Columbia Balanced Fund (CBALX) N-CSR 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			811-04367
Columbia Funds Series Trust I
(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:	August 31
Date of reporting period:		August 31, 2012

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 August 31, 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Active Portfolios^®Multi-Manager Alternative Strategies Fund

President’s Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter’s strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone’s fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

> 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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Table of Contents

Manager Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	8
Consolidated Portfolio of Investments	9
Consolidated Statement of Assets and Liabilities	33
Consolidated Statement of Operations	35
Consolidated Statement of Changes in Net Assets	36
Consolidated Financial Highlights	37
Notes to Consolidated Financial Statements	38
Report of Independent Registered Public Accounting Firm	50
Trustees and Officers	51
Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements	54
Important Information About this Report	61

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 2012

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance

Portfolio Management

AQR Capital Management, LLC

Clifford Asness, Ph.D.

John Liew, Ph.D.

Brian Hurst

Yao Hua Ooi

Eaton Vance Management

Mark Venezia, CFA

John Baur

Michael Cirami. CFA

Eric Stein, CFA

Wasatch Advisors, Inc.

Michael Shinnick

Ralph Shive, CFA

Water Island Capital, LLC

John Orrico, CFA

Todd Munn

Roger Foltynowicz, CAIA

Gregg Loprete

Active Portfolios^® Multi-Manager Alternative Strategies Fund was launched on April 23, 2012. The Fund is managed by four independent money management firms and each invests a portion of the portfolio’s assets. As of August 31, 2012, AQR Capital Management, LLC (AQR), Eaton Vance Management (Eaton Vance), Wasatch Advisors, Inc. (Wasatch) and Water Island Capital, LLC (Water Island) managed approximately 21%, 26%, 32% and 21% of the portfolio, respectively.

While the Fund’s benchmark is the Citigroup 3-month U.S. Treasury Bill Index, Wasatch compares the performance of its portion of the Fund to the S&P 500 Index.

Results Through a Variety of Alternative Strategies

AQR: Our portion of the Fund pursues an active managed futures strategy, investing in futures and forward contracts, both long and short, across the global equity, fixed income, commodity and currency markets.

The strong first quarter 2012 rally in global equities and economically-sensitive commodities was followed by markets stalling on mixed economic news, including slowing U.S. employment growth, in April. This led to relatively neutral positioning within our portion of the Fund at the end of April, with an expected portfolio beta to the S&P 500 Index of -0.1. (Beta is a measure of volatility in relation to the market as a whole.) May saw the portfolio move quickly to bearish positioning, as equities and energy-related and industrial metals commodities declined on resurgent concerns about Eurozone stability following the first Greek elections and Spanish bank downgrades. Market trends remained bearish though much of June, but turned bullish in July and August as policymakers attempted to solve the Eurozone crisis. Such conditions led our portion of the Fund to end August with a beta of +0.6.

Our strategy’s average annualized volatility target is 10%, which we allow to vary based on the conditional attractiveness of trends in the markets we trade. At inception, our portion of the Fund was targeting near 6% volatility, as bullish short-term signals from the first quarter 2012 equity market rally conflicted with longer-term negative signals in most markets. Fixed income signals were also mixed, but with strongly positive long-term trends counteracted by overextended signals and negative short-term signals following the March 2012 bond sell-off. The downturn of growth-sensitive assets in May and June pushed short-term signals into bearish agreement with long-term signals, resulting in a higher than average target for our portion of the Fund through the second half of the second calendar quarter. With a bounce-back of risky assets through July and August, our portion of the Fund settled into “normal” levels of targeted volatility at 10%.

By asset class, equities detracted from our portion of the Fund’s performance during the reporting period as a whole, while fixed income, commodities exposure and currencies added value. By signal, short-term trend-following and overextended trend signals detracted, while long-term trend-following signals contributed positively. Long-term trend-following signals performed well, as the market environment highly resembled the third quarter of 2011, when previous concerns about Eurozone solvency and weakening global macroeconomic data similarly drove asset returns. Long-term signals still showed a bearish bias due to the outsized effect of the prior third quarter, which led to strong returns and helped our portion of the Fund pivot from neutral to short equity positioning quickly in early May. Shorter-term signals were weaker, as there were a number of reversals over the course of the reporting period that hurt these types of signals. Such

2 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance (continued)

differing results indicate, in our view, that our strategy of diversifying across many horizons of trend following is prudent given the difficulty in predicting which market environment will prevail.

Eaton Vance: Our portion of the Fund employs a global macro long/short fixed income strategy. Its diversified mix of long and short investments primarily focused on currencies and sovereign credit around the world produced positive returns. More specifically, factors positively impacting returns included a long Turkish new lira and short South African rand cross-currency position, as Turkey continued to impress investors with its ability to grow its economy and narrow its current account deficit. A short position in the Taiwan new dollar was also beneficial to returns as the currency declined versus the U.S. dollar during the flight to safety in May and then remained largely unchanged through August while earning positive carry. Further benefiting our portion of the Fund was maintaining a modestly longer duration than the benchmark, as interest rates in the U.S. declined during the reporting period.

Factors negatively impacting returns included our portion of the Fund’s long Serbian dinar versus the euro position, which depreciated during the reporting period as a new government was sworn into power and appeared reluctant to address public finance reforms leading to capital outflows. A long position in the Malaysian ringgit depreciated versus the U.S. dollar. While it rebounded during July and August, the combination of concerns over a global economic slowdown and political protests earlier in the reporting period dictated the contribution for the reporting period overall.

Wasatch: Our portion of the Fund implements a long/short equity strategy. The market showed a preference for traditionally defensive sectors, such as telecommunication services, utilities and consumer staples. However, our portion of the Fund was underweight these sectors due to valuation concerns. Our portion of the Fund was overweight relative to the S&P 500 Index in more cyclical sectors, such as energy and information technology, which lagged, as economic growth expectations diminished.

The strongest contributing sector on a relative basis was materials, where our portion of the Fund had an overweight compared to the S&P 500 Index. Amongst our portion of the Fund’s short positions, industrials and materials were the strongest contributors. Conversely, health care and consumer staples were the most significant detractors, as our portion of the Fund was underweight these comparatively strong performing sectors. Security selection within financials also detracted from relative results.

The biggest individual contributors to our portion of the Fund’s results were fertilizer manufacturer Mosaic, offshore driller Ensco and leading call center outsourcing solutions firm Convergys. Mosaic’s stock price rebounded meaningfully on signs of a very difficult summer for U.S. crop yields due to unusually hot weather. Ensco’s shares rose on improved 2013 earnings estimates. Convergys continued to demonstrate the strength and underlying value during the reporting period that led us to make it a top ten position. It is also worth noting that information technology company Cisco Systems’ shares sold off rather dramatically during the reporting period but subsequently reported strong earnings and rebounded nicely. Cisco Systems’ dividend almost doubled during the reporting period. Positions in oil and gas exploration and production Devon Energy

Portfolio Breakdown (%) (at August 31, 2012)
	Long		Short		Net
Common Stocks	43.9		(6.7	)	37.2
Consumer Discretionary	4.3		(0.5	)	3.8
Consumer Staples	1.8		(0.3	)	1.5
Energy	8.4		(0.0	) (a)	8.4
Financials	6.4		(1.9	)	4.5
Health Care	3.4		(0.5	)	2.9
Industrials	6.2		(0.5	)	5.7
Information Technology	8.4		(0.8	)	7.6
Materials	2.9		(0.8	)	2.1
Telecom munication Services	0.7		(0.4	)	0.3
Utilities	1.4		(1.0	)	0.4
Preferred Stocks	0.6		(0.0	)	0.6
Financials	0.6		(0.0	)	0.6
Bonds	13.7		(0.0	)	13.7
Convertible Bonds	0.6		(0.0	)	0.6
Corporate Bonds & Notes	2.8		(0.0	)	2.8
Foreign Government Obligations	9.2		(0.0	)	9.2
Inflation- Indexed Bonds	1.1		(0.0	)	1.1
Exchange- Traded Funds	0.0		(0.1	)	(0.1	)
Options Purchased Calls	0.1		(0.0	)	0.1
Options Purchased Puts	0.0	(a)	(0.0	)	0.0	(a)
Rights	0.1		(0.0	) (a)	0.1
Treasury Bills	19.4		(0.0	)	19.4
Short-Term Investments Segregated in Connection with Open Derivatives Contracts (b)	29.0		(0.0	)	29.0
Total	106.8		(6.8	)	100.0

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

(a) Rounds to less than 0.1%.

(b) Includes investments in Money Market Funds (amounting to $126.8 million) which have been segregated to cover obligations related to the Fund’s investment in derivatives which provides exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments, and Note 2 to the consolidated financial statements.

Annual Report 2012 3

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance (continued)

Market Exposure Through Derivatives Investments (% of Notional Exposure) (at August 31, 2012) (a)
Fixed Income Derivative Contracts	102.6
Commodities Derivative Contracts	0.2
Equity Derivative Contracts	11.0
Forward Foreign Currency Exchange Contracts	(13.8	)
Total Notional Market Value of Derivative Contracts	100.0

(a) The Fund has market exposure to fixed income, equity and commodities asset classes through its investments in futures and swap contracts either directly or through one or more wholly-owned subsidiaries, and market exposure to foreign currencies through its investments in forward foreign currency exchange contracts. Futures and swap contracts and forward foreign currency exchange contracts are derivative instruments. The Fund may have long or short market exposures. The shares outstanding reported reflect notional market value of futures and swap contracts and forward foreign currency exchange contracts. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. Notional amounts for each derivative contract are shown in the Consolidated Portfolio of Investments. The notional amount of all outstanding derivative contracts is $522,782,450. See Futures, Options Written, Credit Default Swaps, Interest Rate Swaps, Total Return Swaps, Forward Foreign Currency Exchange Contracts, Cross Currency Swaps and Total Return Swap Contracts Outstanding at August 31, 2012 on pages 15-17, 17-19, 19-22, 22, 23, 23-27, 27 and 27-28 respectively. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments, and Note 2 to the consolidated financial statements. At period end, the Fund held investments in an affiliated money market fund (amounting to $126.8 million), which have been segregated to cover obligations relating to the Fund’s investment in derivatives. For further information on these holdings, see the Consolidated Portfolio of Investments.

and in insurance companies Unum Group and CNA Financial detracted from our portion of the Fund’s relative results most.

Water Island: Our portion of the Fund employs a variety of alternative strategies. In the equity merger arbitrage sleeve, three factors usually impact returns — interest rates, deal flow and the return possibilities of the announced corporate actions. However, all three factors were unchanged during the brief reporting period, and thus this strategy produced somewhat flat returns. Within this sleeve, three merger events made a strong positive impact on Fund results — the Ali Baba, Cooper Industries and Catalyst Health deals all reached a successful conclusion during the reporting period. The three merger events that had the most negative impact were Astral Media, Sundance Resources and Flinders Mines. Regulatory hurdles delayed the completion of the Astral Media deal. A decline in iron ore prices led to a repricing of the Sundance Resources deal which negatively impacted returns. And the Flinders Mines deal was ultimately terminated after a minority shareholder in the acquirer, Magnitogorsk Iron & Steel Works, filed a suit in Russian courts to block the transaction.

In the equity special situations sleeve, macroeconomic concerns and political issues re-emerged, which led to increased volatility and weaker investment returns across asset classes. European political and economic uncertainty, highlighted by two Greek elections, sovereign funding issues in Spain and Italy and serious concerns about the Eurozone contributed significantly to volatility during the reporting period. In addition, weakening U.S. GDP growth and labor market conditions were accompanied by increasing fears of an economic slowdown in China. As the reporting period ended, European sovereign and political fears once again subsided, as Eurozone bureaucrats announced broad plans, with few specifics, for a range of solutions to alleviate sovereign funding issues and banking concerns.

In the credit special situations and merger-related credit sleeves, although we are constantly aware of the macro factors that influence markets, our strategies seek to identify idiosyncratic opportunities driven by company specific events rather than pure market directions.

Changes to the Fund’s Portfolio Based on Strategy Implementation

AQR: In equities, our portion of the Fund began the reporting period generally neutral, with a mix of long and short positions. We moved into short positioning swiftly enough to benefit from May’s global equity market declines, particularly the losses in China and the European periphery. However, our portion of the Fund was positioned even more bearishly in June as markets rebounded following rate cuts by the Chinese central bank and an agreement by European leaders to spread losses on any bailout Funds more broadly. We bought equities again in July as equity markets rallied, and our portion of the Fund benefited in August from positive U.S. payroll data and from the European Central Bank announcement regarding its commitment to maintaining the euro. Our portion of the Fund ended August with long positions across all developed and emerging equity markets within our investment universe.

In fixed income, our portion of the Fund began the reporting period with mostly long positions across bond futures and short-term interest rate futures, but also with short-term positions in a few short-rate contracts in Canada, the U.K. and the U.S. Global bond markets rallied during the second calendar quarter in response to renewed monetary policy easing and the re-emergence of European debt concerns,

4 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance (continued)

led by Australian, U.K. and U.S. long bonds. However, August saw a bond sell-off on positive economic data. Overall, long positioning helped our portion of the Fund’s performance, especially in Euro, Japanese and U.K. bonds. Our portion of the Fund ended August mostly long, with the largest positions in Japanese, U.K. and U.S. bonds, but also with small short positions in Australian short-duration bonds, U.S. short-duration bonds and Canadian and Swiss short-term interest rate futures.

In commodities, our portion of the Fund began the reporting period with mostly short positioning aside from crude oil and refined products and some agriculturals. Commodities dropped sharply in May on the market sell-off, with energy commodities hit the hardest, and partially bounced back in June. Agriculturals rallied in July and August on the drought in the Midwest U.S. Our portion of the Fund benefited from declines in industrial metal prices, especially aluminum. Agricultural commodities were mixed, with long positions in soybeans and soy meal benefiting the Fund, while wheat and corn positions detracted. In energy-related commodities, natural gas rallied against our short position on news of production cutbacks. Overall, the gains outweighed losses in commodities, and our portion of the Fund finished August with its largest long positions in gasoline, soybeans and gas oil and its largest short positions in aluminum, lean hogs and zinc.

In the currency markets, our portion of the Fund’s largest positions at the start of the reporting period were short the euro and the Japanese yen, with sizable long positions in the New Zealand dollar and the British pound. The euro short was the biggest positive contributor, as the currency fell on concerns ranging from the failure of initial Greek elections to produce a government to the downgrades and necessary bailouts of Spanish banks. However, these economic woes also caused the Japanese yen to appreciate as investors sought a safe haven currency and the Bank of Japan did not intervene to hold down the exchange rate. Thus, the Japanese yen short position detracted from performance, as did the long position in the New Zealand dollar, a high-yielding currency hurt by the market sell-off in May. Our portion of the Fund ended August strongly short the euro, Japanese yen and U.S. dollar, with long positions in the Australian dollar, Canadian dollar, British pound and Norwegian krone and with a mix of long and short positions in various emerging market currencies.

Eaton Vance: During the reporting period, we added to existing long positions in Malaysia, Mexico, Poland and Sri Lanka opportunistically. We decreased existing positions in Serbia, Croatia and the Philippines based on relative value. We initiated new long credit positions in Latvia, where we believe fundamentals are stronger than are being reflected in valuations, and in Cyprus, which we believe has been oversold due to its close proximity to Greece. We eliminated our portion of the Fund’s long credit position in Chile, as valuations appear to have caught up to our view on fundamentals there.

Wasatch: During the reporting period, we increased our portion of the Fund’s positions in Mosaic, already mentioned, and in broadcast television operator Acme Communications. We believed drought conditions provided a positive backdrop for Mosaic. We liked Acme Communications’ solid balance sheet and added to our portion of the Fund’s position on the company’s announcement of a major stock buyback. We successfully closed a short position in machinery company Caterpillar. We sold our portion of the Fund’s position in consumer electronics retailer Best Buy, as the company opted to not meaningfully engage with a buyout

Annual Report 2012 5

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance (continued)

offer from its founder. Diagnostic product producer Alere was a turnaround where the timing kept being extended. We chose to take a small loss as opposed to waiting. We exited a short position in Charter Communications, a broadband Internet communications services provider, with a small loss even though the company’s high levels of debt persisted, as we felt the risk to capital had become too high.

Overall, our portion of the Fund’s exposure relative to the S&P 500 Index in materials increased, primarily due to the strong performance of Mosaic, during the reporting period. Our portion of the Fund’s allocation to health care decreased as a function of specific company ideas disappointing. As of August 31, 2012, our portion of the Fund was overweight relative to the S&P 500 Index in materials and energy and underweight relative to the S&P 500 Index in information technology, telecommunication services, consumer staples, consumer discretionary, utilities, industrials and health care. Our portion of the Fund was rather neutrally weighted to the S&P 500 Index in financials at the end of the reporting period.

Water Island: In the equity merger arbitrage sleeve, we purchased Comverse Technologies. Comverse Technologies is being acquired by Verint Systems in a stock-for-stock purchase. In our view, this is a relatively solid deal that should close in October 2012 and presents the possibility of a good annualized return. In the equity special situations sleeve, we sold out of the Fund’s position in Echo Entertainment Group. The stock was initially purchased as a pre-arbitrage situation due to talks the company held regarding putting itself up for sale. It later became obvious the timeline would extend longer than anticipated and we exited the position.

On the credit side, our portion of the Fund purchased the trust preferred securities of BankAtlantic Bancorp with the expectation that BB&T, a Winston-Salem, NC-based bank, would fully redeem the said securities shortly after BB&T’s acquisition of BankAtlantic is completed. The deal closed shortly before the end of the reporting period and it presents the possibility of being a profitable transaction for the Fund.

Looking Ahead

AQR: Overall, we believe this reporting period ended August 31, 2012 illustrated the importance of our portion of the Fund’s construction, which emphasizes diversification across asset classes as well as diversification across signals. During the reporting period, gains in fixed income and commodities counterbalanced losses in equities, and long-term momentum gains exceeded losses from our shorter-term and overextended signals. Most importantly perhaps, our portion of the Fund’s strongly positive returns in May provided a hedge against losses on global equities. We believe this ability of trend-following strategies to do well in times of poor traditional asset returns provides one of the strongest arguments for a managed futures strategy within the Fund’s portfolio going forward.

Eaton Vance: We believe the economic recovery in the U.S. is following a pattern historically reflective of emergence from a financial recession. While growth has improved and unemployment has retreated, the country’s fiscal balance sheet continues to deteriorate. In the months ahead, we believe the financial markets will continue to focus on developments in Europe, especially as it relates to anemic growth, economic competitive imbalances and high debt levels. Political risks remain high in the Eurozone, as each country fights for what is in its own best interest and disagrees on what is in the best interest of the European Monetary

6 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Manager Discussion of Fund Performance (continued)

Union as a whole. As such, we feel there are enhanced opportunities to invest in Asia, Latin America and Central and Eastern Europe as well as Africa and the Middle East. Many of these countries benefit from strong economic and political fundamentals that may help them weather what we believe may well be ongoing market turmoil originating in the developed world.

Wasatch: Going forward, our preference for businesses with strong balance sheets and productive assets as a defense in a world awash in digitally-created currency (money created by central banks) is something we think is necessary to protect investors’ capital. It is clear to us that the policy responses in Europe and the U.S. are devaluing paper money, and we want to protect capital through ownership of productive assets. We are particularly excited when we have an opportunity to purchase these assets at prices below replacement value.

Water Island: In the equity merger arbitrage and equity special situations sleeves, our strategies are expected to remain consistent with what we have done in the past. Despite the belief that world equity markets will continue to be volatile, we remain focused on opportunities tied to individual company and to sector catalysts. For equity merger arbitrage, we intend to focus on higher quality transactions, and for our equity special situations trades we continue to seek catalyst-driven investments where underlying value has yet to be realized or is currently being overlooked by the market. From a strategic perspective, we may take a more opportunistic approach ahead and seek to capitalize on market volatility by purchasing securities at more favorable prices should such opportunities arise.

Similarly, in both the merger-related credit and credit special situations sleeves, our strategies are expected to remain consistent with how we have been managing the portfolio, namely to identify idiosyncratic opportunities driven by company-specific events. The strong year-to-date performance in credit and our macroeconomic concerns reinforces our belief in this approach. We are specifically focusing on securities that are senior in the capital structure and have relatively short duration. We intend to seek to take advantage of market volatility and to purchase these securities at favorable prices.

Within each of the alternative strategies we employ, we believe our investment approach leads to investment returns that are less correlated to the direction of overall securities markets.

Annual Report 2012 7

Active Portfolios^®Multi-Manager Alternative Strategies 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.

April 23, 2012 – August 31, 2012

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

1,003.00

*

1,016.94

5.80

*

8.26

1.63

*

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 366.

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.

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Fund shares are sold in accordance with the terms of the account through which you invest in the Fund. Participants in wrap fee programs pay an asset-based fee that is not included in the above table. Please read the wrap program documents for information regarding fees charged.

* For the period from April 23, 2012 (commencement of operations) to August 31, 2012.

8 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 40.3%
Issuer	Shares		Value ($)
Consumer Discretionary 4.0%
Automobiles 0.6%
General Motors Co.(a)(b)		129,400		2,762,690
Media 1.3%
Astral Media, Inc., Class A		66,264		3,182,958
Consolidated Media Holdings Ltd.		44,011		157,049
Interpublic Group of Companies, Inc. (The)(b)		268,057		2,852,126
Total				6,192,133
Multiline Retail 0.5%
Target Corp.(b)		37,000		2,371,330
Specialty Retail 1.6%
Chico’s FAS, Inc.(b)		92,000		1,742,480
Collective Brands, Inc.(a)(b)		148,049		3,203,780
GameStop Corp., Class A		53,300		1,016,964
PEP Boys-Manny, Moe & Jack (The)(b)		188,355		1,693,312
Total				7,656,536
Total Consumer Discretionary				18,982,689
Consumer Staples 1.6%
Beverages 0.4%
Grupo Modelo SAB de CV, Class C		200,889		1,823,608
Food & Staples Retailing 0.3%
Wal-Mart Stores, Inc.		18,800		1,364,880
Food Products 0.7%
Viterra, Inc.		201,212		3,294,508
Personal Products 0.2%
Avon Products, Inc.		78,200		1,208,190
Total Consumer Staples				7,691,186
Energy 7.7%
Energy Equipment & Services 4.4%
Ensco PLC, Class A(b)		99,950		5,734,132
Halliburton Co.		99,400		3,256,344
Helmerich & Payne, Inc.(b)		34,500		1,574,580
Noble Corp.(b)		103,479		3,946,689
Patterson-UTI Energy, Inc.(b)		347,300		5,275,487
Pure Energy Services Ltd.		82,181		913,724
Total				20,700,956
Oil, Gas & Consumable Fuels 3.3%
Anadarko Petroleum Corp.		20,050		1,388,864
ConocoPhillips		40,500		2,299,995
Cove Energy PLC		112,482		428,205
CREDO Petroleum Corp.(a)		91,636		1,325,057
Devon Energy Corp.		46,621		2,696,092

Common Stocks (continued)
Issuer	Shares		Value ($)
Energen Corp.		49,547		2,529,374
Ithaca Energy, Inc.(a)		124,225		264,644
Kinder Morgan, Inc.		577		20,639
Nexen, Inc.		107,550		2,711,335
Progress Energy Resources Corp.		81,951		1,826,491
Sunoco, Inc.		3,360		158,558
Whitehaven Coal Ltd.		76,601		260,886
Total				15,910,140
Total Energy				36,611,096
Financials 5.9%
Commercial Banks 0.7%
Fifth Third Bancorp		82,600		1,250,564
Pacific Capital Bancorp(a)		20,171		926,252
Savannah Bancorp, Inc. (The)(a)		97,809		962,441
Total				3,139,257
Diversified Financial Services 0.5%
Citigroup, Inc.		64,400		1,913,324
Osaka Securities Exchange Co., Ltd.		60		272,769
Total				2,186,093
Insurance 3.9%
Allstate Corp. (The)		38,800		1,446,464
Aon PLC		40,500		2,104,380
CNA Financial Corp.		121,100		3,163,132
Flagstone Reinsurance Holdings SA		17,060		145,693
Loews Corp.(b)		146,103		5,939,087
MetLife, Inc.(b)		49,900		1,703,087
SeaBright Insurance Holdings, Inc.		77,833		854,606
Unum Group(b)		171,000		3,336,210
Total				18,692,659
Real Estate Management & Development 0.2%
Deutsche Euroshop AG		7,515		274,828
Deutsche Wohnen AG		18,047		305,308
GAGFAH SA(a)		30,781		333,231
GSW Immobilien AG		8,019		285,846
Total				1,199,213
Thrifts & Mortgage Finance 0.6%
Beacon Federal Bancorp, Inc.(b)		101,223		2,016,362
Hudson City Bancorp, Inc.		125,798		904,488
Total				2,920,850
Total Financials				28,138,072

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

Annual Report 2012 9

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 3.1%
Health Care Equipment & Supplies 0.5%
LMA International NV		1,193,164		574,905
Medtronic, Inc.(b)		20,300		825,398
Stryker Corp.(b)		20,300		1,081,178
Total				2,481,481
Health Care Providers & Services 1.7%
AMERIGROUP Corp.(a)(b)		30,043		2,731,510
Catamaran Corp.(a)		13,073		1,139,312
Coventry Health Care, Inc.		42,810		1,782,180
Sun Healthcare Group, Inc.(a)		91,973		777,172
Sunrise Senior Living, Inc.(a)		115,721		1,664,068
Total				8,094,242
Pharmaceuticals 0.9%
Novartis AG, ADR		26,400		1,557,864
Par Pharmaceutical Companies, Inc.(a)		54,790		2,728,542
Total				4,286,406
Total Health Care				14,862,129
Industrials 5.7%
Air Freight & Logistics 0.6%
TNT Express NV		267,504		3,012,048
Airlines 0.6%
Southwest Airlines Co.(b)		324,000		2,896,560
Building Products 0.2%
U.S. Home Systems, Inc.		74,453		925,451
Commercial Services & Supplies 0.5%
Republic Services, Inc.(b)		78,148		2,160,792
Construction & Engineering 0.7%
Aegion Corp.(a)		108,500		2,117,920
Chicago Bridge & Iron Co. NV		6,694		246,473
Shaw Group, Inc. (The)(a)		18,519		779,280
Total				3,143,673
Electrical Equipment 1.1%
Cooper Industries PLC(b)		44,965		3,289,190
Emerson Electric Co.		22,800		1,156,416
General Cable Corp.(a)(b)		37,600		1,018,584
Total				5,464,190
Machinery 0.5%
Robbins & Myers, Inc.		37,723		2,256,590
Professional Services 0.2%
Resources Connection, Inc.(b)		91,200		1,019,616
Road & Rail 1.0%
Dollar Thrifty Automotive Group, Inc.(a)		21,120		1,840,819

Common Stocks (continued)
Issuer	Shares		Value ($)
Knight Transportation, Inc.		92,200		1,318,460
RailAmerica, Inc.(a)		54,511		1,493,601
Total				4,652,880
Trading Companies & Distributors 0.3%
Interline Brands, Inc.(a)		64,723		1,647,847
Total Industrials				27,179,647
Information Technology 7.7%
Communications Equipment 1.3%
Acme Packet, Inc.(a)(b)		122,895		2,346,065
Cisco Systems, Inc.		204,700		3,905,676
Total				6,251,741
Computers & Peripherals 0.5%
Silicon Graphics International Corp.(a)(b)		272,600		2,328,004
Electronic Equipment, Instruments & Components 0.6%
Brightpoint, Inc.(a)		204,322		1,832,768
Itron, Inc.(a)(b)		19,600		849,856
Total				2,682,624
Internet Software & Services 0.7%
Akamai Technologies, Inc.(a)(b)		46,700		1,751,717
Ancestry.com, Inc.(a)		20,306		631,111
WebMD Health Corp.(a)		67,797		1,012,887
Total				3,395,715
IT Services 0.9%
Convergys Corp.		208,700		3,236,937
Western Union Co. (The)(b)		65,900		1,160,499
Total				4,397,436
Semiconductors & Semiconductor Equipment 0.9%
AuthenTec, Inc.(a)		44,573		357,030
FSI International, Inc.(a)		150,800		930,436
Intel Corp.(b)		51,400		1,276,262
Lam Research Corp.(a)		51,733		1,765,647
Total				4,329,375
Software 2.8%
Ariba, Inc.(a)(b)		71,593		3,199,491
Comverse Technology, Inc.(a)(b)		240,267		1,441,602
Deltek, Inc.(a)		10,708		138,561
Kenexa Corp.(a)		19,845		909,695
Microsoft Corp.		84,100		2,591,962
Oracle Corp.		63,300		2,003,445
Pervasive Software, Inc.(a)		28,505		237,162
Quest Software, Inc.(a)(b)		105,386		2,945,539
Total				13,467,457
Total Information Technology				36,852,352

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

10 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Materials 2.7%
Chemicals 1.4%
Eastman Chemical Co.		12,765		705,394
Mosaic Co. (The)(b)		97,000		5,617,270
TPC Group, Inc.(a)		6,006		246,426
Total				6,569,090
Metals & Mining 1.3%
Commercial Metals Co.		55,900		712,166
Flinders Mines Ltd.(a)		599,949		51,187
Molycorp, Inc.(a)		5,814		66,919
Sumitomo Metal Industries Ltd.		559,819		798,165
Sundance Resources Ltd.(a)		3,139,503		1,051,246
Talison Lithium Ltd.(a)		36,320		239,124
Yamana Gold, Inc.		22,864		391,060
Yamana Gold, Inc.		146,200		2,504,406
Yancoal Australia Ltd.(a)		220,095		238,761
Total				6,053,034
Paper & Forest Products —%
Wausau Paper Corp.		5,198		46,678
Total Materials				12,668,802
Telecommunication Services 0.6%
Diversified Telecommunication Services 0.3%
Consolidated Communications Holdings, Inc.		22,127		360,228
Telefonica SA, ADR(b)		67,902		852,849
Total				1,213,077
Wireless Telecommunication Services 0.3%
Vodafone Group PLC, ADR(b)		56,700		1,639,764
Total Telecommunication Services				2,852,841
Utilities 1.3%
Independent Power Producers & Energy Traders 0.6%
GenOn Energy, Inc.(a)		1,089,261		2,755,830
Multi-Utilities 0.7%
CH Energy Group, Inc.		9,758		635,832
Challenger Infrastructure Fund, Class A		1,343,463		1,888,341
Hastings Diversified Utilities Fund		249,528		672,505
Total				3,196,678
Total Utilities				5,952,508
Total Common Stocks (Cost: $189,231,512)				191,791,322

Preferred Stocks 0.6%
Issuer	Shares		Value ($)
Financials 0.6%
Commercial Banks 0.2%
GMAC Capital Trust I, 8.125%		12,828		318,391
JPMorgan Chase Capital XI, 5.875%		30,379		772,234
Total				1,090,625
Diversified Financial Services 0.3%
BBC Capital Trust II, 8.500%		4,200		146,979
Citigroup Capital IX, 6.000%		21,000		522,270
Citigroup Capital VIII, 6.950%		19,000		483,930
Total				1,153,179
Real Estate Investment Trusts (REITs) 0.1%
FelCor Lodging Trust, Inc., 8.000%		3,950		106,176
Strategic Hotels & Resorts, Inc., 8.250%		11,544		290,200
Strategic Hotels & Resorts, Inc., 8.500%		2,296		57,859
Total				454,235
Total Financials				2,698,039
Total Preferred Stocks (Cost: $2,714,099)				2,698,039

Corporate Bonds & Notes(k) 2.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Airlines 0.2%
American Airlines, Inc. Senior Secured
08/01/16		13.000%		967,223		1,034,929
Banking 0.4%
BBC Capital Statutory Trust III(c)(d)(e)
06/26/32		3.912%		1,000,000		1,140,000
Fifth Third Capital Trust IV(c)
04/15/67		6.500%		334,000		334,000
Regions Financing Trust II(c)
05/15/47		6.625%		654,000		631,110
Total						2,105,110
Gaming 0.2%
Peninsula Gaming LLC/Corp.
08/15/17		10.750%		680,000		774,350
Independent Energy 0.2%
Chesapeake Energy Corp.
03/15/19		6.775%		1,047,000		1,054,853
Media Cable 0.1%
WideOpenWest Finance LLC/Capital Corp.(d)
10/15/19		13.375%		697,000		700,485

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

Annual Report 2012 11

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Media Non-Cable 0.5%
Cenveo Corp.
12/01/13		7.875%		1,255,000		1,248,725
Reader’s Digest Association, Inc. (The) Senior Secured(c)
02/15/17		9.500%		837,000		468,720
Yellow Media, Inc.
02/02/15		7.300%	CAD	839,000		485,143
Total						2,202,588
Non-Captive Diversified 0.2%
CIT Group, Inc.(d)
05/02/16		7.000%		1,129,296		1,132,119
Oil Field Services 0.2%
Offshore Group Investments Ltd. Senior Secured
08/01/15		11.500%		887,000		980,135
Retailers 0.1%
Neiman Marcus Group, Inc. (The)
10/15/15		10.375%		324,000		332,508
Technology 0.1%
Nortel Networks Ltd.(c)(e)
07/15/16		10.750%		410,000		451,000
Transportation Services 0.3%
Ship Finance International Ltd.
12/15/13		8.500%		1,259,000		1,259,000
Total Corporate Bonds & Notes (Cost: $12,063,432)						12,027,077
Convertible Bonds(k) 0.6%
Health Care 0.2%
Sunrise Senior Living, Inc.
04/01/41		5.000%		624,000		886,080
Technology 0.4%
Nortel Networks Corp.(e)
04/15/14		2.125%		410,000		402,825
Symantec Corp. Senior Unsecured
06/15/13		1.000%		1,257,000		1,366,987
Total						1,769,812
Total Convertible Bonds (Cost: $2,601,109)						2,655,892

Foreign Government Obligations(k) 8.4%
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Albania 0.1%
Albania Government International Bond Senior Unsecured
11/04/15		7.500%	EUR		180,000		218,027
Argentina 0.4%
Argentina Bonar Bonds Senior Unsecured
09/12/13		7.000%			1,980,000		1,954,173
Cyprus 0.5%
Cyprus Government International Bond
06/03/13		3.750%	EUR		666,000		713,255
02/03/20		4.625%	EUR		2,107,000		1,431,100
Total							2,144,355
Germany 0.7%
Bundesrepublik Deutschland
07/04/34		4.750%	EUR		1,900,000		3,518,723
Mexico 2.2%
Mexican Bonos
06/19/14		7.000%	MXN		122,655,000		9,650,960
12/18/14		9.500%	MXN		12,500,000		1,042,043
Total							10,693,003
New Zealand 1.1%
New Zealand Government Bond Senior Unsecured
12/15/17		6.000%	NZD		940,000		870,001
03/15/19		5.000%	NZD		940,000		839,076
04/15/23		5.500%	NZD		370,000		349,034
05/15/21		6.000%	NZD		3,370,000		3,247,514
Total							5,305,625
Philippines 0.5%
Philippine Government International Bond Senior Unsecured
01/14/36		6.250%	PHP		87,000,000		2,311,987
Sri Lanka 0.3%
Republic of Sri Lanka Senior Unsecured(d)(f)
07/27/21		6.250%			844,000		881,917
Sri Lanka Government International Bond Senior Unsecured
07/27/21		6.250%			249,000		260,187
Sri Lanka Government International Bond(d)(f) Senior Unsecured
07/25/22		5.875%			400,000		410,605
Total							1,552,709

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

12 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Turkey 1.6%
Turkey Government Bond(g)
11/07/12		0.000%	TRY		14,364,100		7,802,110
Venezuela 1.0%
Venezuela Government International Bond Senior Unsecured
03/31/38		7.000%			3,330,000		2,322,675
10/21/26		11.750%			2,422,000		2,373,560
Total							4,696,235
Total Foreign Government Obligations
(Cost: $39,953,004)							40,196,947
Inflation-Indexed Bonds(k) 1.0%
Turkey 1.0%
Turkey Government Bond
01/06/21		3.000%	TRY		8,233,867		4,627,930
Total Inflation-Indexed Bonds
(Cost: $4,495,048)							4,627,930

Options Purchased Calls 0.1%
Issuer	Contracts			Exercise Price		Expiration Date		Value ($)
Chicago Bridge & Iron Co. NV
		59			36.00		10/20/12		13,275
		13			37.00		10/20/12		2,275
Indian Rupee
		338,700,000	INR		52.00		05/06/13		25,379
		155,200,000	INR		51.00		05/08/13		7,199
		105,560,000	INR		52.00		05/14/13		8,135
		209,000,000	INR		55.00		07/01/13		59,933
		159,000,000	INR		53.00		07/03/13		22,261
		111,300,000	INR		53.00		07/03/13		15,583
		353,000,000	INR		54.00		08/12/13		77,251
		187,000,000	INR		54.00		08/12/13		40,923
		160,000,000	INR		54.00		08/12/13		35,014
		188,000,000	INR		55.00		08/19/13		57,108
Total Options Purchased Calls
(Cost: $464,943)									364,336
Options Purchased Puts —%
Aetna, Inc.
		19			37.00		10/20/12		1,777
		7			38.00		10/20/12		928
Australian Dollar
		4,680,000	AUD		0.98		11/01/12		22,962
		3,420,000	AUD		0.95		11/27/12		15,179
Chinese Renminbi
		7,150,000	CNH		6.50		05/20/13		7,843
		21,209,500	CNH		6.50		05/20/13		23,267
		21,209,500	CNH		6.50		05/20/13		23,267

Options Purchased Puts (continued)
Issuer	Contracts		Exercise Price		Expiration Date		Value ($)
SPDR S&P 500 ETF Trust
		53		135.00		09/22/12		2,941
		52		134.00		09/22/12		2,392
		14		136.00		09/22/12		987
		84		138.00		10/20/12		20,286
		79		139.00		10/20/12		21,685
		48		140.00		10/20/12		15,024
Shaw Group, Inc. (The)
		3		37.00		10/20/12		98
		6		38.00		10/20/12		270
		4		39.00		10/20/12		230
		1		40.00		10/20/12		75
		210		35.00		01/19/13		27,300
Total Options Purchased Puts
(Cost: $449,774)								186,511

Rights 0.1%
Issuer	Shares		Value ($)
Materials 0.1%
Yancoal Australia Ltd.(a)		219,864		576,967
Total Rights
(Cost: $756,078)				576,967

Treasury Bills(k) 17.8%
Issuer	Effective Yield			Principal Amount ($)		Value ($)
Norway 1.0%
Norway Treasury Bills
09/19/12		1.290%	NOK		26,295,000		4,534,220
Serbia 2.6%
Serbia Treasury Bills
05/22/14		15.720%	RSD		64,200,000		537,947
12/12/13		15.590%	RSD		121,890,000		1,081,771
06/28/13		15.460%	RSD		112,200,000		1,059,641
02/21/13		15.470%	RSD		252,300,000		2,502,076
05/23/13		15.470%	RSD		775,630,000		7,425,540
Total							12,606,975
Singapore 1.2%
Monetary Authority of Singapore
11/23/12		0.240%	SGD		894,000		716,807
Singapore Treasury Bills
02/07/13		0.280%	SGD		6,274,000		5,027,205
Total							5,744,012
United States 13.0%
U.S. Treasury Bills
10/04/12		0.060%			14,700,000		14,699,188
11/01/12(b)		0.070%			11,200,000		11,198,645
10/25/12		0.080%			20,000,000		19,997,638

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

Annual Report 2012 13

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Treasury Bills(k)(continued)
Issuer	Effective Yield		Principal Amount ($)		Value ($)
09/06/12		0.090%		6,100,000		6,099,913
09/13/12		0.100%		6,926,000		6,925,758
11/15/12(l)		0.070%		3,000,000		2,999,535
Total						61,920,677
Total Treasury Bills
(Cost: $85,560,545)						84,805,884

Money Market Funds 26.6%
	Shares			Value ($)
Columbia Short-Term Cash Fund, 0.164%(h)(i)(j)		126,810,627			126,810,627
Total Money Market Funds
(Cost: $126,810,627)					126,810,627
Total Investments
(Cost: $465,100,171)					466,741,532
Investments Sold Short (6.3)%
Common Stocks (6.2)%
Issuer	Shares			Value ($)
Consumer Discretionary (0.5)%
Hotels, Restaurants & Leisure (0.2)%
Penn National Gaming, Inc.(a)		(24,400	)		(958,676	)
Specialty Retail (0.3)%
CarMax, Inc.(a)		(40,500	)		(1,238,895	)
RONA, Inc.		(6,422	)		(83,716	)
Total					(1,322,611	)
Total Consumer Discretionary					(2,281,287	)
Consumer Staples (0.2)%
Food Products (0.2)%
General Mills, Inc.		(28,700	)		(1,128,771	)
Total Consumer Staples					(1,128,771	)
Energy —%
Oil, Gas & Consumable Fuels —%
Kinder Morgan, Inc.		(477	)		(17,062	)
Pengrowth Energy Corp.		(46	)		(311	)
Total					(17,373	)
Total Energy					(17,373	)
Financials (1.7)%
Commercial Banks (1.1)%
Agricultural Bank of China Ltd., Class H		(2,209,600	)		(819,282	)
Bank of China Ltd., Class H		(2,328,500	)		(850,030	)

Common Stocks (continued)
Issuer	Shares			Value ($)
China Construction Bank Corp., Class H		(1,347,100	)		(888,557	)
Industrial & Commercial Bank of China Ltd., Class H		(1,604,400	)		(871,902	)
M&T Bank Corp.		(10,571	)		(918,620	)
SCBT Financial Corp.		(24,480	)		(984,341	)
Total					(5,332,732	)
Insurance —%
Validus Holdings Ltd.		(3,301	)		(110,616	)
Real Estate Investment Trusts (REITs) (0.4)%
Regency Centers Corp.		(35,800	)		(1,754,200	)
Thrifts & Mortgage Finance (0.2)%
Berkshire Hills Bancorp, Inc.		(46,565	)		(1,036,071	)
Total Financials					(8,233,619	)
Health Care (0.5)%
Health Care Providers & Services (0.5)%
Aetna, Inc.		(13,958	)		(536,127	)
Catamaran Corp.(a)		(13,073	)		(1,139,312	)
Sunrise Senior Living, Inc.(a)		(48,941	)		(703,771	)
Total					(2,379,210	)
Total Health Care					(2,379,210	)
Industrials (0.5)%
Aerospace & Defense (0.2)%
Boeing Co. (The)		(9,600	)		(685,440	)
Machinery (0.3)%
Eaton Corp.		(33,538	)		(1,499,819	)
Total Industrials					(2,185,259	)
Information Technology (0.8)%
Semiconductors & Semiconductor Equipment (0.4)%
Lam Research Corp.(a)		(50,719	)		(1,731,040	)
Software (0.4)%
CommVault Systems, Inc.(a)		(15,273	)		(770,065	)
Solera Holdings, Inc.		(11,233	)		(462,013	)
Symantec Corp.(a)		(26,317	)		(469,232	)
Verint Systems, Inc.		(5,194	)		(148,704	)
Total					(1,850,014	)
Total Information Technology					(3,581,054	)
Materials (0.7)%
Chemicals (0.4)%
Dow Chemical Co. (The)		(50,500	)		(1,480,155	)
Eastman Chemical Co.		(12,765	)		(705,394	)
Total					(2,185,549	)

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

14 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares			Value ($)
Metals & Mining (0.3)%
Molycorp, Inc.(a)		(5,814	)		(66,919	)
Nippon Steel Corp.		(411,466	)		(799,049	)
Yamana Gold, Inc.		(22,864	)		(391,060	)
Yancoal Australia Ltd.(a)		(505	)		(548	)
Total					(1,257,576	)
Total Materials					(3,443,125	)
Telecommunication Services (0.4)%
Diversified Telecommunication Services (0.4)%
Consolidated Communications Holdings, Inc.		(22,127	)		(360,228	)
Verizon Communications, Inc.		(35,700	)		(1,532,958	)
Total					(1,893,186	)
Total Telecommunication Services					(1,893,186	)
Utilities (0.9)%
Electric Utilities (0.2)%
Exelon Corp.		(34,500	)		(1,258,215	)
Gas Utilities (0.1)%
APA Group		(71,275	)		(355,882	)

Common Stocks (continued)
Issuer	Shares			Value ($)
Independent Power Producers & Energy Traders (0.6)%
NRG Energy, Inc.		(128,219	)		(2,736,193	)
Total Utilities					(4,350,290	)
Total Common Stocks
(Proceeds: $29,740,698)					(29,493,174	)
Exchange-Traded Funds (0.1)%
SPDR S&P 500 ETF Trust		(2,657	)		(375,275	)
Total Exchange-Traded Funds
(Proceeds: $372,708)					(375,275	)
Rights —%
Materials —%
Metals & Mining —%
Yancoal Australia Ltd.(a)		(4,059	)		(10,652	)
Total Rights
(Proceeds: $9,830)					(10,652	)
Total Investments Sold Short
(Proceeds: $30,123,236)					(29,879,101	)
Total Investments, Net of Investments Sold Short					436,862,431
Other Assets & Liabilities, Net					39,657,724
Net Assets					476,520,155

Futures Contracts Outstanding at August 31, 2012

At August 31, 2012, $8,331,518 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 ($)
Amsterdam Index		35			2,899,795			September 2012		—		(32,933	)
Australian Treasury Bond, 3-year		(1	)		(100,784	)		September 2012		—		(504	)
Australian Treasury Bond, 10-year		7			701,472			September 2012		927		—
Brent Crude Oil		18			2,062,260			October 2012		16,300		—
CAC 40 Index		53			2,270,222			September 2012		—		(19,770	)
Canadian Bank Acceptance, 3-month		(34	)		(8,506,467	)		December 2012		391		—
Canadian Bank Acceptance, 3-month		(17	)		(4,251,940	)		March 2013		—		(1,039	)
Canadian Government Bond, 10-year		15			2,079,229			December 2012		5,018		—
Cocoa		(11	)		(287,100	)		December 2012		—		(26,681	)
Coffee		(24	)		(1,482,750	)		December 2012		63,704		—
Corn		29			1,159,637			December 2012		—		(9,892	)
Cotton #2		(17	)		(656,710	)		December 2012		—		(54,761	)
Crude Oil		16			1,543,520			October 2012		100		—
DAX Index		11			2,410,715			September 2012		65,832		—
DJIA Mini		51			3,335,145			September 2012		22,057		—

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

Annual Report 2012 15

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini NASDAQ 100 Index		48			2,660,160			September 2012		91,520		—
E-Mini Russell 2000 Index		32			2,595,520			September 2012		27,353		—
E-Mini S&P 500 Index		45			3,161,475			September 2012		61,017		—
E-Mini S&P MidCap 400 Index		31			3,009,480			September 2012		35,556		—
Euro Euribor, 3-month		119			37,337,225			December 2012		73,291		—
Euro Euribor, 3-month		78			24,455,970			December 2013		60,242		—
Euro Euribor, 3-month		89			27,920,281			June 2013		57,627		—
Euro Euribor, 3-month		68			21,294,930			June 2014		44,814		—
Euro Euribor, 3-month		101			31,687,989			March 2013		61,935		—
Euro Euribor, 3-month		74			23,189,020			March 2014		61,415		—
Euro Euribor, 3-month		82			25,721,726			September 2013		61,650		—
EURO STOXX 50		(40	)		(1,225,600	)		September 2012		—		(158,789	)
Euro Swiss Franc, 3-month		(34	)		(8,905,991	)		December 2012		1,259		—
Euro Swiss Franc, 3-month		(11	)		(2,883,367	)		March 2013		—		(1,142	)
Euro-Bobl, 5-year		40			6,420,817			September 2012		8,124		—
Euro-Bobl, 5-year		(57	)		(9,149,664	)		September 2012		—		(22,979	)
Euro-Bund, 10-year		11			1,992,632			September 2012		2,338		—
Euro-Buxl, 30-year		2			343,832			September 2012		4,036		—
Euro-OAT, 10-year		(75	)		(12,652,210	)		September 2012		—		(299,637	)
Euro-SCHATZ, 2-year		(2	)		(278,892	)		September 2012		145		—
Eurodollar, 90-day		39			9,710,513			December 2013		9,934		—
Eurodollar, 90-day		46			11,458,025			June 2013		4,828		—
Eurodollar, 90-day		53			13,188,388			June 2014		18,721		—
Eurodollar, 90-day		60			14,946,750			March 2013		6,049		—
Eurodollar, 90-day		42			10,454,850			March 2014		14,141		—
Eurodollar, 90-day		92			22,918,350			December 2014		11,154		—
Eurodollar, 90-day		39			9,712,950			September 2013		5,188		—
European ICE Gasoil		25			2,487,500			September 2012		60,425		—
FTSE 100 Index		34			3,076,446			September 2012		13,098		—
FTSE/JSE Top 40 Index		106			3,922,114			September 2012		37,450		—
FTSE/MIB Index		12			1,140,095			September 2012		20,892		—
Gold 100 oz		(28	)		(4,725,280	)		December 2012		—		(232,756	)
Hang Seng China Enterprises Index		5			297,352			September 2012		—		(10,089	)
Hang Seng China Enterprises Index		56			3,330,347			September 2012		—		(92,162	)
Hang Seng Index		14			1,748,116			September 2012		—		(33,640	)
Heating Oil		15			2,003,526			October 2012		47,233		—
Henry Hub Natural Gas Swap		(36	)		(251,910	)		October 2012		26,363		—
IBEX 35 Index		5			465,549			September 2012		7,781		—
Japanese Government Bond, 10-year		1			1,839,198			September 2012		1,412		—
Japanese Government Bond, 10-year		(4	)		(7,356,792	)		September 2012		—		(36,434	)
KOSPI 200 Index		18			1,983,827			September 2012		—		(61,218	)
Lean Hogs		(95	)		(2,818,650	)		October 2012		95,511		—
LME Copper		1			190,412			December 2012		480		—
LME Copper		(10	)		(1,903,375	)		September 2012		—		(44,484	)

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

16 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
LME Nickel		(25	)		(2,386,350	)		September 2012		53,007		—
LME Primary Aluminum		(13	)		(614,494	)		September 2012		86		—
LME Zinc		(55	)		(2,503,531	)		September 2012		32,426		—
Mini Japanese Government Bond, 10-year		57			10,481,972			September 2012		1,922		—
MSCI Singapore Index		61			3,397,208			September 2012		—		(17,733	)
MSCI Taiwan Index		53			1,385,420			September 2012		—		(2,017	)
Platinum		76			5,841,740			October 2012		187,021		—
RBOB Gasoline		30			3,745,728			October 2012		289,132		—
S&P CNX Nifty Index		133			1,406,342			September 2012		—		(20,931	)
S&P/TSE 60 Index		15			2,077,707			September 2012		11,315		—
Soybean Meal		27			1,440,180			December 2012		238,466		—
Soybean Oil		27			924,696			December 2012		9,159		—
SPI 200 Index		29			3,226,836			September 2012		25,079		—
Sterling, 90-day		72			14,212,061			December 2012		7,185		—
Sterling, 90-day		80			15,792,766			December 2013		24,232		—
Sterling, 90-day		69			13,625,370			June 2013		11,723		—
Sterling, 90-day		88			17,359,817			June 2014		31,942		—
Sterling, 90-day		66			13,031,652			March 2013		6,985		—
Sterling, 90-day		83			16,380,053			March 2014		27,889		—
Sterling, 90-day		75			14,808,696			September 2013		15,081		—
Sugar #11		(112	)		(2,481,203	)		October 2012		141,094		—
TOPIX		17			1,577,432			September 2012		—		(80,147	)
U.S. Treasury Long Bond, 20-year		11			1,665,469			December 2012		16,985		—
U.S. Treasury Note, 2-year		(1	)		(220,578	)		December 2012		—		(157	)
U.S. Treasury Note, 5-year		88			10,970,437			December 2012		44,128		—
U.S. Treasury Note, 10-year		40			5,348,750			December 2012		36,397		—
United Kingdom Long GILT, 10-year		31			5,953,568			December 2012		9,667		—
Wheat		28			1,245,300			December 2012		—		(9,868	)
Total										2,428,232		(1,269,763	)

Open Options Contracts Written at August 31, 2012

Issuer	Puts/Calls		Number of Contracts		Exercise Price ($)		Premium Received ($)		Expiration Date		Value ($)
Acme Packet, Inc.		Call		558		17.50		103,316		November 17, 2012		167,400
Acme Packet, Inc.		Call		236		21.00		47,187		January 19, 2013		45,430
Aetna, Inc.		Call		11		38.00		2,154		September 22, 2012		1,188
Aetna, Inc.		Call		14		39.00		1,992		September 22, 2012		791
Aetna, Inc.		Call		4		42.00		297		October 20, 2012		120

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

Annual Report 2012 17

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Issuer	Puts/Calls		Number of Contracts			Exercise Price ($)		Premium Received ($)		Expiration Date		Value ($)
Aetna, Inc.		Call		22			41.00		2,026		October 20, 2012		1,045
Akamai Technologies, Inc.		Call		145			35.00		46,147		November 17, 2012		63,800
Akamai Technologies, Inc.		Call		322			33.00		128,662		November 17, 2012		185,955
AMERIGROUP Corp.		Call		33			90.00		1,246		September 22, 2012		3,217
Ariba, Inc.		Call		2			45.00		9		November 17, 2012		5
AuthenTec, Inc.		Call		335			10.00		3,132		September 22, 2012		837
Chicago Bridge & Iron Co. NV		Call		1			38.00		99		September 22, 2012		60
Chicago Bridge & Iron Co. NV		Call		7			36.00		1,122		September 22, 2012		1,050
Chicago Bridge & Iron Co. NV		Call		7			37.00		879		September 22, 2012		665
Chicago Bridge & Iron Co. NV		Call		9			39.00		913		September 22, 2012		315
Chicago Bridge & Iron Co. NV		Put		6			34.00		947		September 22, 2012		135
Chicago Bridge & Iron Co. NV		Put		6			33.00		667		September 22, 2012		75
Chicago Bridge & Iron Co. NV		Put		13			31.00		1,801		October 20, 2012		293
Chicago Bridge & Iron Co. NV		Put		24			27.00		1,266		October 20, 2012		120
Chicago Bridge & Iron Co. NV		Put		24			28.00		1,664		October 20, 2012		180
Chicago Bridge & Iron Co. NV		Put		24			30.00		2,639		October 20, 2012		360
Chico's FAS, Inc.		Call		306			19.00		43,061		January 19, 2013		46,665
Chico's FAS, Inc.		Call		364			17.50		45,135		January 19, 2013		88,270
Dollar Thrifty Automotive Group, Inc.		Call		1			87.50		25		October 20, 2012		13
Eaton Corp.		Call		13			44.00		3,272		September 22, 2012		1,853
Ensco PLC, Class A		Call		216			55.00		82,955		December 22, 2012		108,000
Ensco PLC, Class A		Call		365			57.50		134,725		January 19, 2013		151,475
Indian Rupee		Put		123,500,000	INR		65.00		54,340		July 1, 2013		29,460
Indian Rupee		Put		67,200,000	INR		64.00		27,950		July 3, 2013		19,112
Indian Rupee		Put		96,000,000	INR		64.00		37,388		July 3, 2013		27,303
Interpublic Group of Companies, Inc. (The)		Call		241			11.00		21,711		October 20, 2012		10,845
Interpublic Group of Companies, Inc. (The)		Call		58			12.00		4,822		January 19, 2013		3,190
Kinder Morgan, Inc.		Call		1			35.00		67		September 22, 2012		97
Lam Research Corp.		Call		1			34.00		88		September 22, 2012		85
Lam Research Corp.		Call		2			37.00		59		September 22, 2012		10
Lam Research Corp.		Call		3			35.00		303		September 22, 2012		120
Lam Research Corp.		Call		3			36.00		162		September 22, 2012		45
M&T Bank Corp.		Call		9			90.00		967		September 22, 2012		292
M&T Bank Corp.		Call		9			90.00		1,824		October 20, 2012		1,125
Mosaic Co. (The)		Call		462			62.50		114,800		December 22, 2012		87,318
Nexen, Inc.		Call		12			26.00		593		September 22, 2012		180
Nexen, Inc.		Put		12			26.00		590		September 22, 2012		990
Noble Corp.		Call		197			38.00		62,135		December 22, 2012		57,623
NRG Energy, Inc.		Call		10			21.00		556		September 22, 2012		875
NRG Energy, Inc.		Call		10			22.00		216		September 22, 2012		400
NRG Energy, Inc.		Call		21			20.00		2,724		September 22, 2012		3,255
NRG Energy, Inc.		Call		21			19.00		3,842		September 22, 2012		5,040
Par Pharmaceutical Companies, Inc.		Call		25			50.00		609		September 22, 2012		125

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

18 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Issuer	Puts/Calls		Number of Contracts		Exercise Price ($)		Premium Received ($)		Expiration Date		Value ($)
Patterson-UTI Energy, Inc.		Call		231		16.00		39,274		January 19, 2013		26,565
PEP Boys-Manny, Moe & Jack (The)		Call		1		10.00		24		September 22, 2012		5
Robbins & Myers, Inc.		Call		63		60.00		880		September 22, 2012		1,260
Robbins & Myers, Inc.		Put		3		55.00		16		September 22, 2012		7
Robbins & Myers, Inc.		Put		6		60.00		305		September 22, 2012		150
Robbins & Myers, Inc.		Call		141		60.00		1,963		October 20, 2012		3,525
Robbins & Myers, Inc.		Put		141		55.00		1,180		October 20, 2012		352
Shaw Group, Inc. (The)		Call		3		43.00		149		September 22, 2012		113
Shaw Group, Inc. (The)		Call		18		40.00		2,357		September 22, 2012		4,320
Shaw Group, Inc. (The)		Call		32		41.00		2,506		September 22, 2012		4,960
Shaw Group, Inc. (The)		Call		35		42.00		1,504		September 22, 2012		2,713
Shaw Group, Inc. (The)		Put		5		38.00		297		September 22, 2012		50
Shaw Group, Inc. (The)		Put		6		36.00		236		September 22, 2012		45
Shaw Group, Inc. (The)		Put		8		37.00		415		September 22, 2012		80
Shaw Group, Inc. (The)		Call		9		43.00		294		October 20, 2012		540
Shaw Group, Inc. (The)		Call		12		41.00		1,655		October 20, 2012		2,400
Shaw Group, Inc. (The)		Call		44		42.00		5,190		October 20, 2012		5,390
Shaw Group, Inc. (The)		Put		1		40.00		144		October 20, 2012		75
Shaw Group, Inc. (The)		Put		3		37.00		271		October 20, 2012		98
Shaw Group, Inc. (The)		Put		4		39.00		462		October 20, 2012		230
Shaw Group, Inc. (The)		Put		6		38.00		562		October 20, 2012		270
Shaw Group, Inc. (The)		Call		5		44.00		472		January 19, 2013		475
Shaw Group, Inc. (The)		Call		167		43.00		24,658		January 19, 2013		27,555
Shaw Group, Inc. (The)		Put		6		27.00		680		January 19, 2013		315
SPDR S&P 500 ETF Trust		Put		29		135.00		1,910		September 22, 2012		1,609
SPDR S&P 500 ETF Trust		Put		30		134.00		1,612		September 22, 2012		1,380
Sunoco, Inc.		Call		4		48.00		131		September 22, 2012		52
Sunoco, Inc.		Call		29		47.00		1,653		September 22, 2012		1,711
Sunrise Senior Living, Inc.		Call		24		15.00		224		October 20, 2012		300
TPC Group, Inc.		Call		17		40.00		414		September 22, 2012		1,997
Total												1,205,349

Credit Default Swap Contracts Outstanding at August 31, 2012

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)		Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	Kingdom of Thailand	June 20, 2017		1.000		1,800,000		18,958		(25,929	)		(3,650	)		—		(10,621	)
Morgan Stanley	Kingdom of Thailand	June 20, 2017		1.000		380,000		4,002		(10,149	)		(770	)		—		(6,917	)

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

Annual Report 2012 19

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)			Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	Markit iTraxx Europe Senior Financials	June 20, 2017		1.000	EUR		1,340,000		108,326			(104,573	)		(3,418	)		335		—
Morgan Stanley	Markit iTraxx Europe Senior Financials	June 20, 2017		1.000	EUR		390,000		31,528			(40,582	)		(995	)		—		(10,049	)
JPMorgan	Markit iTraxx Europe Subordinated Financials	June 20, 2017		5.000	EUR		670,000		(29,426	)		37,948			(8,544	)		—		(22	)
Morgan Stanley	Markit iTraxx Europe Subordinated Financials	June 20, 2017		5.000	EUR		190,000		(8,345	)		(482	)		(2,423	)		—		(11,250	)
Citibank	People's Republic of China	June 20, 2017		1.000			380,000		(432	)		(6,319	)		(771	)		—		(7,522	)
JPMorgan	People's Republic of China	June 20, 2017		1.000			1,800,000		(2,048	)		(9,806	)		(3,650	)		—		(15,504	)
Goldman Sachs International	Republic of Colombia	June 20, 2017		1.000			380,000		1,852			(11,981	)		(771	)		—		(10,900	)
Morgan Stanley	Tunisian Republic	June 20, 2017		1.000			2,200,000		200,845			(176,418	)		(4,461	)		19,966		—
Goldman Sachs International	Bolivarian Republic of Venezuela	June 20, 2022		5.000			480,000		90,209			(110,906	)		(4,867	)		—		(25,564	)
Morgan Stanley	Bolivarian Republic of Venezuela	June 20, 2022		5.000			1,700,000		319,488			(236,012	)		(17,236	)		66,240		—
Citibank	Federative Republic of Brazil	June 20, 2022		1.000			4,667,000		290,052			(236,083	)		(9,464	)		44,505		—
Goldman Sachs International	Federative Republic of Brazil	June 20, 2022		1.000			1,130,000		70,229			(91,514	)		(2,291	)		—		(23,576	)
JPMorgan	Kingdom of Belgium	June 20, 2022		1.000			1,760,000		118,641			(223,529	)		(3,569	)		—		(108,457	)
Morgan Stanley	Kingdom of Belgium	June 20, 2022		1.000			430,000		28,986			(61,778	)		(872	)		—		(33,664	)
Citibank	Kingdom of Spain	June 20, 2022		1.000			1,100,000		274,214			(305,754	)		(2,231	)		—		(33,771	)
Morgan Stanley	Kingdom of Spain	June 20, 2022		1.000			3,520,000		877,484			(820,537	)		(7,138	)		49,809		—
Goldman Sachs International	Republic of Colombia	June 20, 2022		1.000			1,270,000		57,055			(91,132	)		(2,575	)		—		(36,652	)
Morgan Stanley	Republic of Colombia	June 20, 2022		1.000			2,000,000		89,850			(126,903	)		(4,056	)		—		(41,109	)
Morgan Stanley	Republic of Colombia	June 20, 2022		1.000			1,760,000		79,068			(76,329	)		(3,569	)		—		(830	)
Citibank	United Mexican States	June 20, 2022		1.000			1,520,000		65,235			(99,044	)		(3,082	)		—		(36,891	)

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

20 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)		Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	United Mexican States	June 20, 2022		1.000		370,000		15,880		(27,266	)		(750	)		—		(12,136	)
Goldman Sachs International	United Mexican States	June 20, 2022		1.000		300,000		12,875		(19,272	)		(608	)		—		(7,005	)
Citibank	Federative Republic of Brazil	September 20, 2022		1.000		1,750,000		112,521		(135,166	)		(3,549	)		—		(26,194	)
Goldman Sachs International	Federative Republic of Brazil	September 20, 2022		1.000		1,400,000		90,017		(126,915	)		(2,839	)		—		(39,737	)
Citibank	Kingdom of Spain	September 20, 2022		1.000		970,000		244,817		(268,198	)		(1,967	)		—		(25,348	)
Citibank	Republic of South Africa	September 20, 2022		1.000		2,450,000		216,579		(220,197	)		(4,968	)		—		(8,586	)
Goldman Sachs International	Republic of South Africa	September 20, 2022		1.000		3,800,000		335,918		(377,109	)		(7,706	)		—		(48,897	)
Goldman Sachs International	Republic of South Africa	September 20, 2022		1.000		2,900,000		256,358		(227,591	)		(5,881	)		22,886		—
JPMorgan	Republic of South Africa	September 20, 2022		1.000		2,550,000		225,419		(225,226	)		(5,171	)		—		(4,978	)
Morgan Stanley	Republic of South Africa	September 20, 2022		1.000		2,150,000		190,060		(186,120	)		(4,360	)		—		(420	)
Morgan Stanley	Russian Federation	September 20, 2022		1.000		2,880,000		285,342		(406,414	)		(5,840	)		—		(126,912	)
Total																203,741		(713,512	)

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	Argentine Republic	September 20, 2012		5.000		6.343		1,790,000		(1,266	)		(1,433	)		18,149		15,450		—
Morgan Stanley	Argentine Republic	June 20, 2013		5.000		7.864		7,045,000		(157,449	)		(16,483	)		71,428		—		(102,504	)
Citibank	Argentine Republic	September 20, 2013		5.000		8.648		710,000		(26,145	)		26,378			7,199		7,432		—
Goldman Sachs International	Argentine Republic	September 20, 2013		5.000		8.648		500,000		(18,412	)		18,579			5,070		5,237		—
JPMorgan	CDX North America High Yield 18-V1	June 20, 2017		5.000		5.398		1,742,400		(27,809	)		106,057			17,666		95,914		—
Morgan Stanley	CDX North America High Yield 18-V1	June 20, 2017		5.000		5.398		425,700		(6,794	)		26,443			4,316		23,965		—
Citibank	CDX North America High Yield 18-V2	June 20, 2017		5.000		5.398		188,100		(3,002	)		6,755			1,907		5,660		—

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

Annual Report 2012 21

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)		Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	CDX North America High Yield 18-V2	June 20, 2017		5.000		5.398		1,069,200		(17,064	)		37,157		10,841		30,934		—
Citibank	Republic of South Africa	September 20, 2017		1.000		1.493		4,100,000		(98,430	)		113,005		8,314		22,889		—
Goldman Sachs International	Republic of South Africa	September 20, 2017		1.000		1.493		2,900,000		(69,622	)		48,721		5,881		—		(15,020	)
Goldman Sachs International	Republic of South Africa	September 20, 2017		1.000		1.493		3,800,000		(91,228	)		125,886		7,706		42,364		—
JPMorgan	Republic of South Africa	September 20, 2017		1.000		1.493		2,550,000		(61,219	)		67,906		5,171		11,858		—
Morgan Stanley	Republic of South Africa	September 20, 2017		1.000		1.493		2,150,000		(51,617	)		47,426		4,360		169		—
Goldman Sachs International	Republic of Poland	September 20, 2022		1.000		2.040		2,880,000		(258,691	)		317,706		5,840		64,855		—
Total																	326,727		(117,524	)

** Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swap Contracts Outstanding at August 31, 2012

Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate		Fixed Rate (%)		Expiration Date	Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan Chase Bank	6-Month PLN-WIBOR-WIBO		Pay		4.420	July 27, 2017		4,010,000		6,577		—
Citibank New York	6-Month PLN-WIBOR-WIBO		Pay		4.333	July 30, 2017		3,900,000		1,906		—
Goldman Sachs International	6-Month PLN-WIBOR-WIBO		Pay		4.345	August 1, 2017		3,860,000		2,581		—
Citibank New York	6-Month PLN-WIBOR-WIBO		Pay		4.240	August 7, 2017		9,400,000		—		(6,411	)
Citibank New York	6-Month PLN-WIBOR-WIBO		Pay		4.300	August 10, 2017		2,028,000		279		—
JPMorgan Chase Bank New York	6-Month PLN-WIBOR-WIBO		Pay		4.325	August 17, 2017		2,160,000		1,144		—
Citibank New York	6-Month PLN-WIBOR-WIBO		Pay		4.400	August 20, 2017		1,980,000		3,084		—
Morgan Stanley Capital Services	6-Month PLN-WIBOR-WIBO		Pay		4.370	August 23, 2017		2,040,000		2,411		—
Citibank New York	6-Month PLN-WIBOR-WIBO		Pay		4.350	August 27, 2017		1,200,000		1,128		—
Citibank London	3-Month NZD FIX-FRA		Pay		3.970	August 13, 2022		2,082,000		29,382		—
Citibank London	3-Month NZD FIX-FRA		Pay		3.860	August 13, 2022		2,036,000		13,882		—
Citibank London	3-Month NZD FIX-FRA		Pay		3.815	August 13, 2022		1,362,000		5,131		—
Citibank New York	3-Month NZD FIX-FRA		Pay		3.899	August 13, 2022		1,760,000		16,023		—
Citibank New York	3-Month NZD FIX-FRA		Pay		3.798	August 30, 2022		1,899,000		3,941		—
Total										87,469		(6,411	)

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

22 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Total Return Equity Swap Contracts Outstanding at August 31, 2012

Counterparty	Fund Receives	Fund Pays	Expiration Date	Notional Shares		Unrealized Depreciation ($)
Goldman Sachs	Total return on Redecard SA	Floating rate based on 1-month USD LIBOR plus 0.60%	June 19, 2013		39,500		(2,121	)
Goldman Sachs	Total return on Redecard SA	Floating rate based on 1-month USD LIBOR plus 0.60%	June 19, 2013		28,800		(1,546	)
Goldman Sachs	Total return on Aegis Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%	July 17, 2013		274,580		(850	)
Goldman Sachs	Total return on Aegis Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%	July 17, 2013		87,227		(148	)
Goldman Sachs	Total return on CFAO	Floating rate based on 1-month EUR-EURIBOR plus 0.45%	September 3, 2013		5,044		(1,339	)
Total							(6,004	)

Forward Foreign Currency Exchange Contracts Open at August 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman, Sachs & Co.		September 4, 2012		31,154,062	(EUR)		38,255,029	(USD)		—		(930,547	)
Citigroup Global Markets Inc.		September 4, 2012		255,770,270	(TWD)		8,582,031	(USD)		42,407		—
Goldman, Sachs & Co.		September 4, 2012		4,244,355	(USD)		3,453,278	(EUR)		99,178		—
Goldman, Sachs & Co.		September 5, 2012		22,600,000	(PHP)		536,945	(USD)		—		(191	)
J.P. Morgan Securities, Inc.		September 5, 2012		34,335,000	(PHP)		818,865	(USD)		2,822		—
J.P. Morgan Securities, Inc.		September 5, 2012		8,729,285	(USD)		55,411,755	(CNY)		—		(825	)
J.P. Morgan Securities, Inc.		September 5, 2012		5,298,560	(USD)		223,064,060	(PHP)		3,022		—
Citigroup Global Markets Inc.		September 6, 2012		109,302,122	(RSD)		927,862	(EUR)		3,489		—
Citigroup Global Markets Inc.		September 10, 2012		5,280,926	(EUR)		21,430,000	(PLN)		—		(180,680	)
Citigroup Global Markets Inc.		September 10, 2012		9,710,000	(PLN)		2,369,622	(EUR)		52,706		—
Goldman, Sachs & Co.		September 14, 2012		6,309,000	(AUD)		6,281,077	(USD)		—		(231,629	)
Goldman, Sachs & Co.		September 14, 2012		1,171,500	(AUD)		1,229,151	(USD)		19,828		—
Goldman, Sachs & Co.		September 14, 2012		2,391,000	(BRL)		1,157,578	(USD)		—		(18,547	)
Goldman, Sachs & Co.		September 14, 2012		26,299,000	(CAD)		25,699,441	(USD)		—		(974,923	)
Goldman, Sachs & Co.		September 14, 2012		2,614,000	(EUR)		3,256,015	(USD)		—		(32,172	)
Goldman, Sachs & Co.		September 14, 2012		113,000	(EUR)		142,886	(USD)		742		—
Goldman, Sachs & Co.		September 14, 2012		1,003,000	(GBP)		1,557,837	(USD)		—		(34,722	)
Goldman, Sachs & Co.		September 14, 2012		13,025,000	(HKD)		1,679,138	(USD)		—		(250	)
Goldman, Sachs & Co.		September 14, 2012		27,000	(HKD)		3,482	(USD)		1		—
Goldman, Sachs & Co.		September 14, 2012		248,876,000	(JPY)		3,128,238	(USD)		—		(50,673	)
Goldman, Sachs & Co.		September 14, 2012		2,430,000	(JPY)		31,075	(USD)		36		—
Goldman, Sachs & Co.		September 14, 2012		1,016,000	(SGD)		810,378	(USD)		—		(4,700	)
Goldman, Sachs & Co.		September 14, 2012		11,000	(SGD)		8,829	(USD)		5		—
Goldman, Sachs & Co.		September 14, 2012		362,649	(USD)		349,000	(AUD)		—		(2,380	)

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

Annual Report 2012 23

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman, Sachs & Co.		September 14, 2012		2,807,072	(USD)		2,766,000	(AUD)		48,895		—
Goldman, Sachs & Co.		September 14, 2012		42,931	(USD)		87,000	(BRL)		—		(136	)
Goldman, Sachs & Co.		September 14, 2012		16,532,390	(USD)		16,804,000	(CAD)		511,368		—
Goldman, Sachs & Co.		September 14, 2012		6,296	(USD)		5,000	(EUR)		—		(6	)
Goldman, Sachs & Co.		September 14, 2012		406,482	(USD)		331,000	(EUR)		9,888		—
Goldman, Sachs & Co.		September 14, 2012		934,603	(USD)		596,000	(GBP)		11,724		—
Goldman, Sachs & Co.		September 14, 2012		1,640,133	(USD)		12,716,000	(HKD)		—		(588	)
Goldman, Sachs & Co.		September 14, 2012		27,077	(USD)		210,000	(HKD)		—		—
Goldman, Sachs & Co.		September 14, 2012		16,244	(USD)		126,000	(HKD)		3		—
Goldman, Sachs & Co.		September 14, 2012		22,526	(USD)		1,760,000	(JPY)		—		(46	)
Goldman, Sachs & Co.		September 14, 2012		2,902,126	(USD)		228,211,000	(JPY)		12,829		—
Goldman, Sachs & Co.		September 14, 2012		8,842	(USD)		11,000	(SGD)		—		(17	)
Goldman, Sachs & Co.		September 14, 2012		241,143	(USD)		301,000	(SGD)		333		—
Citigroup Global Markets Inc.		September 17, 2012		3,346,000	(AUD)		3,497,132	(USD)		44,054		—
J.P. Morgan Securities, Inc.		September 17, 2012		19,220,000	(TWD)		641,736	(USD)		—		—
J.P. Morgan Securities, Inc.		September 17, 2012		4,540,614	(USD)		5,137,023,750	(KRW)		—		(16,453	)
Standard Chartered Bank		September 17, 2012		4,904,544	(USD)		5,549,063,750	(KRW)		—		(17,500	)
Citigroup Global Markets Inc.		September 18, 2012		8,538,751	(USD)		26,757,031	(MYR)		16,810		—
Royal Bank of Scotland		September 19, 2012		7,649,000	(AUD)		7,576,717	(USD)		—		(315,599	)
Royal Bank of Scotland		September 19, 2012		13,932,000	(AUD)		14,534,956	(USD)		159,770		—
Royal Bank of Scotland		September 19, 2012		4,690,000	(BRL)		2,271,520	(USD)		—		(33,550	)
Royal Bank of Scotland		September 19, 2012		330,000	(BRL)		162,298	(USD)		107		—
Royal Bank of Scotland		September 19, 2012		7,897,000	(CAD)		7,759,529	(USD)		—		(249,317	)
Royal Bank of Scotland		September 19, 2012		31,700,000	(CZK)		1,562,750	(USD)		—		(40,862	)
Royal Bank of Scotland		September 19, 2012		72,264,000	(EUR)		89,630,166	(USD)		—		(1,276,295	)
Royal Bank of Scotland		September 19, 2012		20,111,000	(EUR)		25,413,101	(USD)		113,922		—
Royal Bank of Scotland		September 19, 2012		6,556,000	(GBP)		10,152,840	(USD)		—		(256,557	)
Royal Bank of Scotland		September 19, 2012		20,000,000	(HUF)		81,473	(USD)		—		(6,893	)
Royal Bank of Scotland		September 19, 2012		185,000,000	(HUF)		830,761	(USD)		13,380		—
Royal Bank of Scotland		September 19, 2012		5,600,000,000	(IDR)		585,210	(USD)		—		(942	)
Royal Bank of Scotland		September 19, 2012		7,700,000,000	(IDR)		808,531	(USD)		2,571		—
Royal Bank of Scotland		September 19, 2012		840,000	(ILS)		207,959	(USD)		—		(1,152	)
Royal Bank of Scotland		September 19, 2012		12,630,000	(ILS)		3,202,869	(USD)		58,723		—
Royal Bank of Scotland		September 19, 2012		5,186,941,000	(JPY)		65,563,128	(USD)		—		(692,551	)
Royal Bank of Scotland		September 19, 2012		587,090,000	(JPY)		7,505,193	(USD)		5,966		—
Royal Bank of Scotland		September 19, 2012		3,320,000,000	(KRW)		2,832,627	(USD)		—		(90,927	)
Royal Bank of Scotland		September 19, 2012		520,000,000	(KRW)		458,679	(USD)		772		—
Royal Bank of Scotland		September 19, 2012		36,200,000	(MXN)		2,595,504	(USD)		—		(142,363	)
Royal Bank of Scotland		September 19, 2012		5,700,000	(MYR)		1,783,256	(USD)		—		(39,188	)

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

24 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Royal Bank of Scotland		September 19, 2012		70,000	(MYR)		22,524	(USD)		143		—
Royal Bank of Scotland		September 19, 2012		30,868,000	(NOK)		5,076,518	(USD)		—		(247,079	)
Royal Bank of Scotland		September 19, 2012		21,278,000	(NZD)		16,605,041	(USD)		—		(473,918	)
Royal Bank of Scotland		September 19, 2012		41,900,000	(PHP)		985,548	(USD)		—		(9,808	)
Royal Bank of Scotland		September 19, 2012		5,630,000	(PLN)		1,614,476	(USD)		—		(81,343	)
Royal Bank of Scotland		September 19, 2012		1,710,000	(PLN)		522,607	(USD)		7,535		—
Royal Bank of Scotland		September 19, 2012		24,200,000	(RUB)		728,031	(USD)		—		(20,852	)
Royal Bank of Scotland		September 19, 2012		94,595,000	(SEK)		13,254,438	(USD)		—		(1,022,017	)
Royal Bank of Scotland		September 19, 2012		7,990,000	(SGD)		6,289,419	(USD)		—		(120,486	)
Royal Bank of Scotland		September 19, 2012		160,000	(SGD)		128,424	(USD)		66		—
Royal Bank of Scotland		September 19, 2012		370,000	(TRY)		200,956	(USD)		—		(2,025	)
Royal Bank of Scotland		September 19, 2012		5,920,000	(TRY)		3,277,609	(USD)		29,922		—
Royal Bank of Scotland		September 19, 2012		55,800,000	(TWD)		1,860,680	(USD)		—		(2,436	)
Royal Bank of Scotland		September 19, 2012		241,900,000	(TWD)		8,092,546	(USD)		15,702		—
Royal Bank of Scotland		September 19, 2012		13,502,353	(USD)		12,898,000	(AUD)		—		(194,063	)
Royal Bank of Scotland		September 19, 2012		22,945,845	(USD)		22,670,000	(AUD)		445,299		—
Royal Bank of Scotland		September 19, 2012		1,222,625	(USD)		2,480,000	(BRL)		—		(3,740	)
Royal Bank of Scotland		September 19, 2012		14,730	(USD)		30,000	(BRL)		15		—
Royal Bank of Scotland		September 19, 2012		21,880,016	(USD)		21,887,000	(CAD)		316,972		—
Royal Bank of Scotland		September 19, 2012		432,455	(USD)		780,000,000	(COP)		—		(5,880	)
Royal Bank of Scotland		September 19, 2012		101,236	(USD)		2,000,000	(CZK)		—		(62	)
Royal Bank of Scotland		September 19, 2012		1,827,705	(USD)		37,100,000	(CZK)		49,076		—
Royal Bank of Scotland		September 19, 2012		7,654,865	(USD)		6,060,000	(EUR)		—		(31,524	)
Royal Bank of Scotland		September 19, 2012		63,647,906	(USD)		51,382,000	(EUR)		989,481		—
Royal Bank of Scotland		September 19, 2012		370,503	(USD)		233,000	(GBP)		—		(554	)
Royal Bank of Scotland		September 19, 2012		22,378,210	(USD)		14,314,000	(GBP)		349,077		—
Royal Bank of Scotland		September 19, 2012		1,420,046	(USD)		320,000,000	(HUF)		—		(6,198	)
Royal Bank of Scotland		September 19, 2012		1,823,647	(USD)		417,000,000	(HUF)		18,779		—
Royal Bank of Scotland		September 19, 2012		21,049	(USD)		200,000,000	(IDR)		—		(115	)
Royal Bank of Scotland		September 19, 2012		347,446	(USD)		1,390,000	(ILS)		—		(1,416	)
Royal Bank of Scotland		September 19, 2012		1,111,746	(USD)		4,480,000	(ILS)		3,516		—
Royal Bank of Scotland		September 19, 2012		5,825,230	(USD)		455,401,000	(JPY)		—		(8,139	)
Royal Bank of Scotland		September 19, 2012		37,983,322	(USD)		3,000,480,000	(JPY)		343,476		—
Royal Bank of Scotland		September 19, 2012		6,187,573	(USD)		7,000,000,000	(KRW)		—		(23,457	)
Royal Bank of Scotland		September 19, 2012		1,738,460	(USD)		1,990,000,000	(KRW)		13,909		—
Royal Bank of Scotland		September 19, 2012		1,959,357	(USD)		25,800,000	(MXN)		—		(8,060	)
Royal Bank of Scotland		September 19, 2012		2,021,451	(USD)		27,400,000	(MXN)		50,857		—
Royal Bank of Scotland		September 19, 2012		1,377,691	(USD)		4,290,000	(MYR)		—		(6,061	)
Royal Bank of Scotland		September 19, 2012		1,043,817	(USD)		3,270,000	(MYR)		1,692		—

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

Annual Report 2012 25

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Royal Bank of Scotland		September 19, 2012		17,012,083	(USD)		101,108,000	(NOK)		425,336		—
Royal Bank of Scotland		September 19, 2012		16,848,002	(USD)		20,742,000	(NZD)		—		(199,265	)
Royal Bank of Scotland		September 19, 2012		7,546,954	(USD)		9,704,000	(NZD)		242,040		—
Royal Bank of Scotland		September 19, 2012		2,259,472	(USD)		94,300,000	(PHP)		—		(19,329	)
Royal Bank of Scotland		September 19, 2012		1,266,148	(USD)		53,700,000	(PHP)		9,521		—
Royal Bank of Scotland		September 19, 2012		1,868,635	(USD)		6,170,000	(PLN)		—		(10,164	)
Royal Bank of Scotland		September 19, 2012		3,498,619	(USD)		11,790,000	(PLN)		52,665		—
Royal Bank of Scotland		September 19, 2012		2,412,445	(USD)		77,100,000	(RUB)		—		(26,545	)
Royal Bank of Scotland		September 19, 2012		810,853	(USD)		26,600,000	(RUB)		12,298		—
Royal Bank of Scotland		September 19, 2012		23,025,170	(USD)		159,501,000	(SEK)		1,047,023		—
Royal Bank of Scotland		September 19, 2012		3,166,227	(USD)		3,940,000	(SGD)		—		(5,400	)
Royal Bank of Scotland		September 19, 2012		5,474,606	(USD)		6,870,000	(SGD)		36,785		—
Royal Bank of Scotland		September 19, 2012		5,356,392	(USD)		9,640,000	(TRY)		—		(67,931	)
Royal Bank of Scotland		September 19, 2012		2,561,955	(USD)		4,730,000	(TRY)		32,901		—
Royal Bank of Scotland		September 19, 2012		2,251,022	(USD)		67,300,000	(TWD)		—		(3,931	)
Royal Bank of Scotland		September 19, 2012		3,436,842	(USD)		103,100,000	(TWD)		5,582		—
Royal Bank of Scotland		September 19, 2012		2,096,395	(USD)		17,200,000	(ZAR)		—		(53,414	)
Royal Bank of Scotland		September 19, 2012		18,700,000	(ZAR)		2,205,502	(USD)		—		(15,647	)
Royal Bank of Scotland		September 19, 2012		2,100,000	(ZAR)		252,458	(USD)		3,025		—
Royal Bank of Scotland		September 20, 2012		25,000,000	(CLP)		48,588	(USD)		—		(3,340	)
Royal Bank of Scotland		September 20, 2012		363,200,000	(INR)		6,427,110	(USD)		—		(81,914	)
Royal Bank of Scotland		September 20, 2012		12,000,000	(INR)		216,325	(USD)		1,269		—
Royal Bank of Scotland		September 20, 2012		732,263	(USD)		350,000,000	(CLP)		—		(5,280	)
Royal Bank of Scotland		September 20, 2012		41,239	(USD)		20,000,000	(CLP)		303		—
Royal Bank of Scotland		September 20, 2012		2,912,447	(USD)		162,000,000	(INR)		—		(9,193	)
Royal Bank of Scotland		September 20, 2012		1,954,347	(USD)		110,000,000	(INR)		16,998		—
Standard Chartered Bank		September 24, 2012		391,756	(USD)		988,400,000	(UGX)		—		(1,304	)
Citigroup Global Markets Inc.		September 27, 2012		269,534	(USD)		683,000,000	(UGX)		—		(90	)
J.P. Morgan Securities, Inc.		September 28, 2012		197,394	(USD)		500,000,000	(UGX)		—		(233	)
Standard Chartered Bank		September 28, 2012		261,575	(USD)		661,000,000	(UGX)		—		(927	)
Goldman, Sachs & Co.		October 3, 2012		6,677,085	(NZD)		5,379,460	(USD)		24,998		—
Goldman, Sachs & Co.		October 12, 2012		67,150,000	(TWD)		2,242,370	(USD)		126		—
Standard Chartered Bank		October 12, 2012		10,340,000	(TWD)		345,127	(USD)		—		(142	)
Goldman, Sachs & Co.		October 12, 2012		5,734,867	(USD)		47,370,000	(ZAR)		—		(126,202	)
Morgan Stanley		October 12, 2012		47,370,000	(ZAR)		5,711,564	(USD)		102,900		—
Goldman, Sachs & Co.		October 16, 2012		4,320,000	(CHF)		3,600,810	(EUR)		2,985		—
Goldman, Sachs & Co.		October 16, 2012		3,601,080	(EUR)		4,320,000	(CHF)		—		(3,325	)
Goldman, Sachs & Co.		October 16, 2012		2,731,185	(EUR)		23,480,000	(SEK)		103,012		—
Goldman, Sachs & Co.		October 16, 2012		368,810,000	(JPY)		4,684,075	(USD)		—		(28,012	)
J.P. Morgan Securities, Inc.		October 17, 2012		714,842	(USD)		1,835,000,000	(UGX)		4,575		—
J.P. Morgan Securities, Inc.		October 18, 2012		465,362	(USD)		1,189,000,000	(UGX)		687		—
Goldman, Sachs & Co.		October 19, 2012		47,370,000	(ZAR)		5,729,110	(USD)		126,003		—
Standard Chartered Bank		October 30, 2012		2,168,792	(USD)		13,810,000	(CNY)		—		(2,796	)
Citigroup Global Markets Inc.		November 5, 2012		115,097,000	(TWD)		3,846,182	(USD)		2,569		—
J.P. Morgan Securities, Inc.		November 5, 2012		140,673,270	(TWD)		4,700,861	(USD)		3,140		—

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

26 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.		November 19, 2012		597,667	(USD)		1,875,000	(MYR)		—		(727	)
Standard Chartered Bank		November 19, 2012		2,461,892	(USD)		7,720,000	(MYR)		—		(4,093	)
Goldman, Sachs & Co.		December 4, 2012		27,700,784	(EUR)		34,803,265	(USD)		—		(76,465	)
Royal Bank of Scotland		December 19, 2012		283,000	(EUR)		355,166	(USD)		—		(1,253	)
Royal Bank of Scotland		December 19, 2012		37,000,000	(INR)		650,746	(USD)		—		(1,452	)
Royal Bank of Scotland		December 19, 2012		112,147,000	(JPY)		1,428,355	(USD)		—		(5,243	)
Royal Bank of Scotland		December 19, 2012		1,869,000	(NZD)		1,483,782	(USD)		—		(7,497	)
Royal Bank of Scotland		December 19, 2012		1,000,000	(PHP)		23,504	(USD)		—		(183	)
Royal Bank of Scotland		December 19, 2012		650,000	(PLN)		193,186	(USD)		—		(897	)
Royal Bank of Scotland		December 19, 2012		140,000	(SGD)		111,681	(USD)		—		(649	)
Royal Bank of Scotland		December 19, 2012		751,463	(USD)		737,000	(AUD)		—		(5,339	)
Royal Bank of Scotland		December 19, 2012		883,652	(USD)		864,000	(AUD)		557		—
Royal Bank of Scotland		December 19, 2012		79,574	(USD)		79,000	(CAD)		377		—
Royal Bank of Scotland		December 19, 2012		91,465	(USD)		1,800,000	(CZK)		—		(405	)
Royal Bank of Scotland		December 19, 2012		120,986	(USD)		2,400,000	(CZK)		442		—
Royal Bank of Scotland		December 19, 2012		715,835	(USD)		571,000	(EUR)		3,146		—
Royal Bank of Scotland		December 19, 2012		2,188,816	(USD)		1,385,000	(GBP)		9,765		—
Royal Bank of Scotland		December 19, 2012		89,030	(USD)		280,000	(MYR)		—		(25	)
Royal Bank of Scotland		December 19, 2012		786,332	(USD)		4,592,000	(NOK)		3,060		—
Royal Bank of Scotland		December 19, 2012		15,195	(USD)		500,000	(RUB)		48		—
Royal Bank of Scotland		December 19, 2012		4,700,000	(ZAR)		548,871	(USD)		—		(3,206	)
Total										6,145,004		(8,684,232	)

Cross-Currency Swap Contracts Outstanding at August 31, 2012

Counterparty

Fund Receives

Fund Pays

Expiration Date

Notional Amount of Currency Received

Notional Amount of Currency Delivered ($)

Unrealized Depreciation ($)

JPMorgan

Floating rate equal to 3-month USD-LIBOR-BBA based on the notional amount of the currency delivered

Fixed rate equal to 6.89% based on the notional amount of the currency received

January 6, 2021

TRY

1,810,195

980,073

(82,263

)

Citibank

Floating rate equal to 3-month USD-LIBOR-BBA based on the notional amount of the currency delivered

Fixed rate equal to 6.95% based on the notional amount of the currency received

January 6, 2021

TRY

6,195,838

3,520,362

(142,618

)

Total

(224,881

)

Total Return Swap Contracts on Futures at August 31, 2012

Counterparty

Reference Instrument

Expiration Date

Notional Currency

Notional Market Value

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Barclays

LME Primary Aluminum Futures

September 17, 2012

USD

(2,883,394

)

88,281

—

JPMorgan

Swiss Market Index Futures

September 21, 2012

CHF

3,819,902

13,945

—

Barclays

Soybean Futures

October 26, 2012

USD

2,459,100

203,560

—

Barclays

Euro-SCHATZ Futures

December 6, 2012

EUR

23,003,393

—

(456

)

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

Annual Report 2012 27

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Counterparty	Reference Instrument	Expiration Date		Notional Currency		Notional Market Value			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	Corn Futures		November 23, 2012		USD		359,888			—		(17,663	)
Barclays	Lean Hogs Futures		December 14, 2012		USD		(637,120	)		—		(9,808	)
Barclays	Wheat Futures		November 23, 2012		USD		489,225			—		(17,737	)
Barclays	Gold 100 oz Futures		November 29, 2012		USD		(1,012,560	)		—		(43,860	)
Barclays	Silver Futures		November 29, 2012		USD		(471,630	)		—		(22,905	)
Total										305,786		(112,429	)

Notes to Consolidated Portfolio of Investments

(a) Non-income producing.

(b) Securities are pledged with brokers as collateral for securities sold short.

(c) Variable rate security. The interest rate shown reflects the rate as of August 31, 2012.

(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 August 31, 2012, the value of these securities amounted to $4,265,126 or 0.90% of net assets.

(e) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2012, the value of these securities amounted to $1,993,825, which represents 0.42% of net assets.

(f) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2012 was $1,292,522, representing 0.27% of net assets. Information concerning such security holdings at August 31, 2012 was as follows:

Security Description	Acquisition Dates		Cost ($)
Republic of Sri Lanka
Senior Unsecured
07/27/21 6.250%		05/02/12		865,100
Sri Lanka Government International Bond
Senior Unsecured
07/25/22 5.875%		07/17/12		400,000

(g) Zero coupon bond.

(h) The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		20,000		580,414,233		(453,623,606	)		—		126,810,627		83,463		126,810,627

(j) At August 31, 2012, cash or short-term securities were designated to cover open put and/or call options written.

(k) Principal amounts are denominated in United States Dollars unless otherwise noted.

(l) At August 31, 2012, investments in securities included securities valued at $192,970 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Renminbi
CNY	China, Yuan Renminbi

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

28 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Currency Legend (continued)

COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgits
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RSD	Serbian Dinar
RUB	Russian Rouble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
UGX	Ugandan Shilling
USD	US Dollar
ZAR	South African Rand

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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 consolidated financial statements — Security Valuation.

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

Annual Report 2012 29

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2012:

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		18,825,640			157,049			—		18,982,689
Consumer Staples		7,691,186			—			—		7,691,186
Energy		35,922,005			689,091			—		36,611,096
Financials		26,666,090			1,471,982			—		28,138,072
Health Care		14,287,224			574,905			—		14,862,129
Industrials		24,167,599			3,012,048			—		27,179,647
Information Technology		36,852,352			—			—		36,852,352
Materials		10,529,443			2,139,359			—		12,668,802
Telecommunication Services		2,852,841			—			—		2,852,841
Utilities		3,391,662			2,560,846			—		5,952,508
Common Stocks — Investments Sold Short
Consumer Discretionary		(2,281,287	)		—			—		(2,281,287	)
Consumer Staples		(1,128,771	)		—			—		(1,128,771	)
Energy		(17,373	)		—			—		(17,373	)
Financials		(4,803,848	)		(3,429,771	)		—		(8,233,619	)
Health Care		(2,379,210	)		—			—		(2,379,210	)
Industrials		(2,185,259	)		—			—		(2,185,259	)
Information Technology		(3,581,054	)		—			—		(3,581,054	)
Materials		(2,643,528	)		(799,597	)		—		(3,443,125	)
Telecommunication Services		(1,893,186	)		—			—		(1,893,186	)
Utilities		(3,994,408	)		(355,882	)		—		(4,350,290	)

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

30 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

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
Financials		2,698,039			—			—		2,698,039
Exchange-Traded Funds — Investments Sold Short		(375,275	)		—			—		(375,275	)
Rights
Materials		—			576,967			—		576,967
Rights — Investments Sold Short
Materials		—			(10,652	)		—		(10,652	)
Total Equity Securities		158,600,882			6,586,345			—		165,187,227
Bonds
Corporate Bonds & Notes
Financials		—			—			1,140,000		1,140,000
All Other Industries		—			10,887,077			—		10,887,077
Convertible Bonds		—			2,655,892			—		2,655,892
Inflation-Indexed Bonds		—			4,627,930			—		4,627,930
Foreign Government Obligations		—			40,196,947			—		40,196,947
Total Bonds		—			58,367,846			1,140,000		59,507,846
Short-Term Securities
Treasury Bill		61,920,677			22,885,207			—		84,805,884
Total Short-Term Securities		61,920,677			22,885,207			—		84,805,884
Other
Options Purchased Calls		364,336			—			—		364,336
Options Purchased Puts		186,511			—			—		186,511
Money Market Funds		126,810,627			—			—		126,810,627
Total Other		127,361,474			—			—		127,361,474
Investments in Securities		347,883,033			87,839,398			1,140,000		436,862,431
Derivatives
Assets
Futures Contracts		2,428,232			—			—		2,428,232
Forward Foreign Currency Exchange Contracts		—			6,145,004			—		6,145,004
Credit Default Swap Contracts		—			530,468			—		530,468
Interest Rate Swap Contracts		—			87,469			—		87,469
Total Return Swap Contracts on Futures		—			305,786			—		305,786

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

Annual Report 2012 31

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Portfolio of Investments (continued)

August 31, 2012

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 ($)		Total ($)
Liabilities
Futures Contracts		(1,269,763	)		—			—		(1,269,763	)
Options Contracts Written		(1,205,349	)		—			—		(1,205,349	)
Forward Foreign Currency Exchange Contracts		—			(8,684,232	)		—		(8,684,232	)
Credit Default Swap Contracts		—			(831,036	)		—		(831,036	)
Cross Currency Swap Contracts		—			(224,881	)		—		(224,881	)
Interest Rate Swap Contracts		—			(6,411	)		—		(6,411	)
Total Return Equity Swap Contracts		—			(6,004	)		—		(6,004	)
Total Return Swap Contracts on Futures		—			(112,429	)		—		(112,429	)
Total		347,836,153			85,043,132			1,140,000		434,019,285

See the Consolidated 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.

Futures contracts, forward foreign currency contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

	Corporate Bonds & Notes ($)
Balance as of April 23, 2012		—
Accrued discounts/premiums		(7	)
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(a)		90,007
Sales		—
Purchases		1,050,000
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of August 31, 2012		1,140,000

(a) Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2012 was $90,007.

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 Corporate Bonds and Notes classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. 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 Consolidated Financial Statements are an integral part of this statement.

32 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $338,289,544)	$339,930,905
Affiliated issuers (identified cost $126,810,627)	126,810,627
Total investments (identified cost $465,100,171)	466,741,532
Cash	22,436,815
Foreign currency (identified cost $6,231,858)	6,219,107
Cash collateral held at broker	5,870,000
Margin deposits on futures contracts	8,331,518
Unrealized appreciation on forward foreign currency exchange contracts	6,145,004
Unrealized appreciation on swap contracts	923,723
Premiums paid on outstanding swap contracts	5,103,150
Receivable for:
Investments sold	38,568,134
Capital shares sold	2,282,571
Dividends	534,719
Interest	680,880
Reclaims	88,744
Variation margin on futures contracts	233,403
Expense reimbursement due from Investment Manager	246
Prepaid expenses	7,138
Trustees’ deferred compensation plan	237
Other assets	24,293
Total assets	564,191,214
Liabilities
Securities sold short, at value (proceeds $30,123,236)	29,879,101
Option contracts written, at value (premiums received $1,084,522)	1,205,349
Unrealized depreciation on forward foreign currency exchange contracts	8,684,232
Unrealized depreciation on swap contracts	1,180,761
Premiums received on outstanding swap contracts	979,967
Payable for:
Investments purchased	44,322,829
Capital shares purchased	1,187,265
Dividends and interest on securities sold short	29,432
Investment management fees	13,229
Distribution and service fees	3,242
Foreign capital gains taxes deferred	6,278
Transfer agent fees	39,112
Administration fees	1,038
Compensation of board members	3,178
Chief compliance officer expenses	44
Other expenses	135,765
Trustees’ deferred compensation plan	237
Total liabilities	87,671,059
Net assets applicable to outstanding capital stock	$476,520,155

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

Annual Report 2012 33

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Statement of Assets and Liabilities (continued)

August 31, 2012

Represented by
Paid-in capital	$474,811,061
Undistributed net investment income	3,892,273
Accumulated net realized loss	(2,392,817	)
Unrealized appreciation (depreciation) on:
Investments	1,641,361
Foreign currency translations	89,044
Forward foreign currency exchange contracts	(2,539,228	)
Futures contracts	1,158,469
Options contracts written	(120,827	)
Securities sold short	244,135
Swap contracts	(257,038	)
Foreign capital gains tax	(6,278	)
Total — representing net assets applicable to outstanding capital stock	$476,520,155
Class A
Net assets	$476,520,155
Shares outstanding	47,530,545
Net asset value per share	$10.03

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

34 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$1,469,915
Dividends — affiliated issuers	83,463
Interest	1,455,741
Foreign taxes withheld	(10,636	)
Total income	2,998,483
Expenses:
Investment management fees	1,570,915
Service fees
Class A	385,028
Transfer agent fees
Class A	168,278
Administration fees	123,209
Compensation of board members	7,127
Custodian fees	71,191
Printing and postage fees	26,247
Registration fees	65,902
Professional fees	21,556
Dividends and interest on securities sold short	204,697
Chief compliance officer expenses	109
Other	22,288
Total expenses	2,666,547
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(150,833	)
Total net expenses	2,515,714
Net investment income	482,769
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(649,006	)
Foreign currency translations	(248,390	)
Forward foreign currency exchange contracts	4,053,692
Futures contracts	(1,471,414	)
Options contracts written	77,322
Securities sold short	(102,942	)
Swap contracts	101,901
Net realized gain	1,761,163
Net change in unrealized appreciation (depreciation) on:
Investments	1,641,361
Foreign currency translations	89,044
Forward foreign currency exchange contracts	(2,539,228	)
Futures contracts	1,158,469
Options contracts written	(120,827	)
Securities sold short	244,135
Swap contracts	(257,038	)
Foreign capital gains tax	(6,278	)
Net change in unrealized appreciation (depreciation)	209,638
Net realized and unrealized gain	1,970,801
Net increase in net assets from operations	$2,453,570

(a) For the period from April 23, 2012 (commencement of operations) to August 31, 2012.

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

Annual Report 2012 35

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Consolidated Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)
Operations
Net investment income		$482,769
Net realized gain		1,761,163
Net change in unrealized appreciation		209,638
Net increase in net assets resulting from operations		2,453,570
Increase in net assets from capital stock activity		474,046,585
Total increase in net assets		476,500,155
Net assets at beginning of year		20,000
Net assets at end of year		$476,520,155
Undistributed net investment income		$3,892,273

	Year Ended August 31, 2012(a)
	Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		50,269,507			501,301,813
Redemptions		(2,740,962	)		(27,255,228	)
Net increase		47,528,545			474,046,585
Total net increase		47,528,545			474,046,585

(a) For the period from April 23, 2012 (commencement of operations) to August 31, 2012.

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

36 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Consolidated 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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

Class  A	Year  Ended August  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.00
Income from investment operations:
Net investment income	0.01
Net realized and unrealized gain	0.02
Total from investment operations	0.03
Net asset value, end of period	$10.03
Total return	0.30	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including dividends and interest on securities sold short)	1.73	%(c)
Net expenses after fees waived or expenses reimbursed (including dividends and interest on securities sold short)(d)	1.63	%(c)
Expenses prior to fees waived or expenses reimbursed (excluding dividends and interest on securities sold short)	1.60	%(c)
Net expenses after fees waived or expenses reimbursed (excluding dividends and interest on securities sold short)(d)	1.50	%(c)
Net investment income	0.31	%
Supplemental data
Net assets, end of period (in thousands)	$476,520
Portfolio turnover	141	%

Notes to Financial Highlights

(a) For the period from April 23, 2012 (commencement of operations) to August 31, 2012.

(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.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

Annual Report 2012 37

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements

August 31, 2012

Note 1. Organization

Active Portfolios Multi-Manager Alternative Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

On March 14, 2012, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), invested $20,000 in the Fund, which represented the initial capital at $10.00 per share. Shares of the Fund were first offered to the public on April 23, 2012.

These consolidated financial statements cover the period from April 23, 2012 (commencement of operations) to August 31, 2012.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund only offers Class A shares that are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial or its affiliates.

Class A shares are not subject to any front end sales charge or contingent deferred sales charge.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated 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 consolidated 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 consolidated financial statements.

Security Valuation

All equity securities and exchange traded funds (ETFs) are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and ETFs 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.

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.

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, 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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

38 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not 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 Consolidated Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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 Consolidated 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 consolidated financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

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.

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 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 Consolidated Statement of Assets and Liabilities.

Annual Report 2012 39

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

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 produce incremental earnings, and manage exposure to movements in interest rates. 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 Consolidated Statement of Assets and Liabilities.

Options

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 produce incremental earnings and decrease the Fund’s exposure to equity risk and to increase return on investments, protect gains, and facilitate buying and selling of securities for investments. 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.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. 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.

Contracts and premiums associated with options contracts written for the period ended August 31, 2012 are as follows:

	Calls						Puts
	Contracts			Premiums ($)			Contracts			Premiums ($)
Balance at April 23, 2012		—			—			—			—
Opened		7,872			1,151,581			286,700,941			170,896
Closed		(341	)		(61,468	)		(32	)		(3,807	)
Exercised		(391	)		(55,240	)		(59	)		(2,275	)
Expired		(2,249	)		(87,693	)		(493	)		(27,472	)
Balance at August 31, 2012		4,891			947,180			286,700,357			137,342

Interest Rate Swap Transactions

The Fund entered into interest rate swap transactions to hedge interest risk exposure and to produce incremental earnings at prevailing market rates. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

40 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. 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 market value of all derivative transactions entered into pursuant to the contract between the Fund and such counterparty. If the net market value of such derivatives transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the consolidated financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

Cross-Currency Swap Transactions

The Fund entered into cross-currency swap transactions to hedge currency risk exposure. Cross-currency swaps are agreements between two parties that involve the exchange of one currency for another currency with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties in the currency of the principal received based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swaps may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Cross-currency swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain cross-currency swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund

will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the cross-currency swap is terminated.

The risks of cross-currency swaps include the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Consolidated Statement of Assets and Liabilities.

Credit Default Swap Contracts

Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified negative credit event(s) take place. The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index, a single issuer debt securities, or a basket of securities.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. Notional amounts of all credit default swap contracts outstanding for which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Consolidated Portfolio of Investments. These potential amounts may be

Annual Report 2012 41

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Market values for credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Consolidated Portfolio of Investments.

The notional amounts and market values of credit default swap contracts are not recorded in the consolidated financial statements. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Consolidated Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness.

Total Return Swaps

The Fund entered into total return swap contracts to obtain long or short exposure to the total return on a specified reference security, a basket of reference securities or a reference security index during the specified period, in return for periodic payments based on a fixed or variable interest rate. Total return swap contracts may be used to obtain exposure to a reference security or market without owning, taking physical custody of, or short selling such security or securities in a market.

The notional amounts of total return swap contracts are not recorded in the consolidated financial statements. Total return

swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time the Fund will realize a gain or (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses).

Total return swap contracts may be subject to liquidity risk, which exists when a particular swap contract is difficult to purchase or sell. It may not be possible for the Fund to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. Total return swap contracts are subject to the risk associated with the investment in the reference securities. The risk in the case of short total return swap contract is unlimited based on the potential for unlimited increases in the market value of the reference securities. This risk may be offset if the Fund holds any of the reference securities. The risk in the case of long total return swap contract is limited to the current notional amount of the total return swap contract.

Total return swap contracts are also subject to the risk of the counterparty not fulfilling its obligations under the contract (counterparty credit risk). The Fund attempts to mitigate counterparty credit risk by entering into total return swap contracts only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. 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 market value of all derivative contracts entered into pursuant to the agreement between the Fund and such counterparty. If the net market value of such derivatives contacts between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement) the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives contracts presented in the consolidated financial statements are not netted with the market values of other derivatives contracts or with any collateral amounts posted by the Fund or any counterparty.

Effects of Derivative Transactions in the Consolidated Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the consolidated financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated 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 Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

42 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

The following table is a summary of the fair value of derivative instruments at August 31, 2012:

	Asset Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location		Fair Value ($)
Credit contracts	Unrealized appreciation on swap contracts		530,468
Credit contracts	Premiums paid on outstanding credit default swap contracts		5,103,150
Equity contracts	Unrealized appreciation on swap contracts		13,945
Equity contracts	Net assets — unrealized appreciation on futures contracts		418,950	*
Equity contracts	Investments at value — unaffiliated issuers (for purchased options)		109,543
Foreign exchange contracts	Investments at value — unaffiliated issuers (for purchased options)		441,304
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		6,145,004
Interest rate contracts	Unrealized appreciation on swap contracts		87,469
Interest rate contracts	Net assets — unrealized appreciation on futures contracts		748,775	*
Commodity contracts	Unrealized appreciation on swap contracts		291,841
Commodity contracts	Net assets — unrealized appreciation on futures contracts		1,260,507	*
Total			15,150,956
	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized depreciation on swap contracts		831,036
Credit contracts	Premiums received on outstanding credit default swap contracts		979,967
Equity contracts	Unrealized depreciation on swap contracts		6,004
Equity contracts	Net assets — unrealized depreciation on futures contracts		529,429	*
Equity contracts	Options contracts written, at value		1,129,474
Foreign exchange contracts	Options contracts written, at value		75,875

	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		8,684,232
Foreign exchange contracts	Unrealized depreciation on swap contracts		224,881
Interest rate contracts	Unrealized depreciation on swap contracts		6,867
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		361,892	*
Commodity contracts	Unrealized depreciation on swap contracts		111,973
Commodity contracts	Net assets — unrealized depreciation on futures contracts		378,442	*
Total			13,320,072

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

The effect of derivative instruments in the Consolidated Statement of Operations for the Year Ended August 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Options Contracts Written and Purchased ($)		Swap Contracts ($)			Total ($)
Credit contracts		—		—			—		(110,371	)		(110,371	)
Equity contracts		—		(1,551,274	)		34,171		259,832			(1,257,271	)
Foreign exchange contracts		4,053,692		—			—		(404	)		4,053,288
Interest rate contracts		—		645,309			—		327			645,636
Commodity contracts		—		(565,449	)		—		(47,483	)		(612,932	)
Total		4,053,692		(1,471,414	)		34,171		101,901			2,718,350

Annual Report 2012 43

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Credit contracts		—			—			—			(300,568	)		(300,568	)
Equity contracts		—			(110,479	)		(235,085	)		7,941			(337,623	)
Foreign exchange contracts		(2,539,228	)		—			(249,612	)		(224,881	)		(3,013,721	)
Interest rate contracts		—			386,883			—			80,602			467,485
Com modity contracts		—			882,065			—			179,868			1,061,933
Total		(2,539,228	)		1,158,469			(484,697	)		(257,038	)		(2,122,494	)

The following table is a summary of the volume of derivative instruments for the Year Ended August 31, 2012:

Derivative Instrument	Contracts Opened
Forward Foreign Currency Exchange Contracts		1,739
Futures Contracts		13,705
Options Contracts		11,263
Swap Contracts		127
Derivative Instrument	Aggregate Notional Opened ($)
Credit Default Swap Contracts — Buy Protection		56,647,000
Credit Default Swap Contracts — Sell Protection		68,124,600

Delayed Delivery Securities and Forward Sale Commitments

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.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is recorded as interest expense in the Consolidated Statement of Operations and a short position is reported as a liability at fair value in the Statement of Asset and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Consolidated Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale. The Fund’s potential losses could exceed those of other mutual funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. As the Fund intends to use the cash proceeds from the short sales to invest in additional long securities, the Fund’s use of short sales in effect “leverages” the Fund. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful. There is also the risk that the broker may fail to honor its contract terms, causing a loss to the Fund.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the

44 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

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.

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. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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.

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 or 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 Consolidated Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income dividend. 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.

Basis for Consolidation

ASGM Offshore Fund, LTD. and ASMF Offshore Fund, LTD. (each, a Subsidiary) are each a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. Each Subsidiary operates as an investment vehicle to provide the Fund with exposure to the commodities markets consistent with the Fund’s investment objective and policies as stated in its prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of each Subsidiary (the Articles), the Fund owns the sole issued share of each Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiaries, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiaries. The Investment Manager is responsible for each Subsidiary’s day-to-day business pursuant to a separate investment management services agreement between each Subsidiary and the Investment Manager. At August 31, 2012, ASGM Offshore Fund, LTD. represented $4,363,605 or 0.9%

Annual Report 2012 45

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

of the net assets of the Fund and ASMF Offshore Fund, LTD. represented $27,337,355 or 5.8% of the net assets of the Fund.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued 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, the Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) has 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 1.02% to 0.90% as the Fund’s net assets increase. The annualized effective investment management fee rate for the period ended August 31, 2012 was 1.02% of the Fund’s average daily net assets.

Subadvisory Agreements

The Investment Manager has entered into Subadvisory Agreements with AQR Capital Management, LLC, Eaton Vance Management, Wasatch Advisors, Inc. and Water Island Capital, LLC, 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 Fund’s Board, based on 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

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the period ended August 31, 2012 was 0.08% of the Fund’s average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Consolidated Statement of Operations. The Trust’s eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund’s assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund’s expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

46 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the period ended August 31, 2012, the Fund’s annualized effective transfer agent fee rate as a percentage of average daily net assets for Class A shares was 0.11%.

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.

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2014, 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 annual rate of 1.50% of Class A shares’ average daily net assets.

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 dividend/interest 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 August 31, 2012, these differences are primarily due to differing treatment for defaulted bonds, deferral/reversal of wash sales losses, Trustees’ deferred compensation, foreign currency transactions, non-deductible expenses, passive foreign investment company (PFIC) holdings, recognition of unrealized appreciation (depreciation) for certain derivative investments, swap transactions, tax straddles and adjustments for investments in Subsidiaries. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Consolidated Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Consolidated Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$3,409,504
Accumulated net realized loss	(4,153,980	)
Paid-in capital	744,476

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

For the period ended August 31, 2012, there were no distributions.

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$3,367,655
Undistributed accumulated long-term gain	—
Accumulated realized gain	—
Unrealized appreciation	1,253,711

At August 31, 2012, the cost of investments for federal income tax purposes was $472,703,317 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$9,132,814
Unrealized depreciation	(7,879,103	)
Net unrealized appreciation	$1,253,711

Annual Report 2012 47

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

The following capital loss carryforward, determined at August 31, 2012, 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 ($)
Unlimited short-term		974,053
Total		974,053

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.

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 $512,194,402 and $289,806,975, respectively, for the period ended August 31, 2012.

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 Consolidated 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 August 31, 2012, one unaffiliated shareholder account owned nearly 100% 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 8. 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 period ended August 31, 2012.

Note 9. 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.

Note 10. Subsequent Events

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

48 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Notes to Consolidated Financial Statements (continued)

August 31, 2012

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 2012 49

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and the Shareholders of

Active Portfolios^® Multi-Manager Alternative Strategies Fund

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of Active Portfolios^® Multi-Manager Alternative Strategies Fund (the “Fund”) (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the period then ended, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at August 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 30, 2012

50 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Trustees and Officers

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

Independent Trustees
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael’s College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012 51

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.
The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611. Officers
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

52 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Trustees and Officers (continued)

Officers (continued)
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (Born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (Born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (Born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (Born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012 53

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements

On March 7, 2012, the Board of Trustees (the “Board”) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”) unanimously approved, for an initial two-year term, the Investment Management Services Agreement (the “Advisory Agreement”) with Columbia Management Investment Advisers, LLC (the “Investment Manager”) and the Subadvisory Agreements (the “Subadvisory Agreements”) with AQR Capital Management, LLC, Eaton Vance Management, Wasatch Advisors, Inc. and Water Island Capital Management, LLC (the “Subadvisers”) with respect to Active Portfolios^® Multi-Manager Alternative Strategies Fund (the “Fund”), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the “Committee”) and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the Advisory Agreement and the Subadvisory Agreements (collectively, the “Agreements”).

In connection with their deliberations regarding the proposed Agreements, the Committee and the Board requested and evaluated materials from the Investment Manager and the Subadvisers regarding the Fund and the Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on October 25, 2011, February 17, 2012 and March 6, 2012 and at the Board meeting held on March 7, 2012. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On March 6, 2012, the Committee recommended that the Board approve the Agreements. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager and the Subadvisers believed reasonably necessary to evaluate and to determine whether to approve the Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the Agreements for the Fund included the following:

• Information regarding the reputation, financial strength, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and the Subadvisers, and other personnel proposed to provide investment management, administrative and other services to the Fund;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer, to be provided under a separate Administrative Services Agreement;

• The terms and conditions of the Agreements;

• The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

• The advisory fees and total expenses of the existing Columbia Funds from which assets are expected to be redeemed in connection with the investment of seed capital in the Fund;

• Descriptions of various functions performed by the Investment Manager and the Subadvisers under the Agreements, including portfolio management and portfolio trading practices;

• Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager and the Subadvisers; and

• Information regarding the investment management fees and other expenses of the Fund relative to those of comparable funds determined by an independent third-party data provider to be in the same peer group or universe of funds.

54 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Nature, Extent and Quality of Services to be Provided under the Agreements

The Committee and the Board considered the nature, extent and quality of services to be provided to the Fund by the Investment Manager and the Subadvisers and their affiliates under the Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and the Subadvisers and their affiliates. The Committee and the Board considered, among other things, the Investment Manager’s and the Subadvisers’ ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, trade execution services and the quality of the Investment Manager’s and the Subadvisers’ investment research capabilities, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board considered the scope of services to be provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with similarly-structured funds. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager’s ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager’s ability to coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Agreements supported the approval of the Agreements.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Agreements as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the proposed fees under the Agreements, the Committee and the Board considered, among other information, the Fund’s proposed advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board also took into account the fee waiver and expense limitation arrangements that the Investment Manager would observe during the Fund’s first two years, and the advisory fees and total expense ratios of comparable funds identified by an independent third-party data provider for purposes of expense comparison.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the approval of the Agreements.

Costs of Services to be Provided and Profitability

The Committee and the Board considered information provided by the Investment Manager with respect to estimated costs of services and profitability, and expected to consider the costs of services and the profitability of the Investment Manager and its affiliates in connection with the Committee’s and the Board’s next review and continuation of the Agreements. The Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager and the Subadvisers regarding their financial condition. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to the Subadvisers of their relationships with the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated costs of services to be provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Agreements.

Annual Report 2012 55

Active Portfolios^®Multi-Manager Alternative Strategies Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Investment Performance

Because the Fund had not yet commenced operations, the Committee and the Board did not have investment performance to compare to the returns of a peer group and a universe of comparable funds. However, the Committee and the Board expected to consider, in connection with their next review and continuation of the Agreements, the investment performance of the Fund in relation to the annualized return for various time periods of a benchmark and a group of comparable funds, as determined by an independent third party data provider. The Committee and the Board also considered the investment performance of comparable portfolios of other clients of the Subadvisers.

The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated performance of the Fund supported approval of the Agreements.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager and the Subadvisers of services to the Fund, to groups of related funds, and to the Investment Manager’s and the Subadvisers’ investment advisory clients as a whole, and whether those economies of scale were expected to be shared with the Fund through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager and/or the Subadvisers in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints in the Advisory Agreement did not occur at the same levels as the breakpoints in the Subadvisory Agreements, and considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under such new subadvisory agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Advisory Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on the Subadvisers’ ability to manage assets might have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers might need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these issues, the Committee and the Board also considered the costs of the services to be provided (both on an absolute and relative basis) by the Investment Manager and its affiliates, as discussed above.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the approval of the Agreements.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits to be received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager’s affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund’s distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions to be generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.

56 Annual Report 2012

Active Portfolios^® Multi-Manager Alternative Strategies Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the proposed Agreements. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements.

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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 2012 61

Active Portfolios^® Multi-Manager Alternative Strategies 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1856 A (10/12)

Annual Report August 31, 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Active Portfolios^®Multi-Manager Core Plus Bond Fund

President’s Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter’s strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone’s fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

> 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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Table of Contents

Manager Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	44
Statement of Operations	45
Statement of Changes in Net Assets	46
Financial Highlights	47
Notes to Financial Statements	48
Report of Independent Registered Public Accounting Firm	57
Trustees and Officers	58
Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements	61
Important Information About This Report	65

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 2012

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Manager Discussion of Fund Performance

Portfolio Management

Columbia Management Investment Advisers, LLC

Carl Pappo, CFA

Alexander Powers

Brian Lavin, CFA

Michael Zazzarino

Federated Investment Management Company

Joseph Balestrino, CFA

Donald Ellenberger

TCW Investment Management Company

Tad Rivelle

Laird Landmann

Stephen Kane, CFA

Active Portfolios^® Multi-Manager Core Plus Bond Fund was launched on April 20, 2012. The Fund is managed by two independent money management firms and by Columbia Management Investment Advisers, LLC (Columbia) and each invests a portion of the portfolio’s assets. As of August 31, 2012, Federated Investment Management Company (Federated), TCW Investment Management Company (TCW) and Columbia managed approximately 34%, 28% and 38% of the portfolio, respectively.

Volatility Dominated the Fixed Income Markets

While the fixed income markets were generally on more solid footing in August 2012 as compared to earlier in the year, the reporting period began with elevated uncertainty as an array of challenges plagued the Eurozone and the expansion in the U.S. economy lost momentum with a downward revision to first quarter gross domestic product (GDP), stalled manufacturing and a drop-off in pending home sales. As such, investors favored the U.S. Treasury market, moving the yield on the bellwether 10-year U.S. Treasury note to a low of 1.45% on June 1.

Notwithstanding bouts of volatility ahead of certain highly anticipated market events, June through August saw slight improvements in investor sentiment. In Europe, the formation of a coalition government removed the immediate risk of Greece’s exit form the Eurozone, and the European Central Bank made an effective promise of policy intervention to preserve the euro in a late July announcement. In the U.S., the Federal Reserve Board (the Fed) extended Operation Twist in June. Operation Twist targeted longer maturity U.S. Treasuries in an effort to reduce longer-term yields and spur economic activity. Still, Fed chair Bernanke remained merely suggestive of further easing in the early August Fed meeting. Prospects of rising taxes and spending cuts scheduled for January 1, 2013, known popularly as the “fiscal cliff,” loomed. Domestic economic data was mixed. Housing market data reflected progress. However, manufacturing activity remained contractionary. In all, the effective promise of policy intervention given weak global economic conditions apparently reassured investors, who shifted away from U.S. Treasuries. The yield on the 10-year U.S. Treasury note peaked at 1.83% in mid-August before settling at 1.55% on August 31.

Allocations to Rallying Non-Government Sectors Boosted Fund Returns

Federated: Overall, we positioned our portion of the Fund with a bias toward a lower average quality and less interest rate risk than the Barclays Index. Our belief was that continued U.S. economic growth, combined with good valuation created by wide absolute and relative spreads, or yield differentials compared to U.S. Treasuries, in medium and lower quality assets provided a better risk/return profile than taking on pure interest rate risk in the form of a long duration.

More specifically, we maintained consistent overweights relative to the Barclays Index to the high yield corporate bond, emerging market debt and commercial mortgage-backed securities sectors, each of which added value during the reporting period. There were no significant detractors from a sector perspective, but the agency mortgage-backed securities sector underperformed the corporate sector, and thus our portion of the Fund’s overweight to agency mortgage-backed securities represented an opportunity cost compared to lower quality sectors. Duration positioning detracted. Concerns over extremely poor valuation created by historically low interest rates drove our decision to keep our portion of the Fund’s duration in a defensive position, i.e. in a range of 10% to 15% short of the Barclays

2 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Manager Discussion of Fund Performance (continued)

Index, throughout the reporting period. While interest rate rose for two months of the reporting period and fell during two months, the degree of interest rate decline in May overwhelmed the other months, resulting in a detracting effect for this short duration positioning. Yield curve positioning had a neutral impact on our portion of the Fund’s results during the reporting period.

TCW: Non-agency mortgage-backed securities, not held in the Barclays Index, were among the best performing fixed income sectors given solid fundamentals, such as improving roll rates, increased credit burnout and a shorter foreclosure pipeline. Robust investor demand and restrained new supply also supported non-agency mortgage-backed securities. An allocation to emerging market debt, not held in the Barclays Index, also added to Fund returns, as the sector rallied on the promise of global policy intervention.

Yield curve positioning contributed positively to our portion of the Fund’s performance. Following significant stimulus over the past several years from the Fed, expectations were for a pick-up in inflation in the intermediate term that will likely push longer maturity U.S. Treasury rates higher. As a result, yield curve positioning within our portion of the Fund was focused on 7-year to 10-year maturities. Such positioning added value, as yields declined the most beyond the 5-year U.S. Treasury. (Remember, there is usually an inverse relationship between bond prices and yield movements, so that bond prices rise when yields decline and vice versa.)

The defensive duration positioning of our portion of the Fund, established at approximately 0.9 years short of the Barclays Index, was a modest drag on performance, as interest rates declined during the reporting period. However, with inflation a significant intermediate-term concern, we believe such positioning remains prudent.

Columbia: Sizable allocations to investment grade corporate bonds and to commercial mortgage-backed securities, which each outpaced the Barclays Index, helped our portion of the Fund’s performance. Within the investment grade corporate bond sector, individual issue selection also contributed positively, as the Fund had an overweighted exposure to the financials industry, which performed well. An emphasis on bonds rated BBB across various industries also boosted results. Exposure to high yield corporate bonds added value as well.

Yield curve positioning helped our portion of the Fund’s results, too. We maintained a barbell yield curve positioning, wherein we had greater exposure to shorter-term maturities and longer-term maturities and a lesser weighting in intermediate-term maturities, given our belief that the yield curve would flatten. This strategy proved prudent, as the yield curve did indeed flatten during the reporting period, meaning the differential in yields between shorter-term and longer-term maturities narrowed.

Detracting from Fund results somewhat was our bias toward higher quality within the commercial mortgage-backed securities sector, as lower quality issues generally outperformed higher quality issues during the reporting period. We favored higher quality deals with large credit enhancements and those issues in the most senior part of the capital structure.

We maintained our portion of the Fund’s duration rather close to that of the Barclays Index, and thus duration positioning had a neutral impact on our portion of the Fund’s results during the reporting period.

Portfolio Breakdown (%) (at August 31, 2012)
Asset-Backed Securities — Non-Agency	2.7
Commercial Mortgage-Backed Securities — Non-Agency	6.7
Commercial Paper	0.3
Convertible Bonds	0.1
Health Care	0.1
Corporate Bonds & Notes	29.6
Consumer Discretionary	3.2
Consumer Staples	1.6
Energy	2.0
Financials	10.6
Health Care	1.3
Industrials	1.7
Materials	1.8
Telecommunication Services	3.5
Utilities	3.9
Foreign Government Obligations	1.8
Inflation-Indexed Bonds	3.6
Money Market Funds	9.8
Municipal Bonds	0.4
Preferred Debt	0.9
Residential Mortgage-Backed Securities — Agency	8.8
Residential Mortgage-Backed Securities — Non-Agency	3.0
Senior Loans	0.0	(a)
Consumer Discretionary	0.0	(a)
Consumer Staples	0.0	(a)
Financials	0.0	(a)
Health Care	0.0	(a)
Industrials	0.0	(a)
Telecommunication	0.0	(a)
Treasury Bills	1.9
U.S. Government & Agency Obligations	15.9
U.S. Treasury Obligations	14.5
Warrants	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 less than 0.1%.

Annual Report 2012 3

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Manager Discussion of Fund Performance (continued)

Portfolio Building Rather than Meaningful Changes

Federated: Given the brief reporting period, changes to the portfolio were limited. After the initial building of the portfolio, the bulk of additional activity was driven by cash flow used to fine-tune our various position biases. That said, toward the end of the reporting period, our bottom-up security analysts began noticing spots of credit deterioration in their sectors. Also, dovish pronouncements from the Fed, continued structural issues in Europe and the looming “fiscal cliff” caused us to move in the direction of reduced risk. We moved toward a more defensive portfolio stance by selling non-U.S. Treasury product, especially reducing the credit overweight, and lengthening duration to bring it closer to that of the Barclays Index. To re-allocate from economically-sensitive corporate securities, we increased the portfolio’s position in FNMA (Fannie Mae) pass-through mortgage-backed securities, which we believed may benefit from the increasing likelihood of a third round of quantitative easing. Two specific sales included issues of Ford Motor and International Lease Finance (an AIG affiliate), both of which had increased in price substantially as a result of strength in their individual credit situations as well as in the overall high yield corporate bond market. Proceeds from these sales, along with others, were used to Fund the increase in mortgage-related securities.

At the end of the reporting period, our portion of the Fund was underweight U.S. Treasuries relative to the Barclays Index, overweight investment grade corporate bonds and rather neutral in agency securities, mortgage-backed securities and commercial mortgage-backed securities. Our portion of the Fund also had exposure to high yield corporate bond and emerging market debt as of August 31, 2012.

TCW: Given the Fund’s launch on April 20, 2012, it was not a matter of making changes during the reporting period but rather of building the portfolio throughout May and June. Once the portfolio was ramped up, the strategy remained fairly stable. The low interest rate regime along the U.S. Treasury yield curve, offering insufficient compensation for the assumed risk in our view, led to a substantial underweight in the U.S. Treasury sector. Rather, we established a combined overweight in agency and non-agency mortgage-backed securities. We maintained the significant overweight in non-agency mortgage-backed securities, in particular, because it represents to us one of the most attractive domestic fixed income sectors, which we believe should perform well in a wide variety of economic and interest rate scenarios. Though modestly underweight the Barclays Index, our portion of the Fund’s agency exposure was still substantial, as we believe an absence of new supply favors pricing support in the sector. Senior tranches of commercial mortgage-backed securities also appeared to provide good value. Our portion of the Fund’s corporate allocation favored financials given declining leverage and attractive valuations. As of August 31, 2012, our portion of the Fund had an approximately 19% allocation to government issues, approximately 19% to corporate bonds, approximately 3% to asset-backed securities, approximately 26% to agency mortgage-backed securities and approximately 21% to non-agency mortgage-backed securities.

Columbia: In August, we modestly reduced our portion of the Fund’s exposure to corporate bonds, both investment grade and high yield, and added to its allocations to U.S. Treasury securities and mortgage-backed securities, as we sought both to take some gains from sectors that had performed well and to reduce the portfolio’s overall risk. We also moved closer to the Barclays Index in terms of yield curve positioning, though we maintained a modest flattening bias.

4 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

Federated: Over the coming months, we plan to continue implementing our disciplined process of managing top-down elements of duration, sector, yield curve and currency combined with robust bottom-up security selection. At the end of the reporting period, European policy makers appeared to have deferred any substantive actions until at least September leading to a substantial lessening in media and market speculation on which countries may exit the Eurozone. U.S. employment indicators trudge along, showing modest improvement, though the unemployment rate remained above the 8% threshold. Consumer confidence was mixed, but consumer spending, powered by back-to-school shopping and car and truck purchases, had increased. The housing market continued its recovery, thanks to record-low mortgage rates. Businesses were also increasing activity, as industrial production and capacity utilization continued to rise against a backdrop of reasonably well contained inflation, leading to another quarter of 1.5% to 2.0% GDP growth. Of course, our optimism at the end of the reporting period was checked by the very real challenges faced in Europe, the slowing Chinese economy and the U.S. presidential election and “fiscal cliff” of pending tax increases and U.S. government spending cuts. In our view, investment markets are likely to tread water until some clarity is achieved.

TCW: Our view ahead for the U.S. economy is one of muted growth amid continued deleveraging by consumers and businesses and one of ongoing volatility due to Europe’s persistent troubles.

Columbia: At the end of August 2012, we believed the investment landscape generally faced considerable headwinds, including weakness in U.S. economic data and uncertainty related to the upcoming November elections and the anticipated U.S. “fiscal cliff.” A near-term solution to the ongoing European sovereign debt crisis also appeared unlikely.

Given this view, we continued to favor non-U.S. Treasury fixed income sectors that we believe should compensate investors for lending outside the U.S. Treasury market and that are anticipated to perform well in a moderate growth environment. We particularly favored corporate bonds, both investment grade and high yield, as underlying corporate fundamentals remain strong in terms of balance sheet liquidity, overall leverage, interest burden and limited amortization requirements over the next several years. We also viewed commercial mortgage-backed securities as attractive on a risk-adjusted basis relative to U.S. Treasuries and agency mortgage-backed securities.

All that said, we believe effective sector allocation and security selection will remain key to Fund performance in the months ahead, and so, as always, we will maintain our disciplined investment strategy.

Annual Report 2012 5

Active Portfolios^®Multi-Manager Core Plus Bond 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.

April 20, 2012 – August 31, 2012

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

1,031.70

*

1,021.06

2.99

*

4.12

0.81

*

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 366.

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).

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Fund shares are sold in accordance with the terms of the account through which you invest in the Fund. Participants in wrap fee programs pay an asset-based fee that is not included in the above table. Please read the wrap program documents for information regarding fees charged.

* For the period April 20, 2012 (commencement of operations) through August 31, 2012.

6 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(k) 31.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 0.3%
ADS Tactical, Inc. Senior Secured(a)
04/01/18		11.000%		789,000		790,972
B/E Aerospace, Inc. Senior Unsecured
04/01/22		5.250%		689,000		720,005
Boeing Co. (The) Senior Unsecured
02/15/20		4.875%		1,220,000		1,481,026
Embraer SA Senior Unsecured
06/15/22		5.150%		1,450,000		1,518,875
Goodrich Corp. Senior Unsecured
02/01/21		3.600%		1,000,000		1,109,124
Huntington Ingalls Industries, Inc.
03/15/18		6.875%		515,000		551,050
03/15/21		7.125%		117,000		126,653
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000%		812,000		864,780
L-3 Communications Corp.
02/15/21		4.950%		4,185,000		4,608,413
Oshkosh Corp.
03/01/17		8.250%		112,000		123,200
Sequa Corp.(a)
12/01/15		13.500%		625,000		662,500
TransDigm, Inc.
12/15/18		7.750%		625,000		696,094
Total						13,252,692
Airlines 0.5%
Continental Airlines 1997-4 Class A Pass-Through Trust Pass-Through Certificates
01/02/18		6.900%		962,018		1,040,230
Continental Airlines 1999-1 Class A Pass-Through Trust Pass-Through Certificates
08/02/20		6.545%		1,973,151		2,143,434
Continental Airlines 2007-1 Class A Pass-Through Trust
04/19/22		5.983%		5,709,134		6,251,502
JetBlue Airways 2004-2 G-2 Pass Through Trust Pass-Thru Certificates(b)
05/15/18		0.885%		5,910,000		5,112,150
Southwest Airlines Co. Senior Unsecured
03/01/17		5.125%		5,000,000		5,534,445
U.S. Airways 2012-1 Class A Pass-Through Trust Pass-Through Certificates
04/01/26		5.900%		4,000,000		4,245,000
Total						24,326,761

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Automotive 1.2%
Affinia Group, Inc.
11/30/14		9.000%		650,000		658,125
Allison Transmission, Inc.(a)
05/15/19		7.125%		867,000		916,852
American Axle & Manufacturing, Inc.
11/15/19		7.750%		600,000		657,750
American Honda Finance Corp. Senior Unsecured(a)
10/01/18		7.625%		2,250,000		2,890,312
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/19		8.000%		405,000		427,275
06/15/21		8.250%		375,000		395,625
Daimler Finance North America LLC(a)
01/11/17		2.950%		12,000,000		12,597,012
Dana Holding Corp. Senior Unsecured
02/15/21		6.750%		264,000		283,800
Delphi Corp.
05/15/19		5.875%		177,000		191,160
05/15/21		6.125%		60,000		66,000
Exide Technologies Senior Secured
02/01/18		8.625%		600,000		491,250
Ford Motor Co. Senior Unsecured
11/01/46		7.400%		2,655,000		3,146,175
07/16/31		7.450%		2,907,000		3,590,145
Ford Motor Credit Co. LLC Senior Unsecured
06/12/17		3.000%		1,600,000		1,605,898
Ford Motor Credit Co. LLC(a) Senior Unsecured
04/15/16		4.207%		1,455,000		1,521,907
06/15/16		3.984%		7,412,000		7,682,019
Harley-Davidson Financial Services, Inc.(a)
03/15/17		2.700%		1,380,000		1,414,427
Hyundai Capital Services, Inc. Senior Unsecured(a)
07/27/16		4.375%		2,000,000		2,145,420
IDQ Holdings, Inc. Senior Secured(a)
04/01/17		11.500%		300,000		313,875
International Automotive Components Group SA Secured(a)
06/01/18		9.125%		575,000		551,281
JB Poindexter & Co., Inc.(a)
04/01/22		9.000%		375,000		375,000
Jaguar Land Rover PLC(a)
05/15/21		8.125%		300,000		318,750

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

Annual Report 2012 7

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Johnson Controls, Inc. Senior Unsecured
09/15/13		4.875%		5,000,000		5,201,845
Lear Corp.
03/15/18		7.875%		213,000		234,300
03/15/20		8.125%		88,000		98,450
Pittsburgh Glass Works LLC Senior Secured(a)
04/15/16		8.500%		775,000		709,125
RCI Banque SA Senior Unsecured(a)
04/12/16		4.600%		1,120,000		1,156,089
Schaeffler Finance BV(a)
Senior Secured
02/15/19		8.500%		1,128,000		1,243,620
02/15/17		7.750%		34,000		36,890
Tower Automotive Holdings USA LLC/Finance, Inc. Senior Secured(a)
09/01/17		10.625%		300,000		320,250
UCI International, Inc.
02/15/19		8.625%		750,000		749,062
Visteon Corp.
04/15/19		6.750%		672,000		682,920
Volkswagen International Finance NV(a)
03/22/17		2.375%		2,643,000		2,729,371
Total						55,401,980
Banking 5.6%
ANZ National International Ltd. Bank Guaranteed(a)
12/21/12		2.375%		580,000		583,359
Abbey National Treasury Services PLC Bank Guaranteed(a)
11/10/14		3.875%		2,375,000		2,391,625
American Express Credit Corp. Senior Unsecured
09/19/16		2.800%		5,360,000		5,706,492
Banco Bradesco SA Subordinated Notes
01/16/21		5.900%		300,000		315,750
Bancolombia SA Subordinated Notes
07/26/20		6.125%		100,000		107,250
Bank of America Corp. Senior Unsecured
09/01/15		3.700%		8,640,000		9,021,992
01/24/22		5.700%		4,800,000		5,428,138
Bank of New York Mellon Corp. (The) Senior Unsecured
05/15/19		5.450%		1,420,000		1,688,922
Barclays Bank PLC(a)(b)
09/29/49		7.434%		10,374,000		10,584,997
Barclays Bank PLC(b)
12/15/49		6.278%		3,860,000		3,290,650

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)			Value ($)
Capital One Capital III
08/15/36		7.686%		2,270,000			2,292,700
Capital One Capital IV(b)
02/17/37		6.745%		7,700,000			7,738,500
Capital One Capital V
08/15/39		10.250%		6,951,000			7,159,530
Capital One Capital VI
05/15/40		8.875%		5,000,000			5,116,285
Citigroup, Inc. Senior Unsecured
05/15/18		6.125%		6,500,000			7,538,245
01/14/22		4.500%		5,989,000			6,328,954
08/15/17		6.000%		4,000,000			4,567,772
08/09/20		5.375%		10,000,000			11,183,390
01/30/42		5.875%		3,910,000			4,591,106
City National Bank Subordinated Notes
07/15/22		5.375%		3,030,000			3,178,861
Commonwealth Bank of Australia Senior Unsecured(a)
10/15/14		3.750%		1,000,000			1,053,100
Credit Suisse U.S.A., Inc. Bank Guaranteed
01/15/14		5.125%		2,000,000			2,106,034
Deutsche Bank AG Senior Unsecured
01/11/16		3.250%		1,000,000			1,043,700
Discover Bank Subordinated Notes
11/18/19		8.700%		4,485,000			5,675,660
Goldman Sachs Group, Inc. (The) Senior Notes
05/03/15		3.300%		1,670,000			1,724,016
Senior Unsecured
04/01/18		6.150%		9,310,000			10,585,675
01/24/22		5.750%		4,000,000			4,413,848
10/01/14		5.000%		3,000,000			3,179,130
HBOS PLC(a) Subordinated Notes
11/01/33		6.000%		5,600,000			4,453,282
05/21/18		6.750%		9,435,000			9,308,580
HSBC Bank U.S.A. NA Subordinated Notes
04/01/14		4.625%		6,000,000			6,277,464
ICICI Bank Ltd. Senior Unsecured
11/16/20		5.750%		200,000			204,541
11/25/16		4.750%		200,000			203,149
JPMorgan Chase & Co. Senior Unsecured
04/23/19		6.300%		5,000,000	��		6,102,180
JPMorgan Chase & Co.(b)
04/29/49		7.900%		7,234,000			8,092,242

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

8 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
JPMorgan Chase Bank NA Subordinated Notes
10/01/17		6.000%		2,605,000		3,066,947
JPMorgan Chase Capital XXI(b)
02/02/37		1.393%		14,324,000		9,854,325
JPMorgan Chase Capital XXIII(b)
05/15/47		1.435%		1,685,000		1,183,428
Lloyds Banking Group PLC(a)(b)
12/31/49		6.657%		5,403,000		4,011,727
Merrill Lynch & Co., Inc. Senior Unsecured
04/25/13		6.150%		94,000		96,987
Subordinated Notes
05/02/17		5.700%		2,530,000		2,710,235
Morgan Stanley Senior Unsecured
07/24/42		6.375%		6,300,000		6,382,291
01/25/21		5.750%		8,090,000		8,354,397
03/22/17		4.750%		4,000,000		4,109,068
NB Capital Trust II
12/15/26		7.830%		594,000		595,485
National Australia Bank Ltd. Senior Unsecured
08/07/15		1.600%		1,250,000		1,259,938
03/09/17		2.750%		4,000,000		4,142,000
National City Preferred Capital Trust I(b)
12/31/49		12.000%		9,205,000		9,411,836
Northern Trust Corp. Senior Unsecured
05/01/14		4.625%		1,000,000		1,067,496
PNC Funding Corp. Bank Guaranteed
02/01/17		5.625%		2,235,000		2,566,035
Royal Bank of Scotland PLC (The) Bank Guaranteed
09/21/15		3.950%		2,615,000		2,745,546
State Street Corp.
03/15/18		4.956%		11,115,000		12,192,677
Senior Unsecured
03/07/16		2.875%		1,249,000		1,336,284
SunTrust Banks, Inc. Senior Unsecured
04/15/16		3.600%		1,000,000		1,056,634
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		196,000		216,580
U.S. Bancorp Subordinated Notes
07/15/22		2.950%		3,337,000		3,361,874
Vesey Street Investment Trust 1(b)
09/01/16		4.404%		480,000		500,293
Wachovia Capital Trust III(b)
03/29/49		5.570%		8,190,000		8,087,625

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Wachovia Corp. Senior Unsecured
02/01/18		5.750%		4,000,000		4,801,684
Wells Fargo Bank Subordinated Notes
02/09/15		4.750%		2,000,000		2,163,022
Wells Fargo Capital X
12/15/36		5.950%		4,355,000		4,420,325
Westpac Banking Corp. Senior Unsecured
11/19/19		4.875%		1,200,000		1,353,676
Total						264,285,534
Brokerage 0.4%
Blackstone Holdings Finance Co. LLC(a)
08/15/19		4.750%		3,675,000		3,661,848
Cantor Fitzgerald LP(a)
10/15/19		7.875%		1,600,000		1,640,173
E*Trade Financial Corp. Senior Unsecured
12/01/15		7.875%		192,000		195,360
11/30/17		12.500%		375,000		427,969
Eaton Vance Corp. Senior Unsecured
10/02/17		6.500%		1,023,000		1,214,308
Janus Capital Group, Inc. Senior Unsecured
06/15/17		6.700%		1,000,000		1,107,706
Jefferies Group, Inc. Senior Unsecured
07/15/19		8.500%		2,800,000		3,199,000
Legg Mason, Inc. Senior Unsecured(a)
05/21/19		5.500%		580,000		615,255
Neuberger Berman Group LLC/Finance Corp. Senior Unsecured(a)
03/15/22		5.875%		744,000		788,640
Nuveen Investments, Inc.
11/15/15		10.500%		850,000		864,875
Raymond James Financial, Inc. Senior Unsecured
04/15/16		4.250%		3,345,000		3,529,594
Total						17,244,728
Building Materials 0.1%
Building Materials Corp. of America(a)
03/15/20		7.500%		600,000		655,500
Senior Notes
05/01/21		6.750%		542,000		592,135
Hillman Group, Inc.
06/01/18		10.875%		500,000		538,750
Interface, Inc.
12/01/18		7.625%		217,000		233,275

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

Annual Report 2012 9

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Masonite International Corp.(a)
04/15/21		8.250%		500,000		523,750
Norcraft Companies LP/Finance Corp. Secured
12/15/15		10.500%		675,000		675,000
Nortek, Inc.
12/01/18		10.000%		32,000		35,040
04/15/21		8.500%		961,000		1,021,062
Odebrecht Finance Ltd.
04/05/23		6.000%		300,000		328,500
Odebrecht Finance Ltd.(a)
06/26/22		5.125%		500,000		517,500
Ply Gem Industries, Inc. Senior Secured
02/15/18		8.250%		500,000		511,250
Roofing Supply Group LLC/Finance, Inc.(a)
06/01/20		10.000%		250,000		267,500
Total						5,899,262
Chemicals 0.6%
Albemarle Corp. Senior Unsecured
12/15/20		4.500%		2,000,000		2,224,200
Ashland, Inc. Senior Unsecured(a)
08/15/22		4.750%		126,000		126,315
Braskem America Finance Co.
07/22/41		7.125%		5,000,000		5,175,000
Braskem Finance Ltd.
04/15/21		5.750%		250,000		260,625
Celanese U.S. Holdings LLC
06/15/21		5.875%		265,000		292,825
Dow Chemical Co. (The) Senior Unsecured
05/15/39		9.400%		65,000		106,094
05/15/19		8.550%		2,500,000		3,374,745
11/15/20		4.250%		2,336,000		2,571,193
EI du Pont de Nemours & Co. Senior Unsecured
07/15/18		6.000%		2,000,000		2,516,198
Ferro Corp. Senior Unsecured
08/15/18		7.875%		625,000		584,375
Hexion U.S. Finance Corp./Nova Scotia ULC Secured
11/15/20		9.000%		425,000		363,375
Senior Secured
02/01/18		8.875%		300,000		302,250
Hexion US Finance Corp. Senior Secured
04/15/20		6.625%		247,000		249,470
Huntsman International LLC
06/30/16		5.500%		650,000		650,812

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/15/21		8.625%		161,000		184,345
Incitec Pivot Finance LLC(a)
12/10/19		6.000%		1,000,000		1,116,079
Ineos Finance PLC Senior Secured(a)
05/15/15		9.000%		112,000		118,720
JM Huber Corp. Senior Notes(a)
11/01/19		9.875%		213,000		236,164
Koppers, Inc.
12/01/19		7.875%		38,000		41,515
Lubrizol Corp.
02/01/19		8.875%		1,286,000		1,793,018
LyondellBasell Industries NV
Senior Unsecured
11/15/21		6.000%		1,181,000		1,346,340
04/15/24		5.750%		620,000		702,150
MacDermid, Inc.(a)
04/15/17		9.500%		277,000		288,773
Momentive Performance Materials, Inc. Senior Secured(a)
10/15/20		10.000%		350,000		351,750
Nova Chemicals Corp. Senior Unsecured
11/01/19		8.625%		5,000		5,700
OXEA Finance & Cy SCA Senior Secured(a)
07/15/17		9.500%		270,000		294,300
Omnova Solutions, Inc.
11/01/18		7.875%		475,000		480,938
Polypore International, Inc.
11/15/17		7.500%		381,000		409,575
Total						26,166,844
Construction Machinery 0.2%
Ashtead Capital, Inc.(a)
07/15/22		6.500%		81,000		84,240
CNH Capital LLC(a)
11/01/16		6.250%		322,000		349,370
Case New Holland, Inc.
12/01/17		7.875%		297,000		348,975
Caterpillar, Inc. Senior Unsecured
06/26/22		2.600%		2,440,000		2,521,135
12/15/13		7.000%		1,000,000		1,082,928
Columbus McKinnon Corp.
02/01/19		7.875%		153,000		162,563
H&E Equipment Services, Inc.(a)
09/01/22		7.000%		92,000		95,450
Maxim Crane Works LP Senior Secured(a)
04/15/15		12.250%		350,000		343,000

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

10 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Neff Rental LLC/Finance Corp. Secured(a)
05/15/16		9.625%		263,000		263,657
Terex Corp.
04/01/20		6.500%		129,000		135,128
UR Merger Sub Corp.
12/15/19		9.250%		427,000		479,307
09/15/20		8.375%		593,000		634,510
UR Merger Sub Corp.(a)
05/15/20		7.375%		115,000		121,900
04/15/22		7.625%		288,000		311,760
Secured
07/15/18		5.750%		589,000		622,867
Total						7,556,790
Consumer Cyclical Services 0.1%
Carlson Wagonlit BV Senior Secured(a)
06/15/19		6.875%		450,000		468,000
Expedia, Inc.
08/15/20		5.950%		1,380,000		1,511,179
Garda World Security Corp. Senior Unsecured(a)
03/15/17		9.750%		600,000		637,260
Goodman Networks, Inc. Senior Secured(a)
07/01/18		12.375%		311,000		326,550
Monitronics International, Inc.
04/01/20		9.125%		325,000		331,500
ServiceMaster Co.
02/15/20		8.000%		600,000		639,750
ServiceMaster Co.(a) Senior Notes
08/15/20		7.000%		75,000		76,312
Total						3,990,551
Consumer Products 0.1%
FGI Operating Co. LLC/Finance, Inc. Secured(a)
05/01/20		7.875%		500,000		527,500
Hasbro, Inc. Senior Unsecured
03/15/40		6.350%		1,000,000		1,189,316
Jarden Corp.
01/15/20		7.500%		203,000		225,330
Libbey Glass, Inc.(a)
05/15/20		6.875%		790,000		841,350
Prestige Brands, Inc.
02/01/20		8.125%		200,000		221,750
Senior Secured
04/01/18		8.250%		300,000		329,250
Simmons Bedding Co. Senior Secured(a)
07/15/15		11.250%		500,000		517,505

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Spectrum Brands, Inc.(a)
03/15/20		6.750%		1,144,000		1,201,200
Visant Corp.
10/01/17		10.000%		550,000		544,500
Total						5,597,701
Diversified Manufacturing 0.1%
ABB Finance U.S.A., Inc.
05/08/22		2.875%		630,000		653,362
Amsted Industries, Inc. Senior Notes(a)
03/15/18		8.125%		319,000		344,919
Dynacast International LLC/Finance, Inc. Secured
07/15/19		9.250%		500,000		525,000
Hutchison Whampoa International 11 Ltd.(a)
01/13/17		3.500%		1,000,000		1,060,669
Mcron Finance Sub LLC/Corp. Senior Secured(a)
05/15/19		8.375%		325,000		333,937
Roper Industries, Inc. Senior Unsecured
08/15/13		6.625%		2,520,000		2,657,048
Tomkins LLC/Inc. Secured
10/01/18		9.000%		567,000		632,205
Voto-Votorantim Overseas Trading Operations NV
09/25/19		6.625%		350,000		396,375
Votorantim Cimentos SA
04/05/41		7.250%		250,000		266,250
Total						6,869,765
Electric 2.0%
AES Corp. (The) Senior Unsecured
07/01/21		7.375%		678,000		776,310
Alabama Power Co. Senior Unsecured
03/15/41		5.500%		8,471,000		11,203,406
American Transmission Systems, Inc. Senior Unsecured(a)
01/15/22		5.250%		2,200,000		2,550,192
Appalachian Power Co. Senior Unsecured
01/15/20		7.950%		1,000,000		1,349,614
Arizona Public Service Co. Senior Unsecured
08/01/16		6.250%		3,063,000		3,610,429
CMS Energy Corp. Senior Unsecured
12/15/15		6.875%		307,000		347,487
09/30/15		4.250%		125,000		131,875

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

Annual Report 2012 11

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Calpine Corp. Senior Secured(a)
02/15/21		7.500%		1,009,000		1,119,990
Commonwealth Edison Co. 1st Mortgage
03/15/36		5.900%		1,675,000		2,245,086
08/15/16		5.950%		165,000		194,136
Companhia de Eletricidade do Estad
04/27/16		11.750%	BRL	395,000		209,185
Consolidated Edison Co. of New York, Inc. Senior Unsecured
04/01/18		5.850%		3,000,000		3,715,380
04/01/38		6.750%		2,324,000		3,506,223
DPL, Inc. Senior Unsecured(a)
10/15/21		7.250%		760,000		866,400
Dominion Resources, Inc. Senior Unsecured
01/15/19		8.875%		800,000		1,096,245
Dubai Electricity & Water Authority Senior Unsecured(a)
10/21/20		7.375%		250,000		281,750
Enel Finance International NV(a)
10/07/14		3.875%		630,000		640,899
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20		10.000%		225,000		252,562
Energy Future Intermediate Holding Co. LLC/Finance, Inc.(a) Secured
03/01/22		11.750%		250,000		264,375
Exelon Generation Co. LLC Senior Unsecured
10/01/41		5.750%		2,000,000		2,222,918
10/01/17		6.200%		1,910,000		2,270,923
Exelon Generation Co. LLC(a) Senior Unsecured
06/15/22		4.250%		3,085,000		3,207,049
FirstEnergy Solutions Corp.
08/15/21		6.050%		2,000,000		2,224,212
GenOn Energy, Inc. Senior Unsecured
10/15/18		9.500%		128,000		141,120
Georgia Power Co. Senior Unsecured
09/01/40		4.750%		2,676,000		3,087,885
Israel Electric Corp., Ltd. Senior Secured
01/15/19		7.250%		300,000		321,300
NRG Energy, Inc.
01/15/18		7.625%		525,000		561,750
National Rural Utilities Cooperative Finance Corp.
11/01/18		10.375%		2,500,000		3,672,465
Nevada Power Co.
05/15/18		6.500%		2,746,000		3,426,645

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
08/01/18		6.500%		2,545,000		3,190,203
05/15/41		5.450%		6,055,000		7,631,611
Niagara Mohawk Power Corp. Senior Unsecured(a)
08/15/19		4.881%		1,075,000		1,219,432
Ohio Edison Co. Senior Unsecured
05/01/15		5.450%		635,000		694,882
Oncor Electric Delivery Co. LLC Senior Secured
09/30/40		5.250%		7,602,000		8,228,610
06/01/42		5.300%		1,250,000		1,355,205
PPL Capital Funding, Inc.
06/15/22		4.200%		2,250,000		2,377,039
PSEG Power LLC
09/15/21		4.150%		1,000,000		1,081,121
Pacific Gas & Electric Co. Senior Unsecured
01/15/40		5.400%		1,110,000		1,384,779
Southern California Edison Co. 1st Mortgage
09/01/40		4.500%		510,000		599,823
Tampa Electric Co. Senior Unsecured
05/15/18		6.100%		3,604,000		4,519,420
Toledo Edison Co. (The) Senior Secured
05/15/37		6.150%		4,020,000		5,096,150
TransAlta Corp. Senior Unsecured
01/15/15		4.750%		1,920,000		2,010,064
UIL Holdings Corp. Senior Unsecured
10/01/20		4.625%		300,000		316,803
Virginia Electric and Power Co. Senior Unsecured
06/30/19		5.000%		1,280,000		1,531,460
Total						96,734,413
Entertainment 0.2%
AMC Entertainment, Inc.
06/01/19		8.750%		453,000		496,035
12/01/20		9.750%		23,000		25,415
Cinemark U.S.A., Inc.
06/15/19		8.625%		400,000		448,000
Cinemark U.S.A., Inc
06/15/21		7.375%		41,000		45,818
Speedway Motorsports, Inc.
02/01/19		6.750%		41,000		43,204
Time Warner, Inc.
03/29/41		6.250%		2,280,000		2,829,430
06/15/42		4.900%		1,500,000		1,627,119

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

12 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Vail Resorts, Inc.
05/01/19		6.500%		281,000		303,480
Viacom, Inc. Senior Unsecured
04/01/17		3.500%		1,500,000		1,629,508
Total						7,448,009
Environmental 0.1%
Clean Harbors, Inc.(a)
08/01/20		5.250%		280,000		287,350
Republic Services, Inc.
03/01/40		6.200%		2,000,000		2,530,574
Total						2,817,924
Food and Beverage 1.3%
Anheuser-Busch InBev Worldwide, Inc.
01/15/19		7.750%		605,000		813,343
Aramark Corp.
02/01/15		8.500%		950,000		973,759
Aramark Holdings Corp. Senior Unsecured PIK(a)
05/01/16		8.625%		73,000		74,734
Bottling Group LLC
04/01/16		5.500%		3,210,000		3,723,096
Campbell Soup Co. Senior Unsecured
08/02/22		2.500%		2,411,000		2,406,347
08/02/42		3.800%		2,594,000		2,572,376
Coca-Cola Co. (The) Senior Unsecured
09/01/21		3.300%		4,127,000		4,551,256
Coca-Cola Femsa SAB de CV Senior Unsecured
02/15/20		4.625%		1,000,000		1,135,327
ConAgra Foods, Inc. Senior Unsecured
10/01/28		7.000%		2,740,000		3,474,936
Constellation Brands, Inc.
03/01/23		4.625%		49,000		49,858
Dean Foods Co.
12/15/18		9.750%		875,000		976,719
Del Monte Corp.
02/15/19		7.625%		750,000		749,063
Diageo Capital PLC
01/15/14		7.375%		1,000,000		1,091,965
General Mills, Inc. Senior Unsecured
12/15/21		3.150%		4,370,000		4,575,853
Grupo Bimbo SAB de CV(a)
01/25/22		4.500%		400,000		432,019

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
HJ Heinz Co. Senior Unsecured
09/12/21		3.125%		645,000		677,787
Hershey Co. (The) Senior Unsecured
12/01/20		4.125%		1,060,000		1,207,605
Kellogg Co. Senior Unsecured
03/06/13		4.250%		1,100,000		1,120,417
05/17/17		1.750%		720,000		732,862
Kraft Foods Group, Inc.(a)
06/06/22		3.500%		4,000,000		4,236,636
06/04/15		1.625%		1,000,000		1,015,701
Kraft Foods, Inc. Senior Unsecured
02/09/40		6.500%		1,980,000		2,709,940
02/01/18		6.125%		5,000,000		6,083,750
Michael Foods Group, Inc.
07/15/18		9.750%		875,000		966,875
PepsiCo, Inc. Senior Unsecured
01/15/20		4.500%		2,000,000		2,335,734
Pernod-Ricard SA Senior Unsecured(a)
07/15/22		4.250%		3,300,000		3,509,830
Pinnacle Foods Finance LLC/Corp.
04/01/15		9.250%		55,000		56,444
09/01/17		8.250%		500,000		530,000
Ralcorp Holdings, Inc. Senior Secured
08/15/39		6.625%		1,000,000		1,067,996
Smithfield Foods, Inc. Senior Unsecured
07/01/17		7.750%		625,000		697,656
Tyson Foods, Inc.
06/15/22		4.500%		1,000,000		1,010,000
US Foods, Inc. Senior Unsecured(a)
06/30/19		8.500%		825,000		843,563
Virgolino de Oliveira Finance Ltd.(a)
02/09/22		11.750%		3,000,000		2,887,500
Total						59,290,947
Gaming 0.1%
Affinity Gaming LLC/Finance Corp.(a)
05/15/18		9.000%		450,000		457,875
American Casino & Entertainment Properties LLC/Finance Corp. Senior Secured
06/15/14		11.000%		425,000		444,125
Ameristar Casinos, Inc.
04/15/21		7.500%		125,000		134,063

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

Annual Report 2012 13

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Caesars Entertainment Operating Co., Inc. Senior Secured(a)
02/15/20		8.500%		1,436,000		1,416,255
Chester Downs & Marina LLC Senior Secured(a)
02/01/20		9.250%		175,000		176,750
MGM Resorts International
03/01/18		11.375%		251,000		289,277
Senior Secured
03/15/20		9.000%		225,000		252,000
MGM Resorts International(a)
02/01/19		8.625%		950,000		1,011,750
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19		8.750%		25,000		27,906
ROC Finance LLC/Corp. Secured(a)
09/01/18		12.125%		294,000		335,160
Rivers Pittsburgh Borrower LP/Finance Corp. Senior Secured(a)
06/15/19		9.500%		300,000		318,000
Seminole Indian Tribe of Florida(a)
10/01/17		7.750%		406,000		446,600
Senior Secured
10/01/20		6.535%		314,000		325,251
Seneca Gaming Corp.(a)
12/01/18		8.250%		433,000		445,990
Sugarhouse HSP Gaming Prop Mezz LP/Finance Corp. Secured(a)
04/15/16		8.625%		375,000		399,375
Tunica-Biloxi Gaming Authority Senior Unsecured(a)
11/15/15		9.000%		99,000		89,595
Total						6,569,972
Gas Distributors 0.1%
Atmos Energy Corp. Senior Unsecured
06/15/17		6.350%		282,000		342,089
Sempra Energy Senior Unsecured
06/01/16		6.500%		4,065,000		4,847,118
02/15/19		9.800%		1,000,000		1,409,076
Suburban Propane Partners LP/Energy Finance Corp. Senior Unsecured(a)
08/01/21		7.375%		401,000		428,068
Total						7,026,351
Gas Pipelines 2.0%
Access Midstream Partners LP/ACMP Finance Corp.
07/15/22		6.125%		325,000		337,188
Colorado Interstate Gas Co. LLC Senior Unsecured
11/15/15		6.800%		7,141,000		8,293,400

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Copano Energy LLC/Finance Corp.
04/01/21		7.125%			500,000		522,500
Crosstex Energy LP/Finance Corp.
02/15/18		8.875%			250,000		266,875
El Paso LLC Senior Unsecured
06/01/18		7.250%			28,000		32,270
09/15/20		6.500%	��		1,249,000		1,412,931
01/15/32		7.750%			175,000		206,038
El Paso Pipeline Partners Operating Co. LLC
10/01/21		5.000%			4,629,000		5,055,812
Enbridge Energy Partners LP Senior Unsecured
09/15/40		5.500%			1,000,000		1,134,592
Energy Transfer Equity LP Senior Secured
10/15/20		7.500%			750,000		866,250
Enterprise Products Operating LLC
01/31/14		9.750%			5,820,000		6,517,550
02/01/41		5.950%			4,073,000		4,825,515
02/15/42		5.700%			1,340,000		1,543,723
Florida Gas Transmission Co. LLC Senior Unsecured(a)
07/15/22		3.875%			2,250,000		2,303,877
Holly Energy Partners LP/Finance Corp.(a)
03/01/20		6.500%			325,000		339,625
Kinder Morgan Energy Partners LP Senior Unsecured
01/15/38		6.950%			1,580,000		1,978,155
09/01/39		6.500%			2,117,000		2,539,286
09/01/22		3.950%			7,750,000		8,225,145
MarkWest Energy Partners LP/Finance Corp.
02/15/23		5.500%			269,000		275,053
06/15/22		6.250%			558,000		591,480
NiSource Finance Corp.
12/15/40		6.250%			2,225,000		2,774,731
02/15/43		5.250%			1,650,000		1,823,933
Plains All American Pipeline LP/Finance Corp.
01/15/37		6.650%			1,070,000		1,371,227
02/01/21		5.000%			1,675,000		1,942,099
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375%			90,000		99,000
07/15/21		6.500%			554,000		592,780
Southern Natural Gas Co LLC/Issuing Corp. Senior Unsecured
06/15/21		4.400%			3,430,000		3,678,816
Southern Natural Gas Co. LLC Senior Unsecured
02/15/31		7.350%			910,000		1,169,893
03/01/32		8.000%			2,115,000		2,943,037
Southern Star Central Corp. Senior Unsecured
03/01/16		6.750%			870,000		885,225
Targa Resources Partners LP/Finance Corp.(a)
08/01/22		6.375%			325,000		339,625

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

14 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tennessee Gas Pipeline Co. LLC Senior Unsecured
04/01/37		7.625%		550,000		746,424
06/15/32		8.375%		3,465,000		4,858,429
TransCanada PipeLines Ltd.(b)
05/15/67		6.350%		7,903,000		8,402,604
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400%		3,304,000		3,846,953
Transcontinental Gas Pipe Line Co. LLC(a) Senior Unsecured
08/01/42		4.450%		6,490,000		6,754,708
Transportadora de Gas Internacional SA ESP Senior Unsecured
03/20/22		5.700%		200,000		211,000
Williams Companies, Inc. (The) Senior Unsecured
06/15/31		7.750%		1,850,000		2,354,440
09/01/21		7.875%		75,000		97,337
Williams Partners LP Senior Unsecured
04/15/40		6.300%		2,250,000		2,816,861
11/15/20		4.125%		2,000,000		2,164,988
Total						97,141,375
Health Care 1.0%
American Renal Associates Holdings, Inc. Senior Unsecured PIK
03/01/16		9.750%		49,000		52,798
American Renal Holdings, Inc. Senior Secured
05/15/18		8.375%		256,000		272,000
Biomet, Inc.
10/15/17		11.625%		712,000		760,950
Biomet, Inc.(a)
08/01/20		6.500%		209,000		216,837
Boston Scientific Corp. Senior Unsecured
01/15/15		4.500%		1,125,000		1,201,192
CHS/Community Health Systems, Inc.
07/15/20		7.125%		220,000		230,450
11/15/19		8.000%		516,000		557,280
Senior Secured
08/15/18		5.125%		300,000		309,375
CRC Health Corp.
02/01/16		10.750%		350,000		312,375
ConvaTec Healthcare E SA Senior Unsecured(a)
12/15/18		10.500%		433,000		461,145
DJO Finance LLC/Corp.
04/15/18		7.750%		650,000		594,750
DJO Finance LLC/Corp.(a) Secured
03/15/18		8.750%		50,000		53,125

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
DaVita, Inc.
08/15/22		5.750%		227,000		236,080
Emdeon, Inc.(a)
12/31/19		11.000%		803,000		915,420
Emergency Medical Services Corp.
06/01/19		8.125%		700,000		747,250
Express Scripts Holding Co.(a)
02/15/22		3.900%		3,715,000		4,038,432
02/15/17		2.650%		6,460,000		6,711,313
Fresenius Medical Care U.S. Finance II, Inc.(a)
07/31/19		5.625%		87,000		92,981
01/31/22		5.875%		112,000		119,000
Fresenius Medical Care U.S. Finance, Inc.(a)
09/15/18		6.500%		215,000		241,069
HCA, Inc.
02/15/22		7.500%		2,868,000		3,190,650
Senior Secured
04/15/19		8.500%		1,315,000		1,482,662
02/15/20		7.875%		2,562,000		2,859,832
09/15/20		7.250%		3,091,000		3,425,214
02/15/20		6.500%		148,000		162,615
Hanger, Inc.
11/15/18		7.125%		293,000		305,452
Health Management Associates, Inc.(a)
01/15/20		7.375%		186,000		199,020
HealthSouth Corp.
02/15/20		8.125%		232,000		255,490
09/15/22		7.750%		23,000		25,128
Hologic, Inc.(a)
08/01/20		6.250%		368,000		389,620
IASIS Healthcare LLC/Capital Corp.
05/15/19		8.375%		1,061,000		1,011,929
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured(a)
11/01/18		10.500%		124,000		126,170
Multiplan, Inc.(a)
09/01/18		9.875%		1,177,000		1,291,757
Omnicare, Inc.
06/01/20		7.750%		525,000		578,812
PSS World Medical, Inc.
03/01/22		6.375%		242,000		255,915
Physio-Control International, Inc. Senior Secured(a)
01/15/19		9.875%		293,000		316,440
Physiotherapy Associates Holdings, Inc. Senior Unsecured(a)
05/01/19		11.875%		380,000		397,100
Quest Diagnostic, Inc.
01/30/20		4.750%		1,600,000		1,794,459
Radnet Management, Inc.
04/01/18		10.375%		101,000		101,758
Rural/Metro Corp. Senior Unsecured(a)
07/15/19		10.125%		130,000		130,000

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

Annual Report 2012 15

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
STHI Holding Corp. Secured(a)
03/15/18		8.000%		273,000		290,745
Tenet Healthcare Corp. Senior Secured
07/01/19		8.875%		5,000,000		5,687,500
Senior Unsecured
08/01/20		8.000%		213,000		225,780
Truven Health Analytics, Inc. Senior Unsecured(a)
06/01/20		10.625%		452,000		482,510
United Surgical Partners International, Inc. Senior Unsecured(a)
04/01/20		9.000%		548,000		588,415
Universal Hospital Services, Inc. Secured(a)
08/15/20		7.625%		71,000		74,728
VWR Funding, Inc.(a)(c)
09/15/17		7.250%		756,000		760,725
VWR Funding, Inc.(b)
07/15/15		10.250%		950,000		979,094
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000%		1,094,000		1,148,700
02/01/19		7.750%		132,000		137,610
Vanguard Health Holding Co. II LLC/Inc.(a)
02/01/19		7.750%		97,000		101,123
Total						46,900,775
Healthcare Insurance 0.1%
AMERIGROUP Corp. Senior Unsecured
11/15/19		7.500%		247,000		287,755
CIGNA Corp. Senior Unsecured
02/15/22		4.000%		955,000		1,025,514
UnitedHealth Group, Inc. Senior Unsecured
11/15/17		6.000%		2,383,000		2,952,125
WellPoint, Inc. Senior Unsecured
02/15/19		7.000%		1,000,000		1,245,160
Total						5,510,554
Home Construction —%
KB Home
03/15/20		8.000%		108,000		115,830
Meritage Homes Corp.
04/01/22		7.000%		120,000		126,000
Shea Homes LP/Funding Corp. Senior Secured
05/15/19		8.625%		192,000		213,600
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/20		7.750%		60,000		63,450

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Taylor Morrison Communities, Inc./Monarch(a)
04/15/20		7.750%		255,000		269,663
Total						788,543
Independent Energy 1.1%
ATP Oil & Gas Corp. Secured(d)
05/01/15		11.875%		350,000		91,000
Anadarko Petroleum Corp.
03/15/40		6.200%		1,035,000		1,257,402
Senior Unsecured
09/15/17		6.375%		1,480,000		1,773,654
Antero Resources Finance Corp.
08/01/19		7.250%		57,000		60,848
12/01/17		9.375%		13,000		14,333
Apache Corp. Senior Unsecured
09/01/40		5.100%		1,000,000		1,192,076
Canadian Natural Resources Ltd. Senior Unsecured
12/01/14		4.900%		2,000,000		2,180,974
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		482,000		514,535
Chaparral Energy, Inc.
10/01/20		9.875%		730,000		828,550
Chaparral Energy, Inc.(a)
11/15/22		7.625%		2,215,000		2,342,362
Chesapeake Energy Corp.
08/15/20		6.625%		426,000		437,715
02/15/21		6.125%		430,000		426,775
03/15/19		6.775%		700,000		705,250
Cimarex Energy Co.
05/01/22		5.875%		334,000		354,875
Comstock Resources, Inc.
06/15/20		9.500%		292,000		308,060
Concho Resources, Inc.
01/15/21		7.000%		1,149,000		1,281,135
Continental Resources, Inc.
09/15/22		5.000%		680,000		710,600
10/01/19		8.250%		6,000		6,780
10/01/20		7.375%		36,000		40,410
04/01/21		7.125%		301,000		337,120
Continental Resources, Inc.(a)
09/15/22		5.000%		4,988,000		5,199,990
Denbury Resources, Inc.
03/01/16		9.750%		166,000		180,110
Devon Energy Corp. Senior Unsecured
01/15/19		6.300%		1,215,000		1,503,995
EP Energy LLC/Everest Acquisition Finance, Inc.(a)
09/01/22		7.750%		39,000		39,098
EP Energy LLC/Finance, Inc. Senior Unsecured(a)
05/01/20		9.375%		801,000		871,087

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

16 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
EnCana Corp. Senior Unsecured
11/15/21		3.900%		1,210,000		1,246,560
Energy XXI Gulf Coast, Inc.
12/15/17		9.250%		475,000		529,625
Forest Oil Corp.
06/15/19		7.250%		500,000		487,500
Halcon Resources Corp.(a)
07/15/20		9.750%		300,000		306,000
Hess Corp. Senior Unsecured
02/15/41		5.600%		2,000,000		2,264,158
08/15/31		7.300%		1,431,000		1,856,484
Kodiak Oil & Gas Corp.(a)
12/01/19		8.125%		900,000		956,250
Laredo Petroleum, Inc.
05/01/22		7.375%		209,000		224,675
02/15/19		9.500%		493,000		559,555
Linn Energy LLC/Finance Corp.
02/01/21		7.750%		500,000		521,250
MEG Energy Corp.(a)
01/30/23		6.375%		143,000		149,077
03/15/21		6.500%		287,000		302,067
Newfield Exploration Co. Senior Unsecured
07/01/24		5.625%		2,953,000		3,204,005
Nexen, Inc. Senior Unsecured
05/15/37		6.400%		2,205,000		2,749,194
07/30/39		7.500%		3,100,000		4,340,589
Oasis Petroleum, Inc.
02/01/19		7.250%		160,000		168,800
11/01/21		6.500%		1,048,000		1,068,960
01/15/23		6.875%		223,000		228,575
PTTEP Canada International Finance Ltd(a)
06/12/42		6.350%		300,000		333,932
Plains Exploration & Production Co.
06/15/19		6.125%		625,000		659,375
QEP Resources, Inc. Senior Unsecured
03/01/21		6.875%		160,000		180,800
10/01/22		5.375%		280,000		287,000
Range Resources Corp.
05/15/19		8.000%		246,000		271,830
08/15/22		5.000%		54,000		56,228
Ras Laffan Liquefied Natural Gas Co., Ltd. II Senior Secured(a)
09/30/20		5.298%		1,490,645		1,675,112
SM Energy Co. Senior Unsecured
11/15/21		6.500%		115,000		120,175
SM Energy Co.(a) Senior Unsecured
01/01/23		6.500%		138,000		143,865

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
SandRidge Energy, Inc.(a)
10/15/22		8.125%		650,000		679,250
02/15/23		7.500%		95,000		95,475
Talisman Energy, Inc. Senior Unsecured
05/15/42		5.500%		540,000		593,348
W&T Offshore, Inc.
06/15/19		8.500%		350,000		377,125
Whiting Petroleum Corp.
10/01/18		6.500%		13,000		13,991
Woodside Finance Ltd.(a)
05/10/21		4.600%		1,314,000		1,419,251
XTO Energy, Inc. Senior Unsecured
06/15/38		6.375%		2,000,000		3,031,004
Total						53,759,819
Integrated Energy 0.6%
BP Capital Markets PLC
03/11/21		4.742%		3,500,000		4,106,613
Conoco Funding Co.
10/15/31		7.250%		3,000,000		4,467,243
Husky Energy, Inc. Senior Unsecured
04/15/22		3.950%		3,000,000		3,186,789
Lone Pine Resources Canada Ltd.(a)
02/15/17		10.375%		200,000		174,500
Lukoil International Finance BV
11/09/20		6.125%		250,000		278,243
Lukoil International Finance BV(a)
11/09/20		6.125%		211,000		235,899
Marathon Petroleum Corp. Senior Unsecured
03/01/41		6.500%		4,325,000		5,276,435
Pacific Rubiales Energy Corp.(a)
12/12/21		7.250%		200,000		232,000
Shell International Finance BV
03/25/40		5.500%		2,583,000		3,443,255
08/21/22		2.375%		5,825,000		5,893,770
TNK-BP Finance SA
02/02/20		7.250%		150,000		178,500
Total						27,473,247
Life Insurance 1.9%
AXA SA Subordinated Notes
12/15/30		8.600%		1,000,000		1,144,544
Aflac, Inc. Senior Unsecured
12/17/39		6.900%		1,000,000		1,292,399
American International Group, Inc. Senior Unsecured
12/15/20		6.400%		3,000,000		3,565,113

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

Annual Report 2012 17

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)			Value ($)
Hartford Financial Services Group, Inc. Senior Unsecured
04/15/22		5.125%		1,000,000			1,074,756
ING Groep NV(b)
12/29/49		5.775%		4,871,000			4,310,835
ING U.S., Inc.(a)
07/15/22		5.500%		7,548,000			7,694,878
Lincoln National Corp. Senior Unsecured
06/15/40		7.000%		2,610,000			3,243,512
Lincoln National Corp.(b)
05/17/66		7.000%		2,350,000			2,350,000
04/20/67		6.050%		3,355,000			3,237,575
Massachusetts Mutual Life Insurance Co. Subordinated Notes(a)
06/01/39		8.875%		5,500,000			8,169,144
MetLife Capital Trust X(a)
04/08/38		9.250%		6,999,000			8,923,725
MetLife, Inc.
08/01/39		10.750%		4,671,000			6,831,338
Senior Unsecured
08/15/18		6.817%		3,000,000			3,751,140
Metropolitan Life Global Funding I(a) Secured
06/29/15		1.700%		2,000,000			2,033,540
Senior Secured
04/11/22		3.875%		4,000,000			4,373,000
Nationwide Mutual Insurance Co. Subordinated Notes(a)
08/15/39		9.375%		1,700,000			2,312,933
New York Life Insurance Co. Subordinated Notes(a)
11/15/39		6.750%		1,000,000			1,397,213
Northwestern Mutual Life Insurance Co. (The) Subordinated Notes(a)
03/30/40		6.063%		2,800,000			3,599,596
Prudential Financial, Inc. Senior Unsecured
12/01/17		6.000%		242,000			286,895
09/17/15		4.750%		6,000,000			6,588,144
12/14/36		5.700%		2,200,000			2,439,059
Prudential Financial, Inc.(b)
06/15/38		8.875%		7,024,000			8,569,280
09/15/42		5.875%		3,405,000	��		3,439,050
Total							90,627,669
Lodging 0.1%
Choice Hotels International, Inc.
07/01/22		5.750%		200,000			214,500
Host Hotels & Resorts LP Senior Unsecured
10/01/21		6.000%		300,000			339,000

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Marriott International, Inc. Senior Unsecured
03/01/19		3.000%		1,700,000		1,747,641
Wyndham Worldwide Corp. Senior Unsecured
03/01/22		4.250%		2,000,000		2,022,630
Total						4,323,771
Media Cable 0.9%
CCO Holdings LLC/Capital Corp.
09/30/22		5.250%		322,000		318,780
04/30/20		8.125%		128,000		144,000
01/15/19		7.000%		5,786,000		6,292,275
01/31/22		6.625%		588,000		636,510
COX Communications, Inc. Senior Unsecured
06/01/13		4.625%		2,540,000		2,615,799
CSC Holdings LLC Senior Unsecured
02/15/18		7.875%		258,000		295,410
02/15/19		8.625%		44,000		51,480
CSC Holdings LLC(a) Senior Unsecured
11/15/21		6.750%		64,000		69,120
Cablevision Systems Corp. Senior Unsecured
04/15/20		8.000%		121,000		134,008
Comcast Corp.
07/15/22		3.125%		3,780,000		3,947,462
01/15/17		6.500%		4,700,000		5,690,849
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16		3.125%		4,005,000		4,220,277
03/01/16		3.500%		4,965,000		5,303,484
03/01/41		6.375%		1,500,000		1,768,671
03/01/21		5.000%		1,291,000		1,451,063
03/15/17		2.400%		4,385,000		4,515,037
DISH DBS Corp.
06/01/21		6.750%		821,000		874,365
DISH DBS Corp.(a)
07/15/17		4.625%		200,000		202,500
07/15/22		5.875%		175,000		176,531
Time Warner Cable, Inc.
05/01/17		5.850%		1,220,000		1,445,783
04/01/19		8.250%		3,000,000		4,004,181
Videotron Ltee
07/15/22		5.000%		107,000		113,420
Virgin Media Finance PLC
08/15/16		9.500%		275,000		307,312
Total						44,578,317
Media Non-Cable 0.8%
AMC Networks, Inc.
07/15/21		7.750%		929,000		1,056,737

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

18 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Clear Channel Communications, Inc. Senior Secured
03/01/21		9.000%		725,000		621,688
Clear Channel Worldwide Holdings Inc, Class A
03/15/20		7.625%		83,000		79,265
Clear Channel Worldwide Holdings Inc, Class B
03/15/20		7.625%		1,227,000		1,190,190
Crown Media Holdings, Inc.
07/15/19		10.500%		600,000		661,500
Cumulus Media Holdings, Inc.
05/01/19		7.750%		400,000		378,000
Discovery Communications LLC
06/01/20		5.050%		2,000,000		2,331,846
Entercom Radio LLC
12/01/19		10.500%		400,000		438,000
Entravision Communications Corp. Senior Secured
08/01/17		8.750%		474,000		508,365
Grupo Televisa SAB Senior Unsecured
03/18/25		6.625%		200,000		259,603
01/15/40		6.625%		200,000		258,289
Hughes Satellite Systems Corp.
06/15/21		7.625%		557,000		615,485
Senior Secured
06/15/19		6.500%		111,000		118,909
Intelsat Jackson Holdings SA
11/01/19		8.500%		2,400,000		2,652,000
06/15/16		11.250%		566,000		595,715
Intelsat Jackson Holdings SA(a)
10/15/20		7.250%		1,528,000		1,646,420
Lamar Media Corp.
02/01/22		5.875%		414,000		438,840
Moody’s Corp. Senior Unsecured
09/01/20		5.500%		800,000		890,821
NBCUniversal Media LLC Senior Unsecured
04/01/16		2.875%		1,760,000		1,863,583
04/30/20		5.150%		2,280,000		2,690,952
National CineMedia LLC Senior Secured(a)
04/15/22		6.000%		249,000		258,960
News America, Inc.
12/15/35		6.400%		2,190,000		2,707,184
08/15/20		5.650%		1,760,000		2,109,101
02/15/41		6.150%		4,030,000		4,950,960
01/09/38		6.750%		2,500,000		2,880,142
Nielsen Finance LLC/Co.
10/15/18		7.750%		899,000		1,011,375
Omnicom Group, Inc. Senior Unsecured
05/01/22		3.625%		1,000,000		1,048,417

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Pearson Funding Two PLC(a)
05/17/16		4.000%		1,200,000		1,285,715
SSI Investments II Ltd./Co-Issuer LLC
06/01/18		11.125%		700,000		787,500
Salem Communications Corp. Secured
12/15/16		9.625%		179,000		199,361
Townsquare Radio LLC/Inc.(a)
04/01/19		9.000%		500,000		528,750
Univision Communications, Inc.(a)
05/15/21		8.500%		196,000		198,450
Senior Secured
11/01/20		7.875%		487,000		521,090
XM Satellite Radio, Inc.(a)
11/01/18		7.625%		670,000		737,000
Total						38,520,213
Metals 0.9%
Alcoa, Inc. Senior Unsecured
04/15/21		5.400%		1,650,000		1,703,542
Allegheny Technologies, Inc. Senior Unsecured
06/01/19		9.375%		1,470,000		1,895,943
Alpha Natural Resources, Inc.
06/01/19		6.000%		294,000		265,335
06/01/21		6.250%		6,000		5,370
Anglo American Capital PLC(a)
04/03/17		2.625%		2,000,000		2,027,800
AngloGold Ashanti Holdings PLC
08/01/22		5.125%		800,000		817,604
04/15/40		6.500%		1,010,000		1,036,594
ArcelorMittal Senior Unsecured
10/15/39		7.250%		2,431,000		2,187,900
08/05/20		5.500%		5,000,000		4,812,500
03/01/41		7.000%		3,350,000		2,889,375
Arch Coal, Inc.
06/15/21		7.250%		194,000		175,085
Barrick Gold Corp. Senior Unsecured
04/01/19		6.950%		5,000,000		6,216,075	��
Bumi Investment Pte Ltd. Senior Secured
10/06/17		10.750%		350,000		327,250
CONSOL Energy, Inc.
04/01/20		8.250%		200,000		215,500
Calcipar SA Senior Secured(a)
05/01/18		6.875%		345,000		340,687
FMG Resources August 2006 Proprietary Ltd.(a)
11/01/19		8.250%		677,000		670,230

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

Annual Report 2012 19

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Gerdau Trade, Inc.(a)
01/30/21		5.750%		1,500,000		1,593,750
Hyundai Steel Co. Senior Unsecured(a)
04/21/16		4.625%		1,000,000		1,066,600
Inmet Mining Corp.(a)
06/01/20		8.750%		350,000		359,625
JMC Steel Group Senior Notes(a)
03/15/18		8.250%		293,000		299,593
Newmont Mining Corp.
10/01/19		5.125%		2,000,000		2,287,774
Nucor Corp. Senior Unsecured
06/01/18		5.850%		878,000		1,061,039
PT Berau Coal Energy Tbk(a)
03/13/17		7.250%		3,000,000		2,865,000
Peabody Energy Corp.(a)
11/15/21		6.250%		356,000		362,230
Penn Virginia Resource Partners LP/Finance Corp. II(a)
06/01/20		8.375%		300,000		305,250
Rain CII Carbon LLC/Corp. Senior Secured(a)
12/01/18		8.000%		392,000		401,800
Rio Tinto Finance USA Ltd
07/15/18		6.500%		1,580,000		1,956,040
Vale Overseas Ltd.
11/21/36		6.875%		250,000		293,908
01/11/22		4.375%		150,000		153,732
Volcan Cia Minera SAA Senior Unsecured(a)
02/02/22		5.375%		5,000,000		5,375,000
Total						43,968,131
Non-Captive Consumer 0.1%
Discover Financial Services(a)
04/27/22		5.200%		937,000		1,011,105
HSBC Finance Capital Trust IX(b)
11/30/35		5.911%		2,900,000		2,820,250
SLM Corp. Senior Unsecured
03/25/20		8.000%		427,000		483,577
Springleaf Finance Corp. Senior Unsecured
12/15/17		6.900%		383,000		313,103
Total						4,628,035
Non-Captive Diversified 1.1%
Ally Financial, Inc.
02/15/17		5.500%		210,000		218,423
02/12/15		8.300%		1,425,000		1,581,750
12/01/17		6.250%		325,000		351,165
03/15/20		8.000%		1,087,000		1,271,790

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CIT Group, Inc. Senior Unsecured
08/15/17		4.250%		146,000		148,061
08/15/22		5.000%		117,000		117,886
03/15/18		5.250%		1,449,000		1,510,583
05/15/17		5.000%		2,000,000		2,085,000
05/15/20		5.375%		230,000		239,488
CIT Group, Inc.(a) Senior Secured
04/01/18		6.625%		118,000		129,210
Senior Unsecured
02/15/19		5.500%		736,000		769,120
General Electric Capital Corp. Senior Unsecured
01/14/38		5.875%		6,500,000		7,891,247
05/01/13		4.800%		15,000,000		15,425,550
01/08/20		5.500%		5,000,000		5,935,845
General Electric Capital Corp.(b)
12/15/49		7.125%		8,300,000		9,026,250
International Lease Finance Corp. Senior Unsecured
08/15/22		5.875%		575,000		578,558
09/01/17		8.875%		128,000		149,440
12/15/20		8.250%		938,000		1,098,527
03/15/17		8.750%		900,000		1,041,750
TransUnion Holding Co., Inc. Senior Unsecured PIK(a)
06/15/18		9.625%		625,000		678,125
Total						50,247,768
Oil Field Services 0.3%
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500%		754,000		804,895
Basic Energy Services, Inc.
04/15/16		7.125%		625,000		625,000
Chesapeake Oilfield Operating Llc(a)
11/15/19		6.625%		275,000		264,000
Cie Generale de Geophysique — Veritas
06/01/21		6.500%		650,000		676,812
Forbes Energy Services Ltd.
06/15/19		9.000%		425,000		412,250
Green Field Energy Services, Inc. Senior Secured(a)
11/15/16		13.000%		327,000		294,300
Nabors Industries, Inc.
09/15/21		4.625%		2,000,000		2,131,030
Noble Holding International Ltd.
08/01/20		4.900%		1,400,000		1,561,675
Offshore Group Investments Ltd. Senior Secured
08/01/15		11.500%		536,000		592,280
Offshore Group Investments Ltd.(a) Senior Secured
08/01/15		11.500%		224,000		247,520

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

20 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Oil States International, Inc.
06/01/19		6.500%		187,000		198,688
PHI, Inc.
10/15/18		8.625%		475,000		491,625
SESI LLC
05/01/19		6.375%		250,000		265,000
12/15/21		7.125%		150,000		166,875
Weatherford International Ltd.
03/15/18		6.000%		1,000,000		1,141,519
03/15/38		7.000%		2,435,000		2,745,146
03/01/39		9.875%		940,000		1,340,411
Total						13,959,026
Other Financial Institutions —%
NASDAQ OMX Group, Inc. (The) Senior Unsecured
01/15/20		5.550%		600,000		642,470
TD Ameritrade Holding Corp.
12/01/14		4.150%		1,000,000		1,058,541
Total						1,701,011
Other Industry 0.2%
Belden, Inc.(a)
09/01/22		5.500%		250,000		250,000
Cleaver-Brooks, Inc. Senior Secured(a)
05/01/16		12.250%		500,000		531,250
Interline Brands, Inc.
11/15/18		7.000%		201,000		213,814
Isabelle Acquisition Sub, Inc. Senior Unsecured(a)
11/15/18		10.000%		375,000		395,625
Mueller Water Products, Inc.
06/01/17		7.375%		525,000		539,438
President and Fellows of Harvard College Senior Notes
10/15/40		4.875%		235,000		300,244
President and Fellows of Harvard College(a)
01/15/39		6.500%		3,755,000		5,735,762
Rexel SA(a)
12/15/19		6.125%		625,000		640,625
SPL Logistics Escrow LLC/Finance Corp. Senior Secured(a)
08/01/20		8.875%		139,000		143,344
Total						8,750,102
Packaging 0.2%
Ardagh Packaging Finance PLC(a)
10/15/20		9.125%		600,000		627,000
Senior Secured
10/15/17		7.375%		120,000		128,700

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BWay Parent Co., Inc. Senior Unsecured
11/01/15		10.125%		342,671		347,811
Berry Plastics Corp. Secured
05/15/18		9.500%		300,000		324,000
01/15/21		9.750%		276,000		305,670
Greif, Inc. Senior Unsecured
02/01/17		6.750%		163,000		177,263
08/01/19		7.750%		275,000		314,875
Packaging Dynamics Corp. Senior Secured(a)
02/01/16		8.750%		425,000		451,031
Reynolds Group Issuer, Inc./LLC
02/15/21		8.250%		2,000,000		1,965,000
08/15/19		9.875%		262,000		277,065
04/15/19		9.000%		157,000		159,551
Senior Secured
02/15/21		6.875%		697,000		754,503
08/15/19		7.875%		152,000		169,100
Sealed Air Corp.(a)
09/15/21		8.375%		761,000		856,125
Sonoco Products Co. Senior Unsecured
11/01/40		5.750%		1,000,000		1,177,441
Total						8,035,135
Paper 0.2%
Graphic Packaging International, Inc.
06/15/17		9.500%		425,000		468,563
International Paper Co. Senior Unsecured
08/15/21		7.500%		3,000,000		3,903,150
Longview Fibre Paper & Packaging, Inc. Senior Secured(a)
06/01/16		8.000%		325,000		336,375
Packaging Corp. of America Senior Unsecured
06/15/22		3.900%		600,000		620,676
Weyerhaeuser Co. Senior Unsecured
03/15/32		7.375%		1,630,000		1,964,958
10/01/19		7.375%		1,000,000		1,232,894
Total						8,526,616
Pharmaceuticals 0.3%
Abbott Laboratories Senior Unsecured
11/30/12		5.150%		3,000,000		3,033,339
Endo Health Solutions, Inc.
01/15/22		7.250%		125,000		135,781
Gilead Sciences, Inc. Senior Unsecured
04/01/21		4.500%		1,500,000		1,716,161

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

Annual Report 2012 21

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Grifols, Inc.
02/01/18		8.250%		500,000		550,000
Johnson & Johnson Senior Unsecured
05/15/41		4.850%		2,918,000		3,760,908
Mylan, Inc.(a)
11/15/18		6.000%		282,000		301,740
Pfizer, Inc. Senior Unsecured
03/15/19		6.200%		3,000,000		3,838,530
Pharmaceutical Product Development, Inc. Senior Unsecured(a)
12/01/19		9.500%		680,000		758,200
Roche Holdings, Inc.(a)
03/01/19		6.000%		1,605,000		2,029,169
Warner Chilcott Co. LLC/Finance
09/15/18		7.750%		114,000		122,835
Total						16,246,663
Property & Casualty 1.0%
ACE INA Holdings, Inc.
02/15/17		5.700%		2,100,000		2,493,914
Allstate Corp. (The) Senior Unsecured
08/15/14		5.000%		1,000,000		1,083,833
Berkshire Hathaway Finance Corp.
08/15/13		5.000%		4,770,000		4,977,514
05/15/42		4.400%		5,250,000		5,615,610
CNA Financial Corp. Senior Unsecured
12/15/14		5.850%		102,000		109,207
11/15/19		7.350%		3,435,000		4,168,802
Chubb Corp. (The) Senior Unsecured
05/15/18		5.750%		1,000,000		1,236,789
Farmers Exchange Capital(a) Subordinated Notes
07/15/28		7.050%		1,465,000		1,766,422
07/15/48		7.200%		1,115,000		1,317,312
Farmers Insurance Exchange Subordinated Notes(a)
05/01/24		8.625%		1,075,000		1,466,295
Liberty Mutual Group, Inc.(a)
05/01/22		4.950%		4,585,000		4,795,305
05/01/42		6.500%		2,085,000		2,263,049
Senior Unsecured
03/15/35		6.500%		1,890,000		2,026,106
Liberty Mutual Group, Inc.(a)(b)
06/15/58		10.750%		3,975,000		5,555,062
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39		8.000%		6,845,000		8,447,045
Total						47,322,265

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Railroads 0.3%
BNSF Funding Trust I(b)
12/15/55		6.613%		4,702,000		5,125,180
CSX Corp. Senior Unsecured
05/30/42		4.750%		5,425,000		6,005,361
Canadian National Railway Co. Senior Unsecured
05/15/18		5.550%		1,000,000		1,199,820
Union Pacific Corp. Senior Unsecured
08/15/18		5.700%		1,751,000		2,119,214
07/15/22		4.163%		1,000,000		1,135,593
Total						15,585,168
Refining 0.1%
Phillips 66(a)
04/01/22		4.300%		2,190,000		2,384,912
Valero Energy Corp.
03/15/19		9.375%		2,000,000		2,675,696
Total						5,060,608
REITs 1.4%
AvalonBay Communities, Inc. Senior Unsecured
03/15/17		5.700%		500,000		583,520
Boston Properties LP Senior Unsecured
05/15/21		4.125%		6,540,000		6,989,455
02/01/23		3.850%		3,350,000		3,504,335
Brandywine Operating Partnership LP
05/15/15		7.500%		959,000		1,080,531
Duke Realty LP
06/15/22		4.375%		1,970,000		2,057,856
Senior Unsecured
02/15/15		7.375%		1,146,000		1,287,873
08/15/19		8.250%		4,217,000		5,330,415
Essex Portfolio LP(a)
08/15/22		3.625%		4,650,000		4,616,543
Evergrande Real Estate Group Ltd.
01/27/15		13.000%		2,000,000		1,925,000
HCP, Inc. Senior Unsecured
02/01/19		3.750%		3,750,000		3,904,402
06/15/14		6.000%		2,400,000		2,560,937
Health Care REIT, Inc. Senior Unsecured
04/01/19		4.125%		2,000,000		2,103,276
09/15/17		4.700%		4,000,000		4,327,392
Healthcare Realty Trust, Inc. Senior Unsecured
01/17/17		6.500%		2,690,000		3,021,233

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

22 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ProLogis LP
03/15/20		6.875%		2,500,000		3,004,080
SL Green Realty Corp./Operating Partnership/Reckson Senior Unsecured
08/15/18		5.000%		4,200,000		4,428,921
Simon Property Group LP Senior Unsecured
05/30/18		6.125%		3,500,000		4,238,969
UDR, Inc.
01/10/22		4.625%		1,000,000		1,098,254
Ventas Realty LP/Capital Corp.
04/30/19		4.000%		3,000,000		3,188,580
WCI Finance LLC/WEA LLC(a)
10/01/16		5.700%		903,000		1,018,494
WEA Finance LLC/WT Finance Australia Propriety Ltd.(a)
06/02/14		7.500%		940,000		1,029,954
09/02/15		5.750%		3,912,000		4,286,253
Total						65,586,273
Restaurants 0.2%
DineEquity, Inc.
10/30/18		9.500%		725,000		813,812
McDonald’s Corp. Senior Unsecured
05/20/21		3.625%		8,230,000		9,271,070
NPC International, Inc./Operating Co., Inc.
01/15/20		10.500%		375,000		427,500
Seminole Hard Rock Entertainment, Inc. Senior Secured(a)(b)
03/15/14		2.968%		550,000		542,438
Total						11,054,820
Retailers 0.6%
99 Cents Only Stores(a)
12/15/19		11.000%		128,000		143,360
Academy Ltd./Finance Corp.(a)
08/01/19		9.250%		425,000		465,375
AutoNation, Inc.
02/01/20		5.500%		110,000		116,738
Best Buy Co., Inc. Senior Unsecured
03/15/21		5.500%		428,000		387,496
Burlington Coat Factory Warehouse Corp.
02/15/19		10.000%		195,000		210,113
CVS Caremark Corp. Senior Unsecured
06/01/17		5.750%		2,990,000		3,595,203
Gymboree Corp.
12/01/18		9.125%		500,000		475,000
Home Depot, Inc. (The) Senior Unsecured
04/01/41		5.950%		1,300,000		1,779,769

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Jo-Ann Stores, Inc. Senior Unsecured(a)
03/15/19		8.125%		943,000		958,324
Limited Brands, Inc.
04/01/21		6.625%		371,000		415,520
02/15/22		5.625%		350,000		368,375
Macy’s Retail Holdings, Inc.
07/15/27		6.790%		6,640,000		7,399,350
01/15/42		5.125%		2,550,000		2,824,933
Michaels Stores, Inc.
11/01/18		7.750%		700,000		745,500
Party City Holdings, Inc. Senior Notes(a)
08/01/20		8.875%		325,000		343,687
Penske Automotive Group, Inc.(a)
10/01/22		5.750%		171,000		174,420
Petco Animal Supplies, Inc.(a)
12/01/18		9.250%		600,000		667,500
QVC, Inc.(a) Senior Secured
10/01/19		7.500%		117,000		128,846
10/15/20		7.375%		176,000		192,280
Rite Aid Corp.
03/15/20		9.250%		209,000		214,748
Senior Secured
08/15/20		8.000%		219,000		246,375
Senior Unsecured
02/15/27		7.700%		210,000		175,875
Sally Holdings LLC/Capital, Inc.
06/01/22		5.750%		335,000		360,544
11/15/19		6.875%		730,000		815,775
Sonic Automotive, Inc.(a)
07/15/22		7.000%		86,000		91,698
Wal-Mart Stores, Inc. Senior Unsecured
04/15/38		6.200%		2,000,000		2,824,028
YCC Holdings LLC/Yankee Finance, Inc. Senior Unsecured
02/15/16		10.250%		325,000		338,406
Yankee Candle Co., Inc. (The)
02/15/17		9.750%		625,000		653,906
Total						27,113,144
Supermarkets 0.2%
Kroger Co. (The)
12/15/18		6.800%		7,884,000		9,668,480
Senior Unsecured
01/15/17		2.200%		505,000		512,236
Total						10,180,716
Technology 1.2%
Adobe Systems, Inc. Senior Unsecured
02/01/15		3.250%		2,000,000		2,109,350

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

Annual Report 2012 23

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Advanced Micro Devices, Inc. Senior Unsecured
12/15/17		8.125%		475,000		498,750
Allen Systems Group, Inc. Secured(a)
11/15/16		10.500%		525,000		307,125
Alliance Data Systems Corp.(a)
04/01/20		6.375%		137,000		142,994
Amkor Technology, Inc. Senior Unsecured
05/01/18		7.375%		420,000		437,850
Anixter, Inc.
05/01/19		5.625%		701,000		732,545
Aspect Software, Inc. Secured
05/15/17		10.625%		500,000		520,000
Audatex North America, Inc.(a)
06/15/18		6.750%		625,000		670,312
BMC Software, Inc. Senior Unsecured
02/15/22		4.250%		1,700,000		1,731,503
Brocade Communications Systems, Inc. Senior Secured
01/15/18		6.625%		115,000		119,600
01/15/20		6.875%		188,000		203,040
CDW LLC/Finance Corp.
04/01/19		8.500%		1,076,000		1,175,530
Senior Secured
12/15/18		8.000%		327,000		362,970
Cisco Systems, Inc. Senior Unsecured
02/22/16		5.500%		5,000,000		5,823,125
CommScope, Inc.(a)
01/15/19		8.250%		625,000		669,531
Compucom Systems, Inc. Senior Subordinated Notes(a)
10/01/15		12.500%		475,000		489,250
CoreLogic, Inc.
06/01/21		7.250%		425,000		454,750
Corning, Inc. Senior Unsecured
03/15/42		4.750%		600,000		650,505
Epicor Software Corp.
05/01/19		8.625%		625,000		643,750
Equinix, Inc. Senior Unsecured
07/15/21		7.000%		327,000		367,058
First Data Corp.
01/15/21		12.625%		539,000		545,737
First Data Corp.(a) Secured
01/15/22		8.750%		1,075,000		1,072,312

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Senior Secured
08/15/20		8.875%		307,000		334,630
11/01/20		6.750%		517,000		510,537
Freescale Semiconductor, Inc.
08/01/20		10.750%		300,000		321,000
Freescale Semiconductor, Inc.(a) Senior Secured
04/15/18		9.250%		593,000		641,922
GXS Worldwide, Inc. Senior Secured
06/15/15		9.750%		350,000		361,375
Hewlett-Packard Co. Senior Unsecured
06/02/14		4.750%		1,800,000		1,899,106
09/15/41		6.000%		1,563,000		1,629,818
12/09/21		4.650%		1,870,000		1,914,843
09/15/17		2.600%		4,800,000		4,751,712
Infor U.S., Inc. Senior Notes(a)
07/15/18		11.500%		875,000		997,500
Ingram Micro, Inc. Senior Unsecured
08/10/22		5.000%		1,030,000		1,046,844
International Business Machines Corp. Senior Unsecured
09/14/17		5.700%		2,950,000		3,613,520
Iron Mountain, Inc.
10/01/19		7.750%		400,000		448,000
Juniper Networks, Inc. Senior Unsecured
03/15/41		5.950%		500,000		565,395
KLA-Tencor Corp. Senior Unsecured
05/01/18		6.900%		1,450,000		1,743,115
Kemet Corp. Senior Secured
05/01/18		10.500%		600,000		600,750
Lender Processing Services, Inc,
07/01/16		8.125%		625,000		651,953
MMI International Ltd. Senior Secured(a)
03/01/17		8.000%		200,000		206,000
Maxim Integrated Products, Inc. Senior Unsecured
06/14/13		3.450%		650,000		663,870
NXP BV/Funding LLC Senior Secured(a)
08/01/18		9.750%		367,000		422,050
Nuance Communications, Inc.(a)
08/15/20		5.375%		296,000		301,550
Oracle Corp. Senior Unsecured
01/15/16		5.250%		1,000,000		1,151,257

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

24 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Seagate Technology HDD Holdings
10/01/16		6.800%		450,000		496,125
Serena Software, Inc.
03/15/16		10.375%		250,000		257,500
Sitel LLC/Finance Corp.
04/01/18		11.500%		325,000		241,313
Sophia LP/Finance, Inc.(a)
01/15/19		9.750%		600,000		645,000
Spansion LLC
11/15/17		7.875%		525,000		511,875
Stream Global Services, Inc. Senior Secured
10/01/14		11.250%		275,000		281,875
SunGard Data Systems, Inc.
08/15/15		10.250%		625,000		639,844
Syniverse Holdings, Inc.
01/15/19		9.125%		575,000		621,000
Telefonaktiebolaget LM Ericsson Senior Unsecured
05/15/22		4.125%		1,770,000		1,799,836
Tyco Electronics Group SA
01/15/14		5.950%		1,000,000		1,066,631
Viasystems, Inc. Senior Secured(a)
05/01/19		7.875%		500,000		491,250
Xerox Corp. Senior Unsecured
03/15/17		2.950%		3,000,000		3,072,156
iGATE Corp.
05/01/16		9.000%		425,000		460,062
Total						55,088,801
Tobacco 0.1%
Altria Group, Inc.
08/06/19		9.250%		2,000,000		2,850,648
Lorillard Tobacco Co.
08/04/41		7.000%		1,000,000		1,199,784
Philip Morris International, Inc. Senior Unsecured
05/16/18		5.650%		2,000,000		2,444,498
Total						6,494,930
Transportation Services 0.2%
Avis Budget Car Rental LLC/Finance, Inc.
01/15/19		8.250%		262,000		282,960
ERAC U.S.A. Finance LLC(a)
10/15/37		7.000%		2,438,000		3,082,678
01/10/14		2.250%		1,800,000		1,819,136
ERAC USA Finance LLC(a)
03/15/17		2.750%		800,000		824,570
Hertz Corp. (The)
10/15/18		7.500%		239,000		257,821

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
01/15/21		7.375%		104,000		113,100
04/15/19		6.750%		275,000		288,750
Penske Truck Leasing Co. LP/Finance Corp.(a)
05/11/17		3.750%		2,250,000		2,282,171
Total						8,951,186
Wireless 0.6%
America Movil SAB de CV
01/15/15		5.750%		800,000		889,472
10/16/19		5.000%		400,000		463,019
Senior Unsecured
07/16/22		3.125%		320,000		328,011
American Tower Corp. Senior Unsecured
01/15/18		4.500%		1,000,000		1,094,120
AT&T Wireless Services, Inc. Senior Unsecured
03/01/31		8.750%		2,000,000		3,191,054
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(a)
05/01/17		7.750%		334,000		359,050
Cricket Communications, Inc.
10/15/20		7.750%		134,000		129,980
Digicel Group Ltd. Senior Unsecured(a)
01/15/15		9.125%		950,000		959,500
MetroPCS Wireless, Inc.
09/01/18		7.875%		158,000		169,455
11/15/20		6.625%		575,000		595,125
NII Capital Corp.
04/01/21		7.625%		176,000		135,960
Rogers Communications, Inc.
08/15/18		6.800%		1,200,000		1,504,920
SBA Telecommunications, Inc.
08/15/19		8.250%		247,000		274,170
SBA Telecommunications, Inc.(a)
07/15/20		5.750%		678,000		708,510
Sprint Capital Corp.
05/01/19		6.900%		1,150,000		1,177,312
11/15/28		6.875%		125,000		113,125
Sprint Nextel Corp. Senior Unsecured
08/15/17		8.375%		556,000		611,600
11/15/21		11.500%		193,000		241,250
08/15/20		7.000%		268,000		274,030
04/15/22		9.250%		2,650,000		2,987,875
Sprint Nextel Corp.(a)
11/15/18		9.000%		768,000		905,280
03/01/20		7.000%		797,000		872,715
Telemovil Finance Co., Ltd.
10/01/17		8.000%		250,000		261,250
United States Cellular Corp. Senior Unsecured
12/15/33		6.700%		4,064,000		4,244,263

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

Annual Report 2012 25

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
VimpelCom Holdings BV
03/01/22		7.504%		2,720,000		2,760,800
Vodafone Group PLC Senior Unsecured
02/27/17		5.625%		1,000,000		1,185,702
Wind Acquisition Finance SA Senior Secured(a)
02/15/18		7.250%		248,000		227,540
Total						26,665,088
Wirelines 1.2%
AT&T, Inc. Senior Unsecured
02/15/39		6.550%		3,304,000		4,434,857
09/15/14		5.100%		2,500,000		2,723,545
CenturyLink, Inc. Senior Unsecured
06/15/21		6.450%		7,667,000		8,556,610
Deutsche Telekom International Finance BV
07/08/14		4.875%		2,000,000		2,120,886
Embarq Corp. Senior Unsecured
06/01/36		7.995%		4,470,000		4,943,301
Frontier Communications Corp. Senior Unsecured
04/15/15		7.875%		101,000		112,363
04/15/20		8.500%		107,000		119,305
04/15/22		8.750%		121,000		134,915
01/15/23		7.125%		183,000		186,202
Integra Telecom Holdings, Inc. Senior Secured(a)
04/15/16		10.750%		215,000		219,300
Level 3 Communications, Inc. Senior Unsecured
02/01/19		11.875%		315,000		351,225
Level 3 Communications, Inc.(a) Senior Unsecured
06/01/19		8.875%		223,000		227,460
Level 3 Financing, Inc.
02/15/17		8.750%		137,000		142,994
02/01/18		10.000%		123,000		134,993
04/01/19		9.375%		358,000		392,010
07/01/19		8.125%		762,000		798,195
PAETEC Holding Corp.
12/01/18		9.875%		388,000		439,410
Senior Secured
06/30/17		8.875%		250,000		270,625
Telecom Italia Capital SA
09/30/14		4.950%		5,694,000		5,779,410
10/01/15		5.250%		905,000		918,575
07/18/36		7.200%		7,228,000		6,505,200
Telefonica Emisiones SAU
06/20/16		6.421%		1,925,000		1,968,312
02/04/13		5.855%		2,000,000		2,025,000

Corporate Bonds & Notes(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
07/03/17		6.221%		1,240,000		1,261,700
04/27/20		5.134%		1,960,000		1,790,950
02/16/21		5.462%		1,500,000		1,387,686
Verizon Communications, Inc. Senior Unsecured
04/15/18		6.100%		4,000,000		4,996,848
Verizon New York, Inc. Senior Unsecured
04/01/32		7.375%		3,338,000		4,351,510
Zayo Group LLC/Inc.(a)
07/01/20		10.125%		253,000		271,342
Senior Secured
01/01/20		8.125%		250,000		265,625
tw telecom holdings, inc.
03/01/18		8.000%		249,000		276,390
Total						58,106,744
Total Corporate Bonds & Notes (Cost: $1,471,502,510)						1,513,376,737
Convertible Bonds 0.1%
Health Care 0.1%
NYU Hospitals Center Secured
07/01/42		4.428%		4,000,000		4,112,640
Total Convertible Bonds (Cost: $4,000,000)						4,112,640
Residential Mortgage-Backed Securities — Agency 9.6%
Federal Home Loan Mortgage Corp.(b)(e)(f)(g) CMO IO Series 3517 Class JI
12/15/12		0.017%		1,682,751		—
Federal Home Loan Mortgage Corp.(b)(f) CMO Series 3085 Class FV
08/15/35		0.940%		9,093,341		9,161,274
Federal Home Loan Mortgage Corp.(b)(f)(g) CMO IO Series 3404 Class AS
01/15/38		5.656%		18,109,902		2,387,407
Federal Home Loan Mortgage Corp.(c)(f)
10/01/27		2.500%		10,000,000		10,353,120
Federal Home Loan Mortgage Corp.(f)
01/01/17 - 02/01/25		8.000%		77,693		93,502
03/01/17 - 08/01/22		8.500%		28,537		34,002
04/01/21		9.000%		4,807		5,440
07/01/25		4.000%		858,426		914,845
11/01/25		3.500%		5,259,272		5,567,806
10/01/28 - 07/01/32		7.000%		868,722		1,026,902
10/01/31 - 07/01/37		6.000%		3,055,462		3,423,682
04/01/33 - 06/01/33		5.500%		2,258,081		2,522,133
01/01/39		5.000%		4,875,782		5,288,380
06/01/40 - 06/01/41		4.500%		13,544,247		14,831,778

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

26 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 204048 Class AZ
03/15/42		4.000%		3,303,363		3,355,899
Federal National Mortgage Association(b)(f) CMO Series 2003-134 Class FC
12/25/32		0.836%		10,961,484		11,055,636
CMO Series 2003-90 Class SL
03/25/31		16.092%		2,203,712		2,467,679
CMO Series 2007-W7 Class 1A4
07/25/37		37.767%		1,381,248		2,812,546
CMO Series 2012-1 Class FA
02/25/42		0.736%		9,236,924		9,259,919
Federal National Mortgage Association(c)(f)
09/01/27 - 09/01/42		3.000%		33,440,000		34,715,027
09/01/27 - 09/01/42		3.500%		61,670,000		65,382,802
10/01/27		2.500%		34,060,000		35,315,962
09/01/42		4.000%		13,000,000		13,936,406
Federal National Mortgage Association(f)
04/01/23		8.500%		31,348		35,395
05/01/24 - 09/01/39		6.000%		19,358,203		21,609,512
06/01/24		9.000%		33,002		38,728
02/01/25 - 08/01/27		8.000%		127,314		154,828
03/01/26 - 07/01/38		7.000%		2,618,943		3,099,612
04/01/27 - 06/01/32		7.500%		280,050		338,689
12/01/28 - 04/01/36		5.500%		12,910,957		14,349,411
08/01/40 - 05/01/41		5.000%		12,367,403		13,664,980
09/01/40 - 12/01/41		4.000%		78,337,237		85,220,610
10/01/40 - 07/01/41		4.500%		27,754,828		30,247,382
03/01/41		3.500%		2,016,202		2,138,708
CMO Series 2009-111 Class DA
12/25/39		5.000%		5,030,514		5,399,271
Federal National Mortgage Association(f)(g) CMO IO Series 2003-71 Class IM
12/25/31		5.500%		347,925		32,063
CMO IO Series 2004-84 Class GI
12/25/22		5.000%		17,155		168
Federal National Mortgage Association(f)(i) CMO PO STRIPS Series 43 Class 1
09/01/18		0.000%		1,571		1,497
Federal National Mortgage Association(f)(j)
07/01/36		5.500%		7,104,381		7,847,727
Government National Mortgage Association(c)(f)
09/01/42		3.500%		19,970,000		21,586,324
Government National Mortgage Association(f)
06/15/41		4.500%		12,006,064		13,304,763
Total Residential Mortgage-Backed Securities —Agency (Cost: $449,208,757)						452,981,815
Residential Mortgage-Backed Securities — Non-Agency 3.2%
American General Mortgage Loan Trust(a)(b)(f) CMO Series 2009-1 Class A7
09/25/48		5.750%		4,495,236		4,596,410
CMO Series 2010-1A Class A1
03/25/58		5.150%		566,024		571,548

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
American Home Mortgage Investment Trust CMO Series 2007-1 Class GA1C(b)(f)
05/25/47		0.426%		9,297,429		5,094,749
BCAP LLC(f)
08/15/42		1.000%		1,959,000		1,802,280
BNPP Mortgage Securities LLC CMO Series 2009-1 Class A1(a)(f)
08/27/37		6.000%		1,139,239		1,196,274
Banc of America Funding Corp. CMO Series 2006-D Class 3A1(b)(f)
05/20/36		3.108%		6,093,651		4,696,767
Bear Stearns Adjustable Rate Mortgage Trust CMO Series 2007-1 Class 2A1(b)(d)(f)
02/25/47		2.776%		4,962,144		3,202,444
Citigroup Mortgage Loan Trust, Inc. CMO Series 2005-8 Class 1A1A(b)(f)
10/25/35		2.811%		4,938,216		3,752,926
Citigroup Mortgage Loan Trust, Inc CMO Series 2012-7 Class 12A1(a)(b)(f)
03/25/36		2.616%		1,487,075		1,497,299
Countrywide Home Loan Mortgage Pass-Through Trust(b)(f) CMO Series 2005-HYB5 Class 4A1
09/20/35		4.935%		1,013,791		854,181
CMO Series 2007-HY5 Class 1A1
09/25/47		3.537%		2,378,357		1,671,987
Credit Suisse Mortgage Capital Certificates(a)(b)(f) CMO Series 2009-12R Class 30A1
12/27/36		6.109%		187,775		188,100
CMO Series 2010-11R Class A1
06/28/47		1.234%		162,409		162,192
CMO Series 2010-12R Class 13A1
12/26/37		4.250%		1,557,362		1,555,788
CMO Series 2011-16R Class 7A3
12/27/36		3.500%		1,286,036		1,273,379
CMO Series 2011-17R Class 2A1
12/27/37		3.400%		1,411,876		1,446,811
CMO Series 2012-4R Class 8A1
06/27/47		2.790%		1,521,460		1,513,532
Downey Savings & Loan Association Mortgage Loan Trust(b)(f) CMO Series 2005-AR6 Class 2A1A
10/19/45		0.527%		4,415,074		3,195,326
CMO Series 2006-AR2 Class 2A1A
10/19/36		0.437%		4,539,152		3,124,434
First Horizon Asset Securities, Inc. CMO Series 2007-AR1 Class 1A1(b)(d)(f)
05/25/37		2.563%		1,511,283		970,534
GSR Mortgage Loan Trust CMO Series 2006-AR2 Class 2A1(b)(f)
04/25/36		2.917%		4,825,403		4,104,053
HSBC Asset Loan Obligation CMO Series 2007-AR1 Class 2A1(b)(d)(f)
01/25/37		2.820%		5,329,243		3,374,024
Indymac Index Mortgage Loan Trust(b)(d)(f) CMO Series 2006-AR3 Class 1A1
12/25/36		2.782%		4,452,039		3,103,378

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

Annual Report 2012 27

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO Series 2007-AR15 Class 2A1
08/25/37		4.749%		6,818,879		5,077,269
JPMorgan Alternative Loan Trust CMO Series 2006-A4 Class A1(b)(f)
09/25/36		5.950%		462,505		468,004
Jefferies & Co., Inc. CMO Series 2010-R7 Class 7A4(a)(b)(f)
10/26/36		3.250%		1,366,393		1,363,487
Lehman XS Trust(b)(f) Series 2005-4 Class 1A3
10/25/35		0.636%		5,012,462		4,236,353
Series 2005-5N Class 3A1A
11/25/35		0.536%		6,860,469		5,019,147
Lehman XS Trust(d)(f) CMO Series 2007-10H Class 2A2
07/25/37		7.500%		4,269,663		2,793,085
MASTR Adjustable Rate Mortgages Trust(b)(f) CMO Series 2004-13 Class 3A7
11/21/34		2.623%		750,000		754,627
CMO Series 2006-OA1 Class 1A1
04/25/46		0.446%		3,504,663		2,154,877
MortgageIT Trust CMO Series 2005-5 Class A1(b)(f)
12/25/35		0.496%		4,518,793		3,329,980
Nomura Asset Acceptance Corp.(b)(f) CMO Series 2007-1 Class 1A3 (AGM)
03/25/47		5.957%		158,723		146,710
CMO Series 2007-1 Class 1A4 (AGM)
03/25/47		6.138%		1,005,247		929,084
Nomura Resecuritization Trust(a)(c)(f)
03/26/27		5.500%		2,191,000		2,026,675
RALI Trust(b)(f) CMO Series 2005-QA4 Class A41
04/25/35		3.321%		3,677,419		3,236,272
CMO Series 2006-QO9 Class 1A4A
12/25/46		0.406%		4,569,591		3,187,011
RALI Trust(b)(f)(g) CMO IO Series 2006-QS18 Class 1AV
12/25/36		0.405%		127,076,486		1,993,068
CMO IO Series 2006-QS9 Class 1AV
07/25/36		0.583%		64,538,622		1,546,539
CMO IO Series 2007-QS1 Class 2AV
01/25/37		0.172%		132,047,461		885,378
RFMSI Trust(b)(d)(f) CMO Series 2006-SA4 Class 2A1
11/25/36		3.757%		1,222,412		938,863
RFMSI Trust(b)(f) CMO Series 2005-SA5 Class 1A
11/25/35		3.135%		4,065,079		2,759,039
Springleaf Mortgage Loan Trust CMO Series 2012-1A Class A(a)(b)(f)
09/25/57		2.667%		1,578,847		1,601,816
Structured Adjustable Rate Mortgage Loan Trust(b)(d)(f) CMO Series 2007-4 Class 1A1
05/25/37		0.476%		6,960,226		3,621,593

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Structured Adjustable Rate Mortgage Loan Trust(b)(f) CMO Series 2004-20 Class 1A2
01/25/35		2.827%		2,201,243		1,777,411
CMO Series 2007-5 Class 2A1
06/25/37		5.085%		3,633,321		3,132,695
Structured Asset Securities Corp. CMO Series 2004-21XS Class 2A6A(b)(f)
12/25/34		4.740%		520,867		527,549
VOLT LLC Series 2012-RP2A Class A1(a)(f)
06/26/17		4.704%		1,295,923		1,299,292
WaMu Mortgage Pass-Through Certificates(b)(f) CMO Series 2005-AR11 Class A1A
08/25/45		0.556%		1,001,232		892,104
CMO Series 2005-AR15 Class A1A2
11/25/45		0.516%		4,137,305		3,313,692
CMO Series 2005-AR17 Class A1A1
12/25/45		0.506%		295,294		253,024
CMO Series 2005-AR19 Class A1A2
12/25/45		0.526%		965,230		824,461
CMO Series 2005-AR2 Class 2A1A
01/25/45		0.546%		2,816,470		2,552,350
CMO Series 2005-AR8 Class 2A1A
07/25/45		0.526%		3,855,347		3,424,828
CMO Series 2005-AR9 Class A1A
07/25/45		0.556%		3,868,051		3,454,637
CMO Series 2006-AR4 Class 1A1A
05/25/46		1.088%		5,887,544		4,894,033
CMO Series 2006-AR5 Class A12A
06/25/46		1.128%		1,750,905		1,426,210
CMO Series 2007-HY1 Class 4A1
02/25/37		2.706%		4,496,233		3,499,220
CMO Series 2007-HY3 Class 1A1
03/25/37		2.608%		2,122,858		1,442,607
CMO Series 2007-OA5 Class 1A
06/25/47		0.898%		6,990,997		5,097,583
Washington Mutual Alternative Mortgage Pass-Through Certificates(b)(d)(f) CMO Series 2006-AR8 Class 2A
10/25/46		0.997%		6,612,553		3,144,705
Washington Mutual Alternative Mortgage Pass-Through Certificates(b)(f) CMO Series 2007-OA3 Class 5A
04/25/47		2.368%		3,699,259		2,370,470
CMO Series 2007-OC2 Class A3
06/25/37		0.546%		8,306,655		5,029,954
Wells Fargo Mortgage-Backed Securities Trust(b)(f) CMO Series 2006-AR17 Class A1
10/25/36		2.612%		3,179,554		2,603,797
Wells Fargo Mortgage-Backed Securities Trust(f) CMO Series 2005-2 Class 1A2
04/25/35		8.000%		134,103		134,846
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $144,510,625)						152,112,761

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

28 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Commercial Mortgage-Backed Securities — Non-Agency 7.2%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Banc of America Commercial Mortgage, Inc. Series 2005-6 Class A4(b)(f)
09/10/47		5.366%		4,450,000		4,997,488
Banc of America Merrill Lynch Commercial Mortgage, Inc.(b)(f) Series 2007-4 Class AM
02/10/51		5.987%		2,300,000		2,376,611
Banc of America Merrill Lynch Commercial Mortgage, Inc.(f) Series 2005-3 Class A3A
07/10/43		4.621%		3,736,000		3,805,781
Series 2005-3 Class A4
07/10/43		4.668%		7,599,000		8,335,206
Series 2005-4 Class A5A
07/10/45		4.933%		4,140,000		4,568,805
Bear Stearns Commercial Mortgage Securities(b)(f) Series 2005-T18 Class A4
02/13/42		4.933%		2,886,823		3,154,885
Series 2005-T20 Class A4A
10/12/42		5.297%		2,437,000		2,732,330
Series 2007-PW16 Class AM
06/11/40		5.906%		2,300,000		2,488,292
Bear Stearns Commercial Mortgage Securities(f) Series 2003-T10 Class A2
03/13/40		4.740%		2,777,221		2,809,828
Series 2006-PW14 Class A4
12/11/38		5.201%		6,712,000		7,704,396
Citigroup Commercial Mortgage Trust(f) Series 2005-C3 Class A4
05/15/43		4.860%		4,183,000		4,546,214
Series 2006-C5 Class A4
10/15/49		5.431%		7,103,000		8,132,843
Citigroup/Deutsche Bank Commercial Mortgage Trust(b)(f) Series 2005-CD1 Class A4
07/15/44		5.393%		3,080,000		3,442,245
Citigroup/Deutsche Bank Commercial Mortgage Trust(f) Series 2006-CD3 Class A5
10/15/48		5.617%		4,715,000		5,402,588
Series 2007-CD4 Class A4
12/11/49		5.322%		7,589,000		8,537,315
Commercial Mortgage Pass-Through Certificates(b)(f) Series 2005-C6 Class A5A
06/10/44		5.116%		4,635,000		5,155,650
Commercial Mortgage Pass-Through Certificates(f) Series 2003-LB1A Class A2
06/10/38		4.084%		4,646,672		4,712,302
Series 2012-LC4 Class AM
12/10/44		4.063%		3,500,000		3,723,328
Credit Suisse First Boston Mortgage Securities Corp.(b)(f) Series 2004-C1 Class A4
01/15/37		4.750%		2,915,250		3,040,477
Series 2005-C6 Class A4
12/15/40		5.230%		4,984,000		5,532,748
Credit Suisse First Boston Mortgage Securities Corp.(f) Series 2004-C2 Class A1
05/15/36		3.819%		143,988		147,065

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Credit Suisse Mortgage Capital Certificates(b)(f) Series 2006-C3 Class A3
06/15/38		6.006%		2,590,000		2,978,420
Credit Suisse Mortgage Capital Certificates(f) Series 2006-C4 Class AAB
09/15/39		5.439%		1,026,360		1,039,376
DBUBS Mortgage Trust Series 2011-LC3A Class A2(f)
08/10/44		3.642%		5,200,000		5,668,385
GE Capital Commercial Mortgage Corp.(b)(f) Series 2005-C1 Class A5
06/10/48		4.772%		651,000		705,513
GE Capital Commercial Mortgage Corp.(f) Series 2003-C1 Class A4
01/10/38		4.819%		285,905		288,874
GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Class A4(f)
04/10/40		5.023%		1,262,000		1,308,834
GS Mortgage Securities Corp. II(f) Series 2005-GG4 Class A4A
07/10/39		4.751%		11,780,000		12,796,261
Series 2011-GC5 Class A4
08/10/44		3.707%		5,000,000		5,459,830
Series 2012-GCJ7 Class A2
05/10/45		2.318%		890,000		931,143
General Electric Capital Assurance Co.(a)(b)(f) Series 2003-1 Class A4
05/12/35		5.254%		1,691,969		1,798,446
Series 2003-1 Class A5
05/12/35		5.743%		1,704,000		2,072,592
Greenwich Capital Commercial Funding Corp. Series 2003-C2 Class A3(f)
01/05/36		4.533%		149,727		149,713
JPMorgan Chase Commercial Mortgage Securities Corp.(b)(f) Series 2003-CB6 Class A2
07/12/37		5.255%		7,506,000		7,729,386
Series 2005-CB11 Class A4
08/12/37		5.335%		2,500,000		2,756,647
Series 2005-LDP3 Class ASB
08/15/42		4.893%		2,277,437		2,391,252
Series 2005-LDP4 Class A4
10/15/42		4.918%		3,411,000		3,733,899
Series 2005-LDP5 Class A4
12/15/44		5.361%		5,199,000		5,845,364
Series 2006-LDP6 Class ASB
04/15/43		5.490%		2,779,905		2,930,410
Series 2007-CB19 Class A4
02/12/49		5.920%		10,450,000		12,142,785
Series 2007-CB19 Class AM
02/12/49		5.920%		2,300,000		2,357,548
JPMorgan Chase Commercial Mortgage Securities Corp.(f) Series 2003-C1 Class A2
01/12/37		4.985%		942,513		950,825
Series 2003-LN1 Class A1
10/15/37		4.134%		148,693		150,519

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

Annual Report 2012 29

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2004-LN2 Class A1
07/15/41		4.475%		773,745		776,257
Series 2005-CB12 Class A4
09/12/37		4.895%		4,650,000		5,131,056
Series 2005-LDP2 Class A3
07/15/42		4.697%		830,674		836,152
Series 2006-LDP8 Class A4
05/15/45		5.399%		5,340,000		6,139,040
LB-UBS Commercial Mortgage Trust(b)(f) Series 2004-C6 Class A6
08/15/29		5.020%		1,181,000		1,258,213
Series 2007-C7 Class A3
09/15/45		5.866%		10,918,000		12,882,833
LB-UBS Commercial Mortgage Trust(f) Series 2003-C3 ClassA4
05/15/32		4.166%		4,672,000		4,751,471
Series 2004-C2 Class A3
03/15/29		3.973%		547,339		554,544
Series 2005-C3 Class A5
07/15/30		4.739%		3,014,000		3,285,628
Series 2006-C1 Class A4
02/15/31		5.156%		2,687,000		3,006,065
Series 2007-C2 Class A3
02/15/40		5.430%		3,785,000		4,296,107
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-6 Class A4(b)(f)
03/12/51		5.485%		2,100,000		2,337,344
Morgan Stanley Capital I, Inc.(b)(f) Series 2006-HQ9 Class A4
07/12/44		5.731%		4,500,000		5,167,269
Series 2006-T23 Class A4
08/12/41		5.987%		5,365,000		6,266,776
Series 2007-IQ14 Class A4
04/15/49		5.692%		7,400,000		8,350,907
Series 2007-IQ15 Class A4
06/11/49		6.076%		10,535,000		12,198,550
Series 2007-IQ16 Class AM
12/12/49		6.305%		6,000,000		6,621,504
Morgan Stanley Capital I, Inc.(f) Series 2003-IQ6 Class A4
12/15/41		4.970%		1,788,000		1,863,100
Series 2006-IQ12 Class A4
12/15/43		5.332%		3,044,000		3,510,502
Series 2007-IQ16 Class A4
12/12/49		5.809%		2,100,000		2,473,697
Series 2012-C4 Class AS
03/15/45		3.773%		4,000,000		4,121,720
Morgan Stanley Capital I Series 2007-T27 Class A4(b)(f)
06/11/42		5.823%		4,589,000		5,391,433
Morgan Stanley Dean Witter Capital I Series 2002-IQ3 Class A4(f)
09/15/37		5.080%		492,753		493,256
Morgan Stanley Reremic Trust(a)(b)(f) Series 2009-GG10 Class A4A
08/12/45		5.983%		6,362,000		7,412,131

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2010-GG10 Class A4A
08/15/45		5.983%		7,733,000		9,009,432
S2 Hospitality LLC Series 2012-LV1 Class A(a)(f)
04/15/25		4.500%		1,047,103		1,051,991
TIAA Seasoned Commercial Mortgage Trust(b)(f) Series 2007-C4 Class A2
08/15/39		5.303%		41,451		41,491
Series 2007-C4 Class A3
08/15/39		5.584%		5,751,000		6,118,481
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class AS(a)(f)
01/10/45		5.154%		3,600,000		4,074,674
WF-RBS Commercial Mortgage Trust(f) Series 2011-C5 Class A4
11/15/44		3.667%		4,885,000		5,303,605
Series 2012-C6 Class AS
04/15/45		3.835%		5,500,000		5,822,960
Series 2012-C7 Class A2
06/15/45		3.431%		4,100,000		4,360,345
Series 2012-C8 Class A3
08/15/45		3.001%		2,880,000		2,970,084
Wachovia Bank Commercial Mortgage Trust(b)(f) Series 2003-C9 Class A4
12/15/35		5.012%		1,665,000		1,732,326
Series 2004-C12 Class A4
07/15/41		5.489%		4,770,000		5,091,317
Series 2005-C20 Class A7
07/15/42		5.118%		4,705,000		5,220,000
Series 2006-C24 Class A3
03/15/45		5.558%		2,547,000		2,873,877
Wachovia Bank Commercial Mortgage Trust(f) Series 2002-C2 Class A4
11/15/34		4.980%		59,997		59,962
Series 2003-C3 Class A2
02/15/35		4.867%		3,983,934		4,015,487
Series 2003-C5 Class A2
06/15/35		3.989%		96,966		98,324
Series 2005-C16 Class A2
10/15/41		4.380%		91,114		91,065
Series 2005-C18 Class A4
04/15/42		4.935%		2,226,000		2,436,424
Series 2006-C29 Class A4
11/15/48		5.308%		1,332,000		1,532,672
Total Commercial Mortgage-Backed Securities —Non-Agency (Cost: $337,499,390)						342,562,491
Asset-Backed Securities — Non-Agency 3.0%
Academic Loan Funding Trust Series 2012-1A Class A2(a)(b)
12/27/44		1.336%		3,500,000		3,243,861
Access Group, Inc. Series 2005-2 Class A3(b)
11/22/24		0.614%		2,500,000		2,426,101

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

30 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aircastle Aircraft Lease-Backed Trust Series 2007-1A Class G1(a)(b)
06/14/37		0.503%		3,503,206		3,100,338
Ally Auto Receivables Trust Series 2010-3 Class A3
10/15/14		1.110%		175,471		176,011
Series 2012-1 Class A3
02/16/16		0.930%		541,000		545,500
Ally Master Owner Trust Series 2011-4 Class A2
09/15/16		1.540%		1,723,000		1,751,268
Arizona Educational Loan Marketing Corp. Series 2004A Class A2(b)
12/01/23		0.638%		3,260,526		3,172,851
BMW Vehicle Lease Trust Series 2011-1 Class A3
02/20/14		1.060%		1,484,000		1,489,366
BMW Vehicle Owner Trust Series 2011-A Class A3
08/25/15		0.760%		1,882,000		1,889,435
Babcock & Brown Air Funding I Ltd. Series 2007-1A Class G1(a)(b)
11/14/33		0.542%		3,909,992		3,225,743
Brazos Higher Education Authority Series 2005-1 Class 1A3(b)
09/26/22		0.578%		2,750,000		2,713,655
CIT Education Loan Trust Series 2007-1 Class B(a)(b)
06/25/42		0.768%		1,350,000		1,025,839
CNH Equipment Trust Series 2011-B Class A3
08/15/16		0.910%		784,000		787,439
Citicorp Residential Mortgage Securities, Inc. Series 2007-2 Class A3(b)
06/25/37		6.080%		1,775,945		1,774,966
Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1 Class A2B(b)
09/25/36		0.396%		3,855,465		1,717,949
Countrywide Asset-Backed Certificates(b) Series 2005-1 Class MV3
07/25/35		0.716%		3,505,000		3,105,844
Series 2005-2 Class M1
08/25/35		0.656%		3,141,407		3,125,406
Series 2007-S2 Class A3 (NPFGC)
05/25/37		5.813%		717,207		535,639
Series 2007-S2 Class A6 (NPFGC)
05/25/37		5.779%		1,516,427		1,268,717
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB7 Class AF3(b)
11/25/35		4.903%		2,236,610		2,059,701
Cronos Containers Program Ltd. Series 2012-1A Class A(a)
05/18/27		4.210%		1,462,500		1,473,469
Crown Castle Towers LLC Senior Secured(a)
01/15/37		5.495%		2,000,000		2,250,090

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
EFS Volunteer No. 2 LLC Series 2012-1 Class A2(a)(b)
03/25/36		1.586%		2,700,000		2,694,034
First Franklin Mortgage Loan Asset-Backed Certificates(b) Series 2006-FF18 Class A2D
12/25/37		0.446%		5,922,000		2,801,449
Series 2007-FF2 Class A2B
03/25/37		0.336%		10,887,894		5,390,324
Ford Credit Auto Lease Trust Series 2011-A Class A3
07/15/14		1.030%		1,560,000		1,566,140
Ford Credit Auto Lease Trust(a) Series 2010-B Class A3
07/15/13		0.910%		38,690		38,696
Ford Credit Auto Owner Trust Series 2012-A Class A3
08/15/16		0.840%		509,000		511,618
GE Business Loan Trust(a)(b) Series 2004-2A Class A
12/15/32		0.460%		2,279,621		2,123,393
Series 2005-2A Class B
11/15/33		0.740%		2,623,211		2,104,087
GE Equipment Small Ticket LLC Series 2011-1A Class A3(a)
01/21/18		1.450%		2,530,000		2,546,129
GE Seaco Finance Series 2005-1A Class A(a)(b)
11/17/20		0.488%		2,437,500		2,361,147
GSAMP Trust Series 2006-FM1 Class A2D(b)
04/25/36		0.506%		14,500,000		5,637,209
Genesis Funding Ltd. Series 2006-1A Class G1(a)(b)
12/19/32		0.477%		4,351,494		3,788,410
Goal Capital Funding Trust Series 2006-1 Class B(b)
08/25/42		0.877%		1,889,618		1,447,252
HSBC Home Equity Loan Trust Series 2007-3 Class APT(b)
11/20/36		1.437%		3,316,675		3,179,268
Harley-Davidson Motorcycle Trust Series 2010-1 Class A3
02/15/15		1.160%		666,360		667,781
JPMorgan Mortgage Acquisition Corp.(b) Series 2007-CH1 Class AV4
11/25/36		0.366%		4,000,000		3,802,968
Series 2007-CH2 Class AV2
01/25/37		0.306%		513,425		495,945
Long Beach Mortgage Loan Trust Series 2005-1 Class M1(b)
02/25/35		0.986%		4,892,391		4,832,112
Merrill Lynch First Franklin Mortgage Loan Trust(b) Series 2007-2 Class A2C
05/25/37		0.476%		11,650,000		5,461,648

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

Annual Report 2012 31

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2007-5 Class 2A2
10/25/37		1.236%		8,894,621		5,062,996
Mid-State Trust Series 7 Class A
10/15/36		6.340%		2,478,602		2,478,602
Mid-State Trust(a) Series 2006-1 Class A
10/15/40		5.787%		1,822,982		1,933,101
Montana Higher Education Student Assistance Corp. Series 2012-1 Class A3(b)
07/20/43		1.287%		3,000,000		2,875,061
Nationstar Home Equity Loan Trust Series 2007-B Class 2AV3
04/25/37		0.490%		7,509,000		3,923,437
Newcastle Mortgage Securities Trust Series 2006-1 Class A3(b)
03/25/36		0.416%		2,379,721		2,317,216
Nissan Auto Lease Trust Series 2010-B Class A3
12/15/13		1.120%		695,182		696,832
Park Place Securities, Inc. Series 2005-WCW1 Class A3D(b)
05/25/35		0.576%		5,813,463		5,762,933
RAAC Series Series 2006-RP2 Class A(a)(b)
02/25/37		0.486%		1,614,963		1,477,711
RAMP Trust Series 2006-RS3 Class A3(b)
05/25/36		0.436%		3,288,177		2,817,997
SG Mortgage Securities Trust Series 2005-OPT1 Class A3(b)
10/25/35		0.586%		3,000,000		2,791,737
SMART Trust Series 2012-1USA Class A4A(a)
12/14/17		2.010%		1,349,000		1,366,903
Scholar Funding Trust Series 2011-A Class A(a)(b)
10/28/43		1.347%		1,766,230		1,728,599
Soundview Home Equity Loan Trust Series 2007-NS1 Class A3(b)
01/25/37		0.436%		8,652,000		3,799,656
TAL Advantage LLC Series 2006-1A Class NOTE(a)(b)
04/20/21		0.427%		1,705,000		1,654,254
Triton Container Finance LLC Series 2012-1A Class A(a)
05/14/27		4.210%		2,047,500		2,112,926
WaMu Asset-Backed Certificates Series 2007-HE1 Class 2A3(b)
01/25/37		0.386%		7,664,010		3,313,788
Total Asset-Backed Securities — Non-Agency (Cost: $137,285,838)						140,422,547

Inflation-Indexed Bonds(k) 3.9%
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Treasury Inflation-Indexed Bond
02/15/41		2.125%			2,960,289		4,367,350
07/15/13		1.875%			24,988,800		25,738,464
07/15/21		0.625%			101,817,000		115,228,233
04/15/13		0.625%			40,007,677		40,382,749
Uruguay Government International Bond Senior Unsecured
12/15/28		4.375%	UYU		15,948,634		870,408
Total Inflation-Indexed Bonds (Cost: $182,741,959)							186,587,204
U.S. Treasury Obligations 15.7%
U.S. Treasury
08/15/42		2.750%			25,000,000		25,335,950
05/15/42		3.000%			20,721,300		22,129,706
09/15/12		1.375%			15,015,000		15,022,879
08/31/16		1.000%			20,250,000		20,700,886
01/31/17		0.875%			41,165,000		41,821,088
06/30/17		0.750%			105,191,700		106,070,997
07/31/14		0.125%			20,339,000		20,299,278
07/31/17		0.500%			77,783,700		77,461,598
05/15/22		1.750%			102,342,900		104,405,749
02/15/42		3.125%			38,817,300		42,498,888
08/15/22		1.625%			13,922,000		14,002,483
08/15/15		0.250%			4,348,800		4,343,364
U.S. Treasury(j)
04/30/17		0.875%			135,000,000		137,025,000
U.S. Treasury(h) STRIPS
11/15/21		0.000%			18,465,000		16,107,832
02/15/40		0.000%			35,779,000		16,666,753
11/15/18		0.000%			67,882,000		64,168,312
11/15/19		0.000%			6,096,000		5,626,193
11/15/21		0.000%			13,060,000		11,330,569
Total U.S. Treasury Obligations (Cost: $731,491,194)							745,017,525
U.S. Government & Agency Obligations 17.2%
Federal Home Loan Banks
08/06/15		0.600%			7,110,000		7,110,092
Federal Home Loan Banks(b)
11/15/13		0.220%			10,530,000		10,527,915
Federal Home Loan Banks(c)
09/04/14		0.450%			14,605,000		14,607,541
Federal Home Loan Mortgage Corp.
12/05/14		0.350%			30,000,000		30,015,750
09/10/15		1.750%			35,000,000		36,431,430
06/01/19		4.500%			2,626,657		2,839,102
02/01/20		4.000%			837,011		897,778
01/01/22		5.500%			1,597,513		1,745,442
07/01/23		5.000%			4,189,249		4,530,637
07/01/24		4.500%			1,106,866		1,189,646
09/01/24		4.500%			2,274,922		2,445,056
09/01/24		4.500%			1,058,733		1,137,912

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

32 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

U.S. Government & Agency Obligations (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
08/01/25		4.000%		4,174,549		4,448,918
05/01/26		4.000%		5,528,378		5,898,638
06/01/32		3.500%		4,971,291		5,349,976
04/01/33		5.000%		1,138,428		1,246,149
02/01/36		5.500%		4,294,979		4,719,303
03/01/36		5.500%		1,037,235		1,136,143
03/01/36		5.500%		4,501,022		4,945,703
04/01/36		5.000%		3,836,578		4,178,022
05/01/36		6.000%		395,064		434,835
06/01/36		5.500%		1,627,019		1,782,168
11/01/36		6.500%		638,811		728,160
08/01/37		6.000%		765,152		840,984
09/01/37		6.000%		387,983		426,435
10/01/37		5.500%		4,482,095		4,901,094
10/01/37		6.500%		1,696,358		1,934,876
07/01/39		4.500%		11,456,097		12,332,382
09/01/39		5.500%		1,551,365		1,698,330
10/01/39		5.000%		1,012,858		1,098,568
06/01/40		4.500%		8,603,255		9,285,521
09/01/40		4.500%		5,111,624		5,516,992
09/01/40		4.500%		6,241,169		6,736,114
05/01/41		5.000%		2,168,670		2,373,875
07/01/41		4.500%		1,786,112		1,933,896
08/01/41		4.500%		1,930,883		2,116,592
12/01/41		3.500%		7,505,277		7,945,645
04/01/42		3.500%		4,957,926		5,261,999
04/01/42		3.500%		10,718,147		11,450,861
Federal Home Loan Mortgage Corp.(c)
10/01/41		3.500%		57,000,000		60,179,534
Federal National Mortgage Association
09/01/20		3.584%		5,721,103		6,383,624
11/01/20		3.375%		4,619,894		5,101,877
12/01/20		3.763%		4,849,693		5,465,189
07/01/21		4.317%		5,239,858		6,095,108
12/01/25		3.500%		3,560,740		3,788,648
01/01/26		3.500%		3,632,901		3,865,428
11/01/26		3.000%		9,098,941		9,611,144
02/01/27		3.500%		5,399,232		5,795,431
03/01/27		3.000%		2,283,658		2,413,282
03/01/27		3.000%		13,782,853		14,705,169
05/01/27		3.000%		2,953,055		3,120,675
05/01/27		3.000%		15,418,455		16,411,676
06/01/27		3.000%		1,989,611		2,102,545
07/01/27		2.500%		2,985,831		3,106,367
12/01/31		4.000%		6,694,733		7,236,149
05/01/32		3.000%		9,805,520		10,287,395
05/01/32		6.500%		452,044		519,353
06/01/32		3.000%		6,932,940		7,273,647
06/01/32		3.500%		4,941,793		5,271,503
02/01/33		6.000%		706,657		796,303
07/01/34		5.000%		2,114,161		2,328,102
11/01/34		6.000%		314,383		352,595
12/01/34		5.500%		1,571,474		1,735,900
12/01/35		5.500%		3,422,632		3,776,471
07/01/36		6.500%		436,990		497,825
07/01/37		6.500%		637,354		726,553
10/01/37		6.000%		426,171		470,645
02/01/38		6.000%		1,286,576		1,420,841
06/01/38		6.000%		1,551,925		1,710,487
09/01/38		6.000%		671,857		740,502
10/01/38		6.500%		633,670		722,776

U.S. Government & Agency Obligations (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
12/01/38		6.000%		1,898,916		2,092,930
07/01/39		5.000%		4,625,550		5,051,711
01/01/40		5.000%		824,247		911,263
08/01/40		4.000%		3,606,120		3,867,636
10/01/40		4.500%		5,355,455		5,812,045
10/01/40		6.000%		9,088,639		10,037,117
01/01/41		4.000%		4,651,544		4,992,836
02/01/41		3.500%		7,540,729		7,998,911
04/01/41		4.500%		9,064,342		9,854,136
04/01/41		5.500%		887,762		980,350
05/01/41		4.500%		4,526,319		4,920,707
06/01/41		4.500%		1,600,470		1,739,923
07/01/41		4.500%		2,736,166		2,974,574
07/01/41		5.000%		1,285,962		1,412,477
07/01/41		5.500%		9,115,191		10,000,568
10/01/41		4.000%		16,886,279		18,125,258
10/01/41		4.000%		2,856,546		3,067,029
10/01/41		5.000%		1,352,447		1,485,503
01/01/42		4.000%		6,628,854		7,203,471
01/01/42		4.500%		9,244,971		10,178,614
02/01/42		4.000%		13,870,994		14,953,756
04/01/42		3.000%		2,948,712		3,061,255
04/01/42		4.000%		9,741,867		10,459,691
06/01/42		3.000%		2,994,869		3,109,173
06/01/42		3.000%		6,984,516		7,251,091
07/01/42		3.500%		2,991,349		3,173,224
09/01/42		3.500%		4,000,000		4,246,250
Federal National Mortgage Association(b)
10/01/37		2.811%		7,472,585		8,025,952
Federal National Mortgage Association(c)
09/01/32		4.000%		14,000,000		15,135,859
12/15/33		3.000%		12,680,000		12,979,169
10/01/40		3.500%		20,930,000		22,143,285
11/01/40		5.000%		17,712,466		19,432,913
10/01/42		3.000%		56,090,000		58,044,389
Government National Mortgage Association
01/15/39		5.000%		1,121,588		1,244,980
03/15/40		5.000%		875,455		973,957
05/15/40		5.000%		3,442,096		3,822,930
06/15/40		5.000%		4,156,160		4,623,791
05/15/41		4.500%		914,806		1,008,044
05/20/41		4.500%		6,464,653		7,198,671
06/20/41		4.000%		4,693,720		5,165,860
09/15/41		4.000%		1,976,053		2,172,633
09/20/41		4.500%		905,761		1,008,604
10/15/41		4.500%		10,324,214		11,376,461
11/15/41		3.500%		5,920,751		6,416,405
11/20/41		4.000%		1,891,196		2,082,022
02/15/42		4.000%		5,050,530		5,595,575
02/15/42		4.000%		10,517,024		11,566,553
03/15/42		3.500%		4,925,057		5,337,357
07/15/42		3.500%		1,968,625		2,133,428
08/15/42		3.000%		2,000,000		2,103,024
Government National Mortgage Association(c)
09/20/42		4.000%		25,000,000		27,433,595
Total U.S. Government & Agency Obligations
(Cost: $806,774,733)						814,200,180

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

Annual Report 2012 33

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Foreign Government Obligations(k) 1.9%
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Argentina 0.1%
Argentina Boden Bonds Senior Unsecured
10/03/15		7.000%			649,000		564,630
Argentina Bonar Bonds Senior Unsecured
04/17/17		7.000%			445,000		347,100
Argentina Republic Government International Bond Senior Unsecured
12/31/33		8.280%			1,215,495		826,536
Argentina Republic Government International Bond Senior Unsecured(b)
12/15/35		4.383%			4,200,000		472,500
Total							2,210,766
Brazil 0.2%
Banco do Brasil SA(b)
12/31/49		8.500%			250,000		298,125
Brazilian Government International Bond
08/17/40		11.000%			400,000		512,000
01/15/18		8.000%			366,667		436,884
Senior Unsecured
01/17/17		6.000%			4,000,000		4,764,000
01/07/41		5.625%			528,000		682,440
Centrais Eletricas Brasileiras SA
Senior Unsecured
10/27/21		5.750%			200,000		224,500
Centrais Eletricas Brasileiras SA(a)
Senior Unsecured
10/27/21		5.750%			422,000		473,695
Morgan Stanley Senior Unsecured(a)
05/03/17		10.090%	BRL		405,000		209,493
Petrobras International Finance Co.
03/15/19		7.875%			142,000		176,069
01/20/20		5.750%			270,000		304,265
01/27/21		5.375%			600,000		668,196
01/27/41		6.750%			1,820,000		2,262,322
Total							11,011,989
Chile —%
Codelco Senior Unsecured(a)
07/17/22		3.000%			600,000		601,577
Empresa Nacional del Petroleo Senior Unsecured(a)
12/06/21		4.750%			199,000		214,875
Total							816,452
Colombia 0.1%
Colombia Government International Bond Senior Unsecured
01/27/17		7.375%			200,000		248,600
09/18/37		7.375%			350,000		537,250
01/18/41		6.125%			479,000		656,184

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Corp. Andina De Fomento
06/15/22		4.375%			581,000		632,189
Corp. Andina de Fomento Senior Unsecured
06/04/19		8.125%			1,400,000		1,817,484
Ecopetrol SA Senior Unsecured
07/23/19		7.625%			450,000		580,500
Empresa de Energia de Bogota SA Senior Unsecured(a)
11/10/21		6.125%			211,000		227,654
Empresas Publicas de Medellin ESP Senior Unsecured(a)
02/01/21		8.375%	COP		324,000,000		199,107
Total							4,898,968
Costa Rica 0.1%
Instituto Costarricense de Electricidad Senior Unsecured(a)
11/10/21		6.950%			2,400,000		2,628,000
Croatia 0.1%
Croatia Government International Bond Senior Unsecured(a)
03/24/21		6.375%			5,000,000		5,250,000
Dominican Republic —%
Dominican Republic International Bond Senior Unsecured
05/06/21		7.500%			100,000		113,750
Dominican Republic International Bond(a) Senior Unsecured
04/20/27		8.625%			142,000		162,590
05/06/21		7.500%			280,000		316,341
Total							592,681
Hungary —%
Hungary Government International Bond Senior Unsecured
01/29/20		6.250%			200,000		211,000
03/29/21		6.375%			142,000		151,252
Total							362,252
Indonesia 0.1%
Indonesia Government International Bond Senior Unsecured
10/12/35		8.500%			200,000		308,000
02/17/37		6.625%			600,000		777,000
01/17/38		7.750%			600,000		873,000
03/04/19		11.625%			350,000		527,625
Indonesia Government International Bond(a) Senior Unsecured
01/17/38		7.750%			277,000		403,035
05/05/21		4.875%			280,000		314,278

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

34 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Indonesia Treasury Bond Senior Unsecured
05/15/22		7.000%	IDR		3,475,000,000		382,736
Majapahit Holding BV
01/20/20		7.750%			400,000		491,000
Majapahit Holding BV(a)
06/28/17		7.250%			128,000		149,322
08/07/19		8.000%			142,000		175,015
PT Perusahaan Listrik Negara Senior Unsecured(a)
11/22/21		5.500%			412,000		449,727
PT Pertamina Persero Senior Unsecured
05/03/42		6.000%			200,000		216,000
05/03/22		4.875%			200,000		213,500
Total							5,280,238
Ireland —%
Vnesheconombank Via VEB Finance PLC Senior Unsecured
02/13/17		5.375%			200,000		215,952
Kazakhstan —%
KazMunayGas National Co. Senior Unsecured
04/09/21		6.375%			200,000		238,000
KazMunayGas National Co.(a) Senior Unsecured
07/02/18		9.125%			135,000		174,825
01/23/15		11.750%			142,000		171,288
Total							584,113
Lithuania —%
Lithuania Government International Bond Senior Unsecured
02/01/22		6.625%			350,000		415,625
Lithuania Government International Bond(a) Senior Unsecured
03/09/21		6.125%			273,000		314,423
Republic of Lithuania
02/11/20		4.750%			185,000		225,238
Total							955,286
Luxembourg 0.1%
VTB Bank OJSC Via VTB Capital SA Senior Unsecured
02/22/18		6.315%			200,000		208,800
VTB Bank OJSC Via VTB Capital SA(a) Senior Unsecured
10/13/20		6.551%			5,000,000		5,180,000
Total							5,388,800

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Mexico 0.3%
Comision Federal de Electricidad Senior Unsecured
02/14/42		5.750%			425,000		477,063
Mexican Bonos
06/03/27		7.500%	MXN		530,000		461,861
06/10/21		6.500%			270,000		221,044
Mexican Government International Bond Senior Unsecured
09/27/34		6.750%			850,000		1,202,750
Mexico Government International Bond Senior Unsecured
03/19/19		5.950%			850,000		1,049,325
01/15/20		5.125%			1,750,000		2,091,250
Pemex Project Funding Master Trust
03/05/20		6.000%			5,965,000		7,113,262
01/21/21		5.500%			486,000		563,760
Petroleos Mexicanos
05/03/19		8.000%			300,000		390,750
06/02/41		6.500%			142,000		175,370
Government Guaranteed
12/20/22		1.700%			1,025,000		1,029,321
Petroleos Mexicanos(a)
06/02/41		6.500%			128,000		158,080
Total							14,933,836
Panama —%
Panama Government International Bond Senior Unsecured
01/26/36		6.700%			700,000		998,200
Peru —%
Peru Enhanced Pass-Through Finance Ltd. Pass-Thru Certificates(a)(h)
05/31/18		0.000%			180,742		164,475
Peruvian Government International Bond Senior Unsecured
07/21/25		7.350%			300,000		438,000
03/14/37		6.550%			625,000		896,875
Peruvian Government International Bond(a) Senior Unsecured
08/12/31		6.950%	PEN		287,000		132,274
Total							1,631,624
Philippines —%
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(a)
12/02/24		7.390%			142,000		193,655
Poland —%
Poland Government International Bond Senior Unsecured
03/23/22		5.000%			337,000		387,550

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

Annual Report 2012 35

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Qatar 0.1%
Nakilat, Inc. Senior Secured(a)
12/31/33		6.067%		2,160,000		2,554,200
Republic of Namibia —%
Namibia International Bonds Senior Unsecured(a)
11/03/21		5.500%		233,000		256,300
Romania —%
Romanian Government International Bond Senior Unsecured(a)
02/07/22		6.750%		134,000		145,618
Russian Federation 0.2%
Gazprom OAO Via Gaz Capital SA Senior Unsecured
04/28/34		8.625%		650,000		890,617
Gazprom OAO Via Gaz Capital SA(a) Senior Unsecured
11/22/16		6.212%		142,000		157,833
08/16/37		7.288%		135,000		170,645
01/23/21		5.999%		550,000		623,595
Gazprom OAO Via Gazprom International SA Senior Unsecured
02/01/20		7.201%		175,935		198,392
Gazprom OAO Via Gazprom International SA(a) Senior Unsecured
02/01/20		7.201%		1,236,250		1,394,045
Russian Agricultural Bank OJSC Via RSHB Capital SA Senior Unsecured(a)
12/27/17		5.298%		300,000		318,117
Russian Foreign Bond — Eurobond Senior Unsecured
04/29/20		5.000%		500,000		570,000
Russian Foreign Bond — Eurobond(a)(b) Senior Unsecured
03/31/30		7.500%		442,750		552,331
Russian Foreign Bond — Eurobond(b) Senior Unsecured
03/31/30		7.500%		2,415,000		3,012,712
Vnesheconombank Via VEB Finance PLC Senior Unsecured(a)
11/22/25		6.800%		211,000		244,233
Total						8,132,520
South Africa —%
South Africa Government International Bond Senior Unsecured
01/17/24		4.665%		118,000		132,603

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Sri Lanka —%
Sri Lanka Government International Bond
01/22/15		7.400%		150,000		161,625
Senior Unsecured
10/04/20		6.250%		180,000		189,900
Total						351,525
Trinidad and Tobago —%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured
05/08/22		6.000%		208,333		218,750
Petroleum Co. of Trinidad & Tobago Ltd.(a) Senior Unsecured
08/14/19		9.750%		277,000		352,303
Total						571,053
Turkey 0.1%
Export Credit Bank of Turkey(a)
11/04/16		5.375%		270,000		287,577
Turkey Government International Bond Senior Unsecured
02/05/25		7.375%		600,000		787,500
03/17/36		6.875%		802,000		1,032,575
05/30/40		6.750%		600,000		772,500
03/30/21		5.625%		1,170,000		1,357,200
09/26/16		7.000%		400,000		467,000
Total						4,704,352
United Arab Emirates —%
Abu Dhabi National Energy Co. Senior Unsecured(a)
12/13/21		5.875%		463,000		534,451
Uruguay 0.1%
Uruguay Government International Bond
11/18/22		8.000%		250,000		360,625
Senior Unsecured
03/21/36		7.625%		978,000		1,508,565
Total						1,869,190
Venezuela 0.3%
Petroleos de Venezuela SA
02/17/22		12.750%		148,000		148,000
11/02/17		8.500%		10,205,000		9,056,938
Senior Unsecured
10/28/15		5.000%		135,000		113,238
10/28/16		5.125%		401,000		312,780
Venezuela Government International Bond Senior Unsecured
01/13/34		9.375%		2,000,000		1,690,000
05/07/23		9.000%		688,000		588,240

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

36 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Foreign Government Obligations(k)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
10/13/19		7.750%		500,000		422,500
Total						12,331,696
Total Foreign Government Obligations (Cost: $87,151,687)						89,923,870
Preferred Debt 0.9%
Issuer	Coupon Rate		Shares		Value ($)
Banking 0.8%
Citigroup Capital XIII(b)
10/30/40		7.875%		519,475		14,327,120
M&T Bank Corp.(b)
12/31/49		5.000%		4,123		4,174,538
PNC Financial Services Group, Inc.(b)
12/31/49		6.125%		383,400		10,616,346
U.S. Bancorp(b)
12/31/49		6.500%		269,075		7,983,455
Total						37,101,459
Building Materials 0.1%
Stanley Black & Decker, Inc.
07/25/52		5.750%		290,051		7,602,237
Total Preferred Debt (Cost: $42,387,273)						44,703,696
Municipal Bonds 0.4%
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
City of Chicago Unlimited General Obligation Refunding Bonds Taxable Project Series 2012B
01/01/42		5.432%		2,070,000		2,141,394
Commonwealth of Massachusetts Revenue Bonds Build America Bonds-Recovery Series 2010Z
06/01/30		5.631%		265,000		329,589
Kentucky Asset Liability Commission Revenue Bonds Taxable Series 2010
04/01/18		3.165%		4,785,000		4,962,571
Los Angeles Unified School District Unlimited General Obligation Bonds Build America Bonds Series 2009
07/01/34		5.750%		655,000		794,607
State of California Unlimited General Obligation Bonds Build America Bonds Series 2010
03/01/40		7.625%		800,000		1,086,552

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Taxable Series 2010
11/01/15		3.950%		205,000		221,558
Taxable Build America Bonds Series 2009
04/01/39		7.550%		1,000,000		1,347,150
Taxable-Various Purpose Series 2009
10/01/19		6.200%		1,025,000		1,240,158
Series 2010
03/01/19		6.200%		2,700,000		3,222,099
State of Illinois Unlimited General Obligation Bonds Build America Bonds Series 2010
02/01/35		6.630%		4,265,000		4,766,649
Total Municipal Bonds
(Cost: $19,733,546)						20,112,327
Senior Loans 0.1%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Brokerage —%
Nuveen Investments, Inc. 2nd Lien Term Loan(b)(l)
02/28/19		8.250%		175,000		176,094
Construction Machinery —%
CPM Acquisition Corp.(b)(c)(l)
1st Lien Term Loan
08/16/17		6.250%		292,000		290,540
2nd Lien Term Loan
02/16/18		10.250%		187,000		185,130
Total						475,670
Consumer Cyclical Services —%
West Corp. Tranche B6 Term Loan(b)(c)(l)
06/15/18		5.750%		264,000		264,826
Food and Beverage —%
Candy Intermediate Holdings, Inc. Term Loan(b)(l)
05/23/18		7.500%		150,000		150,488
Gaming —%
ROC Finance LLC Tranche B Term Loan(b)(c)(l)(m)
08/19/17		8.500%		48,000		48,720

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

Annual Report 2012 37

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Health Care —%
U.S. Renal Care, Inc.(b)(l)
1st Lien Term Loan
07/01/19		6.250%		278,000		280,085
2nd Lien Term Loan
01/01/20		10.250%		278,000		282,170
Total						562,255
Media Cable —%
WideOpenWest Finance LLC Term Loan(b)(l)
07/17/18		6.250%		177,000		176,890
Media Non-Cable —%
Cumulus Media Holdings, Inc. 2nd Lien Term Loan(b)(l)
03/18/19		7.500%		438,000		439,095
Property & Casualty 0.1%
Asurion LLC(b)(c)(l)
1st Lien Term Loan
05/24/18		5.500%		227,000		227,531
Asurion LLC(b)(l)
1st Lien Term Loan
05/24/18		5.500%		44,000		44,103
Lonestar Intermediate Super Holdings LLC(b)(c)(l)
Term Loan
09/02/19		11.000%		5,000		5,308
Lonestar Intermediate Super Holdings LLC(b)(l)
Term Loan
09/02/19		11.000%		526,000		558,439
Total						835,381
Total Senior Loans (Cost: $3,081,020)						3,129,419
Warrants —%
Issuer			Shares		Value ($)
Energy —%
Energy Equipment & Services —%
Green Field Energy Services, Inc.(n)				327		9,319
Total Energy						9,319
Total Warrants (Cost: $19,947)						9,319

Commercial Paper 0.3%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Banking 0.3%
Lloyds TSB Bank PLC
10/11/12		0.180%		6,685,000		6,683,683
RBS Holdings U.S.A, Inc.(a)
09/17/12		0.250%		8,625,000		8,623,982
Total						15,307,665
Total Commercial Paper (Cost: $15,305,388)						15,307,665
Treasury Bills 2.0%
U.S. Treasury Bills
11/29/12		0.090%		45,800,000		45,790,153
09/27/12		0.080%		48,590,000		48,586,992
Total Treasury Bills (Cost: $94,375,714)						94,377,145
Money Market Funds 10.6%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.164%(o)(p)				502,632,840		502,632,840
Total Money Market Funds
(Cost: $502,632,840)						502,632,840
Total Investments
(Cost: $5,029,702,421)						5,121,570,181
Other Assets & Liabilities, Net						(380,526,914	)
Net Assets						4,741,043,267

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

38 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Investment in Derivatives

Futures Contracts Outstanding at August 31, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Long Bond, 20-year		(159	)		(24,073,594	)		Dec. 2012		—		(217,143	)
U.S. Treasury Note, 2-year		98			21,616,657			Dec. 2012		12,045		—
U.S. Treasury Note, 5-year		(958	)		(119,428,169	)		Dec. 2012		—		(482,043	)
U.S. Treasury Note, 10-year		(329	)		(43,993,469	)		Dec. 2012		—		(294,939	)
U.S. Treasury Ultra Bond, 30-year		(288	)		(48,672,000	)		Dec. 2012		—		(526,754	)
Total										12,045		(1,520,879	)

Credit Default Swap Contracts Outstanding at August 31, 2012

Buy Protection

Counterparty	Reference Entity	Expiration Date		Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs International	Bank of America Corp.		June 20, 2017		1.000		12,630,000		662,961			(999,614	)		(25,611	)		—		(362,264	)
Citibank	Barclays Bank, PLC		June 20, 2017		1.000		755,000		39,145			(54,713	)		(1,531	)		—		(17,099	)
JPMorgan	Barclays Bank, PLC		June 20, 2017		1.000		2,600,000		134,806			(201,660	)		(5,272	)		—		(72,126	)
Morgan Stanley	Barclays Bank, PLC		June 20, 2017		1.000		1,280,000		66,366			(85,041	)		(2,596	)		—		(21,271	)
Morgan Stanley	Barclays Bank, PLC		Sept. 20, 2017		1.000		6,915,000		388,270			(375,277	)		(14,022	)		—		(1,029	)
Citibank	CDX North America Investment Grad 18		June 20, 2017		1.000		12,065,000		13,223			(88,253	)		(24,465	)		—		(99,495	)
Goldman Sachs International	CDX North America High Yield 18		June 20, 2017		5.000		9,464,400		159,363			(428,441	)		(95,958	)		—		(365,036	)
JPMorgan	CDX North America High Yield 18		June 20, 2017		5.000		12,375,000		208,372			(404,310	)		(125,469	)		—		(321,407	)
JPMorgan	CDX North America Investment Grad 18-V1		June 20, 2017		1.000		26,300,000		28,825			(196,686	)		(53,330	)		—		(221,191	)
Goldman Sachs International	D.R. Horton, Inc.		June 20, 2017		1.000		1,245,000		36,601			(80,252	)		(2,525	)		—		(46,176	)
JPMorgan	D.R. Horton, Inc.		June 20, 2017		1.000		11,635,000		342,048			(649,632	)		(23,593	)		—		(331,177	)
Citibank	Goldman Sachs Group, Inc.		Sept. 20, 2017		1.000		7,905,000		517,456			(543,218	)		(16,030	)		—		(41,792	)
Goldman Sachs International	H.J. Heinz Company		June 20, 2017		1.000		6,670,000		(138,023	)		86,909			(13,525	)		—		(64,639	)
JPMorgan	Home Depot, Inc.		June 20, 2017		1.000		640,000		(15,433	)		13,395			(1,298	)		—		(3,336	)
Morgan Stanley	Home Depot, Inc.		Sept. 20, 2017		1.000		11,065,000		(265,709	)		256,146			(22,437	)		—		(32,000	)

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

Annual Report 2012 39

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Buy Protection (continued)

Counterparty	Reference Entity	Expiration Date		Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs International	Limited Brands, Inc.		Sept. 20, 2017		1.000		4,445,000		242,841			(238,805	)		(9,013	)		—		(4,977	)
JPMorgan	Limited Brands, Inc.		June 20, 2017		1.000		660,000		32,232			(40,349	)		(1,338	)		—		(9,455	)
Citibank	Marriott International, Inc.		March 20, 2017		1.000		5,490,000		(11,067	)		28,707			(11,132	)		6,508		—
Citibank	Textron, Inc.		Sept. 20, 2017		1.000		825,000		16,441			(17,939	)		(1,673	)		—		(3,171	)
Goldman Sachs International	Textron, Inc.		Sept. 20, 2017		1.000		5,370,000		107,019			(124,223	)		(10,889	)		—		(28,093	)
Goldman Sachs International	Toll Brothers, Inc.		June 20, 2017		1.000		3,910,000		54,209			(171,492	)		(7,929	)		—		(125,212	)
Morgan Stanley	Toll Brothers, Inc.		June 20, 2017		1.000		15,650,000		216,974			(519,312	)		(31,735	)		—		(334,073	)
Total																		6,508		(2,505,019	)

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 August 31, 2012, the value of these securities amounted to $417,570,606 or 8.81% of net assets.

(b) Variable rate security. The interest rate shown reflects the rate as of August 31, 2012.

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

(d) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2012, the value of these securities amounted to $26,316,895, which represents 0.56% of net assets.

(e) Negligible market value.

(f) The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(g) Interest Only (IO) security. The actual effective yield of this security is different than the stated coupon rate.

(h) Zero coupon bond.

(i) Principal Only (PO) security issued with a zero coupon. Income is recognized through the accretion of discount.

(j) At August 31, 2012, investments in securities included securities valued at $3,181,842 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

(k) Principal amounts are denominated in United States Dollars unless otherwise noted.

(l) Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. The interest rate shown reflects the weighted average coupon as of August 31, 2012. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(m) At August 31, 2012, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

Borrower	Unfunded Commitment ($)
ROC Finance LLC
Tranche B Term Loan		48,238

(n) Non-income producing.

(o) The rate shown is the seven-day current annualized yield at August 31, 2012.

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

40 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

(p) 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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Sales Cost/ Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		20,000		3,588,673,859		(3,086,061,019	)		502,632,840		276,129		502,632,840

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
CMO	Collateralized Mortgage Obligation
IO	Interest Only
NPFGC	National Public Finance Guarantee Corporation
PIK	Payment-in-Kind
PO	Principal Only
STRIPS	Separate Trading of Registered Interest and Principal Securities

Currency Legend

BRL	Brazilian Real
COP	Colombian Peso
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peru Nuevos Soles
UYU	Uruguay Pesos

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).

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,

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

Annual Report 2012 41

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Corporate Bonds & Notes
Airlines		—		14,891,595		9,435,166		24,326,761
All Other Industries		—		1,489,049,976		—		1,489,049,976
Convertible Bonds		—		4,112,640		—		4,112,640
Residential Mortgage-Backed Securities — Agency		—		452,981,815		—		452,981,815
Residential Mortgage-Backed Securities — Non-Agency		—		144,040,404		8,072,357		152,112,761
Commercial Mortgage-Backed Securities — Non-Agency		—		342,562,491		—		342,562,491
Asset-Backed Securities — Non-Agency		—		130,308,056		10,114,491		140,422,547
Inflation-Indexed Bonds		—		186,587,204		—		186,587,204
U.S. Treasury Obligations		631,117,866		113,899,659		—		745,017,525
U.S. Government & Agency Obligations		—		801,221,011		12,979,169		814,200,180
Foreign Government Obligations		—		89,759,395		164,475		89,923,870
Preferred Debt		40,529,158		—		4,174,538		44,703,696
Municipal Bonds		—		20,112,327		—		20,112,327
Total Bonds		671,647,024		3,789,526,573		44,940,196		4,506,113,793
Equity Securities
Warrants
Energy		—		9,319		—		9,319
Total Equity Securities		—		9,319		—		9,319
Short-Term Securities
Commercial Paper		—		15,307,665		—		15,307,665
Treasury Bills		94,377,145		—		—		94,377,145
Total Short-Term Securities		94,377,145		15,307,665		—		109,684,810
Other
Senior Loans		—		3,129,419		—		3,129,419
Money Market Funds		502,632,840		—		—		502,632,840
Total Other		502,632,840		3,129,419		—		505,762,259

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

42 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Portfolio of Investments (continued)

August 31, 2012

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 ($)		Total ($)
Investments in Securities		1,268,657,009			3,807,972,976			44,940,196		5,121,570,181
Derivatives
Assets
Futures Contracts		12,045			—			—		12,045
Swap Contracts		—			6,508			—		6,508
Liabilities
Futures Contracts		(1,520,879	)		—			—		(1,520,879	)
Swap Contracts		—			(2,505,019	)		—		(2,505,019	)
Total		1,267,148,175			3,805,474,465			44,940,196		5,117,562,836

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.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

	Corporate Bonds & Notes ($)			Residential Mortgage- Backed Securities — Non-Agency ($)			Asset- Backed Securities — Non-Agency ($)			U.S. Government & Agency Obligations ($)		Foreign Government Obligations ($)			Preferred Debt ($)		Total ($)
Balance as of April 20, 2012		—			—			—			—		—			—		—
Accrued discounts/premiums		(20,628	)		(2,699	)		97,875			—		1,189			—		75,737
Realized gain (loss)		(3,934	)		(552	)		—			—		1,807			—		(2,679	)
Change in unrealized appreciation (depreciation)(a)		97,495			21,175			(109,123	)		—		4,233			39,054		52,834
Sales		(51,097	)		(254,431	)		(563,785	)		—		(15,062	)		—		(884,375	)
Purchases		9,413,330			8,308,864			10,689,524			12,979,169		172,308			4,135,484		45,698,679
Transfers into Level 3		—			—			—			—		—			—		—
Transfers out of Level 3		—			—			—			—		—			—		—
Balance as of August 31, 2012		9,435,166			8,072,357			10,114,491			12,979,169		164,475			4,174,538		44,940,196

(a)Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2012 was $52,834, which is comprised of Corporate Bonds & Notes of $97,495, Residential Mortgage-Backed Securities — Non-Agency of $21,175, Asset-Backed Securities — Non-Agency of $(109,123), Foreign Government Obligations of $4,233 and Preferred Debt of $39,054.

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 using the valuation technique deemed the most appropriate in the circumstances. Certain Corporate Bonds & Notes, Residential Mortgage Backed Securities, Asset Backed Securities, U.S. Government & Agency Obligations, Foreign Government Obligations and Preferred Debt classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. 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 43

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $4,527,069,581)	$4,618,937,341
Affiliated issuers (identified cost $502,632,840)	502,632,840
Total investments (identified cost $5,029,702,421)	5,121,570,181
Cash	1,108,000
Foreign currency (identified cost $20,803)	21,939
Unrealized appreciation on swap contracts	6,508
Premiums paid on outstanding swap contracts	5,219,217
Receivable for:
Investments sold	222,095,222
Capital shares sold	28,541,958
Dividends	64,038
Interest	29,616,100
Reclaims	52,431
Prepaid expenses	67,633
Trustees’ deferred compensation plan	347
Other assets	22,439
Total assets	5,408,386,013
Liabilities
Unrealized depreciation on swap contracts	2,505,019
Premiums received on outstanding swap contracts	385,157
Payable for:
Investments purchased	245,927,717
Investments purchased on a delayed delivery basis	400,949,187
Capital shares purchased	8,681,607
Dividend distributions to shareholders	6,905,587
Variation margin on futures contracts	1,101,871
Investment management fees	52,880
Distribution and service fees	32,196
Transfer agent fees	167,886
Administration fees	7,464
Compensation of board members	17,454
Chief compliance officer expenses	444
Other expenses	607,930
Trustees’ deferred compensation plan	347
Total liabilities	667,342,746
Net assets applicable to outstanding capital stock	$4,741,043,267
Represented by
Paid-in capital	$4,638,134,568
Undistributed net investment income	558,871
Accumulated net realized gain	14,488,622
Unrealized appreciation (depreciation) on:
Investments	91,867,760
Foreign currency translations	791
Futures contracts	(1,508,834	)
Swap contracts	(2,498,511	)
Total — representing net assets applicable to outstanding capital stock	$4,741,043,267
Class A
Net assets	$4,741,043,267
Shares outstanding	463,157,377
Net asset value per share	$10.24

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

44 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Statement of Operations

Year Ended August 31, 2012^(a)

Net investment income
Income:
Dividends — unaffiliated issuers	$797,638
Dividends — affiliated issuers	276,129
Interest	43,255,032
Foreign taxes withheld	(73,598	)
Total income	44,255,201
Expenses:
Investment management fees	6,266,540
Service fees	3,805,840
Transfer agent fees	713,400
Administration fees	893,526
Compensation of board members	22,065
Custodian fees	38,000
Printing and postage fees	92,199
Registration fees	478,797
Professional fees	65,559
Chief compliance officer expenses	1,111
Other	21,379
Total expenses	12,398,416
Net investment income	31,856,785
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	19,182,385
Foreign currency translations	(1,057	)
Futures contracts	(4,386,201	)
Swap contracts	(587,729	)
Net realized gain	14,207,398
Net change in unrealized appreciation (depreciation) on:
Investments	91,867,760
Foreign currency translations	791
Futures contracts	(1,508,834	)
Swap contracts	(2,498,511	)
Net change in unrealized appreciation (depreciation)	87,861,206
Net realized and unrealized gain	102,068,604
Net increase in net assets resulting from operations	$133,925,389

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

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

Annual Report 2012 45

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)
Operations
Net investment income		$31,856,785
Net realized gain		14,207,398
Net change in unrealized appreciation (depreciation)		87,861,206
Net increase in net assets resulting from operations		133,925,389
Distributions to shareholders:
Net investment income
Class A		(31,016,690	)
Total distributions to shareholders		(31,016,690	)
Increase (decrease) in net assets from capital stock activity		4,638,114,568
Total increase in net assets		4,741,023,267
Net assets at beginning of year		20,000
Net assets at end of year		$4,741,043,267
Undistributed net investment income		$558,871

	Year Ended August 31, 2012(a)
	Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		507,315,340			5,082,255,141
Distributions reinvested		3,064,103			31,016,519
Redemptions		(47,224,066	)		(475,157,092	)
Net increase		463,155,377			4,638,114,568
Total net increase		463,155,377			4,638,114,568

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

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

46 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

Class  A	Year  Ended August  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.00
Income from investment operations:
Net investment income	0.08
Net realized and unrealized gain	0.24
Total from investment operations	0.32
Less distributions to shareholders:
Net investment income	(0.08	)
Total distributions to shareholders	(0.08	)
Net asset value, end of period	$10.24
Total Return	3.17	%
Ratios to average net assets(b)
Total expenses	0.81	%(c)
Net investment income	2.09	%(c)
Supplemental data
Net assets, end of period (in thousands)	$4,741,043
Portfolio turnover(d)	78	%

Notes to Financial Highlights

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

(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.

(c) Annualized.

(d) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 76% for the year ended August 31, 2012.

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

Annual Report 2012 47

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Active Portfolios Multi-Manager Core Plus Bond Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

On March 14, 2012, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), invested $20,000 in the Fund which represented the initial capital at $10.00 per share. Shares of the Fund were first offered to the public on April 20, 2012.

These financial statements cover the period from April 20, 2012 (commencement of operations) to August 31, 2012.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund only offers Class A shares that are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial or its affiliates.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge.

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.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed 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.

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, 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.

48 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not 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.

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.

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.

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 the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. 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

Annual Report 2012 49

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

(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.

Credit Default Swap Contracts

Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified negative credit event(s) take place. The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index, to increase or decrease its credit exposure to a single issuer of debt securities, and to increase or decrease its credit exposure to a specific debt security or a basket of debt securities. Additionally, credit default swap contracts were used to hedge the Fund’s exposure on a debt security that it owns or in lieu of selling such debt security.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to

make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. Notional amounts of all credit default swap contracts outstanding for which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Market values for credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

The notional amounts and market values of credit default swap contracts are not recorded in the financial statements. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness.

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

50 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

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 August 31, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized appreciation on swap contracts	6,508
Credit contracts	Premiums paid on outstanding credit default swap contracts	5,219,217
Interest rate contracts	Net assets — unrealized appreciation on futures contracts	12,045	*
Total		5,237,770
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized depreciation on swap contracts	2,505,019
Credit contracts	Premiums received on outstanding credit default swap contracts	385,157
Interest rate contracts	Net assets — unrealized depreciation on futures contracts	1,520,879	*
Total		4,411,055

* 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 period ended August 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit contracts		—			(587,729	)		(587,729	)
Interest rate contracts		(4,386,201	)		—			(4,386,201	)
Total		(4,386,201	)		(587,729	)		(4,973,930	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit contracts		—			(2,498,511	)		(2,498,511	)
Interest rate contracts		(1,508,834	)		—			(1,508,834	)
Total		(1,508,834	)		(2,498,511	)		(4,007,345	)

The following table is a summary of the volume of derivative instruments for the period ended August 31, 2012:

Derivative Instrument	Contracts Opened
Futures contracts		6,869
Derivative Instrument	Aggregate Notional Opened ($)
Credit default swap contracts — buy protection		185,264,400
Credit default swap contracts — sell protection		42,050,000

Repurchase Agreements

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

Investments in Loans

The senior loans acquired by the Fund typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender’s interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Company (FDIC) receivership, or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest. Loans are typically secured but may be unsecured. The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans.

Annual Report 2012 51

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

Delayed Delivery Securities and Forward Sale Commitments

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.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been

without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies within its Portfolio of Investments cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. This treatment may exaggerate the Fund’s portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund’s right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the Investment Manager’s ability to predict interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

Interest Only Securities

The Fund may invest in Interest Only Securities (IOs). IOs are stripped mortgage backed securities entitled to receive all of the security’s interest, but none of its principal. Interest is accrued daily. The daily accrual factor is adjusted each month to reflect the paydown of principal.

Principal Only Securities

The Fund may invest in Principal Only Securities (POs). POs are stripped mortgage backed securities entitled to receive most, if not all, of the principal from the underlying mortgage assets, but not the interest. The Fund assumes the risk, as the holder of a PO security, that it may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific

52 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

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 value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

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.

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 or 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 daily and paid monthly. 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 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, the Investment Manager 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

Annual Report 2012 53

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

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 0.43% to 0.30% as the Fund’s net assets increase. The annualized effective investment management fee rate for the period ended August 31, 2012 was 0.41% of the Fund’s average daily net assets.

Subadvisory Agreements

The Investment Manager has entered into Subadvisory Agreements with Federated Investment Management Company and TCW Investment Management Company, 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 Fund’s 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

Under an Administrative Services Agreement, the Investment Manager 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 0.07% to 0.04% as the Fund’s net assets increase. The annualized effective administration fee rate for the period ended August 31, 2012 was 0.06% of the Fund’s average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust’s eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund’s assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund’s expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the period ended August 31, 2012, the Fund’s annualized effective transfer agent fee rate as a percentage of average daily net assets for Class A shares was 0.05%.

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.

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2014, unless sooner terminated at the

54 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

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 annual rate of 0.84% of Class A shares’ average daily net assets.

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

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees’ deferred compensation, paydown reclassifications, unrealized appreciation (depreciation) on certain derivative investments, non-deductible organizational costs, certain convertible preferred securities, and tax straddles. 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	$(281,224)
Accumulated net realized gain	281,224

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 period ended August 31, 2012 was as follows:

Ordinary income $31,016,690

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$16,855,694
Unrealized appreciation	90,759,351

At August 31, 2012, the cost of investments for federal income tax purposes was $5,030,810,830 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$96,463,933
Unrealized depreciation	(5,704,582	)
Net unrealized appreciation	$90,759,351

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 but including mortgage dollar rolls, aggregated to $7,454,606,451 and $3,048,387,387, respectively, for the period ended August 31, 2012, of which $4,656,837,819 and $2,518,377,779, respectively, were U.S. government securities.

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 August 31, 2012, one unaffiliated shareholder account owned nearly 100% 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.

Annual Report 2012 55

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Notes to Financial Statements (continued)

August 31, 2012

Note 8. 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 period ended August 31, 2012.

Note 9. 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 10. 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.

56 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and the Shareholders of

Active Portfolios^® Multi-Manager Core Plus Bond Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Active Portfolios^® Multi-Manager Core Plus Bond Fund (the “Fund”) (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets and the financial highlights for the period then ended, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at August 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 30, 2012

Annual Report 2012 57

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Trustees and Officers

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

Independent Trustees
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael’s College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

58 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012 59

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Trustees and Officers (continued)

Officers (continued)
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (Born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (Born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (Born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (Born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

60 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements

On March 7, 2012, the Board of Trustees (the “Board”) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”) unanimously approved, for an initial two-year term, the Investment Management Services Agreement (the “Advisory Agreement”) with Columbia Management Investment Advisers, LLC (the “Investment Manager”) and the Subadvisory Agreements (the “Subadvisory Agreements”) with Federated Investment Management Company and TCW Investment Management Company (the “Subadvisers”) with respect to Active Portfolios^® Multi-Manager Core Plus Bond Fund (the “Fund”), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the “Committee”) and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the Advisory Agreement and the Subadvisory Agreements (collectively, the “Agreements”).

In connection with their deliberations regarding the proposed Agreements, the Committee and the Board requested and evaluated materials from the Investment Manager and the Subadvisers regarding the Fund and the Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on October 25, 2011, February 17, 2012 and March 6, 2012 and at the Board meeting held on March 7, 2012. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On March 6, 2012, the Committee recommended that the Board approve the Agreements. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager and the Subadvisers believed reasonably necessary to evaluate and to determine whether to approve the Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the Agreements for the Fund included the following:

• Information regarding the reputation, financial strength, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and the Subadvisers, and other personnel proposed to provide investment management, administrative and other services to the Fund;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer, to be provided under a separate Administrative Services Agreement;

• The terms and conditions of the Agreements;

• The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

• The advisory fees and total expenses of the existing Columbia Funds from which assets are expected to be redeemed in connection with the investment of seed capital in the Fund;

• Descriptions of various functions performed by the Investment Manager and the Subadvisers under the Agreements, including portfolio management and portfolio trading practices;

• Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager and the Subadvisers; and

• Information regarding the investment management fees and other expenses of the Fund relative to those of comparable funds determined by an independent third-party data provider to be in the same peer group or universe of funds.

Annual Report 2012 61

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Nature, Extent and Quality of Services to be Provided under the Agreements

The Committee and the Board considered the nature, extent and quality of services to be provided to the Fund by the Investment Manager and the Subadvisers and their affiliates under the Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and the Subadvisers and their affiliates. The Committee and the Board considered, among other things, the Investment Manager’s and the Subadvisers’ ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, trade execution services and the quality of the Investment Manager’s and the Subadvisers’ investment research capabilities, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board considered the scope of services to be provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with similarly-structured funds. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager’s ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager’s ability to coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Agreements supported the approval of the Agreements.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Agreements as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the proposed fees under the Agreements, the Committee and the Board considered, among other information, the Fund’s proposed advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board also took into account the fee waiver and expense limitation arrangements that the Investment Manager would observe during the Fund’s first two years, and the advisory fees and total expense ratios of comparable funds identified by an independent third-party data provider for purposes of expense comparison.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the approval of the Agreements.

Costs of Services to be Provided and Profitability

The Committee and the Board considered information provided by the Investment Manager with respect to estimated costs of services and profitability, and expected to consider the costs of services and the profitability of the Investment Manager and its affiliates in connection with the Committee’s and the Board’s next review and continuation of the Agreements. The Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager and the Subadvisers regarding their financial condition. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to the Subadvisers of their relationships with the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated costs of services to be provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Agreements.

62 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Investment Performance

Because the Fund had not yet commenced operations, the Committee and the Board did not have investment performance to compare to the returns of a peer group and a universe of comparable funds. However, the Committee and the Board expected to consider, in connection with their next review and continuation of the Agreements, the investment performance of the Fund in relation to the annualized return for various time periods of a benchmark and a group of comparable funds, as determined by an independent third party data provider. The Committee and the Board also considered the investment performance of comparable portfolios of other clients of the Subadvisers.

The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated performance of the Fund supported approval of the Agreements.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager and the Subadvisers of services to the Fund, to groups of related funds, and to the Investment Manager’s and the Subadvisers’ investment advisory clients as a whole, and whether those economies of scale were expected to be shared with the Fund through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager and/or the Subadvisers in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints in the Advisory Agreement did not occur at the same levels as the breakpoints in the Subadvisory Agreements, and considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under such new subadvisory agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Advisory Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on the Subadvisers’ ability to manage assets might have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers might need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these issues, the Committee and the Board also considered the costs of the services to be provided (both on an absolute and relative basis) by the Investment Manager and its affiliates, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the approval of the Agreements.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits to be received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager’s affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund’s distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions to be generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.

Annual Report 2012 63

Active Portfolios^®Multi-Manager Core Plus Bond Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the proposed Agreements. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements.

64 Annual Report 2012

Active Portfolios^® Multi-Manager Core Plus Bond 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 2012 65

Active Portfolios^® Multi-Manager Core Plus Bond 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1861 A (10/12)

Annual Report August 31, 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Active Portfolios^® Multi-Manager Small Cap Equity Fund

President’s Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter’s strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone’s fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

> 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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Table of Contents

Manager Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	15
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	25
Trustees and Officers	26
Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements	29
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

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 2012

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Manager Discussion of Fund Performance

Portfolio Management

Columbia Management Investment Advisers, LLC

Christian Stadlinger, Ph.D., CFA

Jarl Ginsberg, CFA

Dalton, Greiner, Hartman, Maher & Co., LLC

Bruce Geller, CFA

Jeffery Baker, CFA

Peter Gulli, CFA

Edward Turville, CFA (with REMS)

EAM Investors, LLC

Montie Weisenberger

RS Investment Management Co. LLC

James Callinan, CFA

Effective October 1, 2012, Conestoga Capital Advisors, LLC replaced RS Investment Management as a subadviser to the Fund, assuming the day-to-day investment decisions for the portion of the Fund for which RS Investment Management was previously responsible.

Morningstar Style Box™

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

©2012 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.

Active Portfolios^® Multi-Manager Small Cap Equity Fund was launched on April 20, 2012. The Fund is managed by three independent money management firms and by Columbia Management Investment Advisers, LLC (Columbia) and each invests a portion of the portfolio’s assets. As of August 31, 2012, Dalton, Greiner, Hartman, Maher & Co., LLC (DGHM), EAM Investors, LLC (EAM), RS Investment Management Co. LLC (RS) and Columbia managed approximately 16%, 24%, 25% and 35% of the portfolio, respectively.

Volatility Dominated Small Cap Equity Markets

While the value of the U.S. small cap equity market gained only modestly during the reporting period, conflicting economic data, monetary and fiscal policy teasers, and shifts in investor sentiment challenged active managers. Small cap equities experienced downward volatility in May and June 2012, as renewed U.S. economic concerns and uncertainty over the future of the European Monetary Union weighed on investor confidence. Anxieties related to oil supply, Middle East peace and slowing growth in China also were headwinds. In July 2012, the U.S. equity market segment was more resilient, despite ongoing concerns regarding Europe, a slowing U.S. economy, lackluster corporate earnings growth, below forecast retail sales, anemic job creation, upcoming November elections and an impending “fiscal cliff” of scheduled tax rate hikes and U.S. government spending cuts. Despite these concerns, the U.S. equity market generally placed emphasis upon company fundamentals, including valuation and qualitative characteristics, such as return on equity and free cash flow.

Individual Stock Selection Impacted Performance Most

DGHM: Detracting most from our portion of the Fund’s return was weak stock selection in the information technology, energy and utilities sectors. On the positive side, stock selection proved effective in the retail, business services and capital goods industries.

Individual positions in semiconductor companies QLogic and Lattice Semiconductor and in oil and gas exploration and production company Swift Energy disappointed most during the reporting period. The top performing individual positions in our portion of the Fund’s portfolio were apparel retailer Chico’s FAS, pizza restaurant operator Papa Johns International and consulting services firm Booz Allen Hamilton.

EAM: In our portion of the Fund, weaker stock selection in industrials, consumer discretionary and materials more than offset effective stock selection in information technology, financials and health care during the reporting period.

The biggest individual detractors from our portion of the Fund’s results during the reporting period were seismic activity monitoring solutions provider Mitcham Industries, Internet applications software company VirnetX and web portal Synacor. We sold the Fund’s positions in Mitcham Industries and Synacor by the end of the reporting period. On the positive side, positions in pharmaceutical company Pharmacyclics, consumer loans company Ocwen Financial and semiconductor company AuthenTec were top contributors to our portion of the Fund’s results, each posting gains during the period. AuthenTec was purchased by Apple on July 27, 2012 for its mobile security solutions and payments platform. We sold AuthenTec six days after the acquisition announcement as superior bids did not surface.

RS: Effective stock selection in the financials, consumer discretionary and information technology sectors more than offset weak stock selection in the health

2 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Manager Discussion of Fund Performance (continued)

care, materials and consumer staples sectors in our portion of the Fund during the reporting period. Overweighted positions in financials and information technology also boosted our portion of the Fund’s results.

The biggest individual contributors to our portion of the Fund’s results were semiconductor company Mellanox Technologies, outsourced receivables management provider Portfolio Recovery Associates and medical device company Cyberonics. Positions in wireless equipment companies Ubiquiti Networks and Aruba Networks and in biological testing technologies developer Luminex detracted most from our portion of the Fund’s results. We sold the Fund’s position in Ubiquiti Networks by the end of the reporting period.

Columbia: Stock selection in energy weighed negatively on the fund’s results during the period followed by weaker selection within health care, consumer discretionary and utilities. Partially offsetting these detractors was effective stock selection in information technology.

In energy, Key Energy Services took the brunt of the decline on the equipment side, detracting significantly from performance. During the reporting period, we initiated a position in Gulfport Energy as the company reported initial success in its exploration efforts in the Utica shale.

In health care, stock selection among the providers and services companies detracted the most with companies such as Centene and Wellcare Health Plans Inc.

In consumer discretionary, stock selection within the household durables and specialty retail industries hurt the Fund’s relative results. During the reporting period, apparel retailer Express Inc. underperformed. We sold our portion of the Fund’s position in Express, as the company experienced merchandising issues that impacted same-store sales.

On the positive side, stock selection was favorable in information technology, led by positions in semiconductors, electronic equipment instruments and Internet software and services companies. Semiconductor company Cirrus Logic outperformed as it continued to benefit from increased sales of audio chips used in the products of its largest customer, Apple. German metering company Elster Group was a positive contributor to the Fund’s results, as shares of the company benefited from its acquisition by an international conglomerate.

In consumer staples, the Fund’s holding in Dean Foods, the largest milk producer in the U.S., announced a spinoff of its WhiteWave organics division that sent the stock price up.

Sector Weighting Changes Were Driven by Bottom-Up Stock Selection

DGHM: Among the names purchased in our portion of the Fund during the reporting period were Icon Public Limited, Rue21 and Acxiom. Icon Public Limited was purchased as we sought to capitalize on growth in biotechnology and pharmaceutical clinical trial outsourcing. Revenue growth and margin expansion appears to be underway within the company, which we believe may lead to rapid earnings and cash flow growth. In our view, retailer Rue21 is well positioned in the tween/teen/young adult market where there is less competition. Based on our analysis, the company features store growth potential and a strong balance sheet, and we liked that it is conducting its first share repurchase. Acxion is a targeted marketing analytics company with what we consider to be a strong management team. The company has been deleveraging and improving its financials, which should lead to improved free

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	95.3
Consumer Discretionary	13.9
Consumer Staples	1.8
Energy	5.7
Financials	20.4
Health Care	13.4
Industrials	15.9
Information Technology	17.9
Materials	3.4
Telecommunication Services	0.2
Utilities	2.7
Money Market Funds	4.7

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

Top Ten Holdings (%) (at August 31, 2012)
Portfolio Recovery Associates, Inc.	2.0
Amtrust Financial Services, Inc.	1.6
Mellanox Technologies Ltd.	1.4
ABIOMED, Inc.	1.4
Cyberonics, Inc.	1.4
Vitamin Shoppe, Inc.	1.3
FEI Co.	1.3
Middleby Corp.	1.3
Grand Canyon Education, Inc.	1.2
Sourcefire, Inc.	1.2

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 2012 3

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Manager Discussion of Fund Performance (continued)

cash flow yields. During the reporting period, we sold the Fund’s positions in Snap-On, due to a high valuation; Genesco, due to it reaching our target price; and GT Advanced Technologies, due to its poor model rating.

We do not engage in significant sector timing activities. Based on individual stock selection, our portion of the Fund was overweight relative to the Russell 2000 Index in consumer discretionary, underweight financials, information technology and utilities; and relatively neutral to the remaining sectors in the Russell 2000 Index at the end of the reporting period.

EAM: We initiated a Fund position in natural and organic food company Hain Celestial during the reporting period after a positive earnings release and announced plans for the introduction of more than 50 new products, accretive acquisitions in the specialty food space and expanding its distribution reach globally. We purchased shares of AFC Enterprises, owner and operator of Popeye’s Chicken & Biscuit restaurants, based on a variety of positive changes, including a turnaround in its pricing strategy, replacement of local advertising with national advertising and accelerated product innovation. We established a Fund position in apparel retailer Ann due to a strong earnings release with both of its key concepts generating robust same store sales.

During the reporting period, we sold the Fund’s position in agricultural and construction equipment wholesale distributor Titan Machinery due to drought conditions affecting the company’s primary Midwest region. We eliminated the Fund’s position in metals processor Haynes International due to backlog volume softening and an adverse shift in order patterns. We exited the Fund’s position in movie theater operator Carmike Cinemas due to lack of robust fundamental performance and negative estimate revisions.

Overall, we increased our portion of the Fund’s exposure relative to the Russell Index to health care, information technology, consumer discretionary, energy and financials during the reporting period. We decreased relative allocations to industrials and materials. As of August 31, 2012, our portion of the Fund was overweight relative to the Russell Index in health care and information technology and underweight relative to the Russell Index in materials, consumer staples and industrials. Our portion of the Fund was rather neutrally weighted to the Russell Index in consumer discretionary, energy, utilities and financials at the end of the reporting period.

RS: Among the names purchased in our portion of the Fund during the reporting period were MarketAxess Holdings and Dexcom. MarketAxess Holdings is the market leader in the fixed income electronic trading area. The company has been gaining share in a growing industry that we believe is in its nascency and is likely to follow a similar pattern to equities over time. Dexcom is the technology leader in continuous glucose monitoring. We believe that continuous glucose monitoring has compelling clinical value, which may be realized by payors, physicians and patients, potentially making it the standard of care and driving fast adoption by Type 1 diabetics.

During the reporting period, two companies in our portion of the Fund’s portfolio were acquired. In July, FX Alliance announced it would be acquired by Thomson Reuters for a significant premium. In August, GeoResources was acquired by Halcon Resources.

We increased our portion of the Fund’s exposure to financials and health care relative to the benchmark index during the reporting period and decreased its

4 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Manager Discussion of Fund Performance (continued)

exposure to materials and energy. We eliminated exposure to consumer staples. At the end of August 2012, our portion of the Fund was overweight relative to the Russell Index in financials and information technology; underweight consumer staples, health care, materials, industrials and utilities; and relatively neutral in energy and consumer discretionary.

Columbia: In addition to the transactions already mentioned, we initiated a position in Clearwater Paper within the materials sector during the reporting period. The company operates in the paperboard and consumer tissue industry and, based on our analysis, has had considerable success in these areas. In financials, we initiated a position in EverBank Financial, a company with operations in Florida. We believed EverBank Financial’s plan to expand its product portfolio should lead to continued earnings growth.

At the end of August 2012, our portion of the Fund was overweight relative to the benchmark index in health care, information technology and industrials. Our portion of the Fund was underweight relative to the benchmark index in consumer discretionary, utilities, energy and financials.

Looking Ahead

DGHM: We do not employ macroeconomic analysis in a conventional fashion. Each sector specialist includes a global perspective, featuring a risk/reward assessment, in his or her stock selection. With that understanding, our approach in light of the global macroeconomic issues has been to emphasize our focus on strength of balance sheet and to proceed with some caution by favoring high quality companies.

EAM: Going forward, we intend to continue to execute our disciplined, bottom-up investment process, which seeks to capitalize on companies benefiting from positive fundamental change, in a timely fashion. That said, we intend to continue to position our portion of the Fund in securities with characteristics we believe may enable them to outperform their small cap peers over our typical investment horizon. Key characteristics we look for include positive changes in relative price strength confirmed by above average volume; better than expected financial performance (i.e., positive financial surprise, positive estimate revision, increases in financial guidance, etc.); robust fundamental developments and strategies that may lead to future financial surprise and accelerating growth rates; and attractive relative valuations (i.e., trading at a discount to expected growth rates, historical multiples and/or peer multiples). We believe securities with these characteristics are best positioned to perform well, as stock price appreciation may be driven by rising financial performance and related expectations and/or valuation multiple expansion. Events that might affect the positioning of our portion of the Fund include events that impact the direction and pace of economic growth in Europe, decisions made and actions taken by China’s income government leaders, actions taken by the U.S. Federal Reserve Board, the outcome of the U.S. presidential election and the outcome of the “fiscal cliff.”

RS: We remain cautiously optimistic on the U.S. economic outlook even as we acknowledge some near-term risks, particularly the potential for slowing growth in Europe and China. Nonetheless, we believe that low interest rates and modest inflation in the U.S. should provide a favorable environment for small cap stocks. We remain focused on our search for innovation, given our view that nimble, creative and disciplined companies may be able to grow their revenues and tap new market opportunities even in a less certain economic environment. We remain committed to our hands-on investment approach and continue to spend much of our

Annual Report 2012 5

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Manager Discussion of Fund Performance (continued)

time on the road, visiting companies in person and seeing how they are adapting to changing conditions.

Columbia: We believe our focus on small-cap value companies with what we consider to be strong underlying earnings prospects and attractively priced shares has the potential to reward investors over the long term. We remain disciplined in our research of those companies where we believe the valuation gap is likely to shrink in the near term and look for a company’s upward inflection point — that is, we seek stocks that are, in our view, both inexpensive and demonstrating improving operating performance and operating metrics. As we do this, three categories of opportunity typically come to light — 1) “out of the limelight” companies missed by the Wall Street research community; 2) companies in industries that may be out of favor; and 3) companies with compressed near-term operating fundamentals, which managers believe are poised to expand within a reasonable timeframe.

Going forward, we expect our portion of the Fund’s performance to continue to be driven by our bottom-up stock selection process and for this process to continue to drive sector allocations.

6 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur ongoing costs, which generally include management fees, distribution and/or 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 redemption or exchange fees, or expenses that apply to the subaccount or the contract. 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.

April 20, 2012 – August 31, 2012

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

1,007.00

*

1,018.40

4.89

*

6.80

1.34

*

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 366.

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.

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Fund shares are sold in accordance with the terms of the account through which you invest in the Fund. Participants in wrap fee programs pay an asset-based fee that is not included in the above table. Please read the wrap program documents for information regarding fees charged.

* For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

Annual Report 2012 7

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 95.1%
Issuer	Shares		Value ($)
Consumer Discretionary 13.9%
Auto Components 0.8%
Cooper Tire & Rubber Co.		47,000		939,530
Dana Holding Corp.		56,538		772,309
Tenneco, Inc.(a)		27,014		820,415
Tower International, Inc.(a)		90,000		677,700
Total				3,209,954
Automobiles 0.4%
Thor Industries, Inc.		51,410		1,616,330
Diversified Consumer Services 1.8%
Coinstar, Inc.(a)		10,193		521,066
Grand Canyon Education, Inc.(a)		212,934		4,497,166
Steiner Leisure Ltd.(a)		19,210		897,876
Stewart Enterprises, Inc., Class A		172,762		1,271,528
Total				7,187,636
Hotels, Restaurants & Leisure 1.6%
AFC Enterprises, Inc.(a)		26,440		635,089
Bally Technologies, Inc.(a)		13,335		590,607
Domino’s Pizza, Inc.		15,660		554,990
Gaylord Entertainment Co.(a)		25,784		1,045,283
Interval Leisure Group, Inc.		39,521		729,163
Jack in the Box, Inc.(a)		22,124		577,215
Papa John’s International, Inc.(a)		16,620		855,764
Sonic Corp.(a)		149,264		1,398,604
Total				6,386,715
Household Durables 0.8%
Helen of Troy Ltd.(a)		48,820		1,534,901
Jarden Corp.		15,788		763,034
KB Home		92,000		1,015,680
Total				3,313,615
Internet & Catalog Retail 0.5%
Shutterfly, Inc.(a)		60,250		1,792,438
Leisure Equipment & Products 0.3%
Arctic Cat, Inc.(a)		15,328		663,089
Leapfrog Enterprises, Inc.(a)		61,771		669,598
Total				1,332,687
Media 0.2%
Scholastic Corp.		31,860		973,323
Specialty Retail 5.8%
ANN, Inc.(a)		19,075		678,688
Asbury Automotive Group, Inc.(a)		24,755		685,466
Ascena Retail Group, Inc.(a)		40,951		810,830
Cabela’s, Inc.(a)		13,370		641,894
Cato Corp. (The), Class A		26,351		773,929

Common Stocks (continued)
Issuer	Shares		Value ($)
Chico’s FAS, Inc.		96,590		1,829,415
Finish Line, Inc., Class A (The)		43,000		987,280
Francesca’s Holdings Corp.(a)		123,930		4,378,447
Genesco, Inc.(a)		24,815		1,753,180
GNC Holdings, Inc., Class A		31,930		1,240,480
Lithia Motors, Inc., Class A		24,116		704,428
Pier 1 Imports, Inc.		92,659		1,712,338
Rue21, Inc.(a)		25,330		717,092
Sonic Automotive, Inc., Class A		66,500		1,188,355
Vitamin Shoppe, Inc.(a)		95,983		5,145,649
Zale Corp.(a)		60,629		334,672
Total				23,582,143
Textiles, Apparel & Luxury Goods 1.7%
Carter’s, Inc.(a)		12,416		691,695
G-III Apparel Group Ltd.(a)		20,101		638,006
Movado Group, Inc.		32,726		1,150,646
Oxford Industries, Inc.		13,565		739,700
Tumi Holdings, Inc.(a)		175,950		3,705,507
Total				6,925,554
Total Consumer Discretionary				56,320,395
Consumer Staples 1.8%
Food & Staples Retailing 0.9%
Andersons, Inc. (The)		15,000		602,550
Fresh Market, Inc. (The)(a)		15,226		878,845
Harris Teeter Supermarkets, Inc.		31,500		1,230,705
Weis Markets, Inc.		27,770		1,170,505
Total				3,882,605
Food Products 0.5%
Dean Foods Co.(a)		40,000		656,800
Hain Celestial Group, Inc. (The)(a)		12,416		856,580
Sanderson Farms, Inc.		10,100		444,602
Total				1,957,982
Personal Products 0.4%
Elizabeth Arden, Inc.(a)		13,738		639,366
Nu Skin Enterprises, Inc., Class A		24,500		1,016,505
Total				1,655,871
Total Consumer Staples				7,496,458
Energy 5.7%
Energy Equipment & Services 2.3%
Core Laboratories NV		24,620		3,008,318
Hornbeck Offshore Services, Inc.(a)		53,506		2,078,173
Key Energy Services, Inc.(a)		160,000		1,265,600

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

8 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
OYO Geospace Corp.(a)		33,331		3,052,786
Total				9,404,877
Oil, Gas & Consumable Fuels 3.4%
Arch Coal, Inc.		64,000		391,040
Berry Petroleum Co., Class A		28,350		1,044,414
Bill Barrett Corp.(a)		42,000		921,060
Bonanza Creek Energy, Inc.(a)		40,185		808,522
Cheniere Energy, Inc.(a)		43,148		636,864
Comstock Resources, Inc.(a)		48,810		804,877
Delek U.S. Holdings, Inc.		26,307		690,822
Gulfport Energy Corp.(a)		30,100		791,630
Halcon Resources Corp.(a)		192,859		1,481,157
Kodiak Oil & Gas Corp.(a)		83,741		748,645
Midstates Petroleum Co., Inc.(a)		105,000		855,750
Penn Virginia Corp.		85,147		520,248
Renewable Energy Group, Inc.(a)		54,223		288,466
Rex Energy Corp.(a)		50,630		627,306
Rosetta Resources, Inc.(a)		14,690		630,789
Swift Energy Co.(a)		82,590		1,609,679
Targa Resources Corp.		17,142		776,018
Total				13,627,287
Total Energy				23,032,164
Financials 20.3%
Capital Markets 1.1%
Apollo Investment Corp.		76,697		615,110
Financial Engines, Inc.(a)		110,062		2,344,320
GAMCO Investors, Inc., Class A		19,210		866,371
Medley Capital Corp.		57,933		758,343
Total				4,584,144
Commercial Banks 6.3%
Associated Banc-Corp.		83,400		1,080,864
BancorpSouth, Inc.		47,746		703,776
Citizens Republic Bancorp, Inc.(a)		52,500		1,074,675
Community Bank System, Inc.		54,053		1,515,646
Community Trust Bancorp, Inc.		20,360		700,180
FNB Corp.		122,232		1,338,441
Iberiabank Corp.		25,501		1,196,252
Independent Bank Corp.		52,183		1,521,656
National Penn Bancshares, Inc.		120,127		1,069,130
Old National Bancorp		98,590		1,301,388
Prosperity Bancshares, Inc.		33,730		1,420,033
Renasant Corp.		50,700		927,303
Sandy Spring Bancorp, Inc.		105,377		1,932,614

Common Stocks (continued)
Issuer	Shares		Value ($)
Sterling Bancorp		141,981		1,409,871
Susquehanna Bancshares, Inc.		119,000		1,250,690
SVB Financial Group(a)		25,485		1,477,875
Texas Capital Bancshares, Inc.(a)		33,500		1,541,670
Umpqua Holdings Corp.		119,290		1,507,826
Webster Financial Corp.		41,280		878,439
WesBanco, Inc.		44,053		895,157
Wintrust Financial Corp.		22,700		849,207
Total				25,592,693
Diversified Financial Services 0.5%
MarkeTaxess Holdings, Inc.		63,330		2,062,658
Insurance 5.2%
Alterra Capital Holdings Ltd.		105,546		2,424,392
American Equity Investment Life Holding Co.		90,000		1,040,400
AMERISAFE, Inc.(a)		57,500		1,445,550
Amtrust Financial Services, Inc.		233,869		6,096,960
Argo Group International Holdings Ltd.		29,235		864,186
CNO Financial Group, Inc.		152,000		1,352,800
First American Financial Corp.		76,910		1,482,056
Hanover Insurance Group, Inc. (The)		32,460		1,158,497
Maiden Holdings Ltd.		108,210		993,368
National Financial Partners Corp.(a)		89,000		1,311,860
Platinum Underwriters Holdings Ltd.		25,800		1,025,292
ProAssurance Corp.		9,145		816,008
Symetra Financial Corp.		110,000		1,344,200
Total				21,355,569
Real Estate Investment Trusts (REITs) 5.4%
American Assets Trust, Inc.		63,000		1,717,380
BioMed Realty Trust, Inc.		127,883		2,369,672
Brandywine Realty Trust		89,155		1,087,691
Capstead Mortgage Corp.		57,000		817,380
CBL & Associates Properties, Inc.		43,000		918,910
Colonial Properties Trust		48,780		1,069,258
Colony Financial, Inc.		63,750		1,224,637
Cousins Properties, Inc.		140,590		1,123,314
CubeSmart		128,403		1,656,399
First Industrial Realty Trust, Inc.(a)		113,000		1,457,700
Glimcher Realty Trust		70,080		734,438
Hersha Hospitality Trust		176,850		880,713
Highwoods Properties, Inc.		24,680		804,815
Kilroy Realty Corp.		32,731		1,545,231
LaSalle Hotel Properties		42,772		1,165,537
MFA Financial, Inc.		86,382		707,469

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

Annual Report 2012 9

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Omega Healthcare Investors, Inc.		34,964		839,835
Post Properties, Inc.		13,693		699,028
Sun Communities, Inc.		22,050		1,010,110
Total				21,829,517
Thrifts & Mortgage Finance 1.8%
EverBank Financial Corp.		88,000		1,044,560
Flushing Financial Corp.		49,361		752,262
Nationstar Mortgage Holdings, Inc.(a)		24,884		674,854
Northwest Bancshares, Inc.		126,000		1,522,080
Ocwen Financial Corp.(a)		32,367		832,803
Oritani Financial Corp.		75,000		1,097,250
Provident Financial Services, Inc.		79,860		1,233,038
Total				7,156,847
Total Financials				82,581,428
Health Care 13.4%
Biotechnology 2.1%
Affymax, Inc.(a)		57,211		1,012,063
Alkermes PLC(a)		41,053		753,323
Ariad Pharmaceuticals, Inc.(a)		53,210		1,093,998
Cepheid, Inc.(a)		21,638		816,618
Cubist Pharmaceuticals, Inc.(a)		17,032		786,878
Genomic Health, Inc.(a)		18,521		638,234
Medivation, Inc.(a)		9,018		945,627
Onyx Pharmaceuticals, Inc.(a)		13,310		957,255
Orexigen Therapeutics, Inc.(a)		126,812		566,850
Pharmacyclics, Inc.(a)		14,561		974,422
Total				8,545,268
Health Care Equipment & Supplies 5.4%
ABIOMED, Inc.(a)		241,361		5,389,591
Align Technology, Inc.(a)		19,492		661,753
Analogic Corp.		10,090		701,356
CONMED Corp.		49,000		1,323,980
Cooper Companies, Inc. (The)		9,872		827,767
Cyberonics, Inc.(a)		107,000		5,342,510
Cynosure Inc., Class A(a)		23,182		602,732
DexCom, Inc.(a)		110,280		1,466,724
Endologix, Inc.(a)		48,844		584,663
HeartWare International, Inc.(a)		9,415		843,302
ICU Medical, Inc.(a)		38,420		2,132,310
NuVasive, Inc.(a)		25,955		547,131
OraSure Technologies, Inc.(a)		69,655		676,350
Symmetry Medical, Inc.(a)		77,000		716,870
Total				21,817,039

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care Providers & Services 2.1%
Air Methods Corp.(a)		8,364		974,741
Bio-Reference Labs, Inc.(a)		25,878		675,933
Brookdale Senior Living, Inc.(a)		38,525		837,148
Ensign Group, Inc. (The)		20,555		605,139
HealthSouth Corp.(a)		29,864		683,886
Kindred Healthcare, Inc.(a)		111,000		1,238,760
Metropolitan Health Networks, Inc.(a)		100,000		804,000
Vanguard Health Systems, Inc.(a)		65,815		641,696
VCA Antech, Inc.(a)		48,000		928,320
WellCare Health Plans, Inc.(a)		21,500		1,218,835
Total				8,608,458
Health Care Technology 1.4%
MedAssets, Inc.(a)		72,766		1,242,115
Vocera Communications, Inc.(a)		150,423		4,235,912
Total				5,478,027
Life Sciences Tools & Services 1.5%
ICON PLC, ADR(a)		43,600		999,312
Luminex Corp.(a)		172,180		3,329,961
PAREXEL International Corp.(a)		59,937		1,725,587
Total				6,054,860
Pharmaceuticals 0.9%
Akorn, Inc.(a)		52,575		727,638
Auxilium Pharmaceuticals, Inc.(a)		27,743		646,412
Pacira Pharmaceuticals, Inc.(a)		37,580		682,453
Salix Pharmaceuticals Ltd.(a)		12,339		542,422
Santarus, Inc.(a)		88,518		547,041
Vivus, Inc.(a)		29,948		642,385
Total				3,788,351
Total Health Care				54,292,003
Industrials 15.8%
Aerospace & Defense 1.0%
DigitalGlobe, Inc.(a)		36,383		755,675
Hexcel Corp.(a)		115,583		2,620,267
Triumph Group, Inc.		9,836		584,553
Total				3,960,495
Air Freight & Logistics 0.1%
Pacer International, Inc.(a)		114,821		470,766
Airlines 0.6%
Alaska Air Group, Inc.(a)		29,900		1,003,145
Spirit Airlines, Inc.(a)		26,696		521,907
U.S. Airways Group, Inc.(a)		93,896		1,000,931
Total				2,525,983

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

10 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Building Products 0.5%
AO Smith Corp.		13,157		719,819
USG Corp.(a)		54,728		1,125,208
Total				1,845,027
Commercial Services & Supplies 4.4%
Cenveo, Inc.(a)		189,218		380,328
Deluxe Corp.		60,000		1,702,200
Encore Capital Group, Inc.(a)		21,535		603,626
Geo Group, Inc. (The)		74,175		1,951,544
Healthcare Services Group, Inc.		38,319		811,213
Herman Miller, Inc.		68,640		1,342,598
Portfolio Recovery Associates, Inc.(a)		76,603		7,687,111
Sykes Enterprises, Inc.(a)		78,530		1,059,370
TMS International Corp., Class A(a)		77,044		775,833
Unifirst Corp.		9,058		575,274
United Stationers, Inc.		40,308		975,051
Total				17,864,148
Construction & Engineering 0.5%
EMCOR Group, Inc.		68,975		1,905,779
Electrical Equipment 0.2%
Brady Corp., Class A		30,670		861,214
Industrial Conglomerates 0.1%
Carlisle Companies, Inc.		11,521		603,009
Machinery 3.5%
Chart Industries, Inc.(a)		11,726		818,475
Commercial Vehicle Group, Inc.(a)		392,820		3,319,329
Middleby Corp.(a)		43,022		4,953,983
Mueller Industries, Inc.		18,280		787,868
NACCO Industries, Inc., Class A		7,300		776,720
Robbins & Myers, Inc.		14,000		837,480
Trinity Industries, Inc.		36,000		1,020,240
Valmont Industries, Inc.		6,105		773,809
Wabash National Corp.(a)		153,000		1,023,570
Total				14,311,474
Professional Services 1.5%
Advisory Board Co. (The)(a)		95,938		4,252,932
Navigant Consulting, Inc.(a)		104,000		1,149,200
On Assignment, Inc.(a)		44,808		739,780
Total				6,141,912
Road & Rail 1.7%
Amerco, Inc.		6,489		603,801
Avis Budget Group, Inc.(a)		41,743		685,420
Heartland Express, Inc.		89,580		1,166,332
Old Dominion Freight Line, Inc.(a)		18,774		840,700

Common Stocks (continued)
Issuer	Shares		Value ($)
Saia, Inc.(a)		32,009		694,595
Swift Transportation Co.(a)		87,000		709,050
Werner Enterprises, Inc.		108,588		2,416,083
Total				7,115,981
Trading Companies & Distributors 1.7%
Beacon Roofing Supply, Inc.(a)		73,820		2,077,295
Houston Wire & Cable Co.		65,813		721,969
Textainer Group Holdings Ltd.		30,000		1,059,600
Titan Machinery, Inc.(a)		34,000		783,700
United Rentals, Inc.(a)		47,769		1,543,416
WESCO International, Inc.(a)		9,989		577,164
Total				6,763,144
Total Industrials				64,368,932
Information Technology 17.9%
Communications Equipment 0.3%
Ciena Corp.(a)		55,484		758,466
Procera Networks, Inc.(a)		30,145		638,773
Total				1,397,239
Computers & Peripherals 0.4%
NCR Corp.(a)		27,845		623,450
QLogic Corp.(a)		88,070		1,071,812
Total				1,695,262
Electronic Equipment, Instruments & Components 2.8%
Anixter International, Inc.		37,740		2,269,306
Electro Scientific Industries, Inc.		93,270		1,143,490
FEI Co.		92,384		4,961,945
OSI Systems, Inc.(a)		10,679		791,314
Rofin-Sinar Technologies, Inc.(a)		26,600		578,018
Rogers Corp.(a)		27,000		1,074,330
TTM Technologies, Inc.(a)		59,644		632,226
Total				11,450,629
Internet Software & Services 0.8%
Cornerstone OnDemand, Inc.(a)		23,704		635,504
Liquidity Services, Inc.(a)		11,266		590,226
Saba Software, Inc.(a)		120,000		1,128,000
Web.com Group, Inc.(a)		47,542		791,574
Total				3,145,304
IT Services 2.9%
Acxiom Corp.(a)		72,870		1,243,162
Booz Allen Hamilton Holdings Corp.		66,054		1,212,751
Cardtronics, Inc.(a)		58,970		1,665,903
FleetCor Technologies, Inc.(a)		14,740		636,473
Global Cash Access Holdings, Inc.(a)		268,300		2,057,861

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

Annual Report 2012 11

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Heartland Payment Systems, Inc.		21,382		649,585
Lender Processing Services, Inc.		43,000		1,207,010
MAXIMUS, Inc.		14,817		805,897
NeuStar, Inc., Class A(a)		57,598		2,163,957
Total				11,642,599
Semiconductors & Semiconductor Equipment 4.1%
Cirrus Logic, Inc.(a)		58,509		2,438,070
Fairchild Semiconductor International, Inc.(a)		73,500		1,067,220
IXYS Corp.(a)		90,494		880,507
Kulicke & Soffa Industries, Inc.(a)		127,000		1,438,910
Lattice Semiconductor Corp.(a)		189,340		736,533
Mellanox Technologies Ltd.(a)		47,160		5,394,632
Micrel, Inc.		82,268		817,744
Microsemi Corp.(a)		29,098		579,341
Silicon Image, Inc.(a)		165,000		780,450
Teradyne, Inc.(a)		47,108		735,827
Ultra Clean Holdings(a)		60,537		355,957
Ultratech, Inc.(a)		18,421		607,525
Veeco Instruments, Inc.(a)		21,831		748,803
Total				16,581,519
Software 6.6%
ACI Worldwide, Inc.(a)		15,481		671,566
Aspen Technology, Inc.(a)		39,725		968,496
BroadSoft, Inc.(a)		94,690		3,428,725
CommVault Systems, Inc.(a)		16,477		830,770
Ellie Mae, Inc.(a)		88,380		2,277,553
Envivio, Inc.(a)		73,000		191,990
EPIQ Systems, Inc.		75,000		879,000
Fortinet, Inc.(a)		24,199		641,515
Informatica Corp.(a)		74,140		2,416,964
Jive Software, Inc.(a)		85,603		1,291,749
Manhattan Associates, Inc.(a)		13,105		662,851
Mentor Graphics Corp.(a)		123,819		2,046,728
Netscout Systems, Inc.(a)		80,137		1,903,254
NetSuite, Inc.(a)		13,208		751,271
SolarWinds, Inc.(a)		13,146		721,452
Sourcefire, Inc.(a)		86,264		4,476,239
Tangoe, Inc.(a)		29,531		478,402
Tyler Technologies, Inc.(a)		17,525		705,557
Ultimate Software Group, Inc.(a)		9,836		975,633
VirnetX Holding Corp.(a)		15,306		398,109
Total				26,717,824
Total Information Technology				72,630,376

Common Stocks (continued)
Issuer	Shares		Value ($)
Materials 3.4%
Chemicals 1.1%
American Vanguard Corp.		27,105		797,429
Cytec Industries, Inc.		24,260		1,661,082
Koppers Holdings, Inc.		26,760		867,292
PolyOne Corp.		78,540		1,239,361
Total				4,565,164
Construction Materials 0.1%
Texas Industries, Inc.		13,881		540,804
Containers & Packaging 0.3%
Boise, Inc.		144,000		1,084,320
Metals & Mining 0.9%
Metals U.S.A. Holdings Corp.(a)		92,000		1,268,680
Reliance Steel & Aluminum Co.		18,780		965,856
RTI International Metals, Inc.(a)		22,461		487,179
Worthington Industries, Inc.		45,000		940,500
Total				3,662,215
Paper & Forest Products 1.0%
Clearwater Paper Corp.(a)		24,000		905,280
Neenah Paper, Inc.		62,885		1,755,120
Schweitzer-Mauduit International, Inc.		39,000		1,258,920
Total				3,919,320
Total Materials				13,771,823
Telecommunication Services 0.2%
Diversified Telecommunication Services 0.2%
8x8, Inc.(a)		111,077		657,576
Total Telecommunication Services				657,576
Utilities 2.7%
Electric Utilities 1.1%
Cleco Corp.		24,020		983,138
Pinnacle West Capital Corp.		16,260		835,276
Portland General Electric Co.		39,689		1,065,253
UIL Holdings Corp.		48,000		1,688,640
Total				4,572,307
Gas Utilities 1.0%
New Jersey Resources Corp.		38,374		1,719,539
South Jersey Industries, Inc.		30,000		1,518,600
Southwest Gas Corp.		15,700		671,175
Total				3,909,314
Multi-Utilities 0.6%
Avista Corp.		64,484		1,637,894

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

12 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)
Issuer	Shares		Value ($)
Vectren Corp.		35,625		1,004,981
Total				2,642,875
Total Utilities				11,124,496
Total Common Stocks
(Cost: $378,531,309)				386,275,651

Money Market Funds 4.7%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.164%(b)(c)		19,091,625		19,091,625
Total Money Market Funds (Cost: $19,091,625)				19,091,625
Total Investments
(Cost: $397,622,934)				405,367,276
Other Assets & Liabilities, Net				625,054
Net Assets				405,992,330

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		20,000		300,959,091		(281,887,466	)		—		19,091,625		—		10,307		19,091,625

Abbreviation Legend

ADR American Depositary Receipt

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).

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.

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

Annual Report 2012 13

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2012:

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		56,320,395		—		—		56,320,395
Consumer Staples		7,496,458		—		—		7,496,458
Energy		23,032,164		—		—		23,032,164
Financials		82,581,428		—		—		82,581,428
Health Care		54,292,003		—		—		54,292,003
Industrials		64,368,932		—		—		64,368,932
Information Technology		72,630,376		—		—		72,630,376
Materials		13,771,823		—		—		13,771,823
Telecommunication Services		657,576		—		—		657,576
Utilities		11,124,496		—		—		11,124,496
Total Equity Securities		386,275,651		—		—		386,275,651
Other
Money Market Funds		19,091,625		—		—		19,091,625
Total Other		19,091,625		—		—		19,091,625
Total		405,367,276		—		—		405,367,276

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

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

14 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value
Unaffiliated issuers (identified cost $378,531,309)	$386,275,651
Affiliated issuers (identified cost $19,091,625)	19,091,625
Total investments (identified cost $397,622,934)	405,367,276
Receivable for:
Investments sold	1,610,947
Capital shares sold	1,609,280
Dividends	229,930
Expense reimbursement due from Investment Manager	3,574
Prepaid expenses	5,844
Trustees’ deferred compensation plan	236
Other assets	23,144
Total assets	408,850,231
Liabilities
Payable for:
Investments purchased	1,195,119
Capital shares purchased	947,605
Investment management fees	9,714
Distribution and service fees	2,757
Transfer agent fees	119,936
Administration fees	882
Compensation of board members	2,919
Chief compliance officer expenses	38
Other expenses	157,534
Trustees’ deferred compensation plan	236
Other liabilities	421,161
Total liabilities	2,857,901
Net assets applicable to outstanding capital stock	$405,992,330
Represented by
Paid-in capital	$406,145,103
Accumulated net investment loss	(5,088	)
Accumulated net realized loss	(7,892,027	)
Unrealized appreciation (depreciation) on:
Investments	7,744,342
Total — representing net assets applicable to outstanding capital stock	$405,992,330
Class A
Net assets	$405,992,330
Shares outstanding	40,306,999
Net asset value per share	$10.07

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

Annual Report 2012 15

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Statement of Operations

Year Ended August 31, 2012^(a)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,480,511
Dividends — affiliated issuers	10,307
Foreign taxes withheld	(987	)
Total income	1,489,831
Expenses:
Investment management fees	1,163,423
Service fees
Class A	329,302
Transfer agent fees
Class A	528,152
Administration fees	105,377
Compensation of board members	6,860
Custodian fees	17,427
Printing and postage fees	89,205
Registration fees	54,650
Professional fees	17,014
Chief compliance officer expenses	95
Other	14,421
Total expenses	2,325,926
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(560,869	)
Total net expenses	1,765,057
Net investment loss	(275,226	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(7,892,027	)
Net realized loss	(7,892,027	)
Net change in unrealized appreciation (depreciation) on:
Investments	7,744,342
Net change in unrealized appreciation (depreciation)	7,744,342
Net realized and unrealized loss	(147,685	)
Net decrease in net assets from operations	$(422,911	)

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

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

16 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)
Operations
Net investment loss		$(275,226	)
Net realized loss		(7,892,027	)
Net change in unrealized appreciation (depreciation)		7,744,342
Net decrease in net assets resulting from operations		(422,911	)
Increase (decrease) in net assets from capital stock activity		406,395,241
Total increase in net assets		405,972,330
Net assets at beginning of year		20,000
Net assets at end of year		$405,992,330
Accumulated net investment loss		$(5,088	)

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

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

Annual Report 2012 17

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)
	Shares			Dollars($)
Capital stock activity
Class A shares
Subscriptions		42,801,363			430,642,561
Redemptions		(2,496,364	)		(24,247,320	)
Net increase		40,304,999			406,395,241
Total net increase		40,304,999			406,395,241

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 2012.

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

18 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

Class  A	Year  Ended August  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.00
Income from investment operations:
Net investment loss	(0.01	)
Net realized and unrealized gain	0.08	(b)
Total from investment operations	0.07
Net asset value, end of period	$10.07
Total return	0.70	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed	1.77	%(d)
Net expenses after fees waived or expenses reimbursed(e)	1.34	%(d)
Net investment loss	(0.21	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$405,992
Portfolio turnover	26	%

Notes to Financial Highlights

(a) For the period from April 20, 2012 (commencement of operations) to August 31, 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) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

Annual Report 2012 19

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Active Portfolios^® Multi-Manager Small Cap Equity Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

On March 14, 2012, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), invested $20,000 in the Class A shares of the Fund, which represented the initial capital at $10.00 per share. Shares of the Fund were first offered to the public on April 20, 2012.

These financial statements cover the period from April 20, 2012 (commencement of operations) to August 31, 2012.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund only offers Class A shares that are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial or its affiliates.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge.

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

All equity securities and exchange traded funds (ETFs) are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and ETFs 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.

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.

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

20 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Notes to Financial Statements (continued)

August 31, 2012

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded 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. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

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.

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 or 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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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.

Annual Report 2012 21

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Notes to Financial Statements (continued)

August 31, 2012

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, the Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) has 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 0.90% to 0.80% as the Fund’s net assets increase. The annualized effective investment management fee rate for the period ended August 31, 2012 was 0.88% of the Fund’s average daily net assets.

Subadvisory Agreements

The Investment Manager has entered into Subadvisory Agreements with Dalton, Greiner, Hartman, Maher & Co., LLC (DGHM), EAM Investors, LLC and RS Investment Management Co. LLC (RS Investments), each of which subadvises a portion of the assets of the Fund. In addition, Real Estate Management Services Group provides advisory services with respect to REITs in DGHM’s sleeve of investments. 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 Fund’s 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.

Effective October 1, 2012, Conestega Capital Advisors, LLC replaced RS Investments as the subadviser of the portion of the Fund for which RS Investments was responsible for day-to-day investment decisions.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the period ended August 31, 2012 was 0.08% of the Fund’s average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust’s

eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund’s assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund’s expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the period ended August 31, 2012, the Fund’s annualized effective transfer agent fee rate as a percentage of average daily net assets for Class A shares was 0.40%.

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

22 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2014, 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 annual rate of 1.34% of Class A shares’ average daily net assets.

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, 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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, capital loss carryforwards, Trustees’ deferred compensation, non-deductible expenses, and net operating loss reclassifications. 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:

Accumulated net investment loss	$270,138
Accumulated net realized loss	—
Paid-in capital	(270,138	)

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

For the period ended August 31, 2012 there were no distributions.

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$—
Undistributed long-term capital gain	—
Unrealized appreciation	6,515,845

At August 31, 2012, the cost of investments for federal income tax purposes was $398,851,431 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$25,381,102
Unrealized depreciation	(18,865,257	)
Net unrealized appreciation	$6,515,845

The following capital loss carryforward, determined at August 31, 2012, 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 ($)
Unlimited short-term		6,663,530
Unlimited long-term		—
Total		6,663,530

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.

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 $477,396,530 and $90,973,194, respectively, for the period ended August 31, 2012.

Annual Report 2012 23

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Notes to Financial Statements (continued)

August 31, 2012

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 August 31, 2012, one unaffiliated shareholder account owned nearly 100% 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 8. 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 period ended August 31, 2012.

Note 9. 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 10. 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.

24 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and

the Shareholders of Active Portfolios^® Multi-Manager Small Cap 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 Active Portfolios^® Multi-Manager Small Cap Equity Fund (the “Fund”) (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets, and the financial highlights for the period then ended, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at August 31, 2012 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 22, 2012

Annual Report 2012 25

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Trustees and Officers

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

Independent Trustees
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael’s College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

26 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Trustees and Officers (continued)

Independent Trustees (continued)
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee
Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012 27

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Trustees and Officers (continued)

Officers (continued)
Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

28 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements

On March 7, 2012, the Board of Trustees (the “Board”) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”) unanimously approved, for an initial two-year term, the Investment Management Services Agreement (the “Advisory Agreement”) with Columbia Management Investment Advisers, LLC (the “Investment Manager”) and the Subadvisory Agreements (the “Subadvisory Agreements”) with Dalton, Greiner, Hartman, Maher & Co., LLC, EAM Investors, LLC and RS Investment Management Co. LLC (the “Subadvisers”) with respect to Active Portfolios^® Multi-Manager Small Cap Equity Fund (the “Fund”), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the “Committee”) and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the Advisory Agreement and the Subadvisory Agreements (collectively, the “Agreements”).

In connection with their deliberations regarding the proposed Agreements, the Committee and the Board requested and evaluated materials from the Investment Manager and the Subadvisers regarding the Fund and the Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on October 25, 2011, February 17, 2012 and March 6, 2012 and at the Board meeting held on March 7, 2012. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On March 6, 2012, the Committee recommended that the Board approve the Agreements. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager and the Subadvisers believed reasonably necessary to evaluate and to determine whether to approve the Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the Agreements for the Fund included the following:

> Information regarding the reputation, financial strength, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and the Subadvisers, and other personnel proposed to provide investment management, administrative and other services to the Fund;

> Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer, to be provided under a separate Administrative Services Agreement;

> The terms and conditions of the Agreements;

> The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

> The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

> The advisory fees and total expenses of the existing Columbia Funds from which assets are expected to be redeemed in connection with the investment of seed capital in the Fund;

> Descriptions of various functions performed by the Investment Manager and the Subadvisers under the Agreements, including portfolio management and portfolio trading practices; and

> Information regarding the investment management fees and other expenses of the Fund relative to those of comparable funds determined by an independent third-party data provider to be in the same peer group or universe of funds.

Nature, Extent and Quality of Services to be Provided under the Agreements

The Committee and the Board considered the nature, extent and quality of services to be provided to the Fund by the Investment Manager and the Subadvisers and their affiliates under the Agreements and under separate agreements for the provision of

Annual Report 2012 29

Active Portfolios^®Multi-Manager Small Cap Equity Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and the Subadvisers and their affiliates. The Committee and the Board considered, among other things, the Investment Manager’s and the Subadvisers’ ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, trade execution services and the quality of the Investment Manager’s and the Subadvisers’ investment research capabilities, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board considered the scope of services to be provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with similarly-structured funds. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager’s ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager’s ability to coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Agreements supported the approval of the Agreements.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Agreements as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the proposed fees under the Agreements, the Committee and the Board considered, among other information, the Fund’s proposed advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board also took into account the fee waiver and expense limitation arrangements that the Investment Manager would observe during the Fund’s first two years, and the advisory fees and total expense ratios of comparable funds identified by an independent third-party data provider for purposes of expense comparison.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the approval of the Agreements.

Costs of Services to be Provided and Profitability

The Committee and the Board considered information provided by the Investment Manager with respect to estimated costs of services and profitability, and expected to consider the costs of services and the profitability of the Investment Manager and its affiliates in connection with the Committee’s and the Board’s next review and continuation of the Agreements. The Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager and the Subadvisers regarding their financial condition. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to the Subadvisers of their relationships with the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated costs of services to be provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Agreements.

Investment Performance

Because the Fund had not yet commenced operations, the Committee and the Board did not have investment performance to compare to the returns of a peer group and a universe of comparable funds. However, the Committee and the Board expected to consider, in connection with their next review and continuation of the Agreements, the investment performance of the Fund in relation to the annualized return for various time periods of a benchmark and a group of comparable funds, as determined by an independent third party data provider.

30 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity Fund

Board Consideration and Approval of Advisory Agreement and Subadvisory Agreements (continued)

The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the anticipated performance of the Fund supported approval of the Agreements.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager and the Subadvisers of services to the Fund, to groups of related funds, and to the Investment Manager’s and the Subadvisers’ investment advisory clients as a whole, and whether those economies of scale were expected to be shared with the Fund through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager and/or the Subadvisers in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints in the Advisory Agreement did not occur at the same levels as the breakpoints in the Subadvisory Agreements, and considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under such new subadvisory agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Advisory Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on the Subadvisers’ ability to manage assets might have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers might need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these issues, the Committee and the Board also considered the costs of the services to be provided (both on an absolute and relative basis) by the Investment Manager and its affiliates, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the approval of the Agreements.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits to be received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager’s affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund’s distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions to be generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the proposed Agreements. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the Agreements.

Annual Report 2012 31

Active Portfolios^®Multi-Manager Small Cap Equity Fund

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32 Annual Report 2012

Active Portfolios^® Multi-Manager Small Cap Equity 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 2012 33

Active Portfolios^® Multi-Manager Small Cap Equity 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1846 A (10/12)

Annual Report

August 31, 2012

Columbia Balanced Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Balanced Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Balanced 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	31
Statement of Operations	33
Statement of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	53
Federal Income Tax Information	54
Trustees and Officers	55
Board Consideration and Approval of Advisory Agreement	58
Important Information About This Report	65

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 2012

Columbia Balanced Fund

Performance Overview

Performance Summary

>Columbia Balanced Fund (the Fund) Class A shares returned 13.14% excluding sales charges for the 12-month period ended August 31, 2012.

>The Fund's equity benchmark, the S&P 500 Index, returned 18.00% during the period while the Fund's fixed-income benchmark, the Barclays U.S. Aggregate Bond Index, returned 5.78%.

>During a period of strong returns for the equity markets, an overweight in equities aided Fund performance.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A*	11/01/02
Excluding sales charges			13.14		5.32		6.90
Including sales charges			6.64		4.08		6.27
Class B*	11/01/02
Excluding sales charges			12.30		4.52		6.09
Including sales charges			7.30		4.19		6.09
Class C*	10/13/03
Excluding sales charges			12.34		4.52		6.12
Including sales charges			11.34		4.52		6.12
Class R*	09/27/10		12.87		5.04		6.65
Class R4*	03/07/11		13.26		5.34		6.94
Class R5*	03/07/11		13.52		5.60		7.20
Class Z	10/01/91		13.42		5.57		7.19
Barclays U.S. Aggregate Bond Index			5.78		6.66		5.48
S&P 500 Index			18.00		1.28		6.51

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 since inception 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 Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The 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. Securities in the Fund may not match those in an index.

Annual Report 2012
2

Columbia Balanced Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Balanced 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 2012
3

Columbia Balanced Fund

Manager Discussion of Fund Performance

For the 12-month period that ended August 31, 2012, the Fund's Class A shares returned 13.14% excluding sales charges. The S&P 500 Index returned 18.00% and the Barclays U.S. Aggregate Bond Index returned 5.78% for the same time period. Both equity and fixed-income portions of the Fund performed well versus their individual benchmarks. Results were also aided by an overweight in equities relative to the Fund's target allocation throughout the period.

Strong Market Advance Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and second quarter growth was just 1.3%. Job growth was strong early in 2012, but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — has slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market began the period on the upswing. Larger-cap, more defensive stocks led the rally, which broadened to include mid- and small-caps into 2012 on solid corporate earnings, a better housing market and growing investor confidence. Volatility increased in the spring as worries over the sovereign debt problems in Europe and the economy at home resurfaced. Stock prices fell sharply in the second quarter of 2012 before regaining ground in the final months of the reporting period.

Equity Holdings Generated Solid Results

The Fund's equity component performed in line with its benchmark, aided by several specific large-cap holdings. In telecommunications, the Fund's purchase of Sprint paid off when the investment community took a more favorable view of the company's "Project Vision" restructuring program. In technology, holdings such as eBay and Apple easily topped the market, as did Home Depot in the consumer cyclicals sector. CVS/Caremark and Philip Morris International also outpaced the overall market.

On the downside, we emphasized energy service companies such as Schlumberger, Halliburton, and Baker Hughes, within the energy sector. However, they underperformed amid industry-wide overcapacity in pressure pumping. Basic materials company Celanese was another disappointment, declining sharply when demand from China proved weaker than expected. Investments in the financial sector were also a drag on overall performance.

Portfolio Management

Guy Pope, CFA

Leonard Aplet, CFA

Brian Lavin, CFA

Ronald Stahl, CFA

Gregory Liechty

Top Ten Holdings (%) (at August 31, 2012)
Federal Home Loan Mortgage Corp. 3.500% 09/01/2042	4.4
Apple, Inc.	3.8
Berkshire Hathaway, Inc., Class B	2.3
Google, Inc., Class A	1.9
Johnson & Johnson	1.9
Exxon Mobil Corp.	1.8
Federal Home Loan Mortgage Corp. 4.000% 09/01/2042	1.7
Philip Morris International, Inc.	1.6
Wells Fargo & Co.	1.5
Chevron Corp.	1.5

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Balanced Fund

Manager Discussion of Fund Performance (continued)

Fixed-Income Component Outperforms

The fixed-income portion of the portfolio outperformed its benchmark, but the dynamics of the marketplace differed markedly from the equity side. Yields from Treasury securities were stuck at historically low levels, and investors were rewarded for seeking extra yields from riskier sectors of the market. In this environment, the Fund's investments in corporate bonds, asset-backed securities and collateralized mortgage-backed securities aided overall performance. A small position in high-yield bonds also paid off. High-yield issuers made tremendous progress in reducing their interest burden and increasing liquidity, and default rates came in below historical norms.

The Fund's overall fixed income duration was shorter than the benchmark's, which created a slight drag on performance as interest rates declined. However, that drag was mostly offset by the portfolio's above-benchmark weight at the longer end of the yield curve, which benefited performance. Duration is a measure of interest rate sensitivity.

Looking Ahead

Given the prevailing low yields on fixed income securities, we currently expect investors to continue to favor equities. However, our optimism must also strike a cautious note, as political gridlock, the looming expiration of tax breaks and other stimulus measures and an uncertain global recovery are all potential headwinds with which investors must cope. We anticipate some interest-rate volatility, but we also expect domestic monetary policy to remain accommodative for the foreseeable future as unemployment remains high and the housing market continues its recovery. Although we don't expect the Federal Reserve to raise short-term borrowing rates, we view interest rates to be low enough to limit any meaningful upside in Treasury prices and therefore plan to keep the duration of the fixed-income portfolio shorter than that of the benchmark.

Portfolio Breakdown (%) (at August 31, 2012)
Asset-Backed Securities — Non-Agency	0.7
Commercial Mortgage-Backed Securities — Agency	2.3
Commercial Mortgage-Backed Securities — Non-Agency	2.9
Common Stocks	60.3
Consumer Discretionary	7.3
Consumer Staples	6.5
Energy	7.0
Financials	9.3
Health Care	9.0
Industrials	6.1
Information Technology	12.9
Materials	1.3
Telecommunication Services	0.9
Corporate Bonds & Notes	10.6
Consumer Discretionary	0.5
Consumer Staples	0.3
Energy	1.1
Financials	3.3
Health Care	0.7
Industrials	0.8
Materials	0.5
Telecommunication Services	1.9
Utilities	1.5
Foreign Government Obligations	0.7
Inflation-Indexed Bonds	0.3
Money Market Funds	7.7
Municipal Bonds	0.1
Residential Mortgage-Backed Securities — Agency	12.3
Residential Mortgage-Backed Securities — Non-Agency	0.2
Senior Loans	0.1
U.S. Treasury Obligations	1.8
Warrants	0.0	(a)
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

Annual Report 2012
5

Columbia Balanced 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.

March 1, 2012 – August 31, 2012

	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		1,032.30		1,019.46		5.77		5.74		1.13
Class B		1,000.00		1,000.00		1,028.50		1,015.79		9.48		9.42		1.86
Class C		1,000.00		1,000.00		1,028.50		1,015.74		9.54		9.48		1.87
Class R		1,000.00		1,000.00		1,030.70		1,018.25		6.99		6.95		1.37
Class R4		1,000.00		1,000.00		1,032.60		1,019.96		5.26		5.23		1.03
Class R5		1,000.00		1,000.00		1,033.90		1,021.22		3.99		3.96		0.78
Class Z		1,000.00		1,000.00		1,033.60		1,020.81		4.40		4.37		0.86

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 366.

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 2012
6

Columbia Balanced Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 63.8%

Issuer	Shares		Value ($)
Consumer Discretionary 7.8%
Auto Components 0.7%
Delphi Automotive PLC(a)		68,518		2,075,410
Johnson Controls, Inc.		233,452		6,352,229
Total				8,427,639
Hotels, Restaurants & Leisure 0.7%
McDonald's Corp.		89,659		8,023,584
Media 3.5%
Comcast Corp., Class A		351,306		11,779,290
DIRECTV(a)		152,442		7,940,704
Discovery Communications, Inc., Class A(a)		140,694		7,715,659
Viacom, Inc., Class B		306,816		15,343,868
Total				42,779,521
Multiline Retail 0.9%
Target Corp.		175,372		11,239,592
Specialty Retail 1.3%
Home Depot, Inc. (The)		168,143		9,542,115
Lowe's Companies, Inc.		208,920		5,950,042
Total				15,492,157
Textiles, Apparel & Luxury Goods 0.7%
Nike, Inc., Class B		82,781		8,059,558
Total Consumer Discretionary				94,022,051
Consumer Staples 6.9%
Beverages 2.0%
Diageo PLC, ADR		69,231		7,561,410
PepsiCo, Inc.		226,640		16,415,535
Total				23,976,945
Food & Staples Retailing 1.0%
CVS Caremark Corp.		259,745		11,831,385
Food Products 1.2%
Kraft Foods, Inc., Class A		361,458		15,011,351
Household Products 1.1%
Procter & Gamble Co. (The)		197,995		13,303,284
Tobacco 1.6%
Philip Morris International, Inc.		211,318		18,870,697
Total Consumer Staples				82,993,662

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 7.4%
Energy Equipment & Services 1.9%
Baker Hughes, Inc.		104,406		4,760,914
Halliburton Co.		312,109		10,224,691
National Oilwell Varco, Inc.		57,783		4,553,300
Weatherford International Ltd.(a)		256,403		3,015,299
Total				22,554,204
Oil, Gas & Consumable Fuels 5.5%
Apache Corp.		63,188		5,418,371
Chevron Corp.		160,799		18,035,216
ConocoPhillips		181,778		10,323,172
Devon Energy Corp.		139,995		8,095,911
Exxon Mobil Corp.		238,300		20,803,590
Noble Energy, Inc.		43,721		3,843,076
Total				66,519,336
Total Energy				89,073,540
Financials 9.8%
Capital Markets 3.0%
BlackRock, Inc.		59,563		10,505,126
Goldman Sachs Group, Inc. (The)		54,571		5,769,246
Invesco Ltd.		325,204		7,700,831
Morgan Stanley		298,172		4,472,580
State Street Corp.		196,892		8,190,707
Total				36,638,490
Commercial Banks 1.5%
Wells Fargo & Co.		533,480		18,154,324
Diversified Financial Services 1.8%
Citigroup, Inc.		236,955		7,039,933
JPMorgan Chase & Co.		402,610		14,952,936
Total				21,992,869
Insurance 3.5%
Aon PLC		299,220		15,547,471
Berkshire Hathaway, Inc., Class B(a)		318,128		26,830,916
Total				42,378,387
Total Financials				119,164,070

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

Annual Report 2012
7

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 9.5%
Biotechnology 0.7%
Celgene Corp.(a)		111,421		8,026,769
Health Care Equipment & Supplies 1.6%
Baxter International, Inc.		172,254		10,107,865
Covidien PLC		156,445		8,768,742
Total				18,876,607
Health Care Providers & Services 2.3%
Cardinal Health, Inc.		179,599		7,103,141
CIGNA Corp.		135,983		6,223,942
Express Scripts Holding Co.(a)		138,639		8,681,574
Humana, Inc.		85,280		5,976,422
Total				27,985,079
Pharmaceuticals 4.9%
Abbott Laboratories		192,792		12,635,588
Johnson & Johnson		325,845		21,971,728
Merck & Co., Inc.		218,156		9,391,616
Pfizer, Inc.		663,953		15,841,918
Total				59,840,850
Total Health Care				114,729,305
Industrials 6.5%
Aerospace & Defense 1.3%
Honeywell International, Inc.		142,121		8,306,972
United Technologies Corp.		99,154		7,917,447
Total				16,224,419
Air Freight & Logistics 0.3%
FedEx Corp.		45,068		3,949,309
Industrial Conglomerates 2.6%
General Electric Co.		763,742		15,817,097
Tyco International Ltd.		269,829		15,212,959
Total				31,030,056
Machinery 0.9%
Eaton Corp.(b)		80,705		3,609,128
Stanley Black & Decker, Inc.		102,296		6,729,031
Total				10,338,159
Professional Services 0.7%
Nielsen Holdings NV(a)		312,932		8,774,613

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 0.7%
Union Pacific Corp.		65,057		7,900,522
Total Industrials				78,217,078
Information Technology 13.7%
Communications Equipment 1.2%
QUALCOMM, Inc.		233,783		14,368,303
Computers & Peripherals 4.5%
Apple, Inc.		67,903		45,171,792
EMC Corp.(a)		362,336		9,525,813
Total				54,697,605
Internet Software & Services 3.1%
eBay, Inc.(a)		307,351		14,589,952
Google, Inc., Class A(a)		32,841		22,499,041
Total				37,088,993
IT Services 2.2%
International Business Machines Corp.		66,593		12,975,646
Mastercard, Inc., Class A		31,973		13,521,382
Total				26,497,028
Office Electronics 0.4%
Xerox Corp.		641,887		4,730,707
Semiconductors & Semiconductor Equipment 0.6%
Skyworks Solutions, Inc.(a)		260,095		7,922,494
Software 1.7%
Electronic Arts, Inc.(a)		190,504		2,539,418
Microsoft Corp.		579,203		17,851,037
Total				20,390,455
Total Information Technology				165,695,585
Materials 1.3%
Chemicals 0.8%
Celanese Corp., Class A		95,614		3,658,192
Dow Chemical Co. (The)		107,086		3,138,691
EI du Pont de Nemours & Co.		63,610		3,164,597
Total				9,961,480
Metals & Mining 0.5%
Freeport-McMoRan Copper & Gold, Inc.		179,860		6,494,744
Total Materials				16,456,224

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

Annual Report 2012
8

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 0.9%
Wireless Telecommunication Services 0.9%
Sprint Nextel Corp.(a)		1,042,284		5,055,078
Vodafone Group PLC, ADR		226,258		6,543,381
Total				11,598,459
Total Telecommunication Services				11,598,459
Total Common Stocks (Cost: $623,255,341)				771,949,974

Corporate Bonds & Notes 11.3%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Aerospace & Defense 0.2%
ADS Tactical, Inc. Senior Secured(c) 04/01/18		11.000	%		179,000		179,447
B/E Aerospace, Inc. Senior Unsecured 04/01/22		5.250	%		107,000		111,815
Huntington Ingalls Industries, Inc. 03/15/18		6.875	%		104,000		111,280
03/15/21		7.125	%		27,000		29,228
Kratos Defense & Security Solutions, Inc. Senior Secured 06/01/17		10.000	%		223,000		237,495
L-3 Communications Corp. 02/15/21		4.950	%		1,100,000		1,211,291
Total							1,880,556
Automotive 0.1%
Allison Transmission, Inc.(b)(c) 05/15/19		7.125	%		64,000		67,680
Chrysler Group LLC/Co-Issuer, Inc.(b) Secured 06/15/19		8.000	%		80,000		84,400
06/15/21		8.250	%		80,000		84,400
Dana Holding Corp. Senior Unsecured 02/15/19		6.500	%		25,000		26,625
02/15/21		6.750	%		39,000		41,925
Delphi Corp. 05/15/19		5.875	%		95,000		102,600
05/15/21		6.125	%		19,000		20,900
Lear Corp. 03/15/20		8.125	%		15,000		16,781
03/15/18		7.875	%		75,000		82,500

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Schaeffler Finance BV Senior Secured(c) 02/15/19		8.500	%		90,000		99,225
Visteon Corp. 04/15/19		6.750	%		216,000		219,510
Total							846,546
Banking 1.9%
Abbey National Treasury Services PLC Bank Guaranteed(d) 04/25/14		2.028	%		1,525,000		1,484,319
BB&T Corp. Senior Unsecured(d) 04/28/14		1.147	%		1,500,000		1,507,277
Bank of America Corp. Senior Unsecured 01/05/21		5.875	%		840,000		944,142
Bear Stearns Companies LLC (The) Senior Unsecured 02/01/18		7.250	%		1,600,000		1,995,931
Capital One Financial Corp. Senior Unsecured 06/01/15		5.500	%		911,000		991,310
Citigroup, Inc. Senior Unsecured 05/15/18		6.125	%		1,950,000		2,261,473
Goldman Sachs Group, Inc. (The) Senior Unsecured 01/18/18		5.950	%		1,500,000		1,687,219
HSBC Holdings PLC Senior Unsecured 04/05/21		5.100	%		1,350,000		1,552,901
ING Bank NV Senior Unsecured(c)(d) 06/09/14		1.810	%		1,400,000		1,393,969
KeyCorp Senior Unsecured 03/24/21		5.100	%		1,300,000		1,497,954
Lloyds TSB Bank PLC Bank Guaranteed 01/21/21		6.375	%		1,300,000		1,506,584
Merrill Lynch & Co., Inc. Senior Unsecured 04/25/18		6.875	%		675,000		787,344
Morgan Stanley Senior Unsecured 04/01/18		6.625	%		1,600,000		1,766,949
Synovus Financial Corp. Senior Unsecured 02/15/19		7.875	%		62,000		68,510

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

Annual Report 2012
9

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Bank Subordinated Notes(d) 04/29/20		3.778	%		1,800,000		1,905,428
Wachovia Corp. Subordinated Notes 08/01/14		5.250	%		1,500,000		1,613,693
Total							22,965,003
Brokerage —%
E*Trade Financial Corp. Senior Unsecured 12/01/15		7.875	%		30,000		30,525
11/30/17		12.500	%		128,000		146,080
Neuberger Berman Group LLC/Finance Corp.(c) Senior Unsecured 03/15/20		5.625	%		37,000		39,035
03/15/22		5.875	%		56,000		59,360
Total							275,000
Building Materials —%
Building Materials Corp. of America Senior Notes(c) 05/01/21		6.750	%		111,000		121,267
Gibraltar Industries, Inc. 12/01/15		8.000	%		57,000		58,568
Norcraft Companies LP/Finance Corp. Secured 12/15/15		10.500	%		86,000		86,000
Nortek, Inc. 12/01/18		10.000	%		10,000		10,950
04/15/21		8.500	%		55,000		58,438
Total							335,223
Chemicals 0.2%
Ashland, Inc. Senior Unsecured(c) 08/15/22		4.750	%		42,000		42,105
Celanese U.S. Holdings LLC 06/15/21		5.875	%		69,000		76,245
Dow Chemical Co. (The) Senior Unsecured 11/01/29		7.375	%		778,000		1,054,968
Hexion US Finance Corp. Senior Secured 04/15/20		6.625	%		111,000		112,110
Huntsman International LLC(b) 03/15/21		8.625	%		42,000		48,090
Ineos Finance PLC Senior Secured(c) 05/15/15		9.000	%		61,000		64,660

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
JM Huber Corp. Senior Notes(c) 11/01/19		9.875	%		80,000		88,700
Koppers, Inc. 12/01/19		7.875	%		14,000		15,295
LyondellBasell Industries NV Senior Unsecured 11/15/21		6.000	%		295,000		336,300
LyondellBasell Industries NV(b) Senior Unsecured 04/15/24		5.750	%		201,000		227,633
MacDermid, Inc.(c) 04/15/17		9.500	%		96,000		100,080
Nova Chemicals Corp. Senior Unsecured 11/01/19		8.625	%		57,000		64,980
Polypore International, Inc. 11/15/17		7.500	%		114,000		122,550
Total							2,353,716
Construction Machinery 0.2%
Ashtead Capital, Inc.(c) 07/15/22		6.500	%		21,000		21,840
CNH Capital LLC(c) 11/01/16		6.250	%		169,000		183,365
Case New Holland, Inc. 12/01/17		7.875	%		151,000		177,425
Caterpillar Financial Services Corp. Senior Unsecured 06/01/22		2.850	%		1,520,000		1,584,147
Columbus McKinnon Corp. 02/01/19		7.875	%		87,000		92,437
H&E Equipment Services, Inc.(c) 09/01/22		7.000	%		31,000		32,163
Manitowoc Co., Inc. (The)(b) 11/01/20		8.500	%		59,000		65,342
Neff Rental LLC/Finance Corp. Secured(c) 05/15/16		9.625	%		84,000		84,210
UR Merger Sub Corp. 12/15/19		9.250	%		99,000		111,127
06/15/16		10.875	%		9,000		10,069
Senior Unsecured 11/15/19		10.250	%		25,000		28,313
02/01/21		8.250	%		38,000		41,610
UR Merger Sub Corp.(c) 05/15/20		7.375	%		45,000		47,700
04/15/22		7.625	%		114,000		123,405
Secured 07/15/18		5.750	%		55,000		58,163
Total							2,661,316

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

Annual Report 2012
10

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Consumer Cyclical Services —%
Goodman Networks, Inc. Senior Secured(c) 07/01/18		12.375	%		81,000		85,050
Consumer Products —%
Jarden Corp. 01/15/20		7.500	%		53,000		58,830
Libbey Glass, Inc.(c) 05/15/20		6.875	%		30,000		31,950
Spectrum Brands, Inc.(c) 03/15/20		6.750	%		96,000		100,800
Total							191,580
Diversified Manufacturing 0.1%
Actuant Corp.(c) 06/15/22		5.625	%		40,000		41,200
Amsted Industries, Inc. Senior Notes(c) 03/15/18		8.125	%		89,000		96,231
Ingersoll-Rand Global Holding Co., Ltd. 04/15/14		9.500	%		235,000		264,524
Tomkins LLC/Inc. Secured 10/01/18		9.000	%		49,000		54,635
United Technologies Corp. Senior Unsecured 06/01/22		3.100	%		950,000		1,010,640
Total							1,467,230
Electric 0.9%
AES Corp. (The) Senior Unsecured 07/01/21		7.375	%		98,000		112,210
06/01/20		8.000	%		65,000		75,725
Arizona Public Service Co. Senior Unsecured 04/01/42		4.500	%		1,000,000		1,112,786
CMS Energy Corp. Senior Unsecured 12/15/15		6.875	%		50,000		56,594
Calpine Corp. Senior Secured(c) 02/15/21		7.500	%		208,000		230,880
Commonwealth Edison Co. 1st Mortgage 09/15/17		6.150	%		775,000		945,189

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
DTE Energy Co. Senior Unsecured 04/15/33		6.375	%		340,000		451,629
05/15/14		7.625	%		600,000		666,737
Dominion Resources, Inc. Senior Unsecured 08/15/19		5.200	%		985,000		1,175,514
GenOn Energy, Inc. Senior Unsecured(b) 10/15/18		9.500	%		36,000		39,690
Indiana Michigan Power Co. Senior Unsecured 03/15/37		6.050	%		700,000		877,477
Nevada Power Co. 08/01/18		6.500	%		860,000		1,078,025
Ohio Edison Co. Senior Unsecured 07/15/36		6.875	%		750,000		999,909
Pacific Gas & Electric Co. Senior Unsecured 03/01/37		5.800	%		975,000		1,267,895
Progress Energy, Inc. Senior Unsecured 03/01/31		7.750	%		650,000		921,764
TransAlta Corp. Senior Unsecured 01/15/15		4.750	%		900,000		942,218
Total							10,954,242
Entertainment —%
AMC Entertainment, Inc. 12/01/20		9.750	%		6,000		6,630
06/01/19		8.750	%		77,000		84,315
Cinemark U.S.A., Inc 06/15/21		7.375	%		14,000		15,645
Total							106,590
Environmental —%
Clean Harbors, Inc.(c) 08/01/20		5.250	%		71,000		72,864
Food and Beverage 0.2%
Anheuser-Busch InBev Worldwide, Inc.(b)(d) 07/14/14		0.815	%		1,450,000		1,458,314
Aramark Holdings Corp. Senior Unsecured PIK(c) 05/01/16		8.625	%		22,000		22,523
Bacardi Ltd.(c) 04/01/14		7.450	%		95,000		104,294

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

Annual Report 2012
11

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Constellation Brands, Inc. 03/01/23		4.625	%		16,000		16,280
Cott Beverages, Inc. 09/01/18		8.125	%		9,000		9,911
Kraft Foods Group, Inc.(c) 06/06/22		3.500	%		1,150,000		1,218,033
Total							2,829,355
Gaming 0.1%
Caesars Entertainment Operating Co., Inc. Senior Secured(c) 02/15/20		8.500	%		108,000		106,515
Chester Downs & Marina LLC Senior Secured(b)(c) 02/01/20		9.250	%		57,000		57,570
MGM Resorts International 03/01/18		11.375	%		93,000		107,183
Senior Secured 03/15/20		9.000	%		82,000		91,840
Penn National Gaming, Inc. Senior Subordinated Notes 08/15/19		8.750	%		8,000		8,930
ROC Finance LLC/Corp. Secured(c) 09/01/18		12.125	%		114,000		129,960
Seminole Indian Tribe of Florida(c) 10/01/17		7.750	%		65,000		71,500
Senior Secured 10/01/20		6.535	%		51,000		52,827
Seneca Gaming Corp.(c) 12/01/18		8.250	%		80,000		82,400
Tunica-Biloxi Gaming Authority Senior Unsecured(c) 11/15/15		9.000	%		25,000		22,625
Total							731,350
Gas Distributors 0.1%
Atmos Energy Corp. Senior Unsecured 06/15/17		6.350	%		425,000		515,560
Sempra Energy Senior Unsecured 06/01/16		6.500	%		905,000		1,079,125
Total							1,594,685
Gas Pipelines 0.5%
El Paso LLC Senior Unsecured 06/15/14		6.875	%		18,000		19,480
09/15/20		6.500	%		264,000		298,650

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
01/15/32		7.750	%		88,000		103,608
06/01/18		7.250	%		14,000		16,135
Energy Transfer Partners LP Senior Unsecured 02/01/42		6.500	%		900,000		1,021,338
Enterprise Products Operating LLC 02/01/41		5.950	%		750,000		888,568
MarkWest Energy Partners LP/Finance Corp. 02/15/23		5.500	%		89,000		91,002
06/15/22		6.250	%		113,000		119,780
NiSource Finance Corp. 09/15/17		5.250	%		880,000		1,021,371
Regency Energy Partners LP/Finance Corp. 12/01/18		6.875	%		37,000		39,868
07/15/21		6.500	%		97,000		103,790
Southern Natural Gas Co. LLC Senior Unsecured(c) 04/01/17		5.900	%		825,000		971,298
Southern Star Central Corp. Senior Unsecured 03/01/16		6.750	%		168,000		170,940
TransCanada PipeLines Ltd.(d) 05/15/67		6.350	%		245,000		260,488
Williams Partners LP/Finance Corp. Senior Unsecured 02/01/17		7.250	%		870,000		1,053,948
Total							6,180,264
Health Care 0.5%
American Renal Associates Holdings, Inc. Senior Unsecured PIK 03/01/16		9.750	%		11,068		11,926
American Renal Holdings, Inc. Senior Secured 05/15/18		8.375	%		122,000		129,625
Biomet, Inc.(c) 08/01/20		6.500	%		83,000		86,112
CHS/Community Health Systems, Inc. 11/15/19		8.000	%		105,000		113,400
07/15/20		7.125	%		78,000		81,705
CHS/Community Health Systems, Inc.(b) Senior Secured 08/15/18		5.125	%		98,000		101,062
Cardinal Health, Inc. Senior Unsecured 06/15/15		4.000	%		1,050,000		1,131,994
ConvaTec Healthcare E SA Senior Unsecured(c) 12/15/18		10.500	%		145,000		154,425

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

Annual Report 2012
12

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
DaVita, Inc. 08/15/22		5.750	%		74,000		76,960
Emdeon, Inc.(c) 12/31/19		11.000	%		84,000		95,760
Express Scripts Holding Co. 06/15/14		6.250	%		1,032,000		1,128,566
Fresenius Medical Care U.S. Finance II, Inc.(c) 07/31/19		5.625	%		27,000		28,856
Fresenius Medical Care U.S. Finance, Inc.(c) 02/15/21		5.750	%		62,000		65,488
09/15/18		6.500	%		37,000		41,486
HCA Holdings, Inc. Senior Unsecured(b) 05/15/21		7.750	%		53,000		57,638
HCA, Inc. 02/15/22		7.500	%		104,000		115,700
Senior Secured 02/15/20		6.500	%		110,000		120,862
02/15/20		7.875	%		24,000		26,790
09/15/20		7.250	%		200,000		221,625
Hanger, Inc. 11/15/18		7.125	%		62,000		64,635
Health Management Associates, Inc.(c) 01/15/20		7.375	%		86,000		92,020
HealthSouth Corp. 02/15/20		8.125	%		63,000		69,379
09/15/22		7.750	%		5,000		5,463
Hologic, Inc.(b)(c) 08/01/20		6.250	%		30,000		31,763
Hospira, Inc. Senior Unsecured 03/30/17		6.050	%		750,000		864,705
IASIS Healthcare LLC/Capital Corp. 05/15/19		8.375	%		166,000		158,322
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured(c) 11/01/18		10.500	%		40,000		40,700
Multiplan, Inc.(c) 09/01/18		9.875	%		140,000		153,650
PSS World Medical, Inc. 03/01/22		6.375	%		14,000		14,805
Physio-Control International, Inc. Senior Secured(c) 01/15/19		9.875	%		70,000		75,600
Physiotherapy Associates Holdings, Inc. Senior Unsecured(c) 05/01/19		11.875	%		21,000		21,945
Radnet Management, Inc. 04/01/18		10.375	%		32,000		32,240

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Rural/Metro Corp. Senior Unsecured(c) 07/15/19		10.125	%		44,000		44,000
STHI Holding Corp. Secured(c) 03/15/18		8.000	%		46,000		48,990
Tenet Healthcare Corp. Senior Unsecured 08/01/20		8.000	%		54,000		57,240
Truven Health Analytics, Inc. Senior Unsecured(c) 06/01/20		10.625	%		40,000		42,700
United Surgical Partners International, Inc. Senior Unsecured(c) 04/01/20		9.000	%		44,000		47,245
Universal Hospital Services, Inc. Secured(c) 08/15/20		7.625	%		26,000		27,365
VWR Funding, Inc.(c)(e) 09/15/17		7.250	%		48,000		48,300
Vanguard Health Holding Co. II LLC/Inc. 02/01/18		8.000	%		132,000		138,600
Vanguard Health Holding Co. II LLC/Inc.(b) 02/01/19		7.750	%		52,000		54,210
Vanguard Health Holding Co. II LLC/Inc.(c) 02/01/19		7.750	%		33,000		34,403
Total							5,958,260
Healthcare Insurance 0.1%
AMERIGROUP Corp. Senior Unsecured 11/15/19		7.500	%		71,000		82,715
CIGNA Corp. Senior Unsecured 02/15/42		5.375	%		1,100,000		1,245,751
Total							1,328,466
Home Construction —%
KB Home 09/15/22		7.500	%		26,000		26,780
KB Home(b) 03/15/20		8.000	%		35,000		37,538
Meritage Homes Corp. 04/01/22		7.000	%		30,000		31,500
Shea Homes LP/Funding Corp. Senior Secured 05/15/19		8.625	%		71,000		78,987

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

Annual Report 2012
13

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Taylor Morrison Communities, Inc./ Monarch Communities, Inc.(c) 04/15/20		7.750	%		21,000		22,208
Taylor Morrison Communities, Inc./Monarch(c) 04/15/20		7.750	%		65,000		68,737
Total							265,750
Independent Energy 0.8%
Antero Resources Finance Corp. 12/01/17		9.375	%		5,000		5,513
08/01/19		7.250	%		17,000		18,148
Canadian Natural Resources Ltd. Senior Unsecured 05/15/17		5.700	%		1,000,000		1,185,275
Carrizo Oil & Gas, Inc. 10/15/18		8.625	%		116,000		123,830
Chaparral Energy, Inc. 10/01/20		9.875	%		35,000		39,725
Chaparral Energy, Inc.(c) 11/15/22		7.625	%		23,000		24,323
Chesapeake Energy Corp. 02/15/21		6.125	%		117,000		116,122
Chesapeake Energy Corp.(b) 08/15/20		6.625	%		166,000		170,565
Cimarex Energy Co. 05/01/22		5.875	%		80,000		85,000
Comstock Resources, Inc. 06/15/20		9.500	%		123,000		129,765
Concho Resources, Inc. 10/01/17		8.625	%		83,000		91,507
01/15/21		7.000	%		165,000		183,975
01/15/22		6.500	%		19,000		20,520
Continental Resources, Inc. 04/01/21		7.125	%		119,000		133,280
10/01/19		8.250	%		1,000		1,130
09/15/22		5.000	%		142,000		148,390
Continental Resources, Inc.(b)(c) 09/15/22		5.000	%		122,000		127,185
EP Energy LLC/Everest Acquisition Finance, Inc.(c) 09/01/22		7.750	%		13,000		13,033
EP Energy LLC/Finance, Inc.(b)(c) Senior Unsecured 05/01/20		9.375	%		145,000		157,687
EP Energy LLC/Finance, Inc.(c) Senior Secured 05/01/19		6.875	%		71,000		76,148
EnCana Corp. Senior Unsecured(b) 11/15/21		3.900	%		1,100,000		1,133,236

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Kodiak Oil & Gas Corp.(c) 12/01/19		8.125	%		233,000		247,562
Laredo Petroleum, Inc. 02/15/19		9.500	%		197,000		223,595
05/01/22		7.375	%		23,000		24,725
MEG Energy Corp.(c) 03/15/21		6.500	%		117,000		123,142
01/30/23		6.375	%		43,000		44,828
Newfield Exploration Co. Senior Unsecured 07/01/24		5.625	%		67,000		72,695
Nexen, Inc. Senior Unsecured 03/10/35		5.875	%		1,025,000		1,183,844
Oasis Petroleum, Inc. 02/01/19		7.250	%		109,000		114,995
11/01/21		6.500	%		106,000		108,120
01/15/23		6.875	%		61,000		62,525
Pioneer Natural Resources Co. Senior Unsecured 07/15/22		3.950	%		1,000,000		1,040,401
QEP Resources, Inc. Senior Unsecured 03/01/21		6.875	%		41,000		46,330
10/01/22		5.375	%		58,000		59,450
Range Resources Corp. 05/15/19		8.000	%		45,000		49,725
08/01/20		6.750	%		20,000		21,950
06/01/21		5.750	%		53,000		56,379
08/15/22		5.000	%		14,000		14,578
SM Energy Co. Senior Unsecured 11/15/21		6.500	%		43,000		44,935
SM Energy Co.(c) Senior Unsecured 01/01/23		6.500	%		31,000		32,318
SandRidge Energy, Inc.(c) 02/15/23		7.500	%		31,000		31,155
Southwestern Energy Co. 02/01/18		7.500	%		770,000		931,518
Whiting Petroleum Corp. 10/01/18		6.500	%		5,000		5,381
Woodside Finance Ltd.(c) 05/10/21		4.600	%		1,075,000		1,161,107
Total							9,685,615
Integrated Energy 0.1%
Petro-Canada Senior Unsecured 05/15/18		6.050	%		935,000		1,139,638

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

Annual Report 2012
14

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Life Insurance 0.4%
Hartford Financial Services Group, Inc. Senior Unsecured 04/15/22		5.125	%		975,000		1,047,887
Lincoln National Corp. Senior Unsecured 07/01/19		8.750	%		750,000		970,493
Metropolitan Life Global Funding I Senior Secured(c) 04/11/22		3.875	%		1,075,000		1,175,244
Prudential Financial, Inc. Senior Unsecured 06/15/17		6.100	%		1,050,000		1,232,737
Total							4,426,361
Lodging —%
Choice Hotels International, Inc. 07/01/22		5.750	%		32,000		34,320
Starwood Hotels & Resorts Worldwide, Inc. Senior Unsecured 12/01/19		7.150	%		30,000		35,850
Wyndham Worldwide Corp. Senior Unsecured 12/01/16		6.000	%		1,000		1,116
Total							71,286
Media Cable 0.2%
CCO Holdings LLC/Capital Corp. 09/30/22		5.250	%		163,000		161,370
04/30/20		8.125	%		79,000		88,875
01/15/19		7.000	%		42,000		45,675
01/31/22		6.625	%		76,000		82,270
CSC Holdings LLC Senior Unsecured 02/15/19		8.625	%		32,000		37,440
CSC Holdings LLC(b) Senior Unsecured 02/15/18		7.875	%		35,000		40,075
CSC Holdings LLC(c) Senior Unsecured 11/15/21		6.750	%		40,000		43,200
Cablevision Systems Corp. Senior Unsecured(b) 04/15/20		8.000	%		66,000		73,095
DIRECTV Holdings LLC/Financing Co., Inc. 03/01/21		5.000	%		1,100,000		1,236,382
DISH DBS Corp. 06/01/21		6.750	%		88,000		93,720
09/01/19		7.875	%		152,000		174,610

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
DISH DBS Corp.(c) 07/15/22		5.875	%		20,000		20,175
Videotron Ltee 07/15/22		5.000	%		38,000		40,280
Total							2,137,167
Media Non-Cable 0.5%
AMC Networks, Inc. 07/15/21		7.750	%		90,000		102,375
Clear Channel Worldwide Holdings Inc, Class A 03/15/20		7.625	%		24,000		22,920
Clear Channel Worldwide Holdings Inc, Class B 03/15/20		7.625	%		185,000		179,450
Clear Channel Worldwide Holdings, Inc. 12/15/17		9.250	%		52,000		56,485
Hughes Satellite Systems Corp. Senior Secured 06/15/19		6.500	%		43,000		46,064
Hughes Satellite Systems Corp.(b) 06/15/21		7.625	%		158,000		174,590
Intelsat Jackson Holdings SA(c) 10/15/20		7.250	%		241,000		259,677
Intelsat Luxembourg SA PIK 02/04/17		11.500	%		64,000		67,200
Lamar Media Corp.(b) 02/01/22		5.875	%		109,000		115,540
NBCUniversal Media LLC Senior Unsecured 04/01/41		5.950	%		1,100,000		1,382,638
National CineMedia LLC Senior Unsecured 07/15/21		7.875	%		79,000		85,517
National CineMedia LLC(c) Senior Secured 04/15/22		6.000	%		69,000		71,760
News America, Inc. 03/15/33		6.550	%		1,150,000		1,341,713
Nielsen Finance LLC/Co. 10/15/18		7.750	%		179,000		201,375
Salem Communications Corp. Secured 12/15/16		9.625	%		74,000		82,418
Sinclair Television Group, Inc. Secured(c) 11/01/17		9.250	%		63,000		70,166
TCM Sub LLC(c) 01/15/15		3.550	%		1,140,000		1,204,762

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

Annual Report 2012
15

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Univision Communications, Inc.(b)(c) 05/15/21		8.500	%		73,000		73,913
Univision Communications, Inc.(c) Senior Secured 11/01/20		7.875	%		114,000		121,980
XM Satellite Radio, Inc.(c) 11/01/18		7.625	%		123,000		135,300
Total							5,795,843
Metals 0.3%
Alpha Natural Resources, Inc. 06/01/21		6.250	%		1,000		895
Alpha Natural Resources, Inc.(b) 06/01/19		6.000	%		88,000		79,420
ArcelorMittal Senior Unsecured(b) 03/01/21		5.750	%		1,275,000		1,209,656
Arch Coal, Inc.(b) 06/15/19		7.000	%		69,000		62,445
06/15/21		7.250	%		12,000		10,830
CONSOL Energy, Inc. 04/01/17		8.000	%		15,000		16,163
04/01/20		8.250	%		48,000		51,720
Calcipar SA Senior Secured(c) 05/01/18		6.875	%		130,000		128,375
FMG Resources August 2006 Proprietary Ltd.(b)(c) 02/01/16		6.375	%		35,000		33,600
02/01/18		6.875	%		13,000		12,383
FMG Resources August 2006 Proprietary Ltd.(c) 11/01/19		8.250	%		197,000		195,030
Inmet Mining Corp.(c) 06/01/20		8.750	%		154,000		158,235
JMC Steel Group Senior Notes(c) 03/15/18		8.250	%		117,000		119,632
Peabody Energy Corp.(b)(c) 11/15/21		6.250	%		72,000		73,260
Peabody Energy Corp.(c) 11/15/18		6.000	%		67,000		68,507
Rain CII Carbon LLC/Corp. Senior Secured(c) 12/01/18		8.000	%		83,000		85,075
Vale Overseas Ltd. 01/23/17		6.250	%		1,045,000		1,197,911
Total							3,503,137

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Non-Captive Consumer —%
SLM Corp. Senior Notes 01/25/16		6.250	%		50,000		53,500
Senior Unsecured 03/25/20		8.000	%		97,000		109,853
01/25/22		7.250	%		92,000		99,360
Springleaf Finance Corp. Senior Unsecured 12/15/17		6.900	%		153,000		125,077
Total							387,790
Non-Captive Diversified 0.4%
Ally Financial, Inc. 03/15/20		8.000	%		373,000		436,410
09/15/20		7.500	%		112,000		128,240
02/15/17		5.500	%		54,000		56,166
CIT Group, Inc. Senior Unsecured 03/15/18		5.250	%		204,000		212,670
05/15/20		5.375	%		60,000		62,475
08/15/17		4.250	%		48,000		48,678
08/15/22		5.000	%		39,000		39,295
CIT Group, Inc.(c) Senior Secured 04/01/18		6.625	%		45,000		49,275
Senior Unsecured 02/15/19		5.500	%		156,000		163,020
General Electric Capital Corp. Senior Unsecured 10/17/21		4.650	%		2,775,000		3,168,095
International Lease Finance Corp. Senior Unsecured 09/01/17		8.875	%		80,000		93,400
12/15/20		8.250	%		160,000		187,382
05/15/19		6.250	%		121,000		126,445
01/15/22		8.625	%		49,000		57,698
Total							4,829,249
Oil Field Services 0.1%
Atwood Oceanics, Inc. Senior Unsecured 02/01/20		6.500	%		214,000		228,445
Green Field Energy Services, Inc. Senior Secured(c) 11/15/16		13.000	%		127,000		114,300
Offshore Group Investments Ltd. Senior Secured 08/01/15		11.500	%		197,000		217,685
Offshore Group Investments Ltd.(c) Senior Secured 08/01/15		11.500	%		63,000		69,615

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

Annual Report 2012
16

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Weatherford International Ltd. 03/15/13		5.150	%		5,000		5,106
Weatherford International, Inc. 06/15/37		6.800	%		935,000		1,038,899
Total							1,674,050
Other Industry —%
Interline Brands, Inc. 11/15/18		7.000	%		122,000		129,777
SPL Logistics Escrow LLC/Finance Corp. Senior Secured(c) 08/01/20		8.875	%		50,000		51,563
Total							181,340
Packaging 0.1%
Ardagh Packaging Finance PLC Senior Secured(c) 10/15/17		7.375	%		39,000		41,827
Berry Plastics Corp. Secured(b) 01/15/21		9.750	%		65,000		71,987
Greif, Inc. Senior Unsecured 02/01/17		6.750	%		36,000		39,150
Reynolds Group Issuer, Inc./LLC 02/15/21		8.250	%		23,000		22,598
08/15/19		9.875	%		180,000		190,350
Senior Secured 02/15/21		6.875	%		172,000		186,190
08/15/19		7.875	%		74,000		82,325
10/15/16		7.750	%		18,000		18,855
04/15/19		7.125	%		19,000		20,473
Sealed Air Corp.(c) 09/15/21		8.375	%		20,000		22,500
Total							696,255
Paper —%
Graphic Packaging International, Inc. 10/01/18		7.875	%		24,000		26,640
Pharmaceuticals 0.2%
Endo Health Solutions, Inc. 01/15/22		7.250	%		29,000		31,501
Grifols, Inc. 02/01/18		8.250	%		127,000		139,700
Mylan, Inc.(c) 11/15/18		6.000	%		66,000		70,620
Pharmaceutical Product Development, Inc. Senior Unsecured(c) 12/01/19		9.500	%		30,000		33,450

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Roche Holdings, Inc.(c) 03/01/19		6.000	%		1,150,000		1,453,922
Total							1,729,193
Property & Casualty 0.5%
ACE INA Holdings, Inc. 03/15/18		5.800	%		1,000,000		1,228,010
Berkshire Hathaway, Inc. Senior Unsecured(d) 08/15/14		1.135	%		1,250,000		1,264,590
CNA Financial Corp. Senior Unsecured 11/15/19		7.350	%		933,000		1,132,312
Liberty Mutual Group, Inc.(c) 06/01/21		5.000	%		1,050,000		1,102,054
Transatlantic Holdings, Inc. Senior Unsecured 11/30/39		8.000	%		750,000		925,534
Total							5,652,500
Railroads 0.2%
CSX Corp. Senior Unsecured 10/30/20		3.700	%		1,000,000		1,071,028
Canadian Pacific Railway Co. Senior Unsecured 03/15/23		4.450	%		1,065,000		1,176,939
Total							2,247,967
Refining 0.1%
Phillips 66(c) 05/01/42		5.875	%		1,125,000		1,327,687
REITs 0.3%
Boston Properties LP Senior Unsecured 02/01/23		3.850	%		975,000		1,019,918
Duke Realty LP Senior Unsecured 08/15/19		8.250	%		950,000		1,200,829
Kimco Realty Corp. Senior Unsecured 02/01/18		4.300	%		775,000		825,445
Simon Property Group LP Senior Unsecured 02/01/40		6.750	%		755,000		1,033,291
Total							4,079,483

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

Annual Report 2012
17

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Retailers 0.2%
99 Cents Only Stores(c) 12/15/19		11.000	%		44,000		49,280
AutoNation, Inc. 02/01/20		5.500	%		35,000		37,144
Burlington Coat Factory Warehouse Corp. 02/15/19		10.000	%		76,000		81,890
CVS Pass-Through Trust Pass-Through Certificates(c) 01/10/32		7.507	%		332,340		426,562
Jo-Ann Stores, Inc. Senior Unsecured(c) 03/15/19		8.125	%		54,000		54,877
Limited Brands, Inc. 04/01/21		6.625	%		113,000		126,560
02/15/22		5.625	%		83,000		87,357
Macy's Retail Holdings, Inc. 07/15/34		6.700	%		750,000		910,685
Michaels Stores, Inc.(b) 11/01/16		11.375	%		10,000		10,513
Penske Automotive Group, Inc.(c) 10/01/22		5.750	%		53,000		54,060
QVC, Inc.(c) Senior Secured 10/01/19		7.500	%		54,000		59,467
10/15/20		7.375	%		96,000		104,880
Rite Aid Corp. Senior Secured 08/15/20		8.000	%		59,000		66,375
Senior Unsecured 02/15/27		7.700	%		62,000		51,925
Rite Aid Corp.(b) 03/15/20		9.250	%		80,000		82,200
Sally Holdings LLC/Capital, Inc. 06/01/22		5.750	%		50,000		53,813
11/15/19		6.875	%		31,000		34,643
Sonic Automotive, Inc.(c) 07/15/22		7.000	%		22,000		23,458
Total							2,315,689
Supermarkets 0.1%
Safeway, Inc. Senior Unsecured 02/01/31		7.250	%		855,000		896,168
Technology 0.3%
Alliance Data Systems Corp.(b)(c) 04/01/20		6.375	%		35,000		36,531

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Amkor Technology, Inc.(b) Senior Unsecured 05/01/18		7.375	%		77,000		80,273
06/01/21		6.625	%		5,000		5,050
Anixter, Inc. 05/01/19		5.625	%		20,000		20,900
Brocade Communications Systems, Inc. Senior Secured 01/15/18		6.625	%		59,000		61,360
01/15/20		6.875	%		27,000		29,160
CDW LLC/Finance Corp. 04/01/19		8.500	%		112,000		122,360
Senior Secured 12/15/18		8.000	%		99,000		109,890
Cardtronics, Inc. 09/01/18		8.250	%		118,000		131,275
Equinix, Inc. Senior Unsecured 07/15/21		7.000	%		55,000		61,738
First Data Corp. 01/15/21		12.625	%		174,000		176,175
First Data Corp.(c) Senior Secured 08/15/20		8.875	%		78,000		85,020
06/15/19		7.375	%		107,000		110,210
11/01/20		6.750	%		87,000		85,913
Freescale Semiconductor, Inc. Senior Secured(c) 04/15/18		9.250	%		66,000		71,445
Hewlett-Packard Co. Senior Unsecured 06/01/21		4.300	%		1,050,000		1,054,348
Interactive Data Corp. 08/01/18		10.250	%		111,000		125,152
NXP BV/Funding LLC Senior Secured(c) 08/01/18		9.750	%		118,000		135,700
Nuance Communications, Inc.(c) 08/15/20		5.375	%		98,000		99,837
Oracle Corp. Senior Unsecured 04/15/38		6.500	%		850,000		1,211,676
Total							3,814,013
Transportation Services 0.1%
Avis Budget Car Rental LLC/Finance, Inc. 01/15/19		8.250	%		32,000		34,560
03/15/20		9.750	%		94,000		105,868
ERAC U.S.A. Finance LLC(c) 10/15/37		7.000	%		910,000		1,150,630

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

Annual Report 2012
18

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Hertz Corp. (The) 10/15/18		7.500	%		104,000		112,190
01/15/21		7.375	%		36,000		39,150
Total							1,442,398
Wireless 0.4%
America Movil SAB de CV 11/15/17		5.625	%		570,000		674,914
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(c) 05/01/17		7.750	%		75,000		80,625
Cricket Communications, Inc. Senior Secured 05/15/16		7.750	%		49,000		51,695
Cricket Communications, Inc.(b) 10/15/20		7.750	%		44,000		42,680
MetroPCS Wireless, Inc. 09/01/18		7.875	%		52,000		55,770
NII Capital Corp. 04/01/21		7.625	%		49,000		37,853
Nextel Communications, Inc. 08/01/15		7.375	%		38,000		38,190
Rogers Communications, Inc. 08/15/18		6.800	%		860,000		1,078,526
SBA Telecommunications, Inc. 08/15/19		8.250	%		109,000		120,990
SBA Telecommunications, Inc.(c) 07/15/20		5.750	%		147,000		153,615
Sprint Capital Corp. 11/15/28		6.875	%		25,000		22,625
Sprint Nextel Corp. Senior Unsecured 08/15/17		8.375	%		41,000		45,100
08/15/20		7.000	%		224,000		229,040
Sprint Nextel Corp.(b) Senior Unsecured 11/15/21		11.500	%		71,000		88,750
Sprint Nextel Corp.(c) 11/15/18		9.000	%		304,000		358,340
03/01/20		7.000	%		42,000		45,990
United States Cellular Corp. Senior Unsecured 12/15/33		6.700	%		1,000,000		1,044,356
Wind Acquisition Finance SA Senior Secured(c) 02/15/18		7.250	%		79,000		72,482
Total							4,241,541

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Wirelines 0.9%
AT&T, Inc. Senior Unsecured 02/15/39		6.550	%		1,170,000		1,570,455
Deutsche Telekom International Finance BV 03/23/16		5.750	%		985,000		1,120,439
Embarq Corp. Senior Unsecured 06/01/36		7.995	%		1,100,000		1,216,472
France Telecom SA Senior Unsecured(b) 09/14/16		2.750	%		1,110,000		1,157,943
Frontier Communications Corp. Senior Unsecured 04/15/15		7.875	%		18,000		20,025
04/15/20		8.500	%		28,000		31,220
04/15/22		8.750	%		20,000		22,300
Frontier Communications Corp.(b) Senior Unsecured 03/15/19		7.125	%		48,000		50,640
01/15/23		7.125	%		59,000		60,033
Integra Telecom Holdings, Inc. Senior Secured(c) 04/15/16		10.750	%		24,000		24,480
Level 3 Communications, Inc. Senior Unsecured 02/01/19		11.875	%		94,000		104,810
Level 3 Communications, Inc.(b)(c) Senior Unsecured 06/01/19		8.875	%		22,000		22,440
Level 3 Financing, Inc. 02/01/18		10.000	%		25,000		27,438
02/15/17		8.750	%		81,000		84,544
07/01/19		8.125	%		25,000		26,188
04/01/19		9.375	%		109,000		119,355
PAETEC Holding Corp. 12/01/18		9.875	%		143,000		161,947
Senior Secured 06/30/17		8.875	%		87,000		94,177
Telecom Italia Capital SA 07/18/36		7.200	%		1,300,000		1,170,000
Telefonica Emisiones SAU 01/15/15		4.949	%		1,410,000		1,420,575
Verizon New York, Inc. Senior Unsecured 04/01/32		7.375	%		1,520,000		1,981,515
Zayo Group LLC/Inc.(c) 07/01/20		10.125	%		65,000		69,712
Senior Secured 01/01/20		8.125	%		65,000		69,063

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

Annual Report 2012
19

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
tw telecom holdings, inc. 03/01/18		8.000	%		102,000		113,220
Total							10,738,991
Total Corporate Bonds & Notes (Cost: $126,282,650)							136,123,047

Residential Mortgage-Backed Securities — Agency 13.1%

Federal Home Loan Mortgage Corp.(d)(f) 12/01/36	6.026	%	47,229	51,333
08/01/36	2.687	%	61,529	65,753
Federal Home Loan Mortgage Corp.(e)(f) 09/01/42	4.000	%	18,540,000	19,829,108
09/01/42	3.500	%	48,830,000	51,660,617
Federal Home Loan Mortgage Corp.(f) 06/01/32- 07/01/32	7.000	%	829,609	969,112
08/01/32- 03/01/38	6.500	%	183,833	210,583
03/01/17- 10/01/39	6.000	%	6,205,127	6,830,942
12/01/17- 05/01/40	5.500	%	7,220,834	7,889,751
08/01/18- 05/01/41	5.000	%	15,309,416	16,639,620
05/01/39- 06/01/41	4.500	%	17,821,465	19,238,052
CMO Series 1614 Class MZ 11/15/23	6.500	%	39,975	44,948
CMO Series 2735 Class OG 08/15/32	5.000	%	205,060	212,283
CMO Series 2872 Class GD 05/15/33	5.000	%	598,059	620,552
CMO Series 3774 Class AB 12/15/20	3.500	%	353,550	375,123
CMO Series 3792 Class QC 06/15/39	2.500	%	509,220	524,183
CMO Series 3832 Class AC 10/15/18	3.000	%	350,087	363,806
Federal National Mortgage Association(d)(f) 08/01/34	5.456	%	159,786	172,422
08/01/36	4.028	%	48,154	50,638
04/01/36	2.300	%	61,914	66,108
Federal National Mortgage Association(e)(f) 09/01/42	3.500	%	8,150,000	8,640,273
Federal National Mortgage Association(f) 08/01/18- 02/01/38	5.500	%	4,658,303	5,125,013
12/01/20- 07/01/23	5.000	%	636,872	697,231
03/01/17- 08/01/37	6.500	%	1,855,902	2,114,847

Residential Mortgage-Backed Securities — Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
05/01/40		4.500	%		865,535		939,328
09/01/40		4.000	%		7,358,902		7,898,839
06/01/31- 08/01/32		7.000	%		572,567		678,438
09/01/17- 11/01/32		6.000	%		1,084,285		1,195,327
CMO Series 2009-14 Class PC 03/25/24		4.000	%		374,243		397,248
CMO Series 2011-3 Class EK 05/25/20		2.750	%		578,699		600,748
Federal National Mortgage Association(f)(g) CMO IO Series 2003-63 Class IP 07/25/33		6.000	%		741,792		141,599
CMO IO Series 2003-71 Class IM 12/25/31		5.500	%		163,192		15,039
CMO IO Series 2004-84 Class GI 12/25/22		5.000	%		21,695		213
Federal National Mortgage Association(f)(h) 10/01/40		4.500	%		1,510,229		1,638,986
Government National Mortgage Association(f) 10/15/33		5.500	%		508,017		572,479
10/15/31- 05/15/32		7.000	%		131,772		157,509
02/15/34		5.000	%		556,095		618,838
12/15/37		6.000	%		196,830		221,842
02/15/39		4.500	%		50,521		55,670
CMO Series 2009-100 Class AP 05/16/39		4.000	%		151,491		160,347
Government National Mortgage Association(f)(g) CMO IO Series 2002-70 Class IC 08/20/32		6.000	%		204,186		25,441
Total Residential Mortgage-Backed Securities — Agency (Cost: $154,296,992)							157,710,189

Residential Mortgage-Backed Securities — Non-Agency 0.2%

Citigroup Mortgage Loan Trust, Inc. CMO Series 2010-6 Class 1A1(c)(f) 05/25/35	4.750	%	339,273	341,457
SACO I, Inc. CMO Series 1995-1 Class A(c)(d)(f)(i)(j) 09/25/24	0.000	%	5,091	1,680
Springleaf Mortgage Loan Trust(c)(d)(f) CMO Series 2012-1A Class A 09/25/57	2.667	%	1,014,784	1,029,548
CMO Series 2012-2A Class A 10/25/57	2.220	%	614,185	613,727

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

Annual Report 2012
20

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Residential Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Structured Asset Securities Corp. CMO Series 2003-14 Class 1A3(f) 05/25/33		5.500	%		148,052		153,426
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $2,120,755)							2,139,838

Commercial Mortgage-Backed Securities — Agency 2.5%

Federal National Mortgage Association CMO Series 2006-M2 Class A2A(d)(f) 10/25/32	5.271	%	2,755,758	3,172,057
Government National Mortgage Association(d)(f) CMO Series 2010-52 Class AE 06/16/36	4.115	%	1,278,263	1,355,051
Government National Mortgage Association(f) CMO Series 2007-13 Class C 06/16/40	5.020	%	704,022	745,180
CMO Series 2009-71 Class A 04/16/38	3.304	%	854,171	885,735
CMO Series 2010-159 Class A 01/16/33	2.159	%	1,161,669	1,184,214
CMO Series 2010-161 Class AB 05/16/35	2.110	%	317,719	323,944
CMO Series 2011-149 Class A 10/16/46	3.000	%	1,979,024	2,099,388
CMO Series 2011-16 Class A 11/16/34	2.210	%	1,008,582	1,028,606
CMO Series 2011-31 Class A 12/16/35	2.210	%	699,178	714,559
CMO Series 2011-49 Class A 07/16/38	2.450	%	753,328	776,798
CMO Series 2011-64 Class A 08/16/34	2.380	%	3,952,268	4,041,569
CMO Series 2011-64 Class AD 11/16/38	2.700	%	850,751	881,911
CMO Series 2011-78 Class A 08/16/34	2.250	%	3,293,270	3,361,926
CMO Series 2012-25 Class A 11/16/42	2.575	%	3,481,081	3,644,055
CMO Series 2012-45 Class A 03/16/40	2.830	%	992,716	1,042,029
CMO Series 2012-55 Class A 08/16/33	1.704	%	1,453,903	1,478,786
CMO Series 2012-58 Class A 01/16/40	2.500	%	1,078,277	1,122,224
CMO Series 2012-79 Class A 04/16/39	1.800	%	1,120,552	1,146,864
CMO Series 2012-9 Class A 05/16/39	3.220	%	987,929	1,044,252
Total Commercial Mortgage-Backed Securities — Agency (Cost: $29,569,771)				30,049,148

Commercial Mortgage-Backed Securities — Non-Agency 3.0%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Americold LLC Trust Series 2010-ARTA Class A1(c)(f) 01/14/29		3.847	%		392,717		434,773
Banc of America Merrill Lynch Commercial Mortgage, Inc.(f) Series 2004-1 Class A4 11/10/39		4.760	%		2,874,000		2,995,872
Series 2005-3 Class A3A 07/10/43		4.621	%		425,000		432,938
Series 2005-3 Class A4 07/10/43		4.668	%		375,000		411,331
Bear Stearns Commercial Mortgage Securities(d)(f) Series 2005-T20 Class AAB 10/12/42		5.281	%		562,412		585,804
Series 2007-T28 Class A4 09/11/42		5.742	%		750,000		889,340
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4(f) 12/11/49		5.322	%		625,000		703,099
Commercial Mortgage Pass-Through Certificates(c)(f) Series 2011-THL Class A 06/09/28		3.376	%		1,846,478		1,886,615
Commercial Mortgage Pass-Through Certificates(f) Series 2006-C8 Class AAB 12/10/46		5.291	%		1,061,520		1,096,293
Credit Suisse First Boston Mortgage Securities Corp.(d)(f) Series 2004-C1 Class A4 01/15/37		4.750	%		407,076		424,562
Credit Suisse First Boston Mortgage Securities Corp.(f) Series 2004-C2 Class A1 05/15/36		3.819	%		47,793		48,814
Series 2004-C5 Class A4 11/15/37		4.829	%		1,945,000		2,088,471
Credit Suisse Mortgage Capital Certificates Series 2006-C2 Class A2(d)(f) 03/15/39		5.852	%		496,835		516,042
DBUBS Mortgage Trust Series 2011-LC1A Class A3(c)(f) 11/10/46		5.002	%		150,000		175,541
GE Capital Commercial Mortgage Corp. Series 2003-C1 Class A4(f) 01/10/38		4.819	%		412,724		417,010
GMAC Commercial Mortgage Securities, Inc. Series 2004-C1 Class A4(f) 03/10/38		4.908	%		995,000		1,043,813
GS Mortgage Securities Corp. II Series 2011-GC3 Class A1(c)(f) 03/10/44		2.331	%		555,527		570,741
General Electric Capital Assurance Co.(c)(d)(f) Series 2003-1 Class A4 05/12/35		5.254	%		297,508		316,230

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

Annual Report 2012
21

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Commercial Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Series 2003-1 Class A5 05/12/35		5.743	%		250,000		304,078
Greenwich Capital Commercial Funding Corp.(d)(f) Series 2005-GG5 Class AAB 04/10/37		5.190	%		449,434		471,730
Greenwich Capital Commercial Funding Corp.(f) Series 2005-GG3 Class AAB 08/10/42		4.619	%		1,221,592		1,245,508
Series 2005-GG5 Class A2 04/10/37		5.117	%		62,646		62,579
Series 2007-GG9 Class A4 03/10/39		5.444	%		2,600,000		2,942,974
JPMorgan Chase Commercial Mortgage Securities Corp.(c)(f) Series 2009-IWST Class A2 12/05/27		5.633	%		300,000		354,075
Series 2010-C1 Class A1 06/15/43		3.853	%		286,382		306,234
Series 2010-C2 Class A3 11/15/43		4.070	%		200,000		220,036
Series 2010-CNTR Class A2 08/05/32		4.311	%		450,000		495,357
Series 2011-C3 Class A4 02/15/46		4.717	%		450,000		512,990
JPMorgan Chase Commercial Mortgage Securities Corp.(d)(f) Series 2005-CB11 Class ASB 08/12/37		5.201	%		544,055		565,287
Series 2005-LDP3 Class ASB 08/15/42		4.893	%		291,097		305,645
Series 2005-LDP4 Class ASB 10/15/42		4.824	%		207,618		215,707
Series 2005-LDP5 Class A4 12/15/44		5.361	%		600,000		674,595
Series 2006-LDP6 Class ASB 04/15/43		5.490	%		99,853		105,259
JPMorgan Chase Commercial Mortgage Securities Corp.(f) Series 2003-LN1 Class A1 10/15/37		4.134	%		123,246		124,760
Series 2004-LN2 Class A1 07/15/41		4.475	%		302,244		303,225
Series 2005-LDP2 Class A3 07/15/42		4.697	%		104,817		105,508
Series 2005-LDP2 Class ASB 07/15/42		4.659	%		228,093		236,907
Series 2007-CB18 Class A3 06/12/47		5.447	%		486,255		514,359
Series 2007-CB18 Class A4 06/12/47		5.440	%		820,000		936,114
LB-UBS Commercial Mortgage Trust(d)(f) Series 2004-C6 Class A6 08/15/29		5.020	%		2,540,000		2,706,063
Series 2007-C7 Class A3 09/15/45		5.866	%		550,000		648,980

Commercial Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
LB-UBS Commercial Mortgage Trust(f) Series 2004-C2 Class A3 03/15/29		3.973	%		224,461		227,416
Series 2007-C1 Class AAB 02/15/40		5.403	%		723,433		761,270
Morgan Stanley Capital I, Inc.(c)(d)(f) Series 2011-C1 Class A4 09/15/47		5.033	%		300,000		356,266
Morgan Stanley Capital I, Inc.(f) Series 2006-IQ12 Class AAB 12/15/43		5.325	%		695,475		709,751
Morgan Stanley Reremic Trust(c)(d)(f) Series 2009-GG10 Class A4A 08/12/45		5.983	%		825,000		961,177
Series 2010-GG10 Class A4A 08/15/45		5.983	%		2,325,000		2,708,772
Nationslink Funding Corp. Series 1999-LTL1 Class A3(f) 01/22/26		7.104	%		169,302		179,486
S2 Hospitality LLC Series 2012-LV1 Class A(c)(f) 04/15/25		4.500	%		333,522		335,078
Wachovia Bank Commercial Mortgage Trust(d)(f) Series 2005- C22 Class AM 12/15/44		5.519	%		200,000		214,287
Wachovia Bank Commercial Mortgage Trust(f) Series 2005-C17 Class APB 03/15/42		5.037	%		549,993		559,757
Series 2006-C27 Class APB 07/15/45		5.727	%		358,477		363,261
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $34,821,942)							36,771,780

Asset-Backed Securities — Non-Agency 0.7%

Ally Master Owner Trust CMO Series 2011-3 Class A1(d) 05/15/16	0.870	%	1,275,000	1,281,621
Avis Budget Rental Car Funding AESOP LLC Series 2010-2A Class A(c) 08/20/14	3.630	%	250,000	252,836
Chesapeake Funding LLC Series 2012-1A Class A(c)(d) 11/07/23	0.994	%	2,000,000	2,002,493
Cityscape Home Equity Loan Trust Series 1997-B Class A7(a)(i)(k) 05/25/28	7.410	%	58,419	—

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

Annual Report 2012
22

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
DT Auto Owner Trust Series 2009-1 Class A1(c) 10/15/15		2.980	%		869		869
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1(c)(d) 04/26/37		0.376	%		180,073		177,278
Equifirst Mortgage Loan Trust Series 2003-1 Class IF1(d) 12/25/32		4.010	%		113,936		110,290
GTP Towers Issuer LLC(c) 02/15/15		4.436	%		200,000		207,940
Hertz Vehicle Financing LLC(c) Series 2009-2A Class A1 03/25/14		4.260	%		550,000		556,426
Series 2009-2A Class A2 03/25/16		5.290	%		500,000		548,324
Series 2010-1A Class A1 02/25/15		2.600	%		300,000		306,523
Keycorp Student Loan Trust Series 1999-A Class A2(d) 12/27/29		0.791	%		438,187		429,916
SBA Tower Trust(c) 04/15/40		4.254	%		500,000		523,537
SLM Student Loan Trust(c) Series 2012-A Class A2 01/17/45		3.830	%		500,000		524,966
SLM Student Loan Trust(c)(d) Series 2011-C Class A1 12/15/23		1.640	%		490,022		492,463
SLM Student Loan Trust(d) Series 2006-C Class A2 09/15/20		0.518	%		95,586		95,466
Santander Drive Auto Receivables Trust Series 2012-1 Class B 05/16/16		2.720	%		400,000		409,675
Sierra Receivables Funding Co. LLC(c) Series 2010-1A Class A1 07/20/26		4.480	%		47,991		50,046
Series 2010-2A Class A 11/20/25		3.840	%		98,327		100,253
Series 2010-3A Class A 11/20/25		3.510	%		89,753		92,018
Sierra Receivables Funding Co. LLC(c)(d) Series 2007-2A Class A2 (NPFGC) 09/20/19		1.237	%		190,618		188,038
Wheels SPV LLC Series 2012-1 Class A2(c) 03/20/21		1.190	%		600,000		603,917
Total Asset-Backed Securities — Non-Agency (Cost: $8,848,381)							8,954,895

Inflation-Indexed Bonds 0.3%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
United States 0.3%
U.S. Treasury Inflation-Indexed Bond 07/15/15		1.875	%		908,431		998,776
07/15/17		2.625	%		442,888		533,438
04/15/14		1.250	%		2,309,602		2,399,279
Total							3,931,493
Total Inflation-Indexed Bonds (Cost: $3,827,584)							3,931,493

U.S. Treasury Obligations 1.9%

U.S. Treasury 07/31/19	0.875	%	6,000,000	5,953,596
U.S. Treasury(b) 08/15/40	3.875	%	12,696,000	15,931,500
05/15/22	1.750	%	1,500,000	1,530,234
Total U.S. Treasury Obligations (Cost: $20,872,136)				23,415,330

Foreign Government Obligations 0.7%

Canada 0.6%
Province of Nova Scotia Senior Unsecured 01/26/17	5.125	%	1,590,000	1,874,133
Province of Ontario Senior Unsecured(b) 12/15/17	3.150	%	2,570,000	2,830,097
Province of Quebec Senior Unsecured 05/14/18	4.625	%	2,150,000	2,543,665
Total				7,247,895
Mexico 0.1%
Pemex Project Funding Master Trust 01/21/21	5.500	%	1,175,000	1,363,000
Total Foreign Government Obligations (Cost: $7,955,000)				8,610,895

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

Annual Report 2012
23

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Municipal Bonds 0.2%

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
State of Illinois Unlimited General Obligation Bonds Taxable Series 2011 03/01/15		4.511	%		1,650,000		1,744,743
Total Municipal Bonds (Cost: $1,657,575)							1,744,743

Senior Loans 0.1%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Automotive —%
Schaeffler AG Tranche C2 Term Loan(d)(l) 02/21/17		6.000	%		35,000		35,102
Brokerage —%
Nuveen Investments, Inc. 2nd Lien Term Loan(d)(l) 02/28/19		8.250	%		68,000		68,425
Consumer Cyclical Services —%
West Corp. Tranche B6 Term Loan(d)(e)(l) 06/15/18		5.750	%		88,000		88,275
Food and Beverage —%
Candy Intermediate Holdings, Inc. Term Loan(d)(l) 05/23/18		7.500	%		38,000		38,124
Gaming —%
ROC Finance LLC(d)(e)(l)(p) Tranche B Term Loan 08/19/17		8.500	%		15,000		15,225
ROC Finance LLC(d)(l) Tranche B Term Loan 08/19/17		8.500	%		27,000		27,405
Total							42,630
Health Care —%
U.S. Renal Care, Inc.(d)(l) 1st Lien Term Loan 07/01/19		6.250	%		71,000		71,533
2nd Lien Term Loan 01/01/20		10.250	%		71,000		72,065
Total							143,598

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Media Cable —%
WideOpenWest Finance LLC Term Loan(d)(l) 07/17/18		6.250	%		63,000		62,961
Media Non-Cable —%
Cumulus Media Holdings, Inc. 2nd Lien Term Loan(d)(l) 03/18/19		7.500	%		159,000		159,397
Property & Casualty 0.1%
Asurion LLC 1st Lien Term Loan(d)(l) 05/24/18		5.500	%		68,000		68,159
Lonestar Intermediate Super Holdings LLC(d)(e)(l) Term Loan 09/02/19		11.000	%		25,000		26,542
Lonestar Intermediate Super Holdings LLC(d)(l) Term Loan 09/02/19		11.000	%		151,000		160,312
Total							255,013
Wirelines —%
Zayo Group LLC Term Loan(d)(l) 03/18/19		7.125	%		32,000		32,470
Total Senior Loans (Cost: $896,685)							925,995

Warrants —%

Issuer	Shares		Value ($)
Energy —%
Energy Equipment & Services —%
Green Field Energy Services, Inc.(a)		127		3,620
Total Energy				3,620
Total Warrants (Cost: $5,142)				3,620

Money Market Funds 8.2%

Columbia Short-Term Cash Fund, 0.164%(m)(n)	98,875,366	98,875,366
Total Money Market Funds (Cost: $98,875,366)		98,875,366

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

Annual Report 2012
24

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 0.8%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 0.8%
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $1,000,023(o)		0.210	%		1,000,000		1,000,000
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $3,867,895(o)		0.150	%		3,867,831		3,867,831
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(o)		0.240	%		5,000,000		5,000,000
Total							9,867,831
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $9,867,831)							9,867,831
Total Investments (Cost: $1,123,153,151)							1,291,074,144
Other Assets & Liabilities, Net							(81,755,335	)
Net Assets							1,209,318,809

Futures Contracts Outstanding at August 31, 2012

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Note, 5-year		(222)		27,675,421	January 2013		—		(128,809	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(c)  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 August 31, 2012, the value of these securities amounted to $40,162,161 or 3.32% of net assets.

(d)  Variable rate security. The interest rate shown reflects the rate as of August 31, 2012.

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

(f)  The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(g)  Interest Only (IO) security. The actual effective yield of this security is different than the stated coupon rate.

(h)  At August 31, 2012, investments in securities included securities valued at $196,678 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

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

Annual Report 2012
25

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

(i)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2012 was $1,680, representing less than 0.01% of net assets. Information concerning such security holdings at August 31, 2012 was as follows:

Security Description	Acquisition Dates	Cost ($)
Cityscape Home Equity Loan Trust Series 1997-B Class A7 7.410% 05/25/28	03/31/98 - 05/13/11		58,435
SACO I, Inc. CMO Series 1995-1 Class A 0.000% 09/25/24	04/30/99 - 12/20/02		4,836

(j)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2012, the value of these securities amounted to $1,680, which represents less than 0.01% of net assets.

(k)  Negligible market value.

(l)  Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate ("LIBOR") and other short-term rates. The interest rate shown reflects the weighted average coupon as of August 31, 2012. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(m)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(n)  Investment in affiliated mutual fund advised by Columbia Management Investment Advisers, LLC or one of its affiliates.

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		41,531,683		412,404,119		(355,060,436	)		98,875,366		128,949		98,875,366

(o)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		327,085
Fannie Mae-Aces		112,242
Freddie Mac REMICS		435,978
Government National Mortgage Association		144,695
Total market value of collateral securities		1,020,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		3,945,190
Total market value of collateral securities		3,945,190

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

Annual Report 2012
26

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		117,402
Ginnie Mae I Pool		4,129,130
Ginnie Mae II Pool		114,120
Government National Mortgage Association		739,348
Total market value of collateral securities		5,100,000

(p)  At August 31, 2012, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

Borrower	Unfunded Commitment ($)
ROC Finance LLC Tranche B Term Loan		15,225

Abbreviation Legend

ADR  American Depositary Receipt

CMO  Collateralized Mortgage Obligation

NPFGC  National Public Finance Guarantee Corporation

PIK    Payment-in-Kind

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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).

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.

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

Annual Report 2012
27

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 recommendation 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		94,022,051		—		—		94,022,051
Consumer Staples		82,993,662		—		—		82,993,662
Energy		89,073,540		—		—		89,073,540
Financials		119,164,070		—		—		119,164,070
Health Care		114,729,305		—		—		114,729,305
Industrials		78,217,078		—		—		78,217,078
Information Technology		165,695,585		—		—		165,695,585
Materials		16,456,224		—		—		16,456,224
Telecommunication Services		11,598,459		—		—		11,598,459
Warrants
Energy		—		3,620		—		3,620
Total Equity Securities		771,949,974		3,620		—		771,953,594

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

Annual Report 2012
28

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

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 ($)		Total ($)
Bonds
Corporate Bonds & Notes		—			136,123,047		—		136,123,047
Residential Mortgage-Backed Securities — Agency		—			157,710,189		—		157,710,189
Residential Mortgage-Backed Securities — Non-Agency		—			2,138,158		1,680		2,139,838
Commercial Mortgage-Backed Securities — Agency		—			30,049,148		—		30,049,148
Commercial Mortgage-Backed Securities — Non-Agency		—			36,771,780		—		36,771,780
Asset-Backed Securities — Non-Agency		—			8,954,895		—		8,954,895
Inflation-Indexed Bonds		—			3,931,493		—		3,931,493
U.S. Treasury Obligations		23,415,330			—		—		23,415,330
Foreign Government Obligations		—			8,610,895		—		8,610,895
Municipal Bonds		—			1,744,743		—		1,744,743
Total Bonds		23,415,330			386,034,348		1,680		409,451,358
Other
Senior Loans		—			925,995		—		925,995
Money Market Funds		98,875,366			—		—		98,875,366
Investments of Cash Collateral Received for Securities on Loan		—			9,867,831		—		9,867,831
Total Other		98,875,366			10,793,826		—		109,669,192
Investments in Securities		894,240,670			396,831,794		1,680		1,291,074,144
Derivatives
Liabilities
Futures Contracts		(128,809	)		—		—		(128,809	)
Total		894,111,861			396,831,794		1,680		1,290,945,335

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.

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 2012
29

Columbia Balanced Fund

Portfolio of Investments (continued)

August 31, 2012

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

	Asset-Backed Securities — Non-Agency			Residential Mortgage-Backed Securities — Non-Agency ($)			Total ($)
Balance as of August 31, 2011		50,634			1,981			52,615
Accrued discounts/premiums		(158	)		13			(145	)
Realized gain (loss)		(1,795	)		34			(1,761	)
Change in unrealized appreciation (depreciation)(a)		1,340			564			1,904
Sales		(62,564	)		(912	)		(63,476	)
Purchases		12,543			—			12,543
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of August 31, 2012		—	(b)		1,680			1,680

(a) Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2012 was $1,904.

(b) Negligible market value.

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 Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage-backed securities 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, estimated cash flows of the securities, discount rates observed in the market for similar assets as well as observed yields on securities management deemed comparable. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

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

Annual Report 2012
30

Columbia Balanced Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,014,409,954)	$	1,182,330,947
Affiliated issuers (identified cost $98,875,366)		98,875,366
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $9,867,831)		9,867,831
Total investments (identified cost $1,123,153,151)		1,291,074,144
Receivable for:
Investments sold		7,932,099
Capital shares sold		1,418,864
Dividends		1,659,053
Interest		2,652,593
Reclaims		6,650
Expense reimbursement due from Investment Manager		588
Receivable for equity-linked notes (Note 8)		181,807
Prepaid expenses		18,431
Trustees' deferred compensation plan		30,181
Other assets		3,553
Total assets		1,304,977,963
Liabilities
Due upon return of securities on loan		9,867,831
Payable for:
Investments purchased		3,169,150
Investments purchased on a delayed delivery basis		80,015,884
Capital shares purchased		2,158,972
Variation margin on futures contracts		71,109
Investment management fees		20,615
Distribution and service fees		7,657
Transfer agent fees		158,156
Administration fees		1,851
Plan administration fees		13,178
Compensation of board members		15,265
Chief compliance officer expenses		168
Other expenses		129,137
Trustees' deferred compensation plan		30,181
Total liabilities		95,659,154
Net assets applicable to outstanding capital stock	$	1,209,318,809
Represented by
Paid-in capital	$	1,178,583,961
Undistributed net investment income		2,407,534
Accumulated net realized loss		(139,579,314	)
Unrealized appreciation (depreciation) on:
Investments		167,920,993
Foreign currency translations		(24	)
Futures contracts		(128,809	)
Receivables for equity-linked notes (Note 8)		114,468
Total — representing net assets applicable to outstanding capital stock	$	1,209,318,809
*Value of securities on loan	$	22,845,758

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

Annual Report 2012
31

Columbia Balanced Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	774,214,257
Shares outstanding		27,445,854
Net asset value per share	$	28.21
Maximum offering price per share(a)	$	29.93
Class B
Net assets	$	11,909,524
Shares outstanding		423,127
Net asset value per share	$	28.15
Class C
Net assets	$	74,771,197
Shares outstanding		2,656,397
Net asset value per share	$	28.15
Class R
Net assets	$	2,740,476
Shares outstanding		97,201
Net asset value per share	$	28.19
Class R4
Net assets	$	60,735,112
Shares outstanding		2,155,317
Net asset value per share	$	28.18
Class R5
Net assets	$	14,579
Shares outstanding		517
Net asset value per share(b)	$	28.17
Class Z
Net assets	$	284,933,664
Shares outstanding		10,114,215
Net asset value per share	$	28.17

(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 2012
32

Columbia Balanced Fund

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends	$	13,474,190
Interest		12,337,402
Dividends from affiliates		128,949
Income from securities lending — net		82,399
Foreign taxes withheld		(44,845	)
Total income		25,978,095
Expenses:
Investment management fees		6,967,277
Distribution fees
Class B		101,494
Class C		435,278
Class R		6,750
Service fees
Class A		1,771,192
Class B		33,832
Class C		145,093
Transfer agent fees
Class A		1,193,597
Class B		22,609
Class C		97,333
Class R		2,299
Class R4		23,006
Class R5		6
Class Z		448,793
Administration fees		626,931
Plan administration fees
Class R4		137,382
Compensation of board members		41,556
Custodian fees		82,148
Printing and postage fees		189,709
Registration fees		156,512
Professional fees		80,092
Chief compliance officer expenses		865
Other		26,363
Total expenses		12,590,117
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(501,495	)
Expense reductions		(14,912	)
Total net expenses		12,073,710
Net investment income		13,904,385
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		18,873,259
Foreign currency translations		164
Futures contracts		(393,949	)
Net realized gain		18,479,474
Net change in unrealized appreciation (depreciation) on:
Investments		103,587,526
Foreign currency translations		(452	)
Futures contracts		(128,809	)
Receivables for equity-linked notes (Note 8)		56,311
Net change in unrealized appreciation		103,514,576
Net realized and unrealized gain		121,994,050
Net increase in net assets resulting from operations	$	135,898,435

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

Annual Report 2012
33

Columbia Balanced Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012			Year Ended August 31, 2011(a)
Operations
Net investment income	$	13,904,385		$	8,840,942
Net realized gain		18,479,474			72,785,885
Net change in unrealized appreciation(depreciation)		103,514,576			(68,061,197	)
Net increase in net assets resulting from operations		135,898,435			13,565,630
Distributions to shareholders
Net investment income
Class A		(8,851,932	)		(3,252,467	)
Class B		(70,723	)		(69,139	)
Class C		(273,715	)		(247,527	)
Class R		(10,213	)		(1,076	)
Class R4		(702,944	)		(193,796	)
Class R5		(215	)		(65	)
Class Z		(3,896,376	)		(3,981,481	)
Net realized gains
Class A		(20,711,136	)		—
Class B		(429,546	)		—
Class C		(1,560,825	)		—
Class R		(20,767	)		—
Class R4		(1,557,751	)		—
Class R5		(410	)		—
Class Z		(7,758,803	)		—
Total distributions to shareholders		(45,845,356	)		(7,745,551	)
Increase (decrease) in net assets from capital stock activity		120,185,018			688,478,226
Total increase in net assets		210,238,097			694,298,305
Net assets at beginning of year		999,080,712			304,782,407
Net assets at end of year	$	1,209,318,809		$	999,080,712
Undistributed net investment income	$	2,407,534		$	2,589,363

(a) Class R shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011. Class R4 and Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

Annual Report 2012
34

Columbia Balanced Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		5,888,205			157,375,381			4,097,494			109,789,727
Fund merger		—			—			20,549,276			561,494,311
Distributions reinvested		1,016,506			26,143,345			106,954			2,822,636
Redemptions		(4,697,297	)		(124,960,018	)		(2,310,903	)		(61,991,295	)
Net increase		2,207,414			58,558,708			22,442,821			612,115,379
Class B shares
Subscriptions		104,594			2,795,311			85,828			2,280,535
Fund merger		—			—			462,837			12,629,489
Distributions reinvested		17,317			443,012			2,073			53,855
Redemptions(b)		(246,060	)		(6,581,269	)		(290,998	)		(7,827,535	)
Net increase (decrease)		(124,149	)		(3,342,946	)		259,740			7,136,344
Class C shares
Subscriptions		1,063,387			28,710,940			665,018			17,720,656
Fund merger		—			—			363,653			9,925,779
Distributions reinvested		60,505			1,549,110			7,365			190,187
Redemptions		(323,177	)		(8,622,713	)		(275,801	)		(7,323,615	)
Net increase		800,715			21,637,337			760,235			20,513,007
Class R shares
Subscriptions		92,324			2,547,632			20,041			545,671
Fund merger		—			—			1,585			43,293
Distributions reinvested		1,183			30,587			39			1,036
Redemptions		(13,869	)		(384,023	)		(4,102	)		(110,926	)
Net increase		79,638			2,194,196			17,563			479,074
Class R4 shares
Subscriptions		573,065			15,367,302			140,928			3,826,921
Fund merger		—			—			2,037,460			55,628,315
Distributions reinvested		87,919			2,260,519			7,266			193,774
Redemptions		(380,929	)		(10,287,631	)		(310,392	)		(8,389,940	)
Net increase		280,055			7,340,190			1,875,262			51,259,070
Class R5 shares
Subscriptions		—			—			92			2,500
Fund merger		—			—			410			11,181
Distributions reinvested		14			371			1			34
Net increase		14			371			503			13,715
Class Z shares
Subscriptions		3,718,947			99,363,526			2,344,111			61,902,997
Distributions reinvested		360,588			9,272,757			123,335			3,182,331
Redemptions		(2,795,157	)		(74,839,121	)		(2,557,310	)		(68,123,691	)
Net increase (decrease)		1,284,378			33,797,162			(89,864	)		(3,038,363	)
Total net increase		4,528,065			120,185,018			25,266,260			688,478,226

(a) Class R shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011. Class R4 and Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

(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 2012
35

Columbia Balanced 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	26.06		$	23.29		$	22.46		$	24.03		$	24.77
Income from investment operations:
Net investment income		0.33			0.37			0.35			0.47			0.53
Net realized and unrealized gain (loss)		2.97			2.79			0.85			(1.52	)		(0.56	)
Total from investment operations		3.30			3.16			1.20			(1.05	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.34	)		(0.39	)		(0.37	)		(0.52	)		(0.56	)
Net realized gains		(0.81	)		—			—			—			(0.15	)
Total distributions to shareholders		(1.15	)		(0.39	)		(0.37	)		(0.52	)		(0.71	)
Proceeds from regulatory settlements		—			—			0.00	(a)		—			—
Net asset value, end of period	$	28.21		$	26.06		$	23.29		$	22.46		$	24.03
Total return		13.14	%		13.57	%		5.33	%		(4.03	%)		(0.22	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.16	%		1.10	%		1.02	%		1.04	%		0.99	%
Net expenses after fees waived or expenses reimbursed(c)		1.11	%(d)		1.03	%(d)		1.02	%(d)		1.04	%(d)		0.99	%(d)
Net investment income		1.24	%(d)		1.38	%(d)		1.47	%(d)		2.33	%(d)		2.14	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	774,214		$	657,604		$	65,112		$	19,152		$	10,712
Portfolio turnover		130	%(e)		99	%		89	%		102	%		94	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
36

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	26.00		$	23.24		$	22.41		$	23.99		$	24.73
Income from investment operations:
Net investment income		0.13			0.17			0.17			0.32			0.34
Net realized and unrealized gain (loss)		2.97			2.78			0.85			(1.53	)		(0.56	)
Total from investment operations		3.10			2.95			1.02			(1.21	)		(0.22	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.19	)		(0.19	)		(0.37	)		(0.37	)
Net realized gains		(0.81	)		—			—			—			(0.15	)
Total distributions to shareholders		(0.95	)		(0.19	)		(0.19	)		(0.37	)		(0.52	)
Proceeds from regulatory settlements		—			—			0.00	(a)		—			—
Net asset value, end of period	$	28.15		$	26.00		$	23.24		$	22.41		$	23.99
Total return		12.30	%		12.71	%		4.56	%		(4.82	%)		(0.97	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.91	%		1.84	%		1.77	%		1.79	%		1.74	%
Net expenses after fees waived or expenses reimbursed(c)		1.86	%(d)		1.78	%(d)		1.77	%(d)		1.79	%(d)		1.74	%(d)
Net investment income		0.49	%(d)		0.64	%(d)		0.73	%(d)		1.63	%(d)		1.37	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	11,910		$	14,227		$	6,683		$	6,934		$	7,551
Portfolio turnover		130	%(e)		99	%		89	%		102	%		94	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
37

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	25.99		$	23.24		$	22.42		$	23.99		$	24.73
Income from investment operations:
Net investment income		0.13			0.17			0.17			0.31			0.34
Net realized and unrealized gain (loss)		2.98			2.77			0.84			(1.51	)		(0.56	)
Total from investment operations		3.11			2.94			1.01			(1.20	)		(0.22	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.19	)		(0.19	)		(0.37	)		(0.37	)
Net realized gains		(0.81	)		—			—			—			(0.15	)
Total distributions to shareholders		(0.95	)		(0.19	)		(0.19	)		(0.37	)		(0.52	)
Proceeds from regulatory settlements		—			—			0.00	(a)		—			—
Net asset value, end of period	$	28.15		$	25.99		$	23.24		$	22.42		$	23.99
Total return		12.34	%		12.67	%		4.51	%		(4.77	%)		(0.97	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.91	%		1.84	%		1.77	%		1.79	%		1.74	%
Net expenses after fees waived or expenses reimbursed(c)		1.86	%(d)		1.79	%(d)		1.77	%(d)		1.79	%(d)		1.74	%(d)
Net investment income		0.50	%(d)		0.62	%(d)		0.71	%(d)		1.57	%(d)		1.39	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	74,771		$	48,236		$	25,462		$	11,014		$	3,209
Portfolio turnover		130	%(e)		99	%		89	%		102	%		94	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
38

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R	2012			2011(a)
Per share data
Net asset value, beginning of period	$	26.04		$	24.62
Income from investment operations:
Net investment income		0.27			0.30
Net realized and unrealized gain		2.97			1.35
Total from investment operations		3.24			1.65
Less distributions to shareholders:
Net investment income		(0.28	)		(0.23	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(1.09	)		(0.23	)
Net asset value, end of period	$	28.19		$	26.04
Total return		12.87	%		6.70	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.42	%		1.37	%(c)
Net expenses after fees waived or expenses reimbursed(d)		1.36	%(e)		1.28	%(c)(e)
Net investment income		1.01	%(e)		1.20	%(c)(e)
Supplemental data
Net assets, end of period (in thousands)	$	2,740		$	457
Portfolio turnover		130	%(f)		99	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(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.

(c)  Annualized.

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
39

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R4	2012			2011(a)
Per share data
Net asset value, beginning of period	$	26.02		$	27.16
Income from investment operations:
Net investment income		0.35			0.18
Net realized and unrealized gain (loss)		2.98			(1.15	)(b)
Total from investment operations		3.33			(0.97	)
Less distributions to shareholders:
Net investment income		(0.36	)		(0.17	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(1.17	)		(0.17	)
Net asset value, end of period	$	28.18		$	26.02
Total return		13.26	%		(3.59	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.03	%		1.02	%(d)
Net expenses after fees waived or expenses reimbursed(e)		1.03	%		1.02	%(d)(f)
Net investment income		1.32	%		1.40	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	60,735		$	48,799
Portfolio turnover		130	%(g)		99	%

Notes to Financial Highlights

(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
40

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R5	2012			2011(a)
Per share data
Net asset value, beginning of period	$	26.02		$	27.16
Income from investment operations:
Net investment income		0.42			0.24
Net realized and unrealized gain (loss)		2.97			(1.18	)(b)
Total from investment operations		3.39			(0.94	)
Less distributions to shareholders:
Net investment income		(0.43	)		(0.20	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(1.24	)		(0.20	)
Net asset value, end of period	$	28.17		$	26.02
Total return		13.52	%		(3.46	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.78	%		0.75	%(d)
Net expenses after fees waived or expenses reimbursed(e)		0.78	%		0.73	%(d)(f)
Net investment income		1.57	%		1.79	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	15		$	13
Portfolio turnover		130	%(g)		99	%

Notes to Financial Highlights

(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
41

Columbia Balanced Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	26.02		$	23.27		$	22.43		$	24.02		$	24.75
Income from investment operations:
Net investment income		0.40			0.43			0.41			0.52			0.58
Net realized and unrealized gain (loss)		2.96			2.77			0.86			(1.54	)		(0.54	)
Total from investment operations		3.36			3.20			1.27			(1.02	)		0.04
Less distributions to shareholders:
Net investment income		(0.40	)		(0.45	)		(0.43	)		(0.57	)		(0.62	)
Net realized gains		(0.81	)		—			—			—			(0.15	)
Total distributions to shareholders		(1.21	)		(0.45	)		(0.43	)		(0.57	)		(0.77	)
Proceeds from regulatory settlements		—			—			0.00	(a)		—			—
Net asset value, end of period	$	28.17		$	26.02		$	23.27		$	22.43		$	24.02
Total return		13.42	%		13.78	%		5.64	%		(3.87	%)		0.07	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		0.91	%		0.83	%		0.77	%		0.79	%		0.74	%
Net expenses after fees waived or expenses reimbursed(c)		0.86	%(d)		0.78	%(d)		0.77	%(d)		0.79	%(d)		0.74	%(d)
Net investment income		1.49	%(d)		1.62	%(d)		1.73	%(d)		2.62	%(d)		2.35	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	284,934		$	229,744		$	207,526		$	192,819		$	176,113
Portfolio turnover		130	%(e)		99	%		89	%		102	%		94	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 66% for the year ended August 31, 2012.

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

Annual Report 2012
42

Columbia Balanced Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Balanced Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business 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, 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 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 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; however, this share class is closed to new investors.

Class R5 shares are not subject to sales charges; however, this share class is closed to new 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 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

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.

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.

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, including

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Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

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.

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.

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.

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 produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark, manage exposure to movements in interest rates, 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

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Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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 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 August 31, 2012:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets—unrealized depreciation on futures contracts		128,809	*

*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 August 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate contracts		(393,949	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate contracts		(128,809	)

The following table is a summary of the volume of derivative instruments for the year ended August 31, 2012:

Derivative Instrument	Contracts Opened
Futures Contracts		1,377

Repurchase Agreements

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

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.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities

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45

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies within its Portfolio of Investments cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats "to be announced" mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. This treatment may exaggerate the Fund's portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund's right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the Investment Manager's ability to predict interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

Interest Only Securities

The Fund may invest in Interest Only Securities (IOs). IOs are stripped mortgage backed securities entitled to receive all of the security's interest, but none of its principal. Interest is accrued daily. The daily accrual factor is adjusted each month to reflect the paydown of principal.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are recorded 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.

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.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

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 tax exempt or 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

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46

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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 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 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 percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the year ended August 31, 2012 was 0.63% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 August 31, 2012 was 0.06% of the Fund's average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed

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47

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agent fees for Class R4 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.

For the year ended August 31, 2012, 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	0.17	%
Class B	0.17
Class C	0.17
Class R	0.17
Class R4	0.04
Class R5	0.05
Class Z	0.17

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 August 31, 2012, these minimum account balance fees reduced total expenses by $14,912.

In connection with the acquisition of RiverSource Balanced Fund (see Note 10), the fund assumed the assets and obligations of RiverSource Balanced Fund, which together with certain other associated investment companies (together, the Guarantors), have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At August 31, 2012, the Fund's total potential future obligation over the life of the Guaranty is $40,369. The liability remaining at August 31, 2012 for non-recurring

charges associated with the lease amounted to $22,104 and is included within other accrued expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at August 31, 2012 is included in other assets in the Statement of Assets and Liabilities at cost of $3,553.

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 R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $1,199,432 for Class A, $10,053 for Class Band $5,256 for Class C shares for the year ended August 31, 2012.

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48

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/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	1.11	%
Class B	1.86
Class C	1.86
Class R	1.36
Class R4	1.05
Class R5	0.80
Class Z	0.86

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

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 August 31, 2012, these differences are primarily due to differing treatment for defaulted bonds, deferral/reversal of wash sales losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, premium amortization on debt securities, paydown reclassifications, unrealized appreciation (depreciation) for certain derivative investments, capital loss carryforwards, and tax straddles. 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	$	(280,096	)
Accumulated net realized gain		(38,520	)
Paid-in capital		318,616

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 August 31,	2012		2011
Ordinary income	$	13,933,096	$	7,745,551
Long-term capital gains		31,912,260		—
Total		45,845,356		7,745,551

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income $ 2,674,450

At August 31, 2012, the cost of investments for federal income tax purposes was $1,128,007,762 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	169,671,160
Unrealized depreciation		(6,604,779	)
Net unrealized appreciation	$	163,066,381

The following capital loss carryforward, determined at August 31, 2012, 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
2016	$	24,358,406
2017		110,564,060
Total	$	134,922,466

For the year ended August 31, 2012, $18,906,012 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,

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49

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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 but including mortgage dollar rolls, aggregated to $1,469,411,101 and $1,398,158,260, respectively, for the year ended August 31, 2012, of which $812,070,904 and $813,941,122, respectively, were U.S. government securities.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $22,845,758 were on loan, secured by U.S. government and agency securities valued at $13,293,255 and by cash collateral of $9,867,831 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. 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 from affiliates" 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 8. Lehman Brothers Holdings Inc. Equity-Linked Notes

In connection with the acquisition of RiverSource Balanced Fund (see Note 10), the Fund holds investments in two equity-linked notes (notes) for which Lehman Brothers Holdings Inc. (Lehman Brothers) is the counterparty. The notes (with an aggregate principal amount of $696,000) defaulted as of their respective maturity dates, September 14, 2008 and October 2, 2008. Lehman Brothers filed a Chapter 11 bankruptcy petition on September 15, 2008, and as such, it is likely that the Fund will receive less than the maturity value of the notes, pending the outcome of the bankruptcy proceedings. Based on the bankruptcy proceedings, the Fund recorded receivables aggregating $67,340 based on the estimated amounts recoverable for the notes. The estimates of the amounts recoverable for the notes are periodically adjusted by the Investment Manager based on the observable trading price of Lehman Brothers senior notes, which provide an indication of amounts recoverable through the bankruptcy proceedings. Any changes to the receivable balances resulting from such adjustments are recorded as a change in unrealized appreciation or depreciation in the Statement of Operations. At August 31, 2012, the value of the receivable balances was approximately $181,807, which represented 0.02% of the Fund's net assets.

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

Annual Report 2012
50

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

Note 10. Fund Merger

At the close of business on April 8, 2011, the Fund acquired the assets and assumed the identified liabilities of RiverSource Balanced Fund. The reorganization was completed after shareholders approved the plan 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.

The aggregate net assets of the Fund immediately before the acquisition were $394,712,235 and the combined net assets immediately after the acquisition were $1,034,444,603.

The merger was accomplished by a tax-free exchange of 61,221,026 shares of RiverSource Balanced Fund valued at $639,732,368 (including $115,994,312 of unrealized appreciation).

In exchange for RiverSource Balanced Fund shares, the Fund issued the following number of shares:

	Shares
Class A		20,549,276
Class B		462,837
Class C		363,653
Class R		1,585
Class R4		2,037,460
Class R5		410

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, RiverSource Balanced 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 Balanced 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 September 1, 2010 the Fund's pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $15.2 million, $108.9 million, $4.3 million and $128.4 million, respectively.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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.

Annual Report 2012
51

Columbia Balanced Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
52

Columbia Balanced Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Balanced 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 Balanced Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
53

Columbia Balanced Fund

Federal Income Tax Information

(Unaudited)

77.61% of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 qualifies for the corporate dividends received deduction.

For non-corporate shareholders, 83.09% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
54

Columbia Balanced Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
55

Columbia Balanced Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
56

Columbia Balanced Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
57

Columbia Balanced Fund

Board Consideration and Approval of
Advisory Agreement

At meetings held on March 7, 2012 and June 6, 2012, respectively, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Balanced Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve each continuation of the Advisory Agreement.

In connection with their deliberations regarding each continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 6, 2012, April 25, 2012 and June 5, 2012, and at the Board meetings held on March 7, 2012 and June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations.

On March 6, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund. The Committee and the Board met in June 2012 to consider the continuation of the Advisory Agreement for the one-year period ending June 30, 2013, so as to permit the annual consideration of the Advisory Agreement to be conducted each June. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

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Columbia Balanced Fund

Board Consideration and Approval of
Advisory Agreement (continued)

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the 19.6%, 25.0% and 3.4% percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of

Annual Report 2012
59

Columbia Balanced Fund

Board Consideration and Approval of
Advisory Agreement (continued)

the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the 3rd and 2nd quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in

Annual Report 2012
60

Columbia Balanced Fund

Board Consideration and Approval of
Advisory Agreement (continued)

investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
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Annual Report 2012
64

Columbia Balanced 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 2012
65

Columbia Balanced 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1386 D (10/12)

Annual Report

August 31, 2012

Columbia Contrarian Core Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Contrarian Core Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Contrarian 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	14
Statement of Operations	16
Statement of Changes in Net Assets	18
Financial Highlights	21
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Trustees and Officers	42
Board Consideration and Approval of Advisory Agreement	45
Important Information About This Report	49

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 2012

Columbia Contrarian Core Fund

Performance Overview

Performance Summary

>Columbia Contrarian Core Fund (the Fund) Class A shares returned 27.59% excluding sales charges for the 11-month period ended August 31, 2012.

>The Fund slightly outperformed its benchmark, the Russell 1000 Index, which returned 26.79% for the same time period.

>Timely investments in large-capitalization companies helped the Fund maintain its advantage over the benchmark.

>During the period, the Fund's fiscal year end was changed from September 30 to August 31. As a result, performance for the 11-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	11 Months cumulative		1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			27.59		17.20		4.10		7.24
Including sales charges			20.26		10.45		2.88		6.61
Class B	11/01/98
Excluding sales charges			26.72		16.32		3.31		6.43
Including sales charges			21.72		11.32		2.96		6.43
Class C*	12/09/02
Excluding sales charges			26.68		16.30		3.32		6.45
Including sales charges			25.68		15.30		3.32		6.45
Class I*	09/27/10		28.12		17.74		4.43		7.55
Class R*	09/27/10		27.34		16.97		3.86		7.01
Class R4*	03/07/11		27.74		17.39		4.22		7.37
Class T	02/12/93
Excluding sales charges			27.49		17.21		4.05		7.17
Including sales charges			20.11		10.48		2.82		6.54
Class W*	09/27/10		27.57		17.27		4.11		7.26
Class Z	12/14/92		27.91		17.55		4.36		7.52
Russell 1000 Index			26.79		17.33		1.47		6.86

Returns for Class A and T 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 since inception 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 Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.

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 2012
2

Columbia Contrarian Core Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Contrarian 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 2012
3

Columbia Contrarian Core Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Contrarian Core Fund has approved the change of the Fund's fiscal year end from September 30 to August 31. As a result, this report covers the 11-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012 through February 28, 2013.

For the 11-month period that ended August 31, 2012, the Fund's Class A shares returned 27.59% excluding sales charges. The Fund's benchmark, the Russell 1000 Index, returned 26.79% for the same 11 months. An emphasis on high quality, large-capitalization companies helped the Fund outpace the benchmark's robust performance for the period.

Strong Market Advance Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and second quarter growth was just 1.3%. Job growth was strong early in 2012, but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — has slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market began the period on the upswing. Larger-cap, more defensive stocks led the rally, which broadened to include mid- and small-caps into 2012 on solid corporate earnings, a better housing market and growing investor confidence. Volatility increased in the spring as worries over the sovereign debt problems in Europe and the economy at home resurfaced. Stock prices fell sharply in the second quarter of 2012 before regaining ground in the final months of the reporting period.

Large-Cap Emphasis Aided Results

The Fund prospered in a generally risk-averse environment, in part because we increased the Fund's allocation to larger-cap companies in 2011. In that regard, several specific holdings aided results during the period. In telecommunications, the purchase of Sprint paid off when the investment community took a more favorable view of the company's restructuring program. In technology, holdings such as eBay and Apple Computer easily topped the market. In keeping with the Fund's contrarian approach, Apple had been purchased several years ago, when its fortunes weren't as rosy, but we have continued to hold the stock because its valuation still appears reasonable relative to its increasingly strong business prospects. Other meaningful contributors for the period included Home Depot, CVS/Caremark and Philip Morris International.

Disappointments in Energy, Materials and Financials

Within the energy sector, we emphasized energy service companies such as Schlumberger, Halliburton and Baker Hughes, which underperformed amid industry-wide overcapacity in pressure pumping. The basic materials sector was

Portfolio Management

Guy Pope, CFA

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Apple, Inc.	5.8
Berkshire Hathaway, Inc., Class B	3.4
Google, Inc., Class A	2.9
Johnson & Johnson	2.8
Exxon Mobil Corp.	2.7
Philip Morris International, Inc.	2.4
Wells Fargo & Co.	2.3
Chevron Corp.	2.3
Microsoft Corp.	2.3
PepsiCo, Inc.	2.1

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Contrarian Core Fund

Manager Discussion of Fund Performance (continued)

another area of underperformance, and Celanese was a particular disappointment, declining sharply when demand from China proved weaker than expected. Finally, the Fund's investments in the financials sector were a drag on overall performance, a result very much in keeping with the risk aversion that characterized the period. In general, economically sensitive sectors underperformed the market, in some cases by a wide margin.

Looking Ahead

Given the prevailing low yields on fixed income securities, we currently expect investors to favor equities. However, our optimism must also strike a cautious note, as political gridlock, the looming expiration of tax breaks and other stimulus measures and an uncertain global recovery are all potential headwinds with which investors must cope. We anticipate some interest-rate volatility, but we also currently expect domestic monetary policy to remain accommodative for the foreseeable future as unemployment remains high and the housing market continues its recovery. Against this back drop, we will continue to build the portfolio from the bottom up, seeking contrarian opportunities on a case-by-case basis regardless of the direction of the broader market averages.

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	99.4
Consumer Discretionary	12.1
Consumer Staples	10.7
Energy	11.4
Financials	15.3
Health Care	15.0
Industrials	10.0
Information Technology	21.3
Materials	2.1
Telecommunication Services	1.5
Money Market Funds	0.6
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Contrarian Core 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.

March 1, 2012 – August 31, 2012

	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		1,032.90		1,019.30		5.93		5.89		1.16
Class B		1,000.00		1,000.00		1,029.00		1,015.53		9.74		9.68		1.91
Class C		1,000.00		1,000.00		1,029.00		1,015.53		9.74		9.68		1.91
Class I		1,000.00		1,000.00		1,035.40		1,021.37		3.84		3.81		0.75
Class R		1,000.00		1,000.00		1,030.90		1,018.00		7.25		7.20		1.42
Class R4		1,000.00		1,000.00		1,033.40		1,019.86		5.37		5.33		1.05
Class T		1,000.00		1,000.00		1,032.50		1,019.05		6.18		6.14		1.21
Class W		1,000.00		1,000.00		1,032.90		1,019.30		5.93		5.89		1.16
Class Z		1,000.00		1,000.00		1,034.10		1,020.56		4.65		4.62		0.91

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 366.

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 2012
6

Columbia Contrarian Core Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.5%

Issuer	Shares		Value ($)
Consumer Discretionary 11.9%
Auto Components 1.1%
Delphi Automotive PLC(a)		180,176		5,457,531
Johnson Controls, Inc.(b)		622,130		16,928,157
Total				22,385,688
Hotels, Restaurants & Leisure 1.0%
McDonald's Corp.		239,107		21,397,685
Media 5.4%
Comcast Corp., Class A(b)		937,545		31,435,884
DIRECTV(a)(b)		406,555		21,177,450
Discovery Communications, Inc., Class A(a)(b)		376,906		20,669,525
Viacom, Inc., Class B(b)		820,872		41,051,809
Total				114,334,668
Multiline Retail 1.4%
Target Corp.(b)		467,158		29,940,156
Specialty Retail 2.0%
Home Depot, Inc. (The)(b)		449,644		25,517,297
Lowe's Companies, Inc.(b)		554,775		15,799,992
Total				41,317,289
Textiles, Apparel & Luxury Goods 1.0%
Nike, Inc., Class B(b)		220,844		21,501,372
Total Consumer Discretionary				250,876,858
Consumer Staples 10.6%
Beverages 3.1%
Diageo PLC, ADR(b)		185,460		20,255,941
PepsiCo, Inc.(b)		605,239		43,837,461
Total				64,093,402
Food & Staples Retailing 1.5%
CVS Caremark Corp.		691,982		31,519,780
Food Products 1.9%
Kraft Foods, Inc., Class A		967,441		40,177,825
Household Products 1.7%
Procter & Gamble Co. (The)		529,177		35,555,402
Tobacco 2.4%
Philip Morris International, Inc.		565,466		50,496,114
Total Consumer Staples				221,842,523

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 11.3%
Energy Equipment & Services 2.8%
Baker Hughes, Inc.(b)		277,187		12,639,727
Halliburton Co.		831,298		27,233,323
National Oilwell Varco, Inc.		152,963		12,053,485
Weatherford International Ltd.(a)		678,411		7,978,113
Total				59,904,648
Oil, Gas & Consumable Fuels 8.5%
Apache Corp.		168,488		14,447,846
Chevron Corp.(b)		429,800		48,206,368
ConocoPhillips(b)		485,121		27,550,022
Devon Energy Corp.		372,506		21,542,022
Exxon Mobil Corp.(b)		637,785		55,678,630
Noble Energy, Inc.		115,407		10,144,275
Total				177,569,163
Total Energy				237,473,811
Financials 15.1%
Capital Markets 4.6%
BlackRock, Inc.		159,211		28,080,044
Goldman Sachs Group, Inc. (The)		145,644		15,397,484
Invesco Ltd.		866,900		20,528,192
Morgan Stanley		791,752		11,876,280
State Street Corp.		526,182		21,889,171
Total				97,771,171
Commercial Banks 2.3%
Wells Fargo & Co.		1,427,307		48,571,257
Diversified Financial Services 2.8%
Citigroup, Inc.		629,198		18,693,473
JPMorgan Chase & Co.		1,080,937		40,146,000
Total				58,839,473
Insurance 5.4%
Aon PLC		794,665		41,290,793
Berkshire Hathaway, Inc., Class B(a)(b)		844,734		71,244,866
Total				112,535,659
Total Financials				317,717,560

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

Annual Report 2012
7

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 14.9%
Biotechnology 1.0%
Celgene Corp.(a)		296,175		21,336,447
Health Care Equipment & Supplies 2.4%
Baxter International, Inc.(b)		459,861		26,984,644
Covidien PLC		418,780		23,472,619
Total				50,457,263
Health Care Providers & Services 3.8%
Cardinal Health, Inc.		478,467		18,923,370
CIGNA Corp.		363,608		16,642,338
Express Scripts Holding Co.(a)		458,553		28,714,589
Humana, Inc.		226,910		15,901,853
Total				80,182,150
Pharmaceuticals 7.7%
Abbott Laboratories(b)		515,535		33,788,164
Johnson & Johnson(b)		872,069		58,803,613
Merck & Co., Inc.		582,182		25,062,935
Pfizer, Inc.		1,773,917		42,325,659
Total				159,980,371
Total Health Care				311,956,231
Industrials 9.9%
Aerospace & Defense 2.1%
Honeywell International, Inc.		377,378		22,057,744
United Technologies Corp.(b)		263,287		21,023,467
Total				43,081,211
Air Freight & Logistics 0.5%
FedEx Corp.(b)		119,660		10,485,806
Commercial Services & Supplies 1.9%
Tyco International Ltd.		721,061		40,653,419
Industrial Conglomerates 2.0%
General Electric Co.		2,027,944		41,998,720
Machinery 1.3%
Eaton Corp.(b)		215,301		9,628,261
Stanley Black & Decker, Inc.		271,630		17,867,821
Total				27,496,082
Professional Services 1.1%
Nielsen Holdings NV(a)		832,626		23,346,833

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 1.0%
Union Pacific Corp.(b)		172,733		20,976,696
Total Industrials				208,038,767
Information Technology 21.2%
Communications Equipment 1.8%
QUALCOMM, Inc.		623,276		38,306,543
Computers & Peripherals 7.0%
Apple, Inc.		181,602		120,808,914
EMC Corp.(a)(b)		971,509		25,540,972
Total				146,349,886
Internet Software & Services 4.7%
eBay, Inc.(a)		821,661		39,004,248
Google, Inc., Class A(a)(b)		87,761		60,124,183
Total				99,128,431
IT Services 3.4%
International Business Machines Corp.(b)		178,490		34,778,776
Mastercard, Inc., Class A		85,514		36,163,871
Total				70,942,647
Office Electronics 0.6%
Xerox Corp.		1,704,417		12,561,553
Semiconductors & Semiconductor Equipment 1.0%
Skyworks Solutions, Inc.(a)		694,281		21,147,799
Software 2.7%
Electronic Arts, Inc.(a)		645,369		8,602,769
Microsoft Corp.		1,546,596		47,666,089
Total				56,268,858
Total Information Technology				444,705,717
Materials 2.1%
Chemicals 1.3%
Celanese Corp., Class A		253,490		9,698,527
Dow Chemical Co. (The)(b)		284,352		8,334,357
EI du Pont de Nemours & Co.(b)		168,914		8,403,472
Total				26,436,356
Metals & Mining 0.8%
Freeport-McMoRan Copper & Gold, Inc.		477,596		17,245,992
Total Materials				43,682,348

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

Annual Report 2012
8

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 1.5%
Wireless Telecommunication Services 1.5%
Sprint Nextel Corp.(a)		2,777,504		13,470,894
Vodafone Group PLC, ADR		600,100		17,354,892
Total				30,825,786
Total Telecommunication Services				30,825,786
Total Common Stocks (Cost: $1,696,363,675)				2,067,119,601
Money Market Funds 0.6%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.164%(c)(d)		12,403,481		12,403,481
Total Money Market Funds (Cost: $12,403,481)				12,403,481

Investments of Cash Collateral Received for Securities on Loan 19.8%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Asset-Backed Commercial Paper 4.4%
Atlantis One 12/03/12		0.350	%		9,987,944		9,987,944
Cancara Asset Securitisation LLC 09/04/12		0.250	%		9,997,639		9,997,639
Gotham Funding Corp. 09/12/12		0.240	%		9,996,400		9,996,400
Kells Funding LLC 10/12/12		0.612	%		5,981,497		5,981,497
10/17/12		0.451	%		7,989,300		7,989,300
11/01/12		0.360	%		4,995,400		4,995,400
Salisbury Receivables Co. LLC 11/15/12		0.310	%		4,996,254		4,996,254
Sheffield Receivable Corp. 10/09/12		0.320	%		9,992,711		9,992,711
10/19/12		0.310	%		4,996,254		4,996,254
10/23/12		0.310	%		4,996,125		4,996,125
Versailles Commercial Paper LLC 09/07/12		0.280	%		9,999,456		9,999,456

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Working Capital Management Co., L.P. 09/17/12		0.230	%		2,999,463		2,999,463
09/18/12		0.230	%		4,998,946		4,998,946
Total							91,927,389
Certificates of Deposit 7.9%
ABM AMRO Bank N.V. 09/21/12		0.560	%		4,992,855		4,992,855
Australia and New Zealand Banking Group Ltd. 11/16/12		0.620	%		5,000,000		5,000,000
Barclays Bank PLC 10/26/12		0.310	%		10,000,000		10,000,000
Credit Suisse 11/08/12		0.403	%		5,000,000		5,000,000
DZ Bank AG 09/07/12		0.330	%		5,000,000		5,000,000
10/29/12		0.380	%		5,000,000		5,000,000
Deutsche Bank AG 09/14/12		0.750	%		5,000,000		5,000,000
Development Bank of Singapore Ltd. 09/20/12		0.250	%		10,000,000		10,000,000
DnB NOR ASA 09/14/12		0.530	%		8,000,000		8,000,000
Mizuho Corporate Bank Ltd. 10/25/12		0.340	%		10,000,000		10,000,000
National Australia Bank 10/29/12		0.291	%		3,999,910		3,999,910
National Bank of Canada 11/09/12		0.301	%		5,000,000		5,000,000
Norinchukin Bank 11/01/12		0.400	%		5,000,000		5,000,000
11/09/12		0.520	%		5,000,000		5,000,000
Pohjola Bank PLC 09/21/12		0.280	%		10,000,000		10,000,000
Rabobank 09/17/12		0.310	%		10,021,008		10,021,008
10/26/12		0.515	%		5,000,000		5,000,000
Skandinaviska Enskilda Banken 10/31/12		0.350	%		15,000,000		15,000,000
Standard Chartered Bank PLC 10/05/12		0.630	%		9,968,077		9,968,077
Sumitomo Mitsui Banking Corp. 10/24/12		0.330	%		10,000,000		10,000,000
Sumitomo Trust & Banking Co., Ltd. 09/17/12		0.470	%		5,000,000		5,000,000
11/01/12		0.486	%		3,000,000		3,000,000

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

Annual Report 2012
9

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Union Bank of Switzerland 10/23/12		0.330	%		10,000,000		10,000,000
Total							164,981,850
Commercial Paper 2.7%
Bank of New Zealand 11/02/12		0.366	%		4,000,000		4,000,000
Caisse des Depots 11/28/12		0.300	%		4,996,250		4,996,250
Credit Suisse 09/10/12		0.340	%		4,995,750		4,995,750
Erste Abwicklungsanstalt 09/07/12		0.471	%		4,991,971		4,991,971
Foreningsparbanken (Swedbank) 11/06/12		0.320	%		9,991,556		9,991,556
PB Capital Corp. 10/19/12		0.671	%		4,995,440		4,995,440
Societe Generale 09/06/12		0.230	%		14,999,329		14,999,329
Suncorp Metway Ltd. 09/25/12		0.450	%		2,997,600		2,997,600
10/15/12		0.450	%		4,996,062		4,996,062
Total							56,963,958
Other Short-Term Obligations 0.2%
General Electric Capital Corp. 11/01/12		0.290	%		5,003,631		5,003,631

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 4.6%
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $6,872,474(e)		0.150	%		6,872,360		6,872,360
Deutsche Bank AG dated 08/31/12, matures 09/04/12, repurchase price $55,001,222(e)		0.200	%		55,000,000		55,000,000
Natixis Financial Products, Inc.(e) dated 08/31/12, matures 09/04/12, repurchase price $15,000,400		0.240	%		15,000,000		15,000,000
repurchase price $4,000,098		0.220	%		4,000,000		4,000,000
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $15,000,383(e)		0.230	%		15,000,000		15,000,000
Total							95,872,360
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $414,749,188)							414,749,188
Total Investments (Cost: $2,123,516,344)							2,494,272,270
Other Assets & Liabilities, Net							(396,971,872	)
Net Assets							2,097,300,398

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		10,294,511		686,522,437		(684,413,467	)		12,403,481		42,911		12,403,481

(e)  The following table represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

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

Annual Report 2012
10

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		7,009,811
Total market value of collateral securities		7,009,811
Security Description	Value ($)
Deutsche Bank AG (0.200%)
Federal National Mortgage Association		56,100,015
Total market value of collateral securities		56,100,015
Security Description	Value ($)
Natixis Financial Products, Inc. (0.220%)
Fannie Mae Pool		1,802,585
Fannie Mae REMICS		4,693,517
Freddie Mac Non Gold Pool		511,122
Freddie Mac Reference REMIC		127
Freddie Mac REMICS		2,721,683
Ginnie Mae I Pool		14,249
Ginnie Mae II Pool		164,115
Government National Mortgage Association		5,393,010
Total market value of collateral securities		15,300,408
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
United States Treasury Bill		352,348
United States Treasury Note/Bond		3,727,752
Total market value of collateral securities		4,080,100
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		10,504,003
Freddie Mac Gold Pool		4,795,997
Total market value of collateral securities		15,300,000

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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

Annual Report 2012
11

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

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).

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 2012
12

Columbia Contrarian Core Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		250,876,858		—		—		250,876,858
Consumer Staples		221,842,523		—		—		221,842,523
Energy		237,473,811		—		—		237,473,811
Financials		317,717,560		—		—		317,717,560
Health Care		311,956,231		—		—		311,956,231
Industrials		208,038,767		—		—		208,038,767
Information Technology		444,705,717		—		—		444,705,717
Materials		43,682,348		—		—		43,682,348
Telecommunication Services		30,825,786		—		—		30,825,786
Total Equity Securities		2,067,119,601		—		—		2,067,119,601
Other
Money Market Funds		12,403,481		—		—		12,403,481
Investments of Cash Collateral Received for Securities on Loan		—		414,749,188		—		414,749,188
Total Other		12,403,481		414,749,188		—		427,152,669
Total		2,079,523,082		414,749,188		—		2,494,272,270

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.

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 2012
13

Columbia Contrarian Core Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,696,363,675)	$	2,067,119,601
Affiliated issuers (identified cost $12,403,481)		12,403,481
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $318,876,828)		318,876,828
Repurchase agreements (identified cost $95,872,360)		95,872,360
Total investments (identified cost $2,123,516,344)		2,494,272,270
Receivable for:
Investments sold		22,623,910
Capital shares sold		2,222,562
Dividends		4,351,780
Interest		71,653
Reclaims		125,372
Prepaid expenses		30,750
Trustees' deferred compensation plan		51,490
Total assets		2,523,749,787
Liabilities
Due upon return of securities on loan		414,749,188
Payable for:
Investments purchased		7,637,411
Capital shares purchased		3,552,801
Investment management fees		36,360
Distribution and service fees		7,792
Transfer agent fees		275,259
Administration fees		3,053
Plan administration fees		25
Compensation of board members		14,154
Chief compliance officer expenses		282
Expense reimbursement due to Investment Manager		1,380
Other expenses		120,194
Trustees' deferred compensation plan		51,490
Total liabilities		426,449,389
Net assets applicable to outstanding capital stock	$	2,097,300,398
Represented by
Paid-in capital	$	1,730,956,624
Undistributed net investment income		11,407,953
Accumulated net realized loss		(15,830,565	)
Unrealized appreciation (depreciation) on:
Investments		370,755,926
Foreign currency translations		10,460
Total — representing net assets applicable to outstanding capital stock	$	2,097,300,398
*Value of securities on loan	$	407,162,489

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

Annual Report 2012
14

Columbia Contrarian Core Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	588,181,880
Shares outstanding		37,506,753
Net asset value per share	$	15.68
Maximum offering price per share(a)	$	16.64
Class B
Net assets	$	17,291,997
Shares outstanding		1,190,034
Net asset value per share	$	14.53
Class C
Net assets	$	58,257,118
Shares outstanding		4,002,998
Net asset value per share	$	14.55
Class I
Net assets	$	385,801,772
Shares outstanding		24,454,594
Net asset value per share	$	15.78
Class R
Net assets	$	4,488,666
Shares outstanding		286,198
Net asset value per share	$	15.68
Class R4
Net assets	$	116,836
Shares outstanding		7,410
Net asset value per share	$	15.77
Class T
Net assets	$	117,457,147
Shares outstanding		7,547,434
Net asset value per share	$	15.56
Maximum offering price per share(a)	$	16.51
Class W
Net assets	$	106,074,562
Shares outstanding		6,761,659
Net asset value per share	$	15.69
Class Z
Net assets	$	819,630,420
Shares outstanding		51,951,087
Net asset value per share	$	15.78

(a) The maximum offering price 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.

Annual Report 2012
15

Columbia Contrarian Core Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended September 30, 2011
Net investment income
Income:
Dividends — unaffiliated issuers	$	32,555,627		$	18,916,144
Dividends — affiliated issuers		42,911			11,747
Interest		—			3,120
Income from securities lending — net		790,629			110,740
Foreign taxes withheld		(124,709	)		(84,248	)
Total income		33,264,458			18,957,503
Expenses:
Investment management fees		10,862,663			7,499,179
Distribution fees
Class B		154,470			130,253
Class C		340,219			229,197
Class R		10,329			20
Service fees
Class A		1,195,902			740,976
Class B		51,490			43,417
Class C		113,406			76,418
Class W		224,751			165,741
Shareholder service fee — Class T		314,161			362,876
Transfer agent fees
Class A		933,309			510,106
Class B		40,696			29,917
Class C		87,355			51,720
Class R		3,681			7
Class R4		54			30
Class T		205,777			201,178
Class W		172,702			112,059
Class Z		1,179,459			679,517
Administration fees		906,997			652,775
Plan administration fees
Class R4		269			138
Compensation of board members		62,977			35,879
Pricing and bookkeeping fees		—			55,983
Custodian fees		9,407			36,786
Printing and postage fees		243,135			139,442
Registration fees		230,097			125,804
Professional fees		103,073			78,758
Line of credit interest expense		—			458
Chief compliance officer expenses		1,289			1,425
Other		81,552			51,928
Total expenses		17,529,220			12,011,987
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(397,756	)		(335,578	)
Expense reductions		(13,225	)		(18,512	)
Total net expenses		17,118,239			11,657,897
Net investment income		16,146,219			7,299,606

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

Annual Report 2012
16

Columbia Contrarian Core Fund

Statement of Operations (continued)

	Year Ended August 31, 2012(a)			Year Ended September 30, 2011
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	28,609,424		$	84,355,371
Foreign currency translations		2,226			188,875
Forward foreign currency exchange contracts		—			(188,480	)
Net realized gain		28,611,650			84,355,766
Net change in unrealized appreciation (depreciation) on:
Investments		367,249,979			(227,253,202	)
Foreign currency translations		(9,181	)		19,641
Net change in unrealized appreciation (depreciation)		367,240,798			(227,233,561	)
Net realized and unrealized gain (loss)		395,852,448			(142,877,795	)
Net change in net assets resulting from operations	$	411,998,667		$	(135,578,189	)

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

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

Annual Report 2012
17

Columbia Contrarian Core Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended September 30, 2011(b)			Year Ended September 30, 2010(c)
Operations
Net investment income	$	16,146,219		$	7,299,606		$	2,065,604
Net realized gain		28,611,650			84,355,766			24,721,821
Net change in unrealized appreciation (depreciation)		367,240,798			(227,233,561	)		8,379,451
Net increase (decrease) in net assets resulting from operations		411,998,667			(135,578,189	)		35,166,876
Distributions to shareholders
Net investment income
Class A		(2,560,605	)		(298,249	)		(201,274	)
Class I		(2,810,753	)		(147,174	)		—
Class R		(704	)		—			—
Class R4		(719	)		—			—
Class T		(537,364	)		(228,384	)		(531,782	)
Class W		(470,835	)		(161,179	)		—
Class Z		(4,432,162	)		(1,778,271	)		(1,864,758	)
Net realized gains
Class A		(10,430,378	)		—			—
Class B		(539,119	)		—			—
Class C		(989,703	)		—			—
Class I		(6,421,134	)		—			—
Class R		(4,502	)		—			—
Class R4		(2,421	)		—			—
Class T		(2,422,017	)		—			—
Class W		(1,918,363	)		—			—
Class Z		(12,224,234	)		—			—
Total distributions to shareholders		(45,765,013	)		(2,613,257	)		(2,597,814	)
Increase (decrease) in net assets from capital stock activity		296,283,645			982,482,973			154,523,114
Total increase in net assets		662,517,299			844,291,527			187,092,176
Net assets at beginning of year		1,434,783,099			590,491,572			403,399,396
Net assets at end of year	$	2,097,300,398		$	1,434,783,099		$	590,491,572
Undistributed net investment income	$	11,407,953		$	6,072,649		$	1,431,478

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Class R4 shares are for the period from March 7, 2011 (commencement of operations) to September 30, 2011.

(c) Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) to September 30, 2010.

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

Annual Report 2012
18

Columbia Contrarian Core Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended September 30, 2011(b)						Year Ended September 30, 2010(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(d)		9,750,851			143,837,218			10,020,992			144,873,952			8,497,843			105,495,991
Fund merger		—			—			20,212,114			303,837,273			—			—
Distributions reinvested		882,717			12,128,536			18,354			255,641			15,560			189,054
Redemptions		(6,936,222	)		(101,491,144	)		(5,258,930	)		(75,612,603	)		(2,055,029	)		(24,867,159	)
Net increase		3,697,346			54,474,610			24,992,530			373,354,263			6,458,374			80,817,886
Class B shares
Subscriptions		83,727			1,137,696			122,651			1,620,731			169,133			1,953,902
Fund merger		—			—			2,516,488			35,329,181			—			—
Distributions reinvested		40,648			520,704			—			—			—			—
Redemptions(d)		(770,519	)		(10,565,494	)		(1,141,664	)		(15,777,916	)		(141,450	)		(1,638,196	)
Net increase (decrease)		(646,144	)		(8,907,094	)		1,497,475			21,171,996			27,683			315,706
Class C shares
Subscriptions		1,449,195			19,627,067			1,437,827			19,390,341			1,128,021			13,116,080
Fund merger		—			—			617,699			8,678,618			—			—
Distributions reinvested		55,020			705,354			—			—			—			—
Redemptions		(610,574	)		(8,319,064	)		(503,246	)		(6,666,669	)		(214,012	)		(2,471,200	)
Net increase		893,641			12,013,357			1,552,280			21,402,290			914,009			10,644,880
Class I shares
Subscriptions		9,275,311			137,098,256			10,718,323			153,579,476			197			2,500
Fund merger		—			—			13,605,994			205,416,554			—			—
Distributions reinvested		669,931			9,231,653			10,521			147,157			—			—
Redemptions		(7,544,691	)		(110,727,675	)		(2,280,992	)		(32,975,816	)		—			—
Net increase		2,400,551			35,602,234			22,053,846			326,167,371			197			2,500
Class R shares
Subscriptions		336,597			4,914,156			318			4,652			198			2,500
Distributions reinvested		373			5,135			—			—			—			—
Redemptions		(51,284	)		(761,250	)		(4	)		(61	)		—			—
Net increase		285,686			4,158,041			314			4,591			198			2,500
Class R4 shares
Subscriptions		—			—			167			2,583			—			—
Fund merger		—			—			7,740			116,844			—			—
Distributions reinvested		202			2,795			—			—			—			—
Redemptions		(699	)		(10,529	)		—			—			—			—
Net increase (decrease)		(497	)		(7,734	)		7,907			119,427			—			—
Class T shares
Subscriptions		85,562			1,189,156			55,930			788,208			45,158			552,326
Distributions reinvested		146,871			2,003,321			10,960			151,720			38,797			469,356
Redemptions		(726,028	)		(10,516,756	)		(1,045,497	)		(14,810,309	)		(1,100,312	)		(13,448,179	)
Net decrease		(493,595	)		(7,324,279	)		(978,607	)		(13,870,381	)		(1,016,357	)		(12,426,497	)

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

Annual Report 2012
19

Columbia Contrarian Core Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended September 30, 2011(b)						Year Ended September 30, 2010(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		2,622,116			38,500,041			7,743,688			106,692,654			198			2,500
Distributions reinvested		173,754			2,389,123			11,569			161,173			—			—
Redemptions		(1,914,803	)		(28,426,789	)		(1,874,863	)		(27,146,720	)		—			—
Net increase		881,067			12,462,375			5,880,394			79,707,107			198			2,500
Class Z shares
Subscriptions		21,510,360			318,447,204			21,989,221			320,135,583			12,537,693			155,092,288
Distributions reinvested		698,972			9,645,813			63,653			886,445			94,601			1,154,130
Redemptions		(9,138,525	)		(134,280,882	)		(10,301,231	)		(146,595,719	)		(6,471,030	)		(81,082,779	)
Net increase		13,070,807			193,812,135			11,751,643			174,426,309			6,161,264			75,163,639
Total net increase		20,088,862			296,283,645			66,757,782			982,482,973			12,545,566			154,523,114

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Class R4 shares are for the period from March 7, 2011 (commencement of operations) to September 30, 2011.

(c) Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(d) 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 2012
20

Columbia Contrarian Core 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended September 30,
Class A	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	12.63		$	12.61		$	11.76		$	11.89		$	15.51		$	14.03
Income from investment operations:
Net investment income		0.11			0.08			0.04			0.08			0.07			0.05
Net realized and unrealized gain (loss)		3.32			(0.03	)		0.87			(0.14	)		(2.17	)		2.60
Total from investment operations		3.43			0.05			0.91			(0.06	)		(2.10	)		2.65
Less distributions to shareholders:
Net investment income		(0.07	)		(0.03	)		(0.06	)		(0.07	)		(0.05	)		—
Net realized gains		(0.31	)		—			—			—			(1.47	)		(1.17	)
Total distributions to shareholders		(0.38	)		(0.03	)		(0.06	)		(0.07	)		(1.52	)		(1.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	15.68		$	12.63		$	12.61		$	11.76		$	11.89		$	15.51
Total return		27.59	%		0.39	%		7.75	%		(0.28	%)		(15.35	%)		19.82	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.19	%(d)		1.19	%(e)		1.25	%		1.28	%(e)		1.24	%(e)		1.24	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.16	%(d)(g)		1.16	%(e)(g)		1.19	%(g)		1.17	%(e)(g)		1.14	%(e)(h)		1.14	%(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.19	%(d)		1.19	%		1.25	%		1.28	%		1.24	%		1.24	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.16	%(d)(g)		1.16	%(g)		1.19	%(g)		1.17	%(g)		1.14	%(h)		1.14	%(g)
Net investment income		0.82	%(d)(g)		0.56	%(g)		0.32	%(g)		0.77	%(g)		0.53	%(h)		0.32	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	588,182		$	427,039		$	111,182		$	27,742		$	11,187		$	12,054
Portfolio turnover		62	%		78	%		94	%		131	%		106	%		88	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(h)  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.

Annual Report 2012
21

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class B	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	11.74		$	11.78		$	11.02		$	11.14		$	14.67		$	13.42
Income from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.05	)		0.01			(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		3.09			(0.01	)		0.81			(0.13	)		(2.03	)		2.48
Total from investment operations		3.10			(0.04	)		0.76			(0.12	)		(2.06	)		2.42
Less distributions to shareholders:
Net realized gains		(0.31	)		—			—			—			(1.47	)		(1.17	)
Total distributions to shareholders		(0.31	)		—			—			—			(1.47	)		(1.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	14.53		$	11.74		$	11.78		$	11.02		$	11.14		$	14.67
Total return		26.72	%		(0.34	%)		6.90	%		(1.08	%)		(15.96	%)		18.94	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.94	%(d)		1.92	%(e)		2.00	%		2.03	%(e)		1.99	%(e)		1.99	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.91	%(d)(g)		1.90	%(e)(g)		1.94	%(g)		1.92	%(e)(g)		1.89	%(e)(h)		1.89	%(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.94	%(d)		1.92	%		2.00	%		2.03	%		1.99	%		1.99	%
Net expenses after fees waived or expenses reimbursed  (excluding interest expense)(f)		1.91	%(d)(g)		1.90	%(g)		1.94	%(g)		1.92	%(g)		1.89	%(h)		1.89	%(g)
Net investment income (loss)		0.05	%(d)(g)		(0.19	%)(g)		(0.46	%)(g)		0.12	%(g)		(0.22	%)(h)		(0.44	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	17,292		$	21,560		$	3,991		$	3,428		$	3,629		$	4,796
Portfolio turnover		62	%		78	%		94	%		131	%		106	%		88	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(h)  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.

Annual Report 2012
22

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class C	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	11.76		$	11.80		$	11.03		$	11.15		$	14.68		$	13.43
Income from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.05	)		0.01			(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		3.09			(0.01	)		0.82			(0.13	)		(2.03	)		2.48
Total from investment operations		3.10			(0.04	)		0.77			(0.12	)		(2.06	)		2.42
Less distributions to shareholders:
Net realized gains		(0.31	)		—			—			—			(1.47	)		(1.17	)
Total distributions to shareholders		(0.31	)		—			—			—			(1.47	)		(1.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	14.55		$	11.76		$	11.80		$	11.03		$	11.15		$	14.68
Total return		26.68	%		(0.34	%)		6.98	%		(1.08	%)		(15.95	%)		18.93	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.94	%(d)		1.95	%(e)		2.00	%		2.03	%(e)		1.99	%(e)		1.99	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.91	%(d)(g)		1.92	%(e)(g)		1.94	%(g)		1.92	%(e)(g)		1.89	%(e)(h)		1.89	%(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.94	%(d)		1.95	%		2.00	%		2.03	%		1.99	%		1.99	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.91	%(d)(g)		1.92	%(g)		1.94	%(g)		1.92	%(g)		1.89	%(h)		1.89	%(g)
Net investment income (loss)		0.07	%(d)(g)		(0.22	%)(g)		(0.44	%)(g)		0.03	%(g)		(0.21	%)(h)		(0.41	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	58,257		$	36,559		$	18,368		$	7,094		$	1,718		$	1,428
Portfolio turnover		62	%		78	%		94	%		131	%		106	%		88	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(h)  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.

Annual Report 2012
23

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class I	2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	12.71		$	12.69		$	12.70
Income from investment operations:
Net investment income		0.17			0.14			0.01
Net realized and unrealized gain (loss)		3.34			(0.03	)		(0.02	)
Total from investment operations		3.51			0.11			(0.01	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.09	)		—
Net realized gains		(0.31	)		—			—
Total distributions to shareholders		(0.44	)		(0.09	)		—
Net asset value, end of period	$	15.78		$	12.71		$	12.69
Total return		28.12	%		0.81	%		(0.08	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.75	%(d)		0.76	%(e)		0.85	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.75	%(d)		0.76	%(e)(g)		0.85	%(d)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.75	%(d)		0.76	%		0.85	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.75	%(d)		0.76	%(g)		0.85	%(d)(g)
Net investment income		1.24	%(d)		0.99	%(g)		4.99	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	385,802		$	280,304		$	2
Portfolio turnover		62	%		78	%		94	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class R	2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	12.63		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.08			0.05			0.00	(c)
Net realized and unrealized gain (loss)		3.32			(0.03	)		(0.01	)
Total from investment operations		3.40			0.02			(0.01	)
Less distributions to shareholders:
Net investment income		(0.04	)		—			—
Net realized gains		(0.31	)		—			—
Total distributions to shareholders		(0.35	)		—			—
Net asset value, end of period	$	15.68		$	12.63		$	12.61
Total return		27.34	%		0.16	%		(0.08	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.42	%(e)		1.44	%(f)		1.44	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.41	%(e)(h)		1.39	%(f)(h)		1.44	%(e)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.42	%(e)		1.44	%		1.44	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.41	%(e)(h)		1.39	%(h)		1.44	%(e)(h)
Net investment income		0.59	%(e)(h)		0.32	%(h)		4.34	%(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	4,489		$	6		$	2
Portfolio turnover		62	%		78	%		94	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Contrarian Core Fund

Financial Highlights (continued)

Class R4	Year Ended August 31, 2012(a)			Year Ended September 30, 2011(b)
Per share data
Net asset value, beginning of period	$	12.70		$	14.93
Income from investment operations:
Net investment income		0.13			0.06
Net realized and unrealized gain (loss)		3.34			(2.29	)
Total from investment operations		3.47			(2.23	)
Less distributions to shareholders:
Net investment income		(0.09	)		—
Net realized gains		(0.31	)		—
Total distributions to shareholders		(0.40	)		—
Net asset value, end of period	$	15.77		$	12.70
Total return		27.74	%		(14.94	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.05	%(d)		1.05	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.05	%(d)		1.05	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.05	%(d)		1.05	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.05	%(d)		1.05	%(d)(g)
Net investment income		0.93	%(d)		0.72	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	117		$	100
Portfolio turnover		62	%		78	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from March 7, 2011 (commencement of operations) to September 30, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
26

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class T	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	12.54		$	12.51		$	11.67		$	11.80		$	15.40		$	13.95
Income from investment operations:
Net investment income		0.10			0.06			0.03			0.08			0.06			0.04
Net realized and unrealized gain (loss)		3.29			—			0.86			(0.14	)		(2.15	)		2.58
Total from investment operations		3.39			0.06			0.89			(0.06	)		(2.09	)		2.62
Less distributions to shareholders:
Net investment income		(0.06	)		(0.03	)		(0.05	)		(0.07	)		(0.04	)		(0.00	)(b)
Net realized gains		(0.31	)		—			—			—			(1.47	)		(1.17	)
Total distributions to shareholders		(0.37	)		(0.03	)		(0.05	)		(0.07	)		(1.51	)		(1.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	15.56		$	12.54		$	12.51		$	11.67		$	11.80		$	15.40
Total return		27.49	%		0.43	%		7.68	%		(0.35	%)		(15.37	%)		19.70	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.24	%(d)		1.26	%(e)		1.30	%		1.33	%(e)		1.29	%(e)		1.29	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.21	%(d)(g)		1.21	%(e)(g)		1.24	%(g)		1.22	%(e)(g)		1.19	%(e)(h)		1.19	%(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.24	%(d)		1.26	%		1.30	%		1.33	%		1.29	%		1.29	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.21	%(d)(g)		1.21	%(g)		1.24	%(g)		1.22	%(g)		1.19	%(h)		1.19	%(g)
Net investment income		0.77	%(d)(g)		0.44	%(g)		0.24	%(g)		0.81	%(g)		0.48	%(h)		0.27	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	117,457		$	100,805		$	112,862		$	117,161		$	132,272		$	177,345
Portfolio turnover		62	%		78	%		94	%		131	%		106	%		88	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(h)  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.

Annual Report 2012
27

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class W	2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	12.64		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.11			0.08			0.00	(c)
Net realized and unrealized gain (loss)		3.32			(0.02	)		(0.01	)
Total from investment operations		3.43			0.06			(0.01	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.03	)		—
Net realized gains		(0.31	)		—			—
Total distributions to shareholders		(0.38	)		(0.03	)		—
Net asset value, end of period	$	15.69		$	12.64		$	12.61
Total return		27.57	%		0.47	%		(0.08	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.19	%(e)		1.20	%(f)		1.19	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.16	%(e)(h)		1.16	%(f)(h)		1.19	%(e)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.19	%(e)		1.20	%		1.19	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.16	%(e)(h)		1.16	%(h)		1.19	%(e)(h)
Net investment income		0.83	%(e)(h)		0.54	%(h)		4.64	%(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	106,075		$	74,302		$	2
Portfolio turnover		62	%		78	%		94	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
28

Columbia Contrarian Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class Z	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	12.71		$	12.68		$	11.83		$	11.97		$	15.60		$	14.10
Income from investment operations:
Net investment income		0.15			0.11			0.07			0.11			0.11			0.08
Net realized and unrealized gain (loss)		3.34			(0.01	)		0.86			(0.15	)		(2.18	)		2.62
Total from investment operations		3.49			0.10			0.93			(0.04	)		(2.07	)		2.70
Less distributions to shareholders:
Net investment income		(0.11	)		(0.07	)		(0.08	)		(0.10	)		(0.09	)		(0.03	)
Net realized gains		(0.31	)		—			—			—			(1.47	)		(1.17	)
Total distributions to shareholders		(0.42	)		(0.07	)		(0.08	)		(0.10	)		(1.56	)		(1.20	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	15.78		$	12.71		$	12.68		$	11.83		$	11.97		$	15.60
Total return		27.91	%		0.72	%		7.93	%		(0.01	%)		(15.11	%)		20.13	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.94	%(d)		0.96	%(e)		1.00	%		1.03	%(e)		0.99	%(e)		0.99	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.91	%(d)(g)		0.91	%(e)(g)		0.94	%(g)		0.92	%(e)(g)		0.89	%(e)(h)		0.89	%(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.94	%(d)		0.96	%		1.00	%		1.03	%		0.99	%		0.99	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.91	%(d)(g)		0.91	%(g)		0.94	%(g)		0.92	%(g)		0.89	%(h)		0.89	%(g)
Net investment income		1.08	%(d)(g)		0.76	%(g)		0.54	%(g)		1.09	%(g)		0.77	%(h)		0.57	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	819,630		$	494,107		$	344,081		$	247,974		$	173,479		$	245,529
Portfolio turnover		62	%		78	%		94	%		131	%		106	%		88	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(h)  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.

Annual Report 2012
29

Columbia Contrarian Core Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Contrarian Core Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from September 30 to August 31.

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 T, 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; however, this share class is closed to new investors.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts

aggregating $1 million to $50 million at the time of purchase are subject to a 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 T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

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

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.

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

Annual Report 2012
30

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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, 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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Investments for which market quotations are not readily available, or that have quotations which management believes are not 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.

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.

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.

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

Annual Report 2012
31

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

contracts in connection with the settlement of purchases and sales of securities and to shift investment exposure from one currency to another.

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 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.

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.

Fair Values of Derivative Instruments at August 31, 2012 and September 30, 2011

At August 31, 2012 and September 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Year Ended September 30, 2011

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(188,480	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Year Ended September 30, 2011

	Contracts Opened
Forward foreign currency exchange contracts		44

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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.

Annual Report 2012
32

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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 tax exempt or 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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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 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 March 1, 2011, the investment management fee was an annual fee that was equal to a percentage of the Fund's average daily net assets that declined from 0.70% to 0.51% as the Fund's net assets increased. The annualized effective investment management fee rate for the period ended

Annual Report 2012
33

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

August 31, 2012, and for the year ended September 30, 2011 was 0.65% and 0.67%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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. Prior to March 1, 2011, the administration fee was equal to the annual rate of 0.067% of the Fund's average daily net assets. The annualized effective administration fee rate for the period ended August 31, 2012, and for the year ended Spetember 30, 2011 was 0.05% and 0.06%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to March 28, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective March 28, 2011, these services are now provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

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 R4 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R4 shares.

The Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period Ended August 31, 2012			Year Ended September 30, 2011
Class A		0.20	%		0.17	%
Class B		0.20			0.17
Class C		0.19			0.17
Class R		0.18			0.18
Class R4		0.05			0.05
Class T		0.20			0.17
Class W		0.19			0.17
Class Z		0.19			0.17

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 period ended August 31, 2012, these minimum account balance fees reduced total expenses by $13,225. For the year ended September 30, 2011, these

Annual Report 2012
34

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

minimum account balance fees reduced total expenses by $18,511.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class A, Class B, Class C, Class R and Class W shares, respectively.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

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

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. For the period ended August 31, 2012, and for the year ended September 30, 2011, the annualized effective shareholder services fee rate

was 0.30% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $441,560 for Class A, $9,563 for Class B, $3,742 for Class C and $7,858 for Class T shares for the period ended August 31, 2012 and $454,859 for Class A, $14,090 for Class B, $4,425 for Class C and $11,309 for Class T shares for the year ended September 30, 2011.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below as well as any reorganization costs allocated to the Fund), through January 31, 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	1.16	%
Class B	1.91
Class C	1.91
Class I	0.78
Class R	1.41
Class R4	1.08
Class T	1.21
Class W	1.16
Class Z	0.91

Prior to March 1, 2011, 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	1.19	%
Class B	1.94
Class C	1.94
Class I	0.86
Class R	1.44
Class T	1.24
Class W	1.19
Class Z	0.94

Annual Report 2012
35

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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. Reorganization (see Note 11) costs were allocated to the Fund only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund's shareholders during the first year following the Reorganization.

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, and post-October capital 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:

Undistributed net investment income	$	2,227
Accumulated net realized loss		(2,225	)
Paid-in capital		(2	)

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 periods indicated was as follows:

	Period Ended August 31, 2012		Year Ended September 30, 2011		Year Ended September 30, 2010
Ordinary income	$	10,813,142	$	2,613,257	$	2,597,814
Long-term capital gains		34,951,871		—		—
Tax return of capital		—
Total	$	45,765,013

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	11,472,248
Undistributed accumulated long-term gain		—
Unrealized appreciation		357,073,504

At August 31, 2012, the cost of investments for federal income tax purposes was $2,137,198,766 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	372,426,517
Unrealized depreciation		(15,353,013	)
Net unrealized appreciation	$	357,073,504

For the period ended August 31, 2012, $39,486,674 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 August 31, 2012, the Fund will elect to treat post-October capital losses of $2,148,145 as arising on September 1, 2012.

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 $1,366,753,014 and $1,106,929,724, respectively, for the period ended August 31, 2012.

Note 6. Lending of Portfolio Securities

Effective March 28, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street, authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the

Annual Report 2012
36

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

Agreement, the securities loaned are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 period ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to March 28, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $407,162,489 were on loan, secured by cash collateral of $414,749,188 (which does not reflect calls for collateral made to borrowers by JPMorgan

at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. Custody Credits

Prior to March 28, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period October 1, 2010 through March 28, 2011, these credits reduced total expenses by $1.

Note 8. Affiliated Money Market Fund

Effective March 28, 2011, 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 9. Shareholder Concentration

At August 31, 2012, one unaffiliated shareholder account owned 13.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 21.8% 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 10. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (the Administrative Agent) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility became effective on March 28, 2011, replacing a prior credit facility. 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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

Annual Report 2012
37

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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. For the period March 28, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $280 million committed, unsecured revolving credit facility provided by State Street. Effective October 14, 2010, interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum. Prior to October 14, 2010, interest was charged to each participating fund as the same rates. In addition, a commitment fee of 0.15% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets.

The Fund had no borrowings during the period ended August 31, 2012.

For the year ended September 30, 2011, the average daily loan balance outstanding on days when borrowing existed was $1,585,714 at a weighted average interest rate of 1.49%.

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 Partners Fundamental Value Fund, a series of RiverSource Managers Series, Inc. The reorganization was completed after shareholders of RiverSource Partners Fundamental Value Fund approved the plan 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.

The aggregate net assets of the Fund immediately before the acquisition were $900,258,998 and the combined net assets immediately after the acquisition were $1,453,637,468.

The merger was accomplished by a tax-free exchange of 105,198,809 shares of RiverSource Partners Fundamental Value Fund valued at $553,378,470 (including $147,202,771 of unrealized appreciation).

In exchange for RiverSource Partners Fundamental Value Fund shares, the Fund issued the following number of shares:

	Shares
Class A		20,212,114
Class B		2,516,488
Class C		617,699
Class I		13,605,994
Class R4		7,740

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, RiverSource Partners Fundamental Value 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 Partners Fundamental Value 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 October 1, 2010, 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 September 30, 2011 would have been approximately $9.4 million, $110 million, $(170.1) million and $(50.7) 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

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

Annual Report 2012
38

Columbia Contrarian Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
39

Columbia Contrarian Core Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Contrarian 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 Contrarian Core Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
40

Columbia Contrarian Core Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal period ended August 31, 2012, $157,851, or, if subsequently determined to be different, the net capital gain of such year.

100% of the ordinary income distributed by the Fund for the fiscal period ended August 31, 2012 qualifies for the corporate dividends received deduction.

For non-corporate shareholders, 100% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal period ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
41

Columbia Contrarian Core Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
42

Columbia Contrarian Core Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
43

Columbia Contrarian Core Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
44

Columbia Contrarian Core Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Contrarian Core Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
45

Columbia Contrarian Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the fifty-sixth, seventh and third percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
46

Columbia Contrarian Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the third and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the

Annual Report 2012
47

Columbia Contrarian Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
48

Columbia Contrarian Core 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 2012
49

Columbia Contrarian Core 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1401 D (10/12)

Annual Report

August 31, 2012

Columbia Emerging Markets Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Emerging Markets Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Emerging Markets 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	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	36
Board Consideration and Approval of Advisory Agreement	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 2012

Columbia Emerging Markets Fund

Performance Overview

Performance Summary

>Columbia Emerging Markets Fund (the Fund) Class A shares returned -4.80% excluding sales charges for the five-month period ended August 31, 2012.

>The MSCI Emerging Markets Index (Net) returned -7.42%, while the MSCI EAFE (Europe, Australasia, Far East) Index (Net) returned -3.55% during the same five-month period.

>In a difficult environment for emerging markets, stock selection in the consumer-related sectors helped the Fund hold up better than the MSCI Emerging Markets Index (Net).

>  During the period, the Fund's fiscal year-end was changed from March 31 to August 31. As a result, performance for the five-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	5 Months cumulative		1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			-4.80		-4.32		-2.01		13.97
Including sales charges			-10.27		-9.84		-3.17		13.29
Class C*	09/28/07
Excluding sales charges			-5.09		-5.09		-2.76		13.11
Including sales charges			-6.00		-6.00		-2.76		13.11
Class I*	09/27/10		-4.58		-3.91		-1.77		14.26
Class R*	09/27/10		-4.81		-4.42		-2.28		13.67
Class W*	09/27/10		-4.81		-4.42		-2.07		13.94
Class Z	01/02/98		-4.69		-4.11		-1.81		14.23
MSCI Emerging Markets Index (Net)			-7.42		-5.80		-0.37		15.00
MSCI EAFE Index (Net)			-3.55		-0.04		-4.81		6.67

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. 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 since inception 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 MSCI Emerging Markets (EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The MSCI EAFE (Europe, Australasia, 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, Australia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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 2012
2

Columbia Emerging Markets Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Emerging Markets 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 2012
3

Columbia Emerging Markets Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Emerging Markets Fund has approved the change of the Fund's fiscal year end from March 31 to August 31. As a result, this report covers the 5-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012 through February 28, 2013.

For the five-month period that ended August 31, 2012, the Fund's Class A shares returned -4.80% excluding sales charges. The Fund's benchmarks, the MSCI Emerging Markets Index (Net) and the MSCI EAFE (Europe, Australasia, Far East) Index (Net), returned -7.42% and -3.55%, respectively, for the same five-month period. In a difficult period for emerging stock markets, stock selection in consumer-related stocks, helped the Fund hold up better than the MSCI Emerging Markets Index (Net).

Investors Shun Risk as Global Growth Weakens

The volatility that swept through equity markets across the globe early in the period had particularly challenging consequences for emerging markets as investors sought to avoid any areas of perceived risk. From April 2012 through early June, emerging markets suffered through a general global equity sell-off caused principally by concerns about the sovereign debt crisis in Europe and the possibility of a "hard landing" in China, where growth had been slowing for more than a year. Problems were particularly severe in China, which felt the effects of restrictive government monetary and fiscal policies intended to slow the economy, which has been growing at close to a double-digit annual rate over most of the previous decade. Weaker growth in China had a direct impact on Russia and Brazil, two commodity-rich nations highly dependent on demand from China. Meanwhile, India was handicapped by its own internal issues, including high inflation and concerns about corporate governance.

While emerging markets recovered somewhat in the final weeks of the five-month period, gains were not sufficient to overcome earlier losses. Among developing nations, Turkey was the best performer, as its low-cost manufacturing base gave it a competitive advantage in selling to nearby Europe. At the same time, smaller Asian markets were able to attract foreign-based manufacturers searching for alternatives to China. Countries such as Indonesia, the Philippines and Thailand also continued to benefit from the emergence of new middle classes of consumers.

Rising Middle Classes Lifted Consumer Stocks

An emphasis on and stock selection in the consumer discretionary and consumer staples sectors helped the Fund hold up better than the MSCI Emerging Markets Index. Longtime holding Ace Hardware Indonesia, a home improvement retail franchise, profited from expanding home ownership in Indonesia. Subsequent spending on new homes rose 23% (in U.S. $) during the time period. In South Africa, the diversified consumer products company AVI gained from the same consumer trends, while the rising middle class in the Philippines helped build loan demand for Metropolitan Bank & Trust, which helped the stock post a positive return during the time period.

The Fund had more exposure than the MSCI Emerging Markets Index to Turkey, which, combined with good stock selection among Turkish companies, lent further support to results. Tofas Turk Otomobil Fabrikasi, a low-cost contract automobile manufacturer producing European brand cars for export to Europe, aided returns. Telecommunication services providers Far EasTone of Taiwan and Advanced Information Service of Thailand also aided results as their more defensive characteristics, attractive dividend yields and a move by consumers to

Portfolio Management

Dara White, CFA

Jasmine Huang, CFA, CPA

Robert Cameron

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Samsung Electronics Co., Ltd.	4.8
Petroleo Brasileiro SA	2.3
Industrial & Commercial Bank of China Ltd., Class H	2.1
Far EasTone Telecommunications Co., Ltd.	2.1
PetroChina Co., Ltd., Class H	2.0
Gazprom OAO, ADR	1.8
Hyundai Motor Co.	1.7
Metropolitan Bank & Trust	1.5
Kasikornbank PCL, Foreign Registered Shares	1.5
Turkiye Garanti Bankasi AS	1.5

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Emerging Markets Fund

Manager Discussion of Fund Performance (continued)

adopt smartphone technology helped drive revenue above. The Fund had less exposure than MSCI Emerging Markets Index to weak-performing Brazil, which aided results. The portfolio was underweight in giant iron ore producer Vale, an exporter hurt by slowing global demand. We also did well to emphasize stocks benefiting from domestic demand, such as Mills Estruturas e Servicos de Engeharia, an equipment manufacturer focused on the domestic construction industry.

Positioning in China, Malaysia Held Back Results

Although we had less exposure than the MSCI Emerging Markets Index to poor-performing China, stock selection there hurt relative performance. One notable detractor was gold miner Zijin Mining Group, a position we liquidated. Underweighting Malaysia held back results as it outperformed, helped in part by the continuing presence of domestic-based institutions that remained invested. One Malaysian investment in particular that fared poorly was Genting Bhd, a conglomerate hurt by poor performance by its gambling operations. Other holdings that detracted from results were two materials companies hit by weak global demand, LG Chem of Korea and Freeport-McMoRan Copper & Gold, a U.S. company with extensive operations in Indonesia. We continue to hold these two names despite the downturn in global demand, because we believe that they are attractively valued.

Looking Ahead

We plan to continue to emphasize growing and financially sound companies selling at reasonable valuations. Across emerging markets, we currently see very many solid companies with attractive stock prices, including many with generous dividend yields. We believe these stocks have the potential to deliver superior longer-term results at lower risk than stocks in many more developed foreign markets.

Although we cannot predict the timing of an improvement in emerging markets, our longer-term outlook continues to be positive and we will continue to look for opportunities in companies with the ability to grow regardless of the global economic backdrop.

Country Breakdown (%) (at August 31, 2012)
Brazil	12.4
Chile	1.6
China	12.4
Hong Kong	1.3
India	5.5
Indonesia	6.9
Malaysia	1.0
Mexico	3.5
Panama	0.4
Peru	0.9
Philippines	3.9
Poland	0.7
Russian Federation	7.3
Singapore	0.5
South Africa	4.9
South Korea	14.6
Taiwan	7.7
Thailand	7.8
Turkey	4.2
United States(a)	2.5
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Annual Report 2012
5

Columbia Emerging Markets Fund

Manager Discussion of Fund Performance (continued)

Summary of Investments in Securities by Industry (%) (at August 31, 2012)
Airlines	0.4
Auto Components	1.7
Automobiles	3.3
Beverages	2.1
Capital Markets	0.5
Chemicals	4.5
Commercial Banks	16.9
Commercial Services & Supplies	0.4
Communications Equipment	0.3
Computers & Peripherals	1.2
Construction & Engineering	0.9
Construction Materials	1.2
Diversified Financial Services	1.6
Diversified Telecommunication Services	0.3
Electrical Equipment	0.6
Electronic Equipment, Instruments & Components	1.7
Food & Staples Retailing	3.8
Food Products	3.4
Gas Utilities	1.2
Health Care Providers & Services	2.0
Hotels, Restaurants & Leisure	1.2
Household Durables	0.8
Household Products	0.6
Independent Power Producers & Energy Traders	0.3
Industrial Conglomerates	1.5
Insurance	0.4
Internet Software & Services	1.8
Leisure Equipment & Products	0.5
Machinery	1.4
Media	0.9
Metals & Mining	2.7
Multiline Retail	1.0
Oil, Gas & Consumable Fuels	11.9
Real Estate Management & Development	1.7
Road & Rail	0.8
Semiconductors & Semiconductor Equipment	8.9
Software	1.1
Specialty Retail	3.5
Textiles, Apparel & Luxury Goods	1.2
Tobacco	1.2
Trading Companies & Distributors	1.6
Transportation Infrastructure	0.9
Wireless Telecommunication Services	5.2
Total	99.1

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

Annual Report 2012
6

Columbia Emerging Markets 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.

March 1, 2012 – August 31, 2012

	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		935.20		1,015.43		9.39		9.78		1.93
Class C		1,000.00		1,000.00		931.10		1,011.71		12.96		13.50		2.67
Class I		1,000.00		1,000.00		936.50		1,017.65		7.25		7.56		1.49
Class R		1,000.00		1,000.00		934.20		1,014.23		10.55		10.99		2.17
Class W		1,000.00		1,000.00		934.20		1,015.48		9.33		9.73		1.92
Class Z		1,000.00		1,000.00		935.40		1,016.74		8.12		8.47		1.67

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 2012
7

Columbia Emerging Markets Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 96.8%

Issuer	Shares		Value ($)
Brazil 10.1%
Arezzo Industria e Comercio SA		85,800		1,435,424
Banco Bradesco SA, ADR		364,651		5,987,569
BR Malls Participacoes SA		258,000		3,230,878
CETIP SA - Mercados Organizados		166,103		2,123,441
Cia Hering		121,100		2,637,485
Companhia de Bebidas Americas, ADR(a)		160,882		6,050,772
Itaú Unibanco Holding SA, ADR		98,497		1,557,238
Mahle-Metal Leve SA Industria e Comercio		273,900		3,035,987
Mills Estruturas e Servicos de Engenharia SA		254,500		3,760,015
Multiplus SA		80,200		1,717,866
Odontoprev SA		442,100		2,384,844
Qualicorp SA(b)		457,100		4,411,345
Raia Drogasil SA		142,200		1,515,941
Ultrapar Participacoes SA		172,100		3,770,278
Vale SA		180,200		2,949,922
Total				46,569,005
Chile 1.6%
ENTEL Chile SA		146,881		2,828,928
SACI Falabella		515,934		4,683,766
Total				7,512,694
China 12.4%
AAC Technologies Holdings, Inc.		415,450		1,416,328
AutoNavi Holdings Ltd., ADR(a)(b)		86,741		1,080,793
Belle International Holdings Ltd.		1,318,000		2,384,184
Brilliance China Automotive Holdings Ltd.(a)(b)		1,704,000		1,674,019
China Communications Construction Co., Ltd., Class H(a)		5,537,000		4,280,154
China Merchants Holdings International Co., Ltd.		618,000		1,780,079
China Shenhua Energy Co., Ltd., Class H		657,000		2,407,496
China Telecom Corp., Ltd., Class H		2,846,000		1,580,480
China Vanke Co., Ltd., Class B		1,963,317		2,463,407
CNOOC Ltd.		963,000		1,831,838
ENN Energy Holdings Ltd.		948,000		3,756,998
Industrial & Commercial Bank of China Ltd., Class H		17,265,000		9,382,562
NQ Mobile, Inc., ADR(a)(b)		166,082		1,277,171

Common Stocks (continued)

Issuer	Shares		Value ($)
PetroChina Co., Ltd., Class H		7,570,000		9,157,381
Spreadtrum Communications, Inc., ADR(a)		254,373		5,026,410
Tencent Holdings Ltd.		93,900		2,878,146
Want Want China Holdings Ltd.		2,531,000		3,139,481
Wynn Macau Ltd.(a)		742,400		1,709,811
Total				57,226,738
Hong Kong 1.3%
SA SA International Holdings Ltd.(a)		3,232,000		2,121,689
Towngas China Co., Ltd.		2,317,000		1,792,954
Trinity Ltd.		3,412,000		2,229,505
Total				6,144,148
India 5.5%
Asian Paints Ltd.		20,804		1,362,418
Bajaj Auto Ltd.		31,819		926,417
Bharat Forge Ltd.		358,149		1,799,259
Cairn India Ltd.(b)		477,851		2,925,406
Cummins India Ltd.		236,685		1,957,630
Eicher Motors Ltd.		25,740		992,488
HDFC Bank Ltd., ADR		141,646		4,756,473
ICICI Bank Ltd., ADR		125,913		4,095,950
ITC Ltd.		535,326		2,579,692
Jubilant Foodworks Ltd.(b)		95,738		2,006,515
Titan Industries Ltd.		448,656		1,779,799
Total				25,182,047
Indonesia 6.9%
PT Ace Hardware Indonesia Tbk		5,927,500		3,547,519
PT AKR Corporindo Tbk		3,824,500		1,408,547
PT Bank Rakyat Indonesia Persero Tbk		3,442,000		2,514,255
PT Bank Tabungan Pensiunan Nasional Tbk(b)		4,608,500		2,332,271
PT Gudang Garam Tbk		526,000		2,773,561
PT Indocement Tunggal Prakarsa Tbk		1,585,200		3,371,126
PT Indofood Sukses Makmur Tbk		5,689,000		3,224,726
PT Media Nusantara Citra Tbk		18,445,500		4,117,177
PT Nippon Indosari Corpindo Tbk		5,676,000		3,041,805
PT Sumber Alfaria Trijaya Tbk		4,460,000		2,487,693
PT Tower Bersama Infrastructure Tbk(b)		7,585,000		3,083,511
Total				31,902,191

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

Annual Report 2012
8

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Malaysia 1.0%
Genting Bhd		603,400		1,743,339
RHB Capital Bhd		1,233,700		2,872,421
Total				4,615,760
Mexico 3.6%
Alfa SAB de CV, Class A(a)		221,000		3,542,012
Alpek SA de CV		1,449,315		3,819,822
Fomento Economico Mexicano SAB de CV, ADR		42,696		3,607,812
Grupo Financiero Banorte SAB de CV, Class O		514,000		2,616,753
Grupo Mexico SAB de CV, Class B(a)		917,090		2,735,892
Total				16,322,291
Panama 0.4%
Copa Holdings SA, Class A		24,051		1,867,079
Peru 0.9%
Credicorp Ltd.		35,029		4,222,045
Philippines 3.9%
GT Capital Holdings, Inc.(b)		302,500		3,866,299
Metropolitan Bank & Trust		3,215,995		6,973,203
Security Bank Corp.		1,100,680		3,799,142
SM Investments Corp.		196,690		3,322,991
Total				17,961,635
Poland 0.7%
Eurocash SA		265,063		3,199,023
Russian Federation 7.4%
E.ON Russia JSC		15,864,582		1,229,505
Gazprom OAO, ADR		863,630		8,346,984
Globaltrans Investment PLC, GDR(c)		138,306		2,600,153
Globaltrans Investment PLC, GDR, Foreign Registered Shares		54,142		1,017,869
Lukoil OAO, ADR		104,296		5,949,044
Magnit OJSC, GDR(c)		67,211		2,143,359
Mobile Telesystems OJSC, ADR		211,157		3,887,400
NovaTek OAO		225,670		2,548,892
Sberbank of Russia		2,089,466		6,071,988
Total				33,795,194

Common Stocks (continued)

Issuer	Shares		Value ($)
Singapore 0.6%
Hutchison Port Holdings Trust Unit(a)		3,561,000		2,494,153
South Africa 5.0%
AVI Ltd.		594,263		4,101,780
Barloworld Ltd.		249,232		2,105,852
Clicks Group Ltd.		452,355		3,095,372
Discovery Holdings Ltd.		276,263		1,896,329
FirstRand Ltd.		1,070,747		3,497,799
Gold Fields Ltd., ADR		143,695		1,770,322
Life Healthcare Group Holdings Ltd.		686,200		2,604,996
Mr. Price Group Ltd.		175,293		2,839,150
Shoprite Holdings Ltd.		45,815		921,370
Total				22,832,970
South Korea 14.7%
Cheil Industries, Inc.		18,910		1,732,656
Daum Communications Corp.		25,793		2,581,918
Hankook Tire Co., Ltd.(d)		80,130		2,906,255
Honam Petrochemical Corp.		16,068		3,338,622
Huchems Fine Chemical Corp.		143,370		3,069,691
Hyundai Motor Co.		35,705		7,604,101
Iljin Display Co., Ltd.		178,410		2,738,292
LG Chem Ltd.		9,977		2,664,734
LG Display Co., Ltd.(b)		158,780		3,678,692
LG Household & Health Care Ltd.		5,395		2,963,610
LS Corp.		38,567		2,996,647
NCSoft Corp.		12,853		2,875,836
Samsung Electronics Co., Ltd.		19,874		21,688,143
Samsung SDI Co., Ltd.		18,381		2,329,826
SK Hynix, Inc.(b)		70,870		1,331,374
SK Innovation Co., Ltd.		21,983		3,192,876
Total				67,693,273
Taiwan 7.7%
Airtac International Group		336,000		1,646,621
Asustek Computer, Inc.		222,000		2,227,438
Catcher Technology Co., Ltd.		314,000		1,576,939
Far EasTone Telecommunications Co., Ltd.		3,783,000		9,360,889
Formosa Chemicals & Fibre Corp.		683,000		1,769,750

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

Annual Report 2012
9

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Foxconn Technology Co., Ltd.		513,450		1,967,224
Giant Manufacturing Co., Ltd.		475,800		2,410,907
MediaTek, Inc.		379,000		4,067,541
PChome Online, Inc.		472,854		2,680,269
Taiwan Semiconductor Manufacturing Co., Ltd.		2,207,190		6,181,489
Tong Hsing Electronic Industries Ltd.		483,000		1,614,265
Total				35,503,332
Thailand 7.8%
Advanced Information Service PCL, Foreign Registered Shares		685,600		4,757,724
Bangkok Bank PCL, Foreign Registered Shares		798,800		4,926,180
Charoen Pokphand Foods PCL, Foreign Registered Shares		1,919,700		1,947,343
CP ALL PCL, Foreign Registered Shares		3,605,200		3,972,003
Home Product Center PCL, Foreign Registered Shares		5,945,567		2,353,738
Indorama Ventures PCL, Foreign Registered Shares		3,011,100		2,767,777
Kasikornbank PCL, Foreign Registered Shares		1,257,800		6,793,098
LPN Development PCL, Foreign Registered Shares		3,765,600		2,023,230
PTT PCL, Foreign Registered Shares		394,800		4,162,856
Siam Cement PCL, NVDR		221,700		2,350,320
Total				36,054,269
Turkey 4.2%
Arcelik AS		649,907		3,593,923
Tofas Turk Otomobil Fabrikasi AS		1,002,297		4,848,402
Turk Traktor ve Ziraat Makineleri AS		92,174		1,986,159
Turkiye Garanti Bankasi AS		1,567,115		6,719,161
Turkiye Halk Bankasi AS		253,097		2,281,657
Total				19,429,302
United States 1.1%
Freeport-McMoRan Copper & Gold, Inc.		133,800		4,831,518
Total Common Stocks (Cost: $366,629,113)				445,358,667

Preferred Stocks 2.3%

Issuer	Shares		Value ($)
Brazil 2.3%
Petroleo Brasileiro SA		1,021,700		10,509,432
Total Preferred Stocks (Cost: $5,375,705)				10,509,432

Money Market Funds 1.4%

Columbia Short-Term Cash Fund, 0.164%(e)(f)	6,468,836	6,468,836
Total Money Market Funds (Cost: $6,468,836)		6,468,836

Investments of Cash Collateral Received for Securities on Loan 3.3%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 3.3%
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(g)		0.240	%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $2,000,053(g)		0.240	%		2,000,000		2,000,000
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $3,000,077(g)		0.230	%		3,000,000		3,000,000
Societe Generale dated 08/31/12, matures 09/04/12, repurchase price $5,226,542(g)		0.180	%		5,226,437		5,226,437
Total							15,226,437
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $15,226,437)							15,226,437
Total Investments (Cost: $393,700,091)							477,563,372
Other Assets & Liabilities, Net							(17,432,045	)
Net Assets							460,131,327

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

Annual Report 2012
10

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments

(a)  At August 31, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  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 August 31, 2012, the value of these securities amounted to $4,743,512 or 1.03% of net assets.

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2012, the value of these securities amounted to $2,906,255, which represents 0.63% of net assets.

(e)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		3,836,855		92,575,947		(89,943,966)		—		6,468,836		3,965		6,468,836

(g)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		117,402
Ginnie Mae I Pool		4,129,130
Ginnie Mae II Pool		114,120
Government National Mortgage Association		739,348
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		240,345
Fannie Mae REMICS		625,802
Freddie Mac Non Gold Pool		68,150
Freddie Mac Reference REMIC		16
Freddie Mac REMICS		362,891
Ginnie Mae I Pool		1,900
Ginnie Mae II Pool		21,882
Government National Mortgage Association		719,068
Total market value of collateral securities		2,040,054
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		2,100,801
Freddie Mac Gold Pool		959,199
Total market value of collateral securities		3,060,000

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

Annual Report 2012
11

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Societe Generale (0.180%)
United States Treasury Inflation Indexed Bonds		5,330,966
Total market value of collateral securities		5,330,966

Abbreviation Legend

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

NVDR  Non-voting Depository Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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.

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

Annual Report 2012
12

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		11,792,662		49,689,454		2,906,255		64,388,371
Consumer Staples		11,174,525		39,590,818		—		50,765,343
Energy		9,719,322		34,573,729		—		44,293,051
Financials		28,590,347		68,413,002		—		97,003,349
Health Care		6,796,189		2,604,996		—		9,401,185
Industrials		10,886,972		28,589,343		—		39,476,315
Information Technology		7,384,374		61,833,720		—		69,218,094
Materials		16,107,476		22,427,094		—		38,534,570
Telecommunication Services		6,716,328		18,782,604		—		25,498,932
Utilities		—		6,779,457		—		6,779,457
Preferred Stocks
Energy		10,509,432		—		—		10,509,432
Total Equity Securities		119,677,627		333,284,217		2,906,255		455,868,099
Other
Money Market Funds		6,468,836		—		—		6,468,836
Investments of Cash Collateral Received for Securities on Loan		—		15,226,437		—		15,226,437
Total Other		6,468,836		15,226,437		—		21,695,273
Total		126,146,463		348,510,654		2,906,255		477,563,372

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.

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

Annual Report 2012
13

Columbia Emerging Markets Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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, August 31, 2012.

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
$	5,625,991	$	—	$	—	$	5,625,991

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.

	Common Stocks ($)
Balance as of March 31, 2012		418,098
Accrued discounts/premiums		—
Realized gain (loss)		(1,171,911	)
Change in unrealized appreciation (depreciation)(a)		1,608,796
Sales		(239,173	)
Purchases		—
Transfers into Level 3		2,290,445
Transfers out of Level 3		—
Balance as of August 31, 2012		2,906,255

(a) Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2012 was $615,810.

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 are valued using a 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 estimated earnings of the respective company and market multiples derived from a set of 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.

Financial assets were transferred from Level 2 to Level 3 due to unavailable market inputs. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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
14

Columbia Emerging Markets Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $372,004,818)	$	455,868,099
Affiliated issuers (identified cost $6,468,836)		6,468,836
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $15,226,437)		15,226,437
Total investments (identified cost $393,700,091)		477,563,372
Cash		2,201
Foreign currency (identified cost $373,170)		373,343
Receivable for:
Investments sold		2,557,170
Capital shares sold		153,771
Dividends		1,037,149
Interest		15,639
Reclaims		49,403
Expense reimbursement due from Investment Manager		3,955
Prepaid expenses		6,956
Trustees' deferred compensation plan		22,078
Total assets		481,785,037
Liabilities
Due upon return of securities on loan		15,226,437
Payable for:
Investments purchased		4,043,988
Capital shares purchased		125,283
Investment management fees		15,825
Distribution and service fees		371
Foreign capital gains taxes deferred		2,002,125
Transfer agent fees		59,615
Administration fees		997
Compensation of board members		997
Chief compliance officer expenses		68
Other expenses		155,926
Trustees' deferred compensation plan		22,078
Total liabilities		21,653,710
Net assets applicable to outstanding capital stock	$	460,131,327
Represented by
Paid-in capital	$	388,624,027
Undistributed net investment income		2,472,104
Accumulated net realized loss		(12,822,565	)
Unrealized appreciation (depreciation) on:
Investments		83,863,281
Foreign currency translations		(3,395	)
Foreign capital gains tax		(2,002,125	)
Total — representing net assets applicable to outstanding capital stock	$	460,131,327
*Value of securities on loan	$	14,654,386

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

Annual Report 2012
15

Columbia Emerging Markets Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	11,177,326
Shares outstanding		1,231,344
Net asset value per share	$	9.08
Maximum offering price per share(a)	$	9.63
Class C
Net assets	$	2,819,754
Shares outstanding		317,073
Net asset value per share	$	8.89
Class I
Net assets	$	239,618,455
Shares outstanding		26,249,080
Net asset value per share	$	9.13
Class R
Net assets	$	491,339
Shares outstanding		54,249
Net asset value per share	$	9.06
Class W
Net assets	$	31,470,295
Shares outstanding		3,467,802
Net asset value per share	$	9.07
Class Z
Net assets	$	174,554,158
Shares outstanding		19,154,640
Net asset value per share	$	9.11

(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.

Annual Report 2012
16

Columbia Emerging Markets Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012
Net investment income
Income:
Dividends	$	7,193,171		$	11,426,317
Interest		50			44,696
Dividends — affiliated issuers		3,965			3,718
Income from securities lending — net		101,523			125,023
Foreign taxes withheld		(803,932	)		(1,033,580	)
Total income		6,494,777			10,566,174
Expenses:
Investment management fees		2,473,783			5,473,885
Distribution fees
Class C		8,773			14,910
Class R		1,027			567
Service fees
Class A		11,875			27,458
Class C		2,924			4,970
Class W		32,219			90,934
Transfer agent fees
Class A		14,880			29,166
Class C		3,668			5,137
Class R		644			257
Class W		40,543			101,629
Class Z		241,138			686,603
Administration fees		155,829			463,603
Compensation of board members		11,604			33,757
Pricing and bookkeeping fees		—			38,036
Custodian fees		152,482			600,229
Printing and postage fees		55,331			74,268
Registration fees		58,047			81,958
Professional fees		33,735			62,711
Line of credit interest expense		—			2,122
Chief compliance officer expenses		45			730
Other		34,033			60,255
Total expenses		3,332,580			7,853,185
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(202,945	)		(734,739	)
Expense reductions		(2,500	)		(3,032	)
Total net expenses		3,127,135			7,115,414
Net investment income		3,367,642			3,450,760
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(10,463,107	)		20,515,911
Foreign currency translations		(144,536	)		(1,185,597	)
Net realized gain (loss)		(10,607,643	)		19,330,314
Net change in unrealized appreciation (depreciation) on:
Investments		(16,353,787	)		(65,258,586	)
Foreign currency translations		3,245			(24,709	)
Foreign capital gains tax		(93,590	)		(500,537	)
Net change in unrealized appreciation		(16,444,132	)		(65,783,832	)
Net realized and unrealized loss		(27,051,775	)		(46,453,518	)
Net decrease in net assets from operations	$	(23,684,133	)	$	(43,002,758	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
17

Columbia Emerging Markets Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012			Year Ended March 31, 2011(b)
Operations
Net investment income	$	3,367,642		$	3,450,760		$	1,784,324
Net realized gain (loss)		(10,607,643	)		19,330,314			60,474,200
Net change in unrealized appreciation		(16,444,132	)		(65,783,832	)		1,763,197
Net increase (decrease) in net assets resulting from operations		(23,684,133	)		(43,002,758	)		64,021,721
Distributions to shareholders
Net investment income
Class A		—			—			(68,895	)
Class C		—			—			(3,022	)
Class I		—			—			(128,973	)
Class R		—			—			(13	)
Class W		—			—			(325,283	)
Class Z		—			—			(3,264,227	)
Net realized gains
Class A		(512,127	)		(592,509	)		(1,107,014	)
Class C		(127,996	)		(98,528	)		(240,371	)
Class I		(10,754,774	)		(4,482,137	)		(1,196,541	)
Class R		(22,097	)		(121	)		(212	)
Class W		(1,438,404	)		(2,457,505	)		(3,971,955	)
Class Z		(8,210,326	)		(15,459,948	)		(47,203,700	)
Total distributions to shareholders		(21,065,724	)		(23,090,748	)		(57,510,206	)
Increase (decrease) in net assets from capital stock activity		37,390,292			37,201,115			85,121,466
Total increase (decrease) in net assets		(7,359,565	)		(28,892,391	)		91,632,981
Net assets at beginning of year		467,490,892			496,383,283			404,750,302
Net assets at end of year	$	460,131,327		$	467,490,892		$	496,383,283
Undistributed (excess of distributions over) net investment income	$	2,472,104		$	(897,513	)	$	(4,144,560	)

(a) For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class I, Class R and Class W are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

Annual Report 2012
18

Columbia Emerging Markets Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended March 31, 2012						Year Ended March 31, 2011(b)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		162,311			1,508,117			555,663			5,446,196			672,498			7,777,389
Distributions reinvested		53,170			458,327			44,090			458,094			83,830			916,965
Redemptions		(209,407	)		(1,946,160	)		(453,183	)		(4,533,244	)		(242,231	)		(2,684,532	)
Net increase		6,074			20,284			146,570			1,371,046			514,097			6,009,822
Class C shares
Subscriptions		66,130			597,104			196,797			1,842,538			128,365			1,474,873
Distributions reinvested		13,992			118,375			7,347			75,603			16,139			175,594
Redemptions		(55,595	)		(489,620	)		(95,911	)		(934,131	)		(97,589	)		(1,085,763	)
Net increase		24,527			225,859			108,233			984,010			46,915			564,704
Class I shares
Subscriptions		4,799,454			47,189,400			17,888,097			179,326,082			9,609,286			109,335,486
Distributions reinvested		1,241,880			10,754,682			430,963			4,482,016			118,966			1,325,278
Redemptions		(1,156,924	)		(10,483,515	)		(6,063,738	)		(63,290,156	)		(618,904	)		(6,965,764	)
Net increase		4,884,410			47,460,567			12,255,322			120,517,942			9,109,348			103,695,000
Class R shares
Subscriptions		4,178			38,451			54,120			491,245			214			2,500
Distributions reinvested		2,559			22,006			—			—			—			—
Redemptions		(3,907	)		(35,413	)		(2,915	)		(28,812	)		—			—
Net increase		2,830			25,044			51,205			462,433			214			2,500
Class W shares
Subscriptions		592,737			5,381,728			2,191,717			22,357,223			4,507,710			53,729,837
Distributions reinvested		166,858			1,438,313			236,514			2,457,384			385,382			4,297,007
Redemptions		(377,133	)		(3,465,882	)		(3,750,857	)		(36,168,400	)		(485,126	)		(5,442,289	)
Net increase (decrease)		382,462			3,354,159			(1,322,626	)		(11,353,793	)		4,407,966			52,584,555
Class Z shares
Subscriptions		941,857			8,507,338			3,480,320			34,454,928			3,901,409			43,768,237
Distributions reinvested		635,329			5,495,596			889,517			9,250,974			3,577,654			38,965,258
Redemptions		(3,000,548	)		(27,698,555	)		(12,230,897	)		(118,486,425	)		(14,276,666	)		(160,468,610	)
Net decrease		(1,423,362	)		(13,695,621	)		(7,861,060	)		(74,780,523	)		(6,797,603	)		(77,735,115	)
Total net increase		3,876,941			37,390,292			3,377,644			37,201,115			7,280,937			85,121,466

(a) For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class I, Class R and Class W are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

Annual Report 2012
19

Columbia Emerging Markets 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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended March 31,
Class A	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	10.01		$	11.48		$	11.27		$	6.42		$	14.96		$	17.77
Income from investment operations:
Net investment income (loss)		0.05			0.05			0.01			(0.01	)		0.07			0.04	(c)
Net realized and unrealized gain (loss)		(0.55	)		(0.95	)		1.75			5.00			(6.36	)		(1.63	)
Total from investment operations		(0.50	)		(0.90	)		1.76			4.99			(6.29	)		(1.59	)
Less distributions to shareholders:
Net investment income		—			—			(0.09	)		(0.14	)		—			(0.06	)
Net realized gains		(0.43	)		(0.57	)		(1.46	)		—			(2.26	)		(1.16	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.55	)		(0.14	)		(2.26	)		(1.22	)
Redemption fees:
Redemption fees added to paid-in-capital		—			—			—			0.00	(d)		0.01			0.00	(d)
Net asset value, end of period	$	9.08		$	10.01		$	11.48		$	11.27		$	6.42		$	14.96
Total return		(4.80	%)		(8.06	%)		16.74	%		78.17	%		(49.44	%)		(9.80	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.08	%(f)		2.08	%(g)		1.96	%(g)		1.77	%(g)		2.14	%		1.90	%(f)(g)
Net expenses after fees waived or expenses reimbursed (including interest expense)(h)		1.92	%(f)(i)		1.87	%(g)(i)		1.65	%(g)(i)		1.74	%(g)(i)		1.96	%(i)		1.85	%(f)(g)(i)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.08	%(f)		2.08	%		1.96	%		1.77	%		2.13	%		1.90	%(f)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(h)		1.92	%(f)(i)		1.87	%(i)		1.65	%(i)		1.74	%(i)		1.95	%(i)		1.85	%(f)(i)
Net investment income (loss)		1.41	%(f)(i)		0.54	%(i)		0.07	%(i)		(0.12	%)(i)		0.71	%(i)		0.46	%(f)(i)
Supplemental data
Net assets, end of period (in thousands)	$	11,177		$	12,260		$	12,388		$	6,362		$	917		$	1,231
Portfolio turnover		35	%		117	%		78	%		74	%		82	%		29	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(d)  Rounds to less than $0.01.

(e)  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.

(f)  Annualized.

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

(h)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
20

Columbia Emerging Markets Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class C	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	9.84		$	11.39		$	11.21		$	6.36		$	14.94		$	17.77
Income from investment operations:
Net investment income (loss)		0.02			(0.03	)		(0.07	)		(0.09	)		0.00	(c)		(0.04	)(d)
Net realized and unrealized gain (loss)		(0.54	)		(0.95	)		1.73			4.97			(6.33	)		(1.61	)
Total from investment operations		(0.52	)		(0.98	)		1.66			4.88			(6.33	)		(1.65	)
Less distributions to shareholders:
Net investment income		—			—			(0.02	)		(0.03	)		—			(0.02	)
Net realized gains		(0.43	)		(0.57	)		(1.46	)		—			(2.26	)		(1.16	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.48	)		(0.03	)		(2.26	)		(1.18	)
Redemption fees:
Redemption fees added to paid-in-capital		—			—			—			0.00	(c)		0.01			0.00	(c)
Net asset value, end of period	$	8.89		$	9.84		$	11.39		$	11.21		$	6.36		$	14.94
Total return		(5.09	%)		(8.86	%)		15.92	%		76.73	%		(49.82	%)		(10.11	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.83	%(f)		2.83	%(g)		2.71	%(g)		2.52	%(g)		2.89	%		2.65	%(f)(g)
Net expenses after fees waived or expenses reimbursed (including interest expense)(h)		2.67	%(f)(i)		2.62	%(g)(i)		2.40	%(g)(i)		2.49	%(g)(i)		2.71	%(i)		2.60	%(f)(g)(i)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.83	%(f)		2.83	%		2.71	%		2.52	%		2.88	%		2.65	%(f)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(h)		2.67	%(f)(i)		2.62	%(i)		2.40	%(i)		2.49	%(i)		2.70	%(i)		2.60	%(f)(i)
Net investment income (loss)		0.65	%(f)(i)		(0.27	%)(i)		(0.62	%)(i)		(0.86	%)(i)		(0.01	%)(i)		(0.44	%)(f)(i)
Supplemental data
Net assets, end of period (in thousands)	$	2,820		$	2,879		$	2,100		$	1,540		$	242		$	458
Portfolio turnover		35	%		117	%		78	%		74	%		82	%		29	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Rounds to less than $0.01.

(d)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(e)  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.

(f)  Annualized.

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

(h)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
21

Columbia Emerging Markets Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class I	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	10.04		$	11.48		$	11.71
Income from investment operations:
Net investment income (loss)		0.07			0.06			(0.01	)
Net realized and unrealized gain (loss)		(0.55	)		(0.93	)		0.88
Total from investment operations		(0.48	)		(0.87	)		0.87
Less distributions to shareholders:
Net investment income		—			—			(0.10	)
Net realized gains		(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.10	)
Net asset value, end of period	$	9.13		$	10.04		$	11.48
Total return		(4.58	%)		(7.79	%)		7.75	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.53	%(d)		1.56	%(e)		1.59	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.48	%(d)		1.51	%(e)		1.33	%(d)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.53	%(d)		1.56	%		1.59	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.48	%(d)		1.51	%		1.33	%(d)
Net investment income (loss)		1.86	%(d)		0.65	%		(0.09	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	239,618		$	214,524		$	104,595
Portfolio turnover		35	%		117	%		78	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

Annual Report 2012
22

Columbia Emerging Markets Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class R	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	9.99		$	11.49		$	11.70
Income from investment operations:
Net investment income (loss)		0.04			(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		(0.54	)		(0.87	)		0.91
Total from investment operations		(0.50	)		(0.93	)		0.85
Less distributions to shareholders:
Net investment income		—			—			(0.06	)
Net realized gains		(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.06	)
Net asset value, end of period	$	9.06		$	9.99		$	11.49
Total return		(4.81	%)		(8.32	%)		7.50	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.33	%(d)		2.37	%(e)		2.21	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		2.17	%(d)(g)		2.20	%(e)(g)		1.91	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.33	%(d)		2.37	%		2.21	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		2.17	%(d)(g)		2.20	%(g)		1.91	%(d)(g)
Net investment income (loss)		1.15	%(d)(g)		(0.58	%)(g)		(0.97	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	491		$	514		$	2
Portfolio turnover		35	%		117	%		78	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Emerging Markets Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class W	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	10.00		$	11.48		$	11.70
Income from investment operations:
Net investment income (loss)		0.05			0.07			(0.02	)
Net realized and unrealized gain (loss)		(0.55	)		(0.98	)		0.88
Total from investment operations		(0.50	)		(0.91	)		0.86
Less distributions to shareholders:
Net investment income		—			—			(0.08	)
Net realized gains		(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.08	)
Net asset value, end of period	$	9.07		$	10.00		$	11.48
Total return		(4.81	%)		(8.15	%)		7.61	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.09	%(d)		2.09	%(e)		1.95	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.92	%(d)(g)		1.85	%(e)(g)		1.65	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.09	%(d)		2.09	%		1.95	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.92	%(d)(g)		1.85	%(g)		1.65	%(d)(g)
Net investment income (loss)		1.41	%(d)(g)		0.73	%(g)		(0.41	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	31,470		$	30,863		$	50,623
Portfolio turnover		35	%		117	%		78	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Emerging Markets Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class Z	2012(a)			2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.03		$	11.49		$	11.26		$	6.42		$	14.94		$	14.06
Income from investment operations:
Net investment income		0.06			0.09			0.06			0.05			0.11			0.12	(b)
Net realized and unrealized gain (loss)		(0.55	)		(0.98	)		1.74			4.97			(6.38	)		2.04
Total from investment operations		(0.49	)		(0.89	)		1.80			5.02			(6.27	)		2.16
Less distributions to shareholders:
Net investment income		—			—			(0.11	)		(0.18	)		—			(0.12	)
Net realized gains		(0.43	)		(0.57	)		(1.46	)		—			(2.26	)		(1.16	)
Total distributions to shareholders		(0.43	)		(0.57	)		(1.57	)		(0.18	)		(2.26	)		(1.28	)
Redemption fees:
Redemption fees added to paid-in-capital		—			—			—			0.00	(c)		0.01			0.00	(c)
Net asset value, end of period	$	9.11		$	10.03		$	11.49		$	11.26		$	6.42		$	14.94
Total return		(4.69	%)		(7.96	%)		17.16	%		78.84	%		(49.37	%)		14.31	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.83	%(e)		1.83	%(f)		1.71	%(f)		1.52	%(f)		1.89	%		1.89	%(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.67	%(e)(h)		1.61	%(f)(h)		1.40	%(f)(h)		1.49	%(f)(h)		1.71	%(h)		1.85	%(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.83	%(e)		1.83	%		1.71	%		1.52	%		1.88	%		1.89	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.67	%(e)(h)		1.61	%(h)		1.40	%(h)		1.49	%(h)		1.70	%(h)		1.85	%(h)
Net investment income		1.65	%(e)(h)		0.87	%(h)		0.52	%(h)		0.47	%(h)		1.01	%(h)		0.73	%(h)
Supplemental data
Net assets, end of period (in thousands)	$	174,554		$	206,451		$	326,675		$	396,849		$	237,412		$	1,014,715
Portfolio turnover		35	%		117	%		78	%		74	%		82	%		29	%

Notes to Financial Highlights

(a)  For the period from April 1,2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Emerging Markets Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Emerging Markets Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from March 31 to August 31.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, Class R, 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 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 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

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.

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.

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Annual Report 2012
26

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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

Annual Report 2012
27

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

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 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

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 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. Effective July 1, 2011, the investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from1.27% to 0.66% as the Fund's net assets increase. Prior to July 1, 2011, the management fee was equal to a percentage of the Fund's average daily net assets that declined from 1.15% to 0.52% as the Fund's net assets increased. The annualized effective investment management fee rate for the period ended August 31, 2012, and for the year ended March 31, 2012, was 1.27% and 1.24%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. Effective July 1, 2011, 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 0.06% as the Fund's net assets increase. Prior to July 1, 2011, the administration fee was equal to the annual rate of 0.20% of the Fund's average daily net assets less the fees that were payable by the Fund as described under the Pricing and Bookkeeping Fees noted below. The annualized effective administration fee rate for the period ended August 31, 2012, and for the year ended March 31, 2012, was 0.08% and 0.11%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to July 25, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective July 25, 2011, these services are provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's

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28

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees.

The Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period Ended August 31, 2012			Year Ended March 31, 2012
Class A		0.31	%		0.27	%
Class C		0.31			0.26
Class R		0.31			0.23
Class W		0.31			0.28
Class Z		0.31			0.27

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 period ended August 31, 2012, these minimum account balance fees reduced total expenses by $2,500.

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.

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

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $18,741 for Class A and $2,155 for Class C shares for the period ended August 31, 2012 and $49,492 for Class A and $667 for Class C shares for the year ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 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 December 31, 2013, unless sooner terminated at the sole discretion of the Board, so that the

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29

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed 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	1.79	%
Class C	2.54
Class I	1.34
Class R	2.04
Class W	1.79
Class Z	1.54

For the period July 1, 2011 through August 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/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	1.95	%
Class C	2.70
Class I	1.62
Class R	2.20
Class W	1.95
Class Z	1.70

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.

Prior to July 1, 2011, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses (excluding certain expenses, such as brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) so that the Fund's ordinary net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits from

the Fund's custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.65	%
Class C	2.40
Class I	1.33
Class R	1.90
Class W	1.65
Class Z	1.40

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions 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	$	1,975
Accumulated net realized loss		(1,975	)
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.

Or, if no reclassifications were made, include the following:

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 periods indicated was as follows:

	Period Ended August 31, 2012		Year Ended March 31, 2012
Ordinary income	$	199,759	$	—
Long-term capital gains		20,865,965		23,090,748

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

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30

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	2,501,691
Unrealized appreciation		82,407,731

At August 31, 2012, the cost of investments for federal income tax purposes was $395,155,641 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	91,520,496
Unrealized depreciation		(9,112,765	)
Net unrealized appreciation	$	82,407,731

The following capital loss carryforward, determined at August 31, 2012, 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 ($)
2013		36,739
Unlimited short-term		11,330,275
Total		11,367,014

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.

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 $178,553,495 and $160,752,569, respectively, for the period ended August 31, 2012.

Note 6. Lending of Portfolio Securities

Effective July 25, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 period ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to July 25, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $14,654,386 were on loan, secured by cash collateral of $15,226,437 (which does

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31

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

At March 31, 2012, securities valued at $18,683,359 were on loan, secured by cash collateral of $19,489,471 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. Custody Credits

Prior to July 25, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period April 1, 2011 through July 24, 2011, these credits reduced total expenses by $41.

Note 8. Affiliated Money Market Fund

Effective July 25, 2011, 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 9. Shareholder Concentration

At August 31, 2012, two unaffiliated shareholder accounts owned an aggregate of 27.1% 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. Affiliated shareholder accounts owned 52.0% 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 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 became effective on July 25, 2011, replacing a prior credit facility. 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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. For the period July 25, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the period June 27, 2011 through July 24, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $100 million committed, unsecured revolving credit facility provided by State Street. For the period May 16, 2011 through June 26, 2011, the collective borrowing amount of the credit facility was $150 million. Prior to May 16, 2011, the collective borrowing amount of the credit facility was $225 million. Interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum.

The Fund had no borrowings during the period ended August 31, 2012.

For the year ended March 31, 2012, the average daily loan balance outstanding on days when borrowing existed was $1,967,857 at a weighted average interest rate of 1.38%.

Note 11. 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

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32

Columbia Emerging Markets Fund

Notes to Financial Statements (continued)

August 31, 2012

more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

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

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 2012
33

Columbia Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Emerging Markets 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 Emerging Markets Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

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Columbia Emerging Markets Fund

Federal Income Tax Information

(Unaudited)

Foreign taxes paid during the fiscal period ended August 31, 2012, of $764,585 are being passed through to shareholders. This represents $0.02 per share. Eligible shareholders may claim this amount as a foreign tax credit.

Gross income derived from sources within foreign countries was $6,785,805 ($0.13 per share) for the fiscal period ended August 31, 2012. The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

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35

Columbia Emerging Markets Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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36

Columbia Emerging Markets Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
37

Columbia Emerging Markets Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
38

Columbia Emerging Markets Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Emerging Markets Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
39

Columbia Emerging Markets Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the forty-third, twenty-seventh and sixty-second percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
40

Columbia Emerging Markets Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the fifth and fourth quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
41

Columbia Emerging Markets Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
42

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Annual Report 2012
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Annual Report 2012
44

Columbia Emerging Markets 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 2012
45

Columbia Emerging Markets 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1136 D (10/12)

Annual Report

August 31, 2012

Columbia Energy and Natural Resources Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Energy and Natural Resources Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Energy and Natural Resources 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	16
Financial Highlights	19
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	38
Board Consideration and Approval of Advisory Agreement	41
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 2012

Columbia Energy and Natural Resources Fund

Performance Overview

Performance Summary

>Columbia Energy and Natural Resources Fund (the Fund) Class A shares returned -3.90% excluding sales charges for the five-month period ended August 31, 2012.

>The Fund underperformed its benchmark, the S&P North American Natural Resources Sector Index, which returned -2.92% over the same period.

>In a period of slowing global economic growth and declining commodity prices, stock selection on the energy side of the Fund detracted from relative results.

>  During the period, the Fund's fiscal year-end was changed from March 31 to August 31. As a result, performance for the five-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	5 Months cumulative		1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			-3.90		-4.91		-1.31		12.03
Including sales charges			-9.41		-10.37		-2.47		11.36
Class B*	03/07/11
Excluding sales charges			-4.19		-5.57		-2.20		11.01
Including sales charges			-8.98		-10.21		-2.54		11.01
Class C*	09/28/07
Excluding sales charges			-4.24		-5.57		-2.01		11.22
Including sales charges			-5.19		-6.50		-2.01		11.22
Class I*	09/27/10		-3.72		-4.41		-0.99		12.35
Class R*	09/27/10		-4.04		-5.12		-1.62		11.66
Class R4*	03/07/11		-3.85		-4.70		-1.28		12.05
Class Z	12/31/92		-3.84		-4.63		-1.08		12.30
S&P North American Natural Resources Sector Index			-2.92		-3.64		0.83		12.33

Returns for Class A 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 since inception 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 S&P North American Natural Resources Sector Index is a modified market capitalization-weighted equity index designed as a benchmark for U.S. traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper and owners of plantations.

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 2012
2

Columbia Energy and Natural Resources Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Energy and Natural Resources 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 2012
3

Columbia Energy and Natural Resources Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Energy and Natural Resources Fund has approved the change of the Fund's fiscal year end from March 31 to August 31. As a result, this report covers the five-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012, through February 28, 2013.

For the five-month period that ended August 31, 2012, the Fund's Class A shares returned -3.90% excluding sales charges. The Fund lagged its benchmark, the S&P North American Natural Resources Sector Index, which returned -2.92% for the same time period. Security selection on the energy side of the portfolio — about 80% of net assets — hindered relative performance.

Energy and Materials Stocks Pressured by Global Slowdown

Slowing economic conditions in China, fears of a double-dip recession, escalating sovereign debt problems in Europe and increased oil production in both the Middle East and U.S. caused oil prices to drop sharply during the first four months of the period. In August, however, oil prices started to rise, fueled by growing expectations that central banks in Europe, the United States and China would take action to boost economic growth and by the potential for an embargo of Iranian crude oil that would reduce global supply. Natural gas prices, which bottomed in April 2012, remained low through the spring and summer, as supply continued to outweigh demand. Materials commodities prices also slid, hurt especially by slowing demand from China for natural resources.

Modest Disappointment from Energy Stock Picks

Within energy, a slight overweight in the oil services and drilling segment hurt relative performance as declining commodity prices forced exploration and production (E&P) companies to reduce spending. Detractors included Key Energy Services and Superior Energy Services, smaller-cap companies that came under added pressure in an environment in which investors became increasingly risk averse. Weatherford International, a large service provider, saw its stock decline accelerated by a late filing with the Securities and Exchange Commission. Other disappointments included E&P stocks Nexen, Penn West Petroleum and SM Energy. In addition, not owning Nexen, a key index component hurt when the stock rose sharply following a premium buyout offer this summer. An investment in Penn West, another large Canadian company, suffered amid worries that declining revenues would force the company to cut its dividend. SM Energy, which has both oil and gas assets, saw its shares tumble after third-party infrastructure problems caused the company to miss its production targets.

Boost from Materials Sector

Within materials, stock picks in the metals and mining segment aided performance. Of note was a sizable underweight in metallurgical coal company and index component Teck Resources, which worked well as slowing demand in China depressed the price of met coal, a key input in the manufacture of steel. A small out-of-index position in the chemicals group, however, detracted, as the combination of companies bringing production back on line after the spring maintenance season and declining oil prices hurt stock prices. An exception was LyondellBasell Industries, as positive earnings surprises tied to the company's access to low ethane costs fueled share price gains. Elsewhere, an investment in miner Yamana Gold contributed as gold prices rallied. A few stocks in the energy

Portfolio Management

Colin Moore, AIIMR

Josh Kapp, CFA

Jonathan Mogil, CFA

Morningstar Style Box^TM

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

© 2012 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 2012
4

Columbia Energy and Natural Resources Fund

Manager Discussion of Fund Performance (continued)

group also stood out. The Fund benefited from a sizable overweight in integrated oil company Chevron, whose stock gains were fueled by strong execution and earnings growth prospects, and an underweight in natural gas company Devon Energy, whose share price fell along with the commodity's price.

Looking Ahead

Going forward, we remain cautiously optimistic about the prospects for energy and natural resources stocks. We're currently more favorably disposed toward oil than gas because we think oil supply is not adequate to meet the relatively modest demand growth over the next couple of years. At the same time, we've yet to see a significant reduction in gas supply that would help boost the commodity's price. By period end, the Fund had become slightly less defensive with a reduced overweight in integrated oil and small increases in the E&P and refining segments. We also boosted natural gas exposure to bring it more in line with that of the index. On the materials side, we've kept a sizable stake in metals and mining stocks that we think have best supply/demand outlooks and/or managements and maintained exposure to chemicals, where fundamentals and stock valuations remain attractive.

Top Ten Holdings (%) (at August 31, 2012)
Chevron Corp.	7.3
Exxon Mobil Corp.	7.0
Occidental Petroleum Corp.	5.4
ConocoPhillips	5.0
Anadarko Petroleum Corp.	4.1
Schlumberger Ltd.	4.1
National Oilwell Varco, Inc.	3.4
Suncor Energy, Inc.	3.1
Freeport-McMoRan Copper & Gold, Inc.	2.7
EOG Resources, Inc.	2.7

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 August 31, 2012)
Common Stocks	98.1
Energy	80.0
Materials	18.1
Money Market Funds	1.9
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Energy and Natural Resources 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.

March 1, 2012 – August 31, 2012

	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		907.50		1,017.90		6.90		7.30		1.44
Class B		1,000.00		1,000.00		904.20		1,014.03		10.58		11.19		2.21
Class C		1,000.00		1,000.00		904.20		1,014.53		10.10		10.68		2.11
Class I		1,000.00		1,000.00		910.00		1,020.76		4.18		4.42		0.87
Class R		1,000.00		1,000.00		906.60		1,017.04		7.72		8.16		1.61
Class R4		1,000.00		1,000.00		908.70		1,019.30		5.57		5.89		1.16
Class Z		1,000.00		1,000.00		908.80		1,019.71		5.18		5.48		1.08

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 366.

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).

Annual Report 2012
6

Columbia Energy and Natural Resources Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.0%

Issuer	Shares		Value ($)
Energy 79.9%
Energy Equipment & Services 16.9%
Cameron International Corp.(a)		168,208		9,202,660
Dresser-Rand Group, Inc.(a)(b)		66,857		3,384,301
Ensco PLC, Class A		53,012		3,041,299
FMC Technologies, Inc.(a)		77,093		3,611,036
Halliburton Co.		320,344		10,494,470
National Oilwell Varco, Inc.		206,581		16,278,583
Noble Corp.		81,490		3,108,029
Oil States International, Inc.(a)		48,543		3,798,004
Schlumberger Ltd.		268,259		19,416,586
Transocean Ltd.		113,576		5,568,631
Weatherford International Ltd.(a)		360,000		4,233,600
Total				82,137,199
Oil, Gas & Consumable Fuels 63.0%
Anadarko Petroleum Corp.		283,170		19,615,186
Apache Corp.		135,000		11,576,250
Cabot Oil & Gas Corp.(b)		199,636		8,266,927
Canadian Natural Resources Ltd.		290,000		8,816,000
Carrizo Oil & Gas, Inc.(a)(c)		126,500		3,192,860
Cenovus Energy, Inc.		205,000		6,717,220
Chesapeake Energy Corp.(c)		313,500		6,066,225
Chevron Corp.		310,000		34,769,600
Comstock Resources, Inc.(a)(c)		135,000		2,226,150
Concho Resources, Inc.(a)		25,000		2,243,500
ConocoPhillips		420,000		23,851,800
Devon Energy Corp.		40,000		2,313,200
EOG Resources, Inc.		120,340		13,032,822
Exxon Mobil Corp.		385,000		33,610,500
HollyFrontier Corp.		171,429		6,906,875
Kinder Morgan, Inc.		102,582		3,669,358
Marathon Oil Corp.		140,437		3,906,957
Marathon Petroleum Corp.		142,311		7,364,594
Noble Energy, Inc.(b)		79,000		6,944,100
Occidental Petroleum Corp.		300,300		25,528,503
Phillips 66		218,199		9,164,358
Pioneer Natural Resources Co.(b)(c)		64,203		6,250,804
Range Resources Corp.(b)		75,000		4,889,250
Rosetta Resources, Inc.(a)(c)		83,490		3,585,061
Royal Dutch Shell PLC, ADR		127,706		8,935,589
SM Energy Co.(b)		66,984		3,163,654

Common Stocks (continued)

Issuer	Shares		Value ($)
Spectra Energy Corp.		236,830		6,692,816
Suncor Energy, Inc.(c)		470,000		14,701,600
Talisman Energy, Inc.		380,000		5,297,200
Valero Energy Corp.		149,208		4,664,242
Whiting Petroleum Corp.(a)		81,595		3,632,609
Williams Companies, Inc. (The)		155,000		5,001,850
Total				306,597,660
Total Energy				388,734,859
Materials 18.1%
Chemicals 3.4%
Dow Chemical Co. (The)		181,929		5,332,339
EI du Pont de Nemours & Co.		59,200		2,945,200
LyondellBasell Industries NV, Class A		120,000		5,860,800
PPG Industries, Inc.		20,000		2,200,400
Total				16,338,739
Containers & Packaging 1.2%
Owens-Illinois, Inc.(a)		132,945		2,323,879
Packaging Corp. of America		113,508		3,634,526
Total				5,958,405
Metals & Mining 12.8%
Barrick Gold Corp.(c)		224,716		8,656,060
Freeport-McMoRan Copper & Gold, Inc.		361,870		13,067,126
Goldcorp, Inc.		274,581		11,288,025
IAMGOLD Corp.		200,000		2,620,000
Newmont Mining Corp.		172,766		8,755,781
Silver Wheaton Corp.(b)(c)		142,121		4,917,386
Vale SA, ADR		133,644		2,187,752
Yamana Gold, Inc.		639,637		10,956,982
Total				62,449,112
Paper & Forest Products 0.7%
International Paper Co.		95,000		3,283,200
Total Materials				88,029,456
Total Common Stocks (Cost: $426,950,994)				476,764,315

Money Market Funds 1.9%

Columbia Short-Term Cash Fund, 0.164%(d)(e)	9,186,538	9,186,538
Total Money Market Funds (Cost: $9,186,538)		9,186,538

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

Annual Report 2012
7

Columbia Energy and Natural Resources Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 7.1%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 7.1%
Citigroup Global Markets, Inc.(f) dated 08/31/12, matures 09/04/12, repurchase price $1,000,023		0.210	%		1,000,000		1,000,000
repurchase price $2,500,058		0.210	%		2,500,000		2,500,000
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $6,135,672(f)		0.150	%		6,135,570		6,135,570
Deutsche Bank AG dated 08/31/12, matures 09/04/12, repurchase price $20,000,444(f)		0.200	%		20,000,000		20,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(f)		0.240	%		5,000,000		5,000,000
Total							34,635,570
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $34,635,570)							34,635,570
Total Investments (Cost: $470,773,102)							520,586,423
Other Assets & Liabilities, Net							(34,017,320	)
Net Assets							486,569,103

Investments in Derivatives

Open Options Contracts Written at August 31, 2012

Issuer	Puts/Calls	Number of Contracts		Exercise Price ($)		Premium Received ($)		Expiration Date	Value ($)
Cabot Oil & Gas Corp.	Call		499		47.00		19,447	September 2012		8,733
Dresser-Rand Group, Inc.	Call		167		55.00		6,628	September 2012		2,922
Noble Energy, Inc.	Call		197		95.00		5,215	September 2012		3,940
Pioneer Natural Resources Co.	Call		160		105.00		17,915	September 2012		14,400
Range Resources Corp.	Call		187		75.00		11,495	September 2012		4,208
SM Energy Co.	Call		168		55.00		8,227	September 2012		4,620
Silver Wheaton Corp.	Call		355		37.00		8,172	September 2012		13,845
Total										52,668

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, securities valued at $9,441,920 were held to cover open call options written.

(c)  At August 31, 2012, security was partially or fully on loan.

(d)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(e)  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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		1,166,557		63,234,111		(55,214,130	)		9,186,538		1,662		9,186,538

(f)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

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

Annual Report 2012
8

Columbia Energy and Natural Resources Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		327,085
Fannie Mae-Aces		112,242
Freddie Mac REMICS		435,978
Government National Mortgage Association		144,695
Total market value of collateral securities		1,020,000
Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		817,712
Fannie Mae-Aces		280,606
Freddie Mac REMICS		1,089,944
Government National Mortgage Association		361,738
Total market value of collateral securities		2,550,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		6,258,285
Total market value of collateral securities		6,258,285
Security Description	Value ($)
Deutsche Bank AG (0.200%)
Federal National Mortgage Association		20,400,006
Total market value of collateral securities		20,400,006
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		600,862
Fannie Mae REMICS		1,564,506
Freddie Mac Non Gold Pool		170,373
Freddie Mac Reference REMIC		42
Freddie Mac REMICS		907,228
Ginnie Mae I Pool		4,750
Ginnie Mae II Pool		54,705
Government National Mortgage Association		1,797,670
Total market value of collateral securities		5,100,136

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

Annual Report 2012
9

Columbia Energy and Natural Resources Fund

Portfolio of Investments (continued)

August 31, 2012

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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).

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.

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

Annual Report 2012
10

Columbia Energy and Natural Resources Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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
Energy		388,734,859			—		—		388,734,859
Materials		88,029,456			—		—		88,029,456
Total Equity Securities		476,764,315			—		—		476,764,315
Other
Money Market Funds		9,186,538			—		—		9,186,538
Investments of Cash Collateral Received for Securities on Loan		—			34,635,570		—		34,635,570
Total Other		9,186,538			34,635,570		—		43,822,108
Investments in Securities		485,950,853			34,635,570		—		520,586,423
Liabilities
Options Contracts Written		(52,668	)		—		—		(52,668	)
Total		485,898,185			34,635,570		—		520,533,755

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.

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 2012
11

Columbia Energy and Natural Resources Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $426,950,994)	$	476,764,315
Affiliated issuers (identified cost $9,186,538)		9,186,538
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $34,635,570)		34,635,570
Total investments (identified cost $470,773,102)		520,586,423
Foreign currency (identified cost $2)		2
Receivable for:
Capital shares sold		122,077
Dividends		1,553,193
Interest		4,273
Reclaims		15,773
Prepaid expenses		7,451
Trustees' deferred compensation plan		25,097
Total assets		522,314,289
Liabilities
Option contracts written, at value (premiums received $77,099)		52,668
Due upon return of securities on loan		34,635,570
Payable for:
Capital shares purchased		833,438
Investment management fees		9,055
Distribution and service fees		1,456
Transfer agent fees		78,389
Administration fees		787
Plan administration fees		17
Compensation of board members		4,897
Chief compliance officer expenses		75
Other expenses		103,737
Trustees' deferred compensation plan		25,097
Total liabilities		35,745,186
Net assets applicable to outstanding capital stock	$	486,569,103
Represented by
Paid-in capital	$	472,952,986
Undistributed net investment income		901,000
Accumulated net realized loss		(37,122,980	)
Unrealized appreciation (depreciation) on:
Investments		49,813,321
Foreign currency translations		345
Options contracts written		24,431
Total — representing net assets applicable to outstanding capital stock	$	486,569,103
*Value of securities on loan	$	34,576,029

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

Annual Report 2012
12

Columbia Energy and Natural Resources Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	123,270,600
Shares outstanding		6,150,803
Net asset value per share	$	20.04
Maximum offering price per share(a)	$	21.26
Class B
Net assets	$	3,912,507
Shares outstanding		201,305
Net asset value per share	$	19.44
Class C
Net assets	$	18,660,558
Shares outstanding		959,870
Net asset value per share	$	19.44
Class I
Net assets	$	28,802,901
Shares outstanding		1,429,076
Net asset value per share	$	20.15
Class R
Net assets	$	1,225,876
Shares outstanding		61,187
Net asset value per share	$	20.03
Class R4
Net assets	$	76,846
Shares outstanding		3,818
Net asset value per share	$	20.13
Class Z
Net assets	$	310,619,815
Shares outstanding		15,428,689
Net asset value per share	$	20.13

(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%.

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

Annual Report 2012
13

Columbia Energy and Natural Resources Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012
Net investment income
Income:
Dividends — unaffiliated issuers	$	4,580,186		$	11,247,799
Dividends — affiliated issuers		1,662			11,496
Interest		—			1,186
Income from securities lending — net		56,645			136,770
Foreign taxes withheld		(156,821	)		(347,876	)
Total income		4,481,672			11,049,375
Expenses:
Investment management fees		1,454,752			5,262,966
Distribution fees
Class B		14,962			44,822
Class C		60,913			188,847
Class R		2,055			1,810
Service fees
Class A		132,117			377,408
Class B		4,987			14,941
Class C		20,304			62,949
Transfer agent fees
Class A		121,525			330,300
Class B		4,580			11,887
Class C		18,669			52,518
Class R		947			743
Class R4		17			51
Class Z		312,150			1,059,309
Administration fees		126,500			519,521
Plan administration fees
Class R4		85			259
Compensation of board members		15,792			43,484
Pricing and bookkeeping fees		—			11,820
Custodian fees		5,606			28,903
Printing and postage fees		83,417			156,976
Registration fees		81,375			111,621
Professional fees		36,301			65,512
Line of credit interest expense		—			204
Chief compliance officer expenses		60			909
Other		14,368			47,096
Total expenses		2,511,482			8,394,856
Expense reductions		(5,187	)		(6,890	)
Total net expenses		2,506,295			8,387,966
Net investment income		1,975,377			2,661,409

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

Annual Report 2012
14

Columbia Energy and Natural Resources Fund

Statement of Operations (continued)

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	(12,581,929	)	$	15,645,287
Foreign currency translations		(8,068	)		(99,990	)
Options contracts written		32,279			150,917
Net realized gain (loss)		(12,557,718	)		15,696,214
Net change in unrealized appreciation (depreciation) on:
Investments		(17,048,277	)		(182,171,779	)
Foreign currency translations		351			(936	)
Options contracts written		24,431			—
Net change in unrealized depreciation		(17,023,495	)		(182,172,715	)
Net realized and unrealized loss		(29,581,213	)		(166,476,501	)
Net decrease in net assets from operations	$	(27,605,836	)	$	(163,815,092	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
15

Columbia Energy and Natural Resources Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012			Year Ended March 31, 2011(b)
Operations
Net investment income	$	1,975,377		$	2,661,409		$	992,142
Net realized gain (loss)		(12,557,718	)		15,696,214			97,517,597
Net change in unrealized appreciation (depreciation)		(17,023,495	)		(182,172,715	)		93,213,271
Net increase (decrease) in net assets resulting from operations		(27,605,836	)		(163,815,092	)		191,723,010
Distributions to shareholders
Net investment income
Class A		(198,138	)		(456,402	)		(23,329	)
Class I		(111,539	)		(473,597	)		(144,793	)
Class R		(227	)		(319	)		—
Class R4		(179	)		(534	)		(2	)
Class Z		(916,731	)		(2,288,248	)		(1,011,631	)
Net realized gains
Class A		—			(2,618,102	)		—
Class B		—			(108,924	)		—
Class C		—			(417,651	)		—
Class I		—			(711,708	)		—
Class R		—			(8,977	)		—
Class R4		—			(2,209	)		—
Class Z		—			(7,662,137	)		—
Total distributions to shareholders		(1,226,814	)		(14,748,808	)		(1,179,755	)
Increase (decrease) in net assets from capital stock activity		(79,296,304	)		(142,926,768	)		35,938,716
Proceeds from regulatory settlements (Note 6)		—			4,585			—
Total increase (decrease) in net assets		(108,128,954	)		(321,486,083	)		226,481,971
Net assets at beginning of year		594,698,057			916,184,140			689,702,169
Net assets at end of year	$	486,569,103		$	594,698,057		$	916,184,140
Undistributed net investment income	$	901,000		$	92,600		$	63,935

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class B and Class R4 shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011. Class I and Class R shares are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

Annual Report 2012
16

Columbia Energy and Natural Resources Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended March 31, 2012						Year Ended March 31, 2011(b)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		229,199			4,366,384			1,264,704			28,122,049			1,150,892			24,796,839
Fund merger		—			—			6,701,075			157,664,942			—			—
Distributions reinvested		10,624			189,736			140,024			2,843,648			760			18,884
Redemptions		(1,043,241	)		(20,050,109	)		(3,886,721	)		(83,455,870	)		(942,663	)		(19,293,252	)
Net increase (decrease)		(803,418	)		(15,493,989	)		4,219,082			105,174,769			208,989			5,522,471
Class B shares
Subscriptions		4,096			77,365			32,089			690,955			2,306			56,527
Fund merger		—			—			511,902			11,739,090			—			—
Distributions reinvested		—			—			5,243			103,345			—			—
Redemptions(c)		(90,425	)		(1,652,735	)		(263,906	)		(5,901,478	)		—			—
Net increase (decrease)		(86,329	)		(1,575,370	)		285,328			6,631,912			2,306			56,527
Class C shares
Subscriptions		31,337			586,301			228,983			4,923,413			415,857			8,714,881
Fund merger		—			—			280,755			6,438,045			—			—
Distributions reinvested		—			—			17,645			347,774			—			—
Redemptions		(194,055	)		(3,597,384	)		(426,171	)		(8,915,368	)		(224,761	)		(4,538,662	)
Net increase (decrease)		(162,718	)		(3,011,083	)		101,212			2,793,864			191,096			4,176,219
Class I shares
Subscriptions		7,350			143,540			2,218,577			51,799,261			5,239,281			117,720,570
Fund merger		—			—			604			14,295			—			—
Distributions reinvested		6,211			111,482			57,100			1,184,943			5,730			144,788
Redemptions		—			—			(5,373,416	)		(123,041,510	)		(732,361	)		(17,654,089	)
Net increase (decrease)		13,561			255,022			(3,097,135	)		(70,043,011	)		4,512,650			100,211,269
Class R shares
Subscriptions		29,907			574,369			49,382			1,066,845			2,135			48,370
Distributions reinvested		13			227			457			9,247			—			—
Redemptions		(10,891	)		(201,737	)		(9,816	)		(210,083	)		—			—
Net increase		19,029			372,859			40,023			866,009			2,135			48,370
Class R4 shares
Subscriptions		—			—			775			16,515			98			2,500
Fund merger		—			—			5,846			138,127			—			—
Distributions reinvested		10			170			131			2,662			—			—
Redemptions		(1,391	)		(27,803	)		(1,651	)		(33,617	)		—			—
Net increase (decrease)		(1,381	)		(27,633	)		5,101			123,687			98			2,500

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

Annual Report 2012
17

Columbia Energy and Natural Resources Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended March 31, 2012						Year Ended March 31, 2011(b)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		1,258,729			24,554,058			4,359,217			98,498,028			10,793,305			227,525,290
Distributions reinvested		40,140			720,103			352,520			7,189,747			33,019			733,178
Redemptions		(4,446,210	)		(85,090,271	)		(13,589,844	)		(294,161,773	)		(14,236,411	)		(302,337,108	)
Net decrease		(3,147,341	)		(59,816,110	)		(8,878,107	)		(188,473,998	)		(3,410,087	)		(74,078,640	)
Total net increase (decrease)		(4,168,597	)		(79,296,304	)		(7,324,496	)		(142,926,768	)		1,507,187			35,938,716

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class B and Class R4 shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011. Class I and Class R shares are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

(c) 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 2012
18

Columbia Energy and Natural Resources 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended March 31,
Class A	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	20.89		$	25.57		$	20.11		$	13.62		$	25.49		$	27.64
Income from investment operations:
Net investment income (loss)		0.06			0.05			(0.02	)		(0.02	)		(0.01	)		(0.00	)(c)
Net realized and unrealized gain (loss)		(0.88	)		(4.32	)		5.49			6.52			(11.46	)		1.72
Total from investment operations		(0.82	)		(4.27	)		5.47			6.50			(11.47	)		1.72
Less distributions to shareholders:
Net investment income		(0.03	)		(0.05	)		(0.01	)		(0.01	)		—			—
Net realized gains		—			(0.36	)		—			—			(0.40	)		(3.87	)
Total distributions to shareholders		(0.03	)		(0.41	)		(0.01	)		(0.01	)		(0.40	)		(3.87	)
Proceeds from regulatory settlements		—			0.00	(c)		—			0.00	(c)		—			—
Net asset value, end of period	$	20.04		$	20.89		$	25.57		$	20.11		$	13.62		$	25.49
Total return		(3.90	%)		(16.64	%)		27.20	%		47.76	%		(45.88	%)		6.82	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.34	%(e)		1.28	%(f)		1.26	%(f)		1.21	%(f)		1.28	%		1.12	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.34	%(e)(h)		1.28	%(f)(h)		1.26	%(f)(h)		1.21	%(f)(h)		1.24	%(h)		1.07	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.34	%(e)		1.28	%		1.26	%		1.21	%		1.28	%		1.12	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.34	%(e)(h)		1.28	%(h)		1.26	%(h)		1.21	%(h)		1.24	%(h)		1.07	%(e)(h)
Net investment income (loss)		0.79	%(e)(h)		0.21	%(h)		(0.08	%)(h)		(0.10	%)(h)		(0.03	%)(h)		(0.02	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	123,271		$	145,298		$	69,938		$	50,812		$	16,842		$	5,328
Portfolio turnover		14	%		167	%		551	%		523	%		484	%		198	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
19

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class B	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	20.29		$	24.96		$	24.77
Income from investment operations:
Net investment income (loss)		(0.00	)(c)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss)		(0.85	)		(4.20	)		0.22
Total from investment operations		(0.85	)		(4.31	)		0.19
Less distributions to shareholders:
Net realized gains		—			(0.36	)		—
Total distributions to shareholders		—			(0.36	)		—
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	19.44		$	20.29		$	24.96
Total return		(4.19	%)		(17.24	%)		0.77	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.09	%(e)		2.01	%(f)		2.20	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		2.09	%(e)(h)		2.01	%(f)(h)		2.20	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.09	%(e)		2.01	%		2.20	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		2.09	%(e)(h)		2.01	%(h)		2.20	%(e)(h)
Net investment income (loss)		(0.00	)(e)(h)(i)		(0.54	%)(h)		(2.14	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	3,913		$	5,837		$	58
Portfolio turnover		14	%		167	%		551	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

(i)  Rounds to less than 0.01%.

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

Annual Report 2012
20

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class C	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	20.30		$	24.96		$	19.78		$	13.47		$	25.40		$	27.64
Income from investment operations:
Net investment income (loss)		0.00	(c)		(0.12	)		(0.17	)		(0.15	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss)		(0.86	)		(4.18	)		5.35			6.46			(11.40	)		1.73
Total from investment operations		(0.86	)		(4.30	)		5.18			6.31			(11.53	)		1.63
Less distributions to shareholders:
Net realized gains		—			(0.36	)		—			—			(0.40	)		(3.87	)
Total distributions to shareholders		—			(0.36	)		—			—			(0.40	)		(3.87	)
Proceeds from regulatory settlements		—			0.00	(c)		—			0.00	(c)		—			—
Net asset value, end of period	$	19.44		$	20.30		$	24.96		$	19.78		$	13.47		$	25.40
Total return		(4.24	%)		(17.20	%)		26.19	%		46.84	%		(46.29	%)		6.45	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.09	%(e)		2.02	%(f)		2.01	%(f)		1.96	%(f)		2.03	%		1.87	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		2.09	%(e)(h)		2.02	%(f)(h)		2.01	%(f)(h)		1.96	%(f)(h)		1.99	%(h)		1.82	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.09	%(e)		2.02	%		2.01	%		1.96	%		2.03	%		1.87	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		2.09	%(e)(h)		2.02	%(h)		2.01	%(h)		1.96	%(h)		1.99	%(h)		1.82	%(e)(h)
Net investment income (loss)		0.04	%(e)(h)		(0.55	%)(h)		(0.83	%)(h)		(0.84	%)(h)		(0.73	%)(h)		(0.78	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	18,661		$	22,785		$	25,494		$	16,420		$	5,843		$	1,433
Portfolio turnover		14	%		167	%		551	%		523	%		484	%		198	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
21

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class I	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	21.02		$	25.70		$	18.82
Income from investment operations:
Net investment income		0.10			0.11			0.05
Net realized and unrealized gain (loss)		(0.89	)		(4.30	)		6.86
Total from investment operations		(0.79	)		(4.19	)		6.91
Less distributions to shareholders:
Net investment income		(0.08	)		(0.13	)		(0.03	)
Net realized gains		—			(0.36	)		—
Total distributions to shareholders		(0.08	)		(0.49	)		(0.03	)
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	20.15		$	21.02		$	25.70
Total return		(3.72	%)		(16.23	%)		36.74	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.86	%(e)		0.80	%(f)		0.85	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		0.86	%(e)		0.80	%(f)(h)		0.85	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.86	%(e)		0.80	%		0.85	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		0.86	%(e)		0.80	%(h)		0.85	%(e)(h)
Net investment income		1.29	%(e)		0.49	%(h)		0.38	%(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	28,803		$	29,761		$	115,953
Portfolio turnover		14	%		167	%		551	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class R	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	20.88		$	25.56		$	18.76
Income from investment operations:
Net investment income (loss)		0.05			0.02			(0.02	)
Net realized and unrealized gain (loss)		(0.89	)		(4.33	)		6.82
Total from investment operations		(0.84	)		(4.31	)		6.80
Less distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net realized gains		—			(0.36	)		—
Total distributions to shareholders		(0.01	)		(0.37	)		—
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	20.03		$	20.88		$	25.56
Total return		(4.04	%)		(16.80	%)		36.25	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.59	%(e)		1.55	%(f)		1.60	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.59	%(e)(h)		1.55	%(f)(h)		1.60	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.59	%(e)		1.55	%		1.60	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.59	%(e)(h)		1.55	%(h)		1.60	%(e)(h)
Net investment income (loss)		0.61	%(e)(h)		0.11	%(h)		(0.13	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	1,226		$	880		$	55
Portfolio turnover		14	%		167	%		551	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2010.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class R4	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	20.99		$	25.67		$	25.48
Income from investment operations:
Net investment income (loss)		0.07			0.09			(0.01	)
Net realized and unrealized gain (loss)		(0.88	)		(4.33	)		0.22
Total from investment operations		(0.81	)		(4.24	)		0.21
Less distributions to shareholders:
Net investment income		(0.05	)		(0.08	)		(0.02	)
Net realized gains		—			(0.36	)		—
Total distributions to shareholders		(0.05	)		(0.44	)		(0.02	)
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	20.13		$	20.99		$	25.67
Total return		(3.85	%)		(16.45	%)		0.82	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.16	%(e)		1.11	%(f)		1.26	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		1.16	%(e)		1.11	%(f)(h)		1.26	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.16	%(e)		1.11	%		1.26	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		1.16	%(e)		1.11	%(h)		1.26	%(e)(h)
Net investment income (loss)		0.90	%(e)		0.43	%(h)		(0.57	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	77		$	109		$	3
Portfolio turnover		14	%		167	%		551	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(c)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Energy and Natural Resources Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class Z	2012(a)			2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	21.00		$	25.67		$	20.17		$	13.66		$	25.49		$	23.30
Income from investment operations:
Net investment income		0.08			0.09			0.03			0.04			0.02			0.01
Net realized and unrealized gain (loss)		(0.89	)		(4.31	)		5.51			6.52			(11.45	)		6.08
Total from investment operations		(0.81	)		(4.22	)		5.54			6.56			(11.43	)		6.09
Less distributions to shareholders:
Net investment income		(0.06	)		(0.09	)		(0.04	)		(0.05	)		—			(0.03	)
Net realized gains		—			(0.36	)		—			—			(0.40	)		(3.87	)
Total distributions to shareholders		(0.06	)		(0.45	)		(0.04	)		(0.05	)		(0.40	)		(3.90	)
Proceeds from regulatory settlements		—			0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	20.13		$	21.00		$	25.67		$	20.17		$	13.66		$	25.49
Total return		(3.84	%)		(16.37	%)		27.47	%		48.12	%		(45.72	%)		26.84	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.09	%(d)		1.01	%(e)		1.01	%(e)		0.96	%(e)		1.03	%		1.11	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.09	%(d)(g)		1.01	%(e)(g)		1.01	%(e)(g)		0.96	%(e)(g)		0.99	%(g)		1.07	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.09	%(d)		1.01	%		1.01	%		0.96	%		1.03	%		1.11	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.09	%(d)(g)		1.01	%(g)		1.01	%(g)		0.96	%(g)		0.99	%(g)		1.07	%(g)
Net investment income		1.03	%(d)(g)		0.42	%(g)		0.17	%(g)		0.21	%(g)		0.11	%(g)		0.05	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	310,620		$	390,028		$	704,685		$	622,471		$	338,292		$	712,080
Portfolio turnover		14	%		167	%		551	%		523	%		484	%		198	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Energy and Natural Resources Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Energy and Natural Resources Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from March 31 to August 31.

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 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; however, this share class is closed to new 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 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

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.

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 2012
26

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

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.

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.

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

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 wrote option contracts to decrease the Fund's exposure to equity risk, to increase return on investments and protect gains. 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.

Annual Report 2012
27

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. 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 period ended August 31, 2012 are as follows:

	Calls
	Contracts			Premiums ($)
Balance at March 31, 2012		—			—
Opened		4,238			151,792
Exercised		(1,812	)		(42,414	)
Expired		(693	)		(32,279	)
Balance at August 31, 2012		1,733			77,099

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 August 31, 2012:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Options contracts, written at value		52,668

The effect of derivative instruments in the Statement of Operations for the period ended August 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Written ($)
Equity contracts		32,279
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Written ($)
Equity contracts		24,431

The following table is a summary of the volume of derivative instruments for the period ended August 31, 2012:

Derivative Instrument	Contracts Opened
Options contracts		4,238

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Annual Report 2012
28

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

Interest income is recorded on an accrual basis.

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 tax exempt or 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 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 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 (IMSA), 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. Effective May 1, 2011, 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 0.69% to 0.54% as the Fund's net assets increase. Prior to May 1, 2011, the investment management fee was equal to a percentage of the Fund's average daily net assets that declined from 0.60% to 0.43% as the Fund's net assets increased. The annualized effective investment management fee rate for the period ended August 31, 2012 and for the year ended March 31, 2012, was 0.69% and 0.68%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. Effective May 1, 2011, 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 0.04% as the Fund's net assets increase. Prior to May 1, 2011,

Annual Report 2012
29

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

the administration fee was equal to the annual rate of 0.15% of the Fund's average daily net assets, less the fees that were payable by the Fund as described under the Pricing and Bookkeeping Fees note below. The annualized effective administration fee rate for the period ended August 31, 2012 and for the year ended March 31, 2012 was 0.06% and 0.07%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to May 16, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective May 16, 2011, these services are now provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

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 R4 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R4 shares.

For the period ended August 31, 2012 and the year ended March 31, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period Ended August 31, 2012			Year Ended March 31, 2012
Class A		0.23	%		0.22	%
Class B		0.23			0.20
Class C		0.23			0.21
Class R		0.23			0.21
Class R4		0.05			0.05
Class Z		0.23			0.20

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 period ended August 31, 2012, and the year ended March 31, 2012, these minimum account balance fees reduced total expenses by $5,187 and $6,849 respectively.

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 R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

Annual Report 2012
30

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor 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 $42,140 for Class A, $2,804 for Class B and $201 for Class C shares for the period ended August 31, 2012 and $231,804 for Class A and $5,419 for Class C shares for the year ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 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 December 31, 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/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	1.50	%
Class B	2.25
Class C	2.25
Class I	1.08
Class R	1.75
Class R4	1.38
Class Z	1.25

For the period from May 1, 2011 through August 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	1.45	%
Class B	2.20
Class C	2.20
Class I	1.07
Class R	1.70
Class R4	1.37
Class Z	1.20

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.

Prior to May 1, 2011, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses (excluding certain expenses, such as brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) so that the Fund's ordinary net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits from the Fund's custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.45	%
Class B	2.20
Class C	2.20
Class I	1.06
Class R	1.70
Class R4	1.36
Class Z	1.20

Annual Report 2012
31

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

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 August 31, 2012, these differences are primarily due to differing treatment for capital loss carryforwards, deferral of wash sales losses, Passive Foreign Investment Company (PFIC) holdings, Trustee's deferred compensation and tax straddles. 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	$	59,837
Accumulated net realized loss		(59,837	)

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 periods indicated was as follows:

	Period Ended August 31, 2012		Year Ended March 31, 2012		Year Ended March 31, 2011
Ordinary income	$	1,226,814	$	3,219,100	$	1,179,755
Long-term capital gains		—		11,529,708		—

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	929,834
Undistributed accumulated long-term capital gain		—
Unrealized appreciation		44,011,220

At August 31, 2012, the cost of investments for federal income tax purposes was $476,575,203 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	64,854,529
Unrealized depreciation		(20,843,309	)
Net unrealized appreciation	$	44,011,220

The following capital loss carryforward, determined at August 31, 2012, 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
Unlimited short-term	$	29,801,172
Unlimited long-term		1,486,054
Total	$	31,287,226

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.

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 $70,084,010 and $155,840,120, respectively, for the period ended August 31, 2012.

Note 6. Regulatory Settlements

During the year ended March 31, 2012, the Fund received $4,585 as a result of a settlement of an administrative 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 May 16, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street, authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate

Annual Report 2012
32

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 period ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to May 16, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $34,576,029 were on loan, secured by cash collateral of $34,635,570 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

At March 31, 2012, securities valued at $21,240,147 were on loan, secured by U.S. government securities valued at $565,852 and by cash collateral of $21,104,830 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 8. Custody Credits

Prior to May 16, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period April 1, 2011 through May 15, 2011, these credits reduced total expenses by $41.

Note 9. Affiliated Money Market Fund

Effective May 16, 2011, 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 10. Shareholder Concentration

At August 31, 2012, three unaffiliated shareholder accounts owned an aggregate of 39.7% 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 11. 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 became effective on May 16, 2011, replacing a prior credit facility. 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to

Annual Report 2012
33

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

the higher of (i) the overnight federal funds rate plus 1.00% or (i) 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. For the period May 16, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to May 16, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $225 million committed, unsecured revolving credit facility provided by State Street. Interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum.

The Fund had no borrowings during the period ended August 31, 2012.

For the year ended March 31, 2012, the average daily loan balance outstanding on days when borrowing existed was $2,650,000 at a weighted average interest rate of 1.39%

Note 12. Fund Merger

At the close of business on June 3, 2011, the Fund acquired the assets and assumed the identified liabilities of RiverSource Precious Metals and Mining Fund, a series of RiverSource Selected Series, Inc. The reorganization was completed after shareholders of RiverSource Precious Metals and Mining Fund approved the plan 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.

The aggregate net assets of the Fund immediately before the acquisition were $859,188,131 and the combined net assets immediately after the acquisition were $1,035,182,630.

The merger was accomplished by a tax-free exchange of 12,525,870 shares of RiverSource Precious Metals and Mining Fund valued at $175,994,499 (including $56,637,074 of unrealized appreciation).

In exchange for RiverSource Precious Metals and Mining Fund shares, the Fund issued the following number of shares:

	Shares
Class A		6,701,075
Class B		511,902
Class C		280,755
Class I		604
Class R4		5,846

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, RiverSource Precious Metals and Mining 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 Precious Metals and Mining 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 April 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 March 31, 2012 would have been approximately $2.7 million, $25.3 million, $(204.0) million and $(176.0) million, respectively.

Note 13. 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.

Note 14. 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 15. 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

Annual Report 2012
34

Columbia Energy and Natural Resources Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
35

Columbia Energy and Natural Resources Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Energy and Natural Resources 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 Energy and Natural Resources Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers, and transfer agent provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
36

Columbia Energy and Natural Resources Fund

Federal Income Tax Information

For non-corporate shareholders, 100.00% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 may represent qualified dividend income.

100.00% of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
37

Columbia Energy and Natural Resources Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
38

Columbia Energy and Natural Resources Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
39

Columbia Energy and Natural Resources Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
40

Columbia Energy and Natural Resources Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Energy and Natural Resources Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
41

Columbia Energy and Natural Resources Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the ninety-ninth, eighty-ninth and fiftieth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
42

Columbia Energy and Natural Resources Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the second and first quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
43

Columbia Energy and Natural Resources Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
44

Columbia Energy and Natural Resources 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 2012
45

Columbia Energy and Natural Resources 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1141 D (10/12)

Annual Report

August 31, 2012

Columbia Global Dividend Opportunity Fund

(Formerly known as Columbia Strategic Investor Fund)

Not FDIC insured • No bank guarantee • May lose value

Columbia Global Dividend Opportunity Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Global Dividend Opportunity 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	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	38
Board Consideration and Approval of Advisory Agreement	41
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 2012

Columbia Global Dividend Opportunity Fund

Performance Overview

Performance Summary

>  Columbia Global Dividend Opportunity Fund (the Fund) Class A shares returned 10.88% excluding sales charges for the 12-month period ended August 31, 2012.

>  The MSCI All Country World Index (Net), the Fund's new benchmark effective August 17, 2012, returned 6.22% during the 12-month period.

>  The Fund underperformed its former benchmark, the Russell 1000 Index, which returned 17.33% during the period.

>  Relative to the Russell 1000 Index, the detracting effects of positioning in consumer discretionary, energy, information technology, industrials, utilities and cash more than offset the positive contributions made by positioning in consumer staples.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A*	11/01/02
Excluding sales charges			10.88		0.46		7.48
Including sales charges			4.51		-0.73		6.85
Class B*	11/01/02
Excluding sales charges			10.04		-0.29		6.67
Including sales charges			5.04		-0.66		6.67
Class C*	10/13/03
Excluding sales charges			10.04		-0.30		6.68
Including sales charges			9.04		-0.30		6.68
Class I*	09/27/10		11.27		0.77		7.79
Class R*	09/27/10		10.61		0.19		7.21
Class W*	09/27/10		10.86		0.52		7.56
Class Y*	07/15/09		11.28		0.80		7.80
Class Z	11/09/00		11.20		0.71		7.75
MSCI All Country World Index (Net)			6.22		-1.66		7.02
Russell 1000 Index			17.33		1.47		6.86

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 since inception 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 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.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

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 2012
2

Columbia Global Dividend Opportunity Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Dividend Opportunity 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 2012
3

Columbia Global Dividend Opportunity Fund

Manager Discussion of Fund Performance

Effective April 27, 2012, Laton Spahr, Paul F. Stocking and Steven R. Schroll assumed responsibility for the portfolio management of Columbia Strategic Investor Fund. Effective August 17, 2012, Columbia Strategic Investor Fund was renamed Columbia Global Dividend Opportunity Fund to reflect the Fund's new investment objective and principal investment strategies. Also effective August 17, 2012, the Fund's benchmark index was changed from the Russell 1000 Index to the MSCI All Country World Index (Net), which is more consistent with the Fund's new principal investment strategies.

For the 12-month period that ended August 31, 2012, the Fund's Class A shares gained 10.88% excluding sales charges. The MSCI All Country World Index (Net) returned 6.22%, and the Fund's former benchmark, the Russell 1000 Index (Russell Index) returned 17.33% for the same time period. (For the purposes of this discussion, most comparisons will be relative to the Russell Index, as it was the Fund's primary benchmark for all but the last few weeks of the reporting period.) Relative to the Russell Index, the detracting effects of positioning in consumer discretionary, energy, information technology, industrials, utilities and cash more than offset the positive contributions made by positioning in consumer staples.

Volatility Dominated the U.S. Equity Market

Volatility dominated the U.S. equity market during the annual period, as investor sentiment swung sharply between "risk-on" and "risk-off." September 2011 saw the depths of a significant third calendar quarter market sell-off, as consumer confidence was seriously shaken by the ongoing debates in Washington D.C. over budget restraint and debt reduction. Further, U.S. economic indicators deteriorated, the sovereign debt crisis in Europe lingered and U.S. government debt had just been downgraded. In turn, investor risk aversion heightened, and the U.S. equity market experienced a particularly challenging month.

October saw somewhat of a rebound, as surprises from a base of low expectations proved positive. Americans were dispirited by Washington D.C.'s inability to reach a plan for deficit reduction and by Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news, especially on the U.S. economic front within the key labor, manufacturing and housing markets, to encourage risk taking, buoying stocks to gains. The rally extended and broadened through March, with the first quarter of 2012 proving to be the strongest first quarter gain in several years for virtually all segments of the U.S. equity market. The U.S. economic recovery generated enough solid economic data to raise consumer expectations and restore investor confidence, and real steps seemed to be taken toward resolution of the European sovereign debt crisis. In April and May 2012, the U.S. equity markets retreated amid renewed concerns about the strength of the U.S. economic recovery, increasing political uncertainty in Europe and a slowdown in China's industrial activity. In June, Greece's election results meant it would be unlikely Greece would be ousted from the European Union. This, together with an improved view of the European sovereign debt situation and a steadying of U.S. economic data, drove a gradual grind higher in the U.S. equity market through August.

Consumer Discretionary Stock Selection Hampered Results Most

The Fund's results were hurt most by stock selection in the consumer discretionary sector. Particular disappointments included Brazilian homebuilder

Portfolio Management

Laton Spahr, CFA

Paul F. Stocking

Steven R. Schroll

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Royal Dutch Shell PLC, ADR (Netherlands)	3.0
Apple, Inc. (United States)	2.0
Merck & Co., Inc. (United States)	1.9
Pfizer, Inc. (United States)	1.8
AT&T, Inc. (United States)	1.6
Exxon Mobil Corp. (United States)	1.5
JPMorgan Chase & Co. (United States)	1.4
HSBC Holdings PLC, ADR (United Kingdom)	1.4
General Electric Co. (United States)	1.3
Unilever NV - NY Shares (Netherlands)	1.3

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Global Dividend Opportunity Fund

Manager Discussion of Fund Performance (continued)

MRV Engenharia e Participacoes, Chinese educational services company New Oriental Education & Technology Group and U.S. specialty retailer Abercrombie & Fitch. On the positive side, a position in U.S. cable and satellite TV provider Comcast added significant value. Positions in all of these securities were sold before the end of the reporting period.

Sector allocation and stock selection in the energy sector detracted from the Fund's results. The Fund had a significant allocation to energy, which was the second worst performing sector in the Russell Index during the annual period. Within the sector, positions in U.S. coal miner Peabody Energy and Russian energy companies Gazprom and Lukoil detracted most. These positions were sold during the reporting period.

Having only a modest allocation to information technology, the second best performing sector in the Russell Index during the annual period, further detracted from the Fund's results. So, too, did stock selection within the sector. Performance by U.S. semiconductor companies Advanced Micro Devices and Rovi fell short of expectations. These positions were sold during the reporting period.

Industry selection within industrials detracted, more than offsetting effective allocation positioning. The Fund was prudently underweight the lagging industrials sector. However, a sizable exposure to the electrical equipment industry hampered the Fund's relative performance.

Further detracting from the Fund's results was a sizable allocation to the utilities sector, which lagged the Russell Index during the annual period, and holding a higher level of cash than usual as we transitioned the portfolio to its new investment objective and strategies.

Consumer Staples Positioning Buoyed Results

On the positive side, stock selection in consumer staples added value, with positions in discount retailer Wal-Mart Stores and pharmacy retailer CVS Caremark proving particularly beneficial. We sold CVS Caremark during the period.

In the last weeks of the annual period, with the Fund measured against its new benchmark, the MSCI All Country World Index (Net), having an underweighted exposure to the Pacific Rim, especially Japan and China, contributed positively to its relative results. Positions in Taiwanese semiconductor company MediaTek, Czech utilities company CEZ, Turkish auto manufacturer Tofas Turk Otomobil Fabrikasi, Netherlands-based diversified consumer goods company Unilever and Canadian loyalty program manager Aimia also boosted the Fund's results during these weeks.

Country and Sector Weighting Changes

Upon assuming responsibility for portfolio management in April, we made several trades of individual positions to reflect our team's best ideas. In August, with the global nature of the new investment mandate, we significantly increased the Fund's international exposure, including allocations to developed and developing markets in Europe, Latin America and Asia.

We also enhanced the Fund's focus on dividend-paying equity securities of U.S. and foreign companies. In so doing, the Fund's allocations to the consumer staples, telecommunication services and utilities sectors increased, and its exposure to the consumer discretionary, information technology and industrials sectors decreased.

Country Breakdown (%) (at August 31, 2012)
Australia	2.6
Brazil	0.3
Canada	3.8
Chile	0.3
China	1.6
Czech Republic	1.0
France	2.5
Germany	2.8
Greece	0.3
Hong Kong	0.4
Ireland	0.3
Israel	0.2
Italy	0.3
Japan	4.2
Mexico	0.7
Netherlands	4.8
Norway	1.2
Panama	0.4
Poland	0.9
Singapore	1.8
South Africa	1.0
Spain	0.9
Sweden	1.2
Switzerland	2.5
Taiwan	1.3
Thailand	0.5
Turkey	1.3
United Kingdom	9.1
United States(a)	51.8
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

(a) Includes Investments in Money Market Funds.

Annual Report 2012
5

Columbia Global Dividend Opportunity Fund

Manager Discussion of Fund Performance (continued)

Looking Ahead

Our current view ahead for the global economic growth is a cautious one, as forced austerity measures in Europe, continued moderation of industrial activity and fixed asset investment in China and a stalemate of economic growth in the U.S. combine to mute optimism. In the U.S., the role of government policies on taxation and spending may well be the key debate in the months ahead, and only upon resolution of this uncertainty, do we envision greater clarity for consumers, corporations and U.S. equity market investors. Given this view, we believe a new segment of the emerging markets may take the lead in global equity market performance going forward. We currently believe several markets in Eastern Europe and Southeast Asia may perform well along with Chile in Latin America and South Africa in Africa. The combination of relatively strong economic growth, fueled in part by attractive domestic demographics, and the adoption of dividend policies at the company level make these emerging equity markets appealing to us from a dividend yield and dividend growth perspective. As for the developed markets, we currently believe interest rates will remain low such that dividend-paying companies will continue to be favored by investors seeking greater yield. While our focus on such developed market companies is anticipated to be in the U.S., some resolution of the European sovereign debt crisis may expand our opportunities to seek higher dividend-paying companies in Europe as well.

Summary of Investments in Securities by Industry (%) (at August 31, 2012)
Aerospace & Defense	1.6
Automobiles	1.5
Beverages	2.9
Capital Markets	0.5
Chemicals	2.2
Commercial Banks	9.9
Commercial Services & Supplies	1.1
Communications Equipment	1.7
Computers & Peripherals	1.9
Consumer Finance	0.5
Diversified Financial Services	2.2
Diversified Telecommunication Services	5.6
Electric Utilities	3.5
Energy Equipment & Services	1.9
Food & Staples Retailing	2.2
Food Products	3.9
Health Care Equipment & Supplies	1.0
Hotels, Restaurants & Leisure	1.6
Household Durables	0.2
Household Products	0.5
Industrial Conglomerates	2.4
Insurance	3.3
Internet Software & Services	0.4
IT Services	1.7
Machinery	0.3
Media	1.6
Metals & Mining	0.9
Money Market Funds	1.5
Multiline Retail	1.8
Multi-Utilities	3.8
Office Electronics	0.3
Oil, Gas & Consumable Fuels	9.5
Personal Products	0.3
Pharmaceuticals	10.0
Road & Rail	0.5
Semiconductors & Semiconductor Equipment	3.1
Software	2.6
Specialty Retail	2.0
Tobacco	3.4
Trading Companies & Distributors	0.7
Transportation Infrastructure	0.1
Water Utilities	0.7
Wireless Telecommunication Services	2.0
Total	99.3

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

Annual Report 2012
6

Columbia Global Dividend Opportunity 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.

March 1, 2012 – August 31, 2012

	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		1,020.30		1,018.80		6.40		6.39		1.26
Class B		1,000.00		1,000.00		1,016.40		1,015.03		10.19		10.18		2.01
Class C		1,000.00		1,000.00		1,015.80		1,015.03		10.18		10.18		2.01
Class I		1,000.00		1,000.00		1,021.90		1,021.01		4.17		4.17		0.82
Class R		1,000.00		1,000.00		1,018.80		1,017.55		7.66		7.66		1.51
Class W		1,000.00		1,000.00		1,019.80		1,018.55		6.65		6.65		1.31
Class Y		1,000.00		1,000.00		1,021.80		1,021.06		4.12		4.12		0.81
Class Z		1,000.00		1,000.00		1,021.30		1,020.06		5.13		5.13		1.01

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 366.

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 2012
7

Columbia Global Dividend Opportunity Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 97.8%

Issuer	Shares		Value ($)
Australia 2.6%
AMP Ltd.		560,260		2,593,915
Australia and New Zealand Banking Group Ltd.		189,117		4,873,915
BHP Billiton Ltd.		60,788		2,012,847
National Australia Bank Ltd.		167,729		4,391,041
Woolworths Ltd.		186,978		5,734,854
Total				19,606,572
Brazil 0.3%
Natura Cosmeticos SA		86,627		2,164,075
Canada 3.7%
Aimia, Inc.		361,302		5,314,612
BCE, Inc.		97,202		4,324,517
Enbridge, Inc.(a)		178,254		7,026,773
Sun Life Financial, Inc.(a)		203,449		4,752,569
Toronto-Dominion Bank (The)		77,538		6,348,811
Total				27,767,282
Chile 0.3%
Banco de Chile, ADR		27,648		2,329,621
China 1.6%
Bank of China Ltd., Class H		12,762,000		4,658,828
China Mobile Ltd., ADR		67,218		3,608,935
PetroChina Co., Ltd., ADR		28,891		3,475,587
Total				11,743,350
Czech Republic 1.0%
CEZ AS		130,943		5,140,358
Telefonica Czech Republic AS		119,444		2,531,790
Total				7,672,148
France 2.5%
GDF Suez		80,692		1,986,753
Sanofi		34,430		2,817,058
Total SA, ADR		160,511		8,003,078
Veolia Environnement SA		149,232		1,579,717
Vivendi SA		219,326		4,300,786
Total				18,687,392
Germany 2.7%
Allianz SE, Registered Shares		53,893		5,915,737

Common Stocks (continued)

Issuer	Shares		Value ($)
Bayerische Motoren Werke AG		70,731		5,129,748
E.ON AG		208,480		4,794,805
Siemens AG, Registered Shares		47,303		4,487,317
Total				20,327,607
Greece 0.3%
OPAP SA		267,400		1,863,300
Hong Kong 0.4%
Television Broadcasts Ltd.		388,000		2,805,995
Ireland 0.3%
Warner Chilcott PLC, Class A(a)		178,400		2,429,808
Israel 0.2%
Bezeq Israeli Telecommunication Corp. Ltd. (The), ADR		313,100		1,778,502
Italy 0.3%
ENI SpA		102,460		2,270,763
Japan 4.1%
Astellas Pharma, Inc.		42,300		2,071,286
Canon, Inc.		69,300		2,309,926
Lawson, Inc.(a)		20,900		1,602,626
Mitsubishi Corp.		187,000		3,462,462
Mitsui & Co., Ltd.		133,500		1,875,116
Mizuho Financial Group, Inc.(a)		3,897,500		6,293,178
NTT DoCoMo, Inc.		1,403		2,390,145
Ono Pharmaceutical Co., Ltd.		65,200		4,058,094
Sumitomo Mitsui Financial Group, Inc.		75,600		2,354,626
Takeda Pharmaceutical Co., Ltd.(a)		93,300		4,386,361
Total				30,803,820
Mexico 0.7%
Grupo Aeroportuario del Centro Norte Sab de CV, ADR		24,751		422,252
Grupo Modelo SAB de CV, Class C(a)		551,800		5,009,069
Total				5,431,321
Netherlands 4.8%
LyondellBasell Industries NV, Class A		94,619		4,621,192
Royal Dutch Shell PLC, ADR		307,932		21,546,002
Unilever NV - NY Shares		269,649		9,378,392
Total				35,545,586

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

Annual Report 2012
8

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Norway 1.2%
Seadrill Ltd.		207,528		8,554,304
Panama 0.4%
Carnival Corp.		85,240		2,956,123
Poland 0.9%
Powszechna Kasa Oszczednosci Bank Polski SA		352,671		3,788,157
Powszechny Zaklad Ubezpieczen SA		26,414		2,753,534
Total				6,541,691
Singapore 1.8%
DBS Group Holdings Ltd.		777,000		9,027,948
Keppel Corp., Ltd.		451,000		4,054,823
Total				13,082,771
South Africa 1.0%
Foschini Group Ltd. (The)		288,083		4,628,253
Sasol Ltd., ADR		62,601		2,711,875
Total				7,340,128
Spain 0.9%
Iberdrola SA		1,040,293		4,126,947
Telefonica SA		201,266		2,541,650
Total				6,668,597
Sweden 1.2%
Hennes & Mauritz AB, Class B		74,952		2,711,863
Saab AB, Class B		112,906		2,011,855
Telefonaktiebolaget LM Ericsson, ADR(a)		464,569		4,320,492
Total				9,044,210
Switzerland 2.5%
ACE Ltd.		49,120		3,621,618
Nestlé SA, Registered Shares		116,293		7,229,485
Roche Holding AG, Genusschein Shares		40,907		7,446,985
Total				18,298,088
Taiwan 1.3%
Far EasTone Telecommunications Co., Ltd.		979,000		2,422,498
MediaTek, Inc.		455,000		4,883,196
Taiwan Semiconductor Manufacturing Co., Ltd.		739,000		2,069,655
Total				9,375,349

Common Stocks (continued)

Issuer	Shares		Value ($)
Thailand 0.5%
Charoen Pokphand Foods PCL		631,200		640,289
Charoen Pokphand Foods PCL, Foreign Registered Shares		1,440,100		1,460,837
Thai Beverage PCL		6,040,000		1,599,038
Total				3,700,164
Turkey 1.3%
Arcelik AS		337,200		1,864,683
Ford Otomotiv Sanayi AS		76,500		750,618
Tofas Turk Otomobil Fabrikasi AS		904,179		4,373,777
Turk Telekomunikasyon AS		679,052		2,687,541
Total				9,676,619
United Kingdom 9.0%
AstraZeneca PLC, ADR		107,803		5,044,102
BP PLC, ADR		119,818		5,039,545
British American Tobacco PLC		113,527		5,951,415
Britvic PLC		430,715		2,185,780
Diageo PLC, ADR		29,782		3,252,790
GlaxoSmithKline PLC, ADR		171,705		7,810,860
Halfords Group PLC		560,394		2,087,523
HSBC Holdings PLC, ADR(a)		238,543		10,407,631
Imperial Tobacco Group PLC		109,417		4,267,003
Inmarsat PLC		410,169		3,728,620
National Grid PLC		530,607		5,758,658
Severn Trent PLC		190,384		5,232,838
Vodafone Group PLC, ADR		217,432		6,288,133
Total				67,054,898
United States 49.9%
Abbott Laboratories		81,070		5,313,328
Altria Group, Inc.		106,402		3,613,412
Analog Devices, Inc.		94,117		3,740,210
Apple, Inc.		21,681		14,423,068
AT&T, Inc.		313,461		11,485,211
Baxter International, Inc.		60,725		3,563,343
CA, Inc.		83,080		2,162,572
Caterpillar, Inc.		23,871		2,036,912
CenturyLink, Inc.		118,898		5,024,629
Chevron Corp.		70,482		7,905,261
Cisco Systems, Inc.		142,639		2,721,552

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

Annual Report 2012
9

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Citigroup, Inc.		199,372		5,923,342
Darden Restaurants, Inc.(a)		38,019		1,975,087
Dow Chemical Co. (The)		140,906		4,129,955
Duke Energy Corp.		56,817		3,680,605
eBay, Inc.(b)		59,436		2,821,427
EI du Pont de Nemours & Co.		55,375		2,754,906
Exelon Corp.		114,526		4,176,763
Exxon Mobil Corp.		128,264		11,197,447
First Niagara Financial Group, Inc.		368,601		2,908,262
Freeport-McMoRan Copper & Gold, Inc.		110,700		3,997,377
General Electric Co.		460,696		9,541,014
Hershey Co. (The)		25,738		1,848,503
Home Depot, Inc. (The)		88,236		5,007,393
Honeywell International, Inc.		102,835		6,010,706
Intel Corp.		203,321		5,048,460
International Business Machines Corp.		34,916		6,803,383
Johnson & Johnson		91,438		6,165,664
JPMorgan Chase & Co.		280,961		10,434,892
Kellogg Co.		35,102		1,777,916
Kohl's Corp.		90,588		4,728,694
Kraft Foods, Inc., Class A		168,403		6,993,777
Lockheed Martin Corp.		42,678		3,889,673
Lorillard, Inc.		57,561		7,224,481
Marsh & McLennan Companies, Inc.		134,606		4,599,487
McDonald's Corp.		58,656		5,249,125
Medtronic, Inc.		102,859		4,182,247
Merck & Co., Inc.		321,004		13,819,222
Microchip Technology, Inc.(a)		220,153		7,650,317
Microsoft Corp.		297,555		9,170,645
Morgan Stanley		244,561		3,668,415
Mosaic Co. (The)		79,079		4,579,465
NextEra Energy, Inc.		82,790		5,572,595
Nucor Corp.		21,464		808,120
Occidental Petroleum Corp.		19,962		1,696,970
Oracle Corp.		252,986		8,007,007
PepsiCo, Inc.		127,023		9,200,276
Pfizer, Inc.		543,280		12,962,661
PG&E Corp.		136,264		5,915,220

Common Stocks (continued)

Issuer	Shares		Value ($)
Philip Morris International, Inc.		50,077		4,471,876
Pitney Bowes, Inc.(a)		288,232		3,850,779
PPL Corp.		127,944		3,752,598
Procter & Gamble Co. (The)		58,329		3,919,125
Public Service Enterprise Group, Inc.		100,841		3,192,626
QUALCOMM, Inc.		90,534		5,564,220
RadioShack Corp.(a)		44,297		107,642
Schlumberger Ltd.		74,433		5,387,461
Sempra Energy		78,333		5,185,645
SLM Corp.		219,147		3,451,565
Target Corp.		131,664		8,438,346
U.S. Bancorp		235,372		7,863,778
Union Pacific Corp.		28,101		3,412,585
Verizon Communications, Inc.		70,106		3,010,352
Viacom, Inc., Class B		72,270		3,614,223
Visa, Inc., Class A		17,437		2,236,295
Wal-Mart Stores, Inc.		121,235		8,801,661
Waste Management, Inc.		129,902		4,492,011
Wells Fargo & Co.		242,664		8,257,856
Western Union Co. (The)		214,483		3,777,046
Total				370,898,687
Total Common Stocks (Cost: $644,098,266)				726,418,771

Money Market Funds 1.5%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.164%(c)(d)		10,863,036		10,863,036
Total Money Market Funds (Cost: $10,863,036)				10,863,036

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

Annual Report 2012
10

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 3.7%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 3.7%
Citigroup Global Markets, Inc.(e) dated 08/31/12, matures 09/04/12, repurchase price $4,000,094		0.210	%		2,000,000		2,000,000
		0.210	%		2,000,000		2,000,000
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $5,608,648(e)		0.150	%		5,608,554		5,608,554
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $4,000,102(e)		0.230	%		4,000,000		4,000,000
Natixis Financial Products, Inc.(e) dated 08/31/12, matures 09/04/12, repurchase price $4,000,098		0.220	%		4,000,000		4,000,000
repurchase price $5,000,133		0.240	%		5,000,000		5,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $5,000,128(e)		0.230	%		5,000,000		5,000,000
Total							27,608,554
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $27,608,554)							27,608,554
Total Investments (Cost: $682,569,856)							764,890,361
Other Assets & Liabilities, Net							(22,240,500	)
Net Assets							742,649,861

Notes to Portfolio of Investments

(a)  At August 31, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Sales Cost/ Proceeds From Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		10,423,053		356,000,612		(355,560,629)		—		10,863,036		17,714		10,863,036

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		654,169
Fannie Mae-Aces		224,485
Freddie Mac REMICS		871,955
Government National Mortgage Association		289,391
Total market value of collateral securities		2,040,000

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

Annual Report 2012
11

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		654,169
Fannie Mae-Aces		224,485
Freddie Mac REMICS		871,955
Government National Mortgage Association		289,391
Total market value of collateral securities		2,040,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		5,720,729
Total market value of collateral securities		5,720,729
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.230%)
United States Treasury Inflation Indexed Bonds		683,713
United States Treasury Note/Bond		2,945,646
United States Treasury Strip Coupon		369,418
United States Treasury Strip Principal		81,223
Total market value of collateral securities		4,080,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.220%)
United States Treasury Bill		352,348
United States Treasury Note/Bond		3,727,752
Total market value of collateral securities		4,080,100
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		600,862
Fannie Mae REMICS		1,564,506
Freddie Mac Non Gold Pool		170,373
Freddie Mac Reference REMIC		42
Freddie Mac REMICS		907,228
Ginnie Mae I Pool		4,750
Ginnie Mae II Pool		54,705
Government National Mortgage Association		1,797,670
Total market value of collateral securities		5,100,136

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

Annual Report 2012
12

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		3,501,334
Freddie Mac Gold Pool		1,598,666
Total market value of collateral securities		5,100,000

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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.

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

Annual Report 2012
13

Columbia Global Dividend Opportunity Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		37,391,245		26,215,759		—		63,607,004
Consumer Staples		67,655,354		30,671,326		—		98,326,680
Energy		82,544,304		2,270,763		—		84,815,067
Financials		74,567,846		46,650,880		—		121,218,726
Health Care		61,291,236		20,779,785		—		82,071,021
Industrials		33,655,934		15,891,573		—		49,547,507
Information Technology		78,446,693		9,262,776		—		87,709,469
Materials		20,891,015		2,012,847		—		22,903,862
Telecommunication Services		33,741,777		22,381,531		—		56,123,308
Utilities		31,476,052		28,620,075		—		60,096,127
Total Equity Securities		521,661,456		204,757,315		—		726,418,771
Other
Money Market Funds		10,863,036		—		—		10,863,036
Investments of Cash Collateral Received for Securities on Loan		—		27,608,554		—		27,608,554
Total Other		10,863,036		27,608,554		—		38,471,590
Total		532,524,492		232,365,869		—		764,890,361

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.

Annual Report 2012
14

Columbia Global Dividend Opportunity Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $644,098,266)	$	726,418,771
Affiliated issuers (identified cost $10,863,036)		10,863,036
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $27,608,554)		27,608,554
Total investments (identified cost $682,569,856)		764,890,361
Foreign currency (identified cost $198,004)		195,795
Receivable for:
Investments sold		10,343,191
Capital shares sold		23,701
Dividends		3,290,680
Interest		38,751
Reclaims		78,601
Expense reimbursement due from Investment Manager		2
Prepaid expenses		12,172
Trustees' deferred compensation plan		117,645
Total assets		778,990,899
Liabilities
Due upon return of securities on loan		27,608,554
Payable for:
Investments purchased		7,634,464
Capital shares purchased		726,264
Investment management fees		14,043
Distribution and service fees		1,541
Foreign capital gains taxes deferred		76,551
Transfer agent fees		65,419
Administration fees		1,179
Compensation of board members		1,158
Chief compliance officer expenses		115
Other expenses		94,105
Trustees' deferred compensation plan		117,645
Total liabilities		36,341,038
Net assets applicable to outstanding capital stock	$	742,649,861
Represented by
Paid-in capital	$	645,433,511
Undistributed net investment income		10,084,051
Accumulated net realized gain		4,895,811
Unrealized appreciation (depreciation) on:
Investments		82,320,505
Foreign currency translations		(7,466	)
Foreign capital gains tax		(76,551	)
Total — representing net assets applicable to outstanding capital stock	$	742,649,861
*Value of securities on loan	$	26,731,146

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

Annual Report 2012
15

Columbia Global Dividend Opportunity Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	133,541,258
Shares outstanding		6,817,495
Net asset value per share	$	19.59
Maximum offering price per share(a)	$	20.79
Class B
Net assets	$	9,414,066
Shares outstanding		505,360
Net asset value per share	$	18.63
Class C
Net assets	$	13,319,283
Shares outstanding		714,764
Net asset value per share	$	18.63
Class I
Net assets	$	2,887
Shares outstanding		147
Net asset value per share	$	19.64
Class R
Net assets	$	1,081,633
Shares outstanding		55,345
Net asset value per share	$	19.54
Class W
Net assets	$	2,883
Shares outstanding		147
Net asset value per share(b)	$	19.57
Class Y
Net assets	$	2,480
Shares outstanding		126
Net asset value per share(b)	$	19.65
Class Z
Net assets	$	585,285,371
Shares outstanding		29,770,516
Net asset value per share	$	19.66

(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 2012
16

Columbia Global Dividend Opportunity Fund

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$	21,981,734
Dividends — affiliated issuers		17,714
Interest		19,969
Income from securities lending — net		410,115
Foreign taxes withheld		(968,241	)
Total income		21,461,291
Expenses:
Investment management fees		5,565,472
Distribution fees
Class B		96,313
Class C		104,233
Class R		5,705
Service fees
Class A		337,555
Class B		32,104
Class C		34,744
Class W		7
Transfer agent fees
Class A		276,512
Class B		25,844
Class C		28,497
Class R		2,321
Class W		6
Class Y		24
Class Z		1,279,321
Administration fees		466,699
Compensation of board members		41,995
Custodian fees		53,890
Printing and postage fees		232,486
Registration fees		152,587
Professional fees		62,771
Chief compliance officer expenses		696
Other		77,140
Total expenses		8,876,922
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(7	)
Expense reductions		(628,978	)
Total net expenses		8,247,937
Net investment income		13,213,354
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		99,038,526
Foreign currency translations		(546,709	)
Net realized gain		98,491,817
Net change in unrealized appreciation (depreciation) on:
Investments		(29,451,875	)
Foreign currency translations		(7,946	)
Foreign capital gains tax		(76,551	)
Net change in unrealized depreciation		(29,536,372	)
Net realized and unrealized gain		68,955,445
Net increase in net assets resulting from operations	$	82,168,799

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

Annual Report 2012
17

Columbia Global Dividend Opportunity Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012			Year Ended August 31, 2011(a)
Operations
Net investment income	$	13,213,354		$	2,245,718
Net realized gain		98,491,817			106,134,644
Net change in unrealized depreciation		(29,536,372	)		(1,698,755	)
Net increase in net assets resulting from operations		82,168,799			106,681,607
Distributions to shareholders
Net investment income
Class A		(396,683	)		—
Class I		(22	)		(7	)
Class R		(310	)		—
Class W		(11	)		—
Class Y		(111,896	)		(29,949	)
Class Z		(3,560,604	)		(609,771	)
Total distributions to shareholders		(4,069,526	)		(639,727	)
Increase (decrease) in net assets from capital stock activity		(196,189,369	)		42,694,372
Proceeds from regulatory settlements (Note 6)		34,306			—
Total increase (decrease) in net assets		(118,055,790	)		148,736,252
Net assets at beginning of year		860,705,651			711,969,399
Net assets at end of year	$	742,649,861		$	860,705,651
Undistributed net investment income	$	10,084,051		$	1,486,932

(a) Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

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

Annual Report 2012
18

Columbia Global Dividend Opportunity Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		555,619			10,280,768			551,772			10,502,502
Fund merger		—			—			176,638			3,481,799
Distributions reinvested		20,291			354,272			—			—
Redemptions		(1,793,250	)		(32,747,909	)		(1,929,581	)		(36,536,769	)
Net decrease		(1,217,340	)		(22,112,869	)		(1,201,171	)		(22,552,468	)
Class B shares
Subscriptions		5,259			94,474			10,291			184,129
Redemptions(b)		(451,814	)		(7,960,419	)		(408,666	)		(7,441,858	)
Net decrease		(446,555	)		(7,865,945	)		(398,375	)		(7,257,729	)
Class C shares
Subscriptions		27,319			471,731			68,323			1,252,473
Fund merger		—			—			25,241			477,037
Redemptions		(213,305	)		(3,708,923	)		(279,831	)		(5,036,399	)
Net decrease		(185,986	)		(3,237,192	)		(186,267	)		(3,306,889	)
Class I shares
Subscriptions		—			—			147			2,500
Net increase		—			—			147			2,500
Class R shares
Subscriptions		14,404			259,895			10,819			214,152
Fund merger		—			—			68,214			1,342,703
Distributions reinvested		18			310			—			—
Redemptions		(19,698	)		(368,073	)		(18,412	)		(367,089	)
Net increase (decrease)		(5,276	)		(107,868	)		60,621			1,189,766
Class W shares
Subscriptions		—			—			156			2,650
Redemptions		—			—			(9	)		(154	)
Net increase		—			—			147			2,496
Class Y shares
Subscriptions		41,108			719,639			269,662			4,916,101
Distributions reinvested		6			99			1,610			29,949
Redemptions		(915,557	)		(17,884,605	)		(38,272	)		(680,660	)
Net increase (decrease)		(874,443	)		(17,164,867	)		233,000			4,265,390
Class Z shares
Subscriptions		995,866			18,048,370			1,723,699			33,422,566
Fund merger		—			—			7,907,379			156,236,461
Distributions reinvested		174,611			3,053,944			31,779			591,714
Redemptions		(9,093,362	)		(166,802,942	)		(6,254,118	)		(119,899,435	)
Net increase (decrease)		(7,922,885	)		(145,700,628	)		3,408,739			70,351,306
Total net increase (decrease)		(10,652,485	)		(196,189,369	)		1,916,841			42,694,372

(a) Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(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 2012
19

Columbia Global Dividend Opportunity 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	17.72		$	15.28		$	14.62		$	18.01		$	21.48
Income from investment operations:
Net investment income		0.27			0.01			0.00	(a)		0.09			0.06
Net realized and unrealized gain (loss)		1.65			2.43			0.73			(3.42	)		(1.25	)
Total from investment operations		1.92			2.44			0.73			(3.33	)		(1.19	)
Less distributions to shareholders:
Net investment income		(0.05	)		—			(0.07	)		(0.06	)		(0.07	)
Net realized gains		—			—			—			—			(2.21	)
Total distributions to shareholders		(0.05	)		—			(0.07	)		(0.06	)		(2.28	)
Proceeds from regulatory settlements		0.00	(a)		—			—			0.00	(a)		—
Net asset value, end of period	$	19.59		$	17.72		$	15.28		$	14.62		$	18.01
Total return		10.88	%		15.97	%		5.00	%		(18.44	%)		(7.09	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.28	%		1.29	%		1.43	%		1.47	%		1.25	%
Net expenses after fees waived or expenses reimbursed(c)		1.21	%(d)		1.25	%(e)		1.25	%(e)		1.24	%(e)		1.22	%(f)
Net investment income		1.49	%(d)		0.07	%(e)		0.01	%(e)		0.70	%(e)		0.30	%(f)
Supplemental data
Net assets, end of period (in thousands)	$	133,541		$	142,349		$	141,137		$	158,624		$	225,418
Portfolio turnover		97	%		62	%		67	%		117	%		88	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  The benefits derived from expense reductions had an impact of 0.07%.

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

(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

Annual Report 2012
20

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	16.93		$	14.71		$	14.12		$	17.45		$	20.96
Income from investment operations:
Net investment income (loss)		0.10			(0.12	)		(0.11	)		(0.01	)		(0.09	)
Net realized and unrealized gain (loss)		1.60			2.34			0.71			(3.32	)		(1.21	)
Total from investment operations		1.70			2.22			0.60			(3.33	)		(1.30	)
Less distributions to shareholders:
Net investment income		—			—			(0.01	)		—			—
Net realized gains		—			—			—			—			(2.21	)
Total distributions to shareholders		—			—			(0.01	)		—			(2.21	)
Proceeds from regulatory settlements		0.00	(a)		—			—			0.00	(a)		—
Net asset value, end of period	$	18.63		$	16.93		$	14.71		$	14.12		$	17.45
Total return		10.04	%		15.09	%		4.26	%		(19.08	%)		(7.77	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		2.03	%		2.04	%		2.18	%		2.22	%		2.00	%
Net expenses after fees waived or expenses reimbursed(c)		1.95	%(d)		2.00	%(e)		2.00	%(e)		1.99	%(e)		1.97	%(f)
Net investment income (loss)		0.59	%(d)		(0.70	%)(e)		(0.74	%)(e)		(0.05	%)(e)		(0.46	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	9,414		$	16,112		$	19,861		$	24,933		$	42,229
Portfolio turnover		97	%		62	%		67	%		117	%		88	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  The benefits derived from expense reductions had an impact of 0.08%.

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

(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

Annual Report 2012
21

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	16.93		$	14.71		$	14.13		$	17.46		$	20.96
Income from investment operations:
Net investment income (loss)		0.12			(0.12	)		(0.11	)		(0.01	)		(0.09	)
Net realized and unrealized gain (loss)		1.58			2.34			0.70			(3.32	)		(1.20	)
Total from investment operations		1.70			2.22			0.59			(3.33	)		(1.29	)
Less distributions to shareholders:
Net investment income		—			—			(0.01	)		—			—
Net realized gains		—			—			—			—			(2.21	)
Total distributions to shareholders		—			—			(0.01	)		—			(2.21	)
Proceeds from regulatory settlements		0.00	(a)		—			—			0.00	(a)		—
Net asset value, end of period	$	18.63		$	16.93		$	14.71		$	14.13		$	17.46
Total return		10.04	%		15.09	%		4.18	%		(19.07	%)		(7.72	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		2.04	%		2.04	%		2.18	%		2.22	%		2.00	%
Net expenses after fees waived or expenses reimbursed(c)		1.95	%(d)		2.00	%(e)		2.00	%(e)		1.99	%(e)		1.97	%(f)
Net investment income (loss)		0.72	%(d)		(0.68	%)(e)		(0.74	%)(e)		(0.05	%)(e)		(0.46	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	13,319		$	15,251		$	15,994		$	19,874		$	34,208
Portfolio turnover		97	%		62	%		67	%		117	%		88	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  The benefits derived from expense reductions had an impact of 0.09%.

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

(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

Annual Report 2012
22

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class I	2012			2011(a)
Per share data
Net asset value, beginning of period	$	17.80		$	17.01
Income from investment operations:
Net investment income		0.35			0.09
Net realized and unrealized gain		1.64			0.74
Total from investment operations		1.99			0.83
Less distributions to shareholders:
Net investment income		(0.15	)		(0.04	)
Total distributions to shareholders		(0.15	)		(0.04	)
Proceeds from regulatory settlements		0.00	(b)		—
Net asset value, end of period	$	19.64		$	17.80
Total return		11.27	%		4.90	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.85	%		0.75	%(d)
Net expenses after fees waived or expenses reimbursed(e)		0.83	%		0.75	%(d)(f)
Net investment income		1.91	%		0.57	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		97	%		62	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R	2012			2011(a)
Per share data
Net asset value, beginning of period	$	17.67		$	16.97
Income from investment operations:
Net investment income		0.23			0.00	(b)
Net realized and unrealized gain		1.64			0.70
Total from investment operations		1.87			0.70
Less distributions to shareholders:
Net investment income		(0.00	)(b)		—
Total distributions to shareholders		(0.00	)(b)		—
Proceeds from regulatory settlements		0.00	(b)		—
Net asset value, end of period	$	19.54		$	17.67
Total return		10.61	%		4.12	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.53	%		1.54	%(d)
Net expenses after fees waived or expenses reimbursed(e)		1.46	%(f)		1.50	%(d)(g)
Net investment income		1.24	%(f)		0.02	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	1,082		$	1,071
Portfolio turnover		97	%		62	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f)  The benefits derived from expense reductions had an impact of 0.07%.

(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 2012
24

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class W	2012			2011(a)
Per share data
Net asset value, beginning of period	$	17.73		$	16.97
Income from investment operations:
Net investment income		0.28			0.03
Net realized and unrealized gain		1.64			0.73
Total from investment operations		1.92			0.76
Less distributions to shareholders:
Net investment income		(0.08	)		—
Total distributions to shareholders		(0.08	)		—
Proceeds from regulatory settlements		0.00	(b)		—
Net asset value, end of period	$	19.57		$	17.73
Total return		10.86	%		4.48	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.33	%		1.21	%(d)
Net expenses after fees waived or expenses reimbursed(e)		1.23	%(f)		1.16	%(d)(g)
Net investment income		1.51	%(f)		0.15	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		97	%		62	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(f)  The benefits derived from expense reductions had an impact of 0.08%.

(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 2012
25

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Y	2012			2011			2010			2009(a)
Per share data
Net asset value, beginning of period	$	17.79		$	15.32		$	14.64		$	13.32
Income from investment operations:
Net investment income		0.31			0.09			0.07			0.02
Net realized and unrealized gain		1.68			2.42			0.74			1.30
Total from investment operations		1.99			2.51			0.81			1.32
Less distributions to shareholders:
Net investment income		(0.13	)		(0.04	)		(0.13	)		—
Total distributions to shareholders		(0.13	)		(0.04	)		(0.13	)		—
Proceeds from regulatory settlements		0.00	(b)		—			—			—
Net asset value, end of period	$	19.65		$	17.79		$	15.32		$	14.64
Total return		11.28	%		16.40	%		5.51	%		9.91	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.82	%		0.83	%		0.83	%		0.72	%(d)
Net expenses after fees waived or expenses reimbursed(e)		0.82	%		0.83	%(f)		0.83	%(f)		0.72	%(d)(f)
Net investment income		1.70	%		0.51	%(f)		0.43	%(f)		0.99	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	15,557		$	9,826		$	9,630
Portfolio turnover		97	%		62	%		67	%		117	%

Notes to Financial Highlights

(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

(b)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
26

Columbia Global Dividend Opportunity Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	17.78		$	15.32		$	14.64		$	18.06		$	21.53
Income from investment operations:
Net investment income		0.31			0.06			0.04			0.12			0.11
Net realized and unrealized gain (loss)		1.67			2.42			0.74			(3.44	)		(1.25	)
Total from investment operations		1.98			2.48			0.78			(3.32	)		(1.14	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.02	)		(0.10	)		(0.10	)		(0.12	)
Net realized gains		—			—			—			—			(2.21	)
Total distributions to shareholders		(0.10	)		(0.02	)		(0.10	)		(0.10	)		(2.33	)
Proceeds from regulatory settlements		0.00	(a)		—			—			0.00	(a)		—
Net asset value, end of period	$	19.66		$	17.78		$	15.32		$	14.64		$	18.06
Total return		11.20	%		16.17	%		5.31	%		(18.26	%)		(6.85	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.03	%		1.04	%		1.18	%		1.22	%		1.00	%
Net expenses after fees waived or expenses reimbursed(c)		0.95	%(d)		1.00	%(e)		1.00	%(e)		0.99	%(e)		0.97	%(f)
Net investment income		1.72	%(d)		0.34	%(e)		0.26	%(e)		0.94	%(e)		0.55	%(f)
Supplemental data
Net assets, end of period (in thousands)	$	585,285		$	670,362		$	525,150		$	571,175		$	755,348
Portfolio turnover		97	%		62	%		67	%		117	%		88	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  The benefits derived from expense reductions had an impact of 0.08%.

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

(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

Annual Report 2012
27

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Global Dividend Opportunity Fund (the Fund), formerly known as Columbia Strategic Investor Fund, a series of Columbia Funds Series Trust I (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 Massachusetts business trust. On August 17, 2012, the Fund changed its name to Columbia Global Dividend Opportunity Fund.

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 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 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 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 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 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

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.

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

Annual Report 2012
28

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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.

Annual Report 2012
29

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

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 tax exempt or 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 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 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 annualized effective investment management fee rate for the year ended August 31, 2012 was 0.69% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 August 31, 2012 was 0.06% of the Fund's average daily net assets.

Annual Report 2012
30

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees.

For the year ended August 31, 2012, 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	0.20	%
Class B	0.20
Class C	0.21
Class R	0.20
Class W	0.23
Class Y	0.00	*
Class Z	0.20

*Rounds to less than 0.01%.

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 August 31, 2012, these minimum account balance fees reduced total expenses by $628,978.

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.

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

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $41,401 for Class A, $6,167 for Class B and $1,234 for Class C shares for the year ended August 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/or overdraft charges from the Fund's

Annual Report 2012
31

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.26	%
Class B	2.01
Class C	2.01
Class I	0.83
Class R	1.51
Class W	1.26
Class Y	1.01
Class Z	1.01

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

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 August 31, 2012, these differences are primarily due to differing treatment for capital loss carryforward, deferral/reversal of wash sales losses, Trustees' deferred compensation, recognition of unrealized appreciation (depreciation) for certain derivative investments, and foreign currency transactions. 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	$	(546,709	)
Accumulated net realized gain		4,892,128
Paid-in capital		(4,345,419	)

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 August 31,	2012		2011
Ordinary income	$	4,069,526	$	639,727

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	10,202,671
Undistributed accumulated long-term gain		30,542,373
Unrealized appreciation		81,844,105

At August 31, 2012, the cost of investments for federal income tax purposes was $683,046,256 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	97,205,076
Unrealized depreciation		(15,360,971	)
Net unrealized appreciation	$	81,844,105

The following capital loss carryforward, determined at August 31, 2012, 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		25,170,163

For the year ended August 31, 2012, $67,663,255 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 $766,047,042 and $958,045,484, respectively, for the year ended August 31, 2012.

Annual Report 2012
32

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

Note 6. Regulatory Settlements

During the year ended August 31, 2012, the Fund received $34,306 as a result of a regulatory settlement of an administrative 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

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $26,731,146 were on loan, secured by cash collateral of $27,608,554 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 8. 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 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

Annual Report 2012
33

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

Note 10. Fund Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine three funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $867,274,283 and the combined net assets immediately after the acquisition were $1,028,812,283.

The merger was accomplished by a tax-free exchange of 6,777,475 shares of Columbia Select Opportunities Fund valued at $92,733,647 (including $22,740,110 of unrealized appreciation) and 4,305,509 shares of Columbia Mid Cap Core Fund valued at $68,804,353 (including $19,348,188 of unrealized appreciation).

In exchange for Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund shares, the Fund issued the following number of shares:

	Shares
Class A		176,638
Class C		25,241
Class R		68,214
Class Z		7,907,379

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Columbia Select Opportunities Fund and Columbia Mid Cap Core 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 Columbia Select Opportunities Fund and Columbia Mid Cap Core 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 September 1, 2010 the Fund's pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $2.4 million, $125.4 million, $21.7 million and $149.5 million, respectively.

Note 11. 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.

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

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

Annual Report 2012
34

Columbia Global Dividend Opportunity Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
35

Columbia Global Dividend Opportunity Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Global Dividend Opportunity 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 Global Dividend Opportunity Fund (the "Fund") (formerly known as Columbia Strategic Investor Fund) (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
36

Columbia Global Dividend Opportunity Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal year ended August 31, 2012, $32,069,492, or, if subsequently determined to be different, the net capital gain of such year.

100.00% of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012, qualifies for the corporate dividends received deduction.

For non-corporate shareholders 100.00%, or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
37

Columbia Global Dividend Opportunity Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
38

Columbia Global Dividend Opportunity Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
39

Columbia Global Dividend Opportunity Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
40

Columbia Global Dividend Opportunity Fund

Board Consideration and Approval of
Advisory Agreement

At meetings held on March 7, 2012 and June 6, 2012, respectively, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Global Dividend Opportunity Fund (the "Fund"), formerly known as Columbia Strategic Investor Fund, a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve each continuation of the Advisory Agreement.

In connection with their deliberations regarding each continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 6, 2012, April 25, 2012 and June 5, 2012, and at the Board meetings held on March 7, 2012 and June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations.

On March 6, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund. The Committee and the Board met in June 2012 to consider the continuation of the Advisory Agreement for the one-year period ending June 30, 2013, so as to permit the annual consideration of the Advisory Agreement to be conducted each June. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

Annual Report 2012
41

Columbia Global Dividend Opportunity Fund

Board Consideration and Approval of
Advisory Agreement (continued)

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the ninety-third, sixty-third and fiftieth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the

Annual Report 2012
42

Columbia Global Dividend Opportunity Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are both ranked in the fourth and third quintile against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in

Annual Report 2012
43

Columbia Global Dividend Opportunity Fund

Board Consideration and Approval of
Advisory Agreement (continued)

investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
44

Columbia Global Dividend Opportunity 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 2012
45

Columbia Global Dividend Opportunity 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1646 D (10/12)

Annual Report

August 31, 2012

Columbia Greater China Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Greater China Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Greater China 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	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	34
Board Consideration and Approval of Advisory Agreement	37
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

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 2012

Columbia Greater China Fund

Performance Overview

Performance Summary

>Columbia Greater China Fund (the Fund) Class A shares returned -12.20% (excluding sales charges) for the 12-month period ended August 31, 2012.

>The MSCI China Index (Net) and the Hang Seng Stock Index returned -8.25% and -4.75%, respectively, during the same time period.

>In a difficult market, the Fund lost more ground than the MSCI China Index (Net) because defensive stocks, including telecom services and utilities, where the Fund was underweight, outperformed during a highly volatile period. An overweight in growth-tilted investments also hurt performance in a weak economic environment.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A	05/16/97
Excluding sales charges			-12.20		-4.26		13.21
Including sales charges			-17.24		-5.39		12.54
Class B	05/16/97
Excluding sales charges			-12.86		-4.97		12.37
Including sales charges			-16.94		-5.32		12.37
Class C	05/16/97
Excluding sales charges			-12.84		-4.96		12.36
Including sales charges			-13.66		-4.96		12.36
Class I*	08/02/11		-11.78		-4.16		13.27
Class W*	06/18/12		-12.15		-4.25		13.22
Class Z	05/16/97		-11.98		-4.01		13.80
MSCI China Index (Net)			-8.25		-4.28		16.20
Hang Seng Stock Index			-4.75		-3.97		6.91

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 since inception 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 MSCI China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.

The Hang Seng Stock Index tracks the performance of approximately 70% of the total market capitalization of the stock exchange of Hong Kong.

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 2012
2

Columbia Greater China Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Greater China 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 2012
3

Columbia Greater China Fund

Manager Discussion of Fund Performance

For the 12-month period that ended August 31, 2012, the Fund's Class A shares returned -12.20% excluding sales charges. The MSCI China Index (Net) and the Hang Seng Stock Index returned -8.25% and -4.75%, respectively, during the same time period. In a highly risk-averse market, the Fund's underweight relative to its benchmarks in telecom services and utilities and overweight in the consumer discretionary sector held back relative results. Exposure to the recovering real estate market aided results.

A Rocky Period for the World's Second Largest Economy

Intense volatility roiled the equity markets in China over the 12-month period, with market indexes often moving up or down by 10% or more from one month to the next. Despite the wide fluctuations in short-term trends, the overall market direction was down as investors feared that China's slowing growth might lead to a "hard landing" for the world's second largest economy. China's gross domestic product (GDP) growth continued to slow down. The growth rate dropped from 8.9% year over year at the beginning of the period to about 7% towards the end. We consider there are both cyclical and structural issues behind the slowdown. On the cyclical side, the economy continued to be affected by the previously implemented restrictive policies of the central government, which initiated a series of tight monetary and fiscal policies designed to temper the double-digit growth rate that has been in place since the massive stimulus rolled out during the 2008-09 financial crisis and avert the threat of widespread inflation. In addition, weakened demand for Chinese exports in major markets, such as Europe and the United States, also had adverse effects on growth. On the structural side, the government intends to transition China's economy from the high-growth model that has prevailed in the past and was primarily investment and export driven to a more sustainable future model that is driven more by domestic consumption and services. During the period, the central government shifted its tightening stance and relaxed both fiscal and monetary policies, including interest rate cuts. However, the government held back on stimulus because of concerns that massive easing would result in unwanted consequences, because employment remains healthy and it intends to bring down GDP growth over the long term. In this environment, defensive sectors such as telecom services and utilities held up relatively well in the market sell-off, while highly cyclical groups such as materials, consumer discretionary and industrials were especially hard-hit in the market downdraft.

Positioning and Stock Selection Delivered Mixed Results

The Fund had more exposure than the indexes to consumer discretionary and less to the defensive telecom services sector, which held back results during a time of slowing economic growth. Stock selection in information technology also detracted from performance. A position in SINA, a social networking Internet company, detracted from results as the stock was hurt by both market concerns of its ability to monetize its social media website and worries about potential tighter government controls over networking sites. Meanwhile, Kingdee International Software, was affected by weakening demand from small- and mid-sized customers. Another disappointment was Zijin Mining, a gold and copper mining corporation that struggled with higher operating expenses. We sold both Kingdee and Zijin.

By contrast, an underweight in materials and exposure to the recovering real estate industry, as well as selections in both the consumer staples and the

Portfolio Management

Jasmine Huang, CFA, CPA

Morningstar Style Box^TM

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

© 2012 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.

Country Breakdown (%) (at August 31, 2012)
China	94.1
Hong Kong	2.1
Taiwan	0.5
United States	3.3
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
4

Columbia Greater China Fund

Manager Discussion of Fund Performance (continued)

consumer discretionary sectors, aided performance. Even though an overweight in the more cyclical consumer discretionary group detracted from results, several consumer-oriented investments fared well relative to the index because they were overweighted in the Fund, including Great Wall Motor Co., Want Want China Holdings and Sun Art Retail. Great Wall specializes in the production of sports utility vehicles (SUVs), which enjoyed increasing domestic demand. Meanwhile, snack food manufacturer Want Want grew profits from stable sales growth and lower production and raw material costs. The rising popularity of larger grocery stores helped supermarket chain Sun Art Retail as it expanded its stores.

Real estate investments did well, as the government relaxed restrictive policies. Mortgage lending became easier, while consumer demand remained brisk and developers cut prices. All these factors set the stage for the recovery of real estate stocks such as China Overseas Land & Investment.

Looking Ahead

While economic growth has been slowing in China for more than two years, we think there are reasons to expect greater stability and more sustainable expansion going forward. The most recent economic slowdown was the result of cyclical factors, such as weakening external demand and a period of digestion of the undesired consequences from the massive stimulus during 2008-09 global financial crises and, later on, from the self-imposed tightening measures. Although we don't anticipate a similar scale of stimulus from the Chinese government this time around, we do observe increasing policy and credit support in boosting infrastructure build out in areas such as railways, subways and water conservations, which are in need of continuous investment. China's consumer demand continued to be resilient and to grow by double digits. Equally important is that the property sector staged a steady recovery, with rising transactions and stabilized prices driven by strong underlying housing demand and low household financial leverage. The previous fear of a major collapse in the housing sector appears increasingly unlikely. Instead, we observed that new housing starts began to turn up, which we believe will provide support to the economy. Even though China is still facing various challenges, such as deteriorating banking asset quality and high local government debt levels, we argue against being overly pessimistic on China. The country still has a strong balance sheet, a low fiscal deficit, household financial leverage and massive foreign exchange reserves and policy tools to prevent a meltdown. Indeed, we currently think China's medium-term economic growth will come down from the double-digit growth rate of the past decades. Moderate but more sustainable growth should be welcomed while China transitions from the investment and export led model to a domestic consumption and service-focused model. Structural reforms are needed, and the recent initiatives to rebalance the economy suggest that the reform process will accelerate in the coming years, especially after the new leadership transition in March 2013. More deregulation is needed to build a more competitive market and a more efficient financial system and sustain domestic demand. We believe China is likely to break the State Owned Enterprises monopoly in sectors such as metals, autos, telecoms and financial services and improve market access so that private companies can compete on a level playing field. Changes to the financial system are at the core of China's structural reforms. The state-owned banks dominate the financial system, with the bond and stock markets lagging behind. This hinders the efficiency of capital allocation and invites a concentration of

Top Ten Holdings (%) (at August 31, 2012)
CNOOC Ltd.	10.0
Industrial & Commercial Bank of China Ltd., Class H	7.4
China Construction Bank Corp., Class H	7.1
Tencent Holdings Ltd.	5.6
PetroChina Co., Ltd., Class H	5.2
China Life Insurance Co., Ltd., Class H	4.3
Ping An Insurance Group Co., Class H	4.0
China Shenhua Energy Co., Ltd., Class H	3.9
China Vanke Co., Ltd., Class B	3.9
China Mobile Ltd.	3.7

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
5

Columbia Greater China Fund

Manager Discussion of Fund Performance (continued)

risks in the banking system. These reforms would serve the need for China's continuous urbanization and industrialization and have the potential to lead to healthy, sustainable growth trends. We continue to align the Fund along this trend. As a result, we have overweighted areas including consumer-related and technology stocks, while underweighting telecommunication services, materials, industrials and banking stocks.

Annual Report 2012
6

Columbia Greater China 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.

March 1, 2012 – August 31, 2012

	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		874.30		1,017.50		7.16		7.71		1.52
Class B		1,000.00		1,000.00		871.20		1,013.72		10.68		11.49		2.27
Class C		1,000.00		1,000.00		871.20		1,013.72		10.68		11.49		2.27
Class I		1,000.00		1,000.00		876.50		1,019.66		5.14		5.53		1.09
Class W		1,000.00		1,000.00		874.70		1,017.75		2.75		7.46		1.47
Class Z		1,000.00		1,000.00		875.50		1,018.75		5.99		6.44		1.27

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

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 the Investment Management 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 2012
7

Columbia Greater China Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 97.8%

Issuer	Shares		Value ($)
Consumer Discretionary 11.2%
Automobiles 2.1%
Great Wall Motor Co., Ltd., Class H(a)		1,911,500		4,341,274
Diversified Consumer Services 0.6%
New Oriental Education & Technology Group, ADR(a)		87,829		1,220,823
Hotels, Restaurants & Leisure 0.4%
Wynn Macau Ltd.		342,000		787,655
Media 0.5%
Focus Media Holding Ltd., ADR		41,513		998,388
Multiline Retail 2.4%
Golden Eagle Retail Group Ltd.(a)		2,113,000		3,885,612
Intime Department Store Group Co., Ltd.(a)		860,500		887,521
Total				4,773,133
Specialty Retail 3.9%
Belle International Holdings Ltd.		3,789,000		6,854,076
SA SA International Holdings Ltd.(a)		1,560,000		1,024,083
Total				7,878,159
Textiles, Apparel & Luxury Goods 1.3%
Trinity Ltd.		4,024,598		2,629,795
Total Consumer Discretionary				22,629,227
Consumer Staples 8.2%
Food & Staples Retailing 1.8%
Sun Art Retail Group Ltd.(a)		2,860,500		3,615,688
Food Products 5.1%
Shenguan Holdings Group Ltd.		4,596,000		2,442,321
Tingyi Cayman Islands Holding Corp.		1,306,000		3,871,214
Want Want China Holdings Ltd.		3,232,000		4,009,010
Total				10,322,545
Personal Products 1.3%
Hengan International Group Co., Ltd.		254,500		2,558,786
Total Consumer Staples				16,497,019
Energy 19.9%
Oil, Gas & Consumable Fuels 19.9%
China Coal Energy Co., Ltd., Class H		2,138,000		1,790,154
China Shenhua Energy Co., Ltd., Class H		2,141,500		7,847,264

Common Stocks (continued)

Issuer	Shares		Value ($)
CNOOC Ltd.		10,565,500		20,097,908
PetroChina Co., Ltd., Class H		8,542,000		10,333,204
Total				40,068,530
Total Energy				40,068,530
Financials 34.8%
Capital Markets 1.1%
Haitong Securities Co., Ltd., Class H(b)		1,926,800		2,118,202
Commercial Banks 19.0%
Bank of China Ltd., Class H		8,578,000		3,131,439
China Construction Bank Corp., Class H		21,485,340		14,171,889
China Merchants Bank Co., Ltd., Class H(a)		3,587,090		6,217,904
Industrial & Commercial Bank of China Ltd., Class H		27,103,000		14,728,965
Total				38,250,197
Insurance 8.3%
China Life Insurance Co., Ltd., Class H		3,211,000		8,663,150
Ping An Insurance Group Co., Class H		1,112,000		8,073,117
Total				16,736,267
Real Estate Management & Development 6.4%
China Overseas Land & Investment Ltd.(a)		2,288,320		5,187,826
China Vanke Co., Ltd., Class B		6,225,010		7,810,627
Total				12,998,453
Total Financials				70,103,119
Health Care 0.8%
Pharmaceuticals 0.8%
China Medical System Holdings Ltd.		2,088,000		1,103,159
Sino Biopharmaceutical		1,424,000		557,314
Total				1,660,473
Total Health Care				1,660,473
Industrials 3.1%
Construction & Engineering 1.8%
China Communications Construction Co., Ltd., Class H		4,610,000		3,563,574
Machinery 0.4%
Sany Heavy Equipment International Holdings Co., Ltd.		1,505,930		783,326

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

Annual Report 2012
8

Columbia Greater China Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Transportation Infrastructure 0.9%
China Merchants Holdings International Co., Ltd.		668,000		1,924,098
Total Industrials				6,270,998
Information Technology 10.4%
Computers & Peripherals 1.1%
Asustek Computer, Inc.		55,000		551,843
Lenovo Group Ltd.(a)		1,962,000		1,599,698
Total				2,151,541
Electronic Equipment, Instruments & Components 0.2%
Tong Hsing Electronic Industries Ltd.		138,000		461,218
Internet Software & Services 7.2%
Baidu, Inc., ADR(b)		17,860		1,990,318
SINA Corp.(b)		23,508		1,318,799
Tencent Holdings Ltd.		368,100		11,282,699
Total				14,591,816
Semiconductors & Semiconductor Equipment 1.6%
Spreadtrum Communications, Inc., ADR(a)		159,997		3,161,541
Software 0.3%
NQ Mobile, Inc., ADR(a)(b)		85,810		659,879
Total Information Technology				21,025,995
Materials 1.0%
Metals & Mining 1.0%
Freeport-McMoRan Copper & Gold, Inc.		54,533		1,969,187
Total Materials				1,969,187
Telecommunication Services 7.4%
Diversified Telecommunication Services 3.8%
China Telecom Corp., Ltd., Class H		9,702,000		5,387,848
China Unicom Hong Kong Ltd.		1,406,000		2,229,087
Total				7,616,935
Wireless Telecommunication Services 3.6%
China Mobile Ltd.		686,000		7,342,753
Total Telecommunication Services				14,959,688

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 1.0%
Gas Utilities 1.0%
ENN Energy Holdings Ltd.		484,000		1,918,130
Total Utilities				1,918,130
Total Common Stocks (Cost: $144,075,053)				197,102,366
Exchange-Traded Funds 1.5%
iShares FTSE China 25 Index(a)		92,314		3,052,824
Total Exchange-Traded Funds (Cost: $3,114,351)				3,052,824
Money Market Funds 0.8%
Columbia Short-Term Cash Fund, 0.164%(c)(d)		1,577,521		1,577,521
Total Money Market Funds (Cost: $1,577,521)				1,577,521

Investments of Cash Collateral Received for Securities on Loan 10.4%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 10.4%
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $2,000,047(e)		0.210	%		2,000,000		2,000,000
Mizuho Securities USA, Inc.(e) dated 08/31/12, matures 09/04/12, repurchase price $3,000,077		0.230	%		3,000,000		3,000,000
repurchase price $5,000,133		0.240	%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(e)		0.240	%		5,000,000		5,000,000

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

Annual Report 2012
9

Columbia Greater China Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Societe Generale dated 08/31/12, matures 09/04/12, repurchase price $5,996,423(e)		0.180	%		5,996,303		5,996,303
Total							20,996,303
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $20,996,303)							20,996,303
Total Investments (Cost: $169,763,228)							222,729,014
Other Assets & Liabilities, Net							(21,176,568	)
Net Assets							201,552,446

Notes to Portfolio of Investments

(a)  At August 31, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		2,559,069		97,036,349		(98,017,897)		—		1,577,521		2,416		1,577,521

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		654,169
Fannie Mae-Aces		224,485
Freddie Mac REMICS		871,955
Government National Mortgage Association		289,391
Total market value of collateral securities		2,040,000

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

Annual Report 2012
10

Columbia Greater China Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.230%)
United States Treasury Inflation Indexed Bonds		512,784
United States Treasury Note/Bond		2,209,235
United States Treasury Strip Coupon		277,064
United States Treasury Strip Principal		60,917
Total market value of collateral securities		3,060,000
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		117,402
Ginnie Mae I Pool		4,129,130
Ginnie Mae II Pool		114,120
Government National Mortgage Association		739,348
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		600,862
Fannie Mae REMICS		1,564,506
Freddie Mac Non Gold Pool		170,373
Freddie Mac Reference REMIC		42
Freddie Mac REMICS		907,228
Ginnie Mae I Pool		4,750
Ginnie Mae II Pool		54,705
Government National Mortgage Association		1,797,670
Total market value of collateral securities		5,100,136
Security Description	Value ($)
Societe Generale (0.180%)
United States Treasury Inflation Indexed Bonds		6,116,229
Total market value of collateral securities		6,116,229

Abbreviation Legend

ADR American Depositary Receipt

REMIC(S) Real Estate Mortgage Investment Conduit(s)

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

Annual Report 2012
11

Columbia Greater China Fund

Portfolio of Investments (continued)

August 31, 2012

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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.

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 recommendation 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 2012
12

Columbia Greater China Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		2,219,211		20,410,016		—		22,629,227
Consumer Staples		—		16,497,019		—		16,497,019
Energy		—		40,068,530		—		40,068,530
Financials		—		70,103,119		—		70,103,119
Health Care		—		1,660,473		—		1,660,473
Industrials		—		6,270,998		—		6,270,998
Information Technology		7,130,537		13,895,458		—		21,025,995
Materials		1,969,187		—		—		1,969,187
Telecommunication Services		—		14,959,688		—		14,959,688
Utilities		—		1,918,130		—		1,918,130
Exchange-Traded Funds		3,052,824		—		—		3,052,824
Total Equity Securities		14,371,759		185,783,431		—		200,155,190
Other
Money Market Funds		1,577,521		—		—		1,577,521
Investments of Cash Collateral Received for Securities on Loan		—		20,996,303		—		20,996,303
Total Other		1,577,521		20,996,303		—		22,573,824
Total		15,949,280		206,779,734		—		222,729,014

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.

Annual Report 2012
13

Columbia Greater China Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $147,189,404)	$	200,155,190
Affiliated issuers (identified cost $1,577,521)		1,577,521
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $20,996,303)		20,996,303
Total investments (identified cost $169,763,228)		222,729,014
Receivable for:
Capital shares sold		84,062
Dividends		133,357
Interest		19,382
Prepaid expenses		3,399
Trustees' deferred compensation plan		28,496
Total assets		222,997,710
Liabilities
Due upon return of securities on loan		20,996,303
Payable for:
Capital shares purchased		311,701
Investment management fees		4,779
Distribution and service fees		1,237
Transfer agent fees		31,742
Administration fees		440
Compensation of board members		731
Chief compliance officer expenses		33
Other expenses		69,802
Trustees' deferred compensation plan		28,496
Total liabilities		21,445,264
Net assets applicable to outstanding capital stock	$	201,552,446
Represented by
Paid-in capital	$	151,873,401
Undistributed net investment income		2,503,442
Accumulated net realized loss		(5,790,195	)
Unrealized appreciation (depreciation) on:
Investments		52,965,786
Foreign currency translations		12
Total — representing net assets applicable to outstanding capital stock	$	201,552,446
*Value of securities on loan	$	19,864,428

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

Annual Report 2012
14

Columbia Greater China Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	76,682,579
Shares outstanding		1,822,106
Net asset value per share	$	42.08
Maximum offering price per share(a)	$	44.65
Class B
Net assets	$	5,769,210
Shares outstanding		144,600
Net asset value per share	$	39.90
Class C
Net assets	$	20,400,503
Shares outstanding		503,642
Net asset value per share	$	40.51
Class I
Net assets	$	69,532,248
Shares outstanding		1,573,132
Net asset value per share	$	44.20
Class W
Net assets	$	2,415
Shares outstanding		57
Net asset value per share(b)	$	42.10
Class Z
Net assets	$	29,165,491
Shares outstanding		661,599
Net asset value per share	$	44.08

(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 2012
15

Columbia Greater China Fund

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$	5,993,091
Dividends — affiliated issuers		2,416
Interest		3
Income from securities lending — net		351,838
Foreign taxes withheld		(476,074	)
Total income		5,871,274
Expenses:
Investment management fees		1,944,751
Distribution fees
Class B		64,938
Class C		186,613
Service fees
Class A		219,269
Class B		21,646
Class C		62,205
Class W		1
Transfer agent fees
Class A		170,909
Class B		17,127
Class C		48,714
Class W		1
Class Z		76,781
Administration fees		178,828
Compensation of board members		22,058
Custodian fees		38,760
Printing and postage fees		71,020
Registration fees		97,461
Professional fees		45,499
Chief compliance officer expenses		134
Other		22,183
Total expenses		3,288,898
Expense reductions		(3,180	)
Total net expenses		3,285,718
Net investment income		2,585,556
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(5,641,878	)
Foreign currency translations		(10,015	)
Net realized loss		(5,651,893	)
Net change in unrealized appreciation (depreciation) on:
Investments		(24,883,662	)
Foreign currency translations		(50	)
Net change in unrealized appreciation (depreciation)		(24,883,712	)
Net realized and unrealized loss		(30,535,605	)
Net decrease in net assets from operations	$	(27,950,049	)

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

Annual Report 2012
16

Columbia Greater China Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended August 31, 2011(b)
Operations
Net investment income	$	2,585,556		$	662,702
Net realized gain (loss)		(5,651,893	)		18,828,384
Net change in unrealized appreciation (depreciation)		(24,883,712	)		(16,781,206	)
Net increase (decrease) in net assets resulting from operations		(27,950,049	)		2,709,880
Distributions to shareholders from
Net investment income
Class A		(95,694	)		(381,019	)
Class I		(315,543	)		—
Class Z		(175,192	)		(279,079	)
Net realized gains
Class A		(4,895,233	)		(3,144,373	)
Class B		(571,491	)		(437,718	)
Class C		(1,483,438	)		(969,900	)
Class I		(4,251,213	)		—
Class Z		(2,229,930	)		(1,308,109	)
Total distributions to shareholders		(14,017,734	)		(6,520,198	)
Increase (decrease) in net assets from capital stock activity		29,558,357			(7,207,843	)
Total decrease in net assets		(12,409,426	)		(11,018,161	)
Net assets at beginning of year		213,961,872			224,980,033
Net assets at end of year	$	201,552,446		$	213,961,872
Undistributed net investment income	$	2,503,442		$	538,618

(a) Class W shares are for the period from June 18, 2012 (commencement of operations) to August 31, 2012.

(b) Class I shares are for the period from August 2, 2011 (commencement of operations) to August 31, 2011.

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

Annual Report 2012
17

Columbia Greater China Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended August 31, 2011(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		263,332			11,950,251			460,529			26,671,655
Distributions reinvested		102,174			4,132,927			49,959			2,829,702
Redemptions		(529,763	)		(23,675,554	)		(800,298	)		(45,834,504	)
Net decrease		(164,257	)		(7,592,376	)		(289,810	)		(16,333,147	)
Class B shares
Subscriptions		2,747			109,479			6,844			384,315
Distributions reinvested		9,574			369,086			5,201			283,388
Redemptions(c)		(141,425	)		(6,084,993	)		(76,644	)		(4,196,133	)
Net decrease		(129,104	)		(5,606,428	)		(64,599	)		(3,528,430	)
Class C shares
Subscriptions		29,732			1,258,930			73,091			4,178,957
Distributions reinvested		26,356			1,031,593			11,900			657,586
Redemptions		(167,590	)		(7,224,467	)		(195,879	)		(10,887,194	)
Net decrease		(111,502	)		(4,933,944	)		(110,888	)		(6,050,651	)
Class I shares
Subscriptions		1,443,525			72,093,909			347,280			17,542,321
Distributions reinvested		107,856			4,566,638			—			—
Redemptions		(325,529	)		(15,923,851	)		—			—
Net increase		1,225,852			60,736,696			347,280			17,542,321
Class W shares
Subscriptions		57			2,500			—			—
Net increase		57			2,500			—			—
Class Z shares
Subscriptions		108,920			5,075,749			894,411			55,884,465
Distributions reinvested		31,619			1,337,189			15,179			897,229
Redemptions		(421,034	)		(19,461,029	)		(994,077	)		(55,619,630	)
Net decrease		(280,495	)		(13,048,091	)		(84,487	)		1,162,064
Total net increase (decrease)		540,551			29,558,357			(202,504	)		(7,207,843	)

(a) Class W shares are for the period from June 18, 2012 (commencement of operations) to August 31, 2012.

(b) Class I shares are for the period from August 2, 2011 (commencement of operations) to August 31, 2011.

(c) 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 2012
18

Columbia Greater China 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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	51.02		$	51.35		$	44.30		$	46.54		$	58.78
Income from investment operations:
Net investment income		0.50			0.15			0.17			0.34			0.22
Net realized and unrealized gain (loss)		(6.83	)		1.05			7.06			(2.08	)		(12.02	)
Total from investment operations		(6.33	)		1.20			7.23			(1.74	)		(11.80	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.17	)		(0.22	)		—			(0.46	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)
Total distributions to shareholders		(2.61	)		(1.53	)		(0.22	)		(0.54	)		(0.49	)
Proceeds from regulatory settlements		—			—			0.03			0.02			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05
Net asset value, end of period	$	42.08		$	51.02		$	51.35		$	44.30		$	46.54
Total return		(12.20	%)		2.03	%		16.42	%		(3.30	%)		(20.24	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.53	%		1.58	%(b)		1.62	%(b)		1.69	%(b)		1.55	%(b)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		1.53	%(d)		1.58	%(b)(d)		1.62	%(b)(d)		1.69	%(b)(d)		1.55	%(b)(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.53	%		1.58	%		1.62	%		1.69	%		1.55	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		1.53	%(d)		1.58	%(d)		1.62	%(d)		1.69	%(d)		1.55	%(d)
Net investment income		1.11	%(d)		0.26	%(d)		0.33	%(d)		0.96	%(d)		0.37	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	76,683		$	101,344		$	116,870		$	122,314		$	154,413
Portfolio turnover		38	%		36	%		23	%		39	%		16	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
19

Columbia Greater China Fund

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	48.83		$	49.42		$	42.77		$	45.29		$	57.29
Income from investment operations:
Net investment income (loss)		0.10			(0.28	)		(0.20	)		0.07			(0.23	)
Net realized and unrealized gain (loss)		(6.47	)		1.05			6.81			(2.09	)		(11.73	)
Total from investment operations		(6.37	)		0.77			6.61			(2.02	)		(11.96	)
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.06	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)
Total distributions to shareholders		(2.56	)		(1.36	)		—			(0.54	)		(0.09	)
Proceeds from regulatory settlements		—			—			0.03			0.02			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05
Net asset value, end of period	$	39.90		$	48.83		$	49.42		$	42.77		$	45.29
Total return		(12.86	%)		1.27	%		15.55	%		(4.02	%)		(20.83	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.28	%		2.33	%(b)		2.37	%(b)		2.44	%(b)		2.30	%(b)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		2.28	%(d)		2.33	%(b)(d)		2.37	%(b)(d)		2.44	%(b)(d)		2.30	%(b)(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.28	%		2.33	%		2.37	%		2.44	%		2.30	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		2.28	%(d)		2.33	%(d)		2.37	%(d)		2.44	%(d)		2.30	%(d)
Net investment income (loss)		0.22	%(d)		(0.50	%)(d)		(0.42	%)(d)		0.21	%(d)		(0.40	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	5,769		$	13,364		$	16,718		$	17,813		$	21,880
Portfolio turnover		38	%		36	%		23	%		39	%		16	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
20

Columbia Greater China Fund

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	49.52		$	50.10		$	43.36		$	45.89		$	58.05
Income from investment operations:
Net investment income (loss)		0.14			(0.28	)		(0.21	)		0.09			(0.22	)
Net realized and unrealized gain (loss)		(6.59	)		1.06			6.91			(2.12	)		(11.90	)
Total from investment operations		(6.45	)		0.78			6.70			(2.03	)		(12.12	)
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.06	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)
Total distributions to shareholders		(2.56	)		(1.36	)		—			(0.54	)		(0.09	)
Proceeds from regulatory settlements		—			—			0.03			0.02			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05
Net asset value, end of period	$	40.51		$	49.52		$	50.10		$	43.36		$	45.89
Total return		(12.84	%)		1.28	%		15.54	%		(3.99	%)		(20.84	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.28	%		2.33	%(b)		2.37	%(b)		2.44	%(b)		2.30	%(b)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		2.28	%(d)		2.33	%(b)(d)		2.37	%(b)(d)		2.44	%(b)(d)		2.30	%(b)(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.28	%		2.33	%		2.37	%		2.44	%		2.30	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		2.28	%(d)		2.33	%(d)		2.37	%(d)		2.44	%(d)		2.30	%(d)
Net investment income (loss)		0.33	%(d)		(0.50	%)(d)		(0.43	%)(d)		0.24	%(d)		(0.38	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	20,401		$	30,461		$	36,371		$	36,395		$	39,620
Portfolio turnover		38	%		36	%		23	%		39	%		16	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
21

Columbia Greater China Fund

Financial Highlights (continued)

	Year Ended August 31,
Class I	2012			2011(a)
Per share data
Net asset value, beginning of period	$	53.36		$	57.86
Income from investment operations:
Net investment income		0.73			0.09
Net realized and unrealized loss		(7.14	)		(4.59	)
Total from investment operations		(6.41	)		(4.50	)
Less distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(2.56	)		—
Total distributions to shareholders		(2.75	)		—
Net asset value, end of period	$	44.20		$	53.36
Total return		(11.78	%)		(7.78	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.08	%		3.00	%(c)(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)		1.08	%(f)		1.56	%(c)(d)(f)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.08	%		3.00	%(c)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)		1.08	%(f)		1.56	%(c)(f)
Net investment income		1.57	%(f)		2.28	%(c)(f)
Supplemental data
Net assets, end of period (in thousands)	$	69,532		$	18,532
Portfolio turnover		38	%		36	%

Notes to Financial Highlights

(a)  For the period from August 2, 2011 (commencement of operations) to August 31, 2011.

(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.

(c)  Annualized.

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

(e)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Greater China Fund

Financial Highlights (continued)

Class W	Year Ended August 31, 2012(a)
Net asset value, beginning of period	$	43.58
Income from investment operations:
Net investment loss		(0.05	)
Net realized and unrealized loss		(1.43	)
Total from investment operations		(1.48	)
Net asset value, end of period	$	42.10
Total return		(3.40	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.47	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.47	%(c)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.47	%(c)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.47	%(c)
Net investment loss		(0.55	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		38	%

Notes to Financial Highlights

(a)  For the period from June 18, 2012 (commencement of operations) to August 31, 2012.

(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.

(c)  Annualized.

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

Annual Report 2012
23

Columbia Greater China Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	53.35		$	53.60		$	46.20		$	48.38		$	61.05
Income from investment operations:
Net investment income		0.63			0.53			0.30			0.44			0.38
Net realized and unrealized gain (loss)		(7.14	)		0.87			7.37			(2.12	)		(12.47	)
Total from investment operations		(6.51	)		1.40			7.67			(1.68	)		(12.09	)
Less distributions to shareholders:
Net investment income		(0.20	)		(0.29	)		(0.31	)		—			(0.60	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)
Total distributions to shareholders		(2.76	)		(1.65	)		(0.31	)		(0.54	)		(0.63	)
Proceeds from regulatory settlements		—			—			0.03			0.02			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05
Net asset value, end of period	$	44.08		$	53.35		$	53.60		$	46.20		$	48.38
Total return		(11.98	%)		2.31	%		16.71	%		(3.05	%)		(20.04	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.28	%		1.31	%(b)		1.37	%(b)		1.44	%(b)		1.30	%(b)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		1.28	%(d)		1.31	%(b)(d)		1.37	%(b)(d)		1.44	%(b)(d)		1.30	%(b)(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.28	%		1.31	%		1.37	%		1.44	%		1.30	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		1.28	%(d)		1.31	%(d)		1.37	%(d)		1.44	%(d)		1.30	%(d)
Net investment income		1.34	%(d)		0.88	%(d)		0.58	%(d)		1.17	%(d)		0.62	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	29,165		$	50,261		$	55,021		$	47,266		$	43,170
Portfolio turnover		38	%		36	%		23	%		39	%		16	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
24

Columbia Greater China Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Greater China Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business 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 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 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 W shares commenced operations on June 18, 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

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.

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 2012
25

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the

event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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.

Annual Report 2012
26

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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 percentage of the Fund's average daily net assets that declines from 0.87% to 0.68% as the Fund's net assets increase. The effective investment management fee rate for the year ended August 31, 2012 was 0.87% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.04% as the Fund's net assets increase. The effective administration fee rate for the year ended August 31, 2012 was 0.08% of the Fund's average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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27

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees.

For the year ended August 31, 2012, 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 W	0.15
Class Z	0.20

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 August 31, 2012, these minimum account balance fees reduced total expenses by $3,180.

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.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $36,549 for Class A, $17,223 for Class B and $861 for Class C shares for the year ended August 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/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	1.93	%
Class B	2.68
Class C	2.68
Class I	1.56
Class W	1.93
Class Z	1.68

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

The timing and character of income and capital gain distributions are determined in accordance with income tax

Annual Report 2012
28

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions and post-October capital 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:

Undistributed net investment income	$	(34,303	)
Accumulated net realized loss		34,302
Paid-in capital		1

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 August 31,	2012		2011
Ordinary income	$	610,716	$	660,098
Long-term capital gains		13,407,018		5,860,100

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	2,531,938
Unrealized appreciation		51,941,003

At August 31, 2012, the cost of investments for federal income tax purposes was $170,788,011 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	60,073,333
Unrealized depreciation		(8,132,330	)
Net unrealized appreciation	$	51,941,003

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 August 31, 2012, the Fund will elect to treat post-October capital losses of $4,765,412 as arising on September 1, 2012.

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 $101,616,754 and $82,875,582, respectively, for the year ended August 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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

Annual Report 2012
29

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

services provided and any other securities lending expenses. Net income earned from securities lending for the year ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $19,864,428 were on loan, secured by cash collateral of $20,996,303 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. 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 8. Shareholder Concentration

At August 31, 2012, one unaffiliated shareholder account owned 12.8% 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 33.4% 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to

the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

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.

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.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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

Annual Report 2012
30

Columbia Greater China Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
31

Columbia Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Greater China 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 Greater China Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
32

Columbia Greater China Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gains dividend with respect to the fiscal year ended August 31, 2012, $13,407,018, or, if subsequently determined to be different, the net capital gain of such year.

Foreign taxes paid during the fiscal year ended August 31, 2012 of $476,074 are being passed through to shareholders. This represents $0.10 per share. Eligible shareholders may claim this amount as a foreign tax credit.

Gross income derived from sources within foreign countries was $5,944,104 ($1.26 per share) for the fiscal year ended August 31, 2012.

For non-corporate shareholders 100.00%, or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
33

Columbia Greater China Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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34

Columbia Greater China Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

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Columbia Greater China Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
36

Columbia Greater China Fund

Board Consideration and Approval of
Advisory Agreement

At meetings held on March 7, 2012 and June 6, 2012, respectively, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Greater China Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve each continuation of the Advisory Agreement.

In connection with their deliberations regarding each continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 6, 2012, April 25, 2012 and June 5, 2012, and at the Board meetings held on March 7, 2012 and June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations.

On March 6, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund. The Committee and the Board met in June 2012 to consider the continuation of the Advisory Agreement for the one-year period ending June 30, 2013, so as to permit the annual consideration of the Advisory Agreement to be conducted each June. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

Annual Report 2012
37

Columbia Greater China Fund

Board Consideration and Approval of
Advisory Agreement (continued)

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the fifty-third, sixty-fourth and fiftieth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of

Annual Report 2012
38

Columbia Greater China Fund

Board Consideration and Approval of
Advisory Agreement (continued)

the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the first and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
39

Columbia Greater China Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
40

Columbia Greater China 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 2012
41

Columbia Greater China 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1376 D (10/12)

Annual Report

August 31, 2012

Columbia Mid Cap Growth Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Mid Cap Growth Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Mid Cap 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	16
Statement of Operations	18
Statement of Changes in Net Assets	19
Financial Highlights	22
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Trustees and Officers	42
Board Consideration and Approval of Advisory Agreement	45
Important Information About This Report	49

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 2012

Columbia Mid Cap Growth Fund

Performance Overview

Performance Summary

>Columbia Mid Cap Growth Fund (the Fund) Class A shares returned 5.97% excluding sales charges for the 12-month period ended August 31, 2012.

>The Fund underperformed its benchmarks, the Russell Midcap Growth Index and the Russell Midcap Index, which returned 11.72% and 13.30%, respectively, during the same time period.

>Security selection generally accounted for the shortfall versus both indices.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A*	11/01/02
Excluding sales charges			5.97		3.33		8.46
Including sales charges			-0.12		2.12		7.82
Class B*	11/01/02
Excluding sales charges			5.19		2.56		7.65
Including sales charges			0.19		2.23		7.65
Class C*	10/13/03
Excluding sales charges			5.22		2.57		7.70
Including sales charges			4.22		2.57		7.70
Class I*	09/27/10		6.49		3.68		8.81
Class R*	01/23/06		5.73		3.08		8.24
Class R5*	03/07/11		6.50		3.66		8.81
Class T*	11/01/02
Excluding sales charges			5.94		3.28		8.44
Including sales charges			-0.16		2.07		7.80
Class W*	09/27/10		6.01		3.35		8.52
Class Y*	07/15/09		6.35		3.65		8.80
Class Z	11/20/85		6.27		3.60		8.78
Russell Midcap Growth Index			11.72		2.92		9.97
Russell Midcap Index			13.30		2.47		9.88

Returns for Class A and Class T 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 since inception 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 Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index.

The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

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 2012
2

Columbia Mid Cap Growth Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Mid Cap 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 2012
3

Columbia Mid Cap Growth Fund

Manager Discussion of Fund Performance

For the 12-month period that ended August 31, 2012, the Fund's Class A shares returned 5.97% excluding sales charges. The Fund underperformed its benchmarks, the Russell Midcap Growth Index and the Russell Midcap Index, which returned 11.72% and 13.30%, respectively, for the same 12-month time period. Security selection generally accounted for the Fund's shortfall versus the Russell MidCap Growth Index. Sector allocation was generally positive for the Fund, but its position in cash, short term securities and other cash equivalents, which the index does not hold, tipped the scales and modestly detracted from performance.

Strong Market Advance Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and the second quarter growth was just 1.3%. Job growth was strong early in 2012, but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market began the period on the upswing. Larger-cap, more defensive stocks led the rally, which broadened to include mid- and small-caps into 2012 on solid corporate earnings, a better housing market and growing investor confidence. Volatility increased in the spring as worries over the sovereign debt problems in Europe and the economy at home resurfaced. Stock prices fell sharply in the second quarter of 2012 before regaining ground in the final months of the reporting period.

Disappointments in Technology, Materials and Industrials

Stock selection within technology, materials and industrials generated the Fund's biggest disappointments. Within technology, video game maker Electronic Arts experienced slower sales and some technical complaints regarding its Star Wars game, which caused concern among investors and drove its share price down sharply. The Fund's overweight in the stock relative to the benchmark further hampered relative results. An out-of-benchmark position in Chinese online media company SINA also detracted from relative returns. Its shares tumbled when the company missed revenue and earnings estimates during the period. In materials, the Fund's biggest detractor was Canadian-based gold producer Agnico-Eagle Mines, a stock that was not represented in the Russell Midcap Growth Index. Agnico's share price fell on news that it was suspending operations and gold production at a Quebec site. Within the industrials sector, an overweight relative to the Russell Midcap Growth Index in Joy Global was a disappointment as its shares fell sharply during the period.

Solid Gains from Telecom, Financials and Health Care

Within the telecommunications sector, we did well to avoid some of the sector's biggest losers. Of the two telecom names held in the Fund, wireless tower operator Crown Castle International generated significant gains as the sector's

Portfolio Management

Wayne Collette, CFA

George Myers, CFA

Lawrence Lin, CFA

Brian Neigut

Morningstar Style Box^TM

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

© 2012 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 2012
4

Columbia Mid Cap Growth Fund

Manager Discussion of Fund Performance (continued)

top performer. The company successfully completed an acquisition during the period, which increased its outdoor antenna systems infrastructure. In the financials sector, the top contributor for the Fund was asset manager Affiliated Managers, which continued to benefit from a broadly diversified mix of asset classes and geography. The company has experienced nine consecutive quarters of positive net cash flows and increased assets under management by more than $28 billion with the completion of two recent acquisitions. The Fund was overweight in the stock, which further enhanced returns. Overweights in Onyx Pharmaceuticals and Edwards Lifesciences also bolstered relative returns in the health care sector. Onyx surged late in the period on favorable news from the Food and Drug Administration regarding a new cancer treatment medicine. Edwards LifeSciences, which makes products to treat cardiovascular disease, rose on increased earnings.

Sector Allocations Generated Mixed Results

In general, the Fund's strategy is to maintain sector weights that are close to those of the Russell Midcap Growth Index. Typically, any differences in sector weights are a reflection of bottom up analysis of individual stocks in those sectors rather than a top-down call on the sector itself. During this reporting period, overweights in the energy, consumer discretionary and health care sectors aided performance. A slight underweight in technology and an overweight in utilitities detracted from performance. The Fund's cash position also detracted from its allocation results relative to the benchmark, which does not hold cash.

During the period, buying and selling decisions resulted in slight shifts to sector allocations, as did the annual reconstitution of the Russell indices. The sale of several names in the energy equipment and service industry lowered the Fund's overall exposure to energy, which ended the period generally in line with the sector's weight in the Growth index. The sale of apparel and luxury goods manufacturers in the consumer discretionary sector was more than offset by the addition of some specialty retail names, which raised the Fund's position in the consumer discretionary sector above that of the index. Also, we raised the exposure of the materials sector from an underweight to an overweight relative to the index with additions to materials holdings during the period.

Looking Ahead

Heading into the final months of 2012, we believe that investors will look for signs that the Federal Reserve (the Fed) plans to implement additional liquidity measures to spur on a fragile global economy. However, the Fed may be reaching the limits of its abilities to prop up the economy. And with government policy playing a greater role in driving the financial markets, focus has nervously turned to the November U.S. presidential election and the year-end expiration of tax cuts and economic stimulus. Meanwhile China's economy has slowed. Against this uncertain economic outlook, we remain focused on finding industries that stand to gain wallet share of the $60 trillion global economy and, in particular, companies that are gaining market share of those growth industries. We believe that there will be companies that, by virtue of their innovative products and solutions or their low-cost business models, can increase earnings at a well-above-average rate regardless of the growth rate of the economy. The focus of our bottom up fundamental research efforts is clearly on identifying these winning businesses across all market cycles.

Top Ten Holdings (%) (at August 31, 2012)
Alexion Pharmaceuticals, Inc.	1.6
Dollar Tree, Inc.	1.5
Citrix Systems, Inc.	1.4
Crown Castle International Corp.	1.4
Verisk Analytics, Inc., Class A	1.4
Bed Bath & Beyond, Inc.	1.4
Teradata Corp.	1.3
Fortinet, Inc.	1.3
Edwards Lifesciences Corp.	1.3
Alliance Data Systems Corp.	1.2

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 August 31, 2012)
Common Stocks	97.0
Consumer Discretionary	24.0
Consumer Staples	6.9
Energy	6.5
Financials	7.5
Health Care	14.6
Industrials	13.0
Information Technology	14.8
Materials	7.0
Telecommunication Services	1.9
Utilities	0.8
Money Market Funds	3.0
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Mid Cap Growth 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.

March 1, 2012 – August 31, 2012

	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		977.40		1,019.00		6.06		6.19		1.22
Class B		1,000.00		1,000.00		974.30		1,015.23		9.78		9.98		1.97
Class C		1,000.00		1,000.00		974.00		1,015.23		9.78		9.98		1.97
Class I		1,000.00		1,000.00		979.90		1,021.22		3.88		3.96		0.78
Class R		1,000.00		1,000.00		976.70		1,017.70		7.35		7.51		1.48
Class R5		1,000.00		1,000.00		980.30		1,021.22		3.88		3.96		0.78
Class T		1,000.00		1,000.00		977.40		1,018.75		6.31		6.44		1.27
Class W		1,000.00		1,000.00		977.80		1,019.00		6.07		6.19		1.22
Class Y		1,000.00		1,000.00		979.20		1,020.71		4.38		4.47		0.88
Class Z		1,000.00		1,000.00		979.10		1,020.26		4.83		4.93		0.97

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 366.

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).

Annual Report 2012
6

Columbia Mid Cap Growth Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 95.9%

Issuer	Shares		Value ($)
Consumer Discretionary 23.8%
Auto Components 1.1%
BorgWarner, Inc.(a)(b)		339,650		23,361,127
Distributors 0.3%
LKQ Corp.(a)(b)		135,810		5,125,469
Hotels, Restaurants & Leisure 2.2%
Chipotle Mexican Grill, Inc.(a)(b)		69,760		20,135,527
Panera Bread Co., Class A(a)		82,870		12,836,563
Wynn Resorts Ltd.		118,325		12,207,590
Total				45,179,680
Household Durables 1.1%
Garmin Ltd.(b)		302,899		12,221,975
Toll Brothers, Inc.(a)(b)		335,070		10,963,490
Total				23,185,465
Internet & Catalog Retail 1.1%
TripAdvisor, Inc.(a)(b)		691,030		23,108,043
Leisure Equipment & Products 0.5%
Polaris Industries, Inc.(b)		139,094		10,458,478
Media 3.1%
CBS Corp., Class B Non Voting		419,390		15,240,632
Discovery Communications, Inc., Class A(a)(b)		341,930		18,751,441
DISH Network Corp., Class A		503,830		16,117,522
Sirius XM Radio, Inc.(a)		5,077,730		12,846,657
Total				62,956,252
Multiline Retail 3.8%
Dollar Tree, Inc.(a)		620,350		29,882,260
Family Dollar Stores, Inc.		350,840		22,327,458
Macy's, Inc.		280,230		11,296,071
Nordstrom, Inc.		223,100		12,901,873
Total				76,407,662
Specialty Retail 9.2%
AutoZone, Inc.(a)		37,840		13,684,458
Bed Bath & Beyond, Inc.(a)		397,670		26,711,494
Dick's Sporting Goods, Inc.(b)		309,150		15,383,304
Foot Locker, Inc.		341,590		11,808,766
GameStop Corp., Class A		269,357		5,139,332
Gap, Inc. (The)		284,850		10,203,327
GNC Holdings, Inc., Class A(b)		381,084		14,805,113
Limited Brands, Inc.		377,900		18,365,940

Common Stocks (continued)

Issuer	Shares		Value ($)
O'Reilly Automotive, Inc.(a)(b)		198,510		16,863,424
Ross Stores, Inc.		291,160		20,145,360
TJX Companies, Inc.		259,430		11,879,300
Ulta Salon Cosmetics & Fragrance, Inc.		231,890		21,797,660
Total				186,787,478
Textiles, Apparel & Luxury Goods 1.4%
Deckers Outdoor Corp.(a)(b)		205,530		10,177,846
lululemon athletica, Inc.(a)(b)		283,558		18,485,146
Total				28,662,992
Total Consumer Discretionary				485,232,646
Consumer Staples 6.9%
Beverages 1.5%
Beam, Inc.		244,020		14,241,007
Coca-Cola Enterprises, Inc.		369,831		10,921,110
Monster Beverage Corp.(a)		91,370		5,384,434
Total				30,546,551
Food & Staples Retailing 1.2%
Kroger Co. (The)		467,630		10,418,796
Whole Foods Market, Inc.		151,010		14,610,218
Total				25,029,014
Food Products 2.4%
Hershey Co. (The)		215,250		15,459,255
HJ Heinz Co.		276,590		15,411,595
Mead Johnson Nutrition Co.		235,210		17,247,949
Total				48,118,799
Personal Products 1.3%
Estee Lauder Companies, Inc. (The), Class A		184,830		11,080,559
Herbalife Ltd.(b)		324,137		15,684,989
Total				26,765,548
Tobacco 0.5%
Lorillard, Inc.		75,130		9,429,566
Total Consumer Staples				139,889,478
Energy 6.4%
Energy Equipment & Services 2.5%
Cameron International Corp.(a)		308,679		16,887,828
Oceaneering International, Inc.		187,380		10,032,325
Oil States International, Inc.(a)		129,050		10,096,872

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

Annual Report 2012
7

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Superior Energy Services, Inc.(a)		679,151		14,105,966
Total				51,122,991
Oil, Gas & Consumable Fuels 3.9%
Cabot Oil & Gas Corp.		361,850		14,984,209
Concho Resources, Inc.(a)		197,011		17,679,767
CONSOL Energy, Inc.(b)		325,190		9,820,738
Continental Resources, Inc.(a)(b)		134,774		9,981,363
Denbury Resources, Inc.(a)		606,270		9,391,122
HollyFrontier Corp.		201,780		8,129,716
Peabody Energy Corp.(b)		469,570		10,156,799
Total				80,143,714
Total Energy				131,266,705
Financials 7.5%
Capital Markets 0.8%
Affiliated Managers Group, Inc.(a)		130,298		15,325,651
Commercial Banks 1.1%
BankUnited, Inc.		406,265		10,258,191
Signature Bank(a)(b)		201,450		13,019,714
Total				23,277,905
Diversified Financial Services 1.1%
Moody's Corp.(b)		547,525		21,681,990
Insurance 0.6%
Marsh & McLennan Companies, Inc.		368,050		12,576,269
Real Estate Investment Trusts (REITs) 3.6%
Digital Realty Trust, Inc.(b)		243,258		18,125,154
Home Properties, Inc.(b)		240,720		15,369,972
Plum Creek Timber Co., Inc.(b)		444,280		18,184,380
Rayonier, Inc.(b)		458,460		22,459,955
Total				74,139,461
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A(a)		317,911		5,503,039
Total Financials				152,504,315
Health Care 14.4%
Biotechnology 4.1%
Alexion Pharmaceuticals, Inc.(a)		293,482		31,464,205
Medivation, Inc.(a)(b)		46,810		4,908,497
Onyx Pharmaceuticals, Inc.(a)(b)		275,740		19,831,221
Regeneron Pharmaceuticals, Inc.(a)(b)		92,543		13,700,991

Common Stocks (continued)

Issuer	Shares		Value ($)
Vertex Pharmaceuticals, Inc.(a)		243,620		12,992,254
Total				82,897,168
Health Care Equipment & Supplies 2.7%
CR Bard, Inc.		160,025		15,700,053
Edwards Lifesciences Corp.(a)		248,800		25,404,968
Varian Medical Systems, Inc.(a)(b)		229,310		13,481,135
Total				54,586,156
Health Care Providers & Services 4.0%
AmerisourceBergen Corp.		545,690		21,019,979
Brookdale Senior Living, Inc.(a)(b)		621,640		13,508,237
Catamaran Corp.(a)(b)		158,070		13,775,801
Express Scripts Holding Co.(a)		256,755		16,077,998
HMS Holdings Corp.(a)(b)		284,900		9,817,654
Laboratory Corp. of America Holdings(a)(b)		95,420		8,392,189
Total				82,591,858
Health Care Technology 0.5%
Cerner Corp.(a)		154,430		11,295,010
Life Sciences Tools & Services 1.1%
Agilent Technologies, Inc.		256,200		9,520,392
Illumina, Inc.(a)(b)		309,360		13,017,869
Total				22,538,261
Pharmaceuticals 2.0%
Elan Corp. PLC, ADR(a)		731,560		8,310,522
Endo Health Solutions, Inc.(a)		330,480		10,515,873
Watson Pharmaceuticals, Inc.(a)		266,625		21,689,944
Total				40,516,339
Total Health Care				294,424,792
Industrials 12.8%
Air Freight & Logistics 0.5%
CH Robinson Worldwide, Inc.(b)		168,230		9,523,500
Airlines 1.0%
United Continental Holdings, Inc.(a)(b)		1,119,475		20,654,314
Commercial Services & Supplies 1.7%
Clean Harbors, Inc.(a)(b)		222,770		12,116,460
Stericycle, Inc.(a)(b)		255,652		23,397,271
Total				35,513,731
Construction & Engineering 0.6%
KBR, Inc.		430,520		11,662,787

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

Annual Report 2012
8

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Electrical Equipment 2.6%
AMETEK, Inc.		641,982		22,026,403
Regal-Beloit Corp.(b)		158,788		10,807,111
Rockwell Automation, Inc.		271,569		19,569,262
Total				52,402,776
Machinery 1.0%
Cummins, Inc.		122,285		11,875,096
Joy Global, Inc.		181,281		9,676,780
Total				21,551,876
Professional Services 2.1%
IHS, Inc., Class A(a)(b)		138,567		15,802,181
Verisk Analytics, Inc., Class A(a)		561,280		27,233,305
Total				43,035,486
Road & Rail 2.0%
CSX Corp.		549,460		12,340,871
JB Hunt Transport Services, Inc.(b)		280,850		14,727,774
Kansas City Southern		171,275		13,244,696
Total				40,313,341
Trading Companies & Distributors 1.3%
United Rentals, Inc.(a)(b)		352,112		11,376,739
WW Grainger, Inc.(b)		77,676		15,998,149
Total				27,374,888
Total Industrials				262,032,699
Information Technology 14.6%
Internet Software & Services 2.4%
Equinix, Inc.(a)(b)		62,290		12,311,618
IAC/InterActiveCorp.		347,364		18,007,350
LinkedIn Corp., Class A(a)		116,410		12,490,793
Rackspace Hosting, Inc.(a)(b)		112,700		6,759,746
Total				49,569,507
IT Services 2.9%
Alliance Data Systems Corp.(a)(b)		176,895		24,349,597
Teradata Corp.(a)		340,620		26,016,556
VeriFone Systems, Inc.(a)(b)		264,310		9,182,129
Total				59,548,282
Semiconductors & Semiconductor Equipment 2.8%
Altera Corp.		339,870		12,687,347
Avago Technologies Ltd.		377,040		13,788,353

Common Stocks (continued)

Issuer	Shares		Value ($)
KLA-Tencor Corp.		218,250		11,198,407
Microchip Technology, Inc.(b)		293,130		10,186,268
ON Semiconductor Corp.(a)(b)		1,495,390		9,316,280
Total				57,176,655
Software 6.5%
Autodesk, Inc.(a)		285,730		8,871,917
Citrix Systems, Inc.(a)		364,505		28,318,393
Fortinet, Inc.(a)		962,368		25,512,376
Informatica Corp.(a)		412,830		13,458,258
Intuit, Inc.		332,380		19,457,525
MICROS Systems, Inc.(a)		98,346		4,982,208
Red Hat, Inc.(a)		188,980		10,590,439
Salesforce.com, Inc.(a)(b)		56,520		8,205,574
TIBCO Software, Inc.(a)(b)		423,325		12,665,884
Total				132,062,574
Total Information Technology				298,357,018
Materials 6.9%
Chemicals 3.8%
Albemarle Corp.		182,410		9,983,299
Celanese Corp., Class A		291,345		11,146,860
CF Industries Holdings, Inc.		116,650		24,147,716
Eastman Chemical Co.		158,810		8,775,841
Sherwin-Williams Co. (The)		165,810		23,724,095
Total				77,777,811
Containers & Packaging 1.2%
Crown Holdings, Inc.(a)		296,280		10,740,150
Rock-Tenn Co., Class A		195,670		13,064,886
Total				23,805,036
Metals & Mining 1.2%
Cliffs Natural Resources, Inc.(b)		437,270		15,671,757
Royal Gold, Inc.(b)		102,483		9,020,554
Total				24,692,311
Paper & Forest Products 0.7%
International Paper Co.		408,840		14,129,510
Total Materials				140,404,668

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

Annual Report 2012
9

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 1.9%
Wireless Telecommunication Services 1.9%
Crown Castle International Corp.(a)		438,770		27,844,344
SBA Communications Corp., Class A(a)(b)		171,350		10,243,303
Total				38,087,647
Total Telecommunication Services				38,087,647
Utilities 0.7%
Electric Utilities 0.7%
ITC Holdings Corp.(b)		213,840		15,392,203
Total Utilities				15,392,203
Total Common Stocks (Cost: $1,639,762,524)				1,957,592,171
Money Market Funds 3.0%
Columbia Short-Term Cash Fund, 0.164%(c)(d)		60,584,979		60,584,979
Total Money Market Funds (Cost: $60,584,979)				60,584,979
Investments of Cash Collateral Received for Securities on Loan 21.5%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Asset-Backed Commercial Paper 4.2%
Atlantis One 09/10/12		0.592	%		4,985,250		4,985,250
12/03/12		0.350	%		9,987,945		9,987,945
Cancara Asset Securitisation LLC 09/04/12		0.250	%		9,997,639		9,997,639
09/12/12		0.230	%		4,998,914		4,998,914
Gotham Funding Corp. 09/12/12		0.240	%		4,998,200		4,998,200
Kells Funding LLC 10/12/12		0.612	%		8,972,245		8,972,245
10/30/12		0.360	%		4,995,450		4,995,450
11/26/12		0.330	%		6,994,225		6,994,225
Manhattan Asset Funding Co. LLC 09/20/12		0.210	%		4,999,183		4,999,183

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Royal Park Investments Funding Corp. 09/13/12		0.650	%		9,994,583		9,994,583
Salisbury Receivables Co. LLC 10/17/12		0.310	%		4,996,297		4,996,297
Scaldis Capital LLC 09/19/12		0.390	%		3,998,483		3,998,483
Working Capital Management Co., L.P. 09/18/12		0.230	%		4,998,946		4,998,946
Total							84,917,360
Certificates of Deposit 9.5%
ABM AMRO Bank N.V. 09/21/12		0.560	%		3,994,284		3,994,284
Australia and New Zealand Bank Group, Ltd. 11/16/12		0.620	%		5,000,000		5,000,000
Barclays Bank PLC 10/26/12		0.310	%		10,000,000		10,000,000
Credit Suisse 10/09/12		0.500	%		5,000,000		5,000,000
11/08/12		0.403	%		5,000,000		5,000,000
DZ Bank AG 10/29/12		0.380	%		15,000,000		15,000,000
11/23/12		0.360	%		1,998,162		1,998,162
Deutsche Bank AG 10/09/12		0.750	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 09/12/12		0.360	%		8,000,000		8,000,000
Mizuho Corporate Bank Ltd. 10/25/12		0.340	%		10,000,000		10,000,000
N.V. Bank Nederlandse Gemeenten 09/04/12		0.265	%		5,000,000		5,000,000
10/04/12		0.240	%		10,000,000		10,000,000
National Australia Bank 10/29/12		0.291	%		3,999,910		3,999,910
Natixis 09/06/12		0.210	%		10,000,000		10,000,000
Norinchukin Bank 11/09/12		0.520	%		8,000,000		8,000,000
11/21/12		0.370	%		5,000,000		5,000,000
11/21/12		0.370	%		5,000,000		5,000,000
Pohjola Bank PLC 09/21/12		0.280	%		15,000,000		15,000,000
Rabobank 09/17/12		0.310	%		2,004,201		2,004,201
10/26/12		0.515	%		5,000,000		5,000,000

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

Annual Report 2012
10

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Shizuoka Bank Ltd. 09/07/12		0.400	%		4,000,000		4,000,000
Skandinaviska Enskilda Banken 10/31/12		0.350	%		15,000,000		15,000,000
Standard Chartered Bank PLC 10/05/12		0.630	%		11,961,693		11,961,693
Sumitomo Mitsui Banking Corp. 09/05/12		0.350	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd. 11/01/12		0.486	%		5,000,000		5,000,000
Svenska Handelsbanken 09/13/12		0.490	%		5,000,000		5,000,000
Union Bank of Switzerland 10/23/12		0.330	%		10,000,000		10,000,000
Total							193,958,250
Commercial Paper 3.2%
Caisse des Depots 11/28/12		0.300	%		4,996,250		4,996,250
Credit Suisse 09/10/12		0.340	%		4,995,750		4,995,750
DnB NOR 10/10/12		0.511	%		9,974,075		9,974,075
HSBC, Inc. 11/20/12		0.300	%		9,992,500		9,992,500
Macquarie Bank Ltd. 10/30/12		0.611	%		9,984,411		9,984,411
PB Capital Corp. 10/19/12		0.671	%		4,995,440		4,995,440
Societe Generale 09/05/12		0.230	%		4,999,777		4,999,777
09/06/12		0.230	%		9,999,553		9,999,553
Suncorp Metway Ltd. 10/09/12		0.450	%		4,996,125		4,996,125
Total							64,933,881
Repurchase Agreements 4.6%
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,117(e)		0.210	%		5,000,000		5,000,000
Credit Suisse Securities (USA) LLC(e) dated 08/28/12, matures 09/04/12, repurchase price $5,000,078		0.140	%		5,000,000		5,000,000
dated 08/31/12, matures 09/04/12, repurchase price $8,806,880		0.150	%		8,806,734		8,806,734

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Deutsche Bank AG dated 08/31/12, matures 09/04/12, repurchase price $40,000,889(e)		0.200	%		40,000,000		40,000,000
Mizuho Securities USA, Inc.(e) dated 08/31/12, matures 09/04/12, repurchase price $10,000,267		0.240	%		10,000,000		10,000,000
repurchase price $5,000,128		0.230	%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $10,000,267(e)		0.240	%		10,000,000		10,000,000
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $10,000,256(e)		0.230	%		10,000,000		10,000,000
Total							93,806,734
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $437,616,225)							437,616,225
Total Investments (Cost: $2,137,963,728)							2,455,793,375
Other Assets & Liabilities, Net							(416,853,944	)
Net Assets							2,038,939,431

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

Annual Report 2012
11

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		78,257,815		1,124,722,371		(1,142,395,207	)		—		60,584,979		—		105,817		60,584,979

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		1,635,423
Fannie Mae-Aces		561,212
Freddie Mac REMICS		2,179,888
Government National Mortgage Association		723,477
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.140%)
United States Treasury Bill		106,335
United States Treasury Inflation Indexed Bonds		227,290
United States Treasury Note/Bond		4,766,454
Total market value of collateral securities		5,100,079
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		8,982,874
Total market value of collateral securities		8,982,874
Security Description	Value ($)
Deutsche Bank AG (0.200%)
Federal National Mortgage Association		40,800,011
Total market value of collateral securities		40,800,011

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

Annual Report 2012
12

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		234,803
Ginnie Mae I Pool		8,258,260
Ginnie Mae II Pool		228,241
Government National Mortgage Association		1,478,696
Total market value of collateral securities		10,200,000
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.230%)
United States Treasury Inflation Indexed Bonds		854,641
United States Treasury Note/Bond		3,682,057
United States Treasury Strip Coupon		461,773
United States Treasury Strip Principal		101,529
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		1,201,723
Fannie Mae REMICS		3,129,012
Freddie Mac Non Gold Pool		340,748
Freddie Mac Reference REMIC		84
Freddie Mac REMICS		1,814,456
Ginnie Mae I Pool		9,499
Ginnie Mae II Pool		109,410
Government National Mortgage Association		3,595,340
Total market value of collateral securities		10,200,272
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		7,002,669
Freddie Mac Gold Pool		3,197,331
Total market value of collateral securities		10,200,000

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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

Annual Report 2012
13

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

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).

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 2012
14

Columbia Mid Cap Growth Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		485,232,646		—		—		485,232,646
Consumer Staples		139,889,478		—		—		139,889,478
Energy		131,266,705		—		—		131,266,705
Financials		152,504,315		—		—		152,504,315
Health Care		294,424,792		—		—		294,424,792
Industrials		262,032,699		—		—		262,032,699
Information Technology		298,357,018		—		—		298,357,018
Materials		140,404,668		—		—		140,404,668
Telecommunication Services		38,087,647		—		—		38,087,647
Utilities		15,392,203		—		—		15,392,203
Total Equity Securities		1,957,592,171		—		—		1,957,592,171
Other
Money Market Funds		60,584,979		—		—		60,584,979
Investments of Cash Collateral Received for Securities on Loan		—		437,616,225		—		437,616,225
Total Other		60,584,979		437,616,225		—		498,201,204
Total		2,018,177,150		437,616,225		—		2,455,793,375

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.

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 2012
15

Columbia Mid Cap Growth Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,639,762,524)	$	1,957,592,171
Affiliated issuers (identified cost $60,584,979)		60,584,979
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $343,809,491)		343,809,491
Repurchase agreements (identified cost $93,806,734)		93,806,734
Total investments (identified cost $2,137,963,728)		2,455,793,375
Receivable for:
Investments sold		35,384,768
Capital shares sold		992,444
Dividends		2,250,018
Interest		111,088
Prepaid expenses		31,552
Trustees' deferred compensation plan		78,835
Other assets		2,199
Total assets		2,494,644,279
Liabilities
Due upon return of securities on loan		437,616,225
Payable for:
Investments purchased		14,910,458
Capital shares purchased		2,450,568
Investment management fees		38,326
Distribution and service fees		4,595
Transfer agent fees		314,333
Administration fees		2,982
Compensation of board members		36,908
Chief compliance officer expenses		301
Other expenses		251,317
Trustees' deferred compensation plan		78,835
Total liabilities		455,704,848
Net assets applicable to outstanding capital stock	$	2,038,939,431
Represented by
Paid-in capital	$	1,749,014,410
Accumulated net investment loss		(637,724	)
Accumulated net realized loss		(27,266,902	)
Unrealized appreciation (depreciation) on:
Investments		317,829,647
Total — representing net assets applicable to outstanding capital stock	$	2,038,939,431
*Value of securities on loan	$	431,777,067

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

Annual Report 2012
16

Columbia Mid Cap Growth Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	330,301,676
Shares outstanding		12,504,440
Net asset value per share	$	26.41
Maximum offering price per share(a)	$	28.02
Class B
Net assets	$	5,140,447
Shares outstanding		211,647
Net asset value per share	$	24.29
Class C
Net assets	$	45,236,263
Shares outstanding		1,856,491
Net asset value per share	$	24.37
Class I
Net assets	$	268,600,619
Shares outstanding		9,829,080
Net asset value per share	$	27.33
Class R
Net assets	$	25,613,413
Shares outstanding		986,775
Net asset value per share	$	25.96
Class R5
Net assets	$	2,335,616
Shares outstanding		85,534
Net asset value per share	$	27.31
Class T
Net assets	$	20,965,075
Shares outstanding		795,003
Net asset value per share	$	26.37
Maximum offering price per share(a)	$	27.98
Class W
Net assets	$	66,703,834
Shares outstanding		2,523,956
Net asset value per share	$	26.43
Class Y
Net assets	$	16,444
Shares outstanding		603
Net asset value per share(b)	$	27.26
Class Z
Net assets	$	1,274,026,044
Shares outstanding		46,793,208
Net asset value per share	$	27.23

(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 2012
17

Columbia Mid Cap Growth Fund

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends	$	18,457,882
Dividends — affiliated issuers		105,817
Income from securities lending — net		1,477,320
Foreign taxes withheld		(11,895	)
Total income		20,029,124
Expenses:
Investment management fees		13,873,055
Distribution fees
Class B		47,183
Class C		366,657
Class R		129,636
Service fees
Class A		810,644
Class B		15,728
Class C		122,219
Class W		163,275
Shareholder service fee — Class T		63,857
Transfer agent fees
Class A		621,447
Class B		13,045
Class C		97,311
Class R		51,341
Class T		41,937
Class W		121,571
Class Y		25
Class Z		2,402,137
Administration fees		1,078,839
Compensation of board members		64,478
Custodian fees		28,844
Printing and postage fees		221,933
Registration fees		192,927
Professional fees		114,362
Chief compliance officer expenses		1,220
Other		99,491
Total expenses		20,743,162
Expense reductions		(36,682	)
Total net expenses		20,706,480
Net investment loss		(677,356	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		66,339,006
Net realized gain		66,339,006
Net change in unrealized appreciation (depreciation) on:
Investments		64,405,118
Net change in unrealized appreciation		64,405,118
Net realized and unrealized gain		130,744,124
Net increase in net assets resulting from operations	$	130,066,768

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

Annual Report 2012
18

Columbia Mid Cap Growth Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012			Year Ended August 31, 2011(a)(b)
Operations
Net investment loss	$	(677,356	)	$	(7,190,555	)
Net realized gain		66,339,006			228,761,872
Net change in unrealized appreciation		64,405,118			44,832,669
Net increase in net assets resulting from operations		130,066,768			266,403,986
Distributions to shareholders
Net realized gains
Class A		(10,402,453	)		—
Class B		(244,122	)		—
Class C		(1,847,175	)		—
Class I		(7,452,588	)		—
Class R		(898,218	)		—
Class R5		(68,559	)		—
Class T		(689,253	)		—
Class W		(2,109,978	)		—
Class Y		(1,009	)		—
Class Z		(38,781,757	)		—
Total distributions to shareholders		(62,495,112	)		—
Increase (decrease) in net assets from capital stock activity		130,317,525			481,749,579
Proceeds from regulatory settlements (Note 6)		26,617			10,040
Total increase in net assets		197,915,798			748,163,605
Net assets at beginning of year		1,841,023,633			1,092,860,028
Net assets at end of year	$	2,038,939,431		$	1,841,023,633
Accumulated net investment loss	$	(637,724	)	$	(124,299	)

(a) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b) Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

Annual Report 2012
19

Columbia Mid Cap Growth Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		3,669,127			93,936,684			3,647,092			99,576,606
Fund merger		—			—			6,643,314			188,040,627
Distributions reinvested		362,319			9,010,863			—			—
Redemptions		(3,342,581	)		(85,793,496	)		(1,695,254	)		(44,997,727	)
Net increase		688,865			17,154,051			8,595,152			242,619,506
Class B shares
Subscriptions		15,611			364,311			51,449			1,237,545
Fund merger		—			—			133,461			3,520,183
Distributions reinvested		8,783			202,000			—			—
Redemptions(c)		(130,645	)		(3,092,296	)		(161,871	)		(4,006,820	)
Net increase (decrease)		(106,251	)		(2,525,985	)		23,039			750,908
Class C shares
Subscriptions		318,841			7,522,254			301,144			7,466,568
Fund merger		—			—			1,760,249			46,582,851
Distributions reinvested		61,012			1,407,536			—			—
Redemptions		(783,350	)		(18,459,578	)		(320,723	)		(8,063,615	)
Net increase (decrease)		(403,497	)		(9,529,788	)		1,740,670			45,985,804
Class I shares
Subscriptions		5,178,378			132,843,374			7,423,816			202,986,187
Fund merger		—			—			439,540			12,783,049
Distributions reinvested		290,650			7,452,275			—			—
Redemptions		(2,448,515	)		(64,528,346	)		(1,054,789	)		(30,323,681	)
Net increase		3,020,513			75,767,303			6,808,567			185,445,555
Class R shares
Subscriptions		571,120			14,387,473			543,910			14,895,676
Fund merger		—			—			516,247			14,418,085
Distributions reinvested		24,943			610,857			—			—
Redemptions		(641,469	)		(16,077,744	)		(283,814	)		(7,617,881	)
Net increase (decrease)		(45,406	)		(1,079,414	)		776,343			21,695,880
Class R5 shares
Subscriptions		—			—			89			2,501
Fund merger		—			—			82,936			2,410,167
Distributions reinvested		2,673			68,485			—			—
Redemptions		(164	)		(4,325	)		—			—
Net increase		2,509			64,160			83,025			2,412,668

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

Annual Report 2012
20

Columbia Mid Cap Growth Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		12,737			321,169			6,079			166,919
Distributions reinvested		22,729			564,595			—			—
Redemptions		(100,762	)		(2,598,819	)		(114,662	)		(3,004,529	)
Net decrease		(65,296	)		(1,713,055	)		(108,583	)		(2,837,610	)
Class W shares
Subscriptions		1,503,688			38,209,460			2,418,939			60,188,516
Distributions reinvested		84,803			2,109,887			—			—
Redemptions		(816,211	)		(20,826,294	)		(667,263	)		(18,605,407	)
Net increase		772,280			19,493,053			1,751,676			41,583,109
Class Y shares
Subscriptions		—			—			603			14,622
Distributions reinvested		20			511			—			—
Redemptions		(639	)		(17,508	)		(48,270	)		(1,099,650	)
Net decrease		(619	)		(16,997	)		(47,667	)		(1,085,028	)
Class Z shares
Subscriptions		12,346,093			321,362,441			8,437,478			230,632,729
Distributions reinvested		854,749			21,873,025			—			—
Redemptions		(11,739,452	)		(310,531,269	)		(10,721,383	)		(285,453,942	)
Net increase (decrease)		1,461,390			32,704,197			(2,283,905	)		(54,821,213	)
Total net increase		5,324,488			130,317,525			17,338,317			481,749,579

(a) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b) Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

(c) 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 2012
21

Columbia Mid Cap Growth 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	25.75		$	20.22		$	17.58		$	23.47		$	27.51
Income from investment operations:
Net investment loss		(0.06	)		(0.17	)		(0.10	)		(0.03	)		(0.12	)
Net realized and unrealized gain (loss)		1.55			5.70			2.74			(5.37	)		(0.06	)
Total from investment operations		1.49			5.53			2.64			(5.40	)		(0.18	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.86	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.86	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	26.41		$	25.75		$	20.22		$	17.58		$	23.47
Total return		5.97	%		27.35	%		15.02	%		(22.38	%)		(2.21	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.22	%		1.19	%(c)		1.23	%(c)		1.26	%		1.18	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.22	%(e)		1.19	%(c)(e)		1.23	%(c)(e)		1.26	%(e)		1.18	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.22	%		1.19	%		1.23	%		1.26	%		1.18	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.22	%(e)		1.19	%(e)		1.23	%(e)		1.26	%(e)		1.18	%(e)
Net investment loss		(0.22	%)(e)		(0.63	%)(e)		(0.49	%)(e)		(0.20	%)(e)		(0.48	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	330,302		$	304,214		$	65,123		$	53,881		$	63,337
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	23.92		$	18.93		$	16.59		$	22.35		$	26.47
Income from investment operations:
Net investment loss		(0.23	)		(0.34	)		(0.23	)		(0.14	)		(0.30	)
Net realized and unrealized gain (loss)		1.43			5.33			2.57			(5.13	)		(0.04	)
Total from investment operations		1.20			4.99			2.34			(5.27	)		(0.34	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.78	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.78	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	24.29		$	23.92		$	18.93		$	16.59		$	22.35
Total return		5.19	%		26.36	%		14.10	%		(22.93	%)		(2.92	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.99	%		1.95	%(c)		1.98	%(c)		2.01	%		1.93	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.99	%(e)		1.95	%(c)(e)		1.98	%(c)(e)		2.01	%(e)		1.93	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.99	%		1.95	%		1.98	%		2.01	%		1.93	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.99	%(e)		1.95	%(e)		1.98	%(e)		2.01	%(e)		1.93	%(e)
Net investment loss		(0.99	%)(e)		(1.39	%)(e)		(1.24	%)(e)		(0.95	%)(e)		(1.23	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	5,140		$	7,604		$	5,582		$	8,322		$	15,829
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	23.99		$	18.98		$	16.63		$	22.41		$	26.53
Income from investment operations:
Net investment loss		(0.23	)		(0.35	)		(0.24	)		(0.14	)		(0.30	)
Net realized and unrealized gain (loss)		1.44			5.36			2.59			(5.15	)		(0.04	)
Total from investment operations		1.21			5.01			2.35			(5.29	)		(0.34	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.78	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.78	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	24.37		$	23.99		$	18.98		$	16.63		$	22.41
Total return		5.22	%		26.40	%		14.13	%		(22.96	%)		(2.91	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.98	%		1.94	%(c)		1.98	%(c)		2.01	%		1.93	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.98	%(e)		1.94	%(c)(e)		1.98	%(c)(e)		2.01	%(e)		1.93	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.98	%		1.94	%		1.98	%		2.01	%		1.93	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.98	%(e)		1.94	%(e)		1.98	%(e)		2.01	%(e)		1.93	%(e)
Net investment loss		(0.98	%)(e)		(1.39	%)(e)		(1.24	%)(e)		(0.95	%)(e)		(1.23	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	45,236		$	54,224		$	9,858		$	9,106		$	13,540
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class I	2012			2011(a)
Per share data
Net asset value, beginning of period	$	26.49		$	23.23
Income from investment operations:
Net investment income (loss)		0.06			(0.06	)
Net realized and unrealized gain		1.61			3.32
Total from investment operations		1.67			3.26
Less distributions to shareholders:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlements		0.00	(b)		0.00	(b)
Net asset value, end of period	$	27.33		$	26.49
Total return		6.49	%		14.03	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.78	%		0.80	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.78	%		0.80	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.78	%		0.80	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.78	%		0.80	%(d)(g)
Net investment income (loss)		0.23	%		(0.22	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	268,601		$	180,383
Portfolio turnover		141	%		138	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	25.38		$	19.98		$	17.42		$	23.32		$	27.39
Income from investment operations:
Net investment loss		(0.12	)		(0.23	)		(0.15	)		(0.07	)		(0.18	)
Net realized and unrealized gain (loss)		1.53			5.63			2.71			(5.34	)		(0.06	)
Total from investment operations		1.41			5.40			2.56			(5.41	)		(0.24	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.83	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.83	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	25.96		$	25.38		$	19.98		$	17.42		$	23.32
Total return		5.73	%		27.03	%		14.70	%		(22.57	%)		(2.44	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.48	%		1.44	%(c)		1.48	%(c)		1.51	%		1.43	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.48	%(e)		1.44	%(c)(e)		1.48	%(c)(e)		1.51	%(e)		1.43	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.48	%		1.44	%		1.48	%		1.51	%		1.43	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.48	%(e)		1.44	%(e)		1.48	%(e)		1.51	%(e)		1.43	%(e)
Net investment loss		(0.48	%)(e)		(0.88	%)(e)		(0.73	%)(e)		(0.45	%)(e)		(0.74	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	25,613		$	26,196		$	5,112		$	3,876		$	1,800
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
26

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class R5	2012			2011(a)
Per share data
Net asset value, beginning of period	$	26.47		$	28.05
Income from investment operations:
Net investment income (loss)		0.06			(0.03	)
Net realized and unrealized gain (loss)		1.61			(1.55	)(b)
Total from investment operations		1.67			(1.58	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlements		0.00	(c)		—
Net asset value, end of period	$	27.31		$	26.47
Total return		6.50	%		(5.63	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.78	%		0.78	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		0.78	%		0.78	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.78	%		0.78	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		0.78	%		0.78	%(e)(h)
Net investment income (loss)		0.22	%		(0.24	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	2,336		$	2,198
Portfolio turnover		141	%		138	%

Notes to Financial Highlights

(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

(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)  Rounds to less than $0.01.

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

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
27

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class T	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	25.72		$	20.21		$	17.58		$	23.48		$	27.53
Income from investment operations:
Net investment income		(0.07	)		(0.18	)		(0.11	)		(0.04	)		(0.14	)
Net realized and unrealized gain (loss)		1.55			5.69			2.74			(5.37	)		(0.06	)
Total from investment operations		1.48			5.51			2.63			(5.41	)		(0.20	)
Less distributions to shareholders:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.85	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.85	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	26.37		$	25.72		$	20.21		$	17.58		$	23.48
Total return		5.94	%		27.26	%		14.96	%		(22.41	%)		(2.27	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.28	%		1.26	%(c)		1.28	%(c)		1.31	%		1.23	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.28	%(e)		1.26	%(c)(e)		1.28	%(c)(e)		1.31	%(e)		1.23	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.28	%		1.26	%		1.28	%		1.31	%		1.23	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.28	%(e)		1.26	%(e)		1.28	%(e)		1.31	%(e)		1.23	%(e)
Net investment income		(0.28	%)(e)		(0.69	%)(e)		(0.54	%)(e)		(0.25	%)(e)		(0.53	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	20,965		$	22,127		$	19,582		$	18,847		$	26,801
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
28

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class W	2012			2011(a)
Per share data
Net asset value, beginning of period	$	25.76		$	22.67
Income from investment operations:
Net investment loss		(0.05	)		(0.16	)
Net realized and unrealized gain		1.55			3.25
Total from investment operations		1.50			3.09
Less distributions to shareholders:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlements		0.00	(b)		0.00	(b)
Net asset value, end of period	$	26.43		$	25.76
Total return		6.01	%		13.63	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.22	%		1.19	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.22	%(g)		1.19	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.22	%		1.19	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.22	%(g)		1.19	%(d)(g)
Net investment loss		(0.21	%)(g)		(0.63	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	66,704		$	45,119
Portfolio turnover		141	%		138	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(b)  Rounds to less than $0.01.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
29

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Y	2012			2011			2010			2009(a)
Per share data
Net asset value, beginning of period	$	26.46		$	20.72		$	17.98		$	16.18
Income from investment operations:
Net investment income		0.03			(0.04	)		(0.03	)		0.01
Net realized and unrealized gain		1.60			5.78			2.80			1.79
Total from investment operations		1.63			5.74			2.77			1.80
Less distributions to shareholders:
Net investment income		—			—			(0.03	)		—
Net realized gains		(0.83	)		—			—			—
Total distributions to shareholders		(0.83	)		—			(0.03	)		—
Proceeds from regulatory settlements		0.00	(b)		0.00	(b)		—			—
Net asset value, end of period	$	27.26		$	26.46		$	20.72		$	17.98
Total return		6.35	%		27.70	%		15.43	%		11.12	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.88	%		0.86	%(d)		0.84	%(d)		0.86	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.88	%		0.86	%(d)(g)		0.84	%(d)(g)		0.86	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.88	%		0.86	%		0.84	%		0.86	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.88	%		0.86	%(g)		0.84	%(g)		0.86	%(e)(g)
Net investment income		0.10	%		(0.15	%)(g)		(0.13	%)(g)		0.31	%(e)(g)
Supplemental data
Net assets, end of period (in thousands)	$	16		$	32		$	1,013		$	3,067
Portfolio turnover		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

(b)  Rounds to less than $0.01.

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

(e)  Annualized.

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
30

Columbia Mid Cap Growth Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	26.45		$	20.72		$	17.98		$	23.92		$	27.93
Income from investment operations:
Net investment income (loss)		0.01			(0.10	)		(0.05	)		0.01			(0.06	)
Net realized and unrealized gain (loss)		1.60			5.83			2.80			(5.46	)		(0.07	)
Total from investment operations		1.61			5.73			2.75			(5.45	)		(0.13	)
Less distributions to shareholders:
Net investment income		—			—			(0.01	)		—			—
Net realized gains		(0.83	)		—			—			(0.49	)		(3.88	)
Total distributions to shareholders		(0.83	)		—			(0.01	)		(0.49	)		(3.88	)
Proceeds from regulatory settlements		0.00	(a)		0.00	(a)		—			0.00	(a)		—
Net asset value, end of period	$	27.23		$	26.45		$	20.72		$	17.98		$	23.92
Total return		6.27	%		27.65	%		15.29	%		(22.16	%)		(1.97	%)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.97	%		0.95	%(c)		0.98	%(c)		1.01	%		0.93	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		0.97	%(e)		0.95	%(c)(e)		0.98	%(c)(e)		1.01	%(e)		0.93	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.97	%		0.95	%		0.98	%		1.01	%		0.93	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		0.97	%(e)		0.95	%(e)		0.98	%(e)		1.01	%(e)		0.93	%(e)
Net investment income (loss)		0.03	%(e)		(0.39	%)(e)		(0.24	%)(e)		0.05	%(e)		(0.23	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	1,274,026		$	1,198,927		$	986,590		$	954,718		$	1,286,857
Portfolio turnover		141	%		138	%		137	%		160	%		149	%

Notes to Financial Highlights

(a)  Rounds to less than $0.01.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
31

Columbia Mid Cap Growth Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Mid Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business 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 R5, Class T, 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 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 R5 shares are not subject to sales charges; however, this share class is closed to new investors.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T 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 T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

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 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 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

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.

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

Annual Report 2012
32

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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.

Annual Report 2012
33

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

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 tax exempt or 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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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 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 August 31, 2012 was 0.69% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 August 31, 2012 was 0.05% of the Fund's average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Annual Report 2012
34

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. 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 August 31, 2012, 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	0.19	%
Class B	0.21
Class C	0.20
Class R	0.20
Class R5	0.00	*
Class T	0.20
Class W	0.19
Class Y	0.10
Class Z	0.19

*Rounds to less than 0.01%.

In connection with the acquistion of Seligman Capital Fund (see Note 11), the Fund assumed the assets and obligations of Seligman Capital Fund, which together with certain other associated investment companies (together, the Guarantors), have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At August 31, 2012, the Fund's total potential future obligation over the life of the Guaranty is $235,729. The liability remaining at August 31, 2012 for non-recurring charges associated with the lease amounted to $122,581 and is included within payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at August 31, 2012 is included in other assets in the Statement of Assets and Liabilities at a cost of $2,199.

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 August 31, 2012, these minimum account balance fees reduced total expenses by $36,682.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class A, Class B, Class C, Class R, and Class W shares, respectively.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limit such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

Annual Report 2012
35

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. The annualized effective shareholder services fee rate for the year ended August 31, 2012 was 0.30% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $111,201 for Class A, $5,714 for Class B, $4,201 for Class C and $76 for Class T shares for the year ended August 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/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	1.35	%
Class B	2.10
Class C	2.10
Class I	0.99
Class R	1.60
Class R5	1.04
Class T	1.40
Class W	1.35
Class Y	1.10
Class Z	1.10

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

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 August 31, 2012, these differences are primarily due to differing treatment for capital loss carryforward limitations related to ownership changes, deferral/reversal of wash sale losses, Trustees' deferred compensation, late-year ordinary losses, re-characterization of real estate investment trust (REIT) distributions, and proceeds from regulatory settlements. 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:

Accumulated net investment loss	$	163,931
Accumulated net realized loss		—
Paid-in capital		(163,931	)

Net investment loss 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 August 31,	2012		2011
Ordinary income	$	—	$	—
Long-term capital gains		62,495,112		—

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

Annual Report 2012
36

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	—
Undistributed long-term capital gains		51,895,992
Unrealized appreciation		303,602,278

At August 31, 2012, the cost of investments for federal income tax purposes was $2,152,191,097 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	348,705,192
Unrealized depreciation		(45,102,914	)
Net unrealized appreciation	$	303,602,278

The following capital loss carryforward, determined at August 31, 2012, 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 ($)
2015		4,635,769
2016		60,299,757
Total		64,935,526

For the year ended August 31, 2012, $24,890,735 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 August 31, 2012, the Fund will elect to treat late-year ordinary losses of $523,406 as arising on September 1, 2012.

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 $2,798,772,824 and $2,737,441,051, respectively, for the year ended August 31, 2012.

Note 6. Regulatory Settlements

During the year ended August 31, 2012, the Fund received $26,617 as a result of a settlement of an administrative 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.

During the year ended August 31, 2011, the Fund received $10,040 as a result of a settlement of an administrative 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

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Annual Report 2012
37

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

Pursuant to the Agreement, the Fund receives 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 August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $431,777,067 were on loan, secured by U.S. government and agency securities valued at $1,208,601 and by cash collateral of $437,616,225 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 8. 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 issuer" 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 9. Shareholder Concentration

At August 31, 2012, one unaffiliated shareholder account owned 24.9% 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. Affiliated shareholder accounts owned 15.3% 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 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

Note 11. Fund Merger

At the close of business on April 8, 2011, the Fund acquired the assets and assumed the identified liabilities of Seligman Capital Fund. The reorganization was completed after shareholders approved the plan 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.

The aggregate net assets of the Fund immediately before the acquisition were $1,652,363,918 and the combined net assets immediately after the acquisition were $1,920,118,880.

The merger was accomplished by a tax-free exchange of 9,970,850 shares of Seligman Capital Fund valued at $267,754,962 (including $54,962,597 of unrealized appreciation).

In exchange for Seligman Capital Fund shares, the Fund issued the following number of shares:

	Shares
Class A		6,643,314
Class B		133,461
Class C		1,760,249
Class I		439,540
Class R		516,247
Class R5		82,936

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Seligman Capital 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 Seligman Capital Fund that have been included in the

Annual Report 2012
38

Columbia Mid Cap Growth Fund

Notes to Financial Statements (continued)

August 31, 2012

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 loss, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $(8.8) million, $261.9 million, $95.6 million and $348.7 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

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 2012
39

Columbia Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Mid Cap Growth 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 Growth Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
40

Columbia Mid Cap Growth Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal year ended August 31, 2012, $54,656,276, or, if subsequently determined to be different, the net capital gain of such year.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
41

Columbia Mid Cap Growth Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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Columbia Mid Cap Growth Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
43

Columbia Mid Cap Growth Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
44

Columbia Mid Cap Growth Fund

Board Consideration and Approval of
Advisory Agreement

At meetings held on March 7, 2012 and June 6, 2012, respectively, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Mid Cap Growth Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve each continuation of the Advisory Agreement.

In connection with their deliberations regarding each continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 6, 2012, April 25, 2012 and June 5, 2012, and at the Board meetings held on March 7, 2012 and June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations.

On March 6, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund. The Committee and the Board met in June 2012 to consider the continuation of the Advisory Agreement for the one-year period ending June 30, 2013, so as to permit the annual consideration of the Advisory Agreement to be conducted each June. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

Annual Report 2012
45

Columbia Mid Cap Growth Fund

Board Consideration and Approval of
Advisory Agreement (continued)

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the fifty-third, thirty-first and thirty-eighth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of

Annual Report 2012
46

Columbia Mid Cap Growth Fund

Board Consideration and Approval of
Advisory Agreement (continued)

the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the third and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
47

Columbia Mid Cap Growth Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
48

Columbia Mid Cap Growth 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 2012
49

Columbia Mid Cap Growth 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1631 D (10/12)

Annual Report

August 31, 2012

Columbia Select Small Cap Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Select Small Cap Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Select Small Cap 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	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	30
Federal Income Tax Information	31
Trustees and Officers	32
Board Consideration and Approval of Advisory Agreement	35
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

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 2012

Columbia Select Small Cap Fund

Performance Overview

Performance Summary

>  Columbia Select Small Cap Fund (the Fund) Class A shares returned -6.27% excluding sales charges for the five-month period ended August 31, 2012.

>  The Fund underperformed its benchmarks, the Russell 2000 Growth Index and the Russell 2000 Index, which returned -2.23% and -1.63%, respectively, for the same time period.

>  The Fund had less exposure than the Russell 2000 Growth Index to health care and information technology, which hampered results.

>  During the period, the Fund's fiscal year-end was changed from March 31 to August 31. As a result, performance for the five-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	5 Months cumulative		1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			-6.27		5.29		-3.14		7.15
Including sales charges			-11.67		-0.79		-4.28		6.52
Class C*	09/28/07
Excluding sales charges			-6.55		4.49		-3.87		6.35
Including sales charges			-7.46		3.49		-3.87		6.35
Class R*	12/31/04		-6.34		5.10		-3.41		6.89
Class Z	12/31/92		-6.15		5.58		-2.93		7.45
Russell 2000 Growth Index			-2.23		12.72		2.94		9.40
Russell 2000 Index			-1.63		13.40		1.90		9.00

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% 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 since inception 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 Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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 2012
2

Columbia Select Small Cap Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Small Cap 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 2012
3

Columbia Select Small Cap Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Select Small Cap Fund has approved the change of the Fund's fiscal year end from March 31 to August 31. As a result, this report covers the five-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012, through February 28, 2013.

For the five-month period that ended August 31, 2012, the Fund's Class A shares returned -6.27% excluding sales charges. By comparison, the Fund's benchmarks, the Russell 2000 Growth Index and Russell 2000 Index, returned -2.23% and -1.63%, respectively. The Fund had less exposure than the Russell 2000 Growth Index to health care and information technology, which hampered results. Security selection also detracted from performance, particularly within the consumer discretionary and industrials.

Economic Uncertainty Weighs on the Stock Market

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past five months. The pace of U.S. economic growth slowed to just 1.3% in the second quarter of 2012. Tepid job growth weighed on consumer confidence, and manufacturing activity — the one consistent bright spot throughout this recovery — slipped during the summer. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market fell sharply in the second quarter of 2012 before regaining ground in the final months of the reporting period. Within the Russell 2000 Growth Index, more defensive groups — including health care and consumer staples — along with financials managed modest gains. Most other sectors, however, posted small declines except for energy, which suffered a steep loss as oil and gas prices slid.

Disappointing Stock Picks

Security selection in the consumer discretionary and industrials sectors hurt relative performance. An out-of-index position in Harmon International, which makes audio products and electronic systems under a variety of brand names, detracted from results. Shares declined under increased competition from Apple and other smartphone applications. Overweights in both Sothebys and Vera Bradley also hurt returns as both stocks lost significant ground during the period. In the industrials sector, Chicago Bridge & Iron and FTI Consulting took the biggest toll on relative results because both did poorly and neither was included in the Russell Growth benchmark. Shares of Chicago Bridge & Iron, a Netherlands-based company that provides engineering, procurement and construction services to the energy and natural resources industries, fell sharply as the worsening economy and declining commodity prices threatened to delay or derail large projects. The stock of FTI, which assists clients with a range of services — including restructuring, financing and litigation — sank following two consecutive quarters of revenue and earnings misses. We sold both industrials before period end.

Portfolio Management

Wayne Collette, CFA

George Myers, CFA

Lawrence Lin, CFA

Brian Neigut

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Casey's General Stores, Inc.	2.1
Hexcel Corp.	1.8
Brookdale Senior Living, Inc.	1.6
HMS Holdings Corp.	1.6
CommVault Systems, Inc.	1.5
Aspen Technology, Inc.	1.5
GNC Holdings, Inc., Class A	1.4
Elizabeth Arden, Inc.	1.4
Coinstar, Inc.	1.4
Domino's Pizza, Inc.	1.3

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Select Small Cap Fund

Manager Discussion of Fund Performance (continued)

Gains from Security Selection in Consumer Staples

The Fund made up some ground in consumer staples, where premium super market chain Fresh Market and fragrance company Elizabeth Arden gave the biggest boost to results. Fresh Market rallied nicely after the company reported strong quarterly results and improved earnings guidance, driven by more shoppers spending more money at its stores. Elizabeth Arden's gains were driven by the company's success repackaging its products for mass-market retailers, such as Wal-Mart and Target. Both stocks were overweighted in the portfolio, which amplified the impact of their solid returns.

Stock selection in the health care and energy sectors also contributed positive relative results. Standouts included Brookdale Senior Living, which is not included in the Russell Growth benchmark and Onyx Pharmaceuticals, which was overweighted relative to the benchmark. Brookdale shares benefited from improved demand, increased occupancy rates and the expansion of other services such as outpatient therapy. Onyx Pharmaceuticals surged after the Food and Drug Administration announced support for a new cancer treatment medicine. This major step towards the drug's approval has the potential to boost revenues and earnings, and also makes the company a very attractive takeover candidate. In the energy sector, overweights in Western Refining and Energy XXI aided relative returns.

Bottom-Up Focus in All Market Cycles

At period end, investors faced uncertainty over the outcome of the November U.S. Presidential election as well as concerns around the year-end expiration of tax benefits and the Federal Reserve's next move. The global economy remained fragile, with Europe in recession and China, the world's second largest economy, beginning to slow. Against this backdrop, we remain focused on industries that are gaining wallet share of the $60 trillion global economy and, within these growth industries, on companies that are increasing their market share. Regardless of the growth rate of the U.S. economy, we believe there will be companies that can grow earnings at a well-above average rate by virtue of their innovative products and solutions or their low-cost business models. We plan to continue to focus our fundamental research on identifying these winning businesses.

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	100.0
Consumer Discretionary	19.3
Consumer Staples	5.6
Energy	5.6
Financials	7.8
Health Care	21.1
Industrials	17.3
Information Technology	22.7
Utilities	0.6
Money Market Funds(a)	0.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

Annual Report 2012
5

Columbia Select Small Cap 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.

March 1, 2012 – August 31, 2012

	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		950.30		1,018.05		6.98		7.22		1.42
Class C		1,000.00		1,000.00		946.70		1,014.42		10.50		10.87		2.14
Class R		1,000.00		1,000.00		949.40		1,017.14		7.86		8.13		1.60
Class Z		1,000.00		1,000.00		951.40		1,019.81		5.26		5.45		1.07

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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until December 31, 2013, unless sooner terminated at the sole discretion of the Fund's Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 1.41% for Class A, 2.16% for Class C, 1.66% for Class R and 1.16% for Class Z. Any amounts waived will not be reimbursed by the Fund. This change was effective August 1, 2012. If this change had been in place for the entire six month period ended August 31, 2012, the actual expenses paid would have been $6.93 for Class A, $10.60 for Class C, $8.16 for Class R and $5.71 for Class Z; the hypothetical expenses paid would have been $7.17 for Class A, $10.97 for Class C, $8.44 for Class R and $5.90 for Class Z.

Annual Report 2012
6

Columbia Select Small Cap Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 99.6%

Issuer	Shares		Value ($)
Consumer Discretionary 19.2%
Diversified Consumer Services 1.4%
Coinstar, Inc.(a)(b)		50,045		2,558,300
Hotels, Restaurants & Leisure 3.0%
Domino's Pizza, Inc.		68,026		2,410,842
Life Time Fitness, Inc.(a)(b)		40,936		1,943,641
Six Flags Entertainment Corp.		23,097		1,275,647
Total				5,630,130
Household Durables 1.6%
Harman International Industries, Inc.		32,542		1,497,908
Skullcandy, Inc.(a)		81,912		1,256,530
Zagg, Inc.(a)(b)		30,816		232,045
Total				2,986,483
Internet & Catalog Retail 0.8%
Kayak Software Corp.(a)(b)		34,729		948,102
Shutterfly, Inc.(a)		18,108		538,713
Total				1,486,815
Leisure Equipment & Products 1.5%
Arctic Cat, Inc.(a)(b)		43,131		1,865,847
Polaris Industries, Inc.		13,026		979,425
Total				2,845,272
Media 0.7%
National CineMedia, Inc.		91,259		1,323,255
Specialty Retail 7.9%
Asbury Automotive Group, Inc.(a)(b)		45,032		1,246,936
Cabela's, Inc.(a)		35,936		1,725,287
GameStop Corp., Class A(b)		40,157		766,196
GNC Holdings, Inc., Class A		69,238		2,689,896
Lumber Liquidators Holdings, Inc.(a)(b)		31,949		1,490,740
Pier 1 Imports, Inc.(b)		76,148		1,407,215
Rent-A-Center, Inc.		47,595		1,679,152
Select Comfort Corp.(a)		44,127		1,260,709
Tile Shop Holdings, Inc.(a)(b)		94,076		1,180,654
Vitamin Shoppe, Inc.(a)(b)		25,238		1,353,009
Total				14,799,794
Textiles, Apparel & Luxury Goods 2.3%
Fifth & Pacific Companies, Inc.(a)		85,170		1,128,503
Gildan Activewear, Inc.		70,498		2,141,729
Tumi Holdings, Inc.(a)(b)		54,941		1,157,057
Total				4,427,289
Total Consumer Discretionary				36,057,338

Common Stocks (continued)

Issuer	Shares		Value ($)
Consumer Staples 5.5%
Food & Staples Retailing 3.6%
Casey's General Stores, Inc.(b)		70,778		4,002,496
Fresh Market, Inc. (The)(a)		26,012		1,501,413
Harris Teeter Supermarkets, Inc.		31,417		1,227,462
Total				6,731,371
Food Products 0.5%
Post Holdings, Inc.(a)		33,778		1,008,273
Personal Products 1.4%
Elizabeth Arden, Inc.(a)		57,412		2,671,955
Total Consumer Staples				10,411,599
Energy 5.6%
Energy Equipment & Services 1.0%
Superior Energy Services, Inc.(a)		92,604		1,923,385
Oil, Gas & Consumable Fuels 4.6%
Energy XXI Bermuda Ltd.(b)		58,267		1,916,402
Golar LNG Ltd.(b)		29,037		1,135,927
Kodiak Oil & Gas Corp.(a)(b)		86,084		769,591
Oasis Petroleum, Inc.(a)(b)		74,990		2,199,457
Resolute Energy Corp.(a)(b)		106,254		960,536
Teekay Tankers Ltd., Class A		171,898		685,873
Western Refining, Inc.(b)		34,296		959,259
Total				8,627,045
Total Energy				10,550,430
Financials 7.8%
Commercial Banks 1.2%
Signature Bank(a)		33,972		2,195,610
Consumer Finance 0.8%
DFC Global Corp.(a)		80,147		1,492,337
Insurance 0.6%
Arthur J Gallagher & Co.		32,137		1,147,934
Real Estate Investment Trusts (REITs) 4.1%
DiamondRock Hospitality Co.		162,434		1,562,615
Home Properties, Inc.		35,015		2,235,708
Omega Healthcare Investors, Inc.		69,862		1,678,085
Redwood Trust, Inc.		76,283		1,093,135
Summit Hotel Properties, Inc.		133,755		1,139,593
Total				7,709,136

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

Annual Report 2012
7

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Management & Development 1.1%
Zillow, Inc., Class A(a)(b)		49,551		2,061,817
Total Financials				14,606,834
Health Care 21.0%
Biotechnology 6.2%
Alkermes PLC(a)(b)		116,148		2,131,316
Amarin Corp. PLC, ADR(a)(b)		109,470		1,498,644
Ariad Pharmaceuticals, Inc.(a)		47,024		966,813
Dynavax Technologies Corp.(a)		173,690		679,128
Exact Sciences Corp.(a)		89,786		891,575
Idenix Pharmaceuticals, Inc.(a)		224,126		1,266,312
Ironwood Pharmaceuticals, Inc.(a)(b)		63,250		792,522
Onyx Pharmaceuticals, Inc.(a)		23,717		1,705,727
Rigel Pharmaceuticals, Inc.(a)(b)		117,643		1,096,433
TESARO, Inc.(a)		53,989		668,384
Total				11,696,854
Health Care Equipment & Supplies 4.5%
Align Technology, Inc.(a)(b)		61,140		2,075,703
Insulet Corp.(a)(b)		101,166		2,121,451
Masimo Corp.(a)(b)		64,536		1,424,955
NxStage Medical, Inc.(a)(b)		108,548		1,383,987
Volcano Corp.(a)		54,624		1,544,767
Total				8,550,863
Health Care Providers & Services 5.4%
Brookdale Senior Living, Inc.(a)		136,822		2,973,142
Catamaran Corp.(a)		11,846		1,032,379
Centene Corp.(a)		30,274		1,229,427
HMS Holdings Corp.(a)		84,905		2,925,826
IPC The Hospitalist Co., Inc.(a)(b)		42,856		1,893,807
Total				10,054,581
Health Care Technology 0.6%
athenahealth, Inc.(a)		11,696		1,033,575
Life Sciences Tools & Services 1.3%
Fluidigm Corp.(a)		58,115		908,919
ICON PLC, ADR(a)		66,743		1,529,749
Total				2,438,668

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 3.0%
Akorn, Inc.(a)(b)		58,849		814,470
Impax Laboratories, Inc.(a)		88,493		2,094,629
MAP Pharmaceuticals, Inc.(a)(b)		86,890		1,167,802
Salix Pharmaceuticals Ltd.(a)		36,360		1,598,386
Total				5,675,287
Total Health Care				39,449,828
Industrials 17.3%
Aerospace & Defense 2.5%
Hexcel Corp.(a)		150,388		3,409,296
LMI Aerospace, Inc.(a)		62,580		1,218,432
Total				4,627,728
Airlines 0.6%
Alaska Air Group, Inc.(a)		33,003		1,107,251
Building Products 1.1%
USG Corp.(a)(b)		102,080		2,098,765
Commercial Services & Supplies 2.4%
Clean Harbors, Inc.(a)		31,380		1,706,758
Portfolio Recovery Associates, Inc.(a)(b)		17,567		1,762,849
Tetra Tech, Inc.(a)		37,267		966,706
Total				4,436,313
Electrical Equipment 0.5%
Regal-Beloit Corp.		13,579		924,187
Machinery 3.6%
Chart Industries, Inc.(a)(b)		17,620		1,229,876
Lindsay Corp.		19,217		1,256,023
Proto Labs, Inc.(a)(b)		39,811		1,252,454
Trinity Industries, Inc.		35,829		1,015,394
Woodward, Inc.(b)		60,491		2,112,951
Total				6,866,698
Marine 0.6%
Costamare, Inc.		88,802		1,169,522
Professional Services 1.3%
Acacia Research Corp.(a)		38,746		1,020,570
Advisory Board Co. (The)(a)		30,350		1,345,415
Total				2,365,985

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

Annual Report 2012
8

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 2.4%
Avis Budget Group, Inc.(a)		54,684		897,911
Knight Transportation, Inc.(b)		48,942		699,871
Landstar System, Inc.		31,564		1,492,030
Roadrunner Transportation Systems, Inc.(a)		80,615		1,409,150
Total				4,498,962
Trading Companies & Distributors 2.3%
TAL International Group, Inc.(b)		52,131		1,772,975
United Rentals, Inc.(a)		47,060		1,520,509
Watsco, Inc.(b)		13,891		1,048,215
Total				4,341,699
Total Industrials				32,437,110
Information Technology 22.6%
Communications Equipment 0.6%
Riverbed Technology, Inc.(a)		57,429		1,148,006
Electronic Equipment, Instruments & Components 2.0%
Cognex Corp.		34,738		1,253,694
FARO Technologies, Inc.(a)		25,993		1,025,424
FEI Co.		27,598		1,482,289
Total				3,761,407
Internet Software & Services 5.3%
Angie's List, Inc.(a)(b)		32,302		308,807
Bankrate, Inc.(a)(b)		59,304		1,018,843
Bazaarvoice, Inc.(a)		65,351		969,809
Cornerstone OnDemand, Inc.(a)		19,211		515,047
CoStar Group, Inc.(a)(b)		10,161		825,581
DealerTrack Holdings, Inc.(a)		64,106		1,775,095
IAC/InterActiveCorp.		40,567		2,102,993
Liquidity Services, Inc.(a)(b)		15,774		826,400
Stamps.com, Inc.(a)		71,997		1,594,014
Total				9,936,589
IT Services 0.5%
Wright Express Corp.(a)(b)		14,995		987,271
Semiconductors & Semiconductor Equipment 3.3%
Cirrus Logic, Inc.(a)		15,939		664,178
Kulicke & Soffa Industries, Inc.(a)		73,286		830,330
Microsemi Corp.(a)		38,435		765,241

Common Stocks (continued)

Issuer	Shares		Value ($)
Power Integrations, Inc.		32,284		1,118,318
Semtech Corp.(a)		79,990		1,961,355
Silicon Laboratories, Inc.(a)		23,337		892,407
Total				6,231,829
Software 10.9%
ACI Worldwide, Inc.(a)(b)		21,240		921,391
Aspen Technology, Inc.(a)		118,414		2,886,933
CommVault Systems, Inc.(a)		57,447		2,896,478
Fortinet, Inc.(a)		88,808		2,354,300
Guidewire Software, Inc.(a)(b)		77,279		2,206,315
Infoblox, Inc.(a)		42,947		935,815
Informatica Corp.(a)		31,952		1,041,635
Monitise PLC(a)		1,851,050		940,541
Parametric Technology Corp.(a)		35,368		751,570
Pegasystems, Inc.		18,983		513,111
Proofpoint, Inc.(a)		81,724		1,060,778
QLIK Technologies, Inc.(a)		36,804		778,405
TIBCO Software, Inc.(a)		48,372		1,447,290
TiVo, Inc.(a)		74,160		674,114
Ultimate Software Group, Inc.(a)		10,073		999,141
Total				20,407,817
Total Information Technology				42,472,919
Utilities 0.6%
Electric Utilities 0.6%
UIL Holdings Corp.		33,243		1,169,489
Total Utilities				1,169,489
Total Common Stocks (Cost: $170,895,697)				187,155,547
Money Market Funds —%
Columbia Short-Term Cash Fund, 0.164%(c)(d)		16,040		16,040
Total Money Market Funds (Cost: $16,040)				16,040

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

Annual Report 2012
9

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 14.9%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Other Short-Term Obligations 1.1%
Natixis Financial Products LLC 09/04/12		0.500	%		2,000,000		2,000,000
Repurchase Agreements 13.8%
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $3,000,070(e)		0.210	%		3,000,000		3,000,000
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $4,960,830(e)		0.150	%		4,960,747		4,960,747
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $10,000,267(e)		0.240	%		10,000,000		10,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(e)		0.240	%		5,000,000		5,000,000
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $3,000,077(e)		0.230	%		3,000,000		3,000,000
Total							25,960,747
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $27,960,747)							27,960,747
Total Investments (Cost: $198,872,484)							215,132,334
Other Assets & Liabilities, Net							(27,163,163	)
Net Assets							187,969,171

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		1,903,692		76,125,689		(78,013,341)		—		16,040		—		4,360		16,040

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		981,254
Fannie Mae-Aces		336,727
Freddie Mac REMICS		1,307,933
Government National Mortgage Association		434,086
Total market value of collateral securities		3,060,000

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

Annual Report 2012
10

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		5,059,965
Total market value of collateral securities		5,059,965
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		234,803
Ginnie Mae I Pool		8,258,260
Ginnie Mae II Pool		228,241
Government National Mortgage Association		1,478,696
Total market value of collateral securities		10,200,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		600,862
Fannie Mae REMICS		1,564,506
Freddie Mac Non Gold Pool		170,373
Freddie Mac Reference REMIC		42
Freddie Mac REMICS		907,228
Ginnie Mae I Pool		4,750
Ginnie Mae II Pool		54,705
Government National Mortgage Association		1,797,670
Total market value of collateral securities		5,100,136
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		2,100,801
Freddie Mac Gold Pool		959,199
Total market value of collateral securities		3,060,000

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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.

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

Annual Report 2012
11

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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

>  Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

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

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.

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 2012
12

Columbia Select Small Cap Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		36,057,338		—		—		36,057,338
Consumer Staples		10,411,599		—		—		10,411,599
Energy		10,550,430		—		—		10,550,430
Financials		14,606,834		—		—		14,606,834
Health Care		39,449,828		—		—		39,449,828
Industrials		32,437,110		—		—		32,437,110
Information Technology		41,532,378		940,541		—		42,472,919
Utilities		1,169,489		—		—		1,169,489
Total Equity Securities		186,215,006		940,541		—		187,155,547
Other
Money Market Funds		16,040		—		—		16,040
Investments of Cash Collateral Received for Securities on Loan		—		27,960,747		—		27,960,747
Total Other		16,040		27,960,747		—		27,976,787
Total		186,231,046		28,901,288		—		215,132,334

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.

Annual Report 2012
13

Columbia Select Small Cap Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $170,895,697)	$	187,155,547
Affiliated issuers (identified cost $16,040)		16,040
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $2,000,000)		2,000,000
Repurchase agreements (identified cost $25,960,747)		25,960,747
Total investments (identified cost $198,872,484)		215,132,334
Cash		2,842
Foreign currency (identified cost $24,397)		24,397
Receivable for:
Investments sold		2,108,988
Capital shares sold		24,831
Dividends		94,002
Interest		42,633
Reclaims		734
Prepaid expenses		3,252
Trustees' deferred compensation plan		22,812
Total assets		217,456,825
Liabilities
Due upon return of securities on loan		27,960,747
Payable for:
Investments purchased		1,045,879
Capital shares purchased		353,315
Investment management fees		4,048
Distribution and service fees		104
Transfer agent fees		50,515
Administration fees		410
Compensation of board members		942
Chief compliance officer expenses		33
Other expenses		48,849
Trustees' deferred compensation plan		22,812
Total liabilities		29,487,654
Net assets applicable to outstanding capital stock	$	187,969,171
Represented by
Paid-in capital	$	128,823,378
Accumulated net investment loss		(234,351	)
Accumulated net realized gain		43,120,367
Unrealized appreciation (depreciation) on:
Investments		16,259,850
Foreign currency translations		(73	)
Total — representing net assets applicable to outstanding capital stock	$	187,969,171
*Value of securities on loan	$	27,473,306

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

Annual Report 2012
14

Columbia Select Small Cap Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	3,807,518
Shares outstanding		247,232
Net asset value per share	$	15.40
Maximum offering price per share(a)	$	16.34
Class C
Net assets	$	936,533
Shares outstanding		63,181
Net asset value per share	$	14.82
Class R
Net assets	$	3,853,330
Shares outstanding		258,110
Net asset value per share	$	14.93
Class Z
Net assets	$	179,371,790
Shares outstanding		11,518,741
Net asset value per share	$	15.57

(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.

Annual Report 2012
15

Columbia Select Small Cap Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012
Net investment income
Income:
Dividends — unaffiliated issuers	$	642,074		$	1,725,133
Dividends — affiliated issuers		4,360			1,359
Interest		—			10,022
Income from securities lending — net		107,716			169,153
Foreign taxes withheld		(1,101	)		(9,485	)
Total income		753,049			1,896,182
Expenses:
Investment management fees		710,080			3,128,477
Distribution fees
Class C		3,070			8,706
Class R		9,816			36,051
Service fees
Class A		8,033			37,837
Class C		1,023			2,902
Transfer agent fees
Class A		6,425			35,059
Class C		817			2,608
Class R		3,937			15,997
Class Z		168,419			839,943
Administration fees		71,907			389,565
Compensation of board members		11,441			35,444
Pricing and bookkeeping fees		—			33,384
Custodian fees		2,193			17,537
Printing and postage fees		49,197			66,982
Registration fees		40,649			63,624
Professional fees		19,054			58,856
Line of credit interest expense		—			9,235
Chief compliance officer expenses		—			813
Other		12,273			29,248
Total expenses		1,118,334			4,812,268
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(129,623	)		(312,444	)
Expense reductions		(2,790	)		(3,930	)
Total net expenses		985,921			4,495,894
Net investment loss		(232,872	)		(2,599,712	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		45,118,502			41,874,318
Foreign currency translations		134			—
Net realized gain		45,118,636			41,874,318
Net change in unrealized appreciation (depreciation) on:
Investments		(62,459,219	)		(112,779,070	)
Foreign currency translations		(73	)		—
Net change in unrealized appreciation (depreciation)		(62,459,292	)		(112,779,070	)
Net realized and unrealized loss		(17,340,656	)		(70,904,752	)
Net decrease in net assets from operations	$	(17,573,528	)	$	(73,504,464	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
16

Columbia Select Small Cap Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012			Year Ended March 31, 2011
Operations
Net investment loss	$	(232,872	)	$	(2,599,712	)	$	(1,844,507	)
Net realized gain		45,118,636			41,874,318			95,064,234
Net change in unrealized appreciation (depreciation)		(62,459,292	)		(112,779,070	)		38,993,847
Net increase (decrease) in net assets resulting from operations		(17,573,528	)		(73,504,464	)		132,213,574
Distributions to shareholders
Net realized gains
Class A		(125,221	)		—			—
Class C		(23,942	)		—			—
Class R		(120,280	)		—			—
Class Z		(4,642,905	)		—			—
Total distributions to shareholders		(4,912,348	)		—			—
Increase (decrease) in net assets from capital stock activity		(55,155,187	)		(279,196,943	)		(137,897,113	)
Proceeds from regulatory settlements (Note 6)		—			25,405			—
Total decrease in net assets		(77,641,063	)		(352,676,002	)		(5,683,539	)
Net assets at beginning of year		265,610,234			618,286,236			623,969,775
Net assets at end of year	$	187,969,171		$	265,610,234		$	618,286,236
Accumulated net investment loss	$	(234,351	)	$	(376,904	)	$	(18,162	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
17

Columbia Select Small Cap Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended March 31, 2012						Year Ended March 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		5,537			85,823			161,859			2,592,372			286,895			4,572,176
Distributions reinvested		8,457			123,048			—			—			—			—
Redemptions		(594,541	)		(9,069,999	)		(305,292	)		(4,998,218	)		(352,721	)		(5,529,175	)
Net decrease		(580,547	)		(8,861,128	)		(143,433	)		(2,405,846	)		(65,826	)		(956,999	)
Class C shares
Subscriptions		226			3,205			11,133			174,909			24,259			382,496
Distributions reinvested		1,505			21,121			—			—			—			—
Redemptions		(6,738	)		(98,873	)		(14,952	)		(234,185	)		(27,673	)		(453,745	)
Net decrease		(5,007	)		(74,547	)		(3,819	)		(59,276	)		(3,414	)		(71,249	)
Class R shares
Subscriptions		19,004			285,287			98,752			1,571,000			213,182			3,317,215
Distributions reinvested		8,466			119,538			—			—			—			—
Redemptions		(115,416	)		(1,699,220	)		(340,507	)		(5,323,618	)		(306,421	)		(4,597,584	)
Net decrease		(87,946	)		(1,294,395	)		(241,755	)		(3,752,618	)		(93,239	)		(1,280,369	)
Class Z shares
Subscriptions		248,680			3,899,319			1,684,193			27,858,091			5,218,684			82,865,441
Distributions reinvested		126,857			1,866,072			—			—			—			—
Redemptions		(3,254,130	)		(50,690,508	)		(18,767,390	)		(300,837,294	)		(14,115,146	)		(218,453,937	)
Net decrease		(2,878,593	)		(44,925,117	)		(17,083,197	)		(272,979,203	)		(8,896,462	)		(135,588,496	)
Total net decrease		(3,552,093	)		(55,155,187	)		(17,472,204	)		(279,196,943	)		(9,058,941	)		(137,897,113	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
18

Columbia Select Small Cap 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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended March 31,
Class A	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	16.85		$	18.55		$	14.74		$	9.08		$	16.15		$	21.11
Income from investment operations:
Net investment loss		(0.04	)		(0.14	)		(0.09	)(c)		(0.08	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		(1.04	)		(1.56	)		3.90			5.74			(6.53	)		(3.43	)
Total from investment operations		(1.08	)		(1.70	)		3.81			5.66			(6.59	)		(3.48	)
Less distributions to shareholders:
Net realized gains		(0.37	)		—			—			—			(0.48	)		(1.48	)
Total distributions to shareholders		(0.37	)		—			—			—			(0.48	)		(1.48	)
Proceeds from regulatory settlements		—			0.00	(d)		—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	15.40		$	16.85		$	18.55		$	14.74		$	9.08		$	16.15
Total return		(6.27	%)		(9.16	%)		25.85	%		62.33	%		(42.02	%)		(17.38	%)(e)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.45	%(g)		1.44	%(h)		1.35	%(h)		1.36	%(h)		1.40	%(h)		1.25	%(g)(h)
Net expenses after fees waived or expenses reimbursed (including interest expense)(i)		1.33	%(g)(j)		1.34	%(h)(j)		1.35	%(h)(j)		1.36	%(h)(j)		1.36	%(h)(j)		1.20	%(g)(h)(j)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.45	%(g)		1.44	%		1.35	%		1.36	%		1.40	%		1.25	%(g)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(i)		1.33	%(g)(j)		1.34	%(j)		1.35	%(j)		1.36	%(j)		1.36	%(j)		1.20	%(g)(j)
Net investment loss		(0.53	%)(g)(j)		(0.85	%)(j)		(0.55	%)(j)		(0.63	%)(j)		(0.47	%)(j)		(0.67	%)(g)(j)
Supplemental data
Net assets, end of period (in thousands)	$	3,808		$	13,944		$	18,020		$	15,281		$	6,671		$	3,436
Portfolio turnover		107	%		61	%		71	%		73	%		67	%		73	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  The Predecessor Fund's Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

(c)  Net investment loss per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

(d)  Rounds to less than $0.01.

(e)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(f)  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.

(g)  Annualized.

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

(i)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(j)  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 2012
19

Columbia Select Small Cap Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class C	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	16.28		$	18.07		$	14.46		$	8.97		$	16.10		$	21.11
Income from investment operations:
Net investment loss		(0.08	)		(0.25	)		(0.20	)(c)		(0.16	)		(0.17	)		(0.12	)
Net realized and unrealized gain (loss)		(1.01	)		(1.54	)		3.81			5.65			(6.48	)		(3.41	)
Total from investment operations		(1.09	)		(1.79	)		3.61			5.49			(6.65	)		(3.53	)
Less distributions to shareholders:
Net realized gains		(0.37	)		—			—			—			(0.48	)		(1.48	)
Total distributions to shareholders		(0.37	)		—			—			—			(0.48	)		(1.48	)
Proceeds from regulatory settlements		—			0.00	(d)		—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	14.82		$	16.28		$	18.07		$	14.46		$	8.97		$	16.10
Total return		(6.55	%)		(9.91	%)		24.97	%		61.20	%		(42.53	%)		(17.63	%)(e)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.21	%(g)		2.18	%(h)		2.10	%(h)		2.11	%(h)		2.15	%(h)		2.00	%(g)(h)
Net expenses after fees waived or expenses reimbursed (including interest expense)(i)		2.07	%(g)(j)		2.09	%(h)(j)		2.10	%(h)(j)		2.11	%(h)(j)		2.11	%(h)(j)		1.95	%(g)(h)(j)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.21	%(g)		2.18	%		2.10	%		2.11	%		2.15	%		2.00	%(g)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(i)		2.07	%(g)(j)		2.09	%(j)		2.10	%(j)		2.11	%(j)		2.11	%(j)		1.95	%(g)(j)
Net investment loss		(1.22	%)(g)(j)		(1.60	%)(j)		(1.30	%)(j)		(1.34	%)(j)		(1.31	%)(j)		(1.42	%)(g)(j)
Supplemental data
Net assets, end of period (in thousands)	$	937		$	1,110		$	1,301		$	1,090		$	1,063		$	2,101
Portfolio turnover		107	%		61	%		71	%		73	%		67	%		73	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  The Predecessor Fund's Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

(c)  Net investment loss per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

(d)  Rounds to less than $0.01.

(e)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(f)  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.

(g)  Annualized.

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

(i)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(j)  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 2012
20

Columbia Select Small Cap Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class R	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	16.36		$	18.06		$	14.38		$	8.88		$	15.86		$	18.98
Income from investment operations:
Net investment loss		(0.05	)		(0.18	)		(0.12	)(c)		(0.10	)		(0.10	)		(0.21	)
Net realized and unrealized gain (loss)		(1.01	)		(1.52	)		3.80			5.60			(6.40	)		(1.43	)
Total from investment operations		(1.06	)		(1.70	)		3.68			5.50			(6.50	)		(1.64	)
Less distributions to shareholders:
Net realized gains		(0.37	)		—			—			—			(0.48	)		(1.48	)
Total distributions to shareholders		(0.37	)		—			—			—			(0.48	)		(1.48	)
Proceeds from regulatory settlements		—			0.00	(d)		—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	14.93		$	16.36		$	18.06		$	14.38		$	8.88		$	15.86
Total return		(6.34	%)		(9.41	%)		25.59	%		61.94	%		(42.22	%)		(9.66	%)(e)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.72	%(g)		1.68	%(h)		1.60	%(h)		1.61	%(h)		1.65	%(h)		1.74	%(h)
Net expenses after fees waived or expenses reimbursed (including interest expense)(i)		1.57	%(g)(j)		1.59	%(h)(j)		1.60	%(h)(j)		1.61	%(h)(j)		1.61	%(h)(j)		1.70	%(h)(j)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.72	%(g)		1.68	%		1.60	%		1.61	%		1.65	%		1.74	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(i)		1.57	%(g)(j)		1.59	%(j)		1.60	%(j)		1.61	%(j)		1.61	%(j)		1.70	%(j)
Net investment loss		(0.75	%)(g)(j)		(1.11	%)(j)		(0.82	%)(j)		(0.85	%)(j)		(0.80	%)(j)		(1.13	%)(j)
Supplemental data
Net assets, end of period (in thousands)	$	3,853		$	5,661		$	10,618		$	9,795		$	5,819		$	6,881
Portfolio turnover		107	%		61	%		71	%		73	%		67	%		73	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  On March 31, 2008, Retirement Shares class of Small Cap Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund's Class R shares. The financial information of the Fund's Class R shares includes the financial information of Small Cap Fund's Retirement Shares class.

(c)  Net investment loss per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

(d)  Rounds to less than $0.01.

(e)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(f)  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.

(g)  Annualized.

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

(i)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(j)  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 2012
21

Columbia Select Small Cap Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class Z	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	17.01		$	18.69		$	14.81		$	9.10		$	16.15		$	19.21
Income from investment operations:
Net investment loss		(0.02	)		(0.10	)		(0.05	)(c)		(0.05	)		(0.04	)		(0.12	)
Net realized and unrealized gain (loss)		(1.05	)		(1.58	)		3.93			5.76			(6.53	)		(1.46	)
Total from investment operations		(1.07	)		(1.68	)		3.88			5.71			(6.57	)		(1.58	)
Less distributions to shareholders:
Net realized gains		(0.37	)		—			—			—			(0.48	)		(1.48	)
Total distributions to shareholders		(0.37	)		—			—			—			(0.48	)		(1.48	)
Proceeds from regulatory settlements		—			0.00	(d)		—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	15.57		$	17.01		$	18.69		$	14.81		$	9.10		$	16.15
Total return		(6.15	%)		(8.99	%)		26.20	%		62.75	%		(41.89	%)		(9.22	%)(e)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.22	%(g)		1.17	%(h)		1.10	%(h)		1.11	%(h)		1.15	%(h)		1.24	%(h)
Net expenses after fees waived or expenses reimbursed (including interest expense)(i)		1.07	%(g)(j)		1.09	%(h)(j)		1.10	%(h)(j)		1.11	%(h)(j)		1.11	%(h)(j)		1.20	%(h)(j)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.22	%(g)		1.17	%		1.10	%		1.11	%		1.15	%		1.24	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(i)		1.07	%(g)(j)		1.09	%(j)		1.10	%(j)		1.11	%(j)		1.11	%(j)		1.20	%(j)
Net investment loss		(0.23	%)(g)(j)		(0.63	%)(j)		(0.31	%)(j)		(0.36	%)(j)		(0.31	%)(j)		(0.63	%)(j)
Supplemental data
Net assets, end of period (in thousands)	$	179,372		$	244,895		$	588,347		$	597,804		$	321,684		$	676,616
Portfolio turnover		107	%		61	%		71	%		73	%		67	%		73	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  On March 31, 2008, Shares class of Small Cap Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund's Class Z shares. The financial information of the Fund's Class Z shares includes the financial information of Small Cap Fund's Shares class.

(c)  Net investment loss per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

(d)  Rounds to less than $0.01.

(e)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(f)  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.

(g)  Annualized.

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

(i)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(j)  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 2012
22

Columbia Select Small Cap Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Select Small Cap Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from March 31 to August 31.

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 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 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 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

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.

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.

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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 of Trustees (the Board). If a security or class of securities (such as foreign

Annual Report 2012
23

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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 tax exempt or 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 each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and

Annual Report 2012
24

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

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 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 percentage of the Fund's average daily net assets that declines from 0.79% to 0.70% as the Fund's net assets increase. Prior to July 1, 2011, the investment management fee was equal to a percentage of the Fund's average net assets that declined from 0.75% to 0.62% as the Fund's net assets increased. The annualized effective investment management fee rate for the

period ended August 31, 2012, and for the year ended March 31, 2012 was 0.79% and 0.78%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.05% as the Fund's net assets increase. Prior to July 1, 2011, the administration fee was equal to the annual rate of 0.15% of the Fund's average daily net assets, less the fees that were payable by the Fund as described under the Pricing and Bookkeeping Fees note below. For the period ended August 31, 2012, and for the year ended March 31, 2012, the annualized effective administration fee rate was 0.08% and 0.10%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to July 11, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective July 11, 2011, these services are now provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

Annual Report 2012
25

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

The Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period Ended August 31, 2012			Year Ended March 31, 2012
Class A		0.20	%		0.23	%
Class C		0.20			0.22
Class R		0.20			0.22
Class Z		0.20			0.22

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 period ended August 31, 2012 and for the year ended March 31, 2012, these minimum account balance fees reduced total expenses by $2,790 and $3,930, respectively.

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.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $175 for Class A and $12 for Class C shares for the period ended August 31, 2012 and $4,004 for Class A and $15 for Class C shares for the year ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 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 December 31, 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/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	1.41	%
Class C	2.16
Class R	1.66
Class Z	1.16

Prior to August 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	1.34	%
Class C	2.09
Class R	1.59
Class Z	1.09

Annual Report 2012
26

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Prior to July 1, 2011, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses (excluding certain expenses, such as distribution and services fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) so that the Fund's ordinary 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 1.10% of the Fund's average daily net assets on an annualized basis.

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, net operating loss reclassifications 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:

Accumulated net investment loss	$	375,425
Accumulated net realized gain		(375,424	)
Paid-in capital		(1	)

Net investment loss and net realized gain, as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

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

	Period Ended August 31, 2012		Year Ended March 31, 2012		Year Ended March 31, 2011
Ordinary income	$	—	$	—	$	—
Long-term capital gains		4,912,348		—		—

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	1,095,419
Undistributed accumulated long-term capital gains		42,356,427
Unrealized appreciation		15,716,832

At August 31, 2012, the cost of investments for federal income tax purposes was $199,415,502 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	19,552,651
Unrealized depreciation		(3,835,819	)
Net unrealized appreciation	$	15,716,832

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 $227,835,423 and $285,429,607, respectively, for the period ended August 31, 2012.

Note 6. Regulatory Settlements

During the year ended March 31, 2012, the Fund received $25,405 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.

Annual Report 2012
27

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

Note 7. Lending of Portfolio Securities

Effective July 11, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street, authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 period ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to July 11, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the

investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $27,473,306 were on loan, secured by U.S. government and agency securities valued at $69,427 and by cash collateral of $27,960,747 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 8. Custody Credits

Prior to July 11, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period April 1, 2011 through July 11, 2011, there were no custody credits.

Note 9. Affiliated Money Market Fund

Effective July 11, 2011, 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 10. Shareholder Concentration

At August 31, 2012, two unaffiliated shareholder accounts owned an aggregate of 67.2% 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. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 11. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (the Administrative Agent) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility became effective on July 11, 2011, replacing a prior credit facility. 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. Pursuant to a

Annual Report 2012
28

Columbia Select Small Cap Fund

Notes to Financial Statements (continued)

August 31, 2012

December 13, 2011 amendment to the credit facility agreement, 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. For the period July 11, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the period June 27, 2011 through July 8, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $100 million committed, unsecured revolving credit facility provided by State Street. For the period May 16, 2011 through June 26, 2011, the collective borrowing amount of the credit facility was $150 million. Prior to May 16, 2011, the collective borrowing amount of the credit facility was $225 million. Interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum.

The Fund had no borrowings during the period ended August 31, 2012.

For the year ended March 31, 2012, the average daily loan balance outstanding on days when borrowings existed was $4,216,364 at a weighted average interest rate of 1.41%.

Note 12. Subsequent Events

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

In August 2012, the Board of Trustees approved a proposal to merge the Fund into Columbia Small Cap Growth Fund I. Shareholders of the Fund will vote on the proposed merger at a special meeting of shareholders to be held during the first half of 2013.

Note 13. 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 2012
29

Columbia Select Small Cap Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Select Small Cap 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 Select Small Cap Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
30

Columbia Select Small Cap Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal period ended August 31, 2012, $44,526,764, or, if subsequently determined to be different, the net capital gain of such period.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
31

Columbia Select Small Cap Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
32

Columbia Select Small Cap Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
33

Columbia Select Small Cap Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
34

Columbia Select Small Cap Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Select Small Cap Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
35

Columbia Select Small Cap Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the ninety-third, eighty-sixth and seventy-third percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
36

Columbia Select Small Cap Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the third and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the

Annual Report 2012
37

Columbia Select Small Cap Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
38

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Annual Report 2012
39

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Annual Report 2012
40

Columbia Select Small Cap 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 2012
41

Columbia Select Small Cap 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1171 D (10/12)

Annual Report

August 31, 2012

Columbia Small Cap Core Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Small Cap Core Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Small 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	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	36
Board Consideration and Approval of Advisory Agreement	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 2012

Columbia Small Cap Core Fund

Performance Overview

Performance Summary

>  Columbia Small Cap Core Fund (the Fund) Class A shares returned 20.46% excluding sales charges for the 11-month period ended August 31, 2012.

>  Over the same period, the Fund underperformed its benchmarks, the Russell 2000 Index, which returned 27.71%, and the S&P SmallCap 600 Index, which returned 30.31%.

>  In a rising stock market, both the Fund and its benchmarks enjoyed double-digit returns. Stock selection, particularly within industrials and health care, accounted for the Fund's shortfall relative to the Russell 2000 Index.

>  During the period, the Fund's fiscal year-end was changed from September 30 to August 31. As a result, performance for the 11-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	11 Months cumulative		1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			20.46		6.81		1.74		8.37
Including sales charges			13.55		0.68		0.54		7.73
Class B	11/01/98
Excluding sales charges			19.77		6.03		0.99		7.55
Including sales charges			14.77		1.03		0.72		7.55
Class C*	11/18/02
Excluding sales charges			19.65		6.02		0.98		7.56
Including sales charges			18.65		5.02		0.98		7.56
Class I*	09/27/10		21.06		7.27		2.07		8.68
Class T	02/12/93
Excluding sales charges			20.44		6.71		1.69		8.30
Including sales charges			13.50		0.56		0.49		7.66
Class W*	09/27/10		20.46		6.81		1.75		8.39
Class Z	12/14/92		20.86		7.08		2.00		8.65
Russell 2000 Index			27.71		13.40		1.90		9.00
S&P SmallCap 600 Index			30.31		16.90		3.12		9.79

Returns for Class A and Class T 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 since inception 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 Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The S&P SmallCap 600 Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P SmallCap 600 is heavily weighted with the stocks of companies with small market capitalizations.

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 2012
2

Columbia Small Cap Core Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Small 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 2012
3

Columbia Small Cap Core Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Small Cap Core Fund has approved the change of the Fund's fiscal year end from September 30 to August 31. As a result, this report covers the 11-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012, through February 28, 2013.

For the 11-month period that ended August 31, 2012, the Fund's Class A shares returned 20.46% excluding sales charges. Over the same period, the Fund's benchmark, the Russell 2000 Index, returned 27.71% and the S&P SmallCap 600 Index returned 30.31%. Security selection accounted for most of the Fund's underperformance relative to the Russell benchmark, with particularly disappointing results in industrials and health care. We continued to take a long-term perspective, buying what we viewed as good companies with strong management teams when short-term issues pressured their stock prices. However, the Fund fell behind its Russell benchmark in the last five months of the period as investors severely punished companies with disappointing near-term results. Underexposure to the better performing biotechnology and housing segments also hampered relative performance.

Strong Market Advance Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and second quarter growth was just 1.3%. Job growth was strong early in 2012, but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, investors proceeded with caution, favoring larger-cap stocks over smaller-cap names. The market rally broadened early in 2012. However, volatility increased in the spring, and stocks fell sharply in May amid worries that Europe's issues were snowballing and the U.S. economic recovery was stalled. Stocks trended higher over the summer, buoyed by expectations of central bank intervention.

Lost Ground in Industrials and Health Care

Investments in the industrials, health care, information technology and financials sectors produced strong gains, but lagged those in the index. Among the biggest individual detractors from relative performance were pawnbroker and payday lender Cash America International, medical equipment provider Invacare and teen fashion retailer Wet Seal. Cash America's shares declined as slowing loan growth and declining gold prices hurt its pawn business. Invacare's stock fell sharply after a government agency began investigating the policies and procedures driving the company's manufacture of high-end, motorized wheelchairs. An investment in Wet Seal declined sharply when changes to the company's management, philosophy and merchandising resulted in poor

Portfolio Management

Richard D'Auteuil

Jeffrey Hershey, CFA

Paul Szczygiel, CFA

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Air Methods Corp.	2.2
Progress Software Corp.	1.6
Plexus Corp.	1.6
Benchmark Electronics, Inc.	1.5
Unifirst Corp.	1.4
Cash America International, Inc.	1.3
Analogic Corp.	1.2
Providence Service Corp. (The)	1.2
Myriad Genetics, Inc.	1.2
MasTec, Inc.	1.1

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Small Cap Core Fund

Manager Discussion of Fund Performance (continued)

earnings and sales, leading to the CEO's termination. In the technology sector, overweights in communications equipment company Adtran and government contractor NCI also disappointed. Shares of Adtran retreated as the company's growth rate slowed, while NCI's stock plunged amid concerns that cuts in defense spending would lead to contract losses and reduced pricing. We sold NCI before period end.

Boost from Consumer Staples Positioning

An underweight and positive security selection in the consumer staples sectors aided performance versus the index. A position in Ingredion, which manufactures food starches and is not in the index, generated strong results for the portfolio, as did Casey's General Stores, an overweight relative to the index. The biggest gains from individual securities included medical emergency helicopter transport service company Air Methods and specialty chemicals/adhesives company H.B. Fuller. Shares of Air Methods took off as pricing power and a 2011 acquisition helped drive better-than-expected earnings. Fuller's stock benefited from a restructuring as well as a recent acquisition. Another top contributor was Oklahoma-based Southwest Bancorp, whose stock moved sharply higher after the bank sold a large percentage of its problem assets and paid back government loans. Elsewhere, shares of Collective Brands — a holding company for retailer Payless Shoes and footwear brands such as Sperry Topsider, Keds and Stride Rite — climbed nicely after the board of directors fired the CEO and negotiated the company's sale. In addition, healthcare technology outsourcing company Computer Task Group contributed, as the government-mandated push toward electronic medical records helped drive its stock price sharply higher.

Looking Ahead

We believe progress toward more clarity around Europe's problems, the U.S. Presidential election or global economic malaise could make investors willing to take on more risk, which would benefit small-cap stocks whose valuations remained compelling at period end. Regardless of what happens in the macro-economic environment, however, we think the Fund is well positioned in stocks that offer good longer-term earnings growth potential and strong balance sheets with the potential to outperform over a three- to five-year cycle.

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	97.0
Consumer Discretionary	8.1
Consumer Staples	1.3
Energy	4.4
Financials	16.9
Health Care	11.6
Industrials	23.0
Information Technology	22.3
Materials	6.9
Telecommunication Services	0.6
Utilities	1.9
Money Market Funds	3.0
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Small Cap Core 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 returns 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 redemption or exchange fees, or expenses that apply to the subaccount or the contract. 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.

March 1, 2012 – August 31, 2012

	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		959.20		1,018.20		6.80		7.00		1.38
Class B		1,000.00		1,000.00		956.50		1,014.53		10.38		10.68		2.11
Class C		1,000.00		1,000.00		955.80		1,014.48		10.42		10.74		2.12
Class I		1,000.00		1,000.00		961.80		1,020.56		4.49		4.62		0.91
Class T		1,000.00		1,000.00		959.10		1,018.05		6.94		7.15		1.41
Class W		1,000.00		1,000.00		959.20		1,018.30		6.70		6.90		1.36
Class Z		1,000.00		1,000.00		961.10		1,019.56		5.47		5.63		1.11

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 366.

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 Adviser, 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 2012
6

Columbia Small Cap Core Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 96.6%

Issuer	Shares		Value ($)
Consumer Discretionary 8.0%
Auto Components 0.9%
Dorman Products, Inc.(a)		133,144		3,925,085
Modine Manufacturing Co.(a)		566,396		3,970,436
Total				7,895,521
Hotels, Restaurants & Leisure 1.0%
CEC Entertainment, Inc.		224,747		6,677,233
Morgans Hotel Group Co.(a)		411,411		2,131,109
Total				8,808,342
Household Durables 0.5%
Jarden Corp.		91,852		4,439,207
Leisure Equipment & Products 0.8%
Callaway Golf Co.		265,347		1,525,745
Steinway Musical Instruments, Inc.(a)		227,875		5,674,088
Total				7,199,833
Media 1.0%
Arbitron, Inc.		63,279		2,225,522
John Wiley & Sons, Inc., Class A		135,287		6,675,061
Total				8,900,583
Specialty Retail 3.8%
Bebe Stores, Inc.		475,170		2,580,173
Buckle, Inc. (The)(b)		127,461		5,804,574
Penske Automotive Group, Inc.		236,740		6,306,754
Rent-A-Center, Inc.		261,005		9,208,256
Stage Stores, Inc.		263,078		5,635,131
Wet Seal, Inc. (The), Class A(a)		1,337,730		3,879,417
Total				33,414,305
Total Consumer Discretionary				70,657,791
Consumer Staples 1.3%
Food & Staples Retailing 0.4%
Casey's General Stores, Inc.		68,837		3,892,732
Food Products 0.9%
Ingredion, Inc.		138,961		7,480,271
Total Consumer Staples				11,373,003
Energy 4.4%
Energy Equipment & Services 3.1%
Gulfmark Offshore, Inc., Class A(a)		146,161		5,127,328
Helix Energy Solutions Group, Inc.(a)		303,930		5,355,247

Common Stocks (continued)

Issuer	Shares		Value ($)
Newpark Resources, Inc.(a)		599,262		4,122,923
Oceaneering International, Inc.		76,730		4,108,124
Tetra Technologies, Inc.(a)		835,361		5,354,664
Unit Corp.(a)		81,880		3,257,186
Total				27,325,472
Oil, Gas & Consumable Fuels 1.3%
BPZ Resources, Inc.(a)(b)		658,040		1,506,911
Carrizo Oil & Gas, Inc.(a)		137,900		3,480,596
EXCO Resources, Inc.(b)		347,027		2,377,135
Resolute Energy Corp.(a)(b)		417,400		3,773,296
Total				11,137,938
Total Energy				38,463,410
Financials 16.9%
Capital Markets 0.7%
Investment Technology Group, Inc.(a)		232,210		1,966,819
Waddell & Reed Financial, Inc., Class A		123,027		3,641,599
Total				5,608,418
Commercial Banks 5.7%
Bryn Mawr Bank Corp.		221,670		4,874,523
Centerstate Banks, Inc.		286,329		2,342,171
Financial Institutions, Inc.		270,530		4,734,275
Hancock Holding Co.		106,576		3,158,913
Iberiabank Corp.		90,265		4,234,331
Oriental Financial Group, Inc.		876,849		9,294,599
SCBT Financial Corp.		125,763		5,056,930
Simmons First National Corp., Class A		127,360		2,964,941
Southwest Bancorp, Inc.(a)		581,500		6,431,390
Susquehanna Bancshares, Inc.		370,629		3,895,311
Union First Market Bankshares Corp.		237,504		3,486,559
Total				50,473,943
Consumer Finance 1.3%
Cash America International, Inc.		293,548		11,395,534
Insurance 3.0%
AMERISAFE, Inc.(a)		154,153		3,875,406
Arthur J Gallagher & Co.		104,840		3,744,885
CNO Financial Group, Inc.		509,450		4,534,105
eHealth, Inc.(a)		124,115		2,052,862
Enstar Group Ltd.(a)		46,132		4,265,365
Horace Mann Educators Corp.		194,747		3,421,705

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

Annual Report 2012
7

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
National Interstate Corp.		105,022		2,609,797
State Auto Financial Corp.		149,364		2,098,564
Total				26,602,689
Real Estate Investment Trusts (REITs) 5.4%
Acadia Realty Trust		162,936		4,057,106
American Campus Communities, Inc.		113,982		5,313,841
AmREIT, Inc., Class B		179,358		2,600,691
Chesapeake Lodging Trust		229,230		4,270,555
Cousins Properties, Inc.		416,680		3,329,273
DiamondRock Hospitality Co.		117,757		1,132,822
DuPont Fabros Technology, Inc.		177,971		4,904,881
First Potomac Realty Trust		476,298		6,101,377
Mack-Cali Realty Corp.		122,140		3,261,138
Medical Properties Trust, Inc.		256,360		2,643,072
STAG Industrial, Inc.		398,038		6,125,805
Summit Hotel Properties, Inc.		424,479		3,616,561
Total				47,357,122
Thrifts & Mortgage Finance 0.8%
Berkshire Hills Bancorp, Inc.		164,027		3,649,601
Dime Community Bancshares, Inc.		243,777		3,408,002
Total				7,057,603
Total Financials				148,495,309
Health Care 11.5%
Biotechnology 1.1%
Myriad Genetics, Inc.(a)		395,165		9,875,173
Health Care Equipment & Supplies 4.1%
Analogic Corp.		147,066		10,222,558
Atrion Corp.		20,624		4,478,708
Greatbatch, Inc.(a)		150,053		3,473,727
Invacare Corp.		372,011		5,111,431
Staar Surgical Co.(a)		964,608		6,318,182
Thoratec Corp.(a)		122,090		4,137,630
West Pharmaceutical Services, Inc.		49,290		2,333,882
Total				36,076,118
Health Care Providers & Services 5.2%
Air Methods Corp.(a)		157,605		18,367,287
LifePoint Hospitals, Inc.(a)		73,645		2,976,731
Magellan Health Services, Inc.(a)		139,386		6,914,939
Owens & Minor, Inc.		102,578		2,871,158

Common Stocks (continued)

Issuer	Shares		Value ($)
Providence Service Corp. (The)(a)(c)		885,550		10,104,126
PSS World Medical, Inc.(a)		217,722		4,700,618
Total				45,934,859
Life Sciences Tools & Services 0.5%
Bruker Corp.(a)		350,950		4,250,004
Pharmaceuticals 0.6%
Obagi Medical Products, Inc.(a)		400,038		5,344,508
Total Health Care				101,480,662
Industrials 22.9%
Aerospace & Defense 3.2%
AAR Corp.		291,667		4,340,005
American Science & Engineering, Inc.		123,830		7,364,170
Ceradyne, Inc.		143,900		3,417,625
Kratos Defense & Security Solutions, Inc.(a)		328,198		1,568,787
LMI Aerospace, Inc.(a)		253,132		4,928,480
Moog, Inc., Class A(a)		103,191		3,779,886
Teledyne Technologies, Inc.(a)		45,500		2,935,205
Total				28,334,158
Air Freight & Logistics 1.0%
Atlas Air Worldwide Holdings, Inc.(a)		169,073		8,707,259
Commercial Services & Supplies 2.9%
ACCO Brands Corp.(a)		571,100		3,763,549
Consolidated Graphics, Inc.(a)		113,203		3,032,708
McGrath Rentcorp		284,228		7,156,861
Unifirst Corp.		183,510		11,654,720
Total				25,607,838
Construction & Engineering 3.8%
Argan, Inc.		276,280		4,627,690
EMCOR Group, Inc.		197,317		5,451,868
Great Lakes Dredge & Dock Corp.		599,525		4,382,528
MasTec, Inc.(a)		520,678		9,497,167
Northwest Pipe Co.(a)		124,949		3,153,713
Primoris Services Corp.		300,000		3,690,000
Sterling Construction Co., Inc.(a)		243,209		2,356,695
Total				33,159,661
Electrical Equipment 2.7%
Belden, Inc.		221,330		7,553,993
Global Power Equipment Group, Inc.		194,636		3,795,402

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

Annual Report 2012
8

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
LSI Industries, Inc.		906,398		5,909,715
Regal-Beloit Corp.		99,280		6,756,997
Total				24,016,107
Machinery 5.2%
Actuant Corp., Class A		190,910		5,368,389
Albany International Corp., Class A		398,297		8,412,033
Cascade Corp.		52,466		2,574,507
Douglas Dynamics, Inc.		109,000		1,528,180
ESCO Technologies, Inc.		113,265		4,012,979
Key Technology, Inc.(a)		272,229		2,648,788
Miller Industries, Inc.		274,716		4,214,143
PMFG, Inc.(a)(b)		354,560		2,552,832
Tennant Co.		107,479		4,508,744
Terex Corp.(a)		169,700		3,745,279
Wabash National Corp.(a)		984,641		6,587,248
Total				46,153,122
Marine 0.6%
Rand Logistics, Inc.(a)(b)		689,209		4,893,384
Professional Services 1.4%
FTI Consulting, Inc.(a)		155,732		4,050,589
Hudson Global, Inc.(a)		301,226		1,397,689
Kforce, Inc.(a)		381,882		4,475,657
Navigant Consulting, Inc.(a)		242,037		2,674,509
Total				12,598,444
Road & Rail 0.4%
Marten Transport Ltd.		204,840		3,613,378
Trading Companies & Distributors 1.7%
Kaman Corp.		266,115		8,728,572
Rush Enterprises, Inc., Class A(a)		232,950		3,969,468
Rush Enterprises, Inc., Class B(a)		162,361		2,365,600
Total				15,063,640
Total Industrials				202,146,991
Information Technology 22.2%
Communications Equipment 2.0%
ADTRAN, Inc.		269,946		5,477,204
InterDigital, Inc.(b)		124,020		4,185,675
Performance Technologies, Inc.(a)(c)		643,041		874,536
Plantronics, Inc.		190,557		6,795,263
Total				17,332,678

Common Stocks (continued)

Issuer	Shares		Value ($)
Computers & Peripherals 0.3%
Intevac, Inc.(a)		414,033		2,567,005
Electronic Equipment, Instruments & Components 7.7%
Anixter International, Inc.		89,060		5,355,178
Benchmark Electronics, Inc.(a)		805,660		12,930,843
Cognex Corp.		133,385		4,813,864
CTS Corp.		403,240		3,971,914
FARO Technologies, Inc.(a)		198,296		7,822,777
GSI Group, Inc.(a)		442,021		3,978,189
Littelfuse, Inc.		118,948		6,100,843
Newport Corp.(a)		362,496		4,505,825
Plexus Corp.(a)		442,612		13,229,673
Pulse Electronics Corp.		511,623		573,018
Rogers Corp.(a)		125,392		4,989,348
Total				68,271,472
Internet Software & Services 1.6%
Digital River, Inc.(a)		428,420		7,137,477
Earthlink, Inc.		547,200		3,655,296
TechTarget, Inc.(a)		596,000		3,349,520
Total				14,142,293
IT Services 5.0%
Acxiom Corp.(a)		414,412		7,069,869
Computer Task Group, Inc.(a)		555,826		8,893,216
CoreLogic, Inc.(a)		215,550		5,302,530
DST Systems, Inc.		115,540		5,878,675
Global Cash Access Holdings, Inc.(a)		445,000		3,413,150
PRGX Global, Inc.(a)		990,340		8,041,561
TNS, Inc.(a)		397,961		5,814,210
Total				44,413,211
Semiconductors & Semiconductor Equipment 2.3%
ATMI, Inc.(a)		189,409		3,581,724
BTU International, Inc.(a)		292,872		664,819
Fairchild Semiconductor International, Inc.(a)		364,377		5,290,754
Pericom Semiconductor Corp.(a)		361,062		2,899,328
Ultratech, Inc.(a)		118,100		3,894,938
Volterra Semiconductor Corp.(a)		158,620		3,779,915
Total				20,111,478
Software 3.3%
Accelrys, Inc.(a)		728,450		5,601,781
American Software, Inc., Class A		195,137		1,607,929

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

Annual Report 2012
9

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Mentor Graphics Corp.(a)		130,404		2,155,578
Progress Software Corp.(a)		697,705		13,416,867
Websense, Inc.(a)		410,640		6,315,643
Total				29,097,798
Total Information Technology				195,935,935
Materials 6.9%
Chemicals 4.3%
Ferro Corp.(a)		752,730		2,468,954
H.B. Fuller Co.		303,954		9,243,241
Innophos Holdings, Inc.		81,965		3,876,125
Omnova Solutions, Inc.(a)		761,459		5,931,766
Sensient Technologies Corp.		217,566		7,799,741
Spartech Corp.(a)		388,370		1,965,152
Stepan Co.		62,719		5,990,919
Total				37,275,898
Containers & Packaging 0.9%
Greif, Inc., Class A		176,130		7,837,785
Metals & Mining 1.2%
Metals U.S.A. Holdings Corp.(a)		384,630		5,304,048
Universal Stainless & Alloy(a)		152,940		5,490,546
Total				10,794,594
Paper & Forest Products 0.5%
PH Glatfelter Co.		270,862		4,550,482
Total Materials				60,458,759
Telecommunication Services 0.6%
Diversified Telecommunication Services 0.6%
General Communication, Inc., Class A(a)		608,032		5,362,842
Total Telecommunication Services				5,362,842
Utilities 1.9%
Electric Utilities 0.5%
Allete, Inc.		96,400		4,006,384
Gas Utilities 1.2%
New Jersey Resources Corp.		100,869		4,519,940
South Jersey Industries, Inc.		114,460		5,793,965
Total				10,313,905

Common Stocks (continued)

Issuer	Shares		Value ($)
Water Utilities 0.2%
California Water Service Group		121,266		2,217,955
Total Utilities				16,538,244
Total Common Stocks (Cost: $761,801,413)				850,912,946

Money Market Funds 2.9%

Columbia Short-Term Cash Fund, 0.164%(c)(d)	25,948,350	25,948,350
Total Money Market Funds (Cost: $25,948,350)		25,948,350

Investments of Cash Collateral Received for Securities on Loan 1.7%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 1.7%
Citibank NA dated 08/31/12, matures 09/04/12, repurchase price $5,000,111(e)		0.200	%		5,000,000		5,000,000
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $1,000,023(e)		0.210	%		1,000,000		1,000,000
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $7,205,860(e)		0.150	%		7,205,740		7,205,740
Pershing LLC dated 08/31/12, matures 09/04/12, repurchase price $2,000,071(e)		0.320	%		2,000,000		2,000,000
Total							15,205,740
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $15,205,740)							15,205,740
Total Investments (Cost: $802,955,503)							892,067,036
Other Assets & Liabilities, Net							(10,728,903	)
Net Assets							881,338,133

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

Annual Report 2012
10

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short–Term Cash Fund		8,414,133		252,537,365		(235,003,148	)		—		25,948,350		36,658		25,948,350
Performance Technologies, Inc.		5,454,067		—		—			—		5,454,067		—		874,536
Providence Service Corp. (The)		7,548,177		6,309,183		—			—		13,857,360		—		10,104,126
Total		21,416,377		258,846,548		(235,003,148	)		—		45,259,777		36,658		36,927,012

(d)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citibank NA (0.200%)
Fannie Mae REMICS		2,230,694
Fannie Mae-Aces		587,887
Freddie Mac REMICS		1,799,323
Government National Mortgage Association		482,096
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		327,085
Fannie Mae-Aces		112,242
Freddie Mac REMICS		435,978
Government National Mortgage Association		144,695
Total market value of collateral securities		1,020,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		7,349,860
Total market value of collateral securities		7,349,860

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

Annual Report 2012
11

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Pershing LLC (0.320%)
Fannie Mae REMICS		479,442
Federal Home Loan Banks		9,524
Freddie Mac Reference REMIC		1
Freddie Mac REMICS		117,429
Ginnie Mae I Pool		285,716
Ginnie Mae II Pool		665,106
Government National Mortgage Association		29,614
United States Treasury Note/Bond		453,168
Total market value of collateral securities		2,040,000

Abbreviation Legend

REMIC(S) Real Estate Mortgage Investment Conduit(s)

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).

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

Annual Report 2012
12

Columbia Small Cap Core Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		70,657,791		—		—		70,657,791
Consumer Staples		11,373,003		—		—		11,373,003
Energy		38,463,410		—		—		38,463,410
Financials		148,495,309		—		—		148,495,309
Health Care		101,480,662		—		—		101,480,662
Industrials		202,146,991		—		—		202,146,991
Information Technology		195,935,935		—		—		195,935,935
Materials		60,458,759		—		—		60,458,759
Telecommunication Services		5,362,842		—		—		5,362,842
Utilities		16,538,244		—		—		16,538,244
Total Equity Securities		850,912,946		—		—		850,912,946
Other
Money Market Funds		25,948,350		—		—		25,948,350
Investments of Cash Collateral Received for Securities on Loan		—		15,205,740		—		15,205,740
Total Other		25,948,350		15,205,740		—		41,154,090
Total		876,861,296		15,205,740		—		892,067,036

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.

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 2012
13

Columbia Small Cap Core Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $742,489,986)	$	839,934,284
Affiliated issuers (identified cost $45,259,777)		36,927,012
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $15,205,740)		15,205,740
Total investments (identified cost $802,955,503)		892,067,036
Receivable for:
Investments sold		4,210,252
Capital shares sold		3,784,752
Dividends		516,710
Interest		62,418
Prepaid expenses		13,551
Trustees' deferred compensation plan		74,714
Total assets		900,729,433
Liabilities
Due upon return of securities on loan		15,205,740
Payable for:
Investments purchased		3,239,047
Capital shares purchased		564,494
Investment management fees		18,441
Distribution and service fees		3,252
Transfer agent fees		194,617
Administration fees		1,863
Compensation of board members		964
Chief compliance officer expenses		128
Expense reimbursement due to Investment Manager		122
Other expenses		87,918
Trustees' deferred compensation plan		74,714
Total liabilities		19,391,300
Net assets applicable to outstanding capital stock	$	881,338,133
Represented by
Paid-in capital	$	765,374,054
Accumulated net investment loss		(92,757	)
Accumulated net realized gain		26,945,303
Unrealized appreciation (depreciation) on:
Investments		89,111,533
Total — representing net assets applicable to outstanding capital stock	$	881,338,133
*Value of securities on loan	$	14,624,148

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

Annual Report 2012
14

Columbia Small Cap Core Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	228,302,655
Shares outstanding		15,167,708
Net asset value per share	$	15.05
Maximum offering price per share(a)	$	15.97
Class B
Net assets	$	1,496,929
Shares outstanding		113,513
Net asset value per share	$	13.19
Class C
Net assets	$	26,077,386
Shares outstanding		1,975,292
Net asset value per share	$	13.20
Class I
Net assets	$	55,275,592
Shares outstanding		3,541,355
Net asset value per share	$	15.61
Class T
Net assets	$	68,073,738
Shares outstanding		4,608,741
Net asset value per share	$	14.77
Maximum offering price per share(a)	$	15.67
Class W
Net assets	$	60,111,829
Shares outstanding		3,993,564
Net asset value per share	$	15.05
Class Z
Net assets	$	442,000,004
Shares outstanding		28,414,279
Net asset value per share	$	15.56

(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.

Annual Report 2012
15

Columbia Small Cap Core Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended September 30, 2011
Net investment income
Income:
Dividends	$	7,905,387		$	6,342,290
Interest		—			22,925
Dividends — affiliated issuers		36,658			5,280
Income from securities lending — net		446,020			76,519
Foreign taxes withheld		(14,325	)		(12,979	)
Total income		8,373,740			6,434,035
Expenses:
Investment management fees		5,961,050			5,993,236
Distribution fees
Class B		29,241			114,427
Class C		185,335			188,086
Service fees
Class A		484,083			414,238
Class B		9,747			38,142
Class C		61,778			62,696
Class W		116,270			138,715
Shareholder service fee — Class T		196,073			239,882
Transfer agent fees
Class A		414,667			328,497
Class B		11,822			31,765
Class C		52,859			49,978
Class T		141,449			164,572
Class W		105,292			113,425
Class Z		868,819			934,598
Administration fees		602,264			563,842
Compensation of board members		37,470			41,929
Pricing and bookkeeping fees		—			108,034
Custodian fees		17,882			22,498
Printing and postage fees		135,497			139,751
Registration fees		139,627			85,800
Professional fees		55,536			79,868
Chief compliance officer expenses		261			1,641
Other		31,022			27,562
Total expenses		9,658,044			9,883,182
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(72,282	)		(234,050	)
Expense reductions		(3,665	)		(5,156	)
Total net expenses		9,582,097			9,643,976
Net investment loss		(1,208,357	)		(3,209,941	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		28,924,636			46,014,237
Net realized gain		28,924,636			46,014,237
Net change in unrealized appreciation (depreciation) on:
Investments		105,521,122			(59,114,142	)
Net change in unrealized appreciation (depreciation)		105,521,122			(59,114,142	)
Net realized and unrealized gain (loss)		134,445,758			(13,099,905	)
Net change in net assets resulting from operations	$	133,237,401		$	(16,309,846	)

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

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

Annual Report 2012
16

Columbia Small Cap Core Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended September 30, 2011			Year Ended September 30, 2010(b)
Operations
Net investment loss	$	(1,208,357	)	$	(3,209,941	)	$	(1,536,491	)
Net realized gain		28,924,636			46,014,237			14,737,595
Net change in unrealized appreciation (depreciation)		105,521,122			(59,114,142	)		70,278,331
Net increase (decrease) in net assets resulting from operations		133,237,401			(16,309,846	)		83,479,435
Distributions to shareholders from
Net realized gains
Class A		(7,224,924	)		—			—
Class B		(369,209	)		—			—
Class C		(1,099,438	)		—			—
Class I		(149,258	)		—			—
Class T		(2,773,408	)		—			—
Class W		(1,481,992	)		—			—
Class Z		(15,795,495	)		—			—
Total distributions to shareholders		(28,893,724	)		—			—
Increase (decrease) in net assets from capital stock activity		103,817,259			47,256,524			13,647,902
Proceeds from regulatory settlements (Note 6)		—			12,545			—
Total increase in net assets		208,160,936			30,959,223			97,127,337
Net assets at beginning of year		673,177,197			642,217,974			545,090,637
Net assets at end of year	$	881,338,133		$	673,177,197		$	642,217,974
Accumulated net investment loss	$	(92,757	)	$	(528,456	)	$	(547,519	)

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to September 30, 2010.

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

Annual Report 2012
17

Columbia Small Cap Core Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended September 30, 2011						Year Ended September 30, 2010(b)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		5,937,667			88,929,326			7,054,588			109,013,946			4,149,507			51,127,715
Distributions reinvested		405,420			5,890,749			—			—			—			—
Redemptions		(3,698,982	)		(55,244,044	)		(3,643,742	)		(56,019,850	)		(2,070,656	)		(25,689,627	)
Net increase		2,644,105			39,576,031			3,410,846			52,994,096			2,078,851			25,438,088
Class B shares
Subscriptions		13,417			179,314			32,709			438,251			39,113			429,257
Distributions reinvested		22,978			294,119			—			—			—			—
Redemptions(c)		(726,478	)		(9,513,750	)		(529,687	)		(7,192,883	)		(400,346	)		(4,476,695	)
Net decrease		(690,083	)		(9,040,317	)		(496,978	)		(6,754,632	)		(361,233	)		(4,047,438	)
Class C shares
Subscriptions		422,146			5,570,305			730,825			10,197,519			318,672			3,538,275
Distributions reinvested		67,210			860,955			—			—			—			—
Redemptions		(470,688	)		(6,243,056	)		(421,882	)		(5,744,942	)		(440,235	)		(4,877,105	)
Net increase (decrease)		18,668			188,204			308,943			4,452,577			(121,563	)		(1,338,830	)
Class I shares
Subscriptions		3,857,856			63,803,555			310,294			4,818,092			187			2,500
Distributions reinvested		9,930			149,152			—			—			—			—
Redemptions		(607,712	)		(9,376,977	)		(29,200	)		(462,831	)		—			—
Net increase		3,260,074			54,575,730			281,094			4,355,261			187			2,500
Class T shares
Subscriptions		72,075			1,040,646			42,096			642,556			43,232			529,032
Distributions reinvested		131,931			1,881,336			—			—			—			—
Redemptions		(583,657	)		(8,570,096	)		(698,375	)		(10,535,505	)		(957,438	)		(11,648,106	)
Net decrease		(379,651	)		(5,648,114	)		(656,279	)		(9,892,949	)		(914,206	)		(11,119,074	)
Class W shares
Subscriptions		2,043,493			31,632,033			5,725,192			83,442,893			192			2,500
Distributions reinvested		101,988			1,481,883			—			—			—			—
Redemptions		(1,360,326	)		(20,473,264	)		(2,516,975	)		(39,253,421	)		—			—
Net increase		785,155			12,640,652			3,208,217			44,189,472			192			2,500
Class Z shares
Subscriptions		7,537,453			117,291,610			9,636,904			152,660,806			7,740,576			98,116,927
Distributions reinvested		467,470			7,007,375			—			—			—			—
Redemptions		(7,269,428	)		(112,773,912	)		(12,021,499	)		(194,748,107	)		(7,423,189	)		(93,406,771	)
Net increase (decrease)		735,495			11,525,073			(2,384,595	)		(42,087,301	)		317,387			4,710,156
Total net increase		6,373,763			103,817,259			3,671,248			47,256,524			999,615			13,647,902

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(c) 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 2012
18

Columbia Small Cap Core 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended September 30,
Class A	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	12.98		$	13.33		$	11.58		$	14.14		$	20.01		$	19.72
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.07	)		(0.05	)		(0.02	)		(0.09	)		0.04	(b)
Net realized and unrealized gain (loss)		2.68			(0.28	)		1.80			(1.39	)		(2.11	)		2.46
Total from investment operations		2.64			(0.35	)		1.75			(1.41	)		(2.20	)		2.50
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.03	)		—
Net realized gains		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Total distributions to shareholders		(0.57	)		—			—			(1.15	)		(3.67	)		(2.21	)
Proceeds from regulatory settlements		—			0.00	(c)		—			0.00	(c)		—			—
Net asset value, end of period	$	15.05		$	12.98		$	13.33		$	11.58		$	14.14		$	20.01
Total return		20.46	%		(2.63	%)		15.11	%		(7.41	%)		(12.86	%)		13.30	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		1.37	%(e)		1.32	%		1.30	%		1.33	%		1.25	%		1.21	%
Net expenses after fees waived or expenses reimbursed(f)		1.36	%(e)(g)		1.29	%(g)		1.30	%(g)		1.33	%(g)		1.25	%(g)		1.21	%(g)
Net investment income (loss)		(0.28	%)(e)(g)		(0.48	%)(g)		(0.38	%)(g)		(0.28	%)(g)		(0.56	%)(g)		0.22	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	228,303		$	162,502		$	121,456		$	81,474		$	115,246		$	176,504
Portfolio turnover		26	%		33	%		26	%		11	%		25	%		44	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(c)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
19

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class B	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	11.50		$	11.90		$	10.42		$	12.97		$	18.75		$	18.73
Income from investment operations:
Net investment loss		(0.12	)		(0.17	)		(0.12	)		(0.09	)		(0.19	)		(0.10	)(b)
Net realized and unrealized gain (loss)		2.38			(0.23	)		1.60			(1.31	)		(1.95	)		2.33
Total from investment operations		2.26			(0.40	)		1.48			(1.40	)		(2.14	)		2.23
Less distributions to shareholders:
Net realized gains		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Total distributions to shareholders		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Proceeds from regulatory settlements		—			0.00	(c)		—			0.00	(c)		—			—
Net asset value, end of period	$	13.19		$	11.50		$	11.90		$	10.42		$	12.97		$	18.75
Total return		19.77	%		(3.36	%)		14.20	%		(8.08	%)		(13.53	%)		12.49	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		2.20	%(e)		2.08	%		2.05	%		2.08	%		2.00	%		1.96	%
Net expenses after fees waived or expenses reimbursed(f)		2.11	%(e)(g)		2.04	%(g)		2.05	%(g)		2.08	%(g)		2.00	%(g)		1.96	%(g)
Net investment loss		(1.00	%)(e)(g)		(1.26	%)(g)		(1.11	%)(g)		(1.03	%)(g)		(1.31	%)(g)		(0.53	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	1,497		$	9,244		$	15,478		$	17,317		$	23,085		$	35,918
Portfolio turnover		26	%		33	%		26	%		11	%		25	%		44	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.06 per share.

(c)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
20

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class C	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	11.52		$	11.92		$	10.43		$	12.99		$	18.76		$	18.75
Income from investment operations:
Net investment loss		(0.12	)		(0.17	)		(0.12	)		(0.09	)		(0.19	)		(0.10	)(b)
Net realized and unrealized gain (loss)		2.37			(0.23	)		1.61			(1.32	)		(1.94	)		2.32
Total from investment operations		2.25			(0.40	)		1.49			(1.41	)		(2.13	)		2.22
Less distributions to shareholders:
Net realized gains		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Total distributions to shareholders		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Proceeds from regulatory settlements		—			0.00	(c)		—			0.00	(c)		—			—
Net asset value, end of period	$	13.20		$	11.52		$	11.92		$	10.43		$	12.99		$	18.76
Total return		19.65	%		(3.36	%)		14.29	%		(8.15	%)		(13.46	%)		12.41	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		2.12	%(e)		2.07	%		2.05	%		2.08	%		2.00	%		1.96	%
Net expenses after fees waived or expenses reimbursed(f)		2.11	%(e)(g)		2.04	%(g)		2.05	%(g)		2.08	%(g)		2.00	%(g)		1.96	%(g)
Net investment loss		(1.03	%)(e)(g)		(1.23	%)(g)		(1.12	%)(g)		(1.03	%)(g)		(1.29	%)(g)		(0.53	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	26,077		$	22,535		$	19,635		$	18,461		$	24,756		$	42,312
Portfolio turnover		26	%		33	%		26	%		11	%		25	%		44	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.06 per share.

(c)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
21

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class I	2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	13.38		$	13.69		$	13.37
Income from investment operations:
Net investment income (loss)		0.03			(0.01	)		0.00	(c)
Net realized and unrealized gain (loss)		2.77			(0.30	)		0.32
Total from investment operations		2.80			(0.31	)		0.32
Less distributions to shareholders:
Net realized gains		(0.57	)		—			—
Total distributions to shareholders		(0.57	)		—			—
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	15.61		$	13.38		$	13.69
Total return		21.06	%		(2.26	%)		2.39	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		0.91	%(e)		0.88	%		0.90	%(e)
Net expenses after fees waived or expenses reimbursed(f)		0.91	%(e)		0.88	%(g)		0.90	%(e)(g)
Net investment income (loss)		0.19	%(e)		(0.04	%)(g)		2.13	%(e)(g)
Supplemental data
Net assets, end of period (in thousands)	$	55,276		$	3,765		$	3
Portfolio turnover		26	%		33	%		26	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(c)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class T	2012(a)			2011			2010			2009			2008			2007(b)
Per share data
Net asset value, beginning of period	$	12.75		$	13.10		$	11.39		$	13.94		$	19.78		$	19.53
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.08	)		(0.05	)		(0.03	)		(0.10	)		0.03	(c)
Net realized and unrealized gain (loss)		2.63			(0.27	)		1.76			(1.37	)		(2.08	)		2.43
Total from investment operations		2.59			(0.35	)		1.71			(1.40	)		(2.18	)		2.46
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.02	)		—
Net realized gains		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Total distributions to shareholders		(0.57	)		—			—			(1.15	)		(3.66	)		(2.21	)
Proceeds from regulatory settlements		—			0.00	(d)		—			0.00	(d)		—			—
Net asset value, end of period	$	14.77		$	12.75		$	13.10		$	11.39		$	13.94		$	19.78
Total return		20.44	%		(2.67	%)		15.01	%		(7.45	%)		(12.90	%)		13.22	%
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed		1.42	%(f)		1.38	%		1.35	%		1.38	%		1.30	%		1.26	%
Net expenses after fees waived or expenses reimbursed(g)		1.41	%(f)(h)		1.35	%(h)		1.35	%(h)		1.38	%(h)		1.30	%(h)		1.26	%(h)
Net investment income (loss)		(0.33	%)(f)(h)		(0.56	%)(h)		(0.42	%)(h)		(0.34	%)(h)		(0.63	%)(h)		0.17	%(h)
Supplemental data
Net assets, end of period (in thousands)	$	68,074		$	63,595		$	73,960		$	74,722		$	98,299		$	136,381
Portfolio turnover		26	%		33	%		26	%		11	%		25	%		44	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  On August 8, 2007, Class G shares were converted to Class T shares.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d)  Rounds to less than $0.01.

(e)  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.

(f)  Annualized.

(g)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class W	2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	12.98		$	13.32		$	13.01
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.07	)		0.00	(c)
Net realized and unrealized gain (loss)		2.68			(0.27	)		0.31
Total from investment operations		2.64			(0.34	)		0.31
Less distributions to shareholders:
Net realized gains		(0.57	)		—			—
Total distributions to shareholders		(0.57	)		—			—
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	15.05		$	12.98		$	13.32
Total return		20.46	%		(2.55	%)		2.38	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		1.38	%(e)		1.32	%		1.34	%(e)
Net expenses after fees waived or expenses reimbursed(f)		1.36	%(e)(g)		1.29	%(g)		1.34	%(e)(g)
Net investment income (loss)		(0.27	%)(e)(g)		(0.47	%)(g)		1.69	%(e)(g)
Supplemental data
Net assets, end of period (in thousands)	$	60,112		$	41,634		$	3
Portfolio turnover		26	%		33	%		26	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(c)  Rounds to less than $0.01.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Small Cap Core Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended September 30,
Class Z	2012(a)			2011			2010			2009			2008			2007
Per share data
Net asset value, beginning of period	$	13.36		$	13.69		$	11.87		$	14.42		$	20.33		$	19.96
Income from investment operations:
Net investment income (loss)		(0.00	)(b)		(0.04	)		(0.02	)		0.00	(b)		(0.04	)		0.09	(c)
Net realized and unrealized gain (loss)		2.77			(0.29	)		1.84			(1.40	)		(2.15	)		2.49
Total from investment operations		2.77			(0.33	)		1.82			(1.40	)		(2.19	)		2.58
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.08	)		—
Net realized gains		(0.57	)		—			—			(1.15	)		(3.64	)		(2.21	)
Total distributions to shareholders		(0.57	)		—			—			(1.15	)		(3.72	)		(2.21	)
Proceeds from regulatory settlements		—			0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	15.56		$	13.36		$	13.69		$	11.87		$	14.42		$	20.33
Total return		20.86	%		(2.41	%)		15.33	%		(7.18	%)		(12.60	%)		13.56	%
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed		1.12	%(e)		1.07	%		1.05	%		1.08	%		1.00	%		0.96	%
Net expenses after fees waived or expenses reimbursed(f)		1.11	%(e)(g)		1.05	%(g)		1.05	%(g)		1.08	%(g)		1.00	%(g)		0.96	%(g)
Net investment income (loss)		(0.03	%)(e)(g)		(0.26	%)(g)		(0.12	%)(g)		(0.04	%)(g)		(0.27	%)(g)		0.46	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	442,000		$	369,903		$	411,684		$	353,117		$	413,763		$	834,537
Portfolio turnover		26	%		33	%		26	%		11	%		25	%		44	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b)  Rounds to less than $0.01.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(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)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Small Cap Core Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Small Cap Core Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from September 30 to August 31.

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 T, 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.

The Fund is authorized to issue Class R4 and Class R5 shares, which would not be subject to sales charges; however, these share classes are not currently offered for sale.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase

are subject to a 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 T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

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

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.

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

Annual Report 2012
26

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

Repurchase Agreements

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

to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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.

Annual Report 2012
27

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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 or 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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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 percentage of the Fund's average daily net assets that declines from 0.79% to 0.70% as the Fund's net assets increase. Prior to July 1, 2011, the investment management fee was equal to a percentage of the Fund's average daily net assets that declined from 0.75% to 0.55% as the Fund's net assets increased. The annualized effective investment management fee rate for the period ended August 31, 2012, and for the year ended September 30, 2011, was 0.77% and 0.74%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.05% as the Fund's net assets increase. Prior to July 1, 2011, the administration fee was equal to the annual rate of 0.067% of the Fund's average daily net assets. The annualized effective administration fee rate for the period ended August 31, 2012, and for the year ended September 30, 2011, was 0.08% and 0.07%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to July 11, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed

Annual Report 2012
28

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

$140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective July 11, 2011, these services are now provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees.

The Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period ended August 31, 2012			Year ended September 30, 2011
Class A		0.21	%		0.20	%
Class B		0.30			0.21
Class C		0.21			0.20
Class T		0.22			0.21
Class W		0.23			0.20
Class Z		0.21			0.20

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 period ended August 31, 2012 and the year ended September 30, 2011, these minimum account balance fees reduced total expenses by $3,665 and $5,071, respectively.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares, respectively.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limit such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

Annual Report 2012
29

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. For the period ended August 31, 2012 and the year ended September 30, 2011, the annualized effective shareholder services fee rate was 0.30% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $93,371 for Class A, $922 for Class B, $2,447 for Class C and $5,432 for Class T shares for the period ended August 31, 2012 and $162,736 for Class A, $593 for Class B, $1,576 for Class C and $5,871 for Class T shares for the year ended September 30, 2011.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective July 1, 2011, 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 January 31, 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/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	1.36	%
Class B	2.11
Class C	2.11
Class I	0.98
Class T	1.41
Class W	1.36
Class Z	1.11

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.

Prior to July 1, 2011, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses (excluding certain expenses, such as brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) so that the Fund's ordinary 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	1.35	%
Class B	2.10
Class C	2.10
Class I	0.96
Class T	1.40
Class W	1.35
Class Z	1.10

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, net operating loss reclassifications, passive foreign investment company (PFIC) holdings, and re-characterization of real estate investment trust (REIT) distributions. 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

Annual Report 2012
30

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Accumulated net investment loss	$	1,644,056
Accumulated net realized gain		(1,413,851	)
Paid-in capital		(230,205	)

Net investment loss 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 periods indicated was as follows:

	Period Ended August 31, 2012		Year Ended September 30, 2011		Year Ended September 30, 2010
Ordinary income	$	—	$	—	$	—
Long-term capital gains		28,893,724		—		—
Tax return of capital		—		—		—
Total		28,893,724		—		—

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	4,830,047
Undistributed long-term capital gain		22,546,312
Unrealized appreciation		88,662,433

At August 31, 2012, the cost of investments for federal income tax purposes was $803,404,603 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	188,482,413
Unrealized depreciation		(99,819,980	)
Net unrealized appreciation		88,662,433

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 $266,670,418

and $213,438,980, respectively, for the period ended August 31, 2012.

Note 6. Regulatory Settlements

During the year ended September 30, 2011, the Fund received payments of $12,545 resulting from certain regulatory settlements with third parties in which the Fund had participated. 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 July 11, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street, authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates

Annual Report 2012
31

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

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 period ended August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to July 11, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $14,624,148 were on loan, secured by cash collateral of $15,205,740 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 8. Custody Credits

Prior to July 11, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period October 1, 2010 through July 11, 2011, these credits reduced total expenses by $85.

Note 9. Affiliated Money Market Fund

Effective July 11, 2011, 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 10. Shareholder Concentration

At August 31, 2012, two unaffiliated shareholder accounts owned an aggregate of 46.5% 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 11. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (the Administrative Agent) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility became effective on July 11, 2011, replacing a prior credit facility. 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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. For the period July 11, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the period June 27, 2011 through July 8, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $100 million committed, unsecured revolving credit facility provided by State Street. For the period May 16, 2011 through June 26, 2011, the collective borrowing amount of the credit facility was $150 million. For the period March 28, 2011 through May 15, 2011, the collective borrowing amount of the credit facility was $225 million. Prior to March 28, 2011, the collective borrowing amount of the credit facility was $280 million. Effective October 14, 2010, interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum. Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% was accrued and apportioned among the participating funds pro rata based on their relative net assets.

The Fund had no borrowings during the period ended August 31, 2012.

Annual Report 2012
32

Columbia Small Cap Core Fund

Notes to Financial Statements (continued)

August 31, 2012

The Fund had no borrowings during the year ended September 30, 2011.

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

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 2012
33

Columbia Small Cap Core Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Small 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 Small Cap Core Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
34

Columbia Small Cap Core Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal period ended August 31, 2012, $23,801,445, or, if subsequently determined to be different, the net capital gain of such period.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
35

Columbia Small Cap Core Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
36

Columbia Small Cap Core Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
37

Columbia Small Cap Core Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
38

Columbia Small Cap Core Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Small Cap Core Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
39

Columbia Small Cap Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the fifty-third, twenty-eighth and thirty-second percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
40

Columbia Small Cap Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the third and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
41

Columbia Small Cap Core Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
42

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Annual Report 2012
44

Columbia Small Cap Core 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 2012
45

Columbia Small Cap Core 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1721 D (10/12)

Annual Report

August 31, 2012

Columbia Small Cap Growth Fund I

Not FDIC insured • No bank guarantee • May lose value

Columbia Small Cap Growth Fund I

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Small Cap Growth Fund I

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	28
Report of Independent Registered Public Accounting Firm	35
Federal Income Tax Information	36
Trustees and Officers	37
Board Consideration and Approval of Advisory Agreement	40
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 2012

Columbia Small Cap Growth Fund I

Performance Overview

Performance Summary

>Columbia Small Cap Growth Fund I (the Fund) Class A shares returned 8.81% excluding sales charges for the 12-month period ended August 31, 2012.

>The Fund underperformed its benchmarks, the Russell 2000 Growth Index and the Russell 2000 Index, which returned 12.72% and 13.40%, respectively, for the same time period.

>Security selection generally accounted for the shortfall versus both indices.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A*	11/01/05
Excluding sales charges			8.81		2.93		10.08
Including sales charges			2.54		1.72		9.43
Class B*	11/01/05
Excluding sales charges			7.99		2.15		9.27
Including sales charges			3.10		1.82		9.27
Class C*	11/01/05
Excluding sales charges			7.99		2.16		9.27
Including sales charges			7.01		2.16		9.27
Class I*	09/27/10		9.27		3.26		10.39
Class R*	09/27/10		8.48		2.68		9.81
Class Y*	07/15/09		9.27		3.29		10.40
Class Z	10/01/96		9.06		3.18		10.35
Russell 2000 Growth Index			12.72		2.94		9.40
Russell 2000 Index			13.40		1.90		9.00

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 since inception 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 Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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 2012
2

Columbia Small Cap Growth Fund I

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Small Cap Growth Fund I 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 2012
3

Columbia Small Cap Growth Fund I

Manager Discussion of Fund Performance

For the 12-month period that ended August 31, 2012, the Fund's Class A shares returned 8.81% excluding sales charges. The Fund underperformed its benchmarks, the Russell 2000 Growth Index and the Russell 2000 Index, which returned 12.72% and 13.40%, respectively, for the same time period. Security selection generally accounted for the Fund's shortfall versus the Russell 2000 Growth Index. Sector allocation was generally positive for the Fund, but cash, which the index does not hold, modestly detracted from performance.

Strong Market Advance Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and second quarter growth was just 1.3%. Job growth was strong early in 2012, but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market began the period on the upswing. Larger-cap, more defensive stocks led the rally, which broadened to include mid- and small-caps into 2012 on solid corporate earnings, a better housing market and growing investor confidence. Volatility increased in the spring as worries over the sovereign debt problems in Europe and the economy at home resurfaced. Stock prices fell sharply in the second quarter of 2012 before regaining ground in the final months of the reporting period.

Disappointments in Consumer and Industrial Sectors

Stock selection within consumer discretionary, consumer staples, technology and industrials generated the Fund's biggest disappointments. Within the consumer discretionary sector, Shutterfly, Crocs and Tempur-pedic International — all of which were overweighted relative to the index — were the top detractors from relative performance. Shutterfly, a leading online photo, card and album retailer, reported a loss during the period and lowered its earnings outlook amidst rising competition. Both Crocs and Tempur-pedic suffered a share price decline on reduced earnings. We sold both Tempur-pedic and Crocs before the end of the period. In the consumer staples sector, Diamond Foods was the most significant disappointment of the period. Questions about the snack maker's accounting practices forced it to delay a major acquisition and we sold the stock. Within the technology sector, Ancestry.com, an online family history resource, and Universal Display, which makes lighting for use in portable electronic media devices, lost significant ground as they lowered their earnings guidance during the period. We sold both stocks before the end of the period.

Solid Gains from Health Care, Energy and Financials

Within the health care sector, overweights in Onyx Pharmaceuticals, Align Technology and Catalyst Health Solutions bolstered relative returns. Onyx surged late in the period on favorable news from the Food and Drug Administration

Portfolio Management

Wayne Collette, CFA

George Myers, CFA

Lawrence Lin, CFA

Brian Neigut

Morningstar Style Box^TM

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

© 2012 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 2012
4

Columbia Small Cap Growth Fund I

Manager Discussion of Fund Performance (continued)

regarding a new cancer treatment medicine. Align, which manufactures invisible orthodontics, showed solid growth among teens and benefited from geographic expansion, which led to strong results during the period. Catalyst Health Solutions, a full-service pharmacy benefit manager, received a boost after it was acquired at a premium of more than 25%. In the energy sector, equipment and service firm Complete Production Services was a top contributor to the Fund's return. Demand for its services rose as drillers sought to increase production. We sold the stock at a profit during the period and reallocated the proceeds to companies that we believe have higher potential upside going forward. Energy XXI was another strong performer within the energy sector. Both Complete Production Services and Energy XXI were overweights relative to the index, which further amplified their gains for the Fund. An overweight in Zillow in the financials sector also benefited relative result. The online real estate information marketplace Zillow reported growth in key revenue drivers, which boosted its share price. Center Financial was another top performer within financials, as its recent merger with Nara Bancorp created the largest and best-capitalized Korean American community bank.

Sector Allocations Generated Mixed Results

In general, the Fund's strategy is to maintain sector weights that are close to those of the Russell 2000 Growth Index. Typically, any differences in sector weights are a reflection of bottom up analysis of individual stocks in those sectors rather than a top-down call on the sector itself. During this reporting period, overweights in the energy and consumer discretionary sectors aided performance, as did underweights in materials and telecommunication services. By contrast, an underweight in technology and overweights in industrials and financials detracted from performance.

During the period, the annual reconstitution of the Russell indices resulted in slight shifts to sector allocations, as did buying and selling decisions. We raised the Fund's overall exposure to the information technology sector from an underweight to an overweight relative to the Russell 2000 Growth Index. We lowered exposure to the materials sector, which was already underweight relative to the index at the beginning of the period.

Looking Ahead

Heading into the final months of 2012, we believe that investors will look for signs that the Federal Reserve (the Fed) plans to implement additional liquidity measures to spur on a fragile global economy. However, the Fed may be reaching the limits of its abilities to prop up the economy. Also, with government policy playing a greater role in driving the financial markets, focus has nervously turned to the November U.S. presidential election and the year-end expiration of tax cuts and economic stimulus. Meanwhile China's economy has slowed. Against this uncertain economic outlook, we remain focused on finding industries that stand to gain wallet share of the $60 trillion global economy and, in particular, companies that are gaining market share of those growth industries. We believe that there will be companies that, by virtue of their innovative products and solutions or their low-cost business models, can increase earnings at a well-above-average rate regardless of the growth rate of the economy. The focus of our bottom up fundamental research efforts is clearly on identifying these winning businesses across all market cycles.

Top Ten Holdings (%) (at August 31, 2012)
Casey's General Stores, Inc.	2.1
Hexcel Corp.	1.8
Brookdale Senior Living, Inc.	1.6
HMS Holdings Corp.	1.6
Aspen Technology, Inc.	1.6
CommVault Systems, Inc.	1.5
GNC Holdings, Inc., Class A	1.4
Elizabeth Arden, Inc.	1.4
Coinstar, Inc.	1.4
Domino's Pizza, Inc.	1.3

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 August 31, 2012)
Common Stocks	99.1
Consumer Discretionary	19.1
Consumer Staples	5.5
Energy	5.6
Financials	7.7
Health Care	20.9
Industrials	17.2
Information Technology	22.5
Utilities	0.6
Money Market Funds	0.9
Warrants	0.0	(a)
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

(a) Rounds to less than 0.1%.

Annual Report 2012
5

Columbia Small Cap Growth Fund I

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.

March 1, 2012 – August 31, 2012

	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		990.30		1,018.55		6.55		6.65		1.31
Class B		1,000.00		1,000.00		986.40		1,014.78		10.29		10.43		2.06
Class C		1,000.00		1,000.00		986.40		1,014.78		10.29		10.43		2.06
Class I		1,000.00		1,000.00		992.40		1,020.71		4.41		4.47		0.88
Class R		1,000.00		1,000.00		988.60		1,017.29		7.80		7.91		1.56
Class Y		1,000.00		1,000.00		992.40		1,020.81		4.31		4.37		0.86
Class Z		1,000.00		1,000.00		991.40		1,019.81		5.31		5.38		1.06

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 366.

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 2012
6

Columbia Small Cap Growth Fund I

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 99.8%

Issuer	Shares		Value ($)
Consumer Discretionary 19.2%
Diversified Consumer Services 1.4%
Coinstar, Inc.(a)(b)		271,200		13,863,744
Hotels, Restaurants & Leisure 3.0%
Domino's Pizza, Inc.(a)		368,500		13,059,640
Life Time Fitness, Inc.(a)(b)		221,900		10,535,812
Six Flags Entertainment Corp.		125,200		6,914,796
Total				30,510,248
Household Durables 1.6%
Harman International Industries, Inc.		176,400		8,119,692
Skullcandy, Inc.(b)		444,300		6,815,562
Zagg, Inc.(a)(b)		167,300		1,259,769
Total				16,195,023
Internet & Catalog Retail 0.8%
Kayak Software Corp.(a)(b)		190,500		5,200,650
Shutterfly, Inc.(b)		98,800		2,939,300
Total				8,139,950
Leisure Equipment & Products 1.5%
Arctic Cat, Inc.(a)(b)		233,800		10,114,188
Polaris Industries, Inc.(a)		70,610		5,309,166
Total				15,423,354
Media 0.7%
National CineMedia, Inc.		494,300		7,167,350
Specialty Retail 7.9%
Asbury Automotive Group, Inc.(a)(b)		244,000		6,756,360
Cabela's, Inc.(a)(b)		194,800		9,352,348
GameStop Corp., Class A(a)		219,000		4,178,520
GNC Holdings, Inc., Class A(a)		375,317		14,581,065
Lumber Liquidators Holdings, Inc.(a)(b)		173,072		8,075,540
Pier 1 Imports, Inc.(a)		412,775		7,628,082
Rent-A-Center, Inc.		258,000		9,102,240
Select Comfort Corp.(a)(b)		239,200		6,833,944
Tile Shop Holdings, Inc.(a)(b)		505,700		6,346,535
Vitamin Shoppe, Inc.(a)(b)		136,900		7,339,209
Total				80,193,843
Textiles, Apparel & Luxury Goods 2.3%
Fifth & Pacific Companies, Inc.(a)(b)		460,900		6,106,925
Gildan Activewear, Inc.		381,800		11,599,084

Common Stocks (continued)

Issuer	Shares		Value ($)
Tumi Holdings, Inc.(a)(b)		297,661		6,268,740
Total				23,974,749
Total Consumer Discretionary				195,468,261
Consumer Staples 5.6%
Food & Staples Retailing 3.6%
Casey's General Stores, Inc.(a)		383,664		21,696,199
Fresh Market, Inc. (The)(b)		141,000		8,138,520
Harris Teeter Supermarkets, Inc.		170,300		6,653,621
Total				36,488,340
Food Products 0.6%
Post Holdings, Inc.(b)		183,100		5,465,535
Personal Products 1.4%
Elizabeth Arden, Inc.(a)(b)		311,211		14,483,760
Total Consumer Staples				56,437,635
Energy 5.6%
Energy Equipment & Services 1.0%
Superior Energy Services, Inc.(b)		501,972		10,425,959
Oil, Gas & Consumable Fuels 4.6%
Energy XXI Bermuda Ltd.(a)		315,842		10,388,043
Golar LNG Ltd.(a)		157,400		6,157,488
Kodiak Oil & Gas Corp.(a)(b)		466,634		4,171,708
Oasis Petroleum, Inc.(a)(b)		406,495		11,922,498
Resolute Energy Corp.(a)(b)		575,965		5,206,724
Teekay Tankers Ltd., Class A		931,800		3,717,882
Western Refining, Inc.		186,100		5,205,217
Total				46,769,560
Total Energy				57,195,519
Financials 7.8%
Commercial Banks 1.2%
Signature Bank(b)		184,150		11,901,615
Consumer Finance 0.8%
DFC Global Corp.(b)		434,449		8,089,440
Insurance 0.6%
Arthur J Gallagher & Co.		174,200		6,222,424
Real Estate Investment Trusts (REITs) 4.1%
DiamondRock Hospitality Co.(a)		880,500		8,470,410
Home Properties, Inc.(a)		189,800		12,118,730
Omega Healthcare Investors, Inc.(a)		378,700		9,096,374

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

Annual Report 2012
7

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Redwood Trust, Inc.		413,500		5,925,455
Summit Hotel Properties, Inc.(a)		725,041		6,177,349
Total				41,788,318
Real Estate Management & Development 1.1%
Zillow, Inc., Class A(a)(b)		270,170		11,241,774
Total Financials				79,243,571
Health Care 21.0%
Biotechnology 6.2%
Alkermes PLC(a)(b)		629,600		11,553,160
Amarin Corp. PLC, ADR(a)(b)		593,400		8,123,646
Ariad Pharmaceuticals, Inc.(a)(b)		254,900		5,240,744
Dynavax Technologies Corp.(b)		941,513		3,681,316
Exact Sciences Corp.(b)		486,700		4,832,931
Idenix Pharmaceuticals, Inc.(b)		1,216,507		6,873,265
Ironwood Pharmaceuticals, Inc.(a)(b)		342,855		4,295,973
Onyx Pharmaceuticals, Inc.(b)		128,559		9,245,963
Rigel Pharmaceuticals, Inc.(a)(b)		637,700		5,943,364
TESARO, Inc.(b)		292,658		3,623,106
Total				63,413,468
Health Care Equipment & Supplies 4.6%
Align Technology, Inc.(a)(b)		331,424		11,251,845
Insulet Corp.(a)(b)		548,389		11,499,717
Masimo Corp.(a)(b)		349,824		7,724,114
NxStage Medical, Inc.(a)(b)		588,400		7,502,100
Volcano Corp.(b)		296,100		8,373,708
Total				46,351,484
Health Care Providers & Services 5.4%
Brookdale Senior Living, Inc.(b)		746,990		16,232,093
Catamaran Corp.(b)		64,214		5,596,250
Centene Corp.(a)(b)		164,100		6,664,101
HMS Holdings Corp.(a)(b)		460,113		15,855,494
IPC The Hospitalist Co., Inc.(a)(b)		232,200		10,260,918
Total				54,608,856
Health Care Technology 0.5%
athenahealth, Inc.(a)(b)		63,400		5,602,658
Life Sciences Tools & Services 1.3%
Fluidigm Corp.(b)		314,377		4,916,856
ICON PLC, ADR(a)(b)		361,789		8,292,204
Total				13,209,060

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 3.0%
Akorn, Inc.(a)(b)		319,000		4,414,960
Impax Laboratories, Inc.(a)(b)		479,690		11,354,263
MAP Pharmaceuticals, Inc.(a)(b)		471,005		6,330,307
Salix Pharmaceuticals Ltd.(a)(b)		197,095		8,664,296
Total				30,763,826
Total Health Care				213,949,352
Industrials 17.3%
Aerospace & Defense 2.5%
Hexcel Corp.(a)(b)		815,200		18,480,584
LMI Aerospace, Inc.(b)		370,619		7,215,952
Total				25,696,536
Airlines 0.6%
Alaska Air Group, Inc.(b)		178,900		6,002,095
Building Products 1.1%
USG Corp.(a)(b)		553,700		11,384,072
Commercial Services & Supplies 2.4%
Clean Harbors, Inc.(b)		170,100		9,251,739
Portfolio Recovery Associates, Inc.(a)(b)		95,200		9,553,320
Tetra Tech, Inc.(b)		201,956		5,238,739
Total				24,043,798
Electrical Equipment 0.5%
Regal-Beloit Corp.		73,742		5,018,880
Machinery 3.6%
Chart Industries, Inc.(a)(b)		95,509		6,666,528
Lindsay Corp.(a)		104,073		6,802,212
Proto Labs, Inc.(a)(b)		215,009		6,764,183
Trinity Industries, Inc.		194,215		5,504,053
Woodward, Inc.(a)		327,900		11,453,547
Total				37,190,523
Marine 0.6%
Costamare, Inc.		481,364		6,339,564
Professional Services 1.3%
Acacia Research Corp.(a)(b)		210,031		5,532,216
Advisory Board Co. (The)(a)(b)		165,494		7,336,349
Total				12,868,565
Road & Rail 2.4%
Avis Budget Group, Inc.(a)(b)		296,400		4,866,888
Knight Transportation, Inc.(a)		265,300		3,793,790

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

Annual Report 2012
8

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Landstar System, Inc.(a)		171,100		8,087,897
Roadrunner Transportation Systems, Inc.(a)(b)		436,986		7,638,515
Total				24,387,090
Trading Companies & Distributors 2.3%
TAL International Group, Inc.(a)		282,582		9,610,614
United Rentals, Inc.(b)		255,100		8,242,281
Watsco, Inc.(a)		75,300		5,682,138
Total				23,535,033
Total Industrials				176,466,156
Information Technology 22.7%
Communications Equipment 0.6%
Riverbed Technology, Inc.(a)(b)		311,300		6,222,887
Electronic Equipment, Instruments & Components 2.0%
Cognex Corp.(a)		188,300		6,795,747
FARO Technologies, Inc.(a)(b)		140,900		5,558,505
FEI Co.(a)		149,600		8,035,016
Total				20,389,268
Internet Software & Services 5.3%
Angie's List, Inc.(a)(b)		175,100		1,673,956
Bankrate, Inc.(a)(b)		321,466		5,522,786
Bazaarvoice, Inc.(b)		354,587		5,262,071
Cornerstone OnDemand, Inc.(b)		104,777		2,809,071
CoStar Group, Inc.(a)(b)		55,140		4,480,125
DealerTrack Holdings, Inc.(b)		347,500		9,622,275
IAC/InterActiveCorp.		219,900		11,399,616
Liquidity Services, Inc.(a)(b)		85,500		4,479,345
Stamps.com, Inc.(a)(b)		390,275		8,640,689
Total				53,889,934
IT Services 0.6%
Wright Express Corp.(a)(b)		81,219		5,347,459
Semiconductors & Semiconductor Equipment 3.3%
Cirrus Logic, Inc.(b)		86,400		3,600,288
Kulicke & Soffa Industries, Inc.(b)		397,258		4,500,933
Microsemi Corp.(b)		208,600		4,153,226
Power Integrations, Inc.(a)		175,000		6,062,000
Semtech Corp.(b)		433,600		10,631,872
Silicon Laboratories, Inc.(a)(b)		126,500		4,837,360
Total				33,785,679

Common Stocks (continued)

Issuer	Shares		Value ($)
Software 10.9%
ACI Worldwide, Inc.(a)(b)		115,779		5,022,493
Aspen Technology, Inc.(b)		646,600		15,764,108
CommVault Systems, Inc.(a)(b)		311,400		15,700,788
Fortinet, Inc.(b)		481,400		12,761,914
Guidewire Software, Inc.(b)		419,668		11,981,521
Infoblox, Inc.(b)		232,764		5,071,928
Informatica Corp.(b)		173,200		5,646,320
Monitise PLC(b)		9,929,500		5,045,301
Parametric Technology Corp.(b)		191,715		4,073,944
Pegasystems, Inc.		102,900		2,781,387
Proofpoint, Inc.(b)		443,000		5,750,140
QLIK Technologies, Inc.(a)(b)		199,500		4,219,425
TIBCO Software, Inc.(b)		263,775		7,892,148
TiVo, Inc.(b)		402,300		3,656,907
Ultimate Software Group, Inc.(b)		54,600		5,415,774
Total				110,784,098
Total Information Technology				230,419,325
Utilities 0.6%
Electric Utilities 0.6%
UIL Holdings Corp.		180,200		6,339,436
Total Utilities				6,339,436
Total Common Stocks (Cost: $868,912,951)				1,015,519,255

Warrants —%

Energy —%
Oil, Gas & Consumable Fuels —%
Magnum Hunter Resources Corp.(a)(b)(c)	128,560	40,431
Total Energy		40,431
Total Warrants (Cost: $110,576)		40,431
Money Market Funds 0.9%
Columbia Short-Term Cash Fund, 0.164%(d)(e)	9,046,846	9,046,846
Total Money Market Funds (Cost: $9,046,846)		9,046,846

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

Annual Report 2012
9

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 25.4%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Asset-Backed Commercial Paper 4.1%
Barton Capital Corporation 09/04/12		0.200	%		4,999,778		4,999,778
Cancara Asset Securitisation LLC 09/12/12		0.230	%		9,997,828		9,997,828
Kells Funding LLC 10/12/12		0.612	%		3,987,664		3,987,664
Royal Park Investments Funding Corp. 09/25/12		0.650	%		7,995,378		7,995,378
Salisbury Receivables Co. LLC 11/15/12		0.310	%		3,997,003		3,997,003
Scaldis Capital LLC 09/19/12		0.390	%		999,621		999,621
Sheffield Receivable Corp. 10/23/12		0.310	%		4,996,125		4,996,125
Surrey Funding Corp. 10/03/12		0.290	%		4,997,503		4,997,503
Total							41,970,900
Certificates of Deposit 12.4%
ABM AMRO Bank N.V. 09/21/12		0.560	%		1,997,142		1,997,142
11/08/12		0.490	%		4,993,747		4,993,747
Australia and New Zealand Banking Group Ltd. 11/16/12		0.620	%		2,000,000		2,000,000
Barclays Bank PLC 10/26/12		0.310	%		5,000,000		5,000,000
Credit Suisse 11/08/12		0.403	%		5,000,000		5,000,000
DZ Bank AG 10/29/12		0.380	%		5,000,000		5,000,000
11/23/12		0.360	%		3,996,323		3,996,323
Deutsche Bank AG 09/14/12		0.750	%		5,000,000		5,000,000
Development Bank of Singapore Ltd. 09/20/12		0.250	%		5,000,000		5,000,000
09/24/12		0.250	%		5,000,000		5,000,000
DnB NOR ASA 09/14/12		0.530	%		5,000,000		5,000,000
Mizuho Corporate Bank Ltd. 11/14/12		0.340	%		4,995,656		4,995,656
N.V. Bank Nederlandse Gemeenten 10/04/12		0.240	%		10,000,000		10,000,000
National Australia Bank 10/29/12		0.291	%		4,999,888		4,999,888

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
National Bank of Canada 11/09/12		0.301	%		5,000,000		5,000,000
Natixis 09/06/12		0.210	%		5,000,000		5,000,000
Norinchukin Bank 11/21/12		0.370	%		5,000,000		5,000,000
Pohjola Bank PLC 09/21/12		0.280	%		4,000,000		4,000,000
Rabobank 10/26/12		0.515	%		5,000,000		5,000,000
Skandinaviska Enskilda Banken 10/31/12		0.350	%		10,000,000		10,000,000
Standard Chartered Bank PLC 10/05/12		0.630	%		6,977,654		6,977,654
Sumitomo Mitsui Banking Corp. 09/05/12		0.350	%		5,000,000		5,000,000
10/24/12		0.330	%		5,000,000		5,000,000
Sumitomo Trust & Banking Co., Ltd. 11/01/12		0.486	%		7,000,000		7,000,000
Total							125,960,410
Commercial Paper 4.4%
Caisse des Depots 10/16/12		0.400	%		4,994,944		4,994,944
Foreningsparbanken (Swedbank) 11/05/12		0.340	%		4,995,514		4,995,514
11/06/12		0.320	%		4,995,778		4,995,778
HSBC, Inc. 11/20/12		0.300	%		4,996,250		4,996,250
Macquarie Bank Ltd. 10/19/12		0.980	%		5,000,000		5,000,000
PB Capital Corp. 09/10/12		0.751	%		4,993,646		4,993,646
Societe Generale 09/05/12		0.230	%		4,999,776		4,999,776
Suncorp Metway Ltd. 10/09/12		0.450	%		4,996,125		4,996,125
UBS Finance, Inc. 10/22/12		0.330	%		4,995,875		4,995,875
Total							44,967,908
Repurchase Agreements 4.5%
Citibank NA dated 08/31/12, matures 09/04/12, repurchase price $13,000,289(f)		0.200	%		13,000,000		13,000,000

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

Annual Report 2012
10

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Credit Suisse Securities (USA) LLC(f) dated 08/28/12, matures 09/04/12, repurchase price $5,000,078		0.140	%		5,000,000		5,000,000
dated 08/31/12, matures 09/04/12, repurchase price $5,645,958		0.150	%		5,645,864		5,645,864
Mizuho Securities USA, Inc.(f) dated 08/31/12, matures 09/04/12, repurchase price $4,000,102		0.230	%		4,000,000		4,000,000
repurchase price $5,000,133		0.240	%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12 repurchase price $3,000,080(f)		0.240	%		3,000,000		3,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $10,000,256(f)		0.230	%		10,000,000		10,000,000
Total							45,645,864
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $258,545,082)							258,545,082
Total Investments (Cost: $1,136,615,455)							1,283,151,614
Other Assets & Liabilities, Net							(265,936,293	)
Net Assets							1,017,215,321

Notes to Portfolio of Investments

(a)  At August 31, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2012 was $40,431, representing less than 0.01% of net assets. Information concerning such security holdings at August 31, 2012 was as follows:

Security Description	Acquisition Dates	Cost ($)
Magnum Hunter Resources Corp.	03/07/11 - 06/29/11		110,576

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		25,109,566		583,890,808		(599,953,528	)		9,046,846		45,684		9,046,846

(e)  The rate shown is the seven-day current annualized yield at August 31, 2012.

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

Annual Report 2012
11

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

(f)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citibank NA (0.200%)
Fannie Mae REMICS		5,799,804
Fannie Mae-Aces		1,528,507
Freddie Mac REMICS		4,678,240
Government National Mortgage Association		1,253,449
Total market value of collateral securities		13,260,000
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.140%)
United States Treasury Bill		106,335
United States Treasury Inflation Indexed Bonds		227,289
United States Treasury Note/Bond		4,766,455
Total market value of collateral securities		5,100,079
Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		5,758,784
Total market value of collateral securities		5,758,784
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.230%)
United States Treasury Inflation Indexed Bonds		683,713
United States Treasury Note/Bond		2,945,646
United States Treasury Strip Coupon		369,418
United States Treasury Strip Principal		81,223
Total market value of collateral securities		4,080,000
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		117,402
Ginnie Mae I Pool		4,129,130
Ginnie Mae II Pool		114,120
Government National Mortgage Association		739,348
Total market value of collateral securities		5,100,000

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

Annual Report 2012
12

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		360,517
Fannie Mae REMICS		938,704
Freddie Mac Non Gold Pool		102,224
Freddie Mac Reference REMIC		25
Freddie Mac REMICS		544,337
Ginnie Mae I Pool		2,850
Ginnie Mae II Pool		32,823
Government National Mortgage Association		1,078,602
Total market value of collateral securities		3,060,082
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		7,002,669
Freddie Mac Gold Pool		3,197,331
Total market value of collateral securities		10,200,000

Abbreviation Legend

ADR  American Depositary Receipt

REMIC(S)  Real Estate Mortgage Investment Conduit(s)

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).

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.

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

Annual Report 2012
13

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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.

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 recommendation 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 2012
14

Columbia Small Cap Growth Fund I

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		195,468,261		—		—		195,468,261
Consumer Staples		56,437,635		—		—		56,437,635
Energy		57,195,519		—		—		57,195,519
Financials		79,243,571		—		—		79,243,571
Health Care		213,949,352		—		—		213,949,352
Industrials		176,466,156		—		—		176,466,156
Information Technology		225,374,024		5,045,301		—		230,419,325
Utilities		6,339,436		—		—		6,339,436
Warrants
Energy		—		40,431		—		40,431
Total Equity Securities		1,010,473,954		5,085,732		—		1,015,559,686
Other
Money Market Funds		9,046,846		—		—		9,046,846
Investments of Cash Collateral Received for Securities on Loan		—		258,545,082		—		258,545,082
Total Other		9,046,846		258,545,082		—		267,591,928
Total		1,019,520,800		263,630,814		—		1,283,151,614

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.

Annual Report 2012
15

Columbia Small Cap Growth Fund I

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $869,023,527)	$	1,015,559,686
Affiliated issuers (identified cost $9,046,846)		9,046,846
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $212,899,218)		212,899,218
Repurchase agreements (identified cost $45,645,864)		45,645,864
Total investments (identified cost $1,136,615,455)		1,283,151,614
Foreign currency (identified cost $131,561)		131,561
Receivable for:
Investments sold		343,638
Capital shares sold		519,252
Dividends		506,044
Interest		215,352
Reclaims		3,710
Prepaid expenses		15,714
Trustees' deferred compensation plan		37,050
Total assets		1,284,923,935
Liabilities
Due upon return of securities on loan		258,545,082
Payable for:
Investments purchased		5,218,537
Capital shares purchased		3,614,436
Investment management fees		21,298
Distribution and service fees		769
Transfer agent fees		187,799
Administration fees		2,150
Compensation of board members		1,414
Chief compliance officer expenses		150
Expense reimbursement due to Investment Manager		557
Other expenses		79,372
Trustees' deferred compensation plan		37,050
Total liabilities		267,708,614
Net assets applicable to outstanding capital stock	$	1,017,215,321
Represented by
Paid-in capital	$	797,393,706
Accumulated net investment loss		(2,815,813	)
Accumulated net realized gain		76,101,663
Unrealized appreciation (depreciation) on:
Investments		146,536,159
Foreign currency translations		(394	)
Total — representing net assets applicable to outstanding capital stock	$	1,017,215,321
*Value of securities on loan	$	253,542,492

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

Annual Report 2012
16

Columbia Small Cap Growth Fund I

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	61,031,998
Shares outstanding		2,065,726
Net asset value per share	$	29.55
Maximum offering price per share(a)	$	31.35
Class B
Net assets	$	1,428,095
Shares outstanding		50,667
Net asset value per share	$	28.19
Class C
Net assets	$	11,287,259
Shares outstanding		400,457
Net asset value per share	$	28.19
Class I
Net assets	$	90,936,436
Shares outstanding		3,022,352
Net asset value per share	$	30.09
Class R
Net assets	$	54,026
Shares outstanding		1,833
Net asset value per share	$	29.47
Class Y
Net assets	$	12,495,679
Shares outstanding		415,442
Net asset value per share	$	30.08
Class Z
Net assets	$	839,981,828
Shares outstanding		28,021,478
Net asset value per share	$	29.98

(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.

Annual Report 2012
17

Columbia Small Cap Growth Fund I

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends — unaffiliated issuers	$	6,870,131
Dividends — affiliated issuers		45,684
Income from securities lending — net		1,562,393
Foreign taxes withheld		(19,217	)
Total income		8,458,991
Expenses:
Investment management fees		8,072,792
Distribution fees
Class B		12,251
Class C		99,385
Class R		276
Service fees
Class A		193,242
Class B		4,084
Class C		33,128
Transfer agent fees
Class A		152,418
Class B		3,325
Class C		25,119
Class R		105
Class Y		30
Class Z		1,625,379
Administration fees		814,772
Compensation of board members		47,468
Custodian fees		7,888
Printing and postage fees		95,249
Registration fees		132,894
Professional fees		74,544
Chief compliance officer expenses		445
Other		48,802
Total expenses		11,443,596
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(79,402	)
Expense reductions		(4,628	)
Total net expenses		11,359,566
Net investment loss		(2,900,575	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		88,810,589
Foreign currency translations		396
Net realized gain		88,810,985
Net change in unrealized appreciation (depreciation) on:
Investments		1,928,693
Foreign currency translations		(394	)
Net change in unrealized appreciation		1,928,299
Net realized and unrealized gain		90,739,284
Net increase in net assets resulting from operations	$	87,838,709

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

Annual Report 2012
18

Columbia Small Cap Growth Fund I

Statement of Changes in Net Assets

	Year Ended August 31, 2012			Year Ended August 31, 2011
Operations
Net investment loss	$	(2,900,575	)	$	(9,178,650	)
Net realized gain		88,810,985			145,301,435
Net change in unrealized appreciation		1,928,299			73,912,409
Net increase in net assets resulting from operations		87,838,709			210,035,194
Distributions to shareholders
Net realized gains
Class A		(8,033,542	)		—
Class B		(165,165	)		—
Class C		(1,317,176	)		—
Class I		(6,933,914	)		—
Class R		(5,346	)		—
Class Y		(1,103,193	)		—
Class Z		(85,995,735	)		—
Total distributions to shareholders		(103,554,071	)		—
Increase (decrease) in net assets from capital stock activity		(129,402,633	)		161,854,735
Total increase (decrease) in net assets		(145,117,995	)		371,889,929
Net assets at beginning of year		1,162,333,316			790,443,387
Net assets at end of year	$	1,017,215,321		$	1,162,333,316
Accumulated net investment loss	$	(2,815,813	)	$	(3,205,174	)

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

Annual Report 2012
19

Columbia Small Cap Growth Fund I

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		434,890			12,391,899			1,365,459			42,903,630
Distributions reinvested		276,795			7,559,280			—			—
Redemptions		(1,692,890	)		(48,465,439	)		(961,860	)		(30,447,867	)
Net increase (decrease)		(981,205	)		(28,514,260	)		403,599			12,455,763
Class B shares
Subscriptions		689			18,573			8,470			251,645
Distributions reinvested		5,639			147,736			—			—
Redemptions(b)		(24,152	)		(664,783	)		(34,330	)		(1,028,979	)
Net decrease		(17,824	)		(498,474	)		(25,860	)		(777,334	)
Class C shares
Subscriptions		22,638			619,559			118,420			3,569,591
Distributions reinvested		36,659			960,467			—			—
Redemptions		(209,277	)		(5,682,212	)		(176,421	)		(5,389,095	)
Net decrease		(149,980	)		(4,102,186	)		(58,001	)		(1,819,504	)
Class I shares
Subscriptions		1,398,138			42,179,840			3,510,513			113,809,411
Distributions reinvested		250,131			6,933,641			—			—
Redemptions		(1,585,755	)		(47,522,973	)		(550,675	)		(18,702,160	)
Net increase		62,514			1,590,508			2,959,838			95,107,251
Class R shares
Subscriptions		471			13,483			1,860			63,654
Distributions reinvested		186			5,089			—			—
Redemptions		(677	)		(19,707	)		(7	)		(256	)
Net increase (decrease)		(20	)		(1,135	)		1,853			63,398
Class Y shares
Distributions reinvested		39,812			1,103,193			—			—
Redemptions		(576	)		(17,161	)		(198,653	)		(6,600,000	)
Net increase (decrease)		39,236			1,086,032			(198,653	)		(6,600,000	)
Class Z shares
Subscriptions		3,767,042			108,971,471			9,707,005			308,313,313
Distributions reinvested		1,592,084			44,037,051			—			—
Redemptions		(8,695,502	)		(251,971,640	)		(7,680,785	)		(244,888,152	)
Net increase (decrease)		(3,336,376	)		(98,963,118	)		2,026,220			63,425,161
Total net increase (decrease)		(4,383,655	)		(129,402,633	)		5,108,996			161,854,735

(a) Class I and Class R shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(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 2012
20

Columbia Small Cap Growth Fund I

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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	29.94		$	23.55		$	20.82		$	27.82		$	31.69
Income from investment operations:
Net investment loss		(0.15	)		(0.31	)		(0.26	)		(0.19	)		(0.24	)
Net realized and unrealized gain (loss)		2.56			6.70			2.99			(6.81	)		0.17
Total from investment operations		2.41			6.39			2.73			(7.00	)		(0.07	)
Less distributions to shareholders:
Net realized gains		(2.80	)		—			—			—			(3.80	)
Total distributions to shareholders		(2.80	)		—			—			—			(3.80	)
Net asset value, end of period	$	29.55		$	29.94		$	23.55		$	20.82		$	27.82
Total return		8.81	%		27.13	%		13.11	%		(25.16	%)		(1.34	%)(a)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.33%			1.30%			1.32%(c)			1.40%			1.37%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.31%(e)			1.30%(e)			1.32%(c)(e)			1.37%(e)			1.37%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.33%			1.30%			1.32%			1.40%			1.37%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.31	%(e)		1.30	%(e)		1.32	%(e)		1.37	%(e)		1.37	%(e)
Net investment loss		(0.53	%)(e)		(1.00	%)(e)		(1.10	%)(e)		(1.01	%)(e)		(0.82	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	61,032		$	91,234		$	62,261		$	54,384		$	44,184
Portfolio turnover		113	%		113	%		144	%		149	%		165	%

Notes to Financial Highlights

(a)  During the year ended August 31, 2008, the Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.01%.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
21

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	28.82		$	22.84		$	20.35		$	27.39		$	31.26
Income from investment operations:
Net investment loss		(0.35	)		(0.53	)		(0.43	)		(0.32	)		(0.45	)
Net realized and unrealized gain (loss)		2.45			6.51			2.92			(6.72	)		0.14
Total from investment operations		2.10			5.98			2.49			(7.04	)		(0.31	)
Less distributions to shareholders:
Net realized gains		(2.73	)		—			—			—			(3.56	)
Total distributions to shareholders		(2.73	)		—			—			—			(3.56	)
Net asset value, end of period	$	28.19		$	28.82		$	22.84		$	20.35		$	27.39
Total return		7.99	%		26.18	%		12.24	%		(25.70	%)		(2.10	%)(a)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.08%			2.05%			2.07%(c)			2.15%			2.12%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		2.06%(e)			2.05%(e)			2.07%(c)(e)			2.12%(e)			2.12%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.08%			2.05%			2.07%			2.15%			2.12%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		2.06	%(e)		2.05	%(e)		2.07	%(e)		2.12	%(e)		2.12	%(e)
Net investment loss		(1.27	%)(e)		(1.76	%)(e)		(1.84	%)(e)		(1.75	%)(e)		(1.57	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	1,428		$	1,974		$	2,155		$	2,620		$	2,812
Portfolio turnover		113	%		113	%		144	%		149	%		165	%

Notes to Financial Highlights

(a)  During the year ended August 31, 2008, the Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.01%.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009				2008
Per share data
Net asset value, beginning of period	$	28.82		$	22.84		$	20.35		$	27.37			$	31.25
Income from investment operations:
Net investment loss		(0.35	)		(0.53	)		(0.44	)		(0.32	)			(0.44	)
Net realized and unrealized gain (loss)		2.45			6.51			2.93			(6.70	)			0.12
Total from investment operations		2.10			5.98			2.49			(7.02	)			(0.32	)
Less distributions to shareholders:
Net realized gains		(2.73	)		—			—			—				(3.56	)
Total distributions to shareholders		(2.73	)		—			—			—				(3.56	)
Net asset value, end of period	$	28.19		$	28.82		$	22.84		$	20.35			$	27.37
Total return		7.99	%		26.18	%		12.24	%		(25.65	%)			(2.14	%)(a)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.07%			2.05%			2.07%(c)			2.15%				2.12%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		2.06%(e)			2.05%(e)			2.07%(c)(e)			2.12%(e)				2.12%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.07%			2.05%			2.07%			2.15%				2.12%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		2.06	%(e)		2.05	%(e)		2.07	%(e)		2.12	%(e)			2.12	%(e)
Net investment loss		(1.27	%)(e)		(1.75	%)(e)		(1.85	%)(e)		(1.75	%)(e)			(1.57	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	11,287		$	15,864		$	13,897		$	10,093		��	$	8,382
Portfolio turnover		113	%		113	%		144	%		149	%			165	%

Notes to Financial Highlights

(a)  During the year ended August 31, 2008, the Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.01%.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
23

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class I	2012			2011(a)
Per share data
Net asset value, beginning of period	$	30.45		$	26.86
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.17	)
Net realized and unrealized gain		2.59			3.76
Total from investment operations		2.57			3.59
Less distributions to shareholders:
Net realized gains		(2.93	)		—
Total distributions to shareholders		(2.93	)		—
Net asset value, end of period	$	30.09		$	30.45
Total return		9.27	%		13.37	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.88	%		0.88	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		0.88	%		0.88	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.88	%		0.88	%(c)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		0.88	%		0.88	%(c)(e)
Net investment income (loss)		(0.06	%)		(0.57	%)(c)(e)
Supplemental data
Net assets, end of period (in thousands)	$	90,936		$	90,132
Portfolio turnover		113	%		113	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(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.

(c)  Annualized.

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
24

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class R	2012			2011(a)
Per share data
Net asset value, beginning of period	$	29.88		$	26.52
Income from investment operations:
Net investment loss		(0.21	)		(0.35	)
Net realized and unrealized gain		2.53			3.71
Total from investment operations		2.32			3.36
Less distributions to shareholders:
Net realized gains		(2.73	)		—
Total distributions to shareholders		(2.73	)		—
Net asset value, end of period	$	29.47		$	29.88
Total return		8.48	%		12.67	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.57	%		1.55	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.56	%(e)		1.54	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.57	%		1.55	%(c)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.56	%(e)		1.54	%(c)(e)
Net investment loss		(0.74	%)(e)		(1.16	%)(c)(e)
Supplemental data
Net assets, end of period (in thousands)	$	54		$	55
Portfolio turnover		113	%		113	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

(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.

(c)  Annualized.

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
25

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class Y	2012			2011			2010			2009(a)
Per share data
Net asset value, beginning of period	$	30.44		$	23.85		$	21.00		$	19.21
Income from investment operations:
Net investment income		(0.02	)		(0.18	)		(0.17	)		(0.03	)
Net realized and unrealized gain		2.59			6.77			3.02			1.82
Total from investment operations		2.57			6.59			2.85			1.79
Less distributions to shareholders:
Net realized gains		(2.93	)		—			—			—
Total distributions to shareholders		(2.93	)		—			—			—
Net asset value, end of period	$	30.08		$	30.44		$	23.85		$	21.00
Total return		9.27	%		27.63	%		13.57	%		9.32	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.88%			0.88%			0.93%(c)			1.03%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(e)		0.88%			0.88%(f)			0.93%(c)(f)			1.03%(d)(f)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.88%			0.88%			0.93%			1.03%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(e)		0.88%			0.88%(f)			0.93%(f)			1.03%(d)(f)
Net investment income		(0.07	%)		(0.58	%)(f)		(0.70	%)(f)		(0.96	%)(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	12,496		$	11,453		$	13,708		$	14,222
Portfolio turnover		113	%		113	%		144	%		149	%

Notes to Financial Highlights

(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

(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.

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

(d)  Annualized.

(e)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
26

Columbia Small Cap Growth Fund I

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	30.35		$	23.81		$	21.00		$	27.99		$	31.86
Income from investment operations:
Net investment loss		(0.08	)		(0.23	)		(0.21	)		(0.14	)		(0.17	)
Net realized and unrealized gain (loss)		2.59			6.77			3.02			(6.85	)		0.18
Total from investment operations		2.51			6.54			2.81			(6.99	)		0.01
Less distributions to shareholders:
Net realized gains		(2.88	)		—			—			—			(3.88	)
Total distributions to shareholders		(2.88	)		—			—			—			(3.88	)
Net asset value, end of period	$	29.98		$	30.35		$	23.81		$	21.00		$	27.99
Total return		9.06	%		27.47	%		13.38	%		(24.97	%)		(1.09	%)(a)
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.07%			1.05%			1.07%(c)			1.15%			1.12%
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.06%(e)			1.05%(e)			1.07%(c)(e)			1.12%(e)			1.12%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.07%			1.05%			1.07%			1.15%			1.12%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.06	%(e)		1.05	%(e)		1.07	%(e)		1.12	%(e)		1.12	%(e)
Net investment loss		(0.26	%)(e)		(0.73	%)(e)		(0.85	%)(e)		(0.76	%)(e)		(0.57	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	839,982		$	951,620		$	698,422		$	509,514		$	354,145
Portfolio turnover		113	%		113	%		144	%		149	%		165	%

Notes to Financial Highlights

(a)  During the year ended August 31, 2008, the Investment Manager reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by 0.01%.

(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.

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

(d)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
27

Columbia Small Cap Growth Fund I

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Small Cap Growth Fund I (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business 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 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.

The Fund is closed to new investors and new accounts, subject to certain limited exceptions.

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.

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 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 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

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.

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.

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Annual Report 2012
28

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

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.

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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 tax exempt or 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

Annual Report 2012
29

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

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 annually. Net realized capital gains, if any, are distributed along with the income distribution. 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 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 percentage of the Fund's average daily net assets that declines from 0.79% to 0.70% as the Fund's net assets increase. The annualized effective investment management fee rate for the year ended August 31, 2012 was 0.76% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager 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 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the year ended August 31, 2012 was 0.08% of the Fund's average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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 2012
30

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees.

For the year ended August 31, 2012, 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	0.20	%
Class B	0.20
Class C	0.19
Class R	0.19
Class Y	0.00	*
Class Z	0.19

*Less than .01%

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 August 31, 2012, these minimum account balance fees reduced total expenses by $4,628.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75%, and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limit such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $9,028 for Class A, $3,123 for Class B, and $1,070 for Class C shares for the year ended August 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/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	1.31	%
Class B	2.06
Class C	2.06
Class I	0.93
Class R	1.56
Class Y	1.06
Class Z	1.06

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),

Annual Report 2012
31

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, net operating loss reclassifications, passive foreign investment company (PFIC) holdings, re-characterization of real estate investment trust (REIT) distributions and redemption based payments treated as eligible for the dividends paid deduction. 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:

Accumulated net investment loss	$	3,289,936
Accumulated net realized gain		(7,903,631	)
Paid-in capital		4,613,695

Net investment loss 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 August 31,	2012		2011
Ordinary income	$	5,289,051	$	—
Long-term capital gains		98,265,020		—
Total	$	103,554,071	$	—

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term capital gains	$	81,741,109
Unrealized appreciation		138,117,950

At August 31, 2012, the cost of investments for federal income tax purposes was $1,145,033,664 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	170,290,827
Unrealized depreciation		(32,172,877	)
Net unrealized appreciation	$	138,117,950

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 $1,171,914,986 and $1,395,009,928, respectively, for the year ended August 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from

Annual Report 2012
32

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $253,542,492 were on loan, secured by U.S. government and agency securities valued at $24,668 and by cash collateral of $258,545,082 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. 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 8. Shareholder Concentration

At August 31, 2012, one unaffiliated shareholder account owned 34.0% 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 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. Pursuant to a

December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

Note 10. 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.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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

Annual Report 2012
33

Columbia Small Cap Growth Fund I

Notes to Financial Statements (continued)

August 31, 2012

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 2012
34

Columbia Small Cap Growth Fund I

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Small Cap Growth Fund I

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 Small Cap Growth Fund I (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
35

Columbia Small Cap Growth Fund I

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal year ended August 31, 2012, $91,418,146, or, if subsequently determined to be different, the net capital gain of such year.

5.46% of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012, qualifies for the corporate dividends received deduction.

For non-corporate shareholders, 5.46% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
36

Columbia Small Cap Growth Fund I

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
37

Columbia Small Cap Growth Fund I

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
38

Columbia Small Cap Growth Fund I

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
39

Columbia Small Cap Growth Fund I

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Small Cap Growth Fund I (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
40

Columbia Small Cap Growth Fund I

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the seventy-fifth, fourty-seventh, and twenty-second percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
41

Columbia Small Cap Growth Fund I

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the fourth and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the

Annual Report 2012
42

Columbia Small Cap Growth Fund I

Board Consideration and Approval of
Advisory Agreement (continued)

Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
43

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Annual Report 2012
44

Columbia Small Cap Growth Fund I

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 2012
45

Columbia Small Cap Growth Fund I

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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1641 D (10/12)

Annual Report

August 31, 2012

Columbia Technology Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Technology Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Technology 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	21
Report of Independent Registered Public Accounting Firm	29
Trustees and Officers	30
Board Consideration and Approval of Advisory Agreement	33
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

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 2012

Columbia Technology Fund

Performance Overview

Performance Summary

>Columbia Technology Fund (the Fund) Class A shares returned 6.05% excluding sales charges for the 12-month period ended August 31, 2012.

>The Fund outperformed its benchmark, the Bank of America Merrill Lynch (BofAML) 100 Technology Index, which returned 5.14% during the same time period.

>Stock selection and industry allocation decisions generally aided the Fund's performance relative to its benchmark.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	1 Year		5 Years		10 Years
Class A*	11/01/02
Excluding sales charges			6.05		-0.35		12.10
Including sales charges			-0.09		-1.52		11.43
Class B*	11/01/02
Excluding sales charges			5.27		-1.10		11.25
Including sales charges			0.27		-1.48		11.25
Class C*	10/13/03
Excluding sales charges			5.26		-1.10		11.32
Including sales charges			4.26		-1.10		11.32
Class Z	11/09/00		6.30		-0.12		12.41
BofAML 100 Technology Index			5.14		-0.72		8.87

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 since inception 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 BofAML 100 Technology Index is an unmanaged equally weighted index of 100 leading technology stocks.

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 2012
2

Columbia Technology Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Technology 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 2012
3

Columbia Technology Fund

Manager Discussion of Fund Performance

For the 12-month period that ended August 31, 2012, the Fund's Class A shares returned 6.05% excluding sales charges. The Fund outperformed its benchmark, the BofAML 100 Technology Index, which returned 5.14% for the same period. Positive stock selection and industry allocation decisions in the computers and peripherals, communications equipment and semiconductor industries aided performance relative to the benchmark. Security selection in the software and Internet software and services industries detracted from results for the period.

Market Advances Despite Economic Uncertainty

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past year. The pace of U.S. economic growth slowed to 2.0% in the first quarter of 2012, as measured by gross domestic product, and second quarter growth was just 1.3%. Job growth was strong early in 2012 but has been uneven over the past few months. A July rebound in the number of new jobs added to the U.S. labor market raised hopes that the second half would be stronger than the first. However, the August jobs figure was lower than expected and manufacturing activity — the one consistent bright spot throughout this recovery — has slipped. A widely followed measure of consumer confidence from The Conference Board rose in the first half of the period, then generally fell in the second half in response to shifting economic prospects. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market began the period on the upswing. Larger-cap, more defensive stocks led the rally, which broadened in 2012 to include all sectors as corporate earnings remained solid, the housing market improved and investor confidence grew. Volatility increased in the spring as worries over the sovereign debt problems in Europe and the economy at home resurfaced. Stock prices fell sharply in the second quarter of 2012 before regaining ground in the final three months of the reporting period.

Security Selection Drove Returns

Stock selection within the computers and peripherals industry aided performance during the period, as overweights in several key stocks, including Apple, EMC and F5 Networks, amplified returns relative to the benchmark. Apple was a strong contributor to the Fund's gains and the largest contributor to relative performance, as consumer demand for its innovative product line of iPhones and iPads remained high. A position in storage equipment maker EMC helped performance as the company saw strong sales growth and improving profitability driven by the need for corporations to store and protect an increasing volume of virtual data. Stock selection within the communications industry also helped performance as the decision to avoid owning many of the handset companies losing market share to Apple's iPhone proved to be the right call. A holding in networking company F5 Networks also benefited from the growth in virtual data and Internet traffic. The company's products are widely used in data centers to help speed delivery of applications over the Internet and other computer networks. Within semiconductors, a relative underweight in the overall industry helped performance as investors focused on a weakening macroeconomic environment and concluded that reduced future semiconductor capital expenditures would pressure semiconductor stocks. The Fund also did well to avoid one of the largest decliners within the semiconductor industry during the

Portfolio Management

Wayne M. Collette, CFA

Rahul Narang

Top Ten Holdings (%) (at August 31, 2012)
Apple, Inc.	9.9
Amazon.com, Inc.	4.2
QUALCOMM, Inc.	3.4
eBay, Inc.	3.0
Google, Inc.	2.8
EMC Corp.	2.2
Samsung Electronics Co., Ltd.	2.1
Salesforce.com, Inc.	2.0
Verisk Analytics, Inc.	1.7
TripAdvisor, Inc.	1.6

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Technology Fund

Manager Discussion of Fund Performance (continued)

period, a company involved in the design and manufacturing of solar panels. Oversupply has hurt solar industry pricing and profitability. A position in Novellus Systems also aided performance in the semiconductor industry, as the semiconductor equipment maker was acquired by rival Lam Research, which was also held in the portfolio. Investors viewed the deal positively as both companies are expected to cultivate more advanced chip making technology and to leverage each other's existing strategic relationships.

Software-Related Industries Held Back Performance

Stock selection in the software industry detracted from relative performance during the period. An overweight in video game maker Electronic Arts was a key disappointment. Slower sales and some technical complaints of its recently released Star Wars game caused concern among investors. In the Internet software and services industry, a position in Sina, the operator of China's leading micro blog Weibo and a stock not included in the benchmark, detracted from relative performance. Shares dropped sharply on investor fears that new regulations requiring users of micro blogs to register their accounts using their real names would hurt subscriber growth and user activity. We sold the stock.

Looking Ahead

Heading into the final months of 2012, we believe that investors will look for signs that the Federal Reserve (the Fed) plans to implement additional liquidity measures to spur on a fragile global economy. However, the Fed may be reaching the limits of its abilities to prop up the economy. Also, with government policy playing a greater role in driving the financial markets, focus has nervously turned to the November U.S. presidential election and the year-end expiration of tax cuts and economic stimulus. Meanwhile China's economy has slowed. Against this uncertain economic outlook, we remain focused on finding industries that stand to gain wallet share of the $60 trillion global economy and, in particular, companies that are gaining market share of those growth industries. We believe that there will be companies that, by virtue of their innovative products and solutions or their low-cost business models, can increase earnings at a well-above-average rate regardless of the growth rate of the economy. Fortunately, a key long-term trend remains favorable to technology and buoys our optimism: Technology remains a secular growth area. Allocations to technology spending by both business and consumers remain high, and valuations for many technology-related companies remain attractive. The focus of our bottom-up fundamental research effort is to identify and invest in well-managed companies with sustainable and competitive advantages.

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	98.4
Consumer Discretionary	12.0
Financials	1.1
Health Care	1.1
Industrials	3.3
Information Technology	79.9
Telecommunication Services	1.0
Money Market Funds	1.6
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Technology 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.

March 1, 2012 – August 31, 2012

	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		1,000.00		1,018.15		6.99		7.05		1.39
Class B		1,000.00		1,000.00		996.10		1,014.38		10.74		10.84		2.14
Class C		1,000.00		1,000.00		997.10		1,014.38		10.74		10.84		2.14
Class Z		1,000.00		1,000.00		1,001.80		1,019.15		5.99		6.04		1.19

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 366.

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).

Annual Report 2012
6

Columbia Technology Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 98.5%

Issuer	Shares		Value ($)
Consumer Discretionary 12.0%
Auto Components 0.5%
BorgWarner, Inc.(a)(b)		10,582		727,830
Diversified Consumer Services 0.5%
Coinstar, Inc.(a)(b)		13,890		710,057
Household Durables 0.2%
Garmin Ltd.(b)		6,850		276,397
Internet & Catalog Retail 7.5%
Amazon.com, Inc.(a)		23,700		5,883,051
Kayak Software Corp.(a)(b)		21,742		593,557
priceline.com, Inc.(a)		3,080		1,862,076
TripAdvisor, Inc.(a)		68,660		2,295,990
Total				10,634,674
Media 3.3%
CBS Corp., Class B Non Voting		48,510		1,762,853
DISH Network Corp., Class A		18,360		587,336
National CineMedia, Inc.(b)		53,069		769,501
Walt Disney Co. (The)		31,170		1,541,980
Total				4,661,670
Total Consumer Discretionary				17,010,628
Financials 1.1%
Real Estate Management & Development 1.1%
Zillow, Inc., Class A(a)(b)		38,420		1,598,656
Total Financials				1,598,656
Health Care 1.1%
Life Sciences Tools & Services 1.1%
Agilent Technologies, Inc.		42,730		1,587,847
Total Health Care				1,587,847
Industrials 3.3%
Electrical Equipment 0.4%
Sensata Technologies Holding NV(a)		19,370		581,681
Professional Services 2.9%
Acacia Research Corp.(a)(b)		15,494		408,112
Nielsen Holdings NV(a)		45,120		1,265,165
Verisk Analytics, Inc., Class A(a)		48,560		2,356,131
Total				4,029,408
Total Industrials				4,611,089

Common Stocks (continued)

Issuer	Shares		Value ($)
Information Technology 80.0%
Communications Equipment 5.7%
Aruba Networks, Inc.(a)(b)		21,810		428,566
Calix, Inc.(a)(b)		111,134		590,122
Motorola Solutions, Inc.		13,500		643,410
Palo Alto Networks, Inc.(a)		3,300		212,454
QUALCOMM, Inc.		77,700		4,775,442
Research In Motion Ltd.(a)(b)		38,910		260,308
Riverbed Technology, Inc.(a)		59,920		1,197,801
Total				8,108,103
Computers & Peripherals 13.5%
Apple, Inc.		20,720		13,783,773
EMC Corp.(a)		118,210		3,107,741
Fusion-io, Inc.(a)		12,700		355,854
NetApp, Inc.(a)		26,880		927,897
Seagate Technology PLC		28,200		902,682
Total				19,077,947
Electronic Equipment, Instruments & Components 5.7%
Amphenol Corp., Class A		23,260		1,415,836
Arrow Electronics, Inc.(a)		21,170		767,413
Avnet, Inc.(a)		15,640		503,764
Corning, Inc.		28,970		347,350
DTS, Inc.(a)(b)		16,920		379,854
Flextronics International Ltd.(a)		233,310		1,570,176
Jabil Circuit, Inc.		68,710		1,565,214
Radisys Corp.(a)		202,300		738,395
Research Frontiers, Inc.(a)(b)		53,318		168,485
Trimble Navigation Ltd.(a)		11,430		560,642
Total				8,017,129
Internet Software & Services 12.6%
Angie's List, Inc.(a)(b)		49,150		469,874
Baidu, Inc., ADR(a)		11,650		1,298,276
DealerTrack Holdings, Inc.(a)		55,660		1,541,225
eBay, Inc.(a)		87,060		4,132,738
Google, Inc., Class A(a)		5,750		3,939,268
LinkedIn Corp., Class A(a)		8,680		931,364
Netease, Inc., ADR(a)(b)		38,950		2,028,127
Rackspace Hosting, Inc.(a)(b)		26,450		1,586,471
Stamps.com, Inc.(a)		61,500		1,361,610

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

Annual Report 2012
7

Columbia Technology Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
VeriSign, Inc.(a)		12,050		574,544
Total				17,863,497
IT Services 5.0%
Cognizant Technology Solutions Corp., Class A(a)		22,170		1,425,088
Fiserv, Inc.(a)		20,330		1,449,732
Teradata Corp.(a)		28,310		2,162,318
Visa, Inc., Class A		15,890		2,037,892
Total				7,075,030
Semiconductors & Semiconductor Equipment 16.1%
Altera Corp.		39,680		1,481,255
ASML Holding NV, NY Registered Shares		27,270		1,548,118
Avago Technologies Ltd.		61,590		2,252,346
Broadcom Corp., Class A		40,640		1,443,939
Cymer, Inc.(a)(b)		16,920		959,364
Freescale Semiconductor Holdings I Ltd.(a)(b)		55,973		560,290
Inphi Corp.(a)		41,242		489,955
International Rectifier Corp.(a)		23,285		405,392
KLA-Tencor Corp.		35,620		1,827,662
Maxim Integrated Products, Inc.		58,259		1,581,149
MEMC Electronic Materials, Inc.(a)(b)		125,790		337,117
Microchip Technology, Inc.		20,490		712,028
NXP Semiconductor NV(a)		90,026		2,099,406
ON Semiconductor Corp.(a)		196,920		1,226,812
Power Integrations, Inc.		16,980		588,187
Samsung Electronics Co., Ltd., GDR		5,380		2,948,240
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		137,650		2,023,455
Texas Instruments, Inc.		12,430		360,967
Total				22,845,682
Software 21.4%
ANSYS, Inc.(a)		6,960		485,112
Autodesk, Inc.(a)		39,910		1,239,205
BMC Software, Inc.(a)		10,300		426,420
Citrix Systems, Inc.(a)		27,620		2,145,798
ClickSoftware Technologies, Ltd.(b)		135,102		1,082,167
Electronic Arts, Inc.(a)		89,040		1,186,903
Ellie Mae, Inc.(a)		11,410		294,036
Fortinet, Inc.(a)		76,907		2,038,805

Common Stocks (continued)

Issuer	Shares		Value ($)
Guidewire Software, Inc.(a)(b)		27,740		791,977
Infoblox, Inc.(a)		55,956		1,219,281
Informatica Corp.(a)		33,500		1,092,100
Intuit, Inc.		30,520		1,786,641
MICROS Systems, Inc.(a)		8,280		419,465
Microsoft Corp.		72,370		2,230,443
Monitise PLC(a)		3,842,070		1,952,203
Nuance Communications, Inc.(a)		22,890		545,927
Oracle Corp.		52,510		1,661,941
Parametric Technology Corp.(a)		56,790		1,206,787
Proofpoint, Inc.(a)		102,553		1,331,138
Salesforce.com, Inc.(a)(b)		18,930		2,748,257
Sourcefire, Inc(a)		1,475		76,538
Symantec Corp.(a)		81,920		1,460,634
TIBCO Software, Inc.(a)		59,592		1,782,993
TiVo, Inc.(a)		47,190		428,957
VMware, Inc., Class A(a)		7,580		674,923
Total				30,308,651
Total Information Technology				113,296,039
Telecommunication Services 1.0%
Diversified Telecommunication Services 1.0%
Verizon Communications, Inc.		31,520		1,353,469
Total Telecommunication Services				1,353,469
Total Common Stocks (Cost: $135,526,000)				139,457,728
Money Market Funds 1.6%
Columbia Short-Term Cash Fund, 0.164%(c)(d)		2,315,813		2,315,813
Total Money Market Funds (Cost: $2,315,813)				2,315,813

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

Annual Report 2012
8

Columbia Technology Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 6.9%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 6.9%
Credit Suisse Securities (USA) LLC dated 08/31/12, matures 09/04/12, repurchase price $3,809,438(e)		0.150	%		3,809,375		3,809,375
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $5,000,133(e)		0.240	%		5,000,000		5,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Pershing LLC dated 08/31/12, matures 09/04/12, repurchase price $1,000,036(e)		0.320	%		1,000,000		1,000,000
Total							9,809,375
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $9,809,375)							9,809,375
Total Investments (Cost: $147,651,188)							151,582,916
Other Assets & Liabilities, Net							(9,943,743	)
Net Assets							141,639,173

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(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 August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		11,783,957		215,374,422		(224,842,566	)		—		2,315,813		8,924		2,315,813

(d)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Credit Suisse Securities (USA) LLC (0.150%)
United States Treasury Note/Bond		3,885,564
Total market value of collateral securities		3,885,564
Security Description	Value ($)
Mizuho Securities USA, Inc. (0.240%)
Freddie Mac REMICS		117,402
Ginnie Mae I Pool		4,129,130
Ginnie Mae II Pool		114,120
Government National Mortgage Association		739,348
Total market value of collateral securities		5,100,000

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

Annual Report 2012
9

Columbia Technology Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Pershing LLC (0.320%)
Fannie Mae REMICS		239,721
Federal Home Loan Banks		4,762
Freddie Mac Reference REMIC		1
Freddie Mac REMICS		58,714
Ginnie Mae I Pool		142,858
Ginnie Mae II Pool		332,553
Government National Mortgage Association		14,807
United States Treasury Note/Bond		226,584
Total market value of collateral securities		1,020,000

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

REMIC(S) Real Estate Mortgage Investment Conduit(s)

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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.

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

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

Annual Report 2012
10

Columbia Technology Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

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 recommendation 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		17,010,628		—		—		17,010,628
Financials		1,598,656		—		—		1,598,656
Health Care		1,587,847		—		—		1,587,847
Industrials		4,611,089		—		—		4,611,089
Information Technology		108,395,596		4,900,443		—		113,296,039
Telecommunication Services		1,353,469		—		—		1,353,469
Total Equity Securities		134,557,285		4,900,443		—		139,457,728
Other
Money Market Funds		2,315,813		—		—		2,315,813
Investments of Cash Collateral Received for Securities on Loan		—		9,809,375		—		9,809,375
Total Other		2,315,813		9,809,375		—		12,125,188
Total		136,873,098		14,709,818		—		151,582,916

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.

Annual Report 2012
11

Columbia Technology Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $135,526,000)	$	139,457,728
Affiliated issuers (identified cost $2,315,813)		2,315,813
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $9,809,375)		9,809,375
Total investments (identified cost $147,651,188)		151,582,916
Receivable for:
Investments sold		2,016,788
Capital shares sold		129,397
Dividends		72,091
Interest		19,959
Reclaims		122
Prepaid expenses		2,486
Trustees' deferred compensation plan		25,456
Total assets		153,849,215
Liabilities
Due upon return of securities on loan		9,809,375
Payable for:
Investments purchased		1,931,959
Capital shares purchased		311,441
Investment management fees		3,348
Distribution and service fees		876
Transfer agent fees		39,702
Compensation of board members		841
Chief compliance officer expenses		27
Other expenses		87,017
Trustees' deferred compensation plan		25,456
Total liabilities		12,210,042
Net assets applicable to outstanding capital stock	$	141,639,173
Represented by
Paid-in capital	$	162,177,909
Excess of distributions over net investment income		(823,391	)
Accumulated net realized loss		(23,647,073	)
Unrealized appreciation (depreciation) on:
Investments		3,931,728
Total — representing net assets applicable to outstanding capital stock	$	141,639,173
*Value of securities on loan	$	9,658,095

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

Annual Report 2012
12

Columbia Technology Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	50,573,532
Shares outstanding		4,653,046
Net asset value per share	$	10.87
Maximum offering price per share(a)	$	11.53
Class B
Net assets	$	3,788,497
Shares outstanding		371,839
Net asset value per share	$	10.19
Class C
Net assets	$	15,820,843
Shares outstanding		1,550,234
Net asset value per share	$	10.21
Class Z
Net assets	$	71,456,301
Shares outstanding		6,421,816
Net asset value per share	$	11.13

(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%.

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

Annual Report 2012
13

Columbia Technology Fund

Statement of Operations

Year Ended August 31, 2012

Net investment income
Income:
Dividends	$	972,746
Dividends — affiliated issuers		8,924
Income from securities lending — net		146,484
Foreign taxes withheld		(24,937	)
Total income		1,103,217
Expenses:
Investment management fees		1,640,143
Distribution fees
Class B		34,248
Class C		130,901
Service fees
Class A		141,008
Class B		11,416
Class C		43,634
Transfer agent fees
Class A		98,738
Class B		8,266
Class C		34,624
Class Z		247,152
Compensation of board members		25,342
Custodian fees		13,750
Printing and postage fees		46,601
Registration fees		72,946
Professional fees		18,892
Chief compliance officer expenses		95
Other		10,560
Total expenses		2,578,316
Expense reductions		(3,500	)
Total net expenses		2,574,816
Net investment loss		(1,471,599	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		14,901,893
Foreign currency translations		(3,251	)
Net realized gain		14,898,642
Net change in unrealized appreciation (depreciation) on:
Investments		(5,811,501	)
Net change in unrealized appreciation (depreciation)		(5,811,501	)
Net realized and unrealized gain		9,087,141
Net increase in net assets resulting from operations	$	7,615,542

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

Annual Report 2012
14

Columbia Technology Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012			Year Ended August 31, 2011
Operations
Net investment loss	$	(1,471,599	)	$	(2,636,225	)
Net realized gain		14,898,642			81,083,146
Net change in unrealized appreciation (depreciation)		(5,811,501	)		(33,936,556	)
Net increase in net assets resulting from operations		7,615,542			44,510,365
Increase (decrease) in net assets from capital stock activity		(89,992,780	)		(71,827,104	)
Total decrease in net assets		(82,377,238	)		(27,316,739	)
Net assets at beginning of year		224,016,411			251,333,150
Net assets at end of year	$	141,639,173		$	224,016,411
Excess of distributions over net investment income	$	(823,391	)	$	(27,609	)

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

Annual Report 2012
15

Columbia Technology Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012						Year Ended August 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,041,246			10,906,732			2,488,763			27,155,824
Redemptions		(2,734,416	)		(27,798,153	)		(4,366,585	)		(48,324,759	)
Net decrease		(1,693,170	)		(16,891,421	)		(1,877,822	)		(21,168,935	)
Class B shares
Subscriptions		4,175			40,516			17,617			183,506
Redemptions(a)		(207,822	)		(2,014,957	)		(219,725	)		(2,266,043	)
Net decrease		(203,647	)		(1,974,441	)		(202,108	)		(2,082,537	)
Class C shares
Subscriptions		130,085			1,270,966			295,831			3,157,045
Redemptions		(678,344	)		(6,529,928	)		(706,416	)		(7,348,664	)
Net decrease		(548,259	)		(5,258,962	)		(410,585	)		(4,191,619	)
Class Z shares
Subscriptions		1,623,372			17,195,488			2,905,961			32,697,702
Redemptions		(7,901,761	)		(83,063,444	)		(7,236,980	)		(77,081,715	)
Net decrease		(6,278,389	)		(65,867,956	)		(4,331,019	)		(44,384,013	)
Total net decrease		(8,723,465	)		(89,992,780	)		(6,821,534	)		(71,827,104	)

(a) 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 2012
16

Columbia Technology 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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

	Year Ended August 31,
Class A	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.25		$	8.75		$	7.58		$	9.72		$	11.62
Income from investment operations:
Net investment loss		(0.08	)		(0.11	)		(0.09	)		(0.05	)		(0.07	)
Net realized and unrealized gain (loss)		0.70			1.61			1.26			(2.09	)		(1.22	)
Total from investment operations		0.62			1.50			1.17			(2.14	)		(1.29	)
Less distributions to shareholders:
Net realized gains		—			—			—			—			(0.61	)
Total distributions to shareholders		—			—			—			—			(0.61	)
Net asset value, end of period	$	10.87		$	10.25		$	8.75		$	7.58		$	9.72
Total return		6.05	%		17.14	%		15.44	%		(22.02	%)		(12.13	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.39	%		1.46	%(b)		1.47	%(b)		1.53	%		1.36	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		1.39	%(d)		1.43	%(b)		1.45	%(b)(d)		1.46	%(d)		1.36	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.39	%		1.46	%		1.47	%		1.53	%		1.36	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		1.39	%(d)		1.43	%		1.45	%(d)		1.46	%(d)		1.36	%(d)
Net investment loss		(0.80	%)(d)		(1.01	%)		(1.10	%)(d)		(0.80	%)(d)		(0.69	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	50,574		$	65,071		$	71,989		$	81,321		$	137,181
Portfolio turnover		220	%		263	%		189	%		284	%		263	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
17

Columbia Technology Fund

Financial Highlights (continued)

	Year Ended August 31,
Class B	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	9.68		$	8.33		$	7.26		$	9.39		$	11.25
Income from investment operations:
Net investment loss		(0.15	)		(0.19	)		(0.15	)		(0.10	)		(0.15	)
Net realized and unrealized gain (loss)		0.66			1.54			1.22			(2.03	)		(1.19	)
Total from investment operations		0.51			1.35			1.07			(2.13	)		(1.34	)
Less distributions to shareholders:
Net realized gains		—			—			—			—			(0.52	)
Total distributions to shareholders		—			—			—			—			(0.52	)
Net asset value, end of period	$	10.19		$	9.68		$	8.33		$	7.26		$	9.39
Total return		5.27	%		16.21	%		14.74	%		(22.68	%)		(12.80	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.15	%		2.21	%(b)		2.22	%(b)		2.28	%		2.11	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		2.15	%(d)		2.19	%(b)		2.20	%(b)(d)		2.21	%(d)		2.11	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.15	%		2.21	%		2.22	%		2.28	%		2.11	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		2.15	%(d)		2.19	%		2.20	%(d)		2.21	%(d)		2.11	%(d)
Net investment loss		(1.56	%)(d)		(1.77	%)		(1.85	%)(d)		(1.55	%)(d)		(1.43	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	3,788		$	5,573		$	6,478		$	6,562		$	10,812
Portfolio turnover		220	%		263	%		189	%		284	%		263	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
18

Columbia Technology Fund

Financial Highlights (continued)

	Year Ended August 31,
Class C	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	9.70		$	8.35		$	7.27		$	9.41		$	11.27
Income from investment operations:
Net investment loss		(0.15	)		(0.19	)		(0.15	)		(0.10	)		(0.15	)
Net realized and unrealized gain (loss)		0.66			1.54			1.23			(2.04	)		(1.19	)
Total from investment operations		0.51			1.35			1.08			(2.14	)		(1.34	)
Less distributions to shareholders:
Net realized gains		—			—			—			—			(0.52	)
Total distributions to shareholders		—			—			—			—			(0.52	)
Net asset value, end of period	$	10.21		$	9.70		$	8.35		$	7.27		$	9.41
Total return		5.26	%		16.17	%		14.86	%		(22.74	%)		(12.78	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.17	%		2.22	%(b)		2.22	%(b)		2.28	%		2.11	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		2.17	%(d)		2.20	%(b)		2.20	%(b)(d)		2.21	%(d)		2.11	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.17	%		2.22	%		2.22	%		2.28	%		2.11	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		2.17	%(d)		2.20	%		2.20	%(d)		2.21	%(d)		2.11	%(d)
Net investment loss		(1.57	%)(d)		(1.79	%)		(1.85	%)(d)		(1.55	%)(d)		(1.45	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	15,821		$	20,360		$	20,941		$	24,410		$	44,466
Portfolio turnover		220	%		263	%		189	%		284	%		263	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
19

Columbia Technology Fund

Financial Highlights (continued)

	Year Ended August 31,
Class Z	2012			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.47		$	8.92		$	7.70		$	9.86		$	11.78
Income from investment operations:
Net investment loss		(0.07	)		(0.09	)		(0.07	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss)		0.73			1.64			1.29			(2.12	)		(1.23	)
Total from investment operations		0.66			1.55			1.22			(2.16	)		(1.28	)
Less distributions to shareholders:
Net realized gains		—			—			—			—			(0.64	)
Total distributions to shareholders		—			—			—			—			(0.64	)
Net asset value, end of period	$	11.13		$	10.47		$	8.92		$	7.70		$	9.86
Total return		6.30	%		17.38	%		15.84	%		(21.91	%)		(11.93	%)
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.19	%		1.22	%(b)		1.22	%(b)		1.28	%		1.11	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)		1.19	%(d)		1.20	%(b)		1.20	%(b)(d)		1.21	%(d)		1.11	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.19	%		1.22	%		1.22	%		1.28	%		1.11	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)		1.19	%(d)		1.20	%		1.20	%(d)		1.21	%(d)		1.11	%(d)
Net investment loss		(0.62	%)(d)		(0.79	%)		(0.85	%)(d)		(0.54	%)(d)		(0.45	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	71,456		$	133,011		$	151,924		$	155,332		$	208,883
Portfolio turnover		220	%		263	%		189	%		284	%		263	%

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

(c)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(d)  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 2012
20

Columbia Technology Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Technology Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C 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 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

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.

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.

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option

Annual Report 2012
21

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

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.

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.

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

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 produce incremental earnings and protect gains/decrease the Fund's exposure to equity risk and to increase return on investments, protect gains, and facilitate buying and selling of securities for investments. 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.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option contract is

Annual Report 2012
22

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

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 August 31, 2012:

At August 31, 2012, the fund had no outstanding derivatives.

The effect of derivative instruments in the Statement of Operations for the year ended August 31, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Purchased ($)
Equity contracts		170,487
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Purchased ($)
Equity contracts		—

The following table is a summary of the volume of derivative instruments for the year ended August 31, 2012:

Derivative Instrument	Contracts Opened
Options Contracts		1,300

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a

repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis.

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 tax exempt or 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

Annual Report 2012
23

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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 annually. Net realized capital gains, if any, are distributed along with the income dividend. 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 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 percentage of the Fund's average daily net assets that declines from 0.87% to 0.77% as the Fund's net assets increase. The annualized effective investment management fee rate for the year ended August 31, 2012 was 0.87% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Investment Manager does not receive a fee for its services under the Administrative Services Agreement.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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

Annual Report 2012
24

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

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).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

For the year ended August 31, 2012, 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	0.18	%
Class B	0.18
Class C	0.20
Class Z	0.22

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 August 31, 2012, these minimum account balance fees reduced total expenses by $3,500.

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.

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limit such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $23,530 for Class A, $8,446 for Class B, and $2,232 for Class C shares for the year ended August 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, 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/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	1.45	%
Class B	2.20
Class C	2.20
Class Z	1.20

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

Annual Report 2012
25

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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 regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, net operating loss reclassifications, 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	$	675,817
Accumulated net realized loss		3,253
Paid-in capital		(679,070	)

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

For the years ended August 31, 2012 and 2011, there were no distributions.

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	—
Undistributed accumulated long-term gain		—
Unrealized appreciation		3,354,409

At August 31, 2012, the cost of investments for federal income tax purposes was $148,228,507 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	8,913,238
Unrealized depreciation		(5,558,829	)
Net unrealized appreciation	$	3,354,409

The following capital loss carryforward, determined at August 31, 2012, 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 ($)
2018	$	23,069,754

For the year ended August 31, 2012, $12,484,739 of capital loss carryforward was utilized.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred as arising on the first day of the following taxable year. As of August 31, 2012, the Fund will elect to treat late-year ordinary losses of $797,935 on September 1, 2012.

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 $398,325,296 and $487,940,034, respectively, for the year ended August 31, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes 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 are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to

Annual Report 2012
26

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 August 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At August 31, 2012, securities valued at $9,658,095 were on loan, secured by cash collateral of $9,809,375 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. 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 8. Shareholder Concentration

At August 31, 2012, one unaffiliated shareholder account owned 22.3% 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 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the year ended August 31, 2012.

Note 10. Significant Risks

Technology and Technology-related Investment Risk

The Fund will invest a substantial portion of its assets in technology and technology-related companies. The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments.

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.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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

Annual Report 2012
27

Columbia Technology Fund

Notes to Financial Statements (continued)

August 31, 2012

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 2012
28

Columbia Technology Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Technology 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 Technology Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

Annual Report 2012
29

Columbia Technology Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
30

Columbia Technology Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
31

Columbia Technology Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
32

Columbia Technology Fund

Board Consideration and Approval of
Advisory Agreement

At meetings held on March 7, 2012 and June 6, 2012, respectively, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Technology Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve each continuation of the Advisory Agreement.

In connection with their deliberations regarding each continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 6, 2012, April 25, 2012 and June 5, 2012, and at the Board meetings held on March 7, 2012 and June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations.

On March 6, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On March 7, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund. The Committee and the Board met in June 2012 to consider the continuation of the Advisory Agreement for the one-year period ending June 30, 2013, so as to permit the annual consideration of the Advisory Agreement to be conducted each June. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

Annual Report 2012
33

Columbia Technology Fund

Board Consideration and Approval of
Advisory Agreement (continued)

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the eighty-ninth, seventy-sixth and eighty-eighth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of

Annual Report 2012
34

Columbia Technology Fund

Board Consideration and Approval of
Advisory Agreement (continued)

the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the fourth and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2012
35

Columbia Technology Fund

Board Consideration and Approval of
Advisory Agreement (continued)

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

Annual Report 2012
36

Columbia Technology 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 2012
37

Columbia Technology 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1648 D (10/12)

Annual Report

August 31, 2012

Columbia Value and Restructuring Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Value and Restructuring Fund

President's Message

Dear Shareholders,

On the heels of solid gains for stocks during the first quarter, U.S. stock market averages fell in the second quarter as uncertainty mounted regarding the fate of the eurozone and other real concerns. On the last day of the quarter, an announcement that European leaders had agreed to relieve short-term funding pressure on Italy and Spain and to back a plan heading toward a banking union raised hopes that a longer term solution was achievable. The announcement lifted stocks around the world. However, it was a losing quarter for most stock markets as economic data disappointed in the United States and growth in Europe and emerging markets slowed. China, which has been a key driver of worldwide growth over the past decade, has experienced a significant slowdown, and its declining demand for raw materials has had a chilling effect on world commodity markets.

Against a backdrop of rising uncertainty and a declining stock market, bond investors turned cautious. U.S. Treasuries were the quarter's strongest performers. Total returns on long-dated Treasuries surged late last year, sank from mid-December to mid-March then soared through the end of the quarter. By contrast, European sovereign bonds lost value as interest rates rose and concerns about the eurozone's fiscal health mounted.

Despite these continued challenges, we see pockets of strength — and as a result, attractive opportunities — both here and abroad for 2012. We hope to help you capitalize on these opportunities with various articles in our 2012 Perspectives, which is available via the Market Insights tab at columbiamanagement.com. This publication showcases the strong research capabilities and experienced investment teams of Columbia Management and offers a diverse array of investment ideas based on our five key themes for 2012.

Other information and resources available at columbiamanagement.com include:

>  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

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

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2012

Columbia Value and Restructuring 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	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	35
Board Consideration and Approval of Advisory Agreement	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

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 2012

Columbia Value and Restructuring Fund

Performance Overview

Performance Summary

>Columbia Value and Restructuring Fund (the Fund) Class A shares return -1.65% excluding sales charges for the five-month period ended August 31, 2012.

>The Fund underperformed its benchmarks, the Russell 1000 Value Index and the S&P 500 Index, which returned 0.96% and 0.82%, respectively, during the same five-month period.

>Overweights relative to the Russell benchmark and stock selection in both energy and materials hampered Fund performance for the period.

>  During the period, the Fund's fiscal year-end was changed from March 31 to August 31. As a result, performance for the five-month period since the Fund's last annual report has been included in the table below.

Average Annual Total Returns (%) (for period ended August 31, 2012)

	Inception	5 Months cumulative		1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			-1.65		5.41		-1.50		7.53
Including sales charges			-7.29		-0.64		-2.66		6.90
Class C*	09/28/07
Excluding sales charges			-1.98		4.62		-2.23		6.74
Including sales charges			-2.96		3.62		-2.23		6.74
Class I*	09/27/10		-1.52		5.83		-1.26		7.80
Class R*	12/31/04		-1.77		5.14		-1.75		7.26
Class W*	09/27/10		-1.66		5.36		-1.52		7.52
Class Z	12/31/92		-1.57		5.67		-1.29		7.78
Russell 1000 Value Index			0.96		17.30		-0.85		6.57
S&P 500 Index			0.82		18.00		1.28		6.51

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% 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 since inception 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 Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

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. Securities in the Fund may not match those in an index.

Annual Report 2012
2

Columbia Value and Restructuring Fund

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2002 – August 31, 2012)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Value and Restructuring 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 2012
3

Columbia Value and Restructuring Fund

Manager Discussion of Fund Performance

The Board of Trustees for Columbia Value and Restructuring Fund has approved the change of the Fund's fiscal year end from March 31 to August 31. As a result, this report covers the five-month period since the last annual report. The next report you receive will be for the six-month period from September 1, 2012 through February 28, 2013.

For the five-month period that ended August 31, 2012, the Fund's Class A shares returned -1.65% excluding sales charges. The Fund's benchmarks, the Russell 1000 Value Index and the S&P 500 Index, returned 0.96% and 0.82%, respectively, for the same period. Overweights relative to the Russell benchmark and stock selection in both energy and materials hampered Fund performance for the period. An underweight in telecommunication services also limited results.

Economic Uncertainty Weighs on the Stock Market

Europe's debt problems and an uncertain outlook for the global economy dominated world headlines over the past five months. The pace of U.S. economic growth slowed to just 1.7% in the second quarter of 2012. Tepid job growth weighed on consumer confidence, and manufacturing activity — the one consistent bright spot throughout this recovery — slipped during the summer. The housing market emerged as the one bright spot in the U.S. economy. Year-over-year sales improved, inventories tightened and prices stabilized somewhat.

Against this backdrop, the U.S. stock market fell sharply in the second quarter of 2012 before regaining ground in final months of the reporting period. Investors focused on defensive sectors such as health care and consumer staples and tended to shun sectors with greater exposure to the cyclicality of the global economy.

Cyclical Bias Hampered Fund Results

Fund results were hampered by its higher exposure than the Russell Index to the economically sensitive energy and materials sectors and by individual stock selection within both sectors. In energy, the Fund lost ground because it had overweights relative to the Russell index in Noble Energy and Devon Energy and exposure to Petrobras, a semi-public Brazilian multinational energy corporation. All three stocks suffered sharp losses for the five-month period. We sold the Fund's position in Petrobras before period-end. In the materials sector, a large position in Celanese also hurt relative performance. Celanese shares declined approximately 20% amid a slowing of what had been torrid demand from China. In telecommunication services, we made a large opportunistic purchase of Sprint Nextel, which aided relative returns. However, lack of exposure to several other traditional telephone names and an overweight in Windstream, a leading provider of voice and data network communications, more than offset the outsized gains realized from Sprint Nextel during the period.

Consumer Discretionary Stocks, Financials Bolstered Relative Returns

In the consumer discretionary sector, several stocks that were owned by the Fund but not included in the index, bolstered relative returns: TJX, Nike, Discovery Communications and Viacom. We also did well to underweight the financials sector relative to the Russell index. Financials generally underperformed for the period. Elsewhere in the portfolio, Merck, Union Pacific and eBay, a relatively new purchase, generated solid gains. Throughout the period, we continued our

Portfolio Management

Guy Pope, CFA

J. Nicholas Smith, CFA

Morningstar Style Box^TM

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

© 2012 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 August 31, 2012)
Apple, Inc.	6.2
Google, Inc., Class A	3.2
Johnson & Johnson	2.9
ConocoPhillips	2.9
PepsiCo, Inc.	2.7
Wells Fargo & Co.	2.5
Microsoft Corp.	2.5
Lorillard, Inc.	2.4
Noble Energy, Inc.	2.4
Chevron Corp.	2.3

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

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 2012
4

Columbia Value and Restructuring Fund

Manager Discussion of Fund Performance (continued)

efforts to increase the quality of the portfolio, a trend that has been in place for a number of years.

Looking Ahead

Given the prevailing low yields on fixed income securities, we currently expect investors to continue to favor equities. However, our optimism must also strike a cautious note, as political gridlock, the looming expiration of tax breaks and other stimulus measures and an uncertain global recovery are all potential headwinds with which investors must cope. Against this backdrop, we will continue to manage the Fund on a bottom-up basis, optimistic that our ongoing shift to higher quality, large-capitalization names is a prudent strategy for the period ahead.

Portfolio Breakdown (%) (at August 31, 2012)
Common Stocks	99.0
Consumer Discretionary	11.0
Consumer Staples	10.6
Energy	12.5
Financials	13.4
Health Care	14.8
Industrials	10.3
Information Technology	21.3
Materials	2.6
Telecommunication Services	2.5
Money Market Funds	1.0
Total	100.0

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

Annual Report 2012
5

Columbia Value and Restructuring 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.

March 1, 2012 – August 31, 2012

	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		985.60		1,019.21		5.96		6.06		1.19
Class C		1,000.00		1,000.00		981.70		1,015.43		9.69		9.86		1.94
Class I		1,000.00		1,000.00		987.40		1,021.17		4.01		4.08		0.80
Class R		1,000.00		1,000.00		984.30		1,017.95		7.20		7.32		1.44
Class W		1,000.00		1,000.00		985.40		1,019.26		5.91		6.01		1.18
Class Z		1,000.00		1,000.00		986.60		1,020.47		4.71		4.79		0.94

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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until December 31, 2013, unless sooner terminated at the sole discretion of the Fund's Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 1.26% for Class A, 2.01% for Class C, 1.51% for Class R, 1.26% for Class W and 1.01% for Class Z. Any amounts waived will not be reimbursed by the Fund. This change was effective August 1, 2012. If this change had been in place for the entire six month period ended August 31, 2012, the actual expenses paid would have been $6.31 for Class A, $10.04 for Class C, $7.55 for Class R, $6.31 for Class W and $5.06 for Class Z; the hypothetical expenses paid would have been $6.41 for Class A, $10.21 for Class C, $7.68 for Class R, $6.41 for Class W and $5.14 for Class Z.

Annual Report 2012
6

Columbia Value and Restructuring Fund

Portfolio of Investments

August 31, 2012

(Percentages represent value of investments compared to net assets)

Common Stocks 99.0%

Issuer	Shares		Value ($)
Consumer Discretionary 11.0%
Auto Components 0.2%
Johnson Controls, Inc.		229,750		6,251,497
Hotels, Restaurants & Leisure 0.9%
McDonald's Corp.		294,580		26,361,964
Media 5.2%
Comcast Corp., Class A		1,346,890		45,161,222
DIRECTV(a)		554,810		28,900,053
Discovery Communications, Inc., Class A(a)(b)		249,200		13,666,128
Viacom, Inc., Class B		1,160,500		58,036,605
Total				145,764,008
Multiline Retail 1.6%
Target Corp.		692,080		44,355,407
Specialty Retail 1.9%
Lowe's Companies, Inc.		852,910		24,290,877
TJX Companies, Inc.		653,300		29,914,607
Total				54,205,484
Textiles, Apparel & Luxury Goods 1.2%
Nike, Inc., Class B		331,280		32,253,421
Total Consumer Discretionary				309,191,781
Consumer Staples 10.6%
Beverages 2.7%
PepsiCo, Inc.		1,052,800		76,254,304
Food & Staples Retailing 1.5%
CVS Caremark Corp.		900,540		41,019,597
Food Products 2.1%
Kraft Foods, Inc., Class A		1,397,400		58,034,022
Household Products 1.9%
Procter & Gamble Co. (The)		813,800		54,679,222
Tobacco 2.4%
Lorillard, Inc.		535,237		67,177,596
Total Consumer Staples				297,164,741
Energy 12.5%
Energy Equipment & Services 1.9%
Baker Hughes, Inc.		358,900		16,365,840
Halliburton Co.		1,111,990		36,428,792
Total				52,794,632

Common Stocks (continued)

Issuer	Shares		Value ($)
Oil, Gas & Consumable Fuels 10.6%
Anadarko Petroleum Corp.		687,800		47,643,906
Apache Corp.		238,500		20,451,375
Chevron Corp.		574,600		64,447,136
ConocoPhillips		1,408,900		80,011,431
Devon Energy Corp.		344,200		19,905,086
Noble Energy, Inc.		742,700		65,283,330
Total				297,742,264
Total Energy				350,536,896
Financials 13.4%
Capital Markets 5.3%
Apollo Global Management LLC, Class A		743,371		9,857,099
BlackRock, Inc.		219,115		38,645,313
Goldman Sachs Group, Inc. (The)		197,850		20,916,702
Invesco Ltd.		1,842,100		43,620,928
Morgan Stanley		1,063,690		15,955,350
State Street Corp.		451,700		18,790,720
Total				147,786,112
Commercial Banks 2.5%
Wells Fargo & Co.		2,066,300		70,316,189
Diversified Financial Services 1.6%
Citigroup, Inc.		1,320,000		39,217,200
JPMorgan Chase & Co.		186,660		6,932,552
Total				46,149,752
Insurance 4.0%
ACE Ltd.		773,100		57,000,663
Aon PLC		1,055,100		54,822,996
Total				111,823,659
Total Financials				376,075,712
Health Care 14.8%
Biotechnology 1.1%
Celgene Corp.(a)		411,590		29,650,944
Health Care Equipment & Supplies 2.4%
Baxter International, Inc.		625,000		36,675,000
Covidien PLC		572,600		32,094,230
Total				68,769,230

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

Annual Report 2012
7

Columbia Value and Restructuring Fund

Portfolio of Investments (continued)

August 31, 2012

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 3.7%
AmerisourceBergen Corp.		1,145,842		44,137,834
CIGNA Corp.		609,100		27,878,507
Express Scripts Holding Co.(a)		195,480		12,240,957
Humana, Inc.		281,450		19,724,016
Total				103,981,314
Pharmaceuticals 7.6%
Abbott Laboratories		608,800		39,900,752
Johnson & Johnson		1,199,740		80,898,468
Merck & Co., Inc.		800,920		34,479,606
Pfizer, Inc.		2,440,450		58,229,137
Total				213,507,963
Total Health Care				415,909,451
Industrials 10.3%
Aerospace & Defense 1.1%
United Technologies Corp.		395,390		31,571,891
Airlines 0.9%
Copa Holdings SA, Class A		314,700		24,430,161
Industrial Conglomerates 2.3%
Tyco International Ltd.		1,135,000		63,991,300
Machinery 2.2%
Eaton Corp.(b)		750,000		33,540,000
Stanley Black & Decker, Inc.		450,000		29,601,000
Total				63,141,000
Professional Services 1.1%
Nielsen Holdings NV(a)		1,063,400		29,817,736
Road & Rail 1.6%
Union Pacific Corp.		370,600		45,005,664
Trading Companies & Distributors 1.1%
AerCap Holdings NV(a)		2,535,487		32,073,911
Total Industrials				290,031,663
Information Technology 21.3%
Communications Equipment 1.8%
Harris Corp.(b)		187,000		8,794,610
QUALCOMM, Inc.		690,860		42,460,256
Total				51,254,866
Computers & Peripherals 7.4%
Apple, Inc.		260,640		173,388,154
EMC Corp.(a)		1,321,200		34,734,348
Total				208,122,502

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 5.2%
eBay, Inc.(a)		1,224,150		58,110,400
Google, Inc., Class A(a)		128,130		87,780,582
Total				145,890,982
IT Services 3.0%
International Business Machines Corp.		251,010		48,909,298
Mastercard, Inc., Class A		84,100		35,565,890
Total				84,475,188
Office Electronics 0.5%
Xerox Corp.		1,944,000		14,327,280
Semiconductors & Semiconductor Equipment 0.7%
Skyworks Solutions, Inc.(a)		639,870		19,490,440
Software 2.7%
Electronic Arts, Inc.(a)		418,110		5,573,406
Microsoft Corp.		2,220,520		68,436,427
Total				74,009,833
Total Information Technology				597,571,091
Materials 2.6%
Chemicals 1.4%
Celanese Corp., Class A		1,016,300		38,883,638
Metals & Mining 1.2%
Freeport-McMoRan Copper & Gold, Inc.		900,000		32,499,000
Total Materials				71,382,638
Telecommunication Services 2.5%
Diversified Telecommunication Services 1.8%
Hkt Trust And Hkt Ltd.		39,459,440		33,796,811
Windstream Corp.(b)		1,548,200		15,280,734
Total				49,077,545
Wireless Telecommunication Services 0.7%
Sprint Nextel Corp.(a)		4,070,970		19,744,205
Total Telecommunication Services				68,821,750
Total Common Stocks (Cost: $2,365,885,159)				2,776,685,723
Money Market Funds 1.0%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.164%(c)(d)		28,067,156		28,067,156
Total Money Market Funds (Cost: $28,067,156)				28,067,156

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

Annual Report 2012
8

Columbia Value and Restructuring Fund

Portfolio of Investments (continued)

August 31, 2012

Investments of Cash Collateral Received for Securities on Loan 2.0%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Asset-Backed Commercial Paper 0.2%
Barton Capital Corporation 09/04/12		0.200	%		1,999,912		1,999,912
Manhattan Asset Funding Co. LLC 09/20/12		0.210	%		1,999,673		1,999,673
Total							3,999,585
Repurchase Agreements 1.8%
Citigroup Global Markets, Inc. dated 08/31/12, matures 09/04/12, repurchase price $2,000,047(e)		0.210	%		2,000,000		2,000,000
Mizuho Securities USA, Inc. dated 08/31/12, matures 09/04/12, repurchase price $3,000,077(e)		0.230	%		3,000,000		3,000,000
Natixis Financial Products, Inc. dated 08/31/12, matures 09/04/12, repurchase price $30,000,800(e)		0.240	%		30,000,000		30,000,000

Investments of Cash Collateral Received for Securities on Loan (continued)

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Nomura Securities dated 08/31/12, matures 09/04/12, repurchase price $5,000,128(e)		0.230	%		5,000,000		5,000,000
Pershing LLC dated 08/31/12, matures 09/04/12, repurchase price $4,000,142(e)		0.320	%		4,000,000		4,000,000
Societe Generale dated 08/31/12, matures 09/04/12, repurchase price $6,825,451(e)		0.180	%		6,825,314		6,825,314
Total							50,825,314
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $54,824,899)							54,824,899
Total Investments (Cost: $2,448,777,214)							2,859,577,778
Other Assets & Liabilities, Net							(56,252,506	)
Net Assets							2,803,325,272

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At August 31, 2012, security was partially or fully on loan.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2012.

(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 period ended August 31, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		—		902,386,848		(874,319,692)		—		28,067,156		—		29,999		28,067,156

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Security Description	Value ($)
Citigroup Global Markets, Inc. (0.210%)
Fannie Mae REMICS		654,169
Fannie Mae-Aces		224,485
Freddie Mac REMICS		871,955
Government National Mortgage Association		289,391
Total market value of collateral securities		2,040,000

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

Annual Report 2012
9

Columbia Value and Restructuring Fund

Portfolio of Investments (continued)

August 31, 2012

Notes to Portfolio of Investments (continued)

Security Description	Value ($)
Mizuho Securities USA, Inc. (0.230%)
United States Treasury Inflation Indexed Bonds		512,784
United States Treasury Note/Bond		2,209,235
United States Treasury Strip Coupon		277,064
United States Treasury Strip Principal		60,917
Total market value of collateral securities		3,060,000
Security Description	Value ($)
Natixis Financial Products, Inc. (0.240%)
Fannie Mae Pool		3,605,169
Fannie Mae REMICS		9,387,034
Freddie Mac Non Gold Pool		1,022,244
Freddie Mac Reference REMIC		253
Freddie Mac REMICS		5,443,367
Ginnie Mae I Pool		28,498
Ginnie Mae II Pool		328,230
Government National Mortgage Association		10,786,021
Total market value of collateral securities		30,600,816
Security Description	Value ($)
Nomura Securities (0.230%)
Fannie Mae Pool		3,501,334
Freddie Mac Gold Pool		1,598,666
Total market value of collateral securities		5,100,000
Security Description	Value ($)
Pershing LLC (0.320%)
Fannie Mae REMICS		958,883
Federal Home Loan Banks		19,049
Freddie Mac Reference REMIC		2
Freddie Mac REMICS		234,857
Ginnie Mae I Pool		571,432
Ginnie Mae II Pool		1,330,212
Government National Mortgage Association		59,229
United States Treasury Note/Bond		906,336
Total market value of collateral securities		4,080,000
Security Description	Value ($)
Societe Generale (0.180%)
United States Treasury Inflation Indexed Bonds		6,961,820
Total market value of collateral securities		6,961,820

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

Annual Report 2012
10

Columbia Value and Restructuring Fund

Portfolio of Investments (continued)

August 31, 2012

Abbreviation Legend

REMIC(S) Real Estate Mortgage Investment Conduit(s)

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).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (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.

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 recommendation 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 2012
11

Columbia Value and Restructuring Fund

Portfolio of Investments (continued)

August 31, 2012

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2012:

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		309,191,781		—		—		309,191,781
Consumer Staples		297,164,741		—		—		297,164,741
Energy		350,536,896		—		—		350,536,896
Financials		376,075,712		—		—		376,075,712
Health Care		415,909,451		—		—		415,909,451
Industrials		290,031,663		—		—		290,031,663
Information Technology		597,571,091		—		—		597,571,091
Materials		71,382,638		—		—		71,382,638
Telecommunication Services		35,024,939		33,796,811		—		68,821,750
Total Equity Securities		2,742,888,912		33,796,811		—		2,776,685,723
Other
Money Market Funds		28,067,156		—		—		28,067,156
Investments of Cash Collateral Received for Securities on Loan		—		54,824,899		—		54,824,899
Total Other		28,067,156		54,824,899		—		82,892,055
Total		2,770,956,068		88,621,710		—		2,859,577,778

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.

Annual Report 2012
12

Columbia Value and Restructuring Fund

Statement of Assets and Liabilities

August 31, 2012

Assets
Investments, at value*
Unaffiliated issuers (identified cost $2,365,885,159)	$	2,776,685,723
Affiliated issuers (identified cost $28,067,156)		28,067,156
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $3,999,585)		3,999,585
Repurchase agreements (identified cost $50,825,314)		50,825,314
Total investments (identified cost $2,448,777,214)		2,859,577,778
Receivable for:
Investments sold		54,959,897
Capital shares sold		240,836
Dividends		7,004,732
Interest		7,513
Reclaims		150,936
Prepaid expenses		46,353
Trustees' deferred compensation plan		193,753
Other assets		1,502
Total assets		2,922,183,300
Liabilities
Due upon return of securities on loan		54,824,899
Payable for:
Investments purchased		55,638,524
Capital shares purchased		7,078,570
Investment management fees		52,798
Distribution and service fees		2,311
Transfer agent fees		683,289
Administration fees		4,591
Compensation of board members		2,962
Chief compliance officer expenses		480
Other expenses		375,851
Trustees' deferred compensation plan		193,753
Total liabilities		118,858,028
Net assets applicable to outstanding capital stock	$	2,803,325,272
Represented by
Paid-in capital	$	2,228,307,330
Undistributed net investment income		5,806,656
Accumulated net realized gain		158,435,772
Unrealized appreciation (depreciation) on:
Investments		410,800,564
Foreign currency translations		(25,050	)
Total — representing net assets applicable to outstanding capital stock	$	2,803,325,272
*Value of securities on loan	$	53,651,561

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

Annual Report 2012
13

Columbia Value and Restructuring Fund

Statement of Assets and Liabilities (continued)

August 31, 2012

Class A
Net assets	$	134,228,317
Shares outstanding		2,762,707
Net asset value per share	$	48.59
Maximum offering price per share(a)	$	51.55
Class C
Net assets	$	35,288,056
Shares outstanding		729,380
Net asset value per share	$	48.38
Class I
Net assets	$	2,790
Shares outstanding		58
Net asset value per share(b)	$	48.50
Class R
Net assets	$	32,094,865
Shares outstanding		661,294
Net asset value per share	$	48.53
Class W
Net assets	$	2,792
Shares outstanding		58
Net asset value per share(b)	$	48.56
Class Z
Net assets	$	2,601,708,452
Shares outstanding		53,561,098
Net asset value per share	$	48.57

(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 2012
14

Columbia Value and Restructuring Fund

Statement of Operations

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012
Net investment income
Income:
Dividends — unaffiliated issuers	$	30,392,366		$	121,611,457
Dividends — affiliated issuers		29,999			3,967
Interest		148,545			905,467
Income from securities lending — net		67,516			285,893
Foreign taxes withheld		(132,804	)		(1,519,360	)
Total income		30,505,622			121,287,424
Expenses:
Investment management fees		9,105,787			36,158,339
Distribution fees
Class C		116,999			393,542
Class R		72,328			230,164
Service fees
Class A		151,901			505,893
Class C		39,000			131,181
Class W		3			7
Transfer agent fees
Class A		124,683			445,361
Class C		32,023			105,644
Class R		29,689			95,211
Class W		2			5
Class Z		2,512,209			10,275,489
Administration fees		791,808			4,735,917
Compensation of board members		59,093			210,211
Pricing and bookkeeping fees		—			48,156
Custodian fees		6,633			154,970
Printing and postage fees		380,366			673,890
Registration fees		59,328			119,850
Professional fees		88,863			243,480
Line of credit interest expense		—			23,419
Chief compliance officer expenses		319			3,889
Other		116,340			637,793
Total expenses		13,687,374			55,192,411
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(823,726	)		(2,410,775	)
Expense reductions		(33,845	)		(43,652	)
Total net expenses		12,829,803			52,737,984
Net investment income		17,675,819			68,549,440
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		721,830,806			817,607,262
Foreign currency translations		(30	)		(51,882	)
Options contracts written		—			(294,188	)
Net realized gain		721,830,776			817,261,192
Net change in unrealized appreciation (depreciation) on:
Investments		(828,751,039	)		(1,411,547,064	)
Foreign currency translations		(9,108	)		(10,020	)
Options contracts written		—			1,329,546
Net change in unrealized depreciation		(828,760,147	)		(1,410,227,538	)
Net realized and unrealized loss		(106,929,371	)		(592,966,346	)
Net decrease in net assets from operations	$	(89,253,552	)	$	(524,416,906	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

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

Annual Report 2012
15

Columbia Value and Restructuring Fund

Statement of Changes in Net Assets

	Year Ended August 31, 2012(a)			Year Ended March 31, 2012			Year Ended March 31, 2011(b)
Operations
Net investment income	$	17,675,819		$	68,549,440		$	88,160,171
Net realized gain		721,830,776			817,261,192			281,015,082
Net change in unrealized appreciation (depreciation)		(828,760,147	)		(1,410,227,538	)		776,324,365
Net increase (decrease) in net assets resulting from operations		(89,253,552	)		(524,416,906	)		1,145,499,618
Distributions to shareholders:
Net investment income
Class A		(491,104	)		(2,022,036	)		(3,204,542	)
Class C		(57,756	)		(178,216	)		(365,279	)
Class I		(12	)		(39	)		(54,138	)
Class R		(98,412	)		(351,895	)		(566,586	)
Class W		(10	)		(29	)		(11	)
Class Z		(11,516,046	)		(64,346,698	)		(87,200,668	)
Total distributions to shareholders		(12,163,340	)		(66,898,913	)		(91,391,224	)
Increase (decrease) in net assets from capital stock activity		(1,229,819,245	)		(2,288,996,250	)		(1,229,234,628	)
Total decrease in net assets		(1,331,236,137	)		(2,880,312,069	)		(175,126,234	)
Net assets at beginning of year		4,134,561,409			7,014,873,478			7,189,999,712
Net assets at end of year	$	2,803,325,272		$	4,134,561,409		$	7,014,873,478
Undistributed net investment income	$	5,806,656		$	1,639,387		$	40,742

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

Annual Report 2012
16

Columbia Value and Restructuring Fund

Statement of Changes in Net Assets (continued)

	Year Ended August 31, 2012(a)						Year Ended March 31, 2012						Year Ended March 31, 2011(b)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		77,220			3,628,854			429,799			20,748,380			1,122,585			51,295,242
Distributions reinvested		10,153			463,975			37,595			1,698,011			59,362			2,627,179
Redemptions		(678,621	)		(31,999,955	)		(2,169,299	)		(103,288,238	)		(2,653,210	)		(119,919,348	)
Net decrease		(591,248	)		(27,907,126	)		(1,701,905	)		(80,841,847	)		(1,471,263	)		(65,996,927	)
Class C shares
Subscriptions		9,787			461,915			87,938			4,296,824			187,589			8,712,920
Distributions reinvested		1,069			48,734			2,972			133,769			6,299			273,618
Redemptions		(129,941	)		(6,114,048	)		(586,390	)		(27,697,861	)		(528,877	)		(23,533,078	)
Net decrease		(119,085	)		(5,603,399	)		(495,480	)		(23,267,268	)		(334,989	)		(14,546,540	)
Class I shares
Subscriptions		—			—			58,248			3,123,981			535,411			26,380,052
Distributions reinvested		—			—			—			—			1,051			54,122
Redemptions		—			—			(560,760	)		(28,966,012	)		(33,892	)		(1,723,811	)
Net increase (decrease)		—			—			(502,512	)		(25,842,031	)		502,570			24,710,363
Class R shares
Subscriptions		47,006			2,222,975			145,708			6,982,623			278,727			12,289,558
Distributions reinvested		2,155			98,412			7,762			351,895			12,868			566,555
Redemptions		(170,884	)		(7,994,806	)		(603,378	)		(30,008,857	)		(360,742	)		(16,451,024	)
Net decrease		(121,723	)		(5,673,419	)		(449,908	)		(22,674,339	)		(69,147	)		(3,594,911	)
Class W shares
Subscriptions		—			—			—			—			61			2,651
Redemptions		—			—			—			—			(3	)		(154	)
Net increase		—			—			—			—			58			2,497
Class Z shares
Subscriptions		954,372			45,117,296			10,657,053			515,042,888			30,084,448			1,382,808,276
Distributions reinvested		202,426			9,244,800			922,759			41,664,646			1,314,238			58,505,520
Redemptions		(26,047,705	)		(1,244,997,397	)		(57,331,033	)		(2,693,078,299	)		(58,696,759	)		(2,611,122,906	)
Net decrease		(24,890,907	)		(1,190,635,301	)		(45,751,221	)		(2,136,370,765	)		(27,298,073	)		(1,169,809,110	)
Total net decrease		(25,722,963	)		(1,229,819,245	)		(48,901,026	)		(2,288,996,250	)		(28,670,844	)		(1,229,234,628	)

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

Annual Report 2012
17

Columbia Value and Restructuring 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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended August 31,			Year Ended March 31,
Class A	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	49.58		$	53.03		$	44.68		$	26.51		$	52.25		$	58.58
Income from investment operations:
Net investment income		0.23			0.49			0.53	(c)		0.39	(c)		0.51			0.24
Net realized and unrealized gain (loss)		(1.06	)		(3.45	)		8.37			18.16			(25.72	)		(5.70	)
Total from investment operations		(0.83	)		(2.96	)		8.90			18.55			(25.21	)		(5.46	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.49	)		(0.55	)		(0.38	)		(0.51	)		(0.36	)
Net realized gains		—			—			—			—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.16	)		(0.49	)		(0.55	)		(0.38	)		(0.53	)		(0.87	)
Proceeds from regulatory settlements		—			—			—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	48.59		$	49.58		$	53.03		$	44.68		$	26.51		$	52.25
Total return		(1.65	%)		(5.49	%)		20.17	%		70.25	%		(48.51	%)		(9.41	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.26	%(f)		1.26	%(g)		1.20	%(g)		1.14	%(g)		1.18	%(g)		1.07	%(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(h)		1.19	%(f)(i)		1.19	%(g)(i)		1.20	%(g)(i)		1.14	%(g)(i)		1.14	%(g)(i)		1.02	%(f)(i)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.26	%(f)		1.26	%		1.20	%		1.14	%		1.18	%		1.07	%(f)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(h)		1.19	%(f)(i)		1.19	%(i)		1.20	%(i)		1.14	%(i)		1.14	%(i)		1.02	%(f)(i)
Net investment income		1.15	%(f)(i)		1.03	%(i)		1.16	%(i)		1.01	%(i)		1.35	%(i)		0.83	%(f)(i)
Supplemental data
Net assets, end of period (in thousands)	$	134,228		$	166,301		$	268,124		$	291,655		$	163,338		$	77,209
Portfolio turnover		64	%		9	%		12	%		6	%		12	%		11	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.18 and $0.04 per share, respectively.

(d)  Rounds to less than $0.01.

(e)  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.

(f)  Annualized.

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

(h)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
18

Columbia Value and Restructuring Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class C	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	49.44		$	52.89		$	44.60		$	26.51		$	52.23		$	58.58
Income from investment operations:
Net investment income		0.08			0.13			0.18	(c)		0.10	(c)		0.23			0.04
Net realized and unrealized gain (loss)		(1.07	)		(3.41	)		8.36			18.16			(25.73	)		(5.68	)
Total from investment operations		(0.99	)		(3.28	)		8.54			18.26			(25.50	)		(5.64	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.25	)		(0.17	)		(0.20	)		(0.20	)
Net realized gains		—			—			—			—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.07	)		(0.17	)		(0.25	)		(0.17	)		(0.22	)		(0.71	)
Proceeds from regulatory settlements		—			—			—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	48.38		$	49.44		$	52.89		$	44.60		$	26.51		$	52.23
Total return		(1.98	%)		(6.18	%)		19.27	%		69.00	%		(48.89	%)		(9.72	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.01	%(f)		1.99	%(g)		1.95	%(g)		1.89	%(g)		1.93	%(g)		1.82	%(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(h)		1.94	%(f)(i)		1.95	%(g)(i)		1.95	%(g)(i)		1.89	%(g)(i)		1.89	%(g)(i)		1.77	%(f)(i)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.01	%(f)		1.99	%		1.95	%		1.89	%		1.93	%		1.82	%(f)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(h)		1.94	%(f)(i)		1.95	%(i)		1.95	%(i)		1.89	%(i)		1.89	%(i)		1.77	%(f)(i)
Net investment income		0.41	%(f)(i)		0.28	%(i)		0.40	%(i)		0.26	%(i)		0.63	%(i)		0.07	%(f)(i)
Supplemental data
Net assets, end of period (in thousands)	$	35,288		$	41,945		$	71,083		$	74,880		$	40,380		$	13,665
Portfolio turnover		64	%		9	%		12	%		6	%		12	%		11	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 28, 2007 (commencement of operations) to March 31, 2008.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.18 and $0.04 per share, respectively.

(d)  Rounds to less than $0.01.

(e)  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.

(f)  Annualized.

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

(h)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
19

Columbia Value and Restructuring Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class I	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	49.48		$	53.03		$	43.47
Income from investment operations:
Net investment income		0.31			0.09			0.27
Net realized and unrealized gain (loss)		(1.08	)		(2.95	)		9.57
Total from investment operations		(0.77	)		(2.86	)		9.84
Less distributions to shareholders:
Net investment income		(0.21	)		(0.69	)		(0.28	)
Total distributions to shareholders		(0.21	)		(0.69	)		(0.28	)
Net asset value, end of period	$	48.50		$	49.48		$	53.03
Total return		(1.52	%)		(5.26	%)		22.67	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.81	%(d)		0.78	%(e)		0.79	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.81	%(d)		0.78	%(e)(g)		0.79	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.81	%(d)		0.78	%		0.79	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.81	%(d)		0.78	%(g)		0.79	%(d)(g)
Net investment income		1.55	%(d)		0.17	%(g)		1.05	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	26,652
Portfolio turnover		64	%		9	%		12	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
20

Columbia Value and Restructuring Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class R	2012(a)			2012			2011			2010			2009			2008(b)
Per share data
Net asset value, beginning of period	$	49.55		$	52.98		$	44.64		$	26.50		$	52.23		$	54.30
Income from investment operations:
Net investment income		0.18			0.37			0.41	(c)		0.30	(c)		0.41			0.33
Net realized and unrealized gain (loss)		(1.07	)		(3.43	)		8.37			18.14			(25.72	)		(1.41	)
Total from investment operations		(0.89	)		(3.06	)		8.78			18.44			(25.31	)		(1.08	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.37	)		(0.44	)		(0.30	)		(0.40	)		(0.48	)
Net realized gains		—			—			—			—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.13	)		(0.37	)		(0.44	)		(0.30	)		(0.42	)		(0.99	)
Proceeds from regulatory settlements		—			—			—			0.00	(d)		0.00	(d)		—
Net asset value, end of period	$	48.53		$	49.55		$	52.98		$	44.64		$	26.50		$	52.23
Total return		(1.77	%)		(5.70	%)		19.86	%		69.84	%		(48.65	%)		(2.11	%)
Ratios to average net assets(e)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.51	%(f)		1.50	%(g)		1.45	%(g)		1.39	%(g)		1.43	%(g)		1.39	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(h)		1.44	%(f)(i)		1.44	%(g)(i)		1.45	%(g)(i)		1.39	%(g)(i)		1.39	%(g)(i)		1.35	%(i)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.51	%(f)		1.50	%		1.45	%		1.39	%		1.43	%		1.39	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(h)		1.44	%(f)(i)		1.44	%(i)		1.45	%(i)		1.39	%(i)		1.39	%(i)		1.35	%(i)
Net investment income		0.91	%(f)(i)		0.76	%(i)		0.91	%(i)		0.78	%(i)		1.05	%(i)		0.60	%(i)
Supplemental data
Net assets, end of period (in thousands)	$	32,095		$	38,799		$	65,321		$	58,120		$	37,637		$	33,826
Portfolio turnover		64	%		9	%		12	%		6	%		12	%		11	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  On March 31, 2008, Retirement Shares class of Value and Restructuring Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund's Class R shares. The financial information of the Fund's Class R shares includes the financial information of Value and Restructuring Fund's Retirement Shares class.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.18 and $0.04 per share, respectively.

(d)  Rounds to less than $0.01.

(e)  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.

(f)  Annualized.

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

(h)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
21

Columbia Value and Restructuring Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class W	2012(a)			2012			2011(b)
Per share data
Net asset value, beginning of period	$	49.56		$	53.04		$	43.49
Income from investment operations:
Net investment income		0.23			0.50			0.20
Net realized and unrealized gain (loss)		(1.07	)		(3.47	)		9.53
Total from investment operations		(0.84	)		(2.97	)		9.73
Less distributions to shareholders:
Net investment income		(0.16	)		(0.51	)		(0.18	)
Total distributions to shareholders		(0.16	)		(0.51	)		(0.18	)
Net asset value, end of period	$	48.56		$	49.56		$	53.04
Total return		(1.66	%)		(5.50	%)		22.41	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.24	%(d)		1.22	%(e)		1.19	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.18	%(d)(g)		1.17	%(e)(g)		1.19	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.24	%(d)		1.22	%		1.19	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.18	%(d)(g)		1.17	%(g)		1.19	%(d)(g)
Net investment income		1.18	%(d)(g)		1.04	%(g)		0.81	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3
Portfolio turnover		64	%		9	%		12	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

(f)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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 2012
22

Columbia Value and Restructuring Fund

Financial Highlights (continued)

	Year Ended August 31,			Year Ended March 31,
Class Z	2012(a)			2012			2011			2010			2009			2008(b)(c)
Per share data
Net asset value, beginning of period	$	49.55		$	53.01		$	44.66		$	26.49		$	52.22		$	54.33
Income from investment operations:
Net investment income		0.27			0.61			0.64	(d)		0.49	(d)		0.61			0.60
Net realized and unrealized gain (loss)		(1.06	)		(3.46	)		8.37			18.15			(25.71	)		(1.47	)
Total from investment operations		(0.79	)		(2.85	)		9.01			18.64			(25.10	)		(0.87	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.61	)		(0.66	)		(0.47	)		(0.61	)		(0.73	)
Net realized gains		—			—			—			—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.19	)		(0.61	)		(0.66	)		(0.47	)		(0.63	)		(1.24	)
Proceeds from regulatory settlements		—			—			—			0.00	(e)		0.00	(e)		—
Net asset value, end of period	$	48.57		$	49.55		$	53.01		$	44.66		$	26.49		$	52.22
Total return		(1.57	%)		(5.26	%)		20.46	%		70.71	%		(48.39	%)		(1.74	%)
Ratios to average net assets(f)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.01	%(g)		0.99	%(h)		0.95	%(h)		0.89	%(h)		0.93	%(h)		1.06	%
Net expenses after fees waived or expenses reimbursed (including interest expense)(i)		0.94	%(g)(j)		0.94	%(h)(j)		0.95	%(h)(j)		0.89	%(h)(j)		0.89	%(h)(j)		1.02	%(j)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.01	%(g)		0.99	%		0.95	%		0.89	%		0.93	%		1.06	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(i)		0.94	%(g)(j)		0.94	%(j)		0.95	%(j)		0.89	%(j)		0.89	%(j)		1.02	%(j)
Net investment income		1.36	%(g)(j)		1.28	%(j)		1.40	%(j)		1.28	%(j)		1.47	%(j)		1.07	%(j)
Supplemental data
Net assets, end of period (in thousands)	$	2,601,708		$	3,887,512		$	6,583,690		$	6,765,345		$	4,352,176		$	8,980,358
Portfolio turnover		64	%		9	%		12	%		6	%		12	%		11	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  On March 31, 2008, Value and Restructuring Fund's Institutional Shares class was reorganized into the Fund's Class Z.

(c)  On March 31, 2008, Retirement Shares class of Value and Restructuring Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund's Class Z shares. The financial information of the Fund's Class Z shares includes the financial information of Value and Restructuring Fund's Shares class.

(d)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.18 and $0.04 per share, respectively.

(e)  Rounds to less than $0.01.

(f)  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.

(g)  Annualized.

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

(i)  The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

(j)  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 2012
23

Columbia Value and Restructuring Fund

Notes to Financial Statements

August 31, 2012

Note 1. Organization

Columbia Value and Restructuring Fund (the Fund), a series of Columbia Funds Series Trust I (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 Massachusetts business trust.

Fiscal Year End Change

During the period, the Fund changed its fiscal year end from March 31 to August 31.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, Class R, 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 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 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

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.

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.

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, 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 2012
24

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

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.

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.

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

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 decrease the Fund's exposure to equity risk and to increase return on investments and facilitate buying and selling of securities for investments. 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.

Annual Report 2012
25

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. 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.

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.

Fair Values of Derivative Instruments at August 31, 2012 and March 31, 2012

At August 31, 2012 and March 31, 2012, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Year Ended March 31, 2012

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Written and Purchased			Total
Equity contracts		(294,188	)	$	(294,188	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Options Contracts Written and Purchased			Total
Equity contracts		1,329,546		$	1,329,546

Volume of Derivative Instruments for the Year Ended March 31, 2012

	Contracts Opened
Options contracts		12,759

Repurchase Agreements

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis. Market premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any.

Annual Report 2012
26

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the 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 tax exempt or 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 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.

Annual Report 2012
27

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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. Effective July 1, 2011, 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 0.69% to 0.54% as the Fund's net assets increase. Prior to July 1, 2011, the investment management fee was equal to a percentage of the Fund's average daily net assets that declined from 0.60% to 0.43% as the Fund's net assets increased. For the period ended August 31, 2012, and for the year ended March 31, 2012, the annualized effective investment management fee rate was 0.69% and 0.66%, respectively, of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. Effective July 1, 2011, 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 July 1, 2011, the administration fee was equal to the annual rate of 0.15% of the Fund's average daily net assets, less the fees that were payable by the Fund as described under the Pricing and Bookkeeping Fees note below. For the period ended August 31, 2012, and for the year ended March 31, 2012, the annualized effective administration fee rate was 0.06% and 0.09%, respectively, of the Fund's average daily net assets.

Pricing and Bookkeeping Fees

Prior to July 11, 2011, the Fund had entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and the Investment Manager pursuant to which State Street provided financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provided accounting services to the Fund. Under the State Street Agreements, the Fund paid State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee did not exceed

$140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimbursed State Street for certain out-of-pocket expenses and charges. Effective July 11, 2011, these services are provided under the Administrative Services Agreement discussed above.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation Plan (the Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

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.

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).

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.

Annual Report 2012
28

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

The Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

	Period Ended August 31, 2012			Year Ended March 31, 2012
Class A		0.20	%		0.22	%
Class C		0.20			0.20
Class R		0.20			0.21
Class W		0.17			0.21
Class Z		0.20			0.20

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 period ended August 31, 2012, these minimum account balance fees reduced total expenses by $33,845 and $43,652 for the year ended March 31, 2012.

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.

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

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $11,959 for Class A and $1,012 for Class C shares for the period ended August 31, 2012 and $56,508 for Class A and $9,633 for Class C shares for the year ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 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 December 31, 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/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	1.26	%
Class C	2.01
Class I	0.85
Class R	1.51
Class W	1.26
Class Z	1.01

For the period July 1, 2011 through July 31, 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	1.19	%
Class C	1.94
Class I	0.81
Class R	1.44
Class W	1.19
Class Z	0.94

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

Annual Report 2012
29

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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.

Prior to July 1, 2011, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses (excluding certain expenses, such as brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) so that the Fund's ordinary net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits from the Fund's custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.25	%
Class C	2.00
Class I	0.88
Class R	1.50
Class W	1.25
Class Z	1.00

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 August 31, 2012, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation, recognition of unrealized appreciation (depreciation) for certain derivative instruments, redemption based payments treated as dividends paid reduction, certain convertible preferred securities and investments in partnerships. 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	$	(1,345,210	)
Accumulated net realized gain		(12,106,886	)
Paid-in capital		13,452,096

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 periods indicated was as follows:

	Period Ended August 31, 2012		Year Ended March 31, 2012		Year Ended March 31, 2011
Ordinary income	$	12,163,340	$	66,898,913	$	91,391,224
Long-term capital gains		—		—		—
Total	$	12,163,340	$	66,898,913	$	91,391,224

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

At August 31, 2012, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	5,979,596
Undistributed accumulated long-term gain		170,320,809
Unrealized appreciation		401,344,388

At August 31, 2012, the cost of investments for federal income tax purposes was $2,458,233,390 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	414,365,799
Unrealized depreciation		(13,021,411	)
Net unrealized appreciation	$	401,344,388

For the period ended August 31, 2012, $511,299,923 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 $2,035,015,378 and $3,292,078,051, respectively, for the period ended August 31, 2012.

Note 6. Lending of Portfolio Securities

Effective July 11, 2011, the Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement, which replaces the previous securities lending arrangement with State Street, authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate

Annual Report 2012
30

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or securities that either are 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 is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives 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 period ended August 31, 2012 and the year ended March 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Prior to July 11, 2011, the Fund participated in a securities lending arrangement with State Street. Each security on loan was collateralized in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, was paid to the Fund.

At August 31, 2012, securities valued at $53,651,561 were on loan, secured by cash collateral of $54,824,899 (which does

not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

At March 31, 2012, securities valued at $52,691,829 were on loan, secured by cash collateral of $54,039,134 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. Custody Credits

Prior to July 11, 2011, the Fund had an agreement with its custodian bank under which custody fees may have been reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement. Subsequent to this date, the Fund may invest its daily balance in an affiliated money market fund as detailed below. For the period April 1, 2011 through July 10, 2011, there were no custody credits.

Note 8. Affiliated Money Market Fund

Effective July 11, 2011, 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 9. Shareholder Concentration

At August 31, 2012, three unaffiliated shareholder accounts owned an aggregate of 62.5% 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.

Note 10. 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 became effective on July 11, 2011, replacing a prior credit facility. 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. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each

Annual Report 2012
31

Columbia Value and Restructuring Fund

Notes to Financial Statements (continued)

August 31, 2012

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. For the period July 11, 2011 through December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

For the period June 27, 2011 through July 8, 2011, the Fund and certain other funds managed by the Investment Manager participated in a $100 million committed, unsecured revolving credit facility provided by State Street. For the period May 16, 2011 through June 26, 2011, the collective borrowing amount of the credit facility was $150 million. Prior to May 16, 2011, the collective borrowing amount of the credit facility was $225 million. Interest was charged to each fund based on its borrowings at a rate equal to the greater of the (i) federal funds rate plus 1.25% per annum or (ii) the overnight LIBOR rate plus 1.25% per annum. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.125% per annum.

The Fund had no borrowings during the period ended August 31, 2012.

For the year ended March 31, 2012, the average daily loan balance outstanding on days when borrowing existed was $8,150,000 at a weighted average interest rate of 1.38%.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 2012
32

Columbia Value and Restructuring Fund

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and
the Shareholders of Columbia Value and Restructuring 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 Value and Restructuring Fund (the "Fund") (a series of Columbia Funds Series Trust I) at August 31, 2012, the results of its operations, the changes in its net assets 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 August 31, 2012 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 22, 2012

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33

Columbia Value and Restructuring Fund

Federal Income Tax Information

(Unaudited)

The Fund hereby designates as a capital gain dividend with respect to the fiscal period ended August 31, 2012, $191,549,110, or, if subsequently determined to be different, the net capital of such period.

100.00% of the ordinary income distributed by the Fund for the fiscal period ended August 31, 2012, qualifies for the corporate dividends received deduction.

For non-corporate shareholders 100.00%, or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of ordinary income distributed by the Fund for the fiscal period ended August 31, 2012 may represent qualified dividend income.

The Fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report 2012
34

Columbia Value and Restructuring Fund

Trustees and Officers

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Rodman L. Drake (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994) and Chairman of the Board (since 2009)	Independent consultant since 2010; Co-Founder of Baringo Capital LLC (private equity) from 1997 to 2008; CEO of Crystal River Capital, Inc. (real estate investment trust) from 2003 to 2010; Oversees 52; Jackson Hewitt Tax Service Inc. (tax preparation services from 2004 to 2011); Celgene Corporation (global biotechnology company); Student Loan Corporation (student loan provider from 2005 to 2010); Celgene Corporation (global biotechnology company); The Helios Funds and Brookfield Funds (closed-end funds); Crystal River Capital, Inc. from 2005 to 2010; Parsons Brinckerhoff from 1995 to 2008; and Apex Silver Mines Ltd. from 2007 to 2009
Douglas A. Hacker (Born 1955) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 52; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing); and SeaCube Container Leasing Ltd. (container leasing)
Janet Langford Kelly (Born 1957) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1996)	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel — Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Chief Administrative Officer and Senior Vice President, Kmart Holding Corporation (consumer goods) from September 2003 to March 2004. Oversees 52; None
Nancy T. Lukitsh (Born 1956) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Investment Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010. Oversees 52; None
William E. Mayer (Born 1940) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1994)	Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business and Management, University of Maryland from 1992 to 1996. Oversees 52; DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company)
David M. Moffett (Born 1952) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2011)	Retired. Chief Executive Officer, Federal Home Loan Mortgage Corporation, from 2008 to 2009; Senior Adviser, Global Financial Services Group, Carlyle Group, Inc., from 2007 to 2008; Vice Chairman and Chief Financial Officer, U.S. Bancorp, from 1993 to 2007. Oversees 52; CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); MBIA Inc. (financial service provider); E.W. Scripps Co. (print and television media), Building Materials Holding Corp. (building materials and construction services); and University of Oklahoma Foundation.
Charles R. Nelson (Born 1942) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1981)	Retired Professor Emeritus, University of Washington, since 2011; Professor of Economics, University of Washington from January 1976 to 2011; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington from 1993 to 2011; Adjunct Professor of Statistics, University of Washington from 1980 to 2011; Associate Editor, Journal of Money Credit and Banking from 1993 to 2008; consultant on econometric and statistical matters. Oversees 52; None
John J. Neuhauser (Born 1943) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1984)	President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 52; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2012
35

Columbia Value and Restructuring Fund

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Patrick J. Simpson (Born 1944) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2000)	Partner, Perkins Coie LLP (law firm). Oversees 52; None
Anne-Lee Verville (Born 1945) c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1998)	Retired. General Manager — Global Education Industry from 1994 to 1997, President — Application Systems Division from 1991 to 1994, Chief Financial Officer — US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology). Oversees 52; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office

Principal Occupation(s) During Past Five Years, Number of Funds in Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William F. Truscott (born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2012)

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President — Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006. Oversees 208; Columbia Funds Board.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964) 225 Franklin Street Boston, MA 02110 President (since 2009)	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.
Michael G. Clarke (Born 1969) 225 Franklin Street Boston, MA 02110 Treasurer (since 2011) and Chief Financial Officer (since 2009)	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Scott R. Plummer (Born 1959) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Assistant Secretary and Chief Legal Officer (since 2010)	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, from 2005 to 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; Vice President, General Counsel and Secretary, RiverSource Funds since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Annual Report 2012
36

Columbia Value and Restructuring Fund

Trustees and Officers (continued)

Officers (continued)

Name, Year of Birth and Address	Principal Occupation(s) During the Past Five Years
William F. Truscott (Born 1960) 53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President — U.S. Asset Management and Chief Investment Officer from 2005 to April 2010); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.
Thomas P. McGuire (Born 1972) 225 Franklin Street Boston, MA 02110 Chief Compliance Officer (since 2012)	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.
Colin Moore (Born 1958) 225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.
Amy Johnson (Born 1965) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010)	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President — Asset Management and Trust Company Services, from 2006 to 2009, and Vice President — Operations and Compliance from 2004 to 2006).
Joseph F. DiMaria (Born 1968) 225 Franklin Street Boston, MA 02110 Vice President (since 2011) and Chief Accounting Officer (since 2008)	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.
Stephen T. Welsh (born 1957) 225 Franklin Street Boston, MA 02110 Vice President (since 2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.
Paul D. Pearson (born 1956) 10468 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Treasurer (since 2011)	Vice President, Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Managed Assets, Investment Accounting, Ameriprise Financial Corporation.
Paul B. Goucher (born 1968) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President and Assistant Secretary (since 2010)	Vice President and Chief Counsel of Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel from November 2008 to January 2010); Director, Managing Director and General Counsel of J. & W. Seligman & Co. Incorporated (Seligman) from July 2008 to November 2008 and Managing Director and Associate General Counsel of Seligman from January 2005 to July 2008.
Christopher O. Petersen (born 1970) 5228 Ameriprise Financial Center Minneapolis, MN 55474 Vice President (since 2010) and Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since January 2010 (formerly Vice President and Group Counsel or Counsel from April 2004 to January 2010); Assistant Secretary of RiverSource Funds since January 2007; officer of Columbia Funds and affiliated funds since 2007.
Michael E. DeFao (born 1968) 225 Franklin Street Boston, MA 02110 Vice President and Assistant Secretary (since 2011)	Vice President and Chief Counsel, Ameriprise Financial since May 2010; Associate General Counsel, Bank of America from June 2005 to April 2010.

Annual Report 2012
37

Columbia Value and Restructuring Fund

Board Consideration and Approval of
Advisory Agreement

On June 6, 2012, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees") unanimously approved the continuation of the Investment Management Services Agreement (the "Advisory Agreement") with Columbia Management Investment Advisers, LLC (the "Investment Manager") with respect to Columbia Value and Restructuring Fund (the "Fund"), a series of the Trust. As detailed below, the Advisory Fees and Expenses Committee (the "Committee") and the Board met on multiple occasions to review and discuss, both among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the continuation of the Advisory Agreement.

In connection with their deliberations regarding the continuation of the Advisory Agreement, the Committee and the Board requested and evaluated materials from the Investment Manager regarding the Fund and the Advisory Agreement, and discussed these materials with representatives of the Investment Manager at the Committee meeting held on June 5, 2012 and at the Board meeting held on June 6, 2012. In addition, the Board considers matters bearing on the Advisory Agreement at most of its other meetings throughout the year and meets regularly with senior management of the Funds and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected Fund portfolio managers and other investment personnel at various times throughout the year. The Committee and the Board also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standard for consideration by the Board and otherwise assisted the Board in its deliberations. On June 5, 2012, the Committee recommended that the Board approve the continuation of the Advisory Agreement. On June 6, 2012, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement for the Fund.

The Committee and the Board considered all information that they, their legal counsel, or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the continuation of the Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Advisory Agreement for the Fund included the following:

•  Information on the investment performance of the Fund relative to the performance of the Fund's benchmarks and the performance of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  Information on the Fund's advisory fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by an independent third-party data provider;

•  The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed the median expenses of a group of comparable funds (as determined from time to time, generally annually, by an independent third-party data provider);

•  The terms and conditions of the Advisory Agreement, including that the advisory fee rates payable by the Fund would not change;

•  The terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including the Administrative Services Agreement, the Distribution Agreement and the Transfer and Dividend Disbursing Agent Agreement, noting in the case of the Transfer and Dividend Disbursing Agent Agreement certain proposed changes to the fee rates payable thereunder;

•  Descriptions of various functions performed by the Investment Manager under the Advisory Agreement, including portfolio management and portfolio trading practices;

•  Information regarding the management fees and investment performance of any comparable portfolios of other clients of the Investment Manager, including institutional separate accounts; and

•  The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Annual Report 2012
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Columbia Value and Restructuring Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Nature, Extent and Quality of Services to be Provided under the Advisory Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Advisory Agreement and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the quality of the Investment Manager's investment research capabilities and trade execution services, and the other resources that the Investment Manager devotes to the Fund. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.

The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates, and considered the Investment Manager's ability to provide administrative services to the Fund pursuant to a separate administrative services agreement, including the Investment Manager's ability to coordinate the activities of the Fund's other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund under the Advisory Agreement supported the continuation of such agreement.

Investment Performance

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

The Committee and the Board noted that, through December 31, 2011, the Fund's performance was in the ninety-third, twenty-second and forty-fifth percentiles (where the best performance would be in the first percentile) of its category selected by an independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

The Committee and the Board also considered the Investment Manager's performance and reputation generally, the Investment Manager's historical responsiveness to Board concerns about performance and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement.

Annual Report 2012
39

Columbia Value and Restructuring Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees to be charged to the Fund under the Advisory Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Advisory Agreement, the Committee and the Board considered, among other information, the Fund's advisory fee and its expected total expense ratio as a percentage of average daily net assets. The Committee and the Board noted that the Fund's actual management fee and total net expense ratio are ranked in the third and second quintiles, respectively, against the Fund's expense universe as determined by an independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.

The Committee and the Board also considered the fact that the advisory fee rates payable by the Fund to the Investment Manager under the Advisory Agreement were the same as those currently paid by the Fund to the Investment Manager.

The Committee and the Board also received and considered information about the advisory fees charged by the Investment Manager to institutional separate accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. In evaluating the Fund's advisory fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the advisory fee rates and expenses of the Fund supported the continuation of the Advisory Agreement.

Costs of Services to be Provided and Profitability

The Committee and the Board also took note of the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates in connection with their relationships with the Fund. In evaluating these considerations, the Committee and the Board took note of the advisory fees charged by the Investment Manager to other clients, including fees charged by the Investment Manager to any institutional separate account clients with similar investment strategies to those of the Fund.

The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager's affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability of the Investment Manager and its affiliates of their relationships with the Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the fund, the expense ratio of the fund, and the implementation of expense limitations with respect to the fund. The Committee and the Board also considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Advisory Agreement.

Economies of Scale

The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager's investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment advisory fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading and compliance resources. The Committee and the Board noted that the investment advisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these issues, the Committee and the Board also considered the costs of the services provided (both on an absolute and relative basis) and the profitability to the Investment Manager and its affiliates from their relationships with the

Annual Report 2012
40

Columbia Value and Restructuring Fund

Board Consideration and Approval of
Advisory Agreement (continued)

Fund, as discussed above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Fund supported the continuation of the Advisory Agreement.

Other Benefits to the Investment Manager

The Committee and the Board received and considered information regarding "fall-out" or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager to provide administrative services to the Fund and the engagement of the Investment Manager's affiliates to provide distribution and transfer agency services to the Fund. The Committee and the Board considered that the Fund's distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio brokerage for brokerage and research services. The Committee and the Board considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to address such possible conflicts of interest. The Committee and the Board recognized that the Investment Manager's profitability would be somewhat lower without these benefits.

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Advisory Agreement. No single item was identified as paramount or controlling, and individual Trustees may have attributed different weights to various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Advisory Agreement.

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Columbia Value and Restructuring 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 2012
45

Columbia Value and Restructuring 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.

© 2012 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1201 D (10/12)

Item 2. Code of Ethics.

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

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Douglas A. Hacker, David M. Moffett and Anne-Lee Verville, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert.  Mr. Hacker, Mr. Moffett and Ms. Verville are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the fifteen series of the registrant whose report to stockholders is included in this annual filing. Six series changed their fiscal year end during the period effective August 31, 2012, four from March 31 and two from September 30. The fees presented for 2012 represent the fiscal year ended August 31, 2012 for nine series, the five month period ended August 31, 2012 for four series and the eleven month period ended August 31, 2012 for two series.  The fees presented for 2011 include information for the fiscal year ended August 31, 2011 for nine series, March 31, 2012 for four series and September 30, 2011 for two series.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	247,000	$	234,300	$	117,300	$	61,400

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. The 2011 fiscal years also include audit fees for the review and provision of consent in connection with filing Form N-1A for new share classes.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	3,200	$	109,800	$	28,600	$	21,300

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.  In both fiscal period 2012 and the 2011 fiscal years, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports and fund accounting and custody conversions. The 2011 fiscal years also includes Audit-Related Fees for agreed-upon procedures related to fund mergers.

During the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	44,600	$	95,000	$	28,700	$	7,800

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

2011 fiscal years also includes Tax Fees for review of foreign tax filings, merger agreed-upon procedures and the review of final tax returns.

During the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	0	$	0	$	0	$	0

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

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the period ended August 31, 2012 and the indicated 2012 and 2011fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	395,800	$	395,300	$	395,800	$	395,300

In both fiscal period 2012 and the 2011 fiscal years, All Other Fees consist of fees billed for internal control examinations of the registrant’s transfer agent and investment advisor.

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

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent accountants to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by or under common control with such investment adviser that provides ongoing services to the registrant

(“Adviser Affiliates”), if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Accountants for Audit and Non-Audit Services (“Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (collectively “Fund Services”); (ii) non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates, if the engagement relates directly to the operations or financial reporting of a Fund (collectively “Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates. As set forth in this Fund Policy, a service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

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

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund Officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval.

This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service.  The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations.  This specific approval acknowledges that the Audit Committee is in agreement with the types of services that the independent accountants will be permitted to perform.

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

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(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item approved pursuant to the “de minimis” exception under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years was zero.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the period ended August 31, 2012 and the indicated 2012 and 2011 fiscal years are approximately as follows:

2012		August 31, 2011 (for nine series)		March 31, 2012 (for four series)		September 30, 2011 (for two series)
$	443,600	$	600,100	$	453,100	$	424,400

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

Subsequent to the registrant’s fiscal year ended August 31, 2012 but prior to the next evaluation of the registrant’s disclosure controls and procedures by the principal executive officer and principal financial officers, management became aware that the Active Portfolios Multi-Manager Alternative Strategies Fund’s (the Fund) controls designed to ensure the proper recording of the fair value of non-U.S. denominated trades not previously held by the Fund or other funds within the Columbia Fund group did not operate effectively as of August 31, 2012. As a result of this material weakness, balances of investments at fair value in the statement of assets and liabilities and unrealized appreciation/depreciation from futures contracts resulted in audit adjustments to the Fund’s August 31, 2012 financial statements.

Since August 31, 2012 and prior to the issuance of the Fund’s annual report as of and for the period then ended, the operation of the registrant’s controls over financial reporting was modified to enhance the process of recording certain last day trades (as described above) and the review and analysis of any resulting financial statement impact.

Prospectively, the Fund is evaluating enhancements to controls, including the following:

·    Comparison of trade and market prices for non-U.S. denominated trades not previously held by the Fund or other funds within the Columbia Fund complex be compared and that variances be investigated; and

·    Institute a formal review procedure to compare net asset value calculated on a trade date +1 and trade basis and that variances, above a defined threshold, are investigated.

(b)   There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. However, as discussed in Item 11(a) above, the registrant is evaluating enhanced controls to ensure the proper recording of the fair value of non-U.S. denominated trades subsequent to the issuance of the Fund’s August 31, 2012 financial statements.

Item 12. Exhibits.

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

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

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

(registrant)	Columbia Funds Series Trust I
By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer
Date	October 30, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer
Date	October 30, 2012
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer
Date	October 30, 2012