.		206,182		7,682,341
Owens & Minor, Inc.		124,865		3,802,139
Universal Health Services, Inc., Class B		174,233		10,086,348
VCA Antech, Inc.^(a)		172,992		3,798,904
WellCare Health Plans, Inc.^(a)		85,091		4,866,354
Total				75,648,561
Health Care Technology 0.3%
Allscripts-Misys Healthcare Solutions, Inc.^(a)		337,718		4,295,773
HMS Holdings Corp.^(a)		171,196		4,962,972
Total				9,258,745
Life Sciences Tools & Services 1.3%
Bio-Rad Laboratories, Inc., Class A^(a)		39,666		4,886,851
Charles River Laboratories International, Inc.^(a)		95,633		3,896,089

Common Stocks (continued)

Issuer	Shares		Value ($)
Covance, Inc.^(a)		107,792		7,177,869
Mettler-Toledo International, Inc.^(a)		60,356		12,843,757
Techne Corp.		68,186		4,635,966
Total				33,440,532
Pharmaceuticals 0.3%
Endo Health Solutions, Inc.^(a)		224,732		6,966,692
Total Health Care				240,556,758
Industrials 17.1%
Aerospace & Defense 1.3%
Alliant Techsystems, Inc.		64,342		4,233,703
B/E Aerospace, Inc.^(a)		204,729		10,770,793
Esterline Technologies Corp.^(a)		60,778		4,189,427
Exelis, Inc.		369,490		3,813,137
Huntington Ingalls Industries, Inc.		97,674		4,692,259
Triumph Group, Inc.		98,487		7,229,931
Total				34,929,250
Air Freight & Logistics 0.1%
UTi Worldwide, Inc.		204,385		3,112,783
Airlines 0.4%
Alaska Air Group, Inc.^(a)		138,493		7,139,314
JetBlue Airways Corp.^(a)		447,976		2,714,735
Total				9,854,049
Building Products 0.6%
Fortune Brands Home & Security, Inc.^(a)		320,666		11,079,010
Lennox International, Inc.		90,152		5,325,279
Total				16,404,289
Commercial Services & Supplies 1.9%
Brink's Co. (The)		94,093		2,488,760
Clean Harbors, Inc.^(a)		104,100		5,361,150
Copart, Inc.^(a)		208,894		7,131,641
Corrections Corp. of America		197,073		7,557,750
Deluxe Corp.		100,262		3,978,396
Herman Miller, Inc.		115,104		2,762,496
HNI Corp.		88,925		2,806,473
Mine Safety Appliances Co.		61,156		2,865,159
Rollins, Inc.		129,436		3,172,476
RR Donnelley & Sons Co.		355,128		3,707,536
Waste Connections, Inc.		241,844		8,273,483
Total				50,105,320

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Construction & Engineering 0.9%
AECOM Technology Corp.^(a)		213,073		6,458,243
Granite Construction, Inc.		70,152		2,181,026
KBR, Inc.		290,632		8,832,306
URS Corp.		151,361		6,396,516
Total				23,868,091
Electrical Equipment 1.8%
Acuity Brands, Inc.		83,872		5,714,199
AMETEK, Inc.		478,589		20,019,378
General Cable Corp.^(a)		98,030		3,229,108
Hubbell, Inc., Class B		105,125		9,767,164
Regal-Beloit Corp.		87,629		6,771,969
Total				45,501,818
Industrial Conglomerates 0.3%
Carlisle Companies, Inc.		123,909		8,409,704
Machinery 5.4%
AGCO Corp.		191,051		9,835,305
CLARCOR, Inc.		98,603		5,027,767
Crane Co.		94,185		5,065,269
Donaldson Co., Inc.		265,750		9,574,973
Gardner Denver, Inc.		96,711		6,865,514
Graco, Inc.		119,507		6,943,357
Harsco Corp.		158,724		3,806,202
IDEX Corp.		162,808		8,291,811
ITT Corp.		182,587		4,807,516
Kennametal, Inc.		156,846		6,349,126
Lincoln Electric Holdings, Inc.		163,620		9,170,901
Nordson Corp.		111,106		7,044,120
Oshkosh Corp.^(a)		179,905		6,937,137
SPX Corp.		100,073		8,056,877
Terex Corp.^(a)		217,645		7,140,932
Timken Co.		156,695		8,511,672
Trinity Industries, Inc.		155,473		6,722,653
Valmont Industries, Inc.		46,156		7,271,878
Wabtec Corp.		94,320		9,223,553
Woodward, Inc.		118,602		4,439,273
Total				141,085,836
Marine 0.4%
Kirby Corp.^(a)		110,108		8,366,006
Matson, Inc.		83,820		2,155,012
Total				10,521,018

Common Stocks (continued)

Issuer	Shares		Value ($)
Professional Services 0.9%
Corporate Executive Board Co. (The)		66,108		3,579,087
FTI Consulting, Inc.^(a)		81,688		2,837,841
Manpower, Inc.		154,532		8,437,447
Towers Watson & Co.		112,555		7,492,787
Total				22,347,162
Road & Rail 2.1%
Con-way, Inc.		110,243		3,875,041
Genesee & Wyoming, Inc., Class A^(a)		85,834		7,683,860
JB Hunt Transport Services, Inc.		179,355		12,468,760
Kansas City Southern		216,746		22,318,336
Landstar System, Inc.		91,528		5,152,111
Werner Enterprises, Inc.		87,564		2,015,723
Total				53,513,831
Trading Companies & Distributors 1.0%
GATX Corp.		92,378		4,605,043
MSC Industrial Direct Co., Inc., Class A		91,465		7,803,794
United Rentals, Inc.^(a)		182,365		9,740,115
Watsco, Inc.		58,428		4,549,788
Total				26,698,740
Total Industrials				446,351,891
Information Technology 14.8%
Communications Equipment 0.9%
ADTRAN, Inc.		123,436		2,757,560
Ciena Corp.^(a)		197,362		3,007,797
InterDigital, Inc.		80,654		3,581,038
Plantronics, Inc.		84,059		3,392,621
Polycom, Inc.^(a)		345,540		3,147,869
Riverbed Technology, Inc.^(a)		316,481		4,835,830
Tellabs, Inc.		680,467		1,381,348
Total				22,104,063
Computers & Peripherals 0.7%
Diebold, Inc.		124,522		3,516,501
Lexmark International, Inc., Class A		127,195		2,800,834
NCR Corp.^(a)		314,950		8,686,321
QLogic Corp.^(a)		182,630		2,078,330
Total				17,081,986
Electronic Equipment, Instruments & Components 2.1%
Arrow Electronics, Inc.^(a)		208,711		8,379,747
Avnet, Inc.^(a)		270,305		9,544,469

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Ingram Micro, Inc., Class A^(a)		295,746		5,577,770
Itron, Inc.^(a)		77,223		3,248,772
National Instruments Corp.		186,266		5,602,881
Tech Data Corp.^(a)		74,379		3,946,550
Trimble Navigation Ltd.^(a)		248,539		14,770,673
Vishay Intertechnology, Inc.^(a)		259,618		3,424,361
Total				54,495,223
Internet Software & Services 1.6%
AOL, Inc.		150,940		5,569,686
Equinix, Inc.^(a)		95,772		20,260,567
Monster Worldwide, Inc.^(a)		230,648		1,180,918
Rackspace Hosting, Inc.^(a)		215,791		12,054,085
ValueClick, Inc.^(a)		139,305		3,715,264
Total				42,780,520
IT Services 3.1%
Acxiom Corp.^(a)		146,858		2,674,284
Alliance Data Systems Corp.^(a)		98,194		15,582,406
Broadridge Financial Solutions, Inc.		240,737		5,524,914
Convergys Corp.		214,974		3,566,419
CoreLogic, Inc.^(a)		191,982		4,974,254
DST Systems, Inc.		60,402		4,102,504
Gartner, Inc.^(a)		184,467		9,179,078
Global Payments, Inc.		155,367		7,490,243
Jack Henry & Associates, Inc.		169,538		7,412,201
Lender Processing Services, Inc.		167,126		4,104,615
Mantech International Corp., Class A		46,641		1,157,163
NeuStar, Inc., Class A^(a)		130,575		5,725,714
VeriFone Systems, Inc.^(a)		212,356		4,028,393
WEX, Inc.^(a)		76,232		5,718,162
Total				81,240,350
Office Electronics 0.2%
Zebra Technologies Corp., Class A^(a)		100,175		4,479,826
Semiconductors & Semiconductor Equipment 1.9%
Atmel Corp.^(a)		865,954		5,888,487
Cree, Inc.^(a)		229,038		10,359,389
Cypress Semiconductor Corp.		259,060		2,727,902
Fairchild Semiconductor International, Inc.^(a)		250,063		3,565,898
Integrated Device Technology, Inc.^(a)		283,981		1,931,071
International Rectifier Corp.^(a)		136,172		2,862,335
Intersil Corp., Class A		249,741		2,120,301

Common Stocks (continued)

Issuer	Shares		Value ($)
MEMC Electronic Materials, Inc.^(a)		454,886		2,251,686
RF Micro Devices, Inc.^(a)		550,529		2,537,939
Semtech Corp.^(a)		130,421		3,986,970
Silicon Laboratories, Inc.^(a)		75,572		3,137,749
Skyworks Solutions, Inc.^(a)		382,744		8,152,447
Total				49,522,174
Software 4.3%
ACI Worldwide, Inc.^(a)		77,576		3,553,757
Advent Software, Inc.^(a)		62,282		1,631,788
ANSYS, Inc.^(a)		182,468		13,831,074
Cadence Design Systems, Inc.^(a)		551,518		7,809,495
CommVault Systems, Inc.^(a)		83,700		6,189,615
Compuware Corp.^(a)		420,017		4,876,397
Concur Technologies, Inc.^(a)		88,945		6,243,939
Factset Research Systems, Inc.		80,199		7,802,561
Fair Isaac Corp.		68,777		3,049,572
Informatica Corp.^(a)		212,539		7,440,990
Mentor Graphics Corp.^(a)		186,092		3,295,689
MICROS Systems, Inc.^(a)		158,037		6,763,984
PTC, Inc.^(a)		235,340		5,445,768
Rovi Corp.^(a)		203,747		3,624,659
SolarWinds, Inc.^(a)		120,308		6,792,590
Solera Holdings, Inc.		135,545		7,631,183
Synopsys, Inc.^(a)		293,721		10,289,047
TIBCO Software, Inc.^(a)		305,926		6,562,113
Total				112,834,221
Total Information Technology				384,538,363
Materials 6.7%
Chemicals 2.8%
Albemarle Corp.		175,809		11,441,650
Ashland, Inc.		144,385		11,257,698
Cabot Corp.		117,514		4,322,165
Cytec Industries, Inc.		89,796		6,500,332
Intrepid Potash, Inc.		105,303		2,075,522
Minerals Technologies, Inc.		69,695		2,804,527
NewMarket Corp.		21,143		5,321,059
Olin Corp.		157,868		3,656,223
RPM International, Inc.		260,561		7,923,660
Scotts Miracle-Gro Co., Class A		76,132		3,373,409

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Sensient Technologies Corp.		98,025		3,618,103
Valspar Corp.		166,284		10,244,757
Total				72,539,105
Construction Materials 0.3%
Martin Marietta Materials, Inc.		90,429		8,783,369
Containers & Packaging 1.6%
AptarGroup, Inc.		130,812		7,055,999
Greif, Inc., Class A		59,733		3,038,618
Packaging Corp. of America		193,419		8,081,046
Rock Tenn Co., Class A		140,047		12,387,157
Silgan Holdings, Inc.		89,075		3,823,990
Sonoco Products Co.		198,421		6,303,835
Total				40,690,645
Metals & Mining 1.6%
Carpenter Technology Corp.		87,082		4,112,883
Commercial Metals Co.		229,177		3,737,877
Compass Minerals International, Inc.		65,219		4,807,945
Reliance Steel & Aluminum Co.		148,816		9,909,657
Royal Gold, Inc.		128,090		8,395,019
Steel Dynamics, Inc.		431,834		6,594,105
Worthington Industries, Inc.		103,225		2,925,396
Total				40,482,882
Paper & Forest Products 0.4%
Domtar Corp.		69,458		5,178,788
Louisiana-Pacific Corp.^(a)		272,532		5,714,996
Total				10,893,784
Total Materials				173,389,785
Telecommunication Services 0.5%
Diversified Telecommunication Services 0.3%
tw telecom, Inc.^(a)		298,116		7,548,297
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		199,120		4,557,857
Total Telecommunication Services				12,106,154
Utilities 4.9%
Electric Utilities 2.1%
Cleco Corp.		119,609		5,298,679
Great Plains Energy, Inc.		301,726		6,586,678

Common Stocks (continued)

Issuer	Shares		Value ($)
Hawaiian Electric Industries, Inc.		192,036		5,183,052
IDACORP, Inc.		98,794		4,612,692
NV Energy, Inc.		463,685		9,162,415
OGE Energy Corp.		194,489		11,262,858
PNM Resources, Inc.		156,890		3,523,749
Westar Energy, Inc.		249,081		7,726,493
Total				53,356,616
Gas Utilities 1.4%
Atmos Energy Corp.		177,737		6,784,222
National Fuel Gas Co.		164,220		9,555,962
Questar Corp.		344,857		8,107,588
UGI Corp.		221,994		7,951,825
WGL Holdings, Inc.		101,660		4,287,002
Total				36,686,599
Multi-Utilities 1.1%
Alliant Energy Corp.		218,603		10,425,177
Black Hills Corp.		87,017		3,619,037
MDU Resources Group, Inc.		371,926		8,985,732
Vectren Corp.		161,775		5,338,575
Total				28,368,521
Water Utilities 0.3%
Aqua America, Inc.		275,633		8,029,189
Total Utilities				126,440,925
Total Common Stocks (Cost: $1,731,983,564)				2,523,132,324
Money Market Funds 4.4%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.128%^(b)(c)		115,637,033		115,637,033
Total Money Market Funds (Cost: $115,637,033)				115,637,033
Total Investments (Cost: $1,847,620,597)				2,638,769,357
Other Assets & Liabilities, Net				(31,618,787	)
Net Assets				2,607,150,570

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Investments in Derivatives

Futures Contracts Outstanding at February 28, 2013

At February 28, 2013, $2,968,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

S&P Mid Cap 400 E-Mini

742

81,746,140

March 2013

5,175,131

—

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					69,812,648				676,356,596				(630,532,211	)			115,637,033				99,498				115,637,033

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Mid Cap Index Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		315,671,407		—		—		315,671,407
Consumer Staples		89,219,343		—		—		89,219,343
Energy		154,911,478		—		—		154,911,478
Financials		579,946,220		—		—		579,946,220
Health Care		240,556,758		—		—		240,556,758
Industrials		446,351,891		—		—		446,351,891
Information Technology		384,538,363		—		—		384,538,363
Materials		173,389,785		—		—		173,389,785
Telecommunication Services		12,106,154		—		—		12,106,154
Utilities		126,440,925		—		—		126,440,925
Total Equity Securities		2,523,132,324		—		—		2,523,132,324
Other
Money Market Funds		115,637,033		—		—		115,637,033
Total Other		115,637,033		—		—		115,637,033
Investments in Securities		2,638,769,357		—		—		2,638,769,357
Derivatives
Assets
Futures Contracts		5,175,131		—		—		5,175,131
Total		2,643,944,488		—		—		2,643,944,488

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Mid Cap Index Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,731,983,564)	$	2,523,132,324
Affiliated issuers (identified cost $115,637,033)		115,637,033
Total investments (identified cost $1,847,620,597)		2,638,769,357
Cash		1,060
Margin deposits on futures contracts		2,968,000
Receivable for:
Investments sold		6,431,413
Capital shares sold		7,489,873
Dividends		2,655,919
Expense reimbursement due from Investment Manager		15,933
Due from broker		1,278,442
Prepaid expenses		6,202
Total assets		2,659,616,199
Liabilities
Due to custodian		5,381,086
Payable for:
Investments purchased		7,742,526
Capital shares purchased		38,347,130
Variation margin on futures contracts		158,203
Investment management fees		7,234
Distribution and/or service fees		4,056
Transfer agent fees		616,128
Administration fees		7,234
Compensation of board members		83,266
Other expenses		118,766
Total liabilities		52,465,629
Net assets applicable to outstanding capital stock	$	2,607,150,570
Represented by
Paid-in capital	$	1,807,663,066
Undistributed net investment income		1,657,924
Accumulated net realized gain		1,505,689
Unrealized appreciation (depreciation) on:
Investments		791,148,760
Futures contracts		5,175,131
Total — representing net assets applicable to outstanding capital stock	$	2,607,150,570

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Mid Cap Index Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	592,450,244
Shares outstanding		46,207,715
Net asset value per share	$	12.82
Class I
Net assets	$	3,134
Shares outstanding		245
Net asset value per share^(a)	$	12.77
Class R5
Net assets	$	2,741
Shares outstanding		212
Net asset value per share^(a)	$	12.95
Class Z
Net assets	$	2,014,694,451
Shares outstanding		157,683,894
Net asset value per share	$	12.78

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Mid Cap Index Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	37,882,437
Dividends — affiliated issuers		99,498
Interest		491
Income from securities lending — net		854,518
Total income		38,836,944
Expenses:
Investment management fees		2,425,603
Distribution and/or service fees
Class A		1,238,504
Transfer agent fees
Class A		930,655
Class Z		3,552,980
Administration fees		2,425,603
Compensation of board members		69,236
Custodian fees		26,863
Printing and postage fees		218,479
Registration fees		112,998
Licensing fees		35,281
Professional fees		63,547
Other		53,319
Total expenses		11,153,068
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(5,049,926	)
Expense reductions		(180	)
Total net expenses		6,102,962
Net investment income		32,733,982
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	41,301,307
Futures contracts		9,441,527
Net realized gain		50,742,834
Net change in unrealized appreciation (depreciation) on:
Investments		177,766,088
Futures contracts		(946,938	)
Net change in unrealized appreciation (depreciation)		176,819,150
Net realized and unrealized gain		227,561,984
Net increase in net assets resulting from operations	$	260,295,966

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Mid Cap Index Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment income	$	32,733,982		$	28,525,200
Net realized gain		50,742,834			98,360,772
Net change in unrealized appreciation (depreciation)		176,819,150			(57,284,026	)
Net increase in net assets resulting from operations		260,295,966			69,601,946
Distributions to shareholders
Net investment income
Class A		(6,065,718	)		(3,099,815	)
Class I		(44	)		(29	)
Class R5		(36	)		—
Class Z		(26,090,852	)		(24,665,554	)
Net realized gains
Class A		(22,364,190	)		(16,881,805	)
Class I		(133	)		(129	)
Class R5		(71	)		—
Class Z		(80,303,779	)		(108,010,412	)
Total distributions to shareholders		(134,824,823	)		(152,657,744	)
Increase (decrease) in net assets from capital stock activity		(506,077,072	)		251,630,333
Total increase (decrease) in net assets		(380,605,929	)		168,574,535
Net assets at beginning of year		2,987,756,499			2,819,181,964
Net assets at end of year	$	2,607,150,570		$	2,987,756,499
Undistributed net investment income	$	1,657,924		$	1,290,321

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Mid Cap Index Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		22,853,756			272,819,581			21,883,341			252,664,365
Distributions reinvested		2,376,962			27,417,562			1,777,674			19,595,990
Redemptions		(18,508,967	)		(220,888,204	)		(11,735,101	)		(134,597,142	)
Net increase		6,721,751			79,348,939			11,925,914			137,663,213
Class R5 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class Z shares
Subscriptions		59,274,784			705,258,535			48,336,594			546,829,833
Distributions reinvested		5,520,124			63,483,810			8,311,846			91,427,308
Redemptions		(119,041,735	)		(1,354,170,856	)		(46,467,848	)		(524,290,021	)
Net increase (decrease)		(54,246,827	)		(585,428,511	)		10,180,592			113,967,120
Total net increase (decrease)		(47,524,864	)		(506,077,072	)		22,106,506			251,630,333

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Mid Cap Index Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.92		$	12.33		$	9.44		$	5.73		$	10.86
Income from investment operations:
Net investment income		0.14			0.10			0.09			0.09			0.12
Net realized and unrealized gain (loss)		1.45			0.10			2.94			3.71			(4.55	)
Total from investment operations		1.59			0.20			3.03			3.80			(4.43	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.09	)		(0.09	)		(0.09	)		(0.14	)
Net realized gains		(0.54	)		(0.52	)		(0.05	)		—			(0.56	)
Total distributions to shareholders		(0.69	)		(0.61	)		(0.14	)		(0.09	)		(0.70	)
Net asset value, end of period	$	12.82		$	11.92		$	12.33		$	9.44		$	5.73
Total return		14.03	%		2.12	%		32.16	%		66.35	%		(42.11	%)
Ratios to average net assets^(a)(b)
Total gross expenses		0.66	%		0.66	%		0.50	%		0.49	%		0.49	%^(c)
Total net expenses^(d)		0.45	%^(e)		0.45	%^(e)		0.45	%^(e)		0.43	%^(e)		0.39	%^(c)(e)
Net investment income		1.18	%		0.83	%		0.83	%		1.10	%		1.36	%
Supplemental data
Net assets, end of period (in thousands)	$	592,450		$	470,550		$	339,724		$	168,264		$	59,374
Portfolio turnover		20	%		15	%		10	%		15	%		28	%

Notes to Financial Highlights

(a) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b) Certain line items from prior years have been reclassified to conform to the current presentation.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Mid Cap Index Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	11.88		$	12.29		$	10.19
Income from investment operations:
Net investment income		0.17			0.12			0.04
Net realized and unrealized gain		1.44			0.11			2.22
Total from investment operations		1.61			0.23			2.26
Less distributions to shareholders:
Net investment income		(0.18	)		(0.12	)		(0.11	)
Net realized gains		(0.54	)		(0.52	)		(0.05	)
Total distributions to shareholders		(0.72	)		(0.64	)		(0.16	)
Net asset value, end of period	$	12.77		$	11.88		$	12.29
Total return		14.34	%		2.40	%		22.27	%
Ratios to average net assets^(b)(c)
Total gross expenses		0.24	%		0.20	%		0.23	%^(d)
Total net expenses^(e)		0.15	%		0.19	%		0.19	%^(d)(f)
Net investment income		1.48	%		1.08	%		0.92	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3
Portfolio turnover		20	%		15	%		10	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Mid Cap Index Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	11.81
Income from investment operations:
Net investment income		0.07
Net realized and unrealized gain		1.57
Total from investment operations		1.64
Less distributions to shareholders:
Net investment income		(0.16	)
Net realized gains		(0.34	)
Total distributions to shareholders		(0.50	)
Net asset value, end of period	$	12.95
Total return		14.34	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)
Total net expenses^(d)		0.16	%^(c)
Net investment income		1.82	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		20	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Mid Cap Index Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.88		$	12.29		$	9.41		$	5.71		$	10.84
Income from investment operations:
Net investment income		0.16			0.12			0.11			0.11			0.15
Net realized and unrealized gain (loss)		1.45			0.11			2.93			3.69			(4.55	)
Total from investment operations		1.61			0.23			3.04			3.80			(4.40	)
Less distributions to shareholders:
Net investment income		(0.17	)		(0.12	)		(0.11	)		(0.10	)		(0.17	)
Net realized gains		(0.54	)		(0.52	)		(0.05	)		—			(0.56	)
Total distributions to shareholders		(0.71	)		(0.64	)		(0.16	)		(0.10	)		(0.73	)
Net asset value, end of period	$	12.78		$	11.88		$	12.29		$	9.41		$	5.71
Total return		14.35	%		2.39	%		32.45	%		66.71	%		(41.92	%)
Ratios to average net assets^(a)(b)
Total gross expenses		0.41	%		0.41	%		0.25	%		0.24	%		0.24	%^(c)
Total net expenses^(d)		0.20	%^(e)		0.20	%^(e)		0.20	%^(e)		0.18	%^(e)		0.14	%^(c)(e)
Net investment income		1.39	%		1.07	%		1.08	%		1.36	%		1.59	%
Supplemental data
Net assets, end of period (in thousands)	$	2,014,694		$	2,517,203		$	2,479,455		$	1,791,140		$	971,538
Portfolio turnover		20	%		15	%		10	%		15	%		28	%

Notes to Financial Highlights

(b) Certain line items from prior years have been reclassified to conform to the current presentation.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
24

Columbia Mid Cap Index Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

Columbia Mid Cap Index 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class I, Class R5 and Class Z 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 have no sales charge.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Derivative Instruments

Annual Report 2013
25

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Futures Contracts

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at February 28, 2013:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts Net assets — unrealized appreciation	on futures contracts		5,175,131	*

The effect of derivative instruments in the Statement of Operations for the year ended February 28, 2013:

Amount of Realized Gain (Loss) on Derivatives
Risk Exposure Category	Futures Contracts ($)
Equity contracts		9,441,527
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(946,938	)

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					10,226

Security Transactions

Income Recognition

Annual Report 2013
26

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital

gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Recent Accounting Pronouncement

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to 0.10% of the Fund's average daily net assets.

Annual Report 2013
27

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Administration Fees

Other Expenses

Compensation of Board Members

Transfer Agent Fees

reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class R5*	0.05
Class Z	0.18

*Annualized

Distribution and Service Fees

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Annual Report 2013
28

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.45	%
Class I*	0.20
Class R5*	0.20
Class Z	0.20

*For Class I and Class R5, the annual rate is contractual from November 16, 2012 through November 15, 2013. Prior to November 16, 2012, the annual rates for Class I and Class R5 shares were 0.07% and 0.12%, respectively.

Class A	0.45	%
Class I	0.19
Class Z	0.20

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, reversal of capital gains (losses) on a redemption-in-kind, derivative investments and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences are

permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	(209,729	)
Accumulated net realized gain		39,885,818
Paid-in capital		(39,676,089	)

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended	February 28, 2013		February 29, 2012
Ordinary income	$	33,428,068	$	36,747,997
Long-term capital gains		101,396,755		115,909,747
Total	$	134,824,823	$	152,657,744

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	6,577,472
Undistributed accumulated long-term capital gains		22,010,913
Unrealized appreciation		770,981,971

At February 28, 2013, the cost of investments for federal income tax purposes was $1,867,787,386 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	875,843,489
Unrealized depreciation		(104,861,518	)
Net unrealized appreciation	$	770,981,971

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $477,868,010 and $1,087,238,604, respectively, for the year ended February 28, 2013.

Annual Report 2013
29

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 6. Redemption-in-Kind

Sales of securities for the Fund include the value of securities delivered through an in-kind redemption of certain fund shares. During the year ended February 28, 2013, securities and other assets with a value of $795,950,754 were distributed to shareholders to satisfy their redemption requests. The net realized loss on these securities was $42,544,559, which is not deductible by the Fund.

Note 7. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 8. Affiliated Money Market Fund

Note 9. Shareholder Concentration

At February 28, 2013, two unaffiliated shareholder accounts owned an aggregate of 37.6% of the outstanding shares of the

Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund had no borrowings during the year ended February 28, 2013.

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
30

Columbia Mid Cap Index Fund

Notes to Financial Statements (continued)

February 28, 2013

Annual Report 2013
31

Columbia Mid Cap Index Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and
the Shareholders of Columbia Mid Cap Index Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Index Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
32

Columbia Mid Cap Index Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income		80.91	%
Dividends Received Deduction		81.04	%
Capital Gain Dividend	$	93,562,898

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
33

Columbia Mid Cap Index Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
34

Columbia Mid Cap Index Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc., (biotechnology), 2003-2010

153

Annual Report 2013
35

Columbia Mid Cap Index Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
36

Columbia Mid Cap Index Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
37

Columbia Mid Cap Index Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
38

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Annual Report 2013
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Annual Report 2013
40

Columbia Mid Cap Index Fund

Important Information About This Report

Annual Report 2013
41

Columbia Mid Cap Index Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN196_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Mid Cap Value Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Mid Cap Value Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Mid Cap Value Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					15
Statement of Changes in Net Assets					16
Financial Highlights					19
Notes to Financial Statements					30
Report of Independent Registered Public Accounting Firm					37
Federal Income Tax Information					38
Trustees and Officers					39
Important Information About This Report					45

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Mid Cap Value Fund

Performance Overview

Performance Summary

> Columbia Mid Cap Value Fund (the Fund) Class A shares returned 16.03% excluding sales charges for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the Russell Midcap Value Index, which returned 18.91% for the same 12-month period.

> Stock selection in the information technology sector was the single biggest detractor from relative performance, partially offset by exposure to various aspects of an improving economy.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	11/20/01
Excluding sales charges			16.03		5.00		11.03
Including sales charges			9.35		3.77		10.38
Class B	11/20/01
Excluding sales charges			15.22		4.23		10.20
Including sales charges			10.22		3.89		10.20
Class C	11/20/01
Excluding sales charges			15.24		4.24		10.20
Including sales charges			14.24		4.24		10.20
Class I*	09/27/10		16.61		5.24		11.16
Class K* (formerly Class R4)	03/07/11		16.31		5.08		11.07
Class R*	01/23/06		15.76		4.75		10.75
Class R4*	11/08/12		16.19		5.03		11.05
Class R5*	11/08/12		16.22		5.04		11.05
Class W*	09/27/10		16.09		5.01		11.03
Class Y*	07/15/09		16.50		5.25		11.16
Class Z	11/20/01		16.36		5.29		11.31
Russell Midcap Value Index			18.91		7.36		12.12

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Russell Midcap Value Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with lower price-to-book ratios and forecasted growth values.

Annual Report 2013
2

Columbia Mid Cap Value Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

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.

Annual Report 2013
3

Columbia Mid Cap Value Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 16.03% excluding sales charges, compared to a gain of 18.91% for the Russell Midcap Value Index. Both security selection and industry allocations contributed to the Fund's underperformance, as did a market environment that was focused on big-picture concerns rather than company-specific fundamentals.

Investors Shrug Off Weak Global Growth

Europe's economic woes, slowing growth in emerging markets and political uncertainty in the U.S. weighed on the global economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action in key markets and improving prospects for the U.S. economy gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity were encouraging signs. The U.S. housing market staged a solid comeback, with higher home sales, rising prices and lower inventories. Against this backdrop, U.S. stocks benefited across all market capitalization ranges, ending the reporting period with double-digit gains. Mid-cap stocks outperformed small- and large-cap stocks, with value soundly beating growth stocks.

Positive Security Selection in Health Care, Materials and Telecommunications Services

Health care gave the biggest boost to relative performance, led by overall gains from investments in the health care providers and services group, pharmaceuticals and health care equipment and supplies. In materials, the containers and packaging segment stood out, thanks in large part to Packaging Corporation of America, whose stock rallied as industry consolidation and increased demand led to improved pricing. Other individual contributors included chemicals company PPG Industries, whose shares rose as the U.S. housing market improved and the company divested its commodity-based, chlor-alkali business to focus on higher-margin architectural coatings. In telecommunications services, wireless provider Sprint Nextel was a top contributor. Its stock climbed sharply, buoyed by network consolidation that reduced customer turnover and by new pricing initiatives. Other top individual contributors to Fund performance included online travel agency Expedia, whose shares benefited from hotel bookings that were much better than expected. We locked in profits and sold the position. In energy, an investment in refiner HollyFrontier rallied nicely, as widening crude oil spreads, superior cash flow and recent dividends attracted investors.

Disappointing Security Selection in Information Technology

Stock selection in the technology sector hampered performance as the Fund's positions in software, information technology services and semiconductors and semiconductor equipment underperformed the benchmark. Individual disappointments included bank ATM-maker Diebold, whose stock slid after lower-than-expected orders from small North American banks and a delayed order cycle in Latin America. An out-of-benchmark investment in speech recognition software company Nuance Communications declined after an

Portfolio Management

Lori Ensinger, CFA

David Hoffman

Morningstar Style Box^TM

© 2013 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.

Annual Report 2013
4

Columbia Mid Cap Value Fund

Manager Discussion of Fund Performance (continued)

earnings shortfall that was attributed to slowing demand from health care users. Positioning in the energy and consumer staples sectors further detracted. Within energy, not owning a top performer in the benchmark hurt the most, followed by investments in coal producer Peabody Energy and exploration and production company Whiting Petroleum. Peabody's stock fell sharply along with decreased demand for metallurgical coal, which goes into steel production, and thermal coal, which is used in power generation. The timing of the Fund's overweight in Whiting hampered performance, as disappointing early-year exploration results and low oil prices pressured the stock's return. In the industrials sector, shares of temporary staffing company ManpowerGroup declined due to concerns that weak hiring globally would delay a recovery in profit margins. We sold Manpower before period end.

Looking Ahead

Despite continued concerns around fiscal issues in Washington, economic malaise in Europe, slowing growth rates in emerging economies and a sluggish U.S. recovery, we remain optimistic that stocks will benefit from an improving domestic economy and more reasoned tax and fiscal policies. At present, we're excited about opportunities among mid-cap value stocks, particularly in more economically sensitive sectors. Going forward, we plan to stay focused on bottom-up security selection that targets mid-sized companies with attractive stock valuations and the potential for improved operating profit margins.

Top Ten Holdings (%) (at February 28, 2013)
Marathon Petroleum Corp.					1.9
HollyFrontier Corp.					1.6
Sprint Nextel Corp.					1.5
Eaton Corp. PLC					1.5
Principal Financial Group, Inc.					1.5
Edison International					1.5
Fifth Third Bancorp					1.4
Zimmer Holdings, Inc.					1.4
Comerica, Inc.					1.4
Aon PLC					1.4

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks					98.6
Consumer Discretionary					11.2
Consumer Staples					2.3
Energy					13.8
Financials					28.8
Health Care					6.8
Industrials					11.2
Information Technology					8.6
Materials					5.5
Telecommunication Services					1.7
Utilities					8.7
Money Market Funds					1.4
Total					100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
5

Columbia Mid Cap Value Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 01, 2012 – February 28, 2013

	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		1,146.30			1,018.84		6.39			6.01		1.20
Class B		1,000.00		1,000.00		1,141.90			1,015.17		10.30			9.69		1.94
Class C		1,000.00		1,000.00		1,142.10			1,015.12		10.36			9.74		1.95
Class I		1,000.00		1,000.00		1,149.60			1,021.12		3.94			3.71		0.74
Class K (formerly Class R4)		1,000.00		1,000.00		1,147.70			1,019.64		5.54			5.21		1.04
Class R		1,000.00		1,000.00		1,145.10			1,017.60		7.71			7.25		1.45
Class R4		1,000.00		1,000.00		1,144.90	*		1,020.58		2.77	*		4.26		0.85	*
Class R5		1,000.00		1,000.00		1,145.20	*		1,020.98		2.51	*		3.86		0.77	*
Class W		1,000.00		1,000.00		1,147.00			1,018.84		6.39			6.01		1.20
Class Y		1,000.00		1,000.00		1,149.00			1,020.98		4.10			3.86		0.77
Class Z		1,000.00		1,000.00		1,148.20			1,020.08		5.06			4.76		0.95

*For the period November 8, 2012 through February 28, 2013. Class R4 and Class R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, for certain classes, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Mid Cap Value Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 98.9%

Issuer	Shares		Value ($)
Consumer Discretionary 11.2%
Auto Components 1.7%
Allison Transmission Holdings, Inc.		672,848		15,542,789
BorgWarner, Inc.^(a)		249,350		18,554,133
Tenneco, Inc.^(a)		807,735		28,618,051
Total				62,714,973
Automobiles 1.0%
Harley-Davidson, Inc.		723,211		38,062,595
Distributors 0.8%
Genuine Parts Co.		417,400		29,647,922
Hotels, Restaurants & Leisure 1.1%
Norwegian Cruise Line Holding^(a)		286,564		8,877,752
Royal Caribbean Cruises Ltd.		735,125		25,633,809
Starwood Hotels & Resorts Worldwide, Inc.		90,000		5,429,700
Total				39,941,261
Household Durables 0.9%
D.R. Horton, Inc.		1,446,850		32,264,755
Internet & Catalog Retail 1.1%
Liberty Interactive Corp., Class A^(a)		2,008,500		41,937,480
Leisure Equipment & Products 0.8%
Mattel, Inc.		784,125		31,953,094
Media 1.1%
DISH Network Corp., Class A		1,158,723		40,323,560
Multiline Retail 0.6%
Macy's, Inc.		513,875		21,120,263
Specialty Retail 2.1%
Abercrombie & Fitch Co., Class A		346,225		16,144,472
Foot Locker, Inc.		740,275		25,310,002
Signet Jewelers Ltd.		619,225		37,908,955
Total				79,363,429
Total Consumer Discretionary				417,329,332
Consumer Staples 2.3%
Food Products 1.7%
Hershey Co. (The)		279,625		23,303,948
JM Smucker Co. (The)		359,990		34,307,047
WhiteWave Foods Co., Class A^(a)		281,933		4,409,432
Total				62,020,427

Common Stocks (continued)

Issuer	Shares		Value ($)
Household Products 0.4%
Clorox Co. (The)		195,700		16,440,757
Personal Products 0.2%
Avon Products, Inc.		459,675		8,986,646
Total Consumer Staples				87,447,830
Energy 13.9%
Energy Equipment & Services 4.5%
Cameron International Corp.^(a)		483,950		30,837,294
Dresser-Rand Group, Inc.^(a)		537,200		33,123,752
Ensco PLC, Class A		645,475		38,818,866
Oceaneering International, Inc.		307,600		19,560,284
Superior Energy Services, Inc.^(a)		1,116,975		29,543,989
Weatherford International Ltd.^(a)		1,455,750		17,294,310
Total				169,178,495
Oil, Gas & Consumable Fuels 9.4%
Cabot Oil & Gas Corp.		621,150		38,492,665
Chesapeake Energy Corp.		987,550		19,909,008
Cimarex Energy Co.		316,815		21,324,818
Gulfport Energy Corp.^(a)		179,900		7,366,905
HollyFrontier Corp.		1,044,925		58,724,785
Marathon Petroleum Corp.		825,325		68,402,936
Noble Energy, Inc.		388,975		43,110,099
Peabody Energy Corp.		1,402,955		30,247,710
Southwestern Energy Co.^(a)		902,325		30,922,678
Whiting Petroleum Corp.^(a)		615,491		29,974,412
Total				348,476,016
Total Energy				517,654,511
Financials 28.9%
Capital Markets 2.4%
Raymond James Financial, Inc.		1,045,225		45,864,473
TD Ameritrade Holding Corp.		2,292,600		43,582,326
Total				89,446,799
Commercial Banks 8.7%
CIT Group, Inc.^(a)		1,182,975		49,519,334
City National Corp.		800,962		45,502,651
Comerica, Inc.		1,489,775		51,218,464
Cullen/Frost Bankers, Inc.		618,725		37,469,986

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Mid Cap Value Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
East West Bancorp, Inc.		828,600		20,383,560
Fifth Third Bancorp		3,287,176		52,068,868
SVB Financial Group^(a)		394,602		26,462,010
Zions Bancorporation		1,703,783		41,129,322
Total				323,754,195
Insurance 6.3%
Aon PLC		831,975		50,825,353
Axis Capital Holdings Ltd.		902,525		36,759,843
Hartford Financial Services Group, Inc.		1,954,643		46,149,121
Principal Financial Group, Inc.		1,737,452		54,920,857
Reinsurance Group of America, Inc.		211,280		12,148,600
XL Group PLC		1,171,748		33,558,863
Total				234,362,637
Real Estate Investment Trusts (REITs) 9.8%
Alexandria Real Estate Equities, Inc.		397,000		28,242,580
Colony Financial, Inc.		424,900		9,411,535
General Growth Properties, Inc.		1,324,463		25,350,222
Host Hotels & Resorts, Inc.		2,871,497		47,867,855
ProLogis, Inc.		1,139,597		44,375,907
Rayonier, Inc.		744,659		41,604,098
SL Green Realty Corp.		473,650		38,659,313
Taubman Centers, Inc.		460,625		35,339,150
UDR, Inc.		1,919,650		45,802,849
Weyerhaeuser Co.		1,712,711		50,370,831
Total				367,024,340
Real Estate Management & Development 0.6%
CBRE Group, Inc., Class A^(a)		888,011		21,463,226
Thrifts & Mortgage Finance 1.1%
People's United Financial, Inc.		3,058,750		40,069,625
Total Financials				1,076,120,822
Health Care 6.8%
Health Care Equipment & Supplies 3.4%
Cooper Companies, Inc. (The)		279,850		29,680,891
Teleflex, Inc.		546,825		43,724,127
Zimmer Holdings, Inc.		687,400		51,527,504
Total				124,932,522
Health Care Providers & Services 0.4%
VCA Antech, Inc.^(a)		742,750		16,310,790

Common Stocks (continued)

Issuer	Shares		Value ($)
Life Sciences Tools & Services 0.5%
Agilent Technologies, Inc.		456,225		18,924,213
Pharmaceuticals 2.5%
Actavis, Inc.^(a)		522,715		44,514,409
Forest Laboratories, Inc.^(a)		1,058,975		38,970,280
Salix Pharmaceuticals Ltd.^(a)		192,700		9,413,395
Total				92,898,084
Total Health Care				253,065,609
Industrials 11.3%
Electrical Equipment 2.4%
Babcock & Wilcox Co. (The)		1,187,150		32,076,793
Eaton Corp. PLC		889,721		55,136,010
Total				87,212,803
Industrial Conglomerates 0.8%
Carlisle Companies, Inc.		459,750		31,203,233
Machinery 4.9%
AGCO Corp.		652,192		33,574,844
Crane Co.		540,300		29,057,334
Dover Corp.		312,500		22,921,875
PACCAR, Inc.		457,775		21,712,268
Parker Hannifin Corp.		383,275		36,211,822
Stanley Black & Decker, Inc.		505,458		39,779,545
Total				183,257,688
Professional Services 0.4%
Towers Watson & Co.		205,963		13,710,957
Road & Rail 2.0%
Hertz Global Holdings, Inc.^(a)		1,925,100		38,405,745
Ryder System, Inc.		620,375		34,865,075
Total				73,270,820
Trading Companies & Distributors 0.8%
AerCap Holdings NV^(a)		870,419		13,508,903
United Rentals, Inc.^(a)		326,725		17,450,382
Total				30,959,285
Total Industrials				419,614,786
Information Technology 8.6%
Communications Equipment 1.1%
F5 Networks, Inc.^(a)		108,900		10,283,427
Juniper Networks, Inc.^(a)		1,522,775		31,490,987
Total				41,774,414

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Mid Cap Value Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Computers & Peripherals 1.3%
Diebold, Inc.		725,119		20,477,361
SanDisk Corp.^(a)		572,525		28,849,535
Total				49,326,896
Electronic Equipment, Instruments & Components 1.1%
Arrow Electronics, Inc.^(a)		466,175		18,716,926
FLIR Systems, Inc.		769,850		20,277,849
Total				38,994,775
Office Electronics 0.5%
Xerox Corp.		2,372,675		19,242,394
Semiconductors & Semiconductor Equipment 3.6%
Avago Technologies Ltd.		541,000		18,513,020
Fairchild Semiconductor International, Inc.^(a)		1,531,325		21,836,695
KLA-Tencor Corp.		528,225		28,925,601
Lam Research Corp.^(a)		208,937		8,838,035
Maxim Integrated Products, Inc.		983,225		30,656,955
NVIDIA Corp.		2,128,750		26,949,975
Total				135,720,281
Software 1.0%
Autodesk, Inc.^(a)		555,725		20,406,222
PTC, Inc.^(a)		664,000		15,364,960
Total				35,771,182
Total Information Technology				320,829,942
Materials 5.5%
Chemicals 3.1%
Celanese Corp., Class A		794,423		37,218,718
International Flavors & Fragrances, Inc.		322,225		23,515,980
Methanex Corp.		598,725		21,901,361
PPG Industries, Inc.		256,375		34,523,457
Total				117,159,516
Containers & Packaging 1.4%
Packaging Corp. of America		1,204,150		50,309,387
Metals & Mining 1.0%
Steel Dynamics, Inc.		1,980,550		30,242,999
United States Steel Corp.		423,125		8,817,925
Total				39,060,924
Total Materials				206,529,827

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 1.7%
Wireless Telecommunication Services 1.7%
Sprint Nextel Corp.^(a)		9,530,175		55,275,015
Telephone & Data Systems, Inc.		380,275		8,704,495
Total				63,979,510
Total Telecommunication Services				63,979,510
Utilities 8.7%
Electric Utilities 4.1%
Edison International		1,126,450		54,103,393
Great Plains Energy, Inc.		1,290,200		28,165,066
NV Energy, Inc.		1,638,675		32,380,218
PPL Corp.		1,251,175		38,561,214
Total				153,209,891
Gas Utilities 1.0%
Questar Corp.		1,623,100		38,159,081
Independent Power Producers & Energy Traders 2.1%
AES Corp. (The)		2,826,079		32,839,038
Calpine Corp.^(a)		1,290,725		23,749,340
NRG Energy, Inc.		848,475		20,363,400
Total				76,951,778
Multi-Utilities 1.5%
CMS Energy Corp.		941,800		25,061,298
Sempra Energy		395,249		30,734,562
Total				55,795,860
Total Utilities				324,116,610
Total Common Stocks (Cost: $2,776,532,918)				3,686,688,779
Money Market Funds 1.4%
Columbia Short-Term Cash Fund, 0.128%^(b)(c)		51,855,363		51,855,363
Total Money Market Funds (Cost: $51,855,363)				51,855,363
Total Investments (Cost: $2,828,388,281)				3,738,544,142
Other Assets & Liabilities, Net				(12,645,155	)
Net Assets				3,725,898,987

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Mid Cap Value Fund

Portfolio of Investments (continued)

February 28, 2013

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividend Income ($)				Value ($)
Columbia Short-Term Cash Fund					119,191,310				1,186,669,953				(1,254,005,900	)			51,855,363				110,836				51,855,363

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Mid Cap Value Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		417,329,332		—		—		417,329,332
Consumer Staples		87,447,830		—		—		87,447,830
Energy		517,654,511		—		—		517,654,511
Financials		1,076,120,822		—		—		1,076,120,822
Health Care		253,065,609		—		—		253,065,609
Industrials		419,614,786		—		—		419,614,786
Information Technology		320,829,942		—		—		320,829,942
Materials		206,529,827		—		—		206,529,827
Telecommunication Services		63,979,510		—		—		63,979,510
Utilities		324,116,610		—		—		324,116,610
Total Equity Securities		3,686,688,779		—		—		3,686,688,779
Other
Money Market Funds		51,855,363		—		—		51,855,363
Total Other		51,855,363		—		—		51,855,363
Total		3,738,544,142		—		—		3,738,544,142

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Mid Cap Value Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,776,532,918)	$	3,686,688,779
Affiliated issuers (identified cost $51,855,363)		51,855,363
Total investments (identified cost $2,828,388,281)		3,738,544,142
Receivable for:
Investments sold		10,888,623
Capital shares sold		2,937,433
Dividends		4,639,620
Prepaid expenses		9,847
Other assets		982
Total assets		3,757,020,647
Liabilities
Payable for:
Investments purchased		12,511,570
Capital shares purchased		17,402,000
Investment management fees		67,407
Distribution and/or service fees		11,765
Transfer agent fees		754,638
Administration fees		5,124
Plan administration fees		3
Compensation of board members		96,245
Other expenses		272,908
Total liabilities		31,121,660
Net assets applicable to outstanding capital stock	$	3,725,898,987
Represented by
Paid-in capital	$	2,809,524,894
Undistributed net investment income		2,485,205
Accumulated net realized gain		3,733,027
Unrealized appreciation (depreciation) on:
Investments		910,155,861
Total — representing net assets applicable to outstanding capital stock	$	3,725,898,987

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Mid Cap Value Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	991,510,011
Shares outstanding		61,877,669
Net asset value per share	$	16.02
Maximum offering price per share^(a)	$	17.00
Class B
Net assets	$	16,759,440
Shares outstanding		1,076,966
Net asset value per share	$	15.56
Class C
Net assets	$	115,248,358
Shares outstanding		7,378,788
Net asset value per share	$	15.62
Class I
Net assets	$	160,368,225
Shares outstanding		10,005,762
Net asset value per share	$	16.03
Class K^(b)
Net assets	$	13,833
Shares outstanding		861
Net asset value per share	$	16.07
Class R
Net assets	$	58,922,518
Shares outstanding		3,682,679
Net asset value per share	$	16.00
Class R4^(c)
Net assets	$	2,855
Shares outstanding		176
Net asset value per share	$	16.26	^(d)
Class R5^(c)
Net assets	$	2,863
Shares outstanding		176
Net asset value per share	$	16.26	^(d)
Class W
Net assets	$	79,580,990
Shares outstanding		4,965,260
Net asset value per share	$	16.03
Class Y
Net assets	$	4,974,937
Shares outstanding		310,429
Net asset value per share	$	16.03

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Mid Cap Value Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class Z
Net assets	$	2,298,514,957
Shares outstanding		143,242,839
Net asset value per share	$	16.05

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Mid Cap Value Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	69,951,945
Dividends — affiliated issuers		110,836
Income from securities lending — net		1,810,987
Foreign taxes withheld		(45,126	)
Total income		71,828,642
Expenses:
Investment management fees		24,254,448
Distribution and/or service fees
Class A		2,467,831
Class B		182,448
Class C		1,142,607
Class R		330,022
Class W		181,903
Transfer agent fees
Class A		1,986,810
Class B		36,679
Class C		230,085
Class K^(a)		6
Class R		132,740
Class R4^(b)		1
Class W		146,462
Class Y		17
Class Z		4,569,423
Administration fees		1,847,219
Plan administration fees
Class K^(a)		31
Compensation of board members		96,647
Custodian fees		27,483
Printing and postage fees		648,118
Registration fees		295,757
Professional fees		70,155
Other		89,519
Total expenses		38,736,411
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(4	)
Expense reductions		(12,613	)
Total net expenses		38,723,794
Net investment income		33,104,848
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		323,437,559
Net realized gain		323,437,559
Net change in unrealized appreciation (depreciation) on:
Investments		198,899,713
Net change in unrealized appreciation (depreciation)		198,899,713
Net realized and unrealized gain		522,337,272
Net increase in net assets resulting from operations	$	555,442,120

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Mid Cap Value Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012^(b)
Operations
Net investment income	$	33,104,848		$	30,997,981
Net realized gain		323,437,559			337,226,375
Net change in unrealized appreciation (depreciation)		198,899,713			(519,995,492	)
Net increase (decrease) in net assets resulting from operations		555,442,120			(151,771,136	)
Distributions to shareholders
Net investment income
Class A		(7,170,777	)		(6,764,702	)
Class B		(20,221	)		(28,753	)
Class C		(129,220	)		(142,957	)
Class I		(1,819,725	)		(1,231,267	)
Class K^(c)		(108	)		(64	)
Class R		(314,169	)		(447,096	)
Class R4		(7	)		—
Class R5		(8	)		—
Class W		(515,159	)		(424,228	)
Class Y		(9,251	)		(273	)
Class Z		(22,426,154	)		(20,394,685	)
Total distributions to shareholders		(32,404,799	)		(29,434,025	)
Increase (decrease) in net assets from capital stock activity		(842,012,844	)		(850,671,076	)
Proceeds from regulatory settlements (Note 6)		—			236,136
Total decrease in net assets		(318,975,523	)		(1,031,640,101	)
Net assets at beginning of year		4,044,874,510			5,076,514,611
Net assets at end of year	$	3,725,898,987		$	4,044,874,510
Undistributed net investment income	$	2,485,205		$	1,785,156

(a) Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class K (formerly Class R4) shares are for the period from March 7, 2011 (commencement of operations) to February 29, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Mid Cap Value Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		8,635,469			123,597,572			15,646,891			208,981,808
Fund merger		—			—			764,899			10,800,090
Distributions reinvested		471,483			6,604,196			476,451			6,016,193
Redemptions		(28,860,994	)		(408,951,908	)		(41,399,061	)		(555,805,689	)
Net decrease		(19,754,042	)		(278,750,140	)		(24,510,820	)		(330,007,598	)
Class B shares
Subscriptions		18,573			256,399			22,692			303,307
Fund merger		—			—			52,469			721,378
Distributions reinvested		1,294			17,749			2,011			24,476
Redemptions^(c)		(624,470	)		(8,597,881	)		(1,610,786	)		(20,994,752	)
Net decrease		(604,603	)		(8,323,733	)		(1,533,614	)		(19,945,591	)
Class C shares
Subscriptions		336,505			4,749,574			599,445			7,805,828
Fund merger		—			—			21,768			300,577
Distributions reinvested		7,236			99,746			8,906			108,836
Redemptions		(2,208,566	)		(30,709,256	)		(3,830,772	)		(49,672,691	)
Net decrease		(1,864,825	)		(25,859,936	)		(3,200,653	)		(41,457,450	)
Class I shares
Subscriptions		2,101,736			29,687,470			4,374,216			60,352,741
Fund merger		—			—			262,588			3,708,890
Distributions reinvested		129,936			1,819,598			95,462			1,231,178
Redemptions		(2,547,087	)		(36,055,306	)		(4,985,662	)		(67,344,843	)
Net decrease		(315,415	)		(4,548,238	)		(253,396	)		(2,052,034	)
Class K shares^(d)
Subscriptions		—			—			178			2,500
Fund merger		—			—			681			9,625
Distributions reinvested		1			18			1			10
Net increase		1			18			860			12,135
Class R shares
Subscriptions		1,119,132			15,985,362			6,538,656			90,315,959
Distributions reinvested		21,819			304,895			34,160			436,403
Redemptions		(3,225,643	)		(45,873,020	)		(24,491,543	)		(311,990,808	)
Net decrease		(2,084,692	)		(29,582,763	)		(17,918,727	)		(221,238,446	)
Class R4 shares
Subscriptions		176			2,500			—			—
Redemptions		—			—			—			—
Net increase		176			2,500			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Mid Cap Value Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		175			2,500			—			—
Distributions reinvested		1			8			—			—
Net increase		176			2,508			—			—
Class W shares
Subscriptions		1,499,020			21,790,489			2,155,313			27,938,697
Fund merger		—			—			7,276,910			102,861,296
Distributions reinvested		36,737			515,108			33,667			424,192
Redemptions		(2,132,169	)		(29,795,402	)		(3,904,432	)		(51,206,898	)
Net increase (decrease)		(596,412	)		(7,489,805	)		5,561,458			80,017,287
Class Y shares
Subscriptions		324,062			4,836,824			—			—
Distributions reinvested		625			9,079			11			138
Redemptions		(16,552	)		(254,762	)		—			—
Net increase		308,135			4,591,141			11			138
Class Z shares
Subscriptions		39,469,984			550,791,418			38,601,255			513,775,179
Distributions reinvested		1,267,831			17,779,812			1,140,867			14,563,073
Redemptions		(74,156,868	)		(1,060,625,626	)		(63,576,970	)		(844,337,769	)
Net decrease		(33,419,053	)		(492,054,396	)		(23,834,848	)		(315,999,517	)
Total net decrease		(58,330,554	)		(842,012,844	)		(65,689,729	)		(850,671,076	)

(a) Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class K (formerly Class R4) shares are for the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
18

Columbia Mid Cap Value Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.91		$	14.24		$	11.18		$	6.87		$	13.12
Income from investment operations:
Net investment income		0.11			0.07			0.13	^(a)		0.07			0.11
Net realized and unrealized gain (loss)		2.10			(0.33	)		3.07			4.32			(6.25	)
Total from investment operations		2.21			(0.26	)		3.20			4.39			(6.14	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.07	)		(0.14	)		(0.07	)		(0.10	)
Tax return of capital		—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.10	)		(0.07	)		(0.14	)		(0.08	)		(0.11	)
Proceeds from regulatory settlements		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	16.02		$	13.91		$	14.24		$	11.18		$	6.87
Total return		16.03	%		(1.75	%)		28.87	%		64.09	%		(47.05	%)
Ratios to average net assets^(c)
Total gross expenses		1.19	%		1.18	%		1.13	%		1.17	%		1.17	%
Total net expenses^(d)		1.19	%^(e)		1.18	%^(e)		1.13	%^(e)		1.17	%^(e)		1.17	%^(e)
Net investment income		0.75	%		0.59	%		1.05	%		0.71	%		0.97	%
Supplemental data
Net assets, end of period (in thousands)	$	991,510		$	1,135,303		$	1,511,519		$	1,441,388		$	966,440
Portfolio turnover		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
19

Columbia Mid Cap Value Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.52		$	13.89		$	10.94		$	6.73		$	12.86
Income from investment operations:
Net investment income (loss)		0.00	^(b)		(0.02	)		0.03	^(a)		0.00	^(b)		0.02
Net realized and unrealized gain (loss)		2.06			(0.34	)		3.01			4.23			(6.11	)
Total from investment operations		2.06			(0.36	)		3.04			4.23			(6.09	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.03	)
Tax return of capital		—			—			—			(0.00	)^(b)		(0.01	)
Total distributions to shareholders		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.04	)
Proceeds from regulatory settlements		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	15.56		$	13.52		$	13.89		$	10.94		$	6.73
Total return		15.22	%		(2.55	%)		27.89	%		62.86	%		(47.41	%)
Ratios to average net assets^(c)
Total gross expenses		1.94	%		1.93	%		1.88	%		1.92	%		1.92	%
Total net expenses^(d)		1.94	%^(e)		1.93	%^(e)		1.88	%^(e)		1.92	%^(e)		1.92	%^(e)
Net investment income (loss)		0.01	%		(0.19	%)		0.28	%		(0.01	%)		0.18	%
Supplemental data
Net assets, end of period (in thousands)	$	16,759		$	22,740		$	44,651		$	68,110		$	66,254
Portfolio turnover		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
20

Columbia Mid Cap Value Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.57		$	13.94		$	10.98		$	6.75		$	12.90
Income from investment operations:
Net investment income (loss)		0.00	^(b)		(0.02	)		0.04	^(a)		0.00	^(b)		0.02
Net realized and unrealized gain (loss)		2.07			(0.34	)		3.01			4.25			(6.13	)
Total from investment operations		2.07			(0.36	)		3.05			4.25			(6.11	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.03	)
Tax return of capital		—			—			—			(0.00	)^(b)		(0.01	)
Total distributions to shareholders		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.04	)
Proceeds from regulatory settlements		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	15.62		$	13.57		$	13.94		$	10.98		$	6.75
Total return		15.24	%		(2.54	%)		27.88	%		62.97	%		(47.42	%)
Ratios to average net assets^(c)
Total gross expenses		1.94	%		1.93	%		1.88	%		1.92	%		1.92	%
Total net expenses^(d)		1.94	%^(e)		1.93	%^(e)		1.88	%^(e)		1.92	%^(e)		1.92	%^(e)
Net investment income (loss)		0.00	%^(b)		(0.17	%)		0.30	%		(0.03	%)		0.19	%
Supplemental data
Net assets, end of period (in thousands)	$	115,248		$	125,463		$	173,457		$	181,941		$	144,370
Portfolio turnover		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Mid Cap Value Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	13.91		$	14.24		$	11.68
Income from investment operations:
Net investment income		0.17			0.13			0.03
Net realized and unrealized gain (loss)		2.12			(0.33	)		2.58
Total from investment operations		2.29			(0.20	)		2.61
Less distributions to shareholders:
Net investment income		(0.17	)		(0.13	)		(0.05	)
Total distributions to shareholders		(0.17	)		(0.13	)		(0.05	)
Proceeds from regulatory settlements		—			0.00	^(b)		—
Net asset value, end of period	$	16.03		$	13.91		$	14.24
Total return		16.61	%		(1.32	%)		22.40	%
Ratios to average net assets^(c)
Total gross expenses		0.74	%		0.73	%		0.72	%^(d)
Total net expenses^(e)		0.74	%		0.73	%		0.72	%^(d)
Net investment income		1.19	%		1.03	%		0.53	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	160,368		$	143,562		$	150,603
Portfolio turnover		36	%		39	%		50	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Mid Cap Value Fund

Financial Highlights (continued)

Class K^(a)	Year Ended February 28, 2013			Year Ended February 29, 2012^(b)
Per share data
Net asset value, beginning of period	$	13.94		$	14.06
Income from investment operations:
Net investment income		0.13			0.11
Net realized and unrealized gain (loss)		2.13			(0.15	)
Total from investment operations		2.26			(0.04	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.08	)
Total distributions to shareholders		(0.13	)		(0.08	)
Proceeds from regulatory settlements		—			0.00	^(c)
Net asset value, end of period	$	16.07		$	13.94
Total return		16.31	%		(0.23	%)
Ratios to average net assets^(d)
Total gross expenses		1.04	%		1.05	%^(e)
Total net expenses^(f)		1.01	%		1.03	%^(e)
Net investment income		0.93	%		0.86	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	14		$	12
Portfolio turnover		36	%		39	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Mid Cap Value Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.89		$	14.23		$	11.18		$	6.87		$	13.11
Income from investment operations:
Net investment income		0.07			0.01			0.10	^(a)		0.04			0.09
Net realized and unrealized gain (loss)		2.11			(0.31	)		3.07			4.33			(6.24	)
Total from investment operations		2.18			(0.30	)		3.17			4.37			(6.15	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.04	)		(0.12	)		(0.05	)		(0.08	)
Tax return of capital		—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.07	)		(0.04	)		(0.12	)		(0.06	)		(0.09	)
Proceeds from regulatory settlements		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	16.00		$	13.89		$	14.23		$	11.18		$	6.87
Total return		15.76	%		(2.04	%)		28.53	%		63.69	%		(47.13	%)
Ratios to average net assets^(c)
Total gross expenses		1.44	%		1.45	%		1.38	%		1.42	%		1.42	%
Total net expenses^(d)		1.44	%^(e)		1.43	%^(e)		1.38	%^(e)		1.42	%^(e)		1.42	%^(e)
Net investment income		0.50	%		0.15	%		0.80	%		0.44	%		0.94	%
Supplemental data
Net assets, end of period (in thousands)	$	58,923		$	80,096		$	337,001		$	276,046		$	145,227
Portfolio turnover		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
24

Columbia Mid Cap Value Fund

Financial Highlights (continued)

Class R4	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.24
Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain		2.00
Total from investment operations		2.06
Less distributions to shareholders:
Net investment income		(0.04	)
Total distributions to shareholders		(0.04	)
Net asset value, end of period	$	16.26
Total return		14.49	%
Ratios to average net assets^(b)
Total gross expenses		0.85	%^(c)
Total net expenses^(d)		0.85	%^(c)
Net investment income		1.19	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		36	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
25

Columbia Mid Cap Value Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.24
Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain		2.00
Total from investment operations		2.06
Less distributions to shareholders:
Net investment income		(0.04	)
Total distributions to shareholders		(0.04	)
Net asset value, end of period	$	16.26
Total return		14.52	%
Ratios to average net assets^(b)
Total gross expenses		0.77	%^(c)
Total net expenses^(d)		0.77	%^(c)
Net investment income		1.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		36	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
26

Columbia Mid Cap Value Fund

Financial Highlights (continued)

Class W	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	13.91		$	14.24		$	11.69
Income from investment operations:
Net investment income		0.11			0.09			0.02
Net realized and unrealized gain (loss)		2.11			(0.35	)		2.57
Total from investment operations		2.22			(0.26	)		2.59
Less distributions to shareholders:
Net investment income		(0.10	)		(0.07	)		(0.04	)
Total distributions to shareholders		(0.10	)		(0.07	)		(0.04	)
Proceeds from regulatory settlements		—			0.00	^(b)		—
Net asset value, end of period	$	16.03		$	13.91		$	14.24
Total return		16.09	%		(1.74	%)		22.17	%
Ratios to average net assets^(c)
Total gross expenses		1.19	%		1.19	%		1.14	%^(d)
Total net expenses^(e)		1.19	%^(f)		1.19	%^(f)		1.14	%^(d)(f)
Net investment income		0.74	%		0.69	%		0.34	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	79,581		$	77,367		$	3
Portfolio turnover		36	%		39	%		50	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
27

Columbia Mid Cap Value Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Y	2013			2012			2011			2010^(a)
Per share data
Net asset value, beginning of period	$	13.91		$	14.24		$	11.18		$	8.86
Income from investment operations:
Net investment income		0.18			0.13			0.16	^(b)		0.08
Net realized and unrealized gain (loss)		2.09			(0.34	)		3.08			2.31
Total from investment operations		2.27			(0.21	)		3.24			2.39
Less distributions to shareholders:
Net investment income		(0.15	)		(0.12	)		(0.18	)		(0.06	)
Tax return of capital		—			—			—			(0.01	)
Total distributions to shareholders		(0.15	)		(0.12	)		(0.18	)		(0.07	)
Proceeds from regulatory settlements		—			0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	16.03		$	13.91		$	14.24		$	11.18
Total return		16.50	%		(1.40	%)		29.23	%		27.00	%
Ratios to average net assets^(d)
Total gross expenses		0.77	%		0.82	%		0.81	%		0.76	%^(e)
Total net expenses^(f)		0.77	%		0.82	%		0.81	%^(g)		0.76	%^(e)(g)
Net investment income		1.19	%		0.97	%		1.25	%		1.28	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	4,975		$	32		$	33		$	13
Portfolio turnover		36	%		39	%		50	%		56	%

Notes to Financial Highlights

(a) For the period from July 15, 2009 (commencement of operations) to February 28, 2010.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(e) Annualized.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
28

Columbia Mid Cap Value Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.93		$	14.26		$	11.20		$	6.88		$	13.13
Income from investment operations:
Net investment income		0.14			0.11			0.16	^(a)		0.09			0.14
Net realized and unrealized gain (loss)		2.12			(0.33	)		3.07			4.33			(6.25	)
Total from investment operations		2.26			(0.22	)		3.23			4.42			(6.11	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.11	)		(0.17	)		(0.09	)		(0.13	)
Tax return of capital		—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.14	)		(0.11	)		(0.17	)		(0.10	)		(0.14	)
Proceeds from regulatory settlements		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	16.05		$	13.93		$	14.26		$	11.20		$	6.88
Total return		16.36	%		(1.50	%)		29.14	%		64.55	%		(46.87	%)
Ratios to average net assets^(c)
Total gross expenses		0.94	%		0.93	%		0.88	%		0.92	%		0.92	%
Total net expenses^(d)		0.94	%^(e)		0.93	%^(e)		0.88	%^(e)		0.92	%^(e)		0.92	%^(e)
Net investment income		1.01	%		0.85	%		1.30	%		0.95	%		1.23	%
Supplemental data
Net assets, end of period (in thousands)	$	2,298,515		$	2,460,299		$	2,859,249		$	2,419,305		$	1,459,522
Portfolio turnover		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
29

Columbia Mid Cap Value Fund

Notes to Financial Statements

February 28, 2013

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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z 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 only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized

investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Annual Report 2013
30

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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

Annual Report 2013
31

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

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.

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the

Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.76% to 0.62% as the Fund's net assets increase. The annualized effective investment management fee rate for the year ended February 28, 2013 was 0.66% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the year ended February 28, 2013 was 0.05% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

Annual Report 2013
32

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Effective November 1, 2012, Class Y shares will not pay transfer agent fees for at least twelve months.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4*	0.14
Class R5*	0.05
Class W	0.20
Class Y*	0.00	**
Class Z	0.20

*Annualized

**Rounds to zero

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25%

of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class B, Class C, Class R and Class W shares, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $153,828 for Class A, $18,911 for Class B and $2,703 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Annual Report 2013
33

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

the following annual rates as a percentage of the class' average daily net assets:

Class A	1.27	%
Class B	2.02
Class C	2.02
Class I	0.87
Class K	1.17
Class R	1.52
Class R4*	1.02
Class R5*	0.92
Class W	1.27
Class Y	0.87
Class Z	1.02

*Annual rate is contractual from November 8, 2012 (commencement of operations of each share class) through November 8, 2013.

Class A	1.19	%
Class B	1.94
Class C	1.94
Class I	0.80
Class K	1.10
Class R	1.44
Class W	1.19
Class Y	0.94
Class Z	0.94

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, and Trustees' deferred compensation. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

The Fund did not have any permanent differences; therefore, no reclassifications were made to the Statement of Assets and Liabilities.

The tax character of distributions paid during the years indicated was as follows:

	Year Ended February 28, 2013		Year Ended February 29, 2012
Ordinary income	$	32,404,799	$	29,434,025
Long-term capital gains		—		—
Tax return of capital		—		—
Total	$	32,404,799	$	29,434,025

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	2,580,036
Undistributed accumulated long-term gain		12,837,587
Unrealized appreciation		901,051,300

At February 28, 2013, the cost of investments for federal income tax purposes was $2,837,492,842 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	983,292,601
Unrealized depreciation		(82,241,301	)
Net unrealized appreciation		901,051,300

For the year ended February 28, 2013, $308,216,178 of capital loss carryforward was utilized.

Annual Report 2013
34

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,298,750,026 and $2,055,277,979, respectively, for the year ended February 28, 2013.

Note 6. Regulatory Settlements

During the year ended February 29, 2012, the Fund received $236,136 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

Note 8. Affiliated Money Market Fund

Note 9. Shareholder Concentration

At February 28, 2013, 2 unaffiliated shareholder accounts owned an aggregate of 37.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts.. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund had no borrowings during the year ended February 28, 2013.

Note 11. Risks Relating to Certain Investments

Financial Sector Risk

The Fund's portfolio managers may invest significantly in issuers operating in the financial sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Annual Report 2013
35

Columbia Mid Cap Value Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 12. Subsequent Events

Note 13. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
36

Columbia Mid Cap Value Fund

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 portfolio of investments, 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, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
37

Columbia Mid Cap Value Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income		100.00	%
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	13,479,466

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Annual Report 2013
38

Columbia Mid Cap Value Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
39

Columbia Mid Cap Value Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
40

Columbia Mid Cap Value Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
41

Columbia Mid Cap Value Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
42

Columbia Mid Cap Value Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
43

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Annual Report 2013
44

Columbia Mid Cap Value Fund

Important Information About This Report

Annual Report 2013
45

Columbia Mid Cap Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN197_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Multi-Advisor International Equity Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Multi-Advisor International Equity Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as the year 2012 came to a close. However, they ended the year up strongly, as first- and third-quarter gains more than offset third- and fourth-quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Multi-Advisor International Equity Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					9
Portfolio of Investments					10
Statement of Assets and Liabilities					21
Statement of Operations					23
Statement of Changes in Net Assets					24
Financial Highlights					27
Notes to Financial Statements					38
Report of Independent Registered Public Accounting Firm					48
Federal Income Tax Information					49
Trustees and Officers					50
Important Information About This Report					57

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Multi-Advisor International Equity Fund

Performance Overview

Performance Summary

> Columbia Multi-Advisor International Equity Fund (the Fund) Class A shares returned 6.41% excluding sales charges for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned 9.84% for the same 12-month period.

> The Fund's exposure to emerging markets, particularly China and Brazil, held back relative results. Emerging markets are not included in the benchmark.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	06/03/92
Excluding sales charges			6.41		-3.12		7.95
Including sales charges			0.32		-4.26		7.31
Class B	06/07/93
Excluding sales charges			5.59		-3.86		7.15
Including sales charges			0.59		-4.22		7.15
Class C	06/17/92
Excluding sales charges			5.64		-3.84		7.31
Including sales charges			4.64		-3.84		7.31
Class I*	09/27/10		6.96		-2.75		8.28
Class K (formerly Class R4)*	03/07/11		6.64		-2.96		8.11
Class R*	01/23/06		6.20		-3.36		7.68
Class R4*	11/08/12		6.73		-2.86		8.22
Class R5*	11/08/12		6.77		-2.86		8.23
Class W*	09/27/10		6.40		-3.09		7.98
Class Y*	03/07/11		6.98		-2.78		8.27
Class Z	12/02/91		6.72		-2.86		8.22
MSCI EAFE Index (Net)			9.84		-1.26		9.39

The MSCI EAFE (Europe, Australasia and the Far East) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Annual Report 2013
2

Columbia Multi-Advisor International Equity Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

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

Annual Report 2013
3

Columbia Multi-Advisor International Equity Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 6.41% excluding sales charge. The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned 9.84% for the same 12-month period. During a period in which the dominant trends in capital markets changed quickly, investments in the emerging markets of China and Brazil, which are not included in the benchmark, detracted from relative performance, as did, to lesser degrees, investments in India, Russia and Taiwan. The Fund's currency strategy also accounted for a slight loss over the period.

The Fund is managed to take advantage of opportunities across different regions, investment styles and market segments by allocating assets among three co-managers, each with a different style and regional expertise. Threadneedle International Limited focuses on European equities, while Marsico Capital Management manages international multi-cap equities. The investment team from Columbia Management Investment Advisers (Columbia) manages four separate sub-portfolios: one focuses on emerging markets; a second concentrates on the Pacific/Asia region, excluding Japan; a third manages Japanese equities exclusively and the fourth seeks incremental return from a strategy that buys and sells the currencies of major developed economies.

Investors Shrug Off Weak Global Growth

Europe's economic woes and U.S. struggles to avoid a fiscal cliff of tax increases and spending cuts weighed on the global economy during the 12-month period ended February 28, 2013. Yet, investors chose to look beyond the numbers and came in from the sidelines to bid stock prices significantly higher. Favorable central bank action in key markets and improving prospects for the U.S. economy gave investors confidence to favor stocks and other riskier assets. The U.S. economy expanded at a pace of just 1.6% in 2012. However, a pickup in job growth early in 2013 and steady manufacturing activity pointed to better times ahead. Meanwhile, much of Europe headed toward recession. So far, the United Kingdom has avoided recession — but only barely so — and Japan's economy slipped into negative territory for the fifth time in 15 years. Major emerging market economies, including China, forged ahead, although mostly at a slower pace. Against this backdrop, international markets delivered solid returns despite an early slump. The European Monetary Union's announcement in the summer that it would do whatever was necessary to hold the European euro together, support the euro currency, and aid troubled peripheral countries bolstered investor confidence. Japan's November elections, which resulted in a new government pledge to pursue pro-growth policies to end Japan's prolonged economic woes, gave additional fuel to the rally.

Exposure to China and Brazil Detracted from Relative Returns

Despite positive contributions from the Fund's emerging markets position overall, exposure to the emerging markets of China and Brazil detracted from relative results. Certain Fund holdings also contributed to the shortfall relative to the benchmark. Underweights relative to the benchmark in British banking institutions in general, and of HSBC Holdings in particular, were a drag on results, as was the decision not to own a major French pharmaceutical company that posted double-digit gains. Chinese Internet search company Baidu was a notable disappointment, as it fell on concerns about competition and the challenges of sustaining both growth and profitability.

Portfolio Management

Columbia Management Investment Advisers, LLC

Colin Moore, AIIMR

Fred Copper, CFA

Marsico Capital Management, LLC

James Gendelman

Munish Malhotra, CFA

Threadneedle International Limited

Daniel Ison, IMC

Morningstar Style Box^TM

© 2013 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.

Annual Report 2013
4

Columbia Multi-Advisor International Equity Fund

Manager Discussion of Fund Performance (continued)

The Fund's currency strategy contributed a slight loss, mostly during May 2012 when currency markets were challenged by worries about the ability of the Greek government to meet its debt obligations. The Fund also used currency forward contracts to manage risk, but the use of these derivatives had a negligible impact on performance.

Two of Three Investment Components Outperformed Their Benchmarks

Even though emerging markets lagged developed markets, the Fund's emerging markets portfolio, managed by Columbia, performed especially well, primarily because of strong stock selection and country allocations, most notably in the Philippines and Thailand. The Columbia Pacific/Asia excluding Japan and Japan sub-portfolios also performed well. The Threadneedle-managed European equity sleeve outperformed its benchmark, helped by stock selection in Spain, France, Germany and Finland, particularly in the consumer staples sector. The Fund also was helped by increasing emphasis on the more cyclical financials and consumer discretionary sectors. Specific investments that supported relative performance included Samsung Electronics, the South Korean consumer electronics corporation; Fuji Heavy Industries, the Japanese producer of Subaru vehicles; and Metropolitan Bank & Trust, of the Philippines. The Marsico portfolio of international multi-cap stocks trailed its benchmark, primarily because of stock selection in the telecommunication services, energy and health care sectors. An overweight relative to the benchmark in the information technology sector also held back the Marsico portfolio's performance, while underweighting the materials sector and overweighting the consumer discretionary area helped. Although the impact of currency management was generally a detraction for the Fund overall, currency had a generally positive impact on the Marsico-managed portfolio, aided by an underweight in securities denominated in the Japanese yen, which weakened in the period.

Improving Expectations for 2013

We currently anticipate that the global economy may perform somewhat better in 2013 than it did in 2012, despite challenges in some developed economies. We expect the United States, Japan and Europe to continue to struggle with structural problems, including aging populations and high debt. Europe and the United States also face modest growth prospects and continuing worries about the risk of falling back into recession.

At the same time, we currently see the upside potential in emerging markets. We continue to believe that the Fund's diversified, multi-manager mix of geographically focused investment strategies can help identify opportunities and balance risks over the longer term.

Top Ten Holdings (%) (at February 28, 2013)
Nestle' SA, Registered Shares (Switzerland)					2.3
Samsung Electronics Co., Ltd. (South Korea)					2.1
Diageo PLC (United Kingdom)					1.6
Anheuser-Busch InBev NV (Belgium)					1.6
Allianz SE, Registered Shares (Germany)					1.4
Unilever PLC (United Kingdom)					1.4
UBS AG, Registered Shares (Switzerland)					1.3
BNP Paribas SA (France)					1.2
Novo Nordisk A/S, Class B (Denmark)					1.2
Swatch Group AG (The), Registered Shares (Switzerland)					1.1

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Annual Report 2013
5

Columbia Multi-Advisor International Equity Fund

Manager Discussion of Fund Performance (continued)

Country Breakdown (%) (at February 28, 2013)
Argentina	0.2
Australia	3.6
Belgium	1.5
Brazil	2.0
Cambodia	0.1
Canada	0.8
Chile	0.2
China	5.6
Denmark	1.1
Finland	0.4
France	6.2
Germany	10.4
Hong Kong	2.8
India	2.5
Indonesia	1.8
Israel	0.3
Italy	0.2
Japan	7.7
Malta	0.0	^(a)
Mexico	0.5
Netherlands	2.3
Norway	0.2
Panama	0.1
Peru	0.3
Philippines	2.5
Poland	0.2
Portugal	0.3
Russian Federation	1.1
Singapore	2.2
South Africa	0.7
South Korea	3.7
Spain	1.9
Sweden	0.2
Switzerland	8.4
Taiwan	3.0
Thailand	2.8
Turkey	0.9
United Kingdom	16.2
United States^(b)	5.1
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Annual Report 2013
6

Columbia Multi-Advisor International Equity Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at February 28, 2013)
Aerospace & Defense					1.5
Airlines					0.5
Auto Components					1.2
Automobiles					3.9
Beverages					3.6
Capital Markets					1.7
Chemicals					4.2
Commercial Banks					12.0
Commercial Services & Supplies					0.3
Communications Equipment					0.1
Computers & Peripherals					0.9
Construction & Engineering					1.0
Construction Materials					0.7
Containers & Packaging					0.3
Diversified Financial Services					1.9
Diversified Telecommunication Services					0.9
Electrical Equipment					1.2
Electronic Equipment, Instruments & Components					1.5
Energy Equipment & Services					0.2
Food & Staples Retailing					1.5
Food Products					4.1
Gas Utilities					0.8
Health Care Equipment & Supplies					0.5
Health Care Providers & Services					1.4
Hotels, Restaurants & Leisure					2.3
Household Durables					1.2
Household Products					1.0
Independent Power Producers & Energy Traders					0.6
Industrial Conglomerates					0.7
Insurance					4.0
Internet & Catalog Retail					0.4
Internet Software & Services					2.1
IT Services					1.3
Leisure Equipment & Products					0.1
Machinery					1.7
Media					3.7
Metals & Mining					2.1
Multiline Retail					0.5
Office Electronics					0.2

Annual Report 2013
7

Columbia Multi-Advisor International Equity Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at February 28, 2013) (continued)
Oil, Gas & Consumable Fuels					3.9
Personal Products					0.6
Pharmaceuticals					5.2
Professional Services					0.9
Real Estate Investment Trusts (REITs)					1.1
Real Estate Management & Development					2.3
Road & Rail					0.4
Semiconductors & Semiconductor Equipment					4.3
Software					1.3
Specialty Retail					1.2
Textiles, Apparel & Luxury Goods					2.7
Tobacco					0.8
Trading Companies & Distributors					2.6
Transportation Infrastructure					0.8
Water Utilities					0.3
Wireless Telecommunication Services					1.7
Money Market Funds					2.6
Total					100.5

Percentages indicated are based upon net assets. The Fund's portfolio composition is subject to change.

Annual Report 2013
8

Columbia Multi-Advisor International Equity Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,113.80			1,017.75		7.44			7.10		1.42
Class B		1,000.00		1,000.00		1,109.40			1,014.03		11.35			10.84		2.17
Class C		1,000.00		1,000.00		1,109.60			1,014.03		11.35			10.84		2.17
Class I		1,000.00		1,000.00		1,116.80			1,020.08		4.99			4.76		0.95
Class K (formerly Class R4)		1,000.00		1,000.00		1,115.10			1,018.60		6.56			6.26		1.25
Class R		1,000.00		1,000.00		1,112.70			1,016.51		8.75			8.35		1.67
Class R4*		1,000.00		1,000.00		1,081.70	*		1,018.60		3.96	*		6.26		1.25	*
Class R5*		1,000.00		1,000.00		1,082.00	*		1,019.59		3.32	*		5.26		1.05	*
Class W		1,000.00		1,000.00		1,113.80			1,017.75		7.44			7.10		1.42
Class Y		1,000.00		1,000.00		1,116.50			1,020.08		4.99			4.76		0.95
Class Z		1,000.00		1,000.00		1,115.30			1,019.04		6.08			5.81		1.16

*For the period November 8, 2012 through February 28, 2013. Class R4 and R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
9

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 96.4%

Issuer	Shares		Value ($)
Argentina 0.2%
MercadoLibre, Inc.		22,407		1,918,263
Australia 3.6%
Amcor Ltd.		259,904		2,436,839
Australia and New Zealand Banking Group Ltd.		228,453		6,680,928
BHP Billiton Ltd.		118,709		4,444,248
Commonwealth Bank of Australia		50,555		3,465,326
Flight Centre Ltd.		52,601		1,739,749
Monadelphous Group Ltd.		103,901		2,630,365
National Australia Bank Ltd.		37,895		1,166,217
Telstra Corp., Ltd.		843,224		3,946,807
Transurban Group		92,479		580,493
Wesfarmers Ltd.		38,804		1,623,820
Westfield Retail Trust		365,393		1,185,572
Westpac Banking Corp.		134,473		4,218,579
Total				34,118,943
Belgium 1.5%
Anheuser-Busch InBev NV		156,215		14,639,666
Brazil 2.0%
Arezzo Industria e Comercio SA		49,800		1,006,366
BR Malls Participacoes SA		402,000		5,199,151
Cia Hering		42,000		815,004
Companhia de Bebidas Americas, ADR		31,603		1,402,541
Hypermarcas SA^(a)		175,900		1,554,254
Linx SA^(a)		44,200		714,337
Mills Estruturas e Servicos de Engenharia SA		135,100		2,195,017
Qualicorp SA^(a)		179,800		2,010,192
Ultrapar Participacoes SA		86,200		2,234,041
Vale SA		91,900		1,754,986
Total				18,885,889
Cambodia 0.1%
NagaCorp Ltd.		1,202,000		954,827
Canada 0.8%
Canadian National Railway Co.		39,092		3,963,929
IMAX Corp.^(a)		67,679		1,739,350
Pacific Rubiales Energy Corp.		62,873		1,539,436
Total				7,242,715

Common Stocks (continued)

Issuer	Shares		Value ($)
Chile 0.2%
SACI Falabella		139,600		1,629,395
China 5.6%
Anhui Conch Cement Co., Ltd., Class H		186,500		680,070
Baidu, Inc., ADR^(a)		29,084		2,639,664
Beijing Enterprises Holdings Ltd.		107,500		822,368
Brilliance China Automotive Holdings Ltd.^(a)		862,000		1,187,924
China Communications Construction Co., Ltd., Class H		4,614,000		4,362,880
China Milk Products Group Ltd.^(a)(b)(c)		7,426,000		239,858
China Mobile Ltd., ADR		64,386		3,528,353
China Petroleum & Chemical Corp., Class H		3,110,000		3,531,341
China Shenhua Energy Co., Ltd., Class H		684,500		2,588,722
China Telecom Corp., Ltd., Class H		698,000		361,684
China Vanke Co., Ltd., Class B		1,436,370		2,917,954
CIMC Enric Holdings Ltd.		796,000		881,193
CNOOC Ltd.		1,455,089		2,843,849
ENN Energy Holdings Ltd.		492,000		2,469,147
Guangdong Investment Ltd.		3,184,000		2,736,982
Industrial & Commercial Bank of China Ltd., Class H		11,557,000		8,285,433
Kunlun Energy Co., Ltd.		272,000		563,384
KWG Property Holding Ltd.		1,292,000		885,125
Lenovo Group Ltd.		852,000		950,094
PetroChina Co., Ltd., Class H		4,198,000		5,753,449
Tencent Holdings Ltd.		46,300		1,594,301
Want Want China Holdings Ltd.		1,131,000		1,582,784
Wumart Stores, Inc., Class H		454,000		891,495
Zhuzhou CSR Times Electric Co., Ltd., Class H		415,000		1,369,485
Total				53,667,539
Denmark 1.1%
Novo Nordisk A/S, Class B		61,908		10,811,802
Finland 0.4%
KONE OYJ, Class B		45,687		3,686,066
France 6.2%
Air Liquide SA		21,632		2,625,339

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
AtoS		58,711		4,350,310
BNP Paribas SA		206,124		11,529,373
Edenred		93,274		3,222,135
European Aeronautic Defence and Space Co. NV		141,334		7,204,592
L'Oreal SA		25,024		3,733,032
Pernod-Ricard SA		15,778		2,043,462
Publicis Groupe SA		105,159		6,934,097
Rexel SA		90,230		2,088,398
Schneider Electric SA		122,724		9,399,795
Societe Generale SA^(a)		76,012		2,897,469
Unibail-Rodamco SE		12,173		2,809,786
Total				58,837,788
Germany 9.4%
Adidas AG		42,085		3,825,164
Allianz SE, Registered Shares		94,191		12,841,636
BASF SE		70,194		6,592,389
Bayer AG, Registered Shares		84,218		8,317,350
Bayerische Motoren Werke AG		45,140		4,150,213
Brenntag AG		54,103		7,696,981
Continental AG		41,682		4,880,056
Fresenius Medical Care AG & Co. KGaA		132,709		9,095,172
Fresenius SE & Co. KGaA		10,353		1,270,368
Kabel Deutschland Holding AG		112,531		9,742,906
Lanxess AG		74,664		6,301,313
Merck KGaA		33,936		4,778,161
SAP AG		116,028		9,060,662
Total				88,552,371
Hong Kong 2.8%
AAC Technologies Holdings, Inc.		225,046		955,388
AIA Group Ltd.		1,199,600		5,187,750
Cheung Kong Holdings Ltd.		104,000		1,614,827
Hang Lung Properties Ltd.		186,000		720,937
Hongkong Land Holdings Ltd.		164,000		1,264,834
Jardine Matheson Holdings Ltd.		26,800		1,696,879
Link REIT (The)		444,000		2,373,597
Sands China Ltd.		1,249,200		5,940,718
Television Broadcasts Ltd.		361,000		2,749,218
Trinity Ltd.		1,342,000		760,244
Wharf Holdings Ltd.		269,000		2,349,414

Common Stocks (continued)

Issuer	Shares		Value ($)
Wynn Macau Ltd.^(a)		317,200		834,755
Total				26,448,561
India 2.5%
Asian Paints Ltd.		20,259		1,589,385
Bharti Airtel Ltd.		156,229		924,398
Cairn India Ltd.		523,058		2,865,542
Cummins India Ltd.		79,631		697,031
Eicher Motors Ltd.		11,500		585,654
Havells India Ltd		83,589		979,210
HCL Technologies Ltd.		57,909		770,418
HDFC Bank Ltd., ADR		90,460		3,442,003
ICICI Bank Ltd., ADR		76,452		3,204,868
ITC Ltd.		566,998		3,072,284
Jubilant Foodworks Ltd.^(a)		36,350		698,659
Tata Motors Ltd.		558,885		2,998,527
Titan Industries Ltd.		435,504		2,082,625
Total				23,910,604
Indonesia 1.9%
PT Ace Hardware Indonesia Tbk		9,475,500		715,698
PT AKR Corporindo Tbk		1,532,500		708,389
PT Astra International Tbk		1,539,500		1,265,622
PT Bank Rakyat Indonesia Persero Tbk		2,258,500		2,204,387
PT Bank Tabungan Pensiunan Nasional Tbk^(a)		2,346,500		1,141,258
PT Gudang Garam Tbk		339,500		1,695,486
PT Indocement Tunggal Prakarsa Tbk		1,730,000		3,925,318
PT Indofood Sukses Makmur Tbk		1,469,000		1,107,528
PT Nippon Indosari Corpindo Tbk		1,698,000		1,088,853
PT Perusahaan Gas Negara Persero Tbk		4,868,000		2,415,451
PT Sumber Alfaria Trijaya Tbk		1,950,000		1,251,100
Total				17,519,090
Israel 0.3%
Check Point Software Technologies Ltd.^(a)		52,655		2,764,914
Italy 0.2%
Mediobanca SpA		317,694		1,920,783
Japan 7.7%
Activia Properties, Inc.		110		835,469
Aisin Seiki Co., Ltd.		17,500		633,357

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Arnest One Corp.		103,900		1,707,048
Astellas Pharma, Inc.		27,600		1,490,891
Canon, Inc.		44,600		1,614,046
Chiyoda Co., Ltd.		32,000		702,527
Daiichikosho Co., Ltd.		64,400		1,666,799
Dena Co., Ltd.		102,100		2,863,005
FANUC CORP.		19,200		2,960,601
Fast Retailing Co., Ltd.		900		247,060
Fuji Heavy Industries Ltd.		146,000		2,186,055
Hino Motors Ltd.		140,000		1,478,870
Hitachi Ltd.		305,000		1,709,514
Honda Motor Co., Ltd.		97,500		3,646,364
Hoshizaki Electric Co., Ltd.		30,200		827,539
Hoya Corp.		136,000		2,604,014
Industrial & Infrastructure Fund Investment Corp.		36		323,061
ITOCHU Corp.		253,100		2,920,446
Japan Tobacco, Inc.		87,400		2,759,574
Kakaku.com, Inc.		2,500		97,076
Kinki Sharyo Co., Ltd.		125,000		404,282
Komatsu Ltd.		112,800		2,840,562
Lawson, Inc.		23,500		1,747,864
Maeda Road Construction Co., Ltd.		41,000		587,691
Marubeni Corp.		379,000		2,764,374
Mitsubishi Estate Co., Ltd.		42,000		1,047,027
Mitsubishi UFJ Financial Group, Inc.		525,200		2,910,883
Mitsui & Co., Ltd.		88,200		1,305,671
Mizuho Financial Group, Inc.		1,574,900		3,463,869
MonotaRO Co., Ltd		2,200		96,205
Nippon Prologis REIT, Inc.^(a)		17		133,154
Nippon Telegraph & Telephone Corp.		20,500		936,700
Nitto Denko Corp.		37,000		2,170,829
ORIX Corp.		22,180		2,471,197
Otsuka Holdings Co., Ltd.		15,400		493,316
Rakuten, Inc.		417,500		3,608,804
Shin-Etsu Chemical Co., Ltd.		27,400		1,684,503
SoftBank Corp.		9,700		359,275
Sumitomo Mitsui Financial Group, Inc.		91,600		3,655,673
Takeda Pharmaceutical Co., Ltd.		35,400		1,829,686
Totetsu Kogyo Co., Ltd		52,800		760,779

Common Stocks (continued)

Issuer	Shares		Value ($)
Toyota Motor Corp.		74,100		3,805,745
Tsuruha Holdings, Inc.		8,600		745,098
Total				73,096,503
Malta — %
BGP Holdings PLC^(b)(c)		2,232,232		3
Mexico 0.5%
Alfa SAB de CV, Class A		475,500		1,143,997
Grupo Financiero Santander Mexico SAB de CV, ADR, Class B^(a)		167,533		2,499,592
Grupo Mexico SAB de CV, Class B		282,936		1,109,397
Total				4,752,986
Netherlands 2.4%
Aegon NV		1,001,881		5,963,849
ASML Holding NV		84,118		5,970,379
ING Groep NV-CVA^(a)		819,116		6,557,695
Ziggo NV		110,401		3,726,413
Total				22,218,336
Norway 0.2%
Seadrill Ltd.		56,873		2,073,898
Panama 0.1%
Copa Holdings SA, Class A		9,953		1,039,292
Peru 0.3%
Credicorp Ltd.		17,535		2,629,899
Philippines 2.5%
Aboitiz Power Corp.		2,454,500		2,324,109
Ayala Land, Inc.		3,546,100		2,787,468
Energy Development Corp.		17,944,100		3,345,238
GT Capital Holdings, Inc.		293,720		5,418,503
International Container Terminal Services, Inc.		529,370		1,067,122
Metropolitan Bank & Trust		1,368,340		3,834,625
Security Bank Corp.		1,020,660		4,432,561
Total				23,209,626
Poland 0.2%
Eurocash SA		131,200		2,188,594
Portugal 0.3%
Galp Energia SGPS SA		177,361		2,732,327

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Russian Federation 1.1%
Gazprom OAO, ADR		98,804		877,301
Lukoil OAO, ADR		23,773		1,533,953
Magnit OJSC, GDR^(d)		51,165		2,164,044
Mail.ru Group Ltd., GDR^(d)		23,240		780,873
Mobile Telesystems OJSC, ADR		47,642		985,713
Yandex NV, Class A^(a)		165,237		3,831,846
Total				10,173,730
Singapore 2.2%
CapitaCommercial Trust		883,000		1,182,858
DBS Group Holdings Ltd.		257,000		3,125,207
Global Logistic Properties Ltd.		440,000		902,421
Hutchison Port Holdings Trust		3,684,000		2,978,967
Keppel Corp., Ltd.		361,000		3,382,530
Mapletree Logistics Trust		1,838,000		1,809,295
Singapore Technologies Engineering Ltd.		924,000		3,164,171
Venture Corp., Ltd.		280,000		1,929,069
Wing Tai Holdings Ltd.		1,426,000		2,232,285
Total				20,706,803
South Africa 0.7%
AVI Ltd.		277,165		1,704,321
Clicks Group Ltd.		98,840		648,284
Life Healthcare Group Holdings Ltd.		213,070		797,736
Naspers Ltd., Class N		34,910		2,254,254
Shoprite Holdings Ltd.		76,267		1,450,653
Total				6,855,248
South Korea 3.8%
Hankook Tire Co., Ltd.		18,283		828,337
Huchems Fine Chemical Corp.		33,460		754,836
Hyundai Motor Co.		49,190		9,841,467
LG Display Co., Ltd.^(a)		66,000		1,847,072
Samsung Electronics Co., Ltd.		13,827		19,584,282
Samsung SDI Co., Ltd.		6,829		873,197
SK Hynix, Inc.^(a)		51,480		1,252,838
Suprema, Inc.^(a)		26,724		484,190
Total				35,466,219
Spain 1.8%
Amadeus IT Holding SA, Class A		191,271		4,883,428

Common Stocks (continued)

Issuer	Shares		Value ($)
Banco Bilbao Vizcaya Argentaria SA		449,851		4,357,851
Gas Natural SDG SA		131,948		2,611,534
Inditex SA		41,913		5,603,119
Total				17,455,932
Sweden 0.2%
Millicom International Cellular SA, SDR		22,849		1,790,092
Switzerland 8.5%
Cie Financiere Richemont SA, Class A		61,704		4,949,213
Dufry AG, Registered Shares^(a)		13,826		1,877,480
Nestlé SA, Registered Shares		298,595		20,845,086
Novartis AG, Registered Shares		142,630		9,658,638
Roche Holding AG, Genusschein Shares		16,926		3,872,808
SGS SA, Registered Shares		2,004		5,082,367
Swatch Group AG (The)		4,888		2,776,025
Swatch Group AG (The), Registered Shares		102,948		10,450,110
Syngenta AG		20,326		8,626,068
UBS AG, Registered Shares		745,801		11,783,887
Total				79,921,682
Taiwan 3.0%
Airtac International Group		180,000		1,059,381
Asustek Computer, Inc.		183,000		2,241,510
CTCI Corp.		709,000		1,419,380
Far EasTone Telecommunications Co., Ltd.		1,356,000		3,152,898
Giant Manufacturing Co., Ltd.		160,000		883,993
Gigabyte Technology Co., Ltd.		2,290,000		2,035,233
Hon Hai Precision Industry Co., Ltd.		818,700		2,284,176
MediaTek, Inc.		90,000		1,020,098
PChome Online, Inc.		150,072		757,191
Taiwan Semiconductor Manufacturing Co., Ltd.		611,049		2,160,230
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		494,024		9,015,938
Tong Hsing Electronic Industries Ltd.		154,000		660,667
TPK Holding Co., Ltd.		85,000		1,641,035
Total				28,331,730
Thailand 2.8%
Advanced Information Service PCL, Foreign Registered Shares		708,100		4,922,863

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Bangkok Bank PCL, Foreign Registered Shares		859,900		6,697,720
Bangkok Expressway PCL, Foreign Registered Shares		1,991,100		2,880,543
BEC World PCL, Foreign Registered Shares		653,100		1,474,031
CP ALL PCL, Foreign Registered Shares		727,500		1,153,795
Home Product Center PCL, Foreign Registered Shares		1,677,033		924,303
Kasikornbank PCL, Foreign Registered Shares		340,900		2,496,396
PTT PCL, Foreign Registered Shares		256,200		3,014,568
Robinson Department Store PCL, Foreign Registered Shares		603,700		1,490,846
Siam Cement PCL, Foreign Registered Shares		55,400		882,508
Siam Cement PCL, NVDR		49,900		777,376
Total				26,714,949
Turkey 0.9%
Arcelik AS		326,566		2,072,333
Tofas Turk Otomobil Fabrikasi AS		242,868		1,507,388
Turk Traktor ve Ziraat Makineleri AS		28,140		922,930
Turkiye Garanti Bankasi AS		252,736		1,208,711
Turkiye Halk Bankasi AS		297,367		2,937,107
Total				8,648,469
United Kingdom 16.3%
ARM Holdings PLC		127,132		1,840,551
Barclays PLC		1,880,825		8,726,873
BG Group PLC		251,552		4,435,746
British Sky Broadcasting Group PLC		364,344		4,688,530
Diageo PLC		494,523		14,828,851
easyJet PLC		261,723		3,946,903
Experian PLC		225,682		3,733,688
GKN PLC		1,308,317		5,395,633
HSBC Holdings PLC, ADR		52,186		2,893,192
Intercontinental Hotels Group PLC		308,812		8,954,266
Johnson Matthey PLC		109,260		3,796,496
Legal & General Group PLC		2,801,491		6,782,226
Next PLC		31,348		1,993,642
Persimmon PLC		520,472		7,198,696
Prudential PLC		505,267		7,499,555

Common Stocks (continued)

Issuer	Shares		Value ($)
Reckitt Benckiser Group PLC		77,637		5,206,255
Rio Tinto PLC		193,397		10,341,397
Rolls-Royce Holdings PLC		247,518		3,850,448
Schroders PLC		75,106		2,262,636
Shire PLC		141,842		4,437,973
Smith & Nephew PLC		415,431		4,450,067
Standard Chartered PLC		336,355		9,130,223
Telecity Group PLC		361,976		5,122,774
Tullow Oil PLC		147,346		2,706,550
Unilever PLC		317,831		12,657,157
Wolseley PLC		111,555		5,238,959
Xstrata PLC		103,989		1,825,159
Total				153,944,446
United States 2.1%
Accenture PLC, Class A		24,846		1,847,549
Liberty Global, Inc., Class C^(a)		29,242		1,867,394
LyondellBasell Industries NV, Class A		75,557		4,429,151
Perrigo Co.		33,556		3,797,532
Seagate Technology PLC		101,116		3,251,891
Virgin Media, Inc.		47,700		2,213,280
Wynn Resorts Ltd.		22,441		2,623,353
Total				20,030,150
Total Common Stocks (Cost: $716,831,409)				911,490,130

Preferred Stocks 1.1%

Germany 1.1%
Henkel AG & Co. KGaA	46,319	4,074,127
Volkswagen AG	28,943	6,295,457
Total		10,369,584
Total Preferred Stocks (Cost: $5,386,927)		10,369,584

Exchange-Traded Funds 0.4%

	Shares		Value ($)
iShares MSCI Pacific ex-Japan Index Fund		74,040		3,676,826
Total Exchange-Traded Funds (Cost: $3,592,592)				3,676,826

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Money Market Funds 2.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.128%^(e)(f)		24,514,286		24,514,286
Total Money Market Funds (Cost: $24,514,286)				24,514,286
Total Investments (Cost: $750,325,214)				950,050,826
Other Assets & Liabilities, Net				(4,530,198	)
Net Assets				945,520,628

Investments in Derivatives

Futures Contracts Outstanding at February 28, 2013

At February 28, 2013, $273,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

E-Mini MSCI EAFE Index

7,547,995

March 2013

—

(24,388

)

Forward Foreign Currency Exchange Contracts Open at February 28, 2013

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

Barclays Capital

March 14, 2013

14,436,000
(BRL)

7,018,533
(USD)

—

(265,348

)

Barclays Capital

March 14, 2013

4,616,000
(CAD)

4,680,070
(USD)

204,975

—

Barclays Capital

March 14, 2013

163,373,576,000
(IDR)

16,477,416
(USD)

—

(407,897

)

Barclays Capital

March 14, 2013

36,718,667,000
(KRW)

34,633,064
(USD)

744,892

—

Barclays Capital

March 14, 2013

83,194,000
(MXN)

6,581,944
(USD)

71,192

—

Barclays Capital

March 14, 2013

833,607,000
(PHP)

20,563,087
(USD)

62,034

—

Barclays Capital

March 14, 2013

143,095,000
(RUB)

4,682,581
(USD)

19,719

—

Barclays Capital

March 14, 2013

614,941,000
(THB)

20,570,372
(USD)

—

(86,737

)

Barclays Capital

March 14, 2013

919,084,000
(TWD)

31,796,713
(USD)

813,568

—

Barclays Capital

March 14, 2013

51,378,932
(USD)

48,947,000
(AUD)

—

(1,421,329

)

Barclays Capital

March 14, 2013

42,140,493
(USD)

31,531,000
(EUR)

—

(972,165

)

Barclays Capital

March 14, 2013

43,885,241
(USD)

27,445,000
(GBP)

—

(2,252,179

)

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Forward Foreign Currency Exchange Contracts Open at February 28, 2013 (continued)

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

Barclays Capital

March 14, 2013

101,934,034
(USD)

9,108,071,000
(JPY)

—

(3,663,859

)

Barclays Capital

March 14, 2013

3,755,126
(USD)

21,301,000
(NOK)

—

(46,013

)

Barclays Capital

March 14, 2013

18,793,587
(USD)

122,009,000
(SEK)

67,321

—

Barclays Capital

March 14, 2013

49,713,000
(ZAR)

5,624,724
(USD)

117,547

—

UBS Securities LLC

March 22, 2013

40,915,000
(CHF)

44,712,392
(USD)

1,051,469

—

HSBC Securities (USA), Inc.

March 22, 2013

84,036,000
(EUR)

113,756,579
(USD)

4,028,808

—

UBS Securities LLC

March 22, 2013

43,534,000
(GBP)

65,875,649
(USD)

—

(160,820

)

Morgan Stanley

March 22, 2013

110,940,285
(USD)

107,796,000
(AUD)

—

(987,931

)

State Street Bank & Trust Company

March 22, 2013

65,907,968
(USD)

376,204,000
(NOK)

—

(420,005

)

Citigroup Global Markets Inc.

March 22, 2013

44,851,322
(USD)

53,379,000
(NZD)

—

(777,045

)

Total

7,181,525

(11,461,328

)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 28, 2013 was $239,861, representing 0.03% of net assets. Information concerning such security holdings at February 28, 2013 is as follows:

Security Description	Acquisition Dates	Cost ($)
BGP Holdings PLC	02/04/09 - 05/14/09		—
China Milk Products Group Ltd.	09/11/06 - 07/02/09		4,479,619

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2013, the value of these securities amounted to $239,861, which represents 0.03% of net assets.

(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2013, the value of these securities amounted to $2,944,917 or 0.31% of net assets.

(e) The rate shown is the seven-day current annualized yield at February 28, 2013.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					16,462,496				734,400,137				(726,348,347	)			24,514,286				46,018				24,514,286

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-voting Depository Receipt

SDR Swedish Depositary Receipt

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

JPY Japanese Yen

KRW Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

RUB Russian Rouble

SEK Swedish Krona

THB Thailand Baht

TWD Taiwan Dollar

ZAR South African Rand

Fair Value Measurements

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 accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
17

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		11,894,142		144,828,427		—		156,722,569
Consumer Staples		2,956,795		100,829,083		239,858		104,025,736
Energy		5,307,429		33,986,679		—		39,294,108
Financials		19,868,706		194,631,472		3		214,500,181
Health Care		5,807,725		61,303,967		—		67,111,692
Industrials		8,342,235		104,286,323		—		112,628,558
Information Technology		25,984,401		83,937,623		—		109,922,024
Materials		7,293,534		59,454,073		—		66,747,607
Telecommunication Services		4,514,066		20,121,129		—		24,635,195
Utilities		—		15,902,460		—		15,902,460

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012
18

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Preferred Stocks
Consumer Discretionary		—			6,295,457			—		6,295,457
Consumer Staples		—			4,074,127			—		4,074,127
Exchange-Traded Funds		3,676,826			—			—		3,676,826
Total Equity Securities		95,645,859			829,650,820			239,861		925,536,540
Other
Money Market Funds		24,514,286			—			—		24,514,286
Total Other		24,514,286			—			—		24,514,286
Investments in Securities		120,160,145			829,650,820			239,861		950,050,826
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			7,181,525			—		7,181,525
Liabilities
Futures Contracts		(24,388	)		—			—		(24,388	)
Forward Foreign Currency Exchange Contracts		—			(11,461,328	)		—		(11,461,328	)
Total		120,135,757			825,371,017			239,861		945,746,635

See the Portfolio of Investments for all investment classifications not indicated in the table.

Financial assets were transferred from Level 2 to Level 1 as the market for these assets was deemed to be active during the period and fair values were consequently obtained using quoted prices for identical assets rather than being based upon other observable market inputs as of period end, February 28, 2013.

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
$	1,394,436	$	—	$	—	$	1,394,436

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012
19

Columbia Multi-Advisor International Equity Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Common Stocks ($)
Balance as of February 29, 2012		373,678
Accrued discounts/premiums		—
Realized gain (loss)		(348,968	)
Change in unrealized appreciation (depreciation)^(a)		292,951
Sales		(77,800	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of February 28, 2013		239,861

(a) Change in unrealized appreciation (depreciation) relating to securities held at February 28, 2013 was $2,349.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company's capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2012
20

Columbia Multi-Advisor International Equity Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $725,810,928)	$	925,536,540
Affiliated issuers (identified cost $24,514,286)		24,514,286
Total investments (identified cost $750,325,214)		950,050,826
Foreign currency (identified cost $3,506)		3,419
Margin deposits on futures contracts		273,000
Unrealized appreciation on forward foreign currency exchange contracts		7,181,525
Receivable for:
Investments sold		10,783,983
Capital shares sold		1,352,292
Dividends		1,705,117
Reclaims		2,294,783
Prepaid expenses		3,873
Trustees' deferred compensation plan		117,105
Total assets		973,765,923
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		11,461,328
Payable for:
Investments purchased		14,018,499
Capital shares purchased		2,124,144
Variation margin on futures contracts		11,830
Investment management fees		19,950
Distribution and/or service fees		4,551
Transfer agent fees		129,357
Administration fees		2,015
Plan administration fees		24
Compensation of board members		128,950
Other expenses		227,542
Trustees' deferred compensation plan		117,105
Total liabilities		28,245,295
Net assets applicable to outstanding capital stock	$	945,520,628
Represented by
Paid-in capital	$	1,763,361,485
Excess of distributions over net investment income		(15,866,186	)
Accumulated net realized loss		(997,297,410	)
Unrealized appreciation (depreciation) on:
Investments		199,725,612
Foreign currency translations		(98,682	)
Forward foreign currency exchange contracts		(4,279,803	)
Futures contracts		(24,388	)
Total — representing net assets applicable to outstanding capital stock	$	945,520,628

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
21

Columbia Multi-Advisor International Equity Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	313,239,244
Shares outstanding		26,052,446
Net asset value per share	$	12.02
Maximum offering price per share^(a)	$	12.75
Class B
Net assets	$	6,566,175
Shares outstanding		602,127
Net asset value per share	$	10.90
Class C
Net assets	$	12,619,240
Shares outstanding		1,171,617
Net asset value per share	$	10.77
Class I
Net assets	$	24,204,005
Shares outstanding		1,984,372
Net asset value per share	$	12.20
Class K^(b)
Net assets	$	121,897
Shares outstanding		9,995
Net asset value per share	$	12.20
Class R
Net assets	$	1,673,303
Shares outstanding		139,271
Net asset value per share	$	12.01
Class R4
Net assets	$	2,640
Shares outstanding		215
Net asset value per share^(c)	$	12.27
Class R5
Net assets	$	2,639
Shares outstanding		215
Net asset value per share^(c)	$	12.26
Class W
Net assets	$	270,143,984
Shares outstanding		22,468,605
Net asset value per share	$	12.02
Class Y
Net assets	$	14,989,734
Shares outstanding		1,227,672
Net asset value per share	$	12.21
Class Z
Net assets	$	301,957,767
Shares outstanding		24,762,211
Net asset value per share	$	12.19

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
22

Columbia Multi-Advisor International Equity Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	36,545,678
Dividends — affiliated issuers		46,018
Interest		11,781
Income from securities lending — net		743,496
Foreign taxes withheld		(3,033,306	)
Total income		34,313,667
Expenses:
Investment management fees		8,742,256
Distribution and/or service fees
Class A		797,791
Class B		83,105
Class C		132,877
Class R		8,651
Class W		582,357
Transfer agent fees
Class A		642,316
Class B		16,597
Class C		26,727
Class K^(a)		63
Class R		3,485
Class R4^(b)		2
Class W		468,319
Class Y		26
Class Z		1,078,694
Administration fees		882,560
Plan administration fees
Class K^(a)		315
Compensation of board members		54,827
Custodian fees		462,979
Printing and postage fees		301,462
Registration fees		182,463
Professional fees		100,047
Line of credit interest expense		3,560
Other		114,636
Total expenses		14,686,115
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(68,963	)
Expense reductions		(35,648	)
Total net expenses		14,581,504
Net investment income		19,732,163
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		80,083,148
Foreign currency translations		(1,138,224	)
Forward foreign currency exchange contracts		(28,947,710	)
Futures contracts		1,488,967
Net realized gain		51,486,181
Net change in unrealized appreciation (depreciation) on:
Investments		(28,954,117	)
Foreign currency translations		144,098
Forward foreign currency exchange contracts		1,282,614
Futures contracts		(110,009	)
Foreign capital gains tax		964,814
Net change in unrealized appreciation (depreciation)		(26,672,600	)
Net realized and unrealized gain		24,813,581
Net increase in net assets resulting from operations	$	44,545,744

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
23

Columbia Multi-Advisor International Equity Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment income	$	19,732,163		$	28,106,557
Net realized gain		51,486,181			19,443,856
Net change in unrealized appreciation (depreciation)		(26,672,600	)		(263,417,593	)
Net increase (decrease) in net assets resulting from operations		44,545,744			(215,867,180	)
Distributions to shareholders
Net investment income
Class A		(10,520,289	)		—
Class B		(158,488	)		—
Class C		(288,442	)		—
Class I		(865,193	)		—
Class K^(b)		(4,228	)		—
Class R		(51,789	)		—
Class R4		(63	)		—
Class R5		(66	)		—
Class W		(7,739,183	)		—
Class Y		(582,398	)		—
Class Z		(15,239,279	)		—
Total distributions to shareholders		(35,449,418	)		—
Increase (decrease) in net assets from capital stock activity		(867,104,937	)		764,294,162
Proceeds from regulatory settlements (Note 6)		—			3,493,349
Total increase (decrease) in net assets		(858,008,611	)		551,920,331
Net assets at beginning of year		1,803,529,239			1,251,608,908
Net assets at end of year	$	945,520,628		$	1,803,529,239
Undistributed (excess of distributions over) net investment income	$	(15,866,186	)	$	9,873,179

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
24

Columbia Multi-Advisor International Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		933,505			10,410,498			1,249,749			14,338,616
Fund merger		—			—			34,476,734			434,440,590
Distributions reinvested		844,169			9,680,587			—			—
Redemptions		(6,272,359	)		(71,262,677	)		(7,159,583	)		(80,561,789	)
Net increase (decrease)		(4,494,685	)		(51,171,592	)		28,566,900			368,217,417
Class B shares
Subscriptions		9,795			103,220			17,098			179,680
Fund merger		—			—			1,930,534			22,137,479
Distributions reinvested		14,419			153,043			—			—
Redemptions^(c)		(544,662	)		(5,422,078	)		(894,164	)		(9,505,958	)
Net increase (decrease)		(520,448	)		(5,165,815	)		1,053,468			12,811,201
Class C shares
Subscriptions		76,374			777,986			114,245			1,138,984
Fund merger		—			—			1,792,925			20,291,719
Distributions reinvested		23,574			248,324			—			—
Redemptions		(373,898	)		(3,818,948	)		(575,170	)		(5,732,863	)
Net increase (decrease)		(273,950	)		(2,792,638	)		1,332,000			15,697,840
Class I shares
Subscriptions		627,455			7,357,646			15,900,534			196,608,468
Fund merger		—			—			19,889,124			254,159,984
Distributions reinvested		74,414			864,547			—			—
Redemptions		(5,317,888	)		(62,865,286	)		(32,917,296	)		(361,648,370	)
Net increase (decrease)		(4,616,019	)		(54,643,093	)		2,872,362			89,120,082
Class K shares^(d)
Subscriptions		—			—			289			3,528
Fund merger		—			—			14,235			181,792
Distributions reinvested		340			3,942			—			—
Redemptions		(1,721	)		(20,487	)		(3,148	)		(34,474	)
Net increase (decrease)		(1,381	)		(16,545	)		11,376			150,846
Class R shares
Subscriptions		31,951			364,188			77,654			830,832
Fund merger		—			—			166,754			2,099,341
Distributions reinvested		4,361			50,297			—			—
Redemptions		(60,128	)		(675,540	)		(104,347	)		(1,167,905	)
Net increase (decrease)		(23,816	)		(261,055	)		140,061			1,762,268
Class R4 shares
Subscriptions		215			2,500			—			—
Net increase		215			2,500			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
25

Columbia Multi-Advisor International Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012^(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		215			2,500			—			—
Net increase		215			2,500			—			—
Class W shares
Subscriptions		8,691,812			99,042,100			10,868,215			115,323,128
Fund merger		—			—			15,438,672			194,596,937
Distributions reinvested		674,478			7,738,983			—			—
Redemptions		(6,833,955	)		(76,787,419	)		(6,370,835	)		(70,049,348	)
Net increase		2,532,335			29,993,664			19,936,052			239,870,717
Class Y shares
Subscriptions		196,703			2,220,001			199			2,602
Fund merger		—			—			1,172,264			14,983,504
Redemptions		(43,554	)		(512,026	)		(97,940	)		(1,226,184	)
Net increase		153,149			1,707,975			1,074,523			13,759,922
Class Z shares
Subscriptions		2,335,364			26,575,742	��		10,955,590			121,624,727
Fund merger		—			—			27,157,783			346,893,533
Distributions reinvested		341,514			3,855,315			—			—
Redemptions		(70,124,076	)		(815,191,895	)		(39,228,298	)		(445,614,391	)
Net increase (decrease)		(67,447,198	)		(784,760,838	)		(1,114,925	)		22,903,869
Total net increase (decrease)		(74,691,583	)		(867,104,937	)		53,871,817			764,294,162

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Class K and Class Y shares are for the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
26

Columbia Multi-Advisor International Equity Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.68		$	12.46		$	10.68		$	7.44		$	15.77
Income from investment operations:
Net investment income		0.17			0.14			0.14			0.13			0.26
Net realized and unrealized gain (loss)		0.56			(0.94	)		1.85			3.51			(8.33	)
Total from investment operations		0.73			(0.80	)		1.99			3.64			(8.07	)
Less distributions to shareholders:
Net investment income		(0.39	)		—			(0.21	)		(0.43	)		(0.07	)
Net realized gains		—			—			—			—			(0.19	)
Total distributions to shareholders		(0.39	)		—			(0.21	)		(0.43	)		(0.26	)
Proceeds from regulatory settlements		—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	12.02		$	11.68		$	12.46		$	10.68		$	7.44
Total return		6.41	%		(6.26	%)^(b)		18.80	%		49.61	%		(51.87	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.39	%^(e)		1.36	%		1.33	%^(e)		1.26	%^(e)		1.27	%
Total net expenses^(f)		1.38	%^(e)(g)		1.32	%^(g)		1.33	%^(e)(g)		1.26	%^(e)(g)		1.27	%^(g)
Net investment income		1.46	%		1.20	%		1.27	%		1.26	%		2.05	%
Supplemental data
Net assets, end of period (in thousands)	$	313,239		$	356,708		$	24,668		$	24,243		$	16,936
Portfolio turnover		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
27

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.55		$	11.34		$	9.75		$	6.82		$	14.47
Income from investment operations:
Net investment income		0.09			0.06			0.07			0.06			0.17
Net realized and unrealized gain (loss)		0.49			(0.87	)		1.66			3.20			(7.63	)
Total from investment operations		0.58			(0.81	)		1.73			3.26			(7.46	)
Less distributions to shareholders:
Net investment income		(0.23	)		—			(0.14	)		(0.36	)		—
Net realized gains		—			—			—			—			(0.19	)
Total distributions to shareholders		(0.23	)		—			(0.14	)		(0.36	)		(0.19	)
Proceeds from regulatory settlements		—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	10.90		$	10.55		$	11.34		$	9.75		$	6.82
Total return		5.59	%		(6.97	%)^(b)		17.88	%		48.47	%		(52.23	%)
Ratios to average net assets^(c)(d)
Total gross expenses		2.13	%^(e)		2.11	%		2.08	%^(e)		2.01	%^(e)		2.02	%
Total net expenses^(f)		2.12	%^(e)(g)		2.06	%^(g)		2.08	%^(e)(g)		2.01	%^(e)(g)		2.02	%^(g)
Net investment income		0.91	%		0.62	%		0.70	%		0.60	%		1.44	%
Supplemental data
Net assets, end of period (in thousands)	$	6,566		$	11,838		$	784		$	1,190		$	1,098
Portfolio turnover		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.20%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
28

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.42		$	11.20		$	9.63		$	6.73		$	14.29
Income from investment operations:
Net investment income		0.07			0.05			0.07			0.05			0.16
Net realized and unrealized gain (loss)		0.51			(0.85	)		1.64			3.18			(7.53	)
Total from investment operations		0.58			(0.80	)		1.71			3.23			(7.37	)
Less distributions to shareholders:
Net investment income		(0.23	)		—			(0.14	)		(0.36	)		—
Net realized gains		—			—			—			—			(0.19	)
Total distributions to shareholders		(0.23	)		—			(0.14	)		(0.36	)		(0.19	)
Proceeds from regulatory settlements		—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	10.77		$	10.42		$	11.20		$	9.63		$	6.73
Total return		5.64	%		(6.96	%)^(b)		17.89	%		48.67	%		(52.26	%)
Ratios to average net assets^(c)(d)
Total gross expenses		2.14	%^(e)		2.10	%		2.08	%^(e)		2.01	%^(e)		2.02	%
Total net expenses^(f)		2.13	%^(e)(g)		2.07	%^(g)		2.08	%^(e)(g)		2.01	%^(e)(g)		2.02	%^(g)
Net investment income		0.72	%		0.48	%		0.72	%		0.55	%		1.38	%
Supplemental data
Net assets, end of period (in thousands)	$	12,619		$	15,058		$	1,272		$	1,728		$	1,349
Portfolio turnover		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
29

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class I	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	11.89		$	12.62		$	11.64
Income from investment operations:
Net investment income		0.22			0.22			0.02
Net realized and unrealized gain (loss)		0.58			(0.97	)		1.21
Total from investment operations		0.80			(0.75	)		1.23
Less distributions to shareholders:
Net investment income		(0.49	)		—			(0.25	)
Total distributions to shareholders		(0.49	)		—			(0.25	)
Proceeds from regulatory settlements		—			0.02			0.00	^(b)
Net asset value, end of period	$	12.20		$	11.89		$	12.62
Total return		6.96	%		(5.78	%)^(c)		10.69	%
Ratios to average net assets^(d)(e)
Total gross expenses		0.93	%^(f)		0.84	%		0.95	%^(f)(g)
Total net expenses^(h)		0.93	%^(f)		0.84	%		0.95	%^(f)(g)(i)
Net investment income		1.90	%		1.87	%		0.32	%^(g)
Supplemental data
Net assets, end of period (in thousands)	$	24,204		$	78,467		$	47,056
Portfolio turnover		100	%		112	%		92	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(e) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Ratios include line of credit interest expense which rounds to less than 0.01%.

(g) Annualized.

(h) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
30

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class K^(a)	Year Ended February 28, 2013			Year Ended February 29, 2012^(b)
Per share data
Net asset value, beginning of period	$	11.85		$	12.54
Income from investment operations:
Net investment income		0.18			0.15
Net realized and unrealized gain (loss)		0.58			(0.86	)
Total from investment operations		0.76			(0.71	)
Less distributions to shareholders:
Net investment income		(0.41	)		—
Total distributions to shareholders		(0.41	)		—
Proceeds from regulatory settlements		—			0.02
Net asset value, end of period	$	12.20		$	11.85
Total return		6.64	%		(5.50	%)^(c)
Ratios to average net assets^(d)(e)
Total gross expenses		1.24	%^(f)		1.21	%^(g)
Total net expenses^(h)		1.24	%^(f)		1.21	%^(g)
Net investment income		1.61	%		1.33	%^(g)
Supplemental data
Net assets, end of period (in thousands)	$	122		$	135
Portfolio turnover		100	%		112	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(e) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Ratios include line of credit interest expense which rounds to less than 0.01%.

(g) Annualized.

(h) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
31

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.64		$	12.45		$	10.68		$	7.44		$	15.76
Income from investment operations:
Net investment income		0.14			0.11			0.13			0.09			0.21
Net realized and unrealized gain (loss)		0.57			(0.94	)		1.83			3.53			(8.30	)
Total from investment operations		0.71			(0.83	)		1.96			3.62			(8.09	)
Less distributions to shareholders:
Net investment income		(0.34	)		—			(0.19	)		(0.41	)		(0.04	)
Net realized gains		—			—			—			—			(0.19	)
Total distributions to shareholders		(0.34	)		—			(0.19	)		(0.41	)		(0.23	)
Proceeds from regulatory settlements		—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	12.01		$	11.64		$	12.45		$	10.68		$	7.44
Total return		6.20	%		(6.51	%)^(b)		18.47	%		49.28	%		(52.00	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.64	%^(e)		1.62	%		1.58	%^(e)		1.51	%^(e)		1.52	%
Total net expenses^(f)		1.63	%^(e)(g)		1.57	%^(g)		1.58	%^(e)(g)		1.51	%^(e)(g)		1.52	%^(g)
Net investment income		1.22	%		0.98	%		1.13	%		0.86	%		1.70	%
Supplemental data
Net assets, end of period (in thousands)	$	1,673		$	1,899		$	287		$	289		$	112
Portfolio turnover		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
32

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class R4	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	11.62
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.92
Total from investment operations		0.94
Less distributions to shareholders:
Net investment income		(0.29	)
Total distributions to shareholders		(0.29	)
Net asset value, end of period	$	12.27
Total return		8.17	%
Ratios to average net assets^(b)
Total gross expenses		1.25	%^(c)
Total net expenses^(d)		1.25	%^(c)
Net investment income		0.55	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		100	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
33

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class R5	Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	11.62
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.92
Total from investment operations		0.95
Less distributions to shareholders:
Net investment income		(0.31	)
Total distributions to shareholders		(0.31	)
Net asset value, end of period	$	12.26
Total return		8.20	%
Ratios to average net assets^(b)
Total gross expenses		1.05	%^(c)
Total net expenses^(d)		1.05	%^(c)
Net investment income		0.75	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		100	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(d) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
34

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class W	Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	11.68		$	12.46		$	11.48
Income from investment operations:
Net investment income		0.16			0.12			0.02
Net realized and unrealized gain (loss)		0.57			(0.92	)		1.17
Total from investment operations		0.73			(0.80	)		1.19
Less distributions to shareholders:
Net investment income		(0.39	)		—			(0.21	)
Total distributions to shareholders		(0.39	)		—			(0.21	)
Proceeds from regulatory settlements		—			0.02			0.00	^(b)
Net asset value, end of period	$	12.02		$	11.68		$	12.46
Total return		6.40	%		(6.26	%)^(c)		10.52	%
Ratios to average net assets^(d)(e)
Total gross expenses		1.40	%^(f)		1.38	%		1.30	%^(f)(g)
Total net expenses^(h)		1.39	%^(f)(i)		1.33	%⁽ⁱ⁾		1.30	%^(f)(g)(i)
Net investment income		1.42	%		1.06	%		0.33	%^(g)
Supplemental data
Net assets, end of period (in thousands)	$	270,144		$	232,777		$	3
Portfolio turnover		100	%		112	%		92	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to February 28, 2011.

(b) Rounds to zero.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(e) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Ratios include line of credit interest expense which rounds to less than 0.01%.

(g) Annualized.

(h) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
35

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

Class Y	Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	11.89		$	12.55
Income from investment operations:
Net investment income		0.21			0.18
Net realized and unrealized gain (loss)		0.59			(0.86	)
Total from investment operations		0.80			(0.68	)
Less distributions to shareholders:
Net investment income		(0.48	)		—
Total distributions to shareholders		(0.48	)		—
Proceeds from regulatory settlements		—			0.02
Net asset value, end of period	$	12.21		$	11.89
Total return		6.98	%		(5.26	%)^(b)
Ratios to average net assets^(c)(d)
Total gross expenses		0.95	%^(e)		0.88	%^(f)
Total net expenses^(g)		0.95	%^(e)		0.88	%^(f)
Net investment income		1.79	%		1.64	%^(f)
Supplemental data
Net assets, end of period (in thousands)	$	14,990		$	12,780
Portfolio turnover		100	%		112	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Annualized.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
36

Columbia Multi-Advisor International Equity Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year ended February 28,
Class Z	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.86		$	12.62		$	10.81		$	7.52		$	15.96
Income from investment operations:
Net investment income		0.23			0.18			0.18			0.17			0.29
Net realized and unrealized gain (loss)		0.54			(0.96	)		1.87			3.55			(8.43	)
Total from investment operations		0.77			(0.78	)		2.05			3.72			(8.14	)
Less distributions to shareholders:
Net investment income		(0.44	)		—			(0.24	)		(0.46	)		(0.11	)
Net realized gains		—			—			—			—			(0.19	)
Total distributions to shareholders		(0.44	)		—			(0.24	)		(0.46	)		(0.30	)
Proceeds from regulatory settlements		—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	12.19		$	11.86		$	12.62		$	10.81		$	7.52
Total return		6.72	%		(6.02	%)^(b)		19.08	%		50.09	%		(51.76	%)
Ratios to average net assets^(c)(d)
Total gross expenses		1.13	%^(e)		1.11	%		1.08	%^(e)		1.01	%^(e)		1.02	%
Total net expenses^(f)		1.12	%^(e)(g)		1.08	%^(g)		1.08	%^(e)(g)		1.01	%^(e)(g)		1.02	%^(g)
Net investment income		2.00	%		1.53	%		1.58	%		1.59	%		2.28	%
Supplemental data
Net assets, end of period (in thousands)	$	301,958		$	1,093,867		$	1,177,541		$	1,375,538		$	1,155,598
Portfolio turnover		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Ratios include line of credit interest expense which rounds to less than 0.01%.

(f) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
37

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements

February 28, 2013

Note 1. Organization

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

Fund Shares

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 only available to the Columbia Family of Funds.

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

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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38

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (the Board), including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Foreign Currency Transactions and Translations

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is

due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio.

Annual Report 2013
39

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires or is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market, and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Effects of Derivative Transactions in the Financial Statements

Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at February 28, 2013:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		7,181,525
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets—unrealized depreciation on futures contracts		24,388	*
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		11,461,328
Total			11,485,716

The effect of derivative instruments in the Statement of Operations for the year ended February 28, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Equity contracts		—			1,488,967			1,488,967
Foreign exchange contracts		(28,947,710	)		—			(28,947,710	)
Total		(28,947,710	)		1,488,967			(27,458,743	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Equity contracts		—			(110,009	)		(110,009	)
Foreign exchange contracts		1,282,614			—			1,282,614
Total		1,282,614			(110,009	)		1,172,605

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2013:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		414
Futures contracts		1,281

Annual Report 2013
40

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

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 tax exempt and taxable income (including net short-term capital gains), 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

of tax rules and regulations that exist in the markets in which it invests.

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Annual Report 2013
41

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory Agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.79% to 0.62% as the Fund's net assets increase. The effective investment management fee rate for the year ended February 28, 2013 was 0.76% of the Fund's average daily net assets.

For the year ended February 28, 2013, no investment management fees were waived for the Fund.

Subadvisory Agreements

The Investment Manager has entered into Subadvisory Agreements with Marsico and Threadneedle International Limited, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager's determination, subject to the oversight of the Board, of the allocation that is in the best interests of the shareholders. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

Administration Fees

average daily net assets that declines from 0.08% to 0.05% as the Fund's net assets increase. The effective administration fee rate for the year ended February 28, 2013 was 0.08% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain

Annual Report 2013
42

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Effective November 1, 2012, Class Y shares will not pay transfer agent fees for at least twelve months.

For the year ended February 28, 2013, the Fund's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4*	0.26
Class R5*	0.05
Class W	0.20
Class Y	0.00	**
Class Z	0.20

* Annualized.

**Rounds to zero.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $89,083 for Class A, $2,259 for Class B and $377 for Class C shares for the year ended February 28, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Class A	1.50	%
Class B	2.25
Class C	2.25
Class I	1.05
Class K	1.35
Class R	1.75
Class R4*	1.25
Class R5*	1.10
Class W	1.50
Class Y	1.05
Class Z	1.25

*Annual rate is contractual from November 8, 2012 (the commencement of operations of each share class) through November 8, 2013.

Annual Report 2013
43

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

Class A	1.32	%
Class B	2.07
Class C	2.07
Class I	0.94
Class K	1.24
Class R	1.57
Class W	1.32
Class Y	1.07
Class Z	1.07

Note 4. Federal Tax Information

At February 28, 2013, these differences are primarily due to differing treatment for: capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, passive foreign investment company (PFIC) holdings, late-year ordinary losses, and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require

reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	(10,022,110	)
Accumulated net realized loss		25,734,614
Paid-in capital		(15,712,504	)

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

The tax character of distributions paid during the years indicated was as follows:

Year Ended				February 28, 2013				February 29, 2012
Ordinary income				$	35,449,418			$	—

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At February 28, 2013, the components of distributable earnings on a tax basis were as follows:

Accumulated realized loss				$	(992,770,020	)
Unrealized appreciation					174,774,182

At February 28, 2013, the cost of investments for federal income tax purposes was $775,276,644 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	186,196,321
Unrealized depreciation		(11,422,139	)
Net unrealized appreciation	$	174,774,182

Year of Expiration	Amount
2017	$	423,616,657
2018		553,108,969
Total	$	976,725,626

For the year ended February 28, 2013, $15,712,504 of capital loss carryforward was utilized.

Annual Report 2013
44

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,133,286,697 and $2,036,702,854, respectively, for the year ended February 28, 2013.

Note 6. Regulatory Settlements

During the year ended February 29, 2012, the Fund received $3,493,349 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

Effective December 19, 2012, the Fund no longer participates in securities lending activity. Prior to that date, the Fund participated, or was eligible to participate, in securities lending activity pursuant to a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorized JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned were secured by cash or securities that either were issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities was requested to be delivered the following business day. Cash collateral received was invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement.

services provided and any other securities lending expenses. Net income earned from securities lending for the year ended February 28, 2013 is disclosed in the Statement of Operations. The Fund continued to earn and accrue interest and dividends on the securities loaned.

Note 8. Affiliated Money Market Fund

Note 9. Shareholder Concentration

At February 28, 2013, two unaffiliated shareholder accounts owned an aggregate of 58.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

For the year ended February 28, 2013, the average daily loan balance outstanding on days when borrowing existed was $7,953,846 at a weighted average interest rate of 1.23%.

Note 11. Fund Merger

At the close of business on April 8, 2011, the Fund acquired the assets and assumed the identified liabilities of RiverSource Disciplined International Equity Fund, a series of RiverSource International Series, Inc., Threadneedle International Opportunity Fund, a series of RiverSource International Series, Inc., Columbia International Stock Fund, a series of

Annual Report 2013
45

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

Columbia Funds Series Trust I, and Columbia International Growth Fund, a series of Columbia Funds Series Trust I (the acquired funds). The reorganization was completed after shareholders of the acquired funds approved the plan of reorganization on February 15, 2011. The purpose of the transaction was to combine certain funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $1,220,172,344 and the combined net assets immediately after the acquisition were $2,509,957,223.

The merger was accomplished by a tax-free exchange of 48,647,948 shares of RiverSource Disciplined International Equity Fund valued at $370,503,572 (including $51,911,561 of unrealized appreciation), 42,587,382 shares of Threadneedle International Opportunity Fund valued at $404,664,438 (including $79,018,855 of unrealized appreciation), 30,636,953 shares of Columbia International Stock Fund valued at $379,467,637 (including $70,789,734 of unrealized appreciation) and 9,357,405 shares of Columbia International Growth Fund valued at $135,149,232 (including $32,859,049 of unrealized appreciation).

In exchange for shares of the acquired funds, the Fund issued the following number of shares:

	Shares
Class A		34,476,734
Class B		1,930,534
Class C		1,792,925
Class I		19,889,124
Class R		166,754
Class R4		14,235
Class W		15,438,672
Class Y		1,172,264
Class Z		27,157,783

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the acquired funds' cost of investments were carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired funds that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on March 1, 2011, the Fund's pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net decrease in net assets from operations for the year ended February 29, 2012, would have been approximately $35.1 million, $37.2 million, $(286.6) million and $(214.3) million, respectively.

Note 12. Significant Risks

Foreign Securities Risk

Note 13. Subsequent Events

Note 14. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2013
46

Columbia Multi-Advisor International Equity Fund

Notes to Financial Statements (continued)

February 28, 2013

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 Trustees.

Annual Report 2013
47

Columbia Multi-Advisor International Equity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and
the Shareholders of Columbia Multi-Advisor International Equity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Multi-Advisor International Equity Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of 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, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 19, 2013

Annual Report 2013
48

Columbia Multi-Advisor International Equity Fund

Federal Income Tax Information

(Unaudited)

Tax Designations:

Qualified Dividend Income		63.57	%
Dividends Received Deduction		1.64	%
Foreign Taxes Paid	$	1,483,857
Foreign Source Income	$	28,698,233

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2013
49

Columbia Multi-Advisor International Equity Fund

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006

153

Director, BlueCross BlueShield of Minnesota since 2009

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000

151

Former Trustee, BofA Funds Series Trust (11 funds)

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003

153

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds

Retired

151

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Trustee Professor of Economics and Management, Bentley University since 1976

153

None

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010

151

Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
50

Columbia Multi-Advisor International Equity Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

151

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

Director, Enterprise Asset Management, Inc. (private real estate and asset management company)

153

Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987

153

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998

151

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Chief Executive Officer and Director, RiboNovix, Inc. (biotechnology), 2003-2010

153

Annual Report 2013
51

Columbia Multi-Advisor International Equity Fund

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

Anthony M. Santomero
901 S. Marquette Ave.
Minneapolis, MN 55402
1946

Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008

151

Interested Trustee Affiliated With Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation
During Past Five Years

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/Trusteeships
(Within Past 5 Years)

William F. Truscott
53600 Ameriprise
Financial Center
Minneapolis, MN 55474
1960

Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds

210

*Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the investment manager or Ameriprise Financial.

Annual Report 2013
52

Columbia Multi-Advisor International Equity Fund

Trustees and Officers (continued)

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 for RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, 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, 2005-April 2010); 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
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
53

Columbia Multi-Advisor International Equity Fund

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
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Annual Report 2013
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Annual Report 2013
56

Columbia Multi-Advisor International Equity Fund

Important Information About This Report

Annual Report 2013
57

Columbia Multi-Advisor International Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN201_02_C01_(04/13)

Annual Report

February 28, 2013

Columbia Marsico Growth Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Marsico Growth Fund

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

Corporate and emerging markets led fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

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.

Annual Report 2013

Columbia Marsico Growth Fund

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					11
Statement of Operations					13
Statement of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					25
Report of Independent Registered Public Accounting Firm					32
Federal Income Tax Information					33
Trustees and Officers					34
Important Information About This Report					41

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

Annual Report 2013

Columbia Marsico Growth Fund

Performance Overview

Performance Summary

> Columbia Marsico Growth Fund (the Fund) Class A shares returned 6.78% excluding sales charges for the 12-month period that ended February 28, 2013.

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 13.46% for the same 12-month period.

> Stock selection and sector allocations generally accounted for the Fund's shortfall relative to the benchmark.

Average Annual Total Returns (%) (for period ended February 28, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	12/31/97
Excluding sales charges			6.78		3.36		7.56
Including sales charges			0.63		2.14		6.93
Class B	12/31/97
Excluding sales charges			5.96		2.59		6.77
Including sales charges			0.96		2.23		6.77
Class C	12/31/97
Excluding sales charges			5.96		2.58		6.76
Including sales charges			4.96		2.58		6.76
Class I*	09/27/10		7.20		3.61		7.69
Class R*	01/23/06		6.50		3.11		7.27
Class R4*	11/08/12		6.87		3.38		7.57
Class R5*	11/08/12		6.89		3.39		7.57
Class W*	09/27/10		6.76		3.37		7.56
Class Z	12/31/97		7.02		3.62		7.83
S&P 500 Index			13.46		4.94		8.24

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Annual Report 2013
2

Columbia Marsico Growth Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2003 – February 28, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Marsico Growth 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.

Annual Report 2013
3

Columbia Marsico Growth Fund

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2013, the Fund's Class A shares returned 6.78% excluding sales charges. The Fund's benchmark, the S&P 500 Index, returned 13.46% for the same 12-month period. Stock selection in the consumer discretionary, energy, financials and consumer staples sectors was disappointing. Underweight positions in the consumer staples and financials areas also hurt performance. On the positive side, stock selection in information technology and materials and an overweight allocation to the strong-performing consumer discretionary sector aided results.

Stock Selection, Underweights in Strong Sectors Hurt Results

The consumer discretionary sector was a strong performer within the S&P 500 Index during the period. However, a number of the Fund's stock selections in the sector disappointed. Leather goods company Coach and discount retailer Dollar General had double-digit price declines and were sold. McDonald's, a long-term Fund holding, was hurt by global economic uncertainty, while unfavorable currency exchange rates hurt its international results. We trimmed the Fund's position in the stock, but continue to believe it is an attractive long-term investment. Nike also had disappointing returns during the period.

Stock selection in the energy and financial sectors also detracted from relative performance. Energy firms National Oilwell Varco, Halliburton and Occidental Petroleum had negative returns and were sold. The Fund's financials holdings had positive returns, but were disappointing compared to the sector's return in the benchmark. In addition, Chinese Internet search engine Baidu, Facebook and software firm VMware sustained double-digit losses and were sold. Heavy equipment engine manufacturer Cummins and Mead Johnson Nutrition (which was sold) also detracted from Fund performance. Fund results also were hampered by underweight positions in three strong-performing sectors in the benchmark: consumer staples, financials and telecommunication services.

Solid Returns from Certain Consumer Discretionary Holdings

The consumer discretionary sector was a good performer in the benchmark index, and the Fund benefited by having more exposure than the index to the sector. Home improvement retailer Home Depot and discount retailer TJX were notably strong performers. Stock selection in the information technology and materials sectors also buoyed results. In the former, Apple, the largest constituent of the S&P 500 Index and a large Fund holding early in the period, and financial transaction processor Visa were leading contributors. We sold Apple in January 2013 owing to concerns about the company's future revenue growth. Our conviction was confirmed as the stock declined in the final weeks of the fiscal year. Within materials, agricultural materials company Monsanto and specialty chemical firm LyondellBasell Industries were strong performers. Monsanto benefited from increased use of its U.S. corn and soybean products, as well as strong performance in its international seeds and traits business. LyondellBasell's ethylene margins increased during the period, driven by lower feedstock costs in the United States, as ethane supply continued to outpace demand. Meanwhile, biotechnology firms Gilead Sciences and Biogen Idec (the number one and three Fund holdings) also had strong price gains.

Portfolio Management

Marsico Capital Management, LLC

Thomas Marsico

Coralie Witter, CFA

Morningstar Style Box^TM

© 2013 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.

Annual Report 2013
4

Columbia Marsico Growth Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

Overall, we currently think the U.S. and international economic picture is generally improving. We believe large capitalization stocks are presently trading at reasonable valuations. However, serious fiscal challenges remain, both in the United States and abroad. Uncertainty about government economic policy is currently high and we believe additional tax hikes and spending cuts are likely. The question is whether this fiscal tightening can be done in a balanced and sensible manner. A major policy misstep could have profound repercussions for the economy.

Still, there currently is significant pent-up demand for vehicles, houses, travel and leisure activities and corporate capital spending. If this demand is unleashed, we believe it may have a beneficial impact on job growth and corporate profits.

Against this current backdrop, we are emphasizing companies that we believe have a high degree of earnings visibility, unleveraged balance sheets and are buying back stock and increasing dividends. There are several themes at work in the Fund. It currently has significant exposure to the consumer discretionary sector, with many of the positions being more staple-like in nature, meaning they offer needed rather than wanted products and services. We are also currently focusing on health care, particularly pharmaceuticals. A number of drug companies offer robust new product pipelines for unmet clinical needs. Other current themes include recoveries in U.S. housing, manufacturing and automobiles. We think the U.S. manufacturing sector has the potential to benefit from an inexpensive and growing supply of natural gas that provides a significant cost advantage.

During the period, we increased the Fund's allocation to the health care, financials and industrials sectors. We reduced allocations to the energy, information technology, consumer discretionary and materials sectors. At period end, the Fund's sector allocations emphasized consumer discretionary, health care, information technology and industrials. It had no investments in the utilities or telecommunication services sectors.

Top Ten Holdings (%) (at February 28, 2013)
Gilead Sciences, Inc.					4.8
Bristol-Myers Squibb Co.					4.1
Biogen Idec, Inc.					4.1
eBay, Inc.					4.0
Google, Inc., Class A					3.4
Starwood Hotels & Resorts Worldwide, Inc.					3.3
Schlumberger Ltd.					3.3
Wells Fargo & Co.					3.1
Lowe's Companies, Inc.					3.1
CBS Corp., Class B Non Voting					2.9

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at February 28, 2013)
Common Stocks	98.1
Consumer Discretionary	33.7
Consumer Staples	2.0
Energy	4.7
Financials	9.2
Health Care	15.2
Industrials	13.3
Information Technology	15.1
Materials	4.9
Money Market Funds	1.9
Preferred Stocks	0.0	^(a)
Financials	0.0	^(a)
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Rounds to zero.

Annual Report 2013
5

Columbia Marsico Growth Fund

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2012 – February 28, 2013

	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		1,065.30			1,018.60		6.40			6.26		1.25
Class B		1,000.00		1,000.00		1,061.20			1,014.88		10.22			9.99		2.00
Class C		1,000.00		1,000.00		1,060.60			1,014.88		10.22			9.99		2.00
Class I		1,000.00		1,000.00		1,067.00			1,020.48		4.46			4.36		0.87
Class R		1,000.00		1,000.00		1,064.00			1,017.36		7.68			7.50		1.50
Class R4		1,000.00		1,000.00		1,108.90	*		1,019.84		3.21	*		5.01		1.00	*
Class R5		1,000.00		1,000.00		1,109.20	*		1,020.38		2.85	*		4.46		0.89	*
Class W		1,000.00		1,000.00		1,064.80			1,018.60		6.40			6.26		1.25
Class Z		1,000.00		1,000.00		1,066.20			1,019.84		5.12			5.01		1.00

*For the period November 8, 2012 through February 28, 2013. Class R4 and Class R5 shares commenced operations on November 8, 2012.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Annual Report 2013
6

Columbia Marsico Growth Fund

Portfolio of Investments

February 28, 2013

(Percentages represent value of investments compared to net assets)

Common Stocks 99.1%

Issuer	Shares		Value ($)
Consumer Discretionary 34.1%
Hotels, Restaurants & Leisure 11.2%
Chipotle Mexican Grill, Inc.^(a)		77,091		24,421,658
McDonald's Corp.		442,877		42,471,904
Starbucks Corp.		593,254		32,522,184
Starwood Hotels & Resorts Worldwide, Inc.		1,158,984		69,921,505
Wynn Resorts Ltd.		526,499		61,547,733
Yum! Brands, Inc.		164,446		10,767,924
Total				241,652,908
Internet & Catalog Retail 2.2%
priceline.com, Inc.^(a)		68,969		47,421,705
Media 6.4%
CBS Corp., Class B Non Voting		1,439,982		62,480,819
Comcast Corp., Class A		1,130,295		44,974,438
Liberty Global, Inc., Class A^(a)		437,731		30,155,289
Total				137,610,546
Specialty Retail 11.5%
AutoZone, Inc.^(a)		152,795		58,085,019
Foot Locker, Inc.		323,091		11,046,481
GNC Holdings, Inc., Class A		560,447		22,978,327
Home Depot, Inc. (The)		653,513		44,765,641
Lowe's Companies, Inc.		1,720,629		65,641,996
TJX Companies, Inc.		981,338		44,130,770
Total				246,648,234
Textiles, Apparel & Luxury Goods 2.8%
lululemon athletica, Inc.^(a)		242,587		16,265,458
Nike, Inc., Class B		793,743		43,227,244
Total				59,492,702
Total Consumer Discretionary				732,826,095
Consumer Staples 2.0%
Food & Staples Retailing 2.0%
Wal-Mart Stores, Inc.		598,184		42,339,464
Total Consumer Staples				42,339,464
Energy 4.7%
Energy Equipment & Services 3.2%
Schlumberger Ltd.		891,220		69,381,477

Common Stocks (continued)

Issuer	Shares		Value ($)
Oil, Gas & Consumable Fuels 1.5%
Kinder Morgan, Inc.		863,547		32,011,687
Total Energy				101,393,164
Financials 9.3%
Commercial Banks 3.1%
Wells Fargo & Co.		1,893,677		66,430,189
Consumer Finance 1.0%
American Express Co.		345,751		21,488,425
Diversified Financial Services 2.7%
Citigroup, Inc.		1,360,252		57,089,776
Insurance 0.6%
American International Group, Inc.^(a)		335,482		12,751,671
Real Estate Investment Trusts (REITs) 1.9%
American Tower Corp.		524,770		40,722,152
Total Financials				198,482,213
Health Care 15.3%
Biotechnology 9.4%
Biogen Idec, Inc.^(a)		521,726		86,783,903
Celgene Corp.^(a)		114,667		11,831,341
Gilead Sciences, Inc.^(a)		2,402,075		102,592,623
Total				201,207,867
Health Care Equipment & Supplies 1.8%
Intuitive Surgical, Inc.^(a)		78,328		39,938,664
Pharmaceuticals 4.1%
Bristol-Myers Squibb Co.		2,381,966		88,061,283
Total Health Care				329,207,814
Industrials 13.4%
Aerospace & Defense 3.4%
Precision Castparts Corp.		271,668		50,690,532
Rolls-Royce Holdings PLC		1,494,863		23,254,439
Total				73,944,971
Industrial Conglomerates 1.2%
Danaher Corp.		429,383		26,449,993
Machinery 3.6%
Cummins, Inc.		192,619		22,318,763
Pentair Ltd.		1,028,004		54,761,773
Total				77,080,536

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
7

Columbia Marsico Growth Fund

Portfolio of Investments (continued)

February 28, 2013

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 2.1%
Union Pacific Corp.		326,547		44,772,859
Trading Companies & Distributors 3.1%
United Rentals, Inc.^(a)		219,425		11,719,489
WW Grainger, Inc.		238,754		54,068,231
Total				65,787,720
Total Industrials				288,036,079
Information Technology 15.3%
Communications Equipment 1.6%
Motorola Solutions, Inc.		194,761		12,116,082
QUALCOMM, Inc.		336,638		22,093,552
Total				34,209,634
Internet Software & Services 9.1%
eBay, Inc.^(a)		1,550,161		84,762,803
Equinix, Inc.^(a)		178,418		37,744,328
Google, Inc., Class A^(a)		89,758		71,914,110
Total				194,421,241
IT Services 3.9%
Accenture PLC, Class A		299,490		22,270,076
Visa, Inc., Class A		383,412		60,824,480
Total				83,094,556
Software 0.7%
Intuit, Inc.		243,097		15,674,894
Total Information Technology				327,400,325

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 5.0%
Chemicals 5.0%
LyondellBasell Industries NV, Class A		776,859		45,539,475
Monsanto Co.		609,696		61,597,587
Total				107,137,062
Total Materials				107,137,062
Total Common Stocks (Cost: $1,660,348,012)				2,126,822,216
Preferred Stocks —%
Financials —%
Commercial Banks —%
Wells Fargo & Co., 8.000%		14,678		427,130
Total Financials				427,130
Total Preferred Stocks (Cost: $279,319)				427,130
Money Market Funds 1.9%
Columbia Short-Term Cash Fund, 0.128%^(b)(c)		40,312,087		40,312,087
Total Money Market Funds (Cost: $40,312,087)				40,312,087
Total Investments (Cost: $1,700,939,418)				2,167,561,433
Other Assets & Liabilities, Net				(21,386,881	)
Net Assets				2,146,174,552

Notes to Portfolio of Investments

(a) Non-income producing.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					43,906,157				1,968,497,539				(1,972,091,609	)			40,312,087				170,070				40,312,087

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
8

Columbia Marsico Growth Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements

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 Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
9

Columbia Marsico Growth Fund

Portfolio of Investments (continued)

February 28, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		732,826,095		—		—		732,826,095
Consumer Staples		42,339,464		—		—		42,339,464
Energy		101,393,164		—		—		101,393,164
Financials		198,482,213		—		—		198,482,213
Health Care		329,207,814		—		—		329,207,814
Industrials		264,781,640		23,254,439		—		288,036,079
Information Technology		327,400,325		—		—		327,400,325
Materials		107,137,062		—		—		107,137,062
Preferred Stocks
Financials		427,130		—		—		427,130
Total Equity Securities		2,103,994,907		23,254,439		—		2,127,249,346
Other
Money Market Funds		40,312,087		—		—		40,312,087
Total Other		40,312,087		—		—		40,312,087
Total		2,144,306,994		23,254,439		—		2,167,561,433

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
10

Columbia Marsico Growth Fund

Statement of Assets and Liabilities

February 28, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,660,627,331)	$	2,127,249,346
Affiliated issuers (identified cost $40,312,087)		40,312,087
Total investments (identified cost $1,700,939,418)		2,167,561,433
Receivable for:
Investments sold		24,377,167
Capital shares sold		991,579
Dividends		2,373,527
Prepaid expenses		8,054
Total assets		2,195,311,760
Liabilities
Payable for:
Investments purchased		26,765,513
Capital shares purchased		21,160,177
Investment management fees		37,780
Distribution and/or service fees		12,475
Transfer agent fees		778,667
Administration fees		3,177
Compensation of board members		163,332
Expense reimbursement due to Investment Manager		921
Other expenses		215,166
Total liabilities		49,137,208
Net assets applicable to outstanding capital stock	$	2,146,174,552
Represented by
Paid-in capital	$	1,588,733,982
Excess of distributions over net investment income		(156,749	)
Accumulated net realized gain		90,975,304
Unrealized appreciation (depreciation) on:
Investments		466,622,015
Total — representing net assets applicable to outstanding capital stock	$	2,146,174,552

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
11

Columbia Marsico Growth Fund

Statement of Assets and Liabilities (continued)

February 28, 2013

Class A
Net assets	$	593,793,822
Shares outstanding		25,069,663
Net asset value per share	$	23.69
Maximum offering price per share^(a)	$	25.14
Class B
Net assets	$	18,658,940
Shares outstanding		874,954
Net asset value per share	$	21.33
Class C
Net assets	$	276,437,248
Shares outstanding		12,945,321
Net asset value per share	$	21.35
Class I
Net assets	$	3,303
Shares outstanding		137
Net asset value per share^(b)	$	24.17
Class R
Net assets	$	19,530,458
Shares outstanding		836,185
Net asset value per share	$	23.36
Class R4
Net assets	$	65,643
Shares outstanding		2,686
Net asset value per share	$	24.44
Class R5
Net assets	$	2,758
Shares outstanding		113
Net asset value per share^(b)	$	24.43
Class W
Net assets	$	3,294
Shares outstanding		139
Net asset value per share^(b)	$	23.69
Class Z
Net assets	$	1,237,679,086
Shares outstanding		51,299,998
Net asset value per share	$	24.13

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
12

Columbia Marsico Growth Fund

Statement of Operations

Year Ended February 28, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	39,242,827
Dividends — affiliated issuers		170,070
Interest		284
Income from securities lending — net		337,698
Foreign taxes withheld		(616,978	)
Total income		39,133,901
Expenses:
Investment management fees		17,356,927
Distribution and/or service fees
Class A		1,619,044
Class B		229,932
Class C		2,998,685
Class R		102,012
Class W		8
Transfer agent fees
Class A		1,384,714
Class B		49,251
Class C		641,865
Class R		43,627
Class R4^(a)		1
Class W		7
Class Z		3,512,848
Administration fees		5,475,810
Compensation of board members		89,100
Custodian fees		29,244
Printing and postage fees		437,345
Registration fees		212,347
Professional fees		55,794
Other		86,774
Total expenses		34,325,335
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(2,313,639	)
Expense reductions		(2,965	)
Total net expenses		32,008,731
Net investment income		7,125,170
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		611,493,259
Foreign currency translations		(10,131	)
Net realized gain		611,483,128
Net change in unrealized appreciation (depreciation) on:
Investments		(474,435,054	)
Net change in unrealized appreciation (depreciation)		(474,435,054	)
Net realized and unrealized gain		137,048,074
Net increase in net assets resulting from operations	$	144,173,244

(a) For the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
13

Columbia Marsico Growth Fund

Statement of Changes in Net Assets

	Year Ended February 28, 2013^(a)			Year Ended February 29, 2012
Operations
Net investment income	$	7,125,170		$	5,080,417
Net realized gain		611,483,128			285,743,025
Net change in unrealized appreciation (depreciation)		(474,435,054	)		(152,622,301	)
Net increase in net assets resulting from operations		144,173,244			138,201,141
Distributions to shareholders
Net investment income
Class A		(1,780,654	)		—
Class I		(30	)		—
Class R		(4,564	)		—
Class R4		(12	)		—
Class R5		(13	)		—
Class W		(10	)		—
Class Z		(10,566,047	)		—
Total distributions to shareholders		(12,351,330	)		—
Increase (decrease) in net assets from capital stock activity		(1,201,164,689	)		(471,969,904	)
Total decrease in net assets		(1,069,342,775	)		(333,768,763	)
Net assets at beginning of year		3,215,517,327			3,549,286,090
Net assets at end of year	$	2,146,174,552		$	3,215,517,327
Undistributed (excess of distributions over) net investment income	$	(156,749	)	$	5,079,542

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
14

Columbia Marsico Growth Fund

Statement of Changes in Net Assets (continued)

	Year Ended February 28, 2013^(a)						Year Ended February 29, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		2,514,851			56,427,371			5,762,153			117,329,302
Distributions reinvested		67,517			1,489,735			—			—
Redemptions		(10,263,560	)		(230,701,898	)		(21,227,889	)		(438,105,302	)
Net decrease		(7,681,192	)		(172,784,792	)		(15,465,736	)		(320,776,000	)
Class B shares
Subscriptions		14,345			292,426			28,105			533,083
Redemptions^(b)		(482,875	)		(9,839,116	)		(842,848	)		(15,772,245	)
Net decrease		(468,530	)		(9,546,690	)		(814,743	)		(15,239,162	)
Class C shares
Subscriptions		529,146			10,734,279			745,332			14,022,626
Redemptions		(3,968,353	)		(80,319,452	)		(4,551,349	)		(85,153,704	)
Net decrease		(3,439,207	)		(69,585,173	)		(3,806,017	)		(71,131,078	)
Class I shares
Subscriptions		—			—			748,324			14,748,479
Redemptions		—			—			(1,268,025	)		(26,235,246	)
Net decrease		—			—			(519,701	)		(11,486,767	)
Class R shares
Subscriptions		225,764			4,962,159			395,608			8,029,454
Distributions reinvested		187			4,065			—			—
Redemptions		(354,540	)		(7,840,576	)		(412,020	)		(8,328,400	)
Net decrease		(128,589	)		(2,874,352	)		(16,412	)		(298,946	)
Class R4 shares
Subscriptions		2,686			65,383			—			—
Net increase		2,686			65,383			—			—
Class R5 shares
Subscriptions		113			2,500			—			—
Net increase		113			2,500			—			—
Class Z shares
Subscriptions		20,275,822			465,764,921			27,905,610			591,479,176
Distributions reinvested		346,104			7,778,747			—			—
Redemptions		(62,160,960	)		(1,419,985,233	)		(30,752,853	)		(644,517,127	)
Net decrease		(41,539,034	)		(946,441,565	)		(2,847,243	)		(53,037,951	)
Total net decrease		(53,253,753	)		(1,201,164,689	)		(23,469,852	)		(471,969,904	)

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to February 28, 2013.

(b) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
15

Columbia Marsico Growth Fund

Financial Highlights

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	22.25		$	21.19		$	16.75		$	11.30		$	20.26
Income from investment operations:
Net investment income (loss)		0.05			0.02			(0.01	)		0.03			0.06
Net realized and unrealized gain (loss)		1.45			1.04			4.45			5.50			(9.01	)
Total from investment operations		1.50			1.06			4.44			5.53			(8.95	)
Less distributions to shareholders:
Net investment income		(0.06	)		—			—			(0.08	)		(0.01	)
Total distributions to shareholders		(0.06	)		—			—			(0.08	)		(0.01	)
Proceeds from regulatory settlements		—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	23.69		$	22.25		$	21.19		$	16.75		$	11.30
Total return		6.78	%		5.00	%		26.51	%		49.09	%		(44.21	%)
Ratios to average net assets^(d)(e)
Total gross expenses		1.36	%		1.33	%^(f)		1.30	%^(f)		1.28	%^(f)		1.26	%
Total net expenses^(g)		1.26	%^(h)		1.28	%^(f)(h)		1.30	%^(f)(h)		1.28	%^(f)(h)		1.24	%^(h)
Net investment income (loss)		0.24	%		0.08	%		(0.05	%)		0.23	%		0.36	%
Supplemental data
Net assets, end of period (in thousands)	$	593,794		$	728,788		$	1,021,724		$	1,569,860		$	1,383,438
Portfolio turnover		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

(e) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Includes interest expense which rounds to less than 0.01%.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

The accompanying Notes to Financial Statements are an integral part of this statement.

Annual Report 2013
16

Columbia Marsico Growth Fund

Financial Highlights (continued)

	Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	20.13		$	19.31		$	15.38		$	10.42		$	18.83
Income from investment operations:
Net investment loss		(0.10	)		(0.13	)		(0.13	)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		1.30			0.95			4.06			5.07			(8.35	)
Total from investment operations		1.20			0.82			3.93			5.00			(8.41	)
Less distributions to shareholders:
Net investment income		—			—			—			(0.04	)		—
Total distributions to shareholders		—			—			—			(0.04	)		—
Proceeds from regulatory settlements		—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	21.33		$	20.13		$	19.31		$	15.38		$	10.42
Total return		5.96	%		4.25	%		25.55	%		48.10	%		(44.66	%)
Ratios to average net assets^(d)(e)
Total gross expenses		2.10	%		2.09	%^(f)		2.05	%^(f)		2.03	%^(f)		2.01	%
Total net expenses^(g)		2.01	%^(h)		2.03	%^(f)(h)		2.05	%^(f)(h)		2.03	%^(f)(h)		1.99	%^(h)
Net investment loss		(0.52	%)		(0.68	%)		(0.78	%)		(0.52	%)		(0.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	18,659		$	27,041		$	41,675		$	47,847		$	44,407
Portfolio turnover		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			54	%