Columbia Balanced Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04367

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)

Ryan Larrenaga c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)

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

Date of fiscal year end:	August 31

Date of reporting period:		August 31, 2015

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, 2015

COLUMBIA CONTRARIAN CORE FUND

PRESIDENT'S MESSAGE

Dear Shareholder,

Today's investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today's complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today's market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today's uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market's ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today's market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it's important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

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

Annual Report 2015

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					12
Statement of Operations					15
Statement of Changes in Net Assets					16
Financial Highlights					19
Notes to Financial Statements					31
Report of Independent Registered Public Accounting Firm					39
Federal Income Tax Information					40
Trustees and Officers					41
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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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 2015

COLUMBIA CONTRARIAN CORE FUND

PERFORMANCE OVERVIEW

Performance Summary

n Columbia Contrarian Core Fund (the Fund) Class A shares returned 1.99% excluding sales charges for the 12-month period that ended August 31, 2015.

n The Fund outperformed its benchmark, the Russell 1000 Index, which returned 0.40% for the same period.

n Sector allocation decisions and individual stock selection contributed to the Fund's performance advantage over its benchmark.

Average Annual Total Returns (%) (for period ended August 31, 2015)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			1.99		16.99		9.20
Including sales charges			-3.85		15.62		8.56
Class B	11/01/98
Excluding sales charges			1.22		16.12		8.37
Including sales charges			-3.49		15.90		8.37
Class C	12/09/02
Excluding sales charges			1.17		16.13		8.39
Including sales charges			0.23		16.13		8.39
Class I*	09/27/10		2.42		17.51		9.58
Class K*	03/07/11		2.12		17.15		9.33
Class R*	09/27/10		1.69		16.73		8.95
Class R4*	11/08/12		2.25		17.31		9.48
Class R5*	11/08/12		2.34		17.39		9.52
Class T	02/12/93
Excluding sales charges			1.92		16.94		9.14
Including sales charges			-3.92		15.56		8.50
Class W*	09/27/10		1.95		17.01		9.21
Class Y*	11/08/12		2.44		17.44		9.54
Class Z	12/14/92		2.24		17.30		9.48
Russell 1000 Index			0.40		16.07		7.35

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 prospectus 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 columbiathreadneedle.com/us or calling 800.345.6611.

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

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COLUMBIA CONTRARIAN CORE FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2005 – August 31, 2015)

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.

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COLUMBIA CONTRARIAN CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

Guy Pope, CFA

Morningstar Style Box^TM

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

© 2015 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, 2015)
Apple, Inc.					4.2
JPMorgan Chase & Co.					3.0
CVS Health Corp.					2.9
Medtronic PLC					2.9
Berkshire Hathaway, Inc., Class B					2.9
Verizon Communications, Inc.					2.8
American Express Co.					2.8
Google, Inc., Class C					2.6
Comcast Corp., Class A					2.4
Johnson & Johnson					2.4

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

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

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

For the 12-month period that ended August 31, 2015, the Fund's Class A shares returned 1.99% excluding sales charges. The Fund outperformed its benchmark, the Russell 1000 Index, which returned 0.40% during the same time period. Stock selection within the information technology and health care sectors and a timely underweight of the energy sector aided performance relative to the benchmark.

Markets Turned Volatile As Pressures Mounted

The pace of U.S. economic growth fluctuated during the 12-month period that ended August 31, 2015. Another stormy winter in the Northeast and Midwest whittled away at gross domestic product (GDP) early in 2015. A strong dollar, a widening trade deficit and declining oil prices also negatively affected growth. Yet most of these setbacks proved to be temporary, and the U.S. economy rebounded as temperatures thawed. An average of 243,000 new jobs were added monthly to the U.S. workforce, driving the unemployment rate down to 5.1% and bolstering consumer confidence. Manufacturing activity was solid even though the pace of manufacturing growth slowed over the year. Home sales were robust. However, stubbornly low inventory levels and rising prices have kept many first-time buyers out of the market.

As concerns mounted about a sluggish global economy, weakening growth in China and the timing of a Federal Reserve (Fed) interest rate hike, the financial markets turned volatile. Solid stock market gains in the first half of the 12-month period were all but wiped out in the second half. Large-cap stocks edged out mid-cap and small-cap stocks, while growth stocks significantly outperformed value stocks.

Contributors and Detractors

Within the information technology sector, the Fund did well with video game companies Activision and Electronic Arts, both of which benefited from a new game console cycle as well as from a secular shift away from video discs in favor of digital platforms, where profit margins are higher. In the semiconductor subsector, Skyworks Solutions and Broadcom were also solid performers. Skyworks is a leading supplier of radio frequency integrated circuits (RFICs) and other semiconductors for the wireless handset market, especially Apple iPhones. After handily beating earnings estimates for several quarters in a row, Skyworks rallied on strong demand for the iPhone 6, which released in September 2015. Broadcom was acquired at a premium by Avago Technologies, which benefited from strong handset demand and increased content within Apple products. Merger and acquisition activity also improved the Fund's performance in the health care sector. Long-time holding Covidien became part of Medtronic, and shares of Cigna and Perrigo were boosted by buyout offers received during the period.

Within the consumer staples sector, the Fund enjoyed favorable returns from drug-store chains CVS and Walgreen's. CVS achieved double-digit earnings growth through a combination of increased revenues and share repurchases, while Walgreen's new management team undertook an extensive cost-cutting campaign. In addition, the domestic emphasis of

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COLUMBIA CONTRARIAN CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

both companies insulated them from a rising dollar, unlike many of the multinational companies within the consumer staples sector.

Another key decision for the Fund was to maintain an underweight position in the energy sector. This stance proved especially important as oil prices experienced a sharp decline through much of the period. However, stock selection within energy was less favorable and offset some of the advantage of the sector's underweight. We added to the Fund's energy exposure toward the end of the period, finishing with only a modest underweight.

Stock selection within the gaming industry also detracted from overall performance. China was the major source of the industry's woes, because of a steeper-than-expected economic slowdown and also because of the government's anti-corruption campaign, which hit the gaming industry extremely hard. Fund holdings Wynn Resorts and Las Vegas Sands, each of which has historically enjoyed strong profits from their Macao operations, were both hurt by the anti-corruption campaign.

Looking Ahead

After a number of good years, we believe the short-term market backdrop is currently less forgiving than it has been given higher valuations, decelerating earnings growth and less accommodative monetary policy. Yet, we continue to regard equities as an attractive long-term asset class. In our view, the past year has demonstrated that U.S. markets are by no means insulated from weaknesses in overseas economies. We expect the performance of global economies will be closely watched in the year ahead and could bring an extra measure of volatility to the market. Domestically, all eyes will be on the Federal Reserve, which has thus far delayed its long-anticipated move to push short-term interest rates higher. In addition, we believe that investors will further focus in on company fundamentals, which have clearly weakened over the last 12 months.

Portfolio Breakdown (%) (at August 31, 2015)
Common Stocks					96.9
Money Market Funds					3.1
Total					100.0

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

Equity Sector Breakdown (%) (at August 31, 2015)
Consumer Discretionary					11.1
Consumer Staples					8.0
Energy					7.0
Financials					18.5
Health Care					16.1
Industrials					11.7
Information Technology					22.3
Materials					0.6
Telecommunication Services					2.8
Utilities					1.9
Total					100.0

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

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for information on these and other risks.

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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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

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

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, 2015 – August 31, 2015

	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		959.40		1,019.82		5.41		5.58		1.09
Class B		1,000.00		1,000.00		955.70		1,016.02		9.12		9.40		1.84
Class C		1,000.00		1,000.00		955.30		1,016.02		9.12		9.40		1.84
Class I		1,000.00		1,000.00		961.40		1,022.05		3.23		3.33		0.65
Class K		1,000.00		1,000.00		960.10		1,020.53		4.72		4.86		0.95
Class R		1,000.00		1,000.00		958.10		1,018.55		6.65		6.85		1.34
Class R4		1,000.00		1,000.00		960.70		1,021.08		4.17		4.30		0.84
Class R5		1,000.00		1,000.00		961.10		1,021.74		3.53		3.64		0.71
Class T		1,000.00		1,000.00		959.10		1,019.82		5.41		5.58		1.09
Class W		1,000.00		1,000.00		959.40		1,019.82		5.41		5.58		1.09
Class Y		1,000.00		1,000.00		961.50		1,022.00		3.28		3.38		0.66
Class Z		1,000.00		1,000.00		960.50		1,021.08		4.17		4.30		0.84

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS

August 31, 2015

(Percentages represent value of investments compared to net assets)

Common Stocks 96.1%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 10.7%
Auto Components 1.4%
Delphi Automotive PLC		1,153,448		87,108,393
Hotels, Restaurants & Leisure 1.2%
Aramark		1,105,963		34,660,881
McDonald's Corp.		412,920		39,235,658
Total				73,896,539
Household Durables 0.4%
Mohawk Industries, Inc.^(a)		132,283		26,055,782
Internet & Catalog Retail 1.4%
Priceline Group, Inc. (The)^(a)		68,740		85,831,514
Media 3.4%
CBS Corp., Class B Non Voting		1,357,760		61,425,062
Comcast Corp., Class A		2,565,468		144,512,813
Total				205,937,875
Specialty Retail 2.3%
Lowe's Companies, Inc.		1,561,194		107,987,789
Michaels Companies, Inc. (The)^(a)		1,363,685		35,742,184
Total				143,729,973
Textiles, Apparel & Luxury Goods 0.6%
PVH Corp.		321,983		38,309,537
Total Consumer Discretionary				660,869,613
CONSUMER STAPLES 7.7%
Beverages 3.0%
Diageo PLC, ADR		657,072		69,892,748
PepsiCo, Inc.		1,249,175		116,085,833
Total				185,978,581
Food & Staples Retailing 3.5%
CVS Health Corp.		1,713,207		175,432,397
Walgreens Boots Alliance, Inc.		464,839		40,231,815
Total				215,664,212
Tobacco 1.2%
Philip Morris International, Inc.		924,880		73,805,424
Total Consumer Staples				475,448,217
ENERGY 6.7%
Energy Equipment & Services 0.9%
Schlumberger Ltd.		755,410		58,446,072

Common Stocks (continued)

Issuer	Shares		Value ($)
Oil, Gas & Consumable Fuels 5.8%
Canadian Natural Resources Ltd.		1,801,940		40,489,592
Chevron Corp.		1,007,823		81,623,585
ConocoPhillips		769,351		37,813,601
Exxon Mobil Corp.		1,068,815		80,417,640
Noble Energy, Inc.		473,797		15,829,558
Range Resources Corp.		1,039,090		40,129,656
Williams Companies, Inc. (The)		1,304,754		62,889,143
Total				359,192,775
Total Energy				417,638,847
FINANCIALS 17.8%
Banks 7.9%
Bank of America Corp.		5,847,169		95,542,742
Citigroup, Inc.		2,426,821		129,786,387
JPMorgan Chase & Co.		2,775,888		177,934,421
Wells Fargo & Co.		1,655,498		88,287,708
Total				491,551,258
Capital Markets 2.9%
BlackRock, Inc.		307,894		93,128,698
Goldman Sachs Group, Inc. (The)		464,260		87,559,436
Total				180,688,134
Consumer Finance 2.7%
American Express Co.		2,133,475		163,680,202
Diversified Financial Services 2.8%
Berkshire Hathaway, Inc., Class B^(a)		1,288,938		172,769,249
Insurance 1.3%
Aon PLC		849,672		79,393,352
Real Estate Investment Trusts (REITs) 0.2%
Rayonier, Inc.		595,440		13,695,120
Total Financials				1,101,777,315
HEALTH CARE 15.4%
Biotechnology 4.3%
Baxalta, Inc.		1,123,065		39,475,735
Biogen, Inc.^(a)		305,180		90,730,014
Celgene Corp.^(a)		796,648		94,068,196
Vertex Pharmaceuticals, Inc.^(a)		310,160		39,551,603
Total				263,825,548

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

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COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 5.4%
Abbott Laboratories		2,208,969		100,044,206
Medtronic PLC		2,395,539		173,173,514
St. Jude Medical, Inc.		877,027		62,102,282
Total				335,320,002
Health Care Providers & Services 3.1%
Cardinal Health, Inc.		1,386,441		114,062,501
CIGNA Corp.		561,080		78,994,453
Total				193,056,954
Pharmaceuticals 2.6%
Johnson & Johnson		1,533,406		144,109,496
Perrigo Co. PLC		102,865		18,821,209
Total				162,930,705
Total Health Care				955,133,209
INDUSTRIALS 11.3%
Aerospace & Defense 3.0%
Honeywell International, Inc.		1,194,784		118,606,208
United Technologies Corp.		718,382		65,810,975
Total				184,417,183
Air Freight & Logistics 1.1%
FedEx Corp.		469,011		70,637,747
Building Products 0.5%
Fortune Brands Home & Security, Inc.		651,513		31,174,897
Commercial Services & Supplies 1.2%
Tyco International PLC		1,978,869		71,813,156
Industrial Conglomerates 1.8%
General Electric Co.		4,451,685		110,490,822
Professional Services 3.3%
Dun & Bradstreet Corp. (The)		378,760		40,137,197
IHS, Inc., Class A^(a)		286,084		33,191,465
Nielsen Holdings PLC		2,911,090		131,668,601
Total				204,997,263
Road & Rail 0.4%
Kansas City Southern		261,481		24,249,748
Total Industrials				697,780,816
INFORMATION TECHNOLOGY 21.5%
Communications Equipment 0.3%
QUALCOMM, Inc.		374,498		21,189,097

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 5.6%
Alibaba Group Holding Ltd., ADR^(a)		204,590		13,527,491
Facebook, Inc., Class A^(a)		1,089,370		97,422,359
Google, Inc., Class A^(a)		124,868		80,891,988
Google, Inc., Class C^(a)		247,375		152,939,593
Total				344,781,431
IT Services 1.9%
MasterCard, Inc., Class A		1,299,370		120,022,807
Semiconductors & Semiconductor Equipment 2.3%
Broadcom Corp., Class A		1,665,654		86,064,342
Qorvo, Inc.^(a)		271,655		15,079,569
Skyworks Solutions, Inc.		431,803		37,717,992
Total				138,861,903
Software 5.3%
Activision Blizzard, Inc.		3,228,645		92,436,106
Electronic Arts, Inc.^(a)		713,576		47,203,052
Intuit, Inc.		611,834		52,464,766
Microsoft Corp.		3,131,722		136,292,542
Total				328,396,466
Technology Hardware, Storage & Peripherals 6.1%
Apple, Inc.		2,200,181		248,092,410
EMC Corp.		3,133,865		77,939,222
Hewlett-Packard Co.		1,780,227		49,953,170
Total				375,984,802
Total Information Technology				1,329,236,506
MATERIALS 0.5%
Chemicals 0.5%
LyondellBasell Industries NV, Class A		147,770		12,616,603
Monsanto Co.		216,365		21,128,042
Total				33,744,645
Total Materials				33,744,645
TELECOMMUNICATION SERVICES 2.6%
Diversified Telecommunication Services 2.6%
Verizon Communications, Inc.		3,576,778		164,567,556
Total Telecommunication Services				164,567,556

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

Annual Report 2015
8

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 1.9%
Electric Utilities 1.3%
Duke Energy Corp.		519,030		36,804,417
Edison International		707,745		41,388,928
Total				78,193,345
Multi-Utilities 0.6%
DTE Energy Co.		476,790		37,218,227
Total Utilities				115,411,572
Total Common Stocks (Cost: $5,061,508,425)				5,951,608,296

Money Market Funds 3.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.150%^(b)(c)		189,205,745		189,205,745
Total Money Market Funds (Cost: $189,205,745)				189,205,745
Total Investments (Cost: $5,250,714,170)				6,140,814,041
Other Assets & Liabilities, Net				49,869,736
Net Assets				6,190,683,777

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at August 31, 2015.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended August 31, 2015 are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					109,912,819				1,884,206,430				(1,804,913,504	)			189,205,745				206,383				189,205,745

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

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

Annual Report 2015
9

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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 2015
10

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		660,869,613		—		—		660,869,613
Consumer Staples		475,448,217		—		—		475,448,217
Energy		417,638,847		—		—		417,638,847
Financials		1,101,777,315		—		—		1,101,777,315
Health Care		955,133,209		—		—		955,133,209
Industrials		697,780,816		—		—		697,780,816
Information Technology		1,329,236,506		—		—		1,329,236,506
Materials		33,744,645		—		—		33,744,645
Telecommunication Services		164,567,556		—		—		164,567,556
Utilities		115,411,572		—		—		115,411,572
Total Common Stocks		5,951,608,296		—		—		5,951,608,296
Money Market Funds		—		189,205,745		—		189,205,745
Total Investments		5,951,608,296		189,205,745		—		6,140,814,041

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

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

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 ($)		Level 2 ($)
	—		109,912,819		109,912,819		—

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.

There were no transfers of financial assets between Level 2 and 3 during the period.

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

Annual Report 2015
11

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2015

Assets
Investments, at value
Unaffiliated issuers (identified cost $5,061,508,425)	$	5,951,608,296
Affiliated issuers (identified cost $189,205,745)		189,205,745
Total investments (identified cost $5,250,714,170)		6,140,814,041
Receivable for:
Investments sold		54,433,625
Capital shares sold		41,615,058
Dividends		10,586,047
Foreign tax reclaims		2,562
Prepaid expenses		63,182
Trustees' deferred compensation plan		96,131
Total assets		6,247,610,646
Liabilities
Payable for:
Investments purchased		43,070,729
Capital shares purchased		12,184,997
Investment management fees		299,483
Distribution and/or service fees		89,644
Transfer agent fees		953,310
Administration fees		23,485
Plan administration fees		26
Compensation of board members		3,588
Chief compliance officer expenses		495
Other expenses		204,981
Trustees' deferred compensation plan		96,131
Total liabilities		56,926,869
Net assets applicable to outstanding capital stock	$	6,190,683,777
Represented by
Paid-in capital	$	4,962,718,106
Undistributed net investment income		159,226,713
Accumulated net realized gain		178,639,087
Unrealized appreciation (depreciation) on:
Investments		890,099,871
Total — representing net assets applicable to outstanding capital stock	$	6,190,683,777

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

Annual Report 2015
12

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class A
Net assets	$	2,297,175,615
Shares outstanding		108,012,045
Net asset value per share	$	21.27
Maximum offering price per share^(a)	$	22.57
Class B
Net assets	$	9,551,323
Shares outstanding		492,390
Net asset value per share	$	19.40
Class C
Net assets	$	409,798,122
Shares outstanding		21,086,724
Net asset value per share	$	19.43
Class I
Net assets	$	425,920,745
Shares outstanding		19,878,651
Net asset value per share	$	21.43
Class K
Net assets	$	115,149
Shares outstanding		5,380
Net asset value per share	$	21.40
Class R
Net assets	$	50,047,986
Shares outstanding		2,353,728
Net asset value per share	$	21.26
Class R4
Net assets	$	227,941,150
Shares outstanding		10,486,234
Net asset value per share	$	21.74
Class R5
Net assets	$	336,042,780
Shares outstanding		15,461,189
Net asset value per share	$	21.73
Class T
Net assets	$	143,303,896
Shares outstanding		6,796,973
Net asset value per share	$	21.08
Maximum offering price per share^(a)	$	22.37
Class W
Net assets	$	118,262,234
Shares outstanding		5,560,213
Net asset value per share	$	21.27

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

Annual Report 2015
13

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class Y
Net assets	$	53,246,409
Shares outstanding		2,448,637
Net asset value per share	$	21.75
Class Z
Net assets	$	2,119,278,368
Shares outstanding		98,945,158
Net asset value per share	$	21.42

(a) The maximum offering price per share is calculated by dividing the net asset value per share 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 2015
14

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2015

Net investment income
Income:
Dividends — unaffiliated issuers	$	224,001,082
Dividends — affiliated issuers		206,383
Foreign taxes withheld		(456,353	)
Total income		223,751,112
Expenses:
Investment management fees		33,944,896
Distribution and/or service fees
Class A		5,070,822
Class B		122,180
Class C		3,238,321
Class R		200,394
Class T		406,232
Class W		354,495
Transfer agent fees
Class A		3,810,149
Class B		22,930
Class C		608,753
Class K		59
Class R		75,277
Class R4		341,475
Class R5		140,269
Class T		285,871
Class W		266,017
Class Z		3,821,055
Administration fees		2,679,269
Plan administration fees
Class K		295
Compensation of board members		118,617
Custodian fees		41,316
Printing and postage fees		354,511
Registration fees		327,484
Professional fees		207,947
Chief compliance officer expenses		2,828
Other		114,227
Total expenses		56,555,689
Expense reductions		(4,700	)
Total net expenses		56,550,989
Net investment income		167,200,123
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		226,554,360
Foreign currency translations		(15,092	)
Net realized gain		226,539,268
Net change in unrealized appreciation (depreciation) on:
Investments		(305,101,185	)
Net change in unrealized depreciation		(305,101,185	)
Net realized and unrealized loss		(78,561,917	)
Net increase in net assets resulting from operations	$	88,638,206

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

Annual Report 2015
15

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2015			Year Ended August 31, 2014
Operations
Net investment income	$	167,200,123		$	32,493,864
Net realized gain		226,539,268			363,405,181
Net change in unrealized appreciation (depreciation)		(305,101,185	)		463,596,188
Net increase in net assets resulting from operations		88,638,206			859,495,233
Distributions to shareholders
Net investment income
Class A		(8,507,483	)		(5,842,007	)
Class I		(4,798,155	)		(3,983,330	)
Class K		(674	)		(903	)
Class R		(78,264	)		(50,750	)
Class R4		(816,168	)		(446,866	)
Class R5		(1,922,616	)		(838,869	)
Class T		(642,160	)		(668,500	)
Class W		(758,782	)		(988,184	)
Class Y		(173,175	)		(2,201	)
Class Z		(13,614,092	)		(10,086,011	)
Net realized gains
Class A		(115,352,574	)		(61,235,547	)
Class B		(893,272	)		(956,604	)
Class C		(18,521,704	)		(8,411,180	)
Class I		(34,264,726	)		(23,837,970	)
Class K		(7,110	)		(7,717	)
Class R		(2,167,951	)		(944,794	)
Class R4		(7,325,441	)		(3,259,693	)
Class R5		(14,509,724	)		(5,283,994	)
Class T		(9,478,836	)		(7,678,933	)
Class W		(10,286,956	)		(10,180,158	)
Class Y		(1,236,681	)		(13,169	)
Class Z		(120,565,017	)		(73,572,489	)
Total distributions to shareholders		(365,921,561	)		(218,289,869	)
Increase in net assets from capital stock activity		1,626,379,501			900,230,117
Total increase in net assets		1,349,096,146			1,541,435,481
Net assets at beginning of year		4,841,587,631			3,300,152,150
Net assets at end of year	$	6,190,683,777		$	4,841,587,631
Undistributed net investment income	$	159,226,713		$	23,603,155

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

Annual Report 2015
16

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		45,567,965			1,005,475,133			36,058,634			747,458,899
Distributions reinvested		5,695,290			119,202,421			3,249,504			64,047,715
Redemptions		(17,440,479	)		(384,215,880	)		(12,795,905	)		(266,997,147	)
Net increase		33,822,776			740,461,674			26,512,233			544,509,467
Class B shares
Subscriptions		88,496			1,787,513			91,766			1,745,506
Distributions reinvested		45,319			869,677			51,496			938,770
Redemptions^(a)		(322,718	)		(6,500,704	)		(386,227	)		(7,355,296	)
Net decrease		(188,903	)		(3,843,514	)		(242,965	)		(4,671,020	)
Class C shares
Subscriptions		11,677,531			236,079,207			5,234,942			100,323,251
Distributions reinvested		776,999			14,941,695			365,486			6,673,770
Redemptions		(2,175,882	)		(43,913,211	)		(1,317,481	)		(25,125,999	)
Net increase		10,278,648			207,107,691			4,282,947			81,871,022
Class I shares
Subscriptions		8,920,645			198,518,571			4,294,379			87,531,205
Distributions reinvested		1,858,358			39,062,676			1,406,501			27,820,597
Redemptions		(12,672,345	)		(284,995,676	)		(5,948,198	)		(124,792,601	)
Net decrease		(1,893,342	)		(47,414,429	)		(247,318	)		(9,440,799	)
Class K shares
Distributions reinvested		360			7,576			380			7,523
Redemptions		—			—			(2,838	)		(59,644	)
Net increase (decrease)		360			7,576			(2,458	)		(52,121	)
Class R shares
Subscriptions		1,525,966			33,723,333			993,295			20,515,169
Distributions reinvested		69,759			1,462,150			35,568			702,110
Redemptions		(596,145	)		(13,163,703	)		(358,743	)		(7,405,308	)
Net increase		999,580			22,021,780			670,120			13,811,971
Class R4 shares
Subscriptions		7,603,669			167,657,282			2,995,138			62,699,057
Distributions reinvested		379,661			8,105,769			184,580			3,706,357
Redemptions		(2,116,266	)		(47,395,372	)		(927,958	)		(19,717,655	)
Net increase		5,867,064			128,367,679			2,251,760			46,687,759
Class R5 shares
Subscriptions		8,767,116			197,169,255			6,678,168			140,752,475
Distributions reinvested		761,574			16,244,381			298,379			5,982,494
Redemptions		(3,244,261	)		(72,265,852	)		(1,320,470	)		(27,713,522	)
Net increase		6,284,429			141,147,784			5,656,077			119,021,447

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

Annual Report 2015
17

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		143,425			3,011,870			133,142			2,628,259
Distributions reinvested		338,177			7,017,172			294,510			5,757,673
Redemptions		(509,561	)		(11,173,172	)		(533,838	)		(11,044,582	)
Net decrease		(27,959	)		(1,144,130	)		(106,186	)		(2,658,650	)
Class W shares
Subscriptions		4,495,889			100,570,978			2,652,118			53,805,477
Distributions reinvested		527,738			11,045,553			566,621			11,168,097
Redemptions		(5,005,755	)		(109,077,232	)		(10,951,818	)		(227,845,735	)
Net increase (decrease)		17,872			2,539,299			(7,733,079	)		(162,872,161	)
Class Y shares
Subscriptions		2,447,484			55,829,769			116,035			2,460,284
Distributions reinvested		14,348			306,053			756			15,161
Redemptions		(123,265	)		(2,790,813	)		(10,756	)		(225,098	)
Net increase		2,338,567			53,345,009			106,035			2,250,347
Class Z shares
Subscriptions		31,332,502			691,476,272			29,720,665			618,238,458
Distributions reinvested		3,893,061			81,910,017			2,505,393			49,606,774
Redemptions		(17,581,024	)		(389,603,207	)		(19,203,531	)		(396,072,377	)
Net increase		17,644,539			383,783,082			13,022,527			271,772,855
Total net increase		75,143,631			1,626,379,501			44,169,693			900,230,117

(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 2015
18

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, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Year Ended August 31,												Year Ended September 30,
Class A	2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	22.37		$	19.15		$	15.68		$	12.63		$	12.61		$	11.76
Income from investment operations:
Net investment income		0.65	^(g)		0.14			0.13			0.11			0.08			0.04
Net realized and unrealized gain (loss)		(0.23	)		4.32			3.48			3.32			(0.03	)		0.87
Total from investment operations		0.42			4.46			3.61			3.43			0.05			0.91
Less distributions to shareholders:
Net investment income		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.03	)		(0.06	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.52	)		(1.24	)		(0.14	)		(0.38	)		(0.03	)		(0.06	)
Net asset value, end of period	$	21.27		$	22.37		$	19.15		$	15.68		$	12.63		$	12.61
Total return		1.99	%		24.15	%		23.23	%		27.59	%		0.39	%		7.75	%
Ratios to average net assets^(b)
Total gross expenses		1.09	%		1.11	%		1.15	%		1.19	%^(c)		1.19	%^(d)		1.25	%
Total net expenses^(e)		1.09	%^(f)		1.11	%^(f)		1.14	%^(f)		1.16	%^(c)(f)		1.16	%^(d)(f)		1.19	%^(f)
Net investment income		2.93	%		0.69	%		0.73	%		0.82	%^(c)		0.56	%		0.32	%
Supplemental data
Net assets, end of period (in thousands)	$	2,297,176		$	1,659,841		$	913,212		$	588,182		$	427,039		$	111,182
Portfolio turnover		60	%		65	%		47	%		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) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

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

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

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

(g) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.54 per share.

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

Annual Report 2015
19

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class B	2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	20.58		$	17.74		$	14.53		$	11.74		$	11.78		$	11.02
Income from investment operations:
Net investment income (loss)		0.29	^(h)		(0.01	)		(0.00	)^(b)		0.01			(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		(0.05	)		3.98			3.24			3.09			(0.01	)		0.81
Total from investment operations		0.24			3.97			3.24			3.10			(0.04	)		0.76
Less distributions to shareholders:
Net investment income		—			—			(0.01	)		—			—			—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.42	)		(1.13	)		(0.03	)		(0.31	)		—			—
Net asset value, end of period	$	19.40		$	20.58		$	17.74		$	14.53		$	11.74		$	11.78
Total return		1.22	%		23.20	%		22.32	%		26.72	%		(0.34	%)		6.90	%
Ratios to average net assets^(c)
Total gross expenses		1.84	%		1.86	%		1.90	%		1.94	%^(d)		1.92	%^(e)		2.00	%
Total net expenses^(f)		1.84	%^(g)		1.86	%^(g)		1.89	%^(g)		1.91	%^(d)(g)		1.90	%^(e)(g)		1.94	%^(g)
Net investment income (loss)		1.40	%		(0.08	%)		(0.02	%)		0.05	%^(d)		(0.19	%)		(0.46	%)
Supplemental data
Net assets, end of period (in thousands)	$	9,551		$	14,023		$	16,396		$	17,292		$	21,560		$	3,991
Portfolio turnover		60	%		65	%		47	%		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) Rounds to zero.

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

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.35 per share.

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

Annual Report 2015
20

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class C	2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	20.62		$	17.77		$	14.55		$	11.76		$	11.80		$	11.03
Income from investment operations:
Net investment income (loss)		0.50	^(h)		(0.01	)		(0.00	)^(b)		0.01			(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		(0.27	)		3.99			3.25			3.09			(0.01	)		0.82
Total from investment operations		0.23			3.98			3.25			3.10			(0.04	)		0.77
Less distributions to shareholders:
Net investment income		—			—			(0.01	)		—			—			—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.42	)		(1.13	)		(0.03	)		(0.31	)		—			—
Net asset value, end of period	$	19.43		$	20.62		$	17.77		$	14.55		$	11.76		$	11.80
Total return		1.17	%		23.22	%		22.36	%		26.68	%		(0.34	%)		6.98	%
Ratios to average net assets^(c)
Total gross expenses		1.85	%		1.86	%		1.90	%		1.94	%^(d)		1.95	%^(e)		2.00	%
Total net expenses^(f)		1.85	%^(g)		1.86	%^(g)		1.89	%^(g)		1.91	%^(d)(g)		1.92	%^(e)(g)		1.94	%^(g)
Net investment income (loss)		2.46	%		(0.06	%)		(0.02	%)		0.07	%^(d)		(0.22	%)		(0.44	%)
Supplemental data
Net assets, end of period (in thousands)	$	409,798		$	222,834		$	115,940		$	58,257		$	36,559		$	18,368
Portfolio turnover		60	%		65	%		47	%		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) Rounds to zero.

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.55 per share.

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

Annual Report 2015
21

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class I	2015			2014			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	22.53		$	19.27		$	15.78		$	12.71		$	12.69		$	12.70
Income from investment operations:
Net investment income		0.57	^(h)		0.23			0.21			0.17			0.14			0.01
Net realized and unrealized gain (loss)		(0.06	)		4.35			3.49			3.34			(0.03	)		(0.02	)
Total from investment operations		0.51			4.58			3.70			3.51			0.11			(0.01	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.19	)		(0.19	)		(0.13	)		(0.09	)		—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.61	)		(1.32	)		(0.21	)		(0.44	)		(0.09	)		—
Net asset value, end of period	$	21.43		$	22.53		$	19.27		$	15.78		$	12.71		$	12.69
Total return		2.42	%		24.71	%		23.73	%		28.12	%		0.81	%		(0.08	%)
Ratios to average net assets^(c)
Total gross expenses		0.65	%		0.68	%		0.70	%		0.75	%^(d)		0.76	%^(e)		0.85	%^(d)
Total net expenses^(f)		0.65	%		0.68	%		0.70	%		0.75	%^(d)		0.76	%^(e)(g)		0.85	%^(d)(g)
Net investment income		2.55	%		1.12	%		1.17	%		1.24	%^(d)		0.99	%		4.99	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	425,921		$	490,451		$	424,376		$	385,802		$	280,304		$	2
Portfolio turnover		60	%		65	%		47	%		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) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.37 per share.

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

Annual Report 2015
22

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class K	2015			2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	22.50		$	19.26		$	15.77		$	12.70		$	14.93
Income from investment operations:
Net investment income		0.61	^(h)		0.17			0.15			0.13			0.06
Net realized and unrealized gain (loss)		(0.16	)		4.33			3.51			3.34			(2.29	)
Total from investment operations		0.45			4.50			3.66			3.47			(2.23	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.13	)		(0.15	)		(0.09	)		—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.55	)		(1.26	)		(0.17	)		(0.40	)		—
Net asset value, end of period	$	21.40		$	22.50		$	19.26		$	15.77		$	12.70
Total return		2.12	%		24.27	%		23.40	%		27.74	%		(14.94	%)
Ratios to average net assets^(c)
Total gross expenses		0.96	%		0.97	%		1.00	%		1.05	%^(d)		1.05	%^(d)(e)
Total net expenses^(f)		0.96	%		0.97	%		1.00	%		1.05	%^(d)		1.05	%^(d)(e)(g)
Net investment income		2.73	%		0.81	%		0.87	%		0.93	%^(d)		0.72	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	115		$	113		$	144		$	117		$	100
Portfolio turnover		60	%		65	%		47	%		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) Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.47 per share.

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

Annual Report 2015
23

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class R	2015			2014			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	22.37		$	19.15		$	15.68		$	12.63		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.65	⁽ⁱ⁾		0.09			0.08			0.08			0.05			0.00	^(c)
Net realized and unrealized gain (loss)		(0.29	)		4.32			3.49			3.32			(0.03	)		(0.01	)
Total from investment operations		0.36			4.41			3.57			3.40			0.02			(0.01	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.06	)		(0.08	)		(0.04	)		—			—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.47	)		(1.19	)		(0.10	)		(0.35	)		—			—
Net asset value, end of period	$	21.26		$	22.37		$	19.15		$	15.68		$	12.63		$	12.61
Total return		1.69	%		23.86	%		22.93	%		27.34	%		0.16	%		(0.08	%)
Ratios to average net assets^(d)
Total gross expenses		1.34	%		1.36	%		1.39	%		1.42	%^(e)		1.44	%^(f)		1.44	%^(e)
Total net expenses^(g)		1.34	%^(h)		1.36	%^(h)		1.39	%^(h)		1.41	%^(e)(h)		1.39	%^(f)(h)		1.44	%^(e)(h)
Net investment income		2.93	%		0.44	%		0.46	%		0.59	%^(e)		0.32	%		4.34	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	50,048		$	30,291		$	13,102		$	4,489		$	6		$	2
Portfolio turnover		60	%		65	%		47	%		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) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

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

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

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

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

(i) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.60 per share.

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

Annual Report 2015
24

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	22.83		$	19.52		$	15.84
Income from investment operations:
Net investment income		0.80	^(f)		0.20			0.16
Net realized and unrealized gain (loss)		(0.32	)		4.40			3.70
Total from investment operations		0.48			4.60			3.86
Less distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.16	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.57	)		(1.29	)		(0.18	)
Net asset value, end of period	$	21.74		$	22.83		$	19.52
Total return		2.25	%		24.44	%		24.61	%
Ratios to average net assets^(b)
Total gross expenses		0.85	%		0.86	%		0.89	%^(c)
Total net expenses^(d)		0.85	%^(e)		0.86	%^(e)		0.89	%^(c)(e)
Net investment income		3.53	%		0.94	%		1.04	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	227,941		$	105,458		$	46,212
Portfolio turnover		60	%		65	%		47	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.63 per share.

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

Annual Report 2015
25

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	22.83		$	19.52		$	15.84
Income from investment operations:
Net investment income		0.78	^(e)		0.23			0.15
Net realized and unrealized gain (loss)		(0.28	)		4.39			3.73
Total from investment operations		0.50			4.62			3.88
Less distributions to shareholders:
Net investment income		(0.18	)		(0.18	)		(0.18	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.60	)		(1.31	)		(0.20	)
Net asset value, end of period	$	21.73		$	22.83		$	19.52
Total return		2.34	%		24.60	%		24.75	%
Ratios to average net assets^(b)
Total gross expenses		0.71	%		0.73	%		0.75	%^(c)
Total net expenses^(d)		0.71	%		0.73	%		0.75	%^(c)
Net investment income		3.45	%		1.08	%		1.01	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	336,043		$	209,498		$	68,709
Portfolio turnover		60	%		65	%		47	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

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

(e) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.58 per share.

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

Annual Report 2015
26

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class T	2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	22.19		$	19.01		$	15.56		$	12.54		$	12.51		$	11.67
Income from investment operations:
Net investment income		0.55	^(g)		0.13			0.12			0.10			0.06			0.03
Net realized and unrealized gain (loss)		(0.15	)		4.28			3.47			3.29			—			0.86
Total from investment operations		0.40			4.41			3.59			3.39			0.06			0.89
Less distributions to shareholders:
Net investment income		(0.09	)		(0.10	)		(0.12	)		(0.06	)		(0.03	)		(0.05	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.51	)		(1.23	)		(0.14	)		(0.37	)		(0.03	)		(0.05	)
Net asset value, end of period	$	21.08		$	22.19		$	19.01		$	15.56		$	12.54		$	12.51
Total return		1.92	%		24.06	%		23.22	%		27.49	%		0.43	%		7.68	%
Ratios to average net assets^(b)
Total gross expenses		1.11	%		1.16	%		1.20	%		1.24	%^(c)		1.26	%^(d)		1.30	%
Total net expenses^(e)		1.11	%^(f)		1.16	%^(f)		1.19	%^(f)		1.21	%^(c)(f)		1.21	%^(d)(f)		1.24	%^(f)
Net investment income		2.49	%		0.63	%		0.68	%		0.77	%^(c)		0.44	%		0.24	%
Supplemental data
Net assets, end of period (in thousands)	$	143,304		$	151,430		$	131,732		$	117,457		$	100,805		$	112,862
Portfolio turnover		60	%		65	%		47	%		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.

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

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

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

(g) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.45 per share.

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

Annual Report 2015
27

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class W	2015			2014			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	22.38		$	19.16		$	15.69		$	12.64		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.50	⁽ⁱ⁾		0.14			0.13			0.11			0.08			0.00	^(c)
Net realized and unrealized gain (loss)		(0.09	)		4.32			3.48			3.32			(0.02	)		(0.01	)
Total from investment operations		0.41			4.46			3.61			3.43			0.06			(0.01	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.03	)		—
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.52	)		(1.24	)		(0.14	)		(0.38	)		(0.03	)		—
Net asset value, end of period	$	21.27		$	22.38		$	19.16		$	15.69		$	12.64		$	12.61
Total return		1.95	%		24.15	%		23.21	%		27.57	%		0.47	%		(0.08	%)
Ratios to average net assets^(d)
Total gross expenses		1.09	%		1.10	%		1.14	%		1.19	%^(e)		1.20	%^(f)		1.19	%^(e)
Total net expenses^(g)		1.09	%^(h)		1.10	%^(h)		1.14	%^(h)		1.16	%^(e)(h)		1.16	%^(f)(h)		1.19	%^(e)(h)
Net investment income		2.26	%		0.67	%		0.73	%		0.83	%^(e)		0.54	%		4.64	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	118,262		$	124,021		$	254,377		$	106,075		$	74,302		$	2
Portfolio turnover		60	%		65	%		47	%		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) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

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

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

(i) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.40 per share.

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

Annual Report 2015
28

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	22.84		$	19.52		$	15.84
Income from investment operations:
Net investment income		1.19	^(e)		0.24			0.24
Net realized and unrealized gain (loss)		(0.67	)		4.40			3.64
Total from investment operations		0.52			4.64			3.88
Less distributions to shareholders:
Net investment income		(0.19	)		(0.19	)		(0.18	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.61	)		(1.32	)		(0.20	)
Net asset value, end of period	$	21.75		$	22.84		$	19.52
Total return		2.44	%		24.71	%		24.79	%
Ratios to average net assets^(b)
Total gross expenses		0.66	%		0.68	%		0.72	%^(c)
Total net expenses^(d)		0.66	%		0.68	%		0.72	%^(c)
Net investment income		5.26	%		1.12	%		1.60	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	53,246		$	2,514		$	79
Portfolio turnover		60	%		65	%		47	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

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

(e) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.96 per share.

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

Annual Report 2015
29

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,												Year Ended September 30,
Class Z	2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	22.52		$	19.27		$	15.78		$	12.71		$	12.68		$	11.83
Income from investment operations:
Net investment income		0.66	^(g)		0.19			0.17			0.15			0.11			0.07
Net realized and unrealized gain (loss)		(0.18	)		4.35			3.50			3.34			(0.01	)		0.86
Total from investment operations		0.48			4.54			3.67			3.49			0.10			0.93
Less distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.16	)		(0.11	)		(0.07	)		(0.08	)
Net realized gains		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.58	)		(1.29	)		(0.18	)		(0.42	)		(0.07	)		(0.08	)
Net asset value, end of period	$	21.42		$	22.52		$	19.27		$	15.78		$	12.71		$	12.68
Total return		2.24	%		24.45	%		23.50	%		27.91	%		0.72	%		7.93	%
Ratios to average net assets^(b)
Total gross expenses		0.84	%		0.86	%		0.90	%		0.94	%^(c)		0.96	%^(d)		1.00	%
Total net expenses^(e)		0.84	%^(f)		0.86	%^(f)		0.89	%^(f)		0.91	%^(c)(f)		0.91	%^(d)(f)		0.94	%^(f)
Net investment income		2.97	%		0.93	%		0.98	%		1.08	%^(c)		0.76	%		0.54	%
Supplemental data
Net assets, end of period (in thousands)	$	2,119,278		$	1,831,114		$	1,315,874		$	819,630		$	494,107		$	344,081
Portfolio turnover		60	%		65	%		47	%		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.

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

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

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

(g) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.50 per share.

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

Annual Report 2015
30

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2015

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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class T, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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 after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after 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 after purchase.

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

Class K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund's prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund's prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

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 after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after 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 previous fund reorganizations.

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

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

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

Annual Report 2015
31

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the 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 equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, 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. 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 a policy adopted by the Board of Trustees (the Board), including, if available, 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 open-end investment companies, including money market funds, are valued at their latest net asset value.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

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

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

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 generally recorded net of any non-reclaimable tax withholdings, on

Annual Report 2015
32

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

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 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.

Annual Report 2015
33

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. 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 Other Transactions with Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. The effective investment management fee rate for the year ended August 31, 2015 was 0.59% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The effective administration fee rate for the year ended August 31, 2015 was 0.05% of the Fund's average daily net assets.

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Fund as disclosed

in the Statement of Operations. These Board members 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, and all amounts payable under the Plan constitute a general unsecured obligation of the Fund.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund is allocated a portion of the expenses associated with the Chief Compliance Officer based on relative net assets of the Trust.

Transfer Agency Fees

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

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (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., for which the Transfer Agent receives 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).

Annual Report 2015
34

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

For the year ended August 31, 2015, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class K	0.05
Class R	0.19
Class R4	0.19
Class R5	0.05
Class T	0.19
Class W	0.19
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended August 31, 2015, these minimum account balance fees reduced total expenses of the Fund by $4,700.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

The 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. The Board has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

under the Plans, the Fund pays 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 of the Fund, 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.

Although the Fund may pay a distribution fee up to 0.25% of the Fund's average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class W shares, 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). Effective January 1, 2015, these fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class T shares. Prior to January 1, 2015, these fees were limited to 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, 2015 was 0.27% 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 $4,143,921 for Class A, $1,065 for Class B, $35,022 for Class C and $10,655 for Class T shares for the year ended August 31, 2015.

Annual Report 2015
35

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (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, do not exceed the annual rates of:

	Voluntary Expense Cap Effective January 1, 2015			Contractual Expense Cap Prior to January 1, 2015
Class A		1.18	%		1.18	%
Class B		1.93			1.93
Class C		1.93			1.93
Class I		0.79			0.80
Class K		1.09			1.10
Class R		1.43			1.43
Class R4		0.93			0.93
Class R5		0.84			0.85
Class T		1.18			1.23
Class W		1.18			1.18
Class Y		0.79			0.80
Class Z		0.93			0.93

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income

tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At August 31, 2015, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions and re-characterization of distributions for investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	(264,996	)
Accumulated net realized gain		264,995
Paid-in capital		1

Net investment income (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,	2015		2014
Ordinary income	$	69,622,372	$	76,243,506
Long-term capital gains		296,299,189		142,046,363
Total	$	365,921,561	$	218,289,869

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

At August 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	158,216,000
Undistributed long-term capital gains		194,920,866
Net unrealized appreciation		873,818,092

At August 31, 2015, the cost of investments for federal income tax purposes was $5,266,995,949 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	873,818,092
Unrealized depreciation		—
Net unrealized appreciation	$	873,818,092

Annual Report 2015
36

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 investments and derivatives, if any, aggregated to $4,589,929,131 and $3,293,170,864, respectively, for the year ended August 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests 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. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the year ended August 31, 2015.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2015, one unaffiliated shareholder of record owned 15.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 38.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Technology and Technology-related Investment Risk

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

Annual Report 2015
37

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 http://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 quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2015
38

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, 2015, and 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, 2015 by correspondence with the custodian, brokers and transfer agent, and the application of alternative auditing procedures where such confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 22, 2015

Annual Report 2015
39

COLUMBIA CONTRARIAN CORE FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2015. Shareholders will be notified in early 2016 of the amounts for use in preparing 2015 income tax returns.

Tax Designations:

Qualified Dividend Income		95.60	%
Dividends Received Deduction		78.46	%
Capital Gain Dividend	$	248,480,720

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

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

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Annual Report 2015
40

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS

The Trustees serve terms of indefinite duration. The names 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. The mailing address of each Trustee is: c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110.

Independent Trustees

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

Janet Langford Carrig
(Born 1957)
Trustee

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

None

Douglas A. Hacker
(Born 1955)
Trustee and Chairman
of the Board

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

Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)

Nancy T. Lukitsh
(Born 1956)
Trustee

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

None

William E. Mayer
(Born 1940)
Trustee

1991

Partner, Park Avenue Equity Partners (private equity) since February 1999

DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Kelso Capital Corporation (investment company); and Premier, Inc. (healthcare)

Annual Report 2015
41

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

David M. Moffett
(Born 1952)
Trustee

2011

Retired. Consultant to Bridgewater and Associates; 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

Building Materials Holding Corp. (building materials and construction services); CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); E.W. Scripps Co. (print and television media); Genworth Financial, Inc. (financial and insurance products and services); MBIA Inc. (financial service provider); Paypal Holdings Inc. (payment and data processing services); and University of Oklahoma Foundation

Charles R. Nelson
(Born 1942)
Trustee

1981

Retired. Professor Emeritus, University of Washington since 2011; Professor of Economics, University of Washington from 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 September 1993 to 2008; consultant on econometric and statistical matters

None

John J. Neuhauser
(Born 1943)
Trustee

1984

President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007

Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Patrick J. Simpson
(Born 1944)
Trustee

2000

Partner, Perkins Coie LLP (law firm)

None

Anne-Lee Verville
(Born 1945)
Trustee

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)

Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Annual Report 2015
42

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliate with Investment Manager*

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

William F. Truscott
(Born 1960)
Trustee

2012

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); 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, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012

187

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

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

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiathreadneedle.com/us.

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

Fund Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel 2004- January 2010); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Annual Report 2015
43

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Fund Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), Chief Legal Officer (2015) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010-January 2013 and Group Counsel, November 2008-January 2010).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, 2005-April 2010.
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011), Assistant Treasurer (2012) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006-April 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010, and Vice President — Asset Management and Trust Company Services, 2006-2009).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009; President, RiverSource Service Corporation 2004-2010.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Vice President and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel from May 2010 to August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2015
44

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT

On June 10, 2015, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) 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. The Board and the Independent Trustees also unanimously approved an agreement (the Management Agreement and, together with the Advisory Agreement, the Agreements) combining the Advisory Agreement and the Fund's existing administrative services agreement (the Administrative Services Agreement) in a single agreement. The Board and the Independent Trustees approved the restatement of the Advisory Agreement with the Management Agreement to be effective for the Fund on January 1, 2016, the Fund's next annual prospectus update. As detailed below, the Board's 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 and others before determining to approve the Management Agreement and the continuation of the Advisory Agreement.

In connection with their deliberations regarding the approval of the Management Agreement and the continuation of the Advisory Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 3, 2015, April 29, 2015 and June 9, 2015 and at Board meetings held on March 4, 2015 and June 10, 2015. In addition, the Board considers matters bearing on the Agreements at most of its other meetings throughout the year and meets regularly with senior management of the Trust and the Investment Manager. Through the Board's Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and other investment personnel at various times throughout the year. The Committee and the Board also consulted with its independent fee consultant, Fund counsel and with the Independent Trustees' independent legal counsel, who advised on various matters with respect to the Committee's and the Board's considerations and otherwise assisted the Committee and the Board in their deliberations. On June 9, 2015, the Committee recommended that the Board approve the Management Agreement and the continuation of the Advisory Agreement. On June 10, 2015, the Board, including the Independent Trustees, voting separately, unanimously approved the Management Agreement and 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 Management Agreement and the continuation of the Advisory Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the Management Agreement and 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 a group of mutual funds determined to be comparable to the Fund by an independent third-party data provider, as well as performance relative to benchmarks;

• 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 the 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 portfolio transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) would not exceed a specified percentage of the Fund's average annual net assets from January 1, 2016 through December 31, 2016;

• The terms and conditions of the Agreements;

Annual Report 2015
45

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

• The current and proposed 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 Agreement¹ and agreements with respect to the provision of distribution and transfer agency services to the Fund;

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

• Information regarding the management fees and investment performance of similarly-managed portfolios of other clients of the Investment Manager, including institutional separate accounts;

• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager's compliance system by the Fund's Chief Compliance Officer; and

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services Provided under the Agreements

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 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 its affiliates. The Committee and the Board also determined that the nature and level of the services to be provided under the Management Agreement would not decrease relative to the services provided under the Advisory Agreement and the Administrative Services Agreement. 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, and the quality of the Investment Manager's investment research capabilities and trade execution services. 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 and coordinate the activities of the Fund's other service providers. In evaluating the nature, extent and quality of services provided under the Agreements, the Committee and the Board considered that these services were provided to the Fund, rather than directly to Fund shareholders. The Committee and the Board accordingly affirmed, after considering various other matters, including the potential benefits to the Fund and its shareholders of the Independent Trustees' important role as pre-suit gatekeepers with respect to claims that they may determine are meritless or contrary to the Fund's best interests, that it was not the intention of the Board or the Investment Manager that there be any third-party beneficiaries of the Agreements. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Agreements supported the approval of the Management Agreement and the continuation of the Advisory Agreement.

1 Like the Advisory Agreement, the Administrative Services Agreement will terminate with respect to the Fund once the Management Agreement is effective for the Fund.

Annual Report 2015
46

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

Investment Performance

The Committee and the Board noted that, through December 31, 2014, the Fund's performance was in the 30th, 10th and 13th percentile (where the best performance would be in the first percentile) of its category selected by the 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, that the performance of the Fund was sufficient, in light of other considerations, to warrant the continuation of the Advisory Agreement and the approval of the Management Agreement.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees charged to the Fund under the Advisory Agreement as well as the total expenses 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 total expense ratio as a percentage of average daily net assets. The Committee and the Board also considered that the proposed management fee would not exceed the sum of the fee rates payable under the Advisory Agreement and the Administrative Services Agreement. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2014, the Fund's actual management fee and net expense ratio are ranked in the 4th and 3rd quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against the Fund's expense universe as determined by the 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 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. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services provided to comparable unaffiliated funds. 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/management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the approval of the Management Agreement and continuation of the Advisory Agreement.

Costs of Services Provided and Profitability

The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with 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.

Annual Report 2015
47

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

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 to the Investment Manager and its affiliates of their relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2014 to profitability levels realized in 2013. 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 similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. The Committee and the Board also considered information provided by the Investment Manager regarding the Investment Manager's 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 costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Management Agreement and 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 and management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

In considering these matters, the Committee and the Board also considered the costs of the services provided 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 any economies of scale were expected to be shared with the Fund supported the approval of the Management Agreement and 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. In this regard, among other matters, 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 transactions 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 are 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 Management Agreement and 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. 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 Management Agreement and the continuation of the Advisory Agreement.

Annual Report 2015
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 columbiathreadneedle.com/us; 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 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, 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 2015
49

Columbia Contrarian Core Fund

P.O. Box 8081

Boston, MA 02266-8081

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 and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

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

columbiathreadneedle.com/us

ANN133_08_E01_(10/15)

ANNUAL REPORT

August 31, 2015

COLUMBIA GREATER CHINA FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $503 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams' investment processes. More importantly, it results in better informed investment decisions for our clients.

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

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

* In U.S. dollars as of June 30, 2015. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of June 30, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of June 2015 for Threadneedle Asset Management Limited.

Not part of the shareholder report

Get the market insight you need from our investment experts

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Find economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiathreadneedle.com/us.

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Read our award-winning* shareholder newsletter. Our quarterly newsletter is available online and provides timely and relevant content about economic trends, fund news, service enhancements and changes. Sign up to receive the newsletter electronically at columbiathreadneedle.com/
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*Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholder,

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

n Navigate a changing interest rate environment

n Maximize after-tax returns

n Grow assets to achieve financial goals

n Ease the impact of volatile markets

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

Annual Report 2015

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					12
Statement of Operations					14
Statement of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					25
Report of Independent Registered Public Accounting Firm					33
Federal Income Tax Information					34
Trustees and Officers					35
Board Consideration and Approval of Advisory Agreement					39
Important Information About This Report					43

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

Annual Report 2015

COLUMBIA GREATER CHINA FUND

PERFORMANCE OVERVIEW

Performance Summary

n Columbia Greater China Fund (the Fund) Class A shares returned -9.49% excluding sales charges for the 12-month period that ended August 31, 2015.

n During the same 12-month period, the Fund performed roughly in line with the MSCI China Index (Net) benchmark return of -9.34%, and exceeded the Hang Seng Index return of -12.41%.

n Security selection was the biggest positive contributor to the Fund's performance vs. the MSCI China Index (Net), with particularly strong returns in the financials and telecommunications services sectors. Selection within industrials and information technology lagged.

Average Annual Total Returns (%) (for period ended August 31, 2015)

	Inception	1 Year		5 Years		10 Years
Class A	05/16/97
Excluding sales charges			-9.49		2.88		9.70
Including sales charges			-14.69		1.67		9.05
Class B	05/16/97
Excluding sales charges			-10.16		2.10		8.88
Including sales charges			-13.73		1.87		8.88
Class C	05/16/97
Excluding sales charges			-10.16		2.11		8.88
Including sales charges			-10.88		2.11		8.88
Class I*	08/02/11		-9.07		3.26		9.90
Class R4*	03/19/13		-9.26		3.00		9.76
Class R5*	11/08/12		-9.11		3.10		9.82
Class W*	06/18/12		-9.48		2.91		9.72
Class Z	05/16/97		-9.24		3.14		9.98
MSCI China Index (Net)			-9.34		2.14		10.49
Hang Seng Index			-12.41		1.15		3.84

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 prospectus 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 returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/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 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 (except the MSCI China Index (Net) which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2015
2

COLUMBIA GREATER CHINA FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2005 – August 31, 2015)

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 2015
3

COLUMBIA GREATER CHINA FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

Jasmine (Weili) Huang, CFA, CPA
(U.S. and China), CFM

Morningstar Style Box^TM

©2015 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.

For the 12-month period that ended August 31, 2015, the Fund's Class A shares returned -9.49% excluding sales charges. The Fund's performance was roughly in line with the MSCI China Index (Net) benchmark return of -9.34%, and exceeded the Hang Seng Index return of -12.41%, for the same 12-month period. Security selection was the biggest positive contributor to performance vs. the MSCI China Index (Net), with particularly strong returns in the financials and telecommunications services sectors. Selection within industrials and information technology lagged.

Chinese Equities Were Volatile on Growth, Currency Concerns

The first several months of the Fund's fiscal period saw a strong upward trend in Chinese equities. Positive sentiment was driven in large part by a relaxation in monetary policy, as the government sought to maintain growth at acceptable levels while moving toward a more sustainable economic model. In this vein, the People's Bank of China cut its base reference rate, as well as the reserve requirement ratio for banks, multiple times throughout the period. In addition, investor sentiment benefited as the government engaged in targeted stimulus efforts with respect to infrastructure and other key sectors. Outsized returns in the domestic Chinese equity market were driven by a new mechanism to enable foreign financial institutions to invest onshore, and also added to performance of the offshore China equity markets in which the Fund principally invests.

However, Chinese equities experienced a sharp reversal over the last few months of the period. Domestically traded "A shares" in particular gave up much of their gains, in part over concerns that valuations had become extended. In addition, a government crackdown on margin financing in the wake of speculative domestic investors taking margin loans to pile into equities rattled the market. On a more fundamental level, a stream of weakening data led to concerns that the government's efforts at stimulus were in danger of failing to maintain growth at levels sufficient to support a smooth transition to a more consumer-driven economy.

Toward the end of the period, markets reacted with alarm as the Chinese government allowed the renminbi to depreciate. While the government stated that the goal was to move toward a more market-based regime, equity volatility spiked on fears that any competitive devaluation designed to stimulate Chinese exports could spark a global currency war. Ultimately, it was established that the renminbi's valuation would be maintained within a range tied to the U.S. dollar, helping to stabilize sentiment.

A Focus on Secular Growth Opportunities

Stock selection decisions in aggregate made the most significant positive contribution to the Fund's returns vs. the MSCI benchmark. In particular, selection was positive within the financials and telecommunications sectors. Conversely, picks within the industrials and information technology sectors lagged. With respect to sector allocations, an underweight to energy was the leading contributor, followed by overweight positions in health care and information technology. An above-benchmark

Annual Report 2015
4

COLUMBIA GREATER CHINA FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

position in consumer discretionary and a below-benchmark position in financials both detracted from relative performance. The Fund's sector weights are driven by our long-term focus on areas of China's economy positioned to benefit from secular, as opposed to cyclical, growth trends.

With respect to individual stocks, leading contributors included underweight exposure to leading Chinese oil companies China Petroleum & Chemical Corp. (widely known as "Sinopec") and CNOOC Ltd, as the slide in oil prices took a toll on shares for both. The Fund's position in brokerage firm Haitong Securities Co. was a top contributor as well. We held the stock as it benefited from a surging equity market, and sold out of the position at a profit before period-end. China Biologic Products, Inc., a blood plasma-based pharmaceutical company, also performed well. The company has benefited from being in a high-barrier-to-entry niche within the expanding Chinese health care market, and has displayed consistently strong earnings growth. Finally, Zhuzhou CSR Times Electric Co. Ltd., a manufacturer of components for high speed trains, is well-positioned to benefit from accelerated railway construction in China, and saw its shares boosted in the period by the merger of China's two leading train manufacturers.

On the downside, search engine firm Baidu and online retailer Alibaba were leading detractors. After a period of strong outperformance, shares for both suffered as the market rotated toward other sectors, such as financials and industrials, which are viewed as positioned to benefit from an anticipated macro-level economic recovery. In addition, near-term results for internet-based companies have been hurt by the drive to invest in mobile-based platforms, as smartphones continue to gain penetration among Chinese consumers. A pair of casino stocks closely tied to the fortunes of the resort city of Macau were also among the leading detractors. Shares for both Galaxy Entertainment and Sands China fell in the wake of a governmental anti-corruption campaign that dampened gaming revenues.

Structural Slowdown as Chinese Economy Rebalances

While China is undergoing a structural slowing in overall activity, we do not currently anticipate a collapsing economy. More importantly, we continue to invest in China on the basis of long-term, secular growth ideas. This means overweighting areas of the Chinese economy with substantial room for further penetration, such as information technology, the internet, health care and consumer discretionary. We also have selective exposure at this time to export-driven companies with a strong position in the global supply chain. By contrast, we are currently underweighting financials, energy and materials.

The Chinese economy is undergoing a rebalancing, evidenced by increased divergence in growth rates among GDP components. Traditional indicators such as industrial production, power demand and freight volumes have been softening, even as consumer- and service-oriented "new economy" industries such as entertainment, travel and mobile technology have expanded significantly. The process of rebalancing will likely take several more years. The concern for financial markets is whether the growth underway in Chinese consumption will be sufficient to

Top Ten Holdings (%) (at August 31, 2015)
Tencent Holdings Ltd.					14.3
China Mobile Ltd.					9.9
Ping An Insurance Group Co. of China Ltd., Class H					5.0
Industrial & Commercial Bank of China Ltd., Class H					4.6
China Construction Bank Corp., Class H					4.4
Bank of China Ltd., Class H					4.2
China Life Insurance Co., Ltd., Class H					3.7
CSPC Pharmaceutical Group Ltd.					3.3
Zhuzhou CSR Times Electric Co., Ltd., Class H					3.3
Vipshop Holdings Ltd., ADR					3.0

Percentages indicated are based upon total investments.

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

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

Country Breakdown (%) (at August 31, 2015)
China					96.0
Hong Kong					3.4
Taiwan					0.6
Total					100.0

Country Breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2015
5

COLUMBIA GREATER CHINA FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2015)
Consumer Discretionary					10.7
Consumer Staples					1.4
Energy					1.8
Financials					31.1
Health Care					12.3
Industrials					5.5
Information Technology					24.0
Telecommunication Services					9.9
Utilities					3.3
Total					100.0

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

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Concentration in the Greater China region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. Investments in small and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. As a non-diversified fund, fewer investments could have a greater affect on performance. See the Fund's prospectus for information on these and other risks.

counter the slowdown in the old economy. The apparent strong services sector growth and under-levered Chinese household could cushion any gradual consumption slowdown.

The real estate sector, a major component of the Chinese economy, has been on an upward trend as gauged by sales volume and, more recently, prices. Finally, we do not view a competitive devaluation of the renminbi as a likely outcome of China's efforts to maintain economic stability through the current transition. The country's leaders are aware that a cheaper currency would be counter to the goal of realigning the economy away from low-end manufacturing and towards consumption and innovation to drive long-term growth. On balance, despite near-term challenges, we remain optimistic regarding the Chinese economy and the investment opportunities it presents.

Annual Report 2015
6

COLUMBIA GREATER CHINA FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2015 – August 31, 2015

	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		873.00		1,017.49		7.36		7.92		1.55
Class B		1,000.00		1,000.00		869.70		1,013.74		10.85		11.69		2.29
Class C		1,000.00		1,000.00		869.90		1,013.68		10.90		11.74		2.30
Class I		1,000.00		1,000.00		875.00		1,019.62		5.37		5.78		1.13
Class R4		1,000.00		1,000.00		874.10		1,018.80		6.13		6.60		1.29
Class R5		1,000.00		1,000.00		874.70		1,019.51		5.46		5.89		1.15
Class W		1,000.00		1,000.00		873.00		1,017.38		7.45		8.03		1.57
Class Z		1,000.00		1,000.00		874.10		1,018.80		6.13		6.60		1.29

Annual Report 2015
7

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS

August 31, 2015

(Percentages represent value of investments compared to net assets)

Common Stocks 100.2%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 10.7%
Auto Components 1.0%
Fuyao Glass Industry Group Co., Ltd. Class H^(a)		689,600		1,271,795
Automobiles 2.1%
Brilliance China Automotive Holdings Ltd.		524,000		632,952
Chongqing Changan Automobile Co., Ltd., Class B		1,345,500		2,133,382
Total				2,766,334
Hotels, Restaurants & Leisure 1.8%
Galaxy Entertainment Group Ltd.		378,000		1,211,008
Sands China Ltd.		306,000		1,063,600
Total				2,274,608
Internet & Catalog Retail 3.8%
JD.com, Inc. ADR^(a)		41,244		1,067,395
Vipshop Holdings Ltd., ADR^(a)		211,381		3,802,744
Total				4,870,139
Textiles, Apparel & Luxury Goods 2.0%
Shenzhou International Group Holdings Ltd.		505,000		2,549,532
Total Consumer Discretionary				13,732,408
CONSUMER STAPLES 1.4%
Food & Staples Retailing 0.7%
China Resources Enterprise Ltd.		266,000		835,146
Food Products 0.7%
China Mengniu Dairy Co., Ltd.		273,000		954,492
Total Consumer Staples				1,789,638
ENERGY 1.9%
Oil, Gas & Consumable Fuels 1.9%
CNOOC Ltd.		1,146,500		1,437,099
PetroChina Co., Ltd., Class H		1,132,000		942,990
Total				2,380,089
Total Energy				2,380,089
FINANCIALS 31.1%
Banks 13.2%
Bank of China Ltd., Class H		11,820,000		5,383,618

Common Stocks (continued)

Issuer	Shares		Value ($)
China Construction Bank Corp., Class H		7,987,340		5,604,653
Industrial & Commercial Bank of China Ltd., Class H		10,120,000		5,925,120
Total				16,913,391
Insurance 12.2%
AIA Group Ltd.		233,800		1,291,768
China Life Insurance Co., Ltd., Class H		1,384,000		4,728,529
China Pacific Insurance Group Co., Ltd., Class H		481,200		1,745,497
PICC Property & Casualty Co., Ltd., Class H		796,000		1,509,877
Ping An Insurance Group Co. of China Ltd., Class H		1,321,000		6,451,462
Total				15,727,133
Real Estate Management & Development 5.7%
China Overseas Land & Investment Ltd.		622,320		1,822,787
China Vanke Co., Ltd., Class H		1,054,410		2,400,833
Dalian Wanda Commercial Properties Co., Ltd., Class H		501,300		3,091,779
Total				7,315,399
Total Financials				39,955,923
HEALTH CARE 12.3%
Biotechnology 3.4%
3SBio, Inc.^(a)		723,000		726,727
China Biologic Products, Inc.^(a)		37,850		3,589,694
Total				4,316,421
Health Care Providers & Services 0.6%
Harmonicare Medical Holdings Ltd.^(a)		1,238,000		825,860
Pharmaceuticals 8.3%
China Animal Healthcare Ltd.^(a)(b)(c)		1,050,000		326,514
China Medical System Holdings Ltd.		2,230,000		2,428,220
China Traditional Chinese Medicine Co., Ltd.^(a)		4,492,000		3,130,704
CSPC Pharmaceutical Group Ltd.		4,590,000		4,224,341
Sihuan Pharmaceutical Holdings Group Ltd.^(b)(c)		2,697,000		549,837
Total				10,659,616
Total Health Care				15,801,897

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

Annual Report 2015
8

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
INDUSTRIALS 5.5%
Commercial Services & Supplies 1.0%
Dongjiang Environmental Co. Ltd. Class H		843,500		1,263,209
Construction & Engineering 1.3%
Beijing Urban Construction Design & Development Group Co., Ltd. Class H		3,315,000		1,669,544
Electrical Equipment 3.2%
Zhuzhou CSR Times Electric Co., Ltd., Class H		636,000		4,183,472
Total Industrials				7,116,225
INFORMATION TECHNOLOGY 24.0%
Electronic Equipment, Instruments & Components 1.4%
Pax Global Technology Ltd.		1,926,000		1,792,301
Internet Software & Services 22.1%
58.Com, Inc., ADR^(a)		46,955		2,134,574
Alibaba Group Holding Ltd., ADR^(a)		53,388		3,530,015
Baidu, Inc., ADR^(a)		25,061		3,690,232
NetEase, Inc., ADR		5,111		568,241
Tencent Holdings Ltd.		1,099,300		18,410,006
Total				28,333,068

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals 0.5%
Catcher Technology Co., Ltd.		71,000		725,815
Total Information Technology				30,851,184
TELECOMMUNICATION SERVICES 10.0%
Wireless Telecommunication Services 10.0%
China Mobile Ltd.		1,061,500		12,767,825
Total Telecommunication Services				12,767,825
UTILITIES 3.3%
Gas Utilities 2.3%
China Gas Holdings Ltd.		470,000		688,063
ENN Energy Holdings Ltd.		452,000		2,308,947
Total				2,997,010
Water Utilities 1.0%
CT Environmental Group Ltd.		3,852,360		1,263,224
Total Utilities				4,260,234
Total Common Stocks (Cost: $109,107,870)				128,655,423
Total Investments (Cost: $109,107,870)				128,655,423	^(d)
Other Assets & Liabilities, Net				(283,137	)
Net Assets				128,372,286

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at August 31, 2015 was $876,351, which represents 0.68% of net assets. Information concerning such security holdings at August 31, 2015 is as follows:

Security Description	Acquisition Dates	Cost ($)
China Animal Healthcare Ltd.	05/23/2014 - 12/10/2014		677,129
Sihuan Pharmaceutical Holdings Group Ltd.	09/17/2013 - 03/05/2015		1,461,383

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2015, the value of these securities amounted to $876,351, which represents 0.68% of net assets.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's 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, 2015 are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					3,793,843				91,270,448				(95,064,291	)			—				4,378				—

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

Annual Report 2015
9

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

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

Annual Report 2015
10

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		4,870,139		8,862,269		—		13,732,408
Consumer Staples		—		1,789,638		—		1,789,638
Energy		—		2,380,089		—		2,380,089
Financials		—		39,955,923		—		39,955,923
Health Care		3,589,694		11,335,852		876,351		15,801,897
Industrials		—		7,116,225		—		7,116,225
Information Technology		9,923,062		20,928,122		—		30,851,184
Telecommunication Services		—		12,767,825		—		12,767,825
Utilities		—		4,260,234		—		4,260,234
Total Common Stocks		18,382,895		109,396,177		876,351		128,655,423
Total Investments		18,382,895		109,396,177		876,351		128,655,423

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 model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The Fund does not hold any significant investments (greater than one percent of net assets) 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 stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, discount rates observed in the market for similar assets as well as the movement in certain foreign or domestic market indices. 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.

Financial assets were transferred from Level 2 to Level 3 due to unavailable market quotes. As a result, as of period end, management determined to fair value the securities under procedures established by and under the general supervision of the Board of Trustees.

Transfers In				Transfers Out
Level 2 ($)		Level 3 ($)		Level 2 ($)		Level 3 ($)
	—		1,860,950		1,860,950		—

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.

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 2015
11

COLUMBIA GREATER CHINA FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2015

Assets
Investments, at value
(identified cost $109,107,870)	$	128,655,423
Receivable for:
Investments sold		146,940
Capital shares sold		56,820
Dividends		56,403
Prepaid expenses		1,786
Trustees' deferred compensation plan		39,003
Total assets		128,956,375
Liabilities
Due to custodian		166,413
Payable for:
Capital shares purchased		286,429
Investment management fees		9,320
Distribution and/or service fees		2,415
Transfer agent fees		27,469
Administration fees		857
Compensation of board members		353
Chief compliance officer expenses		14
Accounting fees		30,920
Other expenses		20,896
Trustees' deferred compensation plan		39,003
Total liabilities		584,089
Net assets applicable to outstanding capital stock	$	128,372,286
Represented by
Paid-in capital	$	102,408,939
Undistributed net investment income		270,962
Accumulated net realized gain		6,144,839
Unrealized appreciation (depreciation) on:
Investments		19,547,553
Foreign currency translations		(7	)
Total — representing net assets applicable to outstanding capital stock	$	128,372,286

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

Annual Report 2015
12

COLUMBIA GREATER CHINA FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class A
Net assets	$	63,284,140
Shares outstanding		1,898,701
Net asset value per share	$	33.33
Maximum offering price per share^(a)	$	35.36
Class B
Net assets	$	1,023,355
Shares outstanding		33,464
Net asset value per share	$	30.58
Class C
Net assets	$	12,102,568
Shares outstanding		386,069
Net asset value per share	$	31.35
Class I
Net assets	$	1,958
Shares outstanding		54
Net asset value per share^(b)	$	36.04
Class R4
Net assets	$	2,473,075
Shares outstanding		67,693
Net asset value per share	$	36.53
Class R5
Net assets	$	438,070
Shares outstanding		11,975
Net asset value per share	$	36.58
Class W
Net assets	$	1,912
Shares outstanding		57
Net asset value per share^(b)	$	33.33
Class Z
Net assets	$	49,047,208
Shares outstanding		1,365,945
Net asset value per share	$	35.91

(a) The maximum offering price per share is calculated by dividing the net asset value per share 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 2015
13

COLUMBIA GREATER CHINA FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2015

Net investment income
Income:
Dividends — unaffiliated issuers	$	2,861,374
Dividends — affiliated issuers		4,378
Foreign taxes withheld		(236,339	)
Total income		2,629,413
Expenses:
Investment management fees		1,277,028
Distribution and/or service fees
Class A		208,326
Class B		20,731
Class C		153,438
Class W		6
Transfer agent fees
Class A		164,214
Class B		4,109
Class C		30,256
Class R4		1,699
Class R5		169
Class W		4
Class Z		87,399
Administration fees		117,428
Compensation of board members		18,821
Custodian fees		44,432
Printing and postage fees		35,211
Registration fees		94,870
Professional fees		32,830
Line of credit interest expense		2,118
Chief compliance officer expenses		74
Other		16,370
Total expenses		2,309,533
Expense reductions		(477	)
Total net expenses		2,309,056
Net investment income		320,357
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		7,869,849
Foreign currency translations		(6,826	)
Increase from payment by affiliate (Note 6)		534,561
Net realized gain		8,397,584
Net change in unrealized appreciation (depreciation) on:
Investments		(28,431,086	)
Foreign currency translations		165
Net change in unrealized depreciation		(28,430,921	)
Net realized and unrealized loss		(20,033,337	)
Net decrease in net assets from operations	$	(19,712,980	)

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

Annual Report 2015
14

COLUMBIA GREATER CHINA FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2015			Year Ended August 31, 2014
Operations
Net investment income	$	320,357		$	962,259
Net realized gain		8,397,584			44,841,316
Net change in unrealized depreciation		(28,430,921	)		(16,607,029	)
Net increase (decrease) in net assets resulting from operations		(19,712,980	)		29,196,546
Distributions to shareholders
Net investment income
Class A		(511,016	)		(1,230,481	)
Class B		—			(37,419	)
Class C		—			(152,563	)
Class I		(29	)		(16,732	)
Class R4		(499	)		(286	)
Class R5		(1,461	)		(1,520	)
Class W		(19	)		(48	)
Class Z		(243,129	)		(492,797	)
Net realized gains
Class A		(14,411,020	)		(17,360,587	)
Class B		(474,688	)		(947,992	)
Class C		(2,999,146	)		(3,865,143	)
Class I		(467	)		(186,486	)
Class R4		(10,321	)		(3,571	)
Class R5		(26,161	)		(17,515	)
Class W		(493	)		(652	)
Class Z		(4,974,533	)		(6,058,000	)
Total distributions to shareholders		(23,652,982	)		(30,371,792	)
Increase (decrease) in net assets from capital stock activity		25,769,645			(34,206,883	)
Total decrease in net assets		(17,596,317	)		(35,382,129	)
Net assets at beginning of year		145,968,603			181,350,732
Net assets at end of year	$	128,372,286		$	145,968,603
Undistributed net investment income	$	270,962		$	704,902

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

Annual Report 2015
15

COLUMBIA GREATER CHINA FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		620,550			25,619,588			581,825			26,547,329
Distributions reinvested		370,206			13,323,734			386,968			16,353,257
Redemptions		(1,210,769	)		(51,029,538	)		(450,869	)		(20,857,788	)
Net increase (decrease)		(220,013	)		(12,086,216	)		517,924			22,042,798
Class B shares
Subscriptions		2,591			89,731			5,029			199,461
Distributions reinvested		11,974			397,537			19,151			759,128
Redemptions^(a)		(50,053	)		(1,892,567	)		(47,467	)		(1,974,847	)
Net decrease		(35,488	)		(1,405,299	)		(23,287	)		(1,016,258	)
Class C shares
Subscriptions		60,142			2,258,476			37,086			1,559,293
Distributions reinvested		65,744			2,237,255			73,147			2,957,343
Redemptions		(102,497	)		(3,840,272	)		(110,868	)		(4,764,644	)
Net increase (decrease)		23,389			655,459			(635	)		(248,008	)
Class I shares
Subscriptions		—			—			697			37,545
Distributions reinvested		—			—			4,513			202,683
Redemptions		—			—			(1,037,186	)		(57,095,817	)
Net increase (decrease)		—			—			(1,031,976	)		(56,855,589	)
Class R4 shares
Subscriptions		71,116			3,376,084			306			15,101
Distributions reinvested		263			10,342			71			3,233
Redemptions		(3,846	)		(169,626	)		(445	)		(19,716	)
Net increase (decrease)		67,533			3,216,800			(68	)		(1,382	)
Class R5 shares
Subscriptions		13,392			600,758			2,201			119,736
Distributions reinvested		689			27,138			405			18,403
Redemptions		(4,463	)		(204,421	)		(300	)		(13,714	)
Net increase		9,618			423,475			2,306			124,425
Class Z shares
Subscriptions		1,340,915			60,775,022			162,620			8,085,186
Distributions reinvested		102,646			3,973,418			106,852			4,788,042
Redemptions		(687,067	)		(29,783,014	)		(225,893	)		(11,126,097	)
Net increase		756,494			34,965,426			43,579			1,747,131
Total net increase (decrease)		601,533			25,769,645			(492,157	)		(34,206,883	)

(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 2015
16

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS

	Year Ended August 31,
Class A	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	45.93		$	48.80		$	42.08		$	51.02		$	51.35
Income from investment operations:
Net investment income		0.02			0.33			0.44			0.50			0.15
Net realized and unrealized gain (loss)		(3.87	)		8.97			6.81			(6.83	)		1.05
Increase from payment by affiliate		0.15			—			—			—			—
Total from investment operations		(3.70	)		9.30			7.25			(6.33	)		1.20
Less distributions to shareholders:
Net investment income		(0.30	)		(0.81	)		(0.53	)		(0.05	)		(0.17	)
Net realized gains		(8.60	)		(11.36	)		—			(2.56	)		(1.36	)
Total distributions to shareholders		(8.90	)		(12.17	)		(0.53	)		(2.61	)		(1.53	)
Redemption fees:
Net asset value, end of period	$	33.33		$	45.93		$	48.80		$	42.08		$	51.02
Total return		(9.49	%)^(a)		21.22	%		17.24	%		(12.20	%)		2.03	%
Ratios to average net assets^(b)
Total gross expenses		1.56	%^(c)		1.57	%^(c)		1.54	%		1.53	%		1.58	%^(c)
Total net expenses^(d)		1.56	%^(c)(e)		1.57	%^(c)(e)		1.54	%^(e)		1.53	%^(e)		1.58	%^(c)(e)
Net investment income		0.04	%		0.73	%		0.94	%		1.11	%		0.26	%
Supplemental data
Net assets, end of period (in thousands)	$	63,284		$	97,302		$	78,119		$	76,683		$	101,344
Portfolio turnover		74	%		61	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

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

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

Annual Report 2015
17

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	42.85		$	46.24		$	39.90		$	48.83		$	49.42
Income from investment operations:
Net investment income (loss)		(0.40	)		(0.09	)		0.04			0.10			(0.28	)
Net realized and unrealized gain (loss)		(3.41	)		8.51			6.49			(6.47	)		1.05
Increase from payment by affiliate		0.14			—			—			—			—
Total from investment operations		(3.67	)		8.42			6.53			(6.37	)		0.77
Less distributions to shareholders:
Net investment income		—			(0.45	)		(0.19	)		—			—
Net realized gains		(8.60	)		(11.36	)		—			(2.56	)		(1.36	)
Total distributions to shareholders		(8.60	)		(11.81	)		(0.19	)		(2.56	)		(1.36	)
Redemption fees:
Net asset value, end of period	$	30.58		$	42.85		$	46.24		$	39.90		$	48.83
Total return		(10.16	%)^(a)		20.28	%		16.36	%		(12.86	%)		1.27	%
Ratios to average net assets^(b)
Total gross expenses		2.32	%^(c)		2.32	%^(c)		2.29	%		2.28	%		2.33	%^(c)
Total net expenses^(d)		2.32	%^(c)(e)		2.32	%^(c)(e)		2.29	%^(e)		2.28	%^(e)		2.33	%^(c)(e)
Net investment income (loss)		(1.02	%)		(0.22	%)		0.09	%		0.22	%		(0.50	%)
Supplemental data
Net assets, end of period (in thousands)	$	1,023		$	2,955		$	4,265		$	5,769		$	13,364
Portfolio turnover		74	%		61	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

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

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

Annual Report 2015
18

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	43.71		$	46.94		$	40.51		$	49.52		$	50.10
Income from investment operations:
Net investment income (loss)		(0.28	)		(0.02	)		0.07			0.14			(0.28	)
Net realized and unrealized gain (loss)		(3.62	)		8.60			6.55			(6.59	)		1.06
Increase from payment by affiliate		0.14			—			—			—			—
Total from investment operations		(3.76	)		8.58			6.62			(6.45	)		0.78
Less distributions to shareholders:
Net investment income		—			(0.45	)		(0.19	)		—			—
Net realized gains		(8.60	)		(11.36	)		—			(2.56	)		(1.36	)
Total distributions to shareholders		(8.60	)		(11.81	)		(0.19	)		(2.56	)		(1.36	)
Redemption fees:
Net asset value, end of period	$	31.35		$	43.71		$	46.94		$	40.51		$	49.52
Total return		(10.16	%)^(a)		20.32	%		16.33	%		(12.84	%)		1.28	%
Ratios to average net assets^(b)
Total gross expenses		2.32	%^(c)		2.32	%^(c)		2.29	%		2.28	%		2.33	%^(c)
Total net expenses^(d)		2.32	%^(c)(e)		2.32	%^(c)(e)		2.29	%^(e)		2.28	%^(e)		2.33	%^(c)(e)
Net investment income (loss)		(0.71	%)		(0.05	%)		0.15	%		0.33	%		(0.50	%)
Supplemental data
Net assets, end of period (in thousands)	$	12,103		$	15,851		$	17,056		$	20,401		$	30,461
Portfolio turnover		74	%		61	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

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

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

Annual Report 2015
19

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	48.96		$	51.30		$	44.20		$	53.36		$	57.86
Income from investment operations:
Net investment income		0.20			0.90			0.70			0.73			0.09
Net realized and unrealized gain (loss)		(4.15	)		9.14			7.13			(7.14	)		(4.59	)
Increase from payment by affiliate		0.16			—			—			—			—
Total from investment operations		(3.79	)		10.04			7.83			(6.41	)		(4.50	)
Less distributions to shareholders:
Net investment income		(0.53	)		(1.02	)		(0.73	)		(0.19	)		—
Net realized gains		(8.60	)		(11.36	)		—			(2.56	)		—
Total distributions to shareholders		(9.13	)		(12.38	)		(0.73	)		(2.75	)		—
Net asset value, end of period	$	36.04		$	48.96		$	51.30		$	44.20		$	53.36
Total return		(9.07	%)^(b)		21.75	%		17.75	%		(11.78	%)		(7.78	%)
Ratios to average net assets^(c)
Total gross expenses		1.13	%^(d)		1.08	%^(d)		1.09	%		1.08	%		3.00	%^(d)(e)
Total net expenses^(f)		1.13	%^(d)		1.08	%^(d)		1.09	%		1.08	%^(g)		1.56	%^(d)(e)(g)
Net investment income		0.45	%		1.61	%		1.41	%		1.57	%		2.28	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	52,946		$	69,532		$	18,532
Portfolio turnover		74	%		61	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) Based on operations from August 2, 2011 (commencement of operations) through the stated period end.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

(e) Annualized.

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

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

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

Annual Report 2015
20

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	49.47		$	51.71		$	49.17
Income from investment operations:
Net investment income (loss)		1.09			(0.01	)		0.88
Net realized and unrealized gain (loss)		(5.18	)		10.04			1.66
Increase from payment by affiliate		0.16			—			—
Total from investment operations		(3.93	)		10.03			2.54
Less distributions to shareholders:
Net investment income		(0.41	)		(0.91	)		—
Net realized gains		(8.60	)		(11.36	)		—
Total distributions to shareholders		(9.01	)		(12.27	)		—
Net asset value, end of period	$	36.53		$	49.47		$	51.71
Total return		(9.26	%)^(b)		21.50	%		5.17	%
Ratios to average net assets^(c)
Total gross expenses		1.29	%^(d)		1.33	%^(d)		1.32	%^(e)
Total net expenses^(f)		1.29	%^(d)(g)		1.33	%^(d)(g)		1.32	%^(e)(g)
Net investment income (loss)		2.47	%		(0.03	%)		4.00	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2,473		$	8		$	12
Portfolio turnover		74	%		61	%		39	%

Notes to Financial Highlights

(a) Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

(e) Annualized.

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

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

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

Annual Report 2015
21

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	49.52		$	51.76		$	48.84
Income from investment operations:
Net investment income		0.52			0.73			0.63
Net realized and unrealized gain (loss)		(4.54	)		9.38			2.97
Increase from payment by affiliate		0.16			—			—
Total from investment operations		(3.86	)		10.11			3.60
Less distributions to shareholders:
Net investment income		(0.48	)		(0.99	)		(0.68	)
Net realized gains		(8.60	)		(11.36	)		—
Total distributions to shareholders		(9.08	)		(12.35	)		(0.68	)
Net asset value, end of period	$	36.58		$	49.52		$	51.76
Total return		(9.11	%)^(b)		21.67	%		7.40	%
Ratios to average net assets^(c)
Total gross expenses		1.16	%^(d)		1.19	%^(d)		1.16	%^(e)
Total net expenses^(f)		1.16	%^(d)		1.19	%^(d)		1.16	%^(e)
Net investment income		1.17	%		1.58	%		1.53	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	438		$	117		$	3
Portfolio turnover		74	%		61	%		39	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

(e) Annualized.

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

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

Annual Report 2015
22

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2015			2014			2013			2012^(a)
Per share data
Net asset value, beginning of period	$	45.95		$	48.82		$	42.10		$	43.58
Income from investment operations:
Net investment income (loss)		0.01			0.36			0.51			(0.05	)
Net realized and unrealized gain (loss)		(3.86	)		8.96			6.77			(1.43	)
Increase from payment by affiliate		0.15			—			—			—
Total from investment operations		(3.70	)		9.32			7.28			(1.48	)
Less distributions to shareholders:
Net investment income		(0.32	)		(0.83	)		(0.56	)		—
Net realized gains		(8.60	)		(11.36	)		—			—
Total distributions to shareholders		(8.92	)		(12.19	)		(0.56	)		—
Net asset value, end of period	$	33.33		$	45.95		$	48.82		$	42.10
Total return		(9.48	%)^(b)		21.27	%		17.30	%		(3.40	%)
Ratios to average net assets^(c)
Total gross expenses		1.56	%^(d)		1.52	%^(d)		1.49	%		1.47	%^(e)
Total net expenses^(f)		1.56	%^(d)(g)		1.52	%^(d)(g)		1.49	%^(g)		1.47	%^(e)
Net investment income (loss)		0.01	%		0.78	%		1.07	%		(0.55	%)^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	3		$	2
Portfolio turnover		74	%		61	%		39	%		38	%

Notes to Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

(e) Annualized.

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

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

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

Annual Report 2015
23

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	48.78		$	51.16		$	44.08		$	53.35		$	53.60
Income from investment operations:
Net investment income		0.38			0.46			0.59			0.63			0.53
Net realized and unrealized gain (loss)		(4.39	)		9.45			7.13			(7.14	)		0.87
Increase from payment by affiliate		0.16			—			—			—			��
Total from investment operations		(3.85	)		9.91			7.72			(6.51	)		1.40
Less distributions to shareholders:
Net investment income		(0.42	)		(0.93	)		(0.64	)		(0.20	)		(0.29	)
Net realized gains		(8.60	)		(11.36	)		—			(2.56	)		(1.36	)
Total distributions to shareholders		(9.02	)		(12.29	)		(0.64	)		(2.76	)		(1.65	)
Redemption fees:
Net asset value, end of period	$	35.91		$	48.78		$	51.16		$	44.08		$	53.35
Total return		(9.24	%)^(a)		21.49	%		17.54	%		(11.98	%)		2.31	%
Ratios to average net assets^(b)
Total gross expenses		1.31	%^(c)		1.32	%^(c)		1.29	%		1.28	%		1.31	%^(c)
Total net expenses^(d)		1.31	%^(c)(e)		1.32	%^(c)(e)		1.29	%^(e)		1.28	%^(e)		1.31	%^(c)(e)
Net investment income		0.86	%		0.96	%		1.18	%		1.34	%		0.88	%
Supplemental data
Net assets, end of period (in thousands)	$	49,047		$	29,730		$	28,948		$	29,165		$	50,261
Portfolio turnover		74	%		61	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.33%.

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

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

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

Annual Report 2015
24

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2015

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 R4, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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

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

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans

and certain investors as described in the Fund's prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Annual Report 2015
25

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

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

Expenses

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

Annual Report 2015
26

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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

Distributions to Shareholders

Guarantees and Indemnifications

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

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Note 3. Fees and Other Transactions with 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, 2015 was 0.87% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.04% as the Fund's net assets increase. The effective administration fee rate for the year ended August 31, 2015 was 0.08% of the Fund's average daily net assets.

Annual Report 2015
27

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Fund as disclosed in the Statement of Operations. These Board members 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, and all amounts payable under the Plan constitute a general unsecured obligation of the Fund.

Compensation of Chief Compliance Officer

Transfer Agency Fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer agency 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, 2015, the Fund's effective transfer agency 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 R4	0.19
Class R5	0.05
Class W	0.18
Class Z	0.20

Distribution and Service Fees

Under the Plans, the Fund pays 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. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75%, 0.75% and 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund, respectively.

Annual Report 2015
28

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 $110,573 for Class A, $247 for Class B and $1,725 for Class C shares for the year ended August 31, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	Voluntary Expense Cap Effective January 1, 2015			Contractual Expense Cap Prior to January 1, 2015
Class A		1.80	%		1.75	%
Class B		2.55			2.50
Class C		2.55			2.50
Class I		1.39			1.35
Class R4		1.55			1.50
Class R5		1.44			1.40
Class W		1.80			1.75
Class Z		1.55			1.50

recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At August 31, 2015, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, passive foreign investment company (PFIC) holdings, market timing regulatory settlement payment and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	1,856
Accumulated net realized gain		(2,017,453	)
Paid-in capital		2,015,597

Net investment income (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,	2015		2014
Ordinary income	$	3,814,858	$	4,406,498
Long-term capital gains		19,838,124		25,965,294
Total		23,652,982		30,371,792

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

At August 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income					308,422
Undistributed long-term capital gains					6,807,565
Net unrealized appreciation					18,884,827

At August 31, 2015, the cost of investments for federal income tax purposes was $109,770,596 and the

Annual Report 2015
29

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	28,350,878
Unrealized depreciation		(9,466,051	)
Net unrealized appreciation		18,884,827

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund 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 investments and derivatives, if any, aggregated to $115,288,777 and $104,904,735, respectively, for the year ended August 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Payments by Affiliates

During the year ended August 31, 2015, the Investment Manager reimbursed the Fund $534,561 for a loss on a trading error.

Note 7. Line of Credit

December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

For the year ended August 31, 2015, the average daily loan balance outstanding on days when borrowing existed was $9,385,714 at a weighted average interest rate of 1.17%. Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations.

Note 8. Significant Risks

Financial Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

Foreign Securities and Emerging Market Countries 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. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other

Annual Report 2015
30

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

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 devaluations 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. The Fund's NAV may be more volatile than the NAV of a more geographically diversified fund.

Shareholder Concentration Risk

At August 31, 2015, two unaffiliated shareholders of record owned 31.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Technology and Technology-related Investment Risk

the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2015
31

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Annual Report 2015
32

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, 2015, and 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, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 22, 2015

Annual Report 2015
33

COLUMBIA GREATER CHINA FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

Tax Designations:

Qualified Dividend Income		26.58	%
Capital Gain Dividend	$	9,343,451
Foreign Taxes Paid	$	236,339
Foreign Taxes Paid Per Share	$	0.06
Foreign Source Income	$	2,861,370
Foreign Source Income Per Share	$	0.76

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2015
34

COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS

Independent Trustees

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

Janet Langford Carrig
(Born 1957)
Trustee

1996

None

Douglas A. Hacker
(Born 1955)
Trustee and Chairman
of the Board

1996

Nancy T. Lukitsh
(Born 1956)
Trustee

2011

None

William E. Mayer
(Born 1940)
Trustee

1991

Partner, Park Avenue Equity Partners (private equity) since February 1999

Annual Report 2015
35

COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

David M. Moffett
(Born 1952)
Trustee

2011

Charles R. Nelson
(Born 1942)
Trustee

1981

None

John J. Neuhauser
(Born 1943)
Trustee

1984

Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Patrick J. Simpson
(Born 1944)
Trustee

2000

Partner, Perkins Coie LLP (law firm)

None

Anne-Lee Verville
(Born 1945)
Trustee

1998

Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Annual Report 2015
36

COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliate with Investment Manager*

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

William F. Truscott
(Born 1960)
Trustee

2012

187

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

Fund Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel 2004- January 2010); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Annual Report 2015
37

COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Fund Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), Chief Legal Officer (2015) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010-January 2013 and Group Counsel, November 2008-January 2010).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, 2005-April 2010.
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011), Assistant Treasurer (2012) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006-April 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010, and Vice President — Asset Management and Trust Company Services, 2006-2009).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009; President, RiverSource Service Corporation 2004-2010.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Vice President and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel from May 2010 to August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2015
38

COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT

On June 10, 2015, the Board of Trustees (the "Board") and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the "Independent Trustees") of Columbia Funds Series Trust I (the "Trust") 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. The Board and the Independent Trustees also unanimously approved an agreement (the "Management Agreement" and, together with the Advisory Agreement, the "Agreements") combining the Advisory Agreement and the Fund's existing administrative services agreement (the "Administrative Services Agreement") in a single agreement. The Board and the Independent Trustees approved the restatement of the Advisory Agreement with the Management Agreement to be effective for the Fund on January 1, 2016, the Fund's next annual prospectus update. As detailed below, the Board's 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 and others before determining to approve the Management Agreement and the continuation of the Advisory Agreement.

• The terms and conditions of the Agreements;

Annual Report 2015
39

COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

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

• Information regarding the management fees and investment performance of similarly-managed portfolios of other clients of the Investment Manager, including institutional separate accounts;

• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services Provided under the Agreements

Investment Performance

¹ Like the Advisory Agreement, the Administrative Services Agreement will terminate with respect to the Fund once the Management
Agreement is effective for the Fund.

Annual Report 2015
40

COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

third-party data provider that compared the performance of the Fund to the performance of a group of comparable mutual funds, and data provided by the independent fee consultant. 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.

The Committee and the Board noted that, through December 31, 2014, the Fund's performance was in the 18th, 34th and 34th percentile (where the best performance would be in the first percentile) of its category selected by the independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees charged to the Fund under the Advisory Agreement as well as the total expenses 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 total expense ratio as a percentage of average daily net assets. The Committee and the Board also considered that the proposed management fee would not exceed the sum of the fee rates payable under the Advisory Agreement and the Administrative Services Agreement. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2014, the Fund's actual management fee and net expense ratio are ranked in the 2nd and 1st quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against the Fund's expense universe as determined by the 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.

Costs of Services Provided and Profitability

Annual Report 2015
41

COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2014 to profitability levels realized in 2013. 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 similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. The Committee and the Board also considered information provided by the Investment Manager regarding the Investment Manager's financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies.

Economies of Scale

Other Benefits to the Investment Manager

Conclusion

Annual Report 2015
42

COLUMBIA GREATER CHINA FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Annual Report 2015
43

Columbia Greater China Fund

P.O. Box 8081

Boston, MA 02266-8081

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

columbiathreadneedle.com/us

ANN158_08_E01_(10/15)

ANNUAL REPORT

August 31, 2015

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PRESIDENT'S MESSAGE

Dear Shareholder,

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

n Navigate a changing interest rate environment

n Maximize after-tax returns

n Grow assets to achieve financial goals

n Ease the impact of volatile markets

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

Annual Report 2015

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TABLE OF CONTENTS

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					8
Portfolio of Investments					9
Statement of Assets and Liabilities					14
Statement of Operations					16
Statement of Changes in Net Assets					17
Financial Highlights					20
Notes to Financial Statements					30
Report of Independent Registered Public Accounting Firm					38
Federal Income Tax Information					39
Trustees and Officers					40
Board Consideration and Approval of Advisory Agreement					44
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

Annual Report 2015

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PERFORMANCE OVERVIEW

Performance Summary

n Columbia Global Dividend Opportunity Fund (the Fund) Class A shares returned -11.49% excluding sales charges for the 12-month period that ended August 31, 2015.

n During the same 12-month period, the Fund outperformed the MSCI All Country World High Dividend Yield Index (Net), which returned -11.55%, and underperformed the MSCI All Country World Index (Net), which returned -6.29%.

n While generating disappointing absolute returns, the Fund's results relative to the MSCI All Country World High Dividend Yield Index (Net) were helped by stock selection and country allocation overall. During the 12-month period, sector allocation had a rather neutral effect.

Average Annual Total Returns (%) (for period ended August 31, 2015)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			-11.49		8.30		4.09
Including sales charges			-16.58		7.03		3.48
Class B	11/01/02
Excluding sales charges			-12.18		7.48		3.31
Including sales charges			-15.98		7.18		3.31
Class C	10/13/03
Excluding sales charges			-12.18		7.49		3.31
Including sales charges			-12.94		7.49		3.31
Class I*	09/27/10		-11.08		8.77		4.45
Class R*	09/27/10		-11.78		8.01		3.82
Class R4*	03/19/13		-11.27		8.57		4.35
Class R5*	01/08/14		-11.13		8.64		4.38
Class W*	09/27/10		-11.41		8.34		4.16
Class Y*	07/15/09		-11.04		8.77		4.46
Class Z	11/09/00		-11.28		8.56		4.35
MSCI All Country World High Dividend Yield Index (Net)			-11.55		7.69		4.91
MSCI All Country World Index (Net)			-6.29		9.60		5.28

The MSCI All Country World High Dividend Yield Index (Net) includes large and mid-cap stocks across 23 developed market countries. The index is designed to reflect the performance of equities selected from the MSCI World Index with higher than average dividend yields that are both sustainable and persistent.

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.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI All Country World High Dividend Yield Index (Net) and the MSCI All Country World Index (Net) which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2015
2

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2005 – August 31, 2015)

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 2015
3

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

Paul Stocking

Steven Schroll

Dean Ramos, CFA

Morningstar Style Box^TM

For the 12-month period that ended August 31, 2015, the Fund's Class A shares returned -11.49% excluding sales charge. During the same time period, the Fund outperformed the MSCI All Country World High Dividend Yield Index (Net), which returned -11.55%, and underperformed the MSCI All Country World Index (Net), which returned -6.29%. While generating disappointing absolute returns, the Fund's results relative to the MSCI All Country World High Dividend Yield Index (Net) were helped by stock selection and country allocation overall. During the 12-month period, sector allocation had a rather neutral effect.

Global Equity Markets Struggled Amid Heightened Volatility

Global equity markets struggled during the 12-month period that ended August 31, 2015, losing ground as central bank policy, currency movements and sharply falling oil prices each had great impact. Both the European Central Bank and the Bank of Japan employed easy monetary policy in an effort to stimulate economic growth. With interest rates near zero in both regions, their currencies fell against the U.S. dollar, which helped increase exports, an important source of revenue to companies in Europe and Japan. At the same time, however, the weak currencies reduced equity returns expressed in U.S. dollars. Meanwhile, U.S. equity markets focused on the timing of the first interest rate increase by the Federal Reserve (the Fed) since 2006. While early expectations had been for a June 2015 rate hike, significant market volatility and uncertainty in the global markets pushed expectations toward December 2015.

Global equity market volatility increased during the summer of 2015. Greece teetered on the brink of financial collapse, while the domestic Chinese equity market began a dramatic correction. Weakening Chinese economic data and the devaluation of the yuan weighed on global equity markets and also led to concerns regarding the demand for many commodities, including oil, which saw a precipitous drop in price.

Energy and Industrials Stock Selection Supported Fund Results

Stock selection in energy added the greatest relative value to the Fund's results, with an overweight to The Williams Cos., a U.S. energy infrastructure company, helping most. The Williams Cos. received a takeout offer from Energy Transfer Equity LP toward the end of the second quarter of 2015. While the premium bid was rebuffed, the company's stock rose. We sold the Fund's position on the day of the announcement, and the stock subsequently pulled back, boosting further its positive contribution to relative results. Having an underweight to integrated oil company Chevron, which saw its share price fall with the price of oil, contributed positively as well.

Stock selection in industrials supported Fund results, too. Positions in infrastructure builder and operator Ferro Vial and defense contractor Lockheed Martin were particularly strong performers. Elsewhere, a position in information technology's Cisco Systems added value. Positioning in telecommunication services and having a position in cash during a period when the global equity markets struggled also proved effective.

Annual Report 2015
4

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

From a country perspective, stock selection in Canada was most beneficial to Fund results. Also contributing positively was having no exposure to Russia and South Africa, each of which significantly lagged the MSCI All Country World High Dividend Yield Index (Net) during the period.

Health Care Positioning Hampered Results Most

Having an underweight position in health care, the only sector in the MSCI All Country World High Dividend Yield Index (Net) to post a gain during the period, as well as stock selection within the sector, detracted most from the Fund's results. In particular, we maintained underweight positions in pharmaceuticals companies Eli Lily and Sanofi, based either on our analysis of their valuations or company-specific fundamentals. These underweights hurt relative Fund performance as the stock of both companies rose during the period.

The Fund's results were also hurt by stock selection in financials. A position in U.K. bank HSBC, whose share price declined on potential credit losses given its exposure to Hong Kong, concerns about China's slowing economy and a lack of normalization in U.S. interest rates, weighed on Fund performance. Stock selection in consumer staples further disappointed. A position in Procter & Gamble and exposure to Brazilian companies, which were impacted by significant currency weakness, particularly hampered Fund results.

From a country perspective, stock selection in the U.S. and positioning in China and the U.K. detracted most.

Various Factors Drove Country and Sector Weighting Changes

Based on fundamental, bottom-up stock selection, the Fund's allocations to the energy, financials and information technology sectors increased. The Fund's exposures to the health care and consumer staples sectors decreased. Among the most significant purchases for the Fund in the energy sector during the annual period were Statoil, Amec Foster Wheeler, Kinder Morgan, CNOOC and Anadarko Petroleum. In financials, we added to the Fund's positions in Chinese banks on our view that government policy would be accommodative in seeking to support its nation's economy and in European banks on our view that the ECB's quantitative easing would be a driver for its banks' performance. In information technology, we established a new Fund position in Wincor Nixdorf, a German manufacturer of ATM hardware and software. Among the most significant sales for the Fund during the period were Eli Lilly and Novartis in health care and Imperial Tobacco, Coca-Cola and Sysco in consumer staples.

As driven by material weighting changes in the MSCI All Country World High Dividend Yield Index (Net) and by some changes in our fundamental views at the country level, we increased the Fund's exposure to the U.S., Germany and France and reduced its exposure to the U.K., Australia and Switzerland.

Top Ten Holdings (%) (at August 31, 2015)
Exxon Mobil Corp. (United States)					4.7
AT&T, Inc. (United States)					3.5
Roche Holding AG, Genusschein Shares (Switzerland)					2.7
Pfizer, Inc. (United States)					2.5
Royal Dutch Shell PLC, Class A (United Kingdom)					2.5
Philip Morris International, Inc. (United States)					2.4
Procter & Gamble Co. (The) (United States)					2.1
Johnson & Johnson (United States)					2.1
Occidental Petroleum Corp. (United States)					2.0
Nestlé SA, Registered Shares (Switzerland)					2.0

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 2015
5

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Country Breakdown (%) (at August 31, 2015)
Australia					2.2
Canada					5.8
China					1.9
Denmark					0.3
France					6.5
Germany					4.7
Israel					0.3
Italy					1.6
Japan					4.1
Malaysia					0.1
Mexico					0.3
Netherlands					1.6
Norway					1.2
Poland					0.8
South Korea					0.5
Spain					2.0
Sweden					0.8
Switzerland					8.5
United Kingdom					13.0
United States^(a)					43.8
Total					100.0

Country Breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Equity Sector Breakdown (%) (at August 31, 2015)
Consumer Discretionary					3.5
Consumer Staples					12.1
Energy					19.4
Financials					17.2
Health Care					15.3
Industrials					6.0
Information Technology					4.8
Materials					6.2
Telecommunication Services					9.2
Utilities					6.3
Total					100.0

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

Looking Ahead

At this time, several factors have led us to a somewhat neutral view on the equity markets as we look to the last months of 2015. First, the U.S. equity market struggled to achieve positive returns for the fiscal year ended August 31, 2015 and was in negative territory year-to-date through the same date. One of the concerns we currently have is that there is an expectation of both improved top-line and bottom-line growth going forward, which puts added importance on third quarter 2015 earnings reports, especially against a backdrop of mixed economic data. Second, there remains uncertainty as to when the Fed will begin tightening its monetary policy. We believe both the market and the Fed have become increasingly focused on data releases, with each looking for a clear signal of sustained economic acceleration that would either support earnings growth and/or support the Fed's first interest rate increase. Should such clarification materialize, we believe it may well be constructive for equity valuations. However, if we see a continuation of the first eight months of 2015 in terms of mixed economic activity, then we believe the Fed may opt to wait until late 2015 or even early 2016, and we may continue to see a somewhat sideways market for equities in the months ahead. A third factor we are carefully watching at this time, given the interconnected global economy that dominates, is the relative strength of the U.S. dollar and its potential impact on corporate earnings, on central bank policy here and abroad, and on expectations, or perceptions, of both.

At the same time, there are external non-U.S. macro issues that might serve as catalysts for the equity markets, both U.S. and international, during the last months of 2015. In Asia, the biggest factor continues to be China, where its government is seeking to find tools to increase its economic activity and support its equity markets. While not yet achieving success, should the Chinese government find a way to stabilize and return growth to its domestic economy, the anticipated resultant demand could serve as a catalyst for companies around the globe. It is also true that the devaluation of the yuan in August 2015 only served to heighten uncertainty about how the ripple effect of China could potentially impact other economies, other currencies and the commodities sector broadly. Another factor that we believe could drive the global equity markets in one direction or another is what happens after the nuclear deal with Iran is enacted and after the effect of the refugees flooding into Europe is felt. We believe the likelihood of regional conflict could increase rather than decrease as a result of these world-stage events. As is often the case, some companies and some countries could be the beneficiaries of such unrest; others will suffer.

To date, our view of macro issues has not led us to change the positioning within the Fund in any substantial way. We had already reduced the Fund's positioning in China and in the emerging markets before the volatility of August 2015 made headlines. Indeed, as prices for equities were lower at the end of August 2015 than they had been for some time, we currently see the last months of the calendar year as a time of opportunity. Thus, regardless of near-term market conditions, going forward, we intend to seek value opportunities in all sectors and markets of the global equity

Annual Report 2015
6

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

universe, maintaining a disciplined focus on business fundamentals and company management philosophies as prudent stewards of capital. We believe such a bottom-up, fundamentally-focused strategy should ultimately reward investors maintaining a long-term perspective.

Investment Risks

Annual Report 2015
7

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2015 – August 31, 2015

	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		908.00		1,018.75		6.29		6.65		1.30
Class B		1,000.00		1,000.00		904.30		1,014.95		9.89		10.47		2.05
Class C		1,000.00		1,000.00		904.30		1,014.95		9.89		10.47		2.05
Class I		1,000.00		1,000.00		910.40		1,021.19		3.97		4.20		0.82
Class R		1,000.00		1,000.00		906.70		1,017.49		7.49		7.92		1.55
Class R4		1,000.00		1,000.00		909.30		1,020.02		5.08		5.38		1.05
Class R5		1,000.00		1,000.00		910.10		1,020.93		4.21		4.46		0.87
Class W		1,000.00		1,000.00		908.20		1,018.75		6.29		6.65		1.30
Class Y		1,000.00		1,000.00		910.10		1,021.19		3.97		4.20		0.82
Class Z		1,000.00		1,000.00		908.90		1,020.02		5.08		5.38		1.05

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 2015
8

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS

August 31, 2015

(Percentages represent value of investments compared to net assets)

Common Stocks 96.7%

Issuer	Shares		Value ($)
AUSTRALIA 2.2%
AMP Ltd.		898,359		3,800,020
BHP Billiton Ltd.		328,011		6,008,405
Wesfarmers Ltd.		148,267		4,287,510
Woodside Petroleum Ltd.		69,770		1,605,810
Total				15,701,745
CANADA 5.8%
Bank of Montreal		102,530		5,529,443
Bank of Nova Scotia (The)		79,582		3,642,770
BCE, Inc.		94,072		3,804,272
Canadian Imperial Bank of Commerce		27,225		2,000,901
Enbridge, Inc.		44,231		1,827,941
Royal Bank of Canada		102,430		5,710,106
Suncor Energy, Inc.		372,962		10,532,447
TELUS Corp.		154,303		5,048,040
Toronto-Dominion Bank (The)		85,629		3,415,787
Total				41,511,707
CHINA 1.9%
Bank of China Ltd., Class H		4,681,000		2,132,040
China Construction Bank Corp., Class H		6,816,000		4,782,733
CNOOC Ltd.		2,889,000		3,621,263
Industrial & Commercial Bank of China Ltd., Class H		5,245,000		3,070,875
Total				13,606,911
DENMARK 0.3%
TDC A/S		287,662		1,820,336
FRANCE 6.5%
AXA SA		476,033		12,005,711
Cie Generale des Etablissements Michelin		37,272		3,609,062
Engie		164,353		2,948,095
Orange SA		224,806		3,554,430
Sanofi		52,924		5,236,301
Schneider Electric SE		31,787		2,009,280
Suez Environnement Co.		138,432		2,498,669
Total SA		253,596		11,611,997
VINCI SA		45,130		2,907,395
Total				46,380,940

Common Stocks (continued)

Issuer	Shares		Value ($)
GERMANY 4.7%
Allianz SE, Registered Shares		59,413		9,483,855
BASF SE		73,764		5,944,851
Deutsche Bank AG, Registered Shares		197,626		5,826,905
Deutsche Post AG		89,751		2,473,036
E.ON SE		136,171		1,544,088
Siemens AG, Registered Shares		43,160		4,284,296
Wincor Nixdorf AG		87,129		3,715,331
Total				33,272,362
ISRAEL 0.3%
Bezeq Israeli Telecommunication Corp. Ltd. (The), ADR		206,175		1,855,575
ITALY 1.6%
ENI SpA		445,221		7,309,221
Snam SpA		429,552		2,102,580
Terna Rete Elettrica Nazionale SpA		462,001		2,154,615
Total				11,566,416
JAPAN 4.0%
Canon, Inc.		113,700		3,464,107
Japan Tobacco, Inc.		142,000		5,046,595
Mitsubishi UFJ Financial Group, Inc.		268,100		1,768,436
Mitsui & Co., Ltd.		186,400		2,423,898
Mizuho Financial Group, Inc.		2,977,900		6,098,647
NTT DoCoMo, Inc.		243,800		5,113,403
Sumitomo Mitsui Financial Group, Inc.		121,100		4,942,874
Total				28,857,960
MALAYSIA 0.1%
Malayan Banking Bhd		413,400		862,514
MEXICO 0.3%
America Movil SAB de CV, Series L		2,646,000		2,421,471
NETHERLANDS 1.5%
LyondellBasell Industries NV, Class A		55,604		4,747,470
Unilever NV-CVA		156,912		6,292,179
Total				11,039,649
NORWAY 1.2%
Statoil ASA		347,698		5,207,715
Telenor ASA		173,830		3,469,330
Total				8,677,045

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

Annual Report 2015
9

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
POLAND 0.8%
Powszechny Zaklad Ubezpieczen SA		52,285		5,965,221
SOUTH KOREA 0.5%
SK Telecom Co., Ltd.		15,886		3,272,067
SPAIN 2.0%
Banco Santander SA		534,155		3,272,737
Ferrovial SA		284,179		6,798,769
Red Electrica Corp. SA		54,184		4,331,578
Total				14,403,084
SWEDEN 0.8%
Atlas Copco AB, Class B		62,491		1,426,088
Skanska AB, Class B		149,539		2,932,138
Telefonaktiebolaget LM Ericsson, Class B		170,615		1,663,627
Total				6,021,853
SWITZERLAND 8.4%
ACE Ltd.		52,984		5,412,846
Nestlé SA, Registered Shares		185,281		13,666,307
Novartis AG, ADR		139,983		13,609,147
Roche Holding AG, Genusschein Shares		69,454		18,968,454
Swiss Re AG		100,085		8,598,830
Total				60,255,584
UNITED KINGDOM 12.9%
Amec Foster Wheeler PLC		348,189		4,274,432
AstraZeneca PLC		103,549		6,460,332
BAE Systems PLC		721,798		4,968,399
BAE Systems PLC, ADR		66,814		1,841,394
BP PLC		725,690		4,022,329
British American Tobacco PLC		187,030		9,903,698
GlaxoSmithKline PLC		259,735		5,303,169
HSBC Holdings PLC		925,794		7,317,172
HSBC Holdings PLC, ADR		269,902		10,707,012
Marks & Spencer Group PLC		444,199		3,526,906
Rio Tinto PLC		271,919		9,927,939
Royal Dutch Shell PLC, Class A		663,133		17,276,129
Vodafone Group PLC		2,092,290		7,204,678
Total				92,733,589
UNITED STATES 40.9%
AbbVie, Inc.		139,749		8,721,735

Common Stocks (continued)

Issuer	Shares		Value ($)
Altria Group, Inc.		159,464		8,544,081
Anadarko Petroleum Corp.		46,224		3,308,714
AT&T, Inc.		728,431		24,183,909
Bank of New York Mellon Corp. (The)		72,316		2,878,177
Bristol-Myers Squibb Co.		47,922		2,849,921
CenturyLink, Inc.		64,507		1,744,269
Cisco Systems, Inc.		440,664		11,404,384
CMS Energy Corp.		97,233		3,187,298
ConocoPhillips		203,482		10,001,140
Dow Chemical Co. (The)		221,196		9,679,537
DTE Energy Co.		58,282		4,549,493
Duke Energy Corp.		88,113		6,248,093
Exelon Corp.		117,807		3,623,743
Exxon Mobil Corp.		436,624		32,851,590
General Mills, Inc.		47,098		2,673,282
General Motors Co.		98,695		2,905,581
Intel Corp.		269,883		7,702,461
International Paper Co.		80,217		3,460,561
Johnson & Johnson		154,558		14,525,361
Kinder Morgan, Inc.		131,401		4,258,706
Lockheed Martin Corp.		39,500		7,946,610
Mattel, Inc.		30,644		717,989
McDonald's Corp.		139,747		13,278,760
Merck & Co., Inc.		246,014		13,247,854
NextEra Energy, Inc.		21,245		2,090,720
Nucor Corp.		67,693		2,930,430
Occidental Petroleum Corp.		188,675		13,775,162
Pfizer, Inc.		536,376		17,282,035
PG&E Corp.		37,284		1,848,541
Philip Morris International, Inc.		207,429		16,552,834
Phillips 66		38,038		3,007,665
Procter & Gamble Co. (The)		207,616		14,672,223
RR Donnelley & Sons Co.		119,058		1,869,211
Seagate Technology PLC		100,177		5,149,098
Sempra Energy		40,157		3,808,891
Wal-Mart Stores, Inc.		37,037		2,397,405
Xcel Energy, Inc.		90,537		3,053,813
Total				292,931,277
Total Common Stocks (Cost: $709,717,655)				693,157,306

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

Annual Report 2015
10

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Money Market Funds 2.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.150%^(a)(b)		18,360,107		18,360,107
Total Money Market Funds (Cost: $18,360,107)				18,360,107
Total Investments (Cost: $728,077,762)				711,517,413
Other Assets & Liabilities, Net				4,910,317
Net Assets				716,427,730

Notes to Portfolio of Investments

(a) The rate shown is the seven-day current annualized yield at August 31, 2015.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended August 31, 2015 are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					9,509,763				338,620,732				(329,770,388	)			18,360,107				21,259				18,360,107

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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

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

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

Annual Report 2015
11

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

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

Annual Report 2015
12

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Australia		—		15,701,745		—		15,701,745
Canada		41,511,707		—		—		41,511,707
China		—		13,606,911		—		13,606,911
Denmark		—		1,820,336		—		1,820,336
France		—		46,380,940		—		46,380,940
Germany		—		33,272,362		—		33,272,362
Israel		1,855,575		—		—		1,855,575
Italy		—		11,566,416		—		11,566,416
Japan		—		28,857,960		—		28,857,960
Malaysia		—		862,514		—		862,514
Mexico		2,421,471		—		—		2,421,471
Netherlands		4,747,470		6,292,179		—		11,039,649
Norway		—		8,677,045		—		8,677,045
Poland		—		5,965,221		—		5,965,221
South Korea		—		3,272,067		—		3,272,067
Spain		—		14,403,084		—		14,403,084
Sweden		—		6,021,853		—		6,021,853
Switzerland		19,021,993		41,233,591		—		60,255,584
United Kingdom		12,548,406		80,185,183		—		92,733,589
United States		292,931,277		—		—		292,931,277
Total Common Stocks		375,037,899		318,119,407		—		693,157,306
Money Market Funds		—		18,360,107		—		18,360,107
Total Investments		375,037,899		336,479,514		—		711,517,413

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 ($)		Level 2 ($)
	—		9,509,763		9,509,763		—

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.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2015
13

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2015

Assets
Investments, at value
Unaffiliated issuers (identified cost $709,717,655)	$	693,157,306
Affiliated issuers (identified cost $18,360,107)		18,360,107
Total investments (identified cost $728,077,762)		711,517,413
Receivable for:
Investments sold		2,855,508
Capital shares sold		201,716
Dividends		2,758,713
Foreign tax reclaims		1,113,502
Expense reimbursement due from Investment Manager		6,162
Prepaid expenses		7,564
Trustees' deferred compensation plan		139,156
Total assets		718,599,734
Liabilities
Payable for:
Investments purchased		1,440,129
Capital shares purchased		375,071
Investment management fees		41,190
Distribution and/or service fees		3,572
Transfer agent fees		62,564
Administration fees		3,459
Compensation of board members		692
Chief compliance officer expenses		66
Other expenses		106,105
Trustees' deferred compensation plan		139,156
Total liabilities		2,172,004
Net assets applicable to outstanding capital stock	$	716,427,730
Represented by
Paid-in capital	$	740,319,079
Undistributed net investment income		3,421,335
Accumulated net realized loss		(10,677,923	)
Unrealized appreciation (depreciation) on:
Investments		(16,560,349	)
Foreign currency translations		(74,412	)
Total — representing net assets applicable to outstanding capital stock	$	716,427,730

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

Annual Report 2015
14

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class A
Net assets	$	118,275,421
Shares outstanding		7,143,370
Net asset value per share	$	16.56
Maximum offering price per share^(a)	$	17.57
Class B
Net assets	$	900,321
Shares outstanding		57,896
Net asset value per share	$	15.55
Class C
Net assets	$	12,440,122
Shares outstanding		799,315
Net asset value per share	$	15.56
Class I
Net assets	$	124,389,950
Shares outstanding		7,503,350
Net asset value per share	$	16.58
Class R
Net assets	$	671,254
Shares outstanding		40,597
Net asset value per share	$	16.53
Class R4
Net assets	$	781,609
Shares outstanding		46,844
Net asset value per share	$	16.69
Class R5
Net assets	$	178,069
Shares outstanding		10,742
Net asset value per share	$	16.58
Class W
Net assets	$	1,968
Shares outstanding		119
Net asset value per share^(b)	$	16.56
Class Y
Net assets	$	1,148,661
Shares outstanding		69,181
Net asset value per share	$	16.60
Class Z
Net assets	$	457,640,355
Shares outstanding		27,550,481
Net asset value per share	$	16.61

(a) The maximum offering price per share is calculated by dividing the net asset value per share 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 2015
15

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2015

Net investment income
Income:
Dividends — unaffiliated issuers	$	39,827,004
Dividends — affiliated issuers		21,259
Interest		133,263
Foreign taxes withheld		(3,117,362	)
Total income		36,864,164
Expenses:
Investment management fees		5,854,673
Distribution and/or service fees
Class A		346,044
Class B		15,037
Class C		146,654
Class R		4,155
Class W		6
Transfer agent fees
Class A		438,977
Class B		4,674
Class C		46,520
Class R		2,580
Class R4		1,674
Class R5		56
Class W		5
Class Z		1,708,329
Administration fees		490,647
Compensation of board members		33,604
Custodian fees		62,488
Printing and postage fees		153,362
Registration fees		143,127
Professional fees		97,814
Chief compliance officer expenses		419
Other		70,792
Total expenses		9,621,637
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(446,626	)
Expense reductions		(93,167	)
Total net expenses		9,081,844
Net investment income		27,782,320
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		2,705,305
Foreign currency translations		(803,510	)
Net realized gain		1,901,795
Net change in unrealized appreciation (depreciation) on:
Investments		(126,450,702	)
Foreign currency translations		(69,905	)
Net change in unrealized depreciation		(126,520,607	)
Net realized and unrealized loss		(124,618,812	)
Net decrease in net assets from operations	$	(96,836,492	)

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

Annual Report 2015
16

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2015			Year Ended August 31, 2014^(a)
Operations
Net investment income	$	27,782,320		$	28,755,470
Net realized gain		1,901,795			95,690,871
Net change in unrealized appreciation (depreciation)		(126,520,607	)		15,968,681
Net increase (decrease) in net assets resulting from operations		(96,836,492	)		140,415,022
Distributions to shareholders
Net investment income
Class A		(4,970,271	)		(3,881,727	)
Class B		(46,350	)		(58,995	)
Class C		(439,323	)		(292,070	)
Class I		(6,139,751	)		(4,449,146	)
Class R		(28,417	)		(32,859	)
Class R4		(15,946	)		(1,933	)
Class R5		(2,668	)		(38	)
Class W		(84	)		(77	)
Class Y		(11,182	)		(81	)
Class Z		(20,648,708	)		(16,698,727	)
Net realized gains
Class A		(14,020,410	)		(5,768,263	)
Class B		(177,028	)		(129,247	)
Class C		(1,575,567	)		(601,021	)
Class I		(16,210,226	)		(5,040,084	)
Class R		(75,626	)		(56,504	)
Class R4		(7,552	)		(1,203	)
Class R5		(3,124	)		—
Class W		(240	)		(121	)
Class Y		(246	)		(103	)
Class Z		(54,231,843	)		(22,702,256	)
Total distributions to shareholders		(118,604,562	)		(59,714,455	)
Increase (decrease) in net assets from capital stock activity		(1,875,084	)		3,165,764
Total increase (decrease) in net assets		(217,316,138	)		83,866,331
Net assets at beginning of year		933,743,868			849,877,537
Net assets at end of year	$	716,427,730		$	933,743,868
Undistributed net investment income	$	3,421,335		$	8,745,225

(a) Class R5 shares are based on operations from January 8, 2014 (commencement of operations) through the stated period end.

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

Annual Report 2015
17

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		464,348			8,635,490			608,135			12,768,180
Distributions reinvested		968,224			17,213,076			431,039			8,752,303
Redemptions		(1,347,088	)		(24,990,323	)		(1,074,701	)		(22,610,747	)
Net increase (decrease)		85,484			858,243			(35,527	)		(1,090,264	)
Class B shares
Subscriptions		3,097			54,554			2,864			56,430
Distributions reinvested		11,316			188,932			8,122			155,817
Redemptions^(b)		(59,941	)		(1,058,850	)		(118,038	)		(2,342,692	)
Net decrease		(45,528	)		(815,364	)		(107,052	)		(2,130,445	)
Class C shares
Subscriptions		140,737			2,450,212			226,012			4,469,181
Distributions reinvested		100,662			1,681,724			37,419			719,828
Redemptions		(229,437	)		(4,000,425	)		(188,489	)		(3,726,886	)
Net increase		11,962			131,511			74,942			1,462,123
Class I shares
Subscriptions		1,229,832			22,339,321			1,439,964			28,612,532
Distributions reinvested		1,255,258			22,349,630			465,524			9,489,020
Redemptions		(2,760,638	)		(49,916,676	)		(565,297	)		(12,071,543	)
Net increase (decrease)		(275,548	)		(5,227,725	)		1,340,191			26,030,009
Class R shares
Subscriptions		6,735			124,365			39,036			839,922
Distributions reinvested		5,833			104,043			4,404			89,191
Redemptions		(31,234	)		(607,989	)		(49,592	)		(1,070,644	)
Net decrease		(18,666	)		(379,581	)		(6,152	)		(141,531	)
Class R4 shares
Subscriptions		45,499			845,204			3,633			76,084
Distributions reinvested		1,276			23,159			142			2,958
Redemptions		(5,098	)		(97,298	)		(69	)		(1,469	)
Net increase		41,677			771,065			3,706			77,573
Class R5 shares
Subscriptions		19,789			354,536			1,534			33,497
Distributions reinvested		304			5,451			—			—
Redemptions		(10,885	)		(198,661	)		—			—
Net increase		9,208			161,326			1,534			33,497
Class W shares
Redemptions		—			—			(28	)		(600	)
Net increase (decrease)		—			—			(28	)		(600	)

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

Annual Report 2015
18

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		72,656			1,299,683			—			—
Distributions reinvested		608			11,085			—			—
Redemptions		(4,204	)		(77,235	)		(5	)		(100	)
Net increase (decrease)		69,060			1,233,533			(5	)		(100	)
Class Z shares
Subscriptions		595,168			11,272,270			769,194			16,186,905
Distributions reinvested		4,086,912			72,932,488			1,886,471			38,421,766
Redemptions		(4,462,744	)		(82,812,850	)		(3,582,816	)		(75,683,169	)
Net increase (decrease)		219,336			1,391,908			(927,151	)		(21,074,498	)
Total net increase (decrease)		96,985			(1,875,084	)		344,458			3,165,764

(a) Class R5 shares are based on operations from January 8, 2014 (commencement of operations) through the stated period end.

(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 2015
19

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS

	Year Ended August 31,
Class A	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	21.63		$	19.85		$	19.59		$	17.72		$	15.28
Income from investment operations:
Net investment income		0.58			0.61			0.51			0.27			0.01
Net realized and unrealized gain (loss)		(2.93	)		2.53			1.74			1.65			2.43
Total from investment operations		(2.35	)		3.14			2.25			1.92			2.44
Less distributions to shareholders:
Net investment income		(0.70	)		(0.54	)		(0.68	)		(0.05	)		—
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.72	)		(1.36	)		(1.99	)		(0.05	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.56		$	21.63		$	19.85		$	19.59		$	17.72
Total return		(11.49	%)		16.40	%		12.48	%		10.88	%		15.97	%
Ratios to average net assets^(b)
Total gross expenses		1.38	%		1.27	%		1.34	%		1.28	%		1.29	%
Total net expenses^(c)		1.31	%^(d)		1.25	%^(d)		1.26	%^(d)		1.21	%^(d)		1.25	%^(e)
Net investment income		3.05	%		2.92	%		2.59	%		1.49	%		0.07	%
Supplemental data
Net assets, end of period (in thousands)	$	118,275		$	152,674		$	140,796		$	133,541		$	142,349
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(d) The benefits derived from expense reductions had an impact of 0.01%, 0.02%, 0.03% and 0.07% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
20

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	20.48		$	18.85		$	18.63		$	16.93		$	14.71
Income from investment operations:
Net investment income (loss)		0.41			0.40			0.34			0.10			(0.12	)
Net realized and unrealized gain (loss)		(2.77	)		2.44			1.66			1.60			2.34
Total from investment operations		(2.36	)		2.84			2.00			1.70			2.22
Less distributions to shareholders:
Net investment income		(0.55	)		(0.39	)		(0.47	)		—			—
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.57	)		(1.21	)		(1.78	)		—			—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.55		$	20.48		$	18.85		$	18.63		$	16.93
Total return		(12.18	%)		15.56	%		11.61	%		10.04	%		15.09	%
Ratios to average net assets^(b)
Total gross expenses		2.13	%		2.02	%		2.09	%		2.03	%		2.04	%
Total net expenses^(c)		2.06	%^(d)		2.00	%^(d)		2.01	%^(d)		1.95	%^(d)		2.00	%^(e)
Net investment income (loss)		2.28	%		2.03	%		1.83	%		0.59	%		(0.70	%)
Supplemental data
Net assets, end of period (in thousands)	$	900		$	2,118		$	3,968		$	9,414		$	16,112
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(d) The benefits derived from expense reductions had an impact of 0.01%, 0.01%, 0.02% and 0.08% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
21

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	20.49		$	18.86		$	18.63		$	16.93		$	14.71
Income from investment operations:
Net investment income (loss)		0.41			0.43			0.35			0.12			(0.12	)
Net realized and unrealized gain (loss)		(2.77	)		2.41			1.66			1.58			2.34
Total from investment operations		(2.36	)		2.84			2.01			1.70			2.22
Less distributions to shareholders:
Net investment income		(0.55	)		(0.39	)		(0.47	)		—			—
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.57	)		(1.21	)		(1.78	)		—			—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	15.56		$	20.49		$	18.86		$	18.63		$	16.93
Total return		(12.18	%)		15.55	%		11.66	%		10.04	%		15.09	%
Ratios to average net assets^(b)
Total gross expenses		2.13	%		2.02	%		2.09	%		2.04	%		2.04	%
Total net expenses^(c)		2.06	%^(d)		2.00	%^(d)		2.01	%^(d)		1.95	%^(d)		2.00	%^(e)
Net investment income (loss)		2.30	%		2.17	%		1.84	%		0.72	%		(0.68	%)
Supplemental data
Net assets, end of period (in thousands)	$	12,440		$	16,136		$	13,439		$	13,319		$	15,251
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(d) The benefits derived from expense reductions had an impact of 0.01%, 0.02%, 0.03% and 0.09% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
22

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31
Class I	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	21.66		$	19.87		$	19.64		$	17.80		$	17.01
Income from investment operations:
Net investment income		0.67			0.72			0.58			0.35			0.09
Net realized and unrealized gain (loss)		(2.94	)		2.53			1.76			1.64			0.74
Total from investment operations		(2.27	)		3.25			2.34			1.99			0.83
Less distributions to shareholders:
Net investment income		(0.79	)		(0.64	)		(0.80	)		(0.15	)		(0.04	)
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.81	)		(1.46	)		(2.11	)		(0.15	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			0.00	^(b)		—
Net asset value, end of period	$	16.58		$	21.66		$	19.87		$	19.64		$	17.80
Total return		(11.08	%)		16.95	%		12.98	%		11.27	%		4.90	%
Ratios to average net assets^(c)
Total gross expenses		0.82	%		0.81	%		0.84	%		0.85	%		0.75	%^(d)
Total net expenses^(e)		0.82	%		0.81	%		0.83	%		0.83	%		0.75	%^(d)(f)
Net investment income		3.55	%		3.45	%		2.94	%		1.91	%		0.57	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	124,390		$	168,474		$	127,949		$	3		$	3
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(d) Annualized.

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

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

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

Annual Report 2015
23

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	21.61		$	19.83		$	19.54		$	17.67		$	16.97
Income from investment operations:
Net investment income		0.53			0.57			0.46			0.23			0.00	^(b)
Net realized and unrealized gain (loss)		(2.94	)		2.52			1.75			1.64			0.70
Total from investment operations		(2.41	)		3.09			2.21			1.87			0.70
Less distributions to shareholders:
Net investment income		(0.65	)		(0.49	)		(0.61	)		(0.00	)^(b)		—
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.67	)		(1.31	)		(1.92	)		(0.00	)^(b)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(b)		—
Net asset value, end of period	$	16.53		$	21.61		$	19.83		$	19.54		$	17.67
Total return		(11.78	%)		16.13	%		12.25	%		10.61	%		4.12	%
Ratios to average net assets^(c)
Total gross expenses		1.62	%		1.52	%		1.59	%		1.53	%		1.54	%^(d)
Total net expenses^(e)		1.55	%^(f)		1.50	%^(f)		1.51	%^(f)		1.46	%^(f)		1.50	%^(d)(g)
Net investment income		2.77	%		2.72	%		2.33	%		1.24	%		0.02	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	671		$	1,280		$	1,297		$	1,082		$	1,071
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(d) Annualized.

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

(f) The benefits derived from expense reductions had an impact of 0.01%, 0.02%, 0.03% and 0.07% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
24

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	21.78		$	19.97		$	19.69
Income from investment operations:
Net investment income		0.67			0.76			0.25
Net realized and unrealized gain (loss)		(2.99	)		2.46			0.33
Total from investment operations		(2.32	)		3.22			0.58
Less distributions to shareholders:
Net investment income		(0.75	)		(0.59	)		(0.30	)
Net realized gains		(2.02	)		(0.82	)		—
Total distributions to shareholders		(2.77	)		(1.41	)		(0.30	)
Net asset value, end of period	$	16.69		$	21.78		$	19.97
Total return		(11.27	%)		16.74	%		3.02	%
Ratios to average net assets^(b)
Total gross expenses		1.16	%		1.03	%		1.07	%^(c)
Total net expenses^(d)		1.04	%^(e)		0.99	%^(e)		1.01	%^(c)(e)
Net investment income		3.68	%		3.56	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	782		$	113		$	29
Portfolio turnover		63	%		75	%		60	%

Notes to Financial Highlights

(a) Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

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

(e) The benefits derived from expense reductions had an impact of 0.02%, 0.03% and 0.05% for the years ended 2015, 2014 and 2013, respectively.

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

Annual Report 2015
25

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2015			2014^(a)
Per share data
Net asset value, beginning of period	$	21.66		$	20.57
Income from investment operations:
Net investment income		0.64			0.39
Net realized and unrealized gain (loss)		(2.92	)		1.01
Total from investment operations		(2.28	)		1.40
Less distributions to shareholders:
Net investment income		(0.78	)		(0.31	)
Net realized gains		(2.02	)		—
Total distributions to shareholders		(2.80	)		(0.31	)
Net asset value, end of period	$	16.58		$	21.66
Total return		(11.13	%)		6.85	%
Ratios to average net assets^(b)
Total gross expenses		0.87	%		0.88	%^(c)
Total net expenses^(d)		0.87	%		0.88	%^(c)
Net investment income		3.52	%		2.98	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	178		$	33
Portfolio turnover		63	%		75	%

Notes to Financial Highlights

(a) Based on operations from January 8, 2014 (commencement of operations) through the stated period end.

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

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

Annual Report 2015
26

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	21.62		$	19.83		$	19.57		$	17.73		$	16.97
Income from investment operations:
Net investment income		0.60			0.61			0.51			0.28			0.03
Net realized and unrealized gain (loss)		(2.93	)		2.55			1.74			1.64			0.73
Total from investment operations		(2.33	)		3.16			2.25			1.92			0.76
Less distributions to shareholders:
Net investment income		(0.71	)		(0.55	)		(0.68	)		(0.08	)		—
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.73	)		(1.37	)		(1.99	)		(0.08	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(b)		—
Net asset value, end of period	$	16.56		$	21.62		$	19.83		$	19.57		$	17.73
Total return		(11.41	%)		16.50	%		12.48	%		10.86	%		4.48	%
Ratios to average net assets^(c)
Total gross expenses		1.38	%		1.28	%		1.33	%		1.33	%		1.21	%^(d)
Total net expenses^(e)		1.31	%^(f)		1.26	%^(f)		1.26	%^(f)		1.23	%^(f)		1.16	%^(d)(g)
Net investment income		3.04	%		2.85	%		2.60	%		1.51	%		0.15	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	3		$	3		$	3
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(d) Annualized.

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

(f) The benefits derived from expense reductions had an impact of 0.01%, 0.02%, 0.03% and 0.08% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
27

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	21.68		$	19.89		$	19.65		$	17.79		$	15.32
Income from investment operations:
Net investment income		0.70			0.72			0.59			0.31			0.09
Net realized and unrealized gain (loss)		(2.96	)		2.54			1.74			1.68			2.42
Total from investment operations		(2.26	)		3.26			2.33			1.99			2.51
Less distributions to shareholders:
Net investment income		(0.80	)		(0.65	)		(0.78	)		(0.13	)		(0.04	)
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.82	)		(1.47	)		(2.09	)		(0.13	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.60		$	21.68		$	19.89		$	19.65		$	17.79
Total return		(11.04	%)		17.00	%		12.93	%		11.28	%		16.40	%
Ratios to average net assets^(b)
Total gross expenses		0.82	%		0.81	%		0.96	%		0.82	%		0.83	%
Total net expenses^(c)		0.82	%		0.81	%		0.88	%		0.82	%		0.83	%^(d)
Net investment income		3.89	%		3.33	%		2.97	%		1.70	%		0.51	%
Supplemental data
Net assets, end of period (in thousands)	$	1,149		$	3		$	3		$	2		$	15,557
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Rounds to zero.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, 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 2015
28

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	21.69		$	19.90		$	19.66		$	17.78		$	15.32
Income from investment operations:
Net investment income		0.63			0.67			0.56			0.31			0.06
Net realized and unrealized gain (loss)		(2.94	)		2.53			1.75			1.67			2.42
Total from investment operations		(2.31	)		3.20			2.31			1.98			2.48
Less distributions to shareholders:
Net investment income		(0.75	)		(0.59	)		(0.76	)		(0.10	)		(0.02	)
Net realized gains		(2.02	)		(0.82	)		(1.31	)		—			—
Total distributions to shareholders		(2.77	)		(1.41	)		(2.07	)		(0.10	)		(0.02	)
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.61		$	21.69		$	19.90		$	19.66		$	17.78
Total return		(11.28	%)		16.70	%		12.76	%		11.20	%		16.17	%
Ratios to average net assets^(b)
Total gross expenses		1.13	%		1.02	%		1.09	%		1.03	%		1.04	%
Total net expenses^(c)		1.06	%^(d)		1.00	%^(d)		1.01	%^(d)		0.95	%^(d)		1.00	%^(e)
Net investment income		3.30	%		3.16	%		2.84	%		1.72	%		0.34	%
Supplemental data
Net assets, end of period (in thousands)	$	457,640		$	592,910		$	562,394		$	585,285		$	670,362
Portfolio turnover		63	%		75	%		60	%		97	%		62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(d) The benefits derived from expense reductions had an impact of 0.01%, 0.02%, 0.03% and 0.08% for the years ended 2015, 2014, 2013 and 2012, respectively.

(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 2015
29

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2015

Note 1. Organization

Columbia Global Dividend Opportunity 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 R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund's prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund's prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

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

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

Security Valuation

Annual Report 2015
30

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, 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. 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 a policy adopted by Board of Trustees (the Board), including, if available, 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 open-end investment companies, including money market funds, are valued at their latest net asset value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any

changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Annual Report 2015
31

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

Distributions to Shareholders

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

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Annual Report 2015
32

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. 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 Other Transactions with Affiliates

Investment Management Fees

Administration Fees

Compensation of Board Members

Compensation of Chief Compliance Officer

Transfer Agency Fees

For the year ended August 31, 2015, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.32	%
Class B	0.31
Class C	0.32
Class R	0.31
Class R4	0.34
Class R5	0.05
Class W	0.32
Class Z	0.32

Annual Report 2015
33

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended August 31, 2015, these minimum account balance fees reduced total expenses of the Fund by $93,167.

Distribution and Service Fees

Under the Plans, the Fund pays 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. Also under the Plans, the Fund pays 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 of the Fund, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $89,599 for Class A, $596 for Class B and $571 for Class C shares for the year ended August 31, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective January 1, 2015			Contractual Expense Cap Prior to January 1, 2015
Class A		1.30	%		1.33	%
Class B		2.05			2.08
Class C		2.05			2.08
Class I		0.85			0.91
Class R		1.55			1.58
Class R4		1.05			1.08
Class R5		0.90			0.96
Class W		1.30			1.33
Class Y		0.85			0.91
Class Z		1.05			1.08

Note 4. Federal Tax Information

At August 31, 2015, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, post-October capital losses and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In

Annual Report 2015
34

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	(803,510	)
Accumulated net realized loss		922,866
Paid-in capital		(119,356	)

Net investment income (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,	2015		2014
Ordinary income	$	32,302,700	$	32,803,337
Long-term capital gains		86,301,862		26,911,118
Total		118,604,562		59,714,455

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

At August 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	3,557,181
Capital loss carryforwards	(8,531,694	)
Net unrealized depreciation	(18,440,515	)

At August 31, 2015, the cost of investments for federal income tax purposes was $729,957,928 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	47,728,931
Unrealized depreciation		(66,169,446	)
Net unrealized depreciation		(18,440,515	)

The following capital loss carryforwards, determined at August 31, 2015, 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					8,531,694

For the year ended August 31, 2015, $4,553,534 of capital loss carryforward was utilized and $119,355 was permanently lost.

Fund will elect to treat post-October capital losses of $266,063 as arising on September 1, 2015.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $518,526,863 and $615,787,901, respectively, for the year ended August 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

Note 7. Line of Credit

Annual Report 2015
35

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the year ended August 31, 2015.

Note 8. Significant Risks

Foreign Securities and Emerging Market Countries Risk

Shareholder Concentration Risk

At August 31, 2015, affiliated shareholders of record owned 19.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Annual Report 2015
36

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2015

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 2015
37

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," a series of Columbia Funds Series Trust I) at August 31, 2015, and 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, 2015 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 22, 2015

Annual Report 2015
38

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

Tax Designations:

Qualified Dividend Income		98.54	%
Dividends Received Deduction		36.67	%
Capital Gain Dividend	$	104,711
Foreign Taxes Paid	$	2,404,937
Foreign Taxes Paid Per Share	$	0.06
Foreign Source Income	$	29,053,641
Foreign Source Income Per Share	$	0.67

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

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Annual Report 2015
39

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS

Independent Trustees

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

Janet Langford Carrig
(Born 1957)
Trustee

1996

None

Douglas A. Hacker
(Born 1955)
Trustee and Chairman
of the Board

1996

Nancy T. Lukitsh
(Born 1956)
Trustee

2011

None

William E. Mayer
(Born 1940)
Trustee

1991

Partner, Park Avenue Equity Partners (private equity) since February 1999

Annual Report 2015
40

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

David M. Moffett
(Born 1952)
Trustee

2011

Charles R. Nelson
(Born 1942)
Trustee

1981

None

John J. Neuhauser
(Born 1943)
Trustee

1984

Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Patrick J. Simpson
(Born 1944)
Trustee

2000

Partner, Perkins Coie LLP (law firm)

None

Anne-Lee Verville
(Born 1945)
Trustee

1998

Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Annual Report 2015
41

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliate with Investment Manager*

Name, Year of Birth
and Position Held
with the Trust

Year First
Appointed or
Elected as
Trustee to any
Fund Currently
in the Columbia
Funds Complex
or a Predecessor
Thereof

Principal Occupation(s)
during the Past Five Years

Number
of Funds
in the
Columbia
Funds
Complex
Overseen

Other Directorships
Held by Trustee During
the Past Five Years

William F. Truscott
(Born 1960)
Trustee

2012

187

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

Fund Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel 2004- January 2010); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Annual Report 2015
42

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Fund Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), Chief Legal Officer (2015) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010-January 2013 and Group Counsel, November 2008-January 2010).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-April 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, 2005-April 2010.
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011), Assistant Treasurer (2012) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006-April 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010, and Vice President — Asset Management and Trust Company Services, 2006-2009).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009; President, RiverSource Service Corporation 2004-2010.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Vice President and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel from May 2010 to August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2015
43

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT

On June 10, 2015, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) 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), a series of the Trust. The Board and the Independent Trustees also unanimously approved an agreement (the Management Agreement and, together with the Advisory Agreement, the Agreements) combining the Advisory Agreement and the Fund's existing administrative services agreement (the Administrative Services Agreement) in a single agreement. The Board and the Independent Trustees approved the restatement of the Advisory Agreement with the Management Agreement to be effective for the Fund on January 1, 2016, the Fund's next annual prospectus update. As detailed below, the Board's 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 and others before determining to approve the Management Agreement and the continuation of the Advisory Agreement.

• The terms and conditions of the Agreements;

Annual Report 2015
44

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

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

• Information regarding the management fees and investment performance of similarly-managed portfolios of other clients of the Investment Manager, including institutional separate accounts;

• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Nature, Extent and Quality of Services Provided under the Agreements

¹ Like the Advisory Agreement, the Administrative Services Agreement will terminate with respect to the Fund once the Management Agreement is effective for the Fund.

Annual Report 2015
45

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

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 the independent third-party data provider that compared the performance of the Fund to the performance of a group of comparable mutual funds, and data provided by the independent fee consultant. 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. Although the Fund's 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 Advisory Agreement and approval of the Management Agreement. Those factors 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, 2014, the Fund's performance was in the seventy-seventh, forty-sixth and fifty-third percentile (where the best performance would be in the first percentile) of its category selected by the independent third-party data provider for the purposes of performance comparisons for the one-, three- and five- year periods, respectively.

Investment Advisory Fee Rates and Other Expenses

The Committee and the Board considered the advisory fees charged to the Fund under the Advisory Agreement as well as the total expenses 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 total expense ratio as a percentage of average daily net assets. The Committee and the Board also considered that the proposed management fee would not exceed the sum of the fee rates payable under the Advisory Agreement and the Administrative Services Agreement. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2014, the Fund's actual management fee and net expense ratio are ranked in the first and third quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against the Fund's expense universe as determined by the 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.

Annual Report 2015
46

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

provided to comparable unaffiliated funds. 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.

Costs of Services Provided and Profitability

Economies of Scale

Other Benefits to the Investment Manager

Annual Report 2015
47

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (continued)

Fund's securities transactions, and reviewed information about the Investment Manager's practices with respect to allocating portfolio transactions 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 are 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

Annual Report 2015
48

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Annual Report 2015
49

Columbia Global Dividend Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

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

columbiathreadneedle.com/us

ANN154_08_E01_(10/15)

ANNUAL REPORT

August 31, 2015

COLUMBIA MID CAP GROWTH FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

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

** Source: ICI as of June 30, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of June 2015 for Threadneedle Asset Management Limited.

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PRESIDENT'S MESSAGE

Dear Shareholder,

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

n Navigate a changing interest rate environment

n Maximize after-tax returns

n Grow assets to achieve financial goals

n Ease the impact of volatile markets

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

Annual Report 2015

COLUMBIA MID CAP GROWTH FUND

TABLE OF CONTENTS

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

Performance Overview					3
Manager Discussion of Fund Performance					5
Understanding Your Fund's Expenses					7
Portfolio of Investments					8
Statement of Assets and Liabilities					13
Statement of Operations					16
Statement of Changes in Net Assets					17
Financial Highlights					20
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					46
Important Information About This Report					51

Annual Report 2015

COLUMBIA MID CAP GROWTH FUND

PERFORMANCE OVERVIEW

Performance Summary

n Columbia Mid Cap Growth Fund (the Fund) Class A shares returned 5.33% excluding sales charges for the 12-month period that ended August 31, 2015.

n The Fund outperformed its benchmarks, the Russell Midcap Growth Index and the Russell Midcap Index, which returned 2.46% and 0.02%, respectively.

n Stock selection in information technology and financials enhanced relative performance. Stock selection was positive across all sectors for the period.

Average Annual Total Returns (%) (for period ended August 31, 2015)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			5.33		14.50		8.62
Including sales charges			-0.73		13.16		7.98
Class B	11/01/02
Excluding sales charges			4.54		13.64		7.81
Including sales charges			0.18		13.40		7.81
Class C	10/13/03
Excluding sales charges			4.56		13.65		7.81
Including sales charges			3.69		13.65		7.81
Class I*	09/27/10		5.88		15.02		9.00
Class K*	02/28/13		5.45		14.66		8.77
Class R*	01/23/06		5.06		14.21		8.35
Class R4*	11/08/12		5.61		14.77		8.88
Class R5*	03/07/11		5.72		14.93		8.96
Class T	11/01/02
Excluding sales charges			5.34		14.45		8.57
Including sales charges			-0.73		13.11		7.93
Class W*	09/27/10		5.32		14.50		8.63
Class Y*	07/15/09		5.83		14.95		8.98
Class Z	11/20/85		5.58		14.79		8.89
Russell Midcap Growth Index			2.46		17.13		8.66
Russell Midcap Index			0.02		16.56		8.40

The Russell Midcap Growth Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and forecasted growth values.

The Russell Midcap Index, an unmanaged 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.

Annual Report 2015
3

COLUMBIA MID CAP GROWTH FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2005 – August 31, 2015)

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 2015
4

COLUMBIA MID CAP GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2015, the Fund's Class A shares returned 5.33% excluding sales charges. The Fund outperformed both the Russell Midcap Growth Index and the Russell Midcap Index, which returned 2.46% and 0.02%, respectively. Stock selection in information technology and financials enhanced relative performance. Stock selection was positive across all sectors for the period.

Markets Turn Volatile as Pressures Mount

The pace of U.S. economic growth fluctuated during the 12-month period that ended August 31, 2015. Another stormy winter in the Northeast and Midwest whittled away at gross domestic product (GDP) early in 2015. A strong dollar, a widening trade deficit and declining oil prices also negatively affected growth. Yet most of these setbacks proved to be temporary and the U.S. economy rebounded as temperatures thawed. An average of 243,000 new jobs were added monthly to the U.S. workforce, driving the unemployment rate down to 5.1% and bolstering consumer confidence. Manufacturing activity was solid even though the pace of manufacturing growth slowed over the year and industrial production lost ground in August. Mining activity has shrunk in response to a downturn in oil drilling. Home sales were robust. However, stubbornly low inventory levels and rising prices have kept many first-time buyers out of the market.

Stock Selection Aided Fund Results

Stock selection in the information technology and financials sectors contributed most to the Fund's performance advantage relative to the Russell Midcap Growth Index. In information technology, video game makers Activision Blizzard and Electronic Arts were the top contributors. Both companies continued their surge of margin growth, strong earnings and improved outlooks for 2015. Holiday game sales were higher, and the major industry trend toward online gaming continued. Both game makers develop games that take advantage of that shift.

Also in the information technology sector, Concur Technologies and Skyworks Solutions were top contributors. Concur Technologies is a provider of cloud-based travel and expense management software. The stock rallied on news that enterprise software giant SAP SE planned to acquire Concur at a significant premium. Skyworks Solutions is a leading supplier of radio frequency integrated circuits (RFICs) and other semiconductors for the wireless handset market, especially Apple iPhones. After handily beating earnings estimates for several quarters in a row, Skyworks Solutions rallied on strong demand for the iPhone 6, which will be released in the fall of 2015.

Sherwin-Williams, in the materials sector, was another top contributor. The manufacturer and distributor of paint products provided updated earnings

Portfolio Management

George Myers, CFA

Brian Neigut

James King

William Chamberlain, CFA

Morningstar Style Box^TM

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

©2015 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, 2015)
Activision Blizzard, Inc.					2.5
Sherwin-Williams Co. (The)					2.2
SBA Communications Corp., Class A					2.0
Southwest Airlines Co.					1.8
McGraw Hill Financial, Inc.					1.7
Electronic Arts, Inc.					1.5
Alliance Data Systems Corp.					1.5
Foot Locker, Inc.					1.5
Signature Bank					1.4
L Brands, Inc.					1.4

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

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

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

Annual Report 2015
5

COLUMBIA MID CAP GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Portfolio Breakdown (%) (at August 31, 2015)
Common Stocks					95.6
Money Market Funds					4.4
Total					100.0

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

Equity Sector Breakdown (%) (at August 31, 2015)
Consumer Discretionary					23.8
Consumer Staples					7.4
Energy					1.7
Financials					11.0
Health Care					14.3
Industrials					14.6
Information Technology					18.3
Materials					6.2
Telecommunication Services					2.0
Utilities					0.7
Total					100.0

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

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund's prospectus for information on these and other risks.

guidance that confirmed significant top-line/bottom-line momentum throughout 2015. In addition, the company announced a new paint line available through Lowe's stores. We think that Sherwin-Williams earnings could do especially well if the price of oil and other raw materials remain low.

Even though stock selection was positive in all sectors, there were certain individual names that detracted from relative results. Kirby, United Rentals and Cameron International were three such disappointments. Kirby is a marine transportation company that provides tow and barge services for liquid cargo on the Mississippi River and the Gulf Intracoastal Waterway and services diesel engines. Adverse weather conditions on the Gulf Coast and pricing concerns hurt the inland marine segment and declining oil prices curtailed growth in the land-based diesel engine services market. United Rentals is an equipment rental company, with 900 rental locations in the United States and Canada. Weather disruptions, foreign currency headwinds and weakness in the energy end markets were a drag on results.

Almost all of the Fund's energy sector names detracted from performance for the period, especially Continental Resources, Cameron International, Cabot Oil & Gas and FMC Technologies. A strengthening U.S. dollar, increasing supply and lower demand driven by fears of a global economic slowdown negatively affected the energy markets. Oil prices declined sharply and left the energy sector down more than 40% for the period.

Looking Ahead

We see three challenges facing markets that intersect, which were brought into sharp focus by the recent Chinese currency devaluation. First, the equity market is still processing the implications of a big increase in energy supply brought to market by U.S. shale producers. Second, improved economic data has put pressure on the Fed to raise short-term interest rates. Third, China's economy continues to slow, which has put additional pressure on commodity prices and resulted in a collapse in the value of Chinese domestic equities and equities around the globe. We believe that the recent market correction provides investors with a better entry point for building positions in long-term assets. Against that backdrop, we believe the Fund is currently well positioned to benefit from our bottom-up, fundamental research process, which favors high quality companies with sustainable growth prospects and high or improving margins and returns on invested capital.

Annual Report 2015
6

COLUMBIA MID CAP GROWTH FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2015 – August 31, 2015

	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		980.50		1,019.36		5.92		6.04		1.18
Class B		1,000.00		1,000.00		976.80		1,015.56		9.67		9.86		1.93
Class C		1,000.00		1,000.00		976.90		1,015.56		9.67		9.86		1.93
Class I		1,000.00		1,000.00		983.50		1,021.49		3.82		3.89		0.76
Class K		1,000.00		1,000.00		981.00		1,019.92		5.37		5.48		1.07
Class R		1,000.00		1,000.00		979.30		1,018.09		7.17		7.31		1.43
Class R4		1,000.00		1,000.00		981.80		1,020.63		4.67		4.76		0.93
Class R5		1,000.00		1,000.00		982.40		1,021.24		4.07		4.15		0.81
Class T		1,000.00		1,000.00		980.50		1,019.36		5.92		6.04		1.18
Class W		1,000.00		1,000.00		980.50		1,019.36		5.92		6.04		1.18
Class Y		1,000.00		1,000.00		983.10		1,021.85		3.47		3.54		0.69
Class Z		1,000.00		1,000.00		981.70		1,020.63		4.67		4.76		0.93

Annual Report 2015
7

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

August 31, 2015

(Percentages represent value of investments compared to net assets)

Common Stocks 95.0%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 22.6%
Auto Components 1.4%
Delphi Automotive PLC		274,253		20,711,587
Visteon Corp.^(a)		82,350		8,207,001
Total				28,918,588
Hotels, Restaurants & Leisure 3.4%
Chipotle Mexican Grill, Inc.^(a)		20,060		14,242,801
Domino's Pizza, Inc.		147,600		15,636,744
Hilton Worldwide Holdings, Inc.		1,012,820		25,148,321
Starwood Hotels & Resorts Worldwide, Inc.		204,220		14,595,603
Total				69,623,469
Household Durables 2.3%
Harman International Industries, Inc.		206,700		20,202,858
Lennar Corp., Class A		317,810		16,176,529
Mohawk Industries, Inc.^(a)		52,720		10,384,258
Total				46,763,645
Internet & Catalog Retail 0.7%
Expedia, Inc.		135,910		15,628,291
Media 2.2%
CBS Corp., Class B Non Voting		227,530		10,293,457
Cinemark Holdings, Inc.		516,120		18,348,066
Interpublic Group of Companies, Inc. (The)		867,710		16,382,365
Total				45,023,888
Multiline Retail 2.2%
Dollar General Corp.		313,290		23,336,972
Dollar Tree, Inc.^(a)		278,346		21,226,666
Total				44,563,638
Specialty Retail 8.0%
Best Buy Co., Inc.		373,730		13,730,840
CarMax, Inc.^(a)		278,060		16,961,660
Foot Locker, Inc.		413,245		29,253,614
L Brands, Inc.		328,580		27,567,862
O'Reilly Automotive, Inc.^(a)		90,120		21,635,108
Ross Stores, Inc.		459,420		22,337,000
Tractor Supply Co.		271,600		23,170,196
Ulta Salon Cosmetics & Fragrance, Inc.^(a)		63,440		10,029,230
Total				164,685,510

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods 2.4%
Kate Spade & Co.^(a)		269,280		5,105,549
PVH Corp.		120,760		14,368,025
Skechers U.S.A., Inc., Class A^(a)		73,230		10,306,390
Under Armour, Inc., Class A^(a)		81,080		7,745,572
VF Corp.		160,270		11,608,356
Total				49,133,892
Total Consumer Discretionary				464,340,921
CONSUMER STAPLES 7.0%
Beverages 3.0%
Brown-Forman Corp., Class B		187,404		18,384,333
Coca-Cola Enterprises, Inc.		228,623		11,771,798
Constellation Brands, Inc., Class A		189,370		24,239,360
Monster Beverage Corp.^(a)		49,900		6,909,154
Total				61,304,645
Food & Staples Retailing 1.2%
Kroger Co. (The)		296,490		10,228,905
Sprouts Farmers Market, Inc.^(a)		671,530		13,679,066
Total				23,907,971
Food Products 2.5%
Hain Celestial Group, Inc. (The)^(a)		189,520		11,534,187
Keurig Green Mountain, Inc.		91,130		5,157,958
Mead Johnson Nutrition Co.		195,457		15,312,101
Tyson Foods, Inc., Class A		471,780		19,946,859
Total				51,951,105
Personal Products 0.3%
Herbalife Ltd.^(a)		109,090		6,280,311
Total Consumer Staples				143,444,032
ENERGY 1.6%
Oil, Gas & Consumable Fuels 1.6%
Cabot Oil & Gas Corp.		630,102		14,914,515
Concho Resources, Inc.^(a)		162,877		17,616,776
Total				32,531,291
Total Energy				32,531,291
FINANCIALS 10.4%
Banks 1.8%
Signature Bank^(a)		209,412		27,954,408
SVB Financial Group^(a)		79,669		9,964,998
Total				37,919,406

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

Annual Report 2015
8

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
Capital Markets 0.6%
Affiliated Managers Group, Inc.^(a)		65,630		12,236,057
Diversified Financial Services 3.7%
CBOE Holdings, Inc.		284,390		17,990,511
McGraw Hill Financial, Inc.		342,870		33,254,961
Moody's Corp.		237,895		24,339,038
Total				75,584,510
Insurance 0.9%
Aon PLC		209,660		19,590,630
Real Estate Investment Trusts (REITs) 2.3%
Alexandria Real Estate Equities, Inc.		121,310		10,431,447
Crown Castle International Corp.		215,580		17,977,216
Extra Space Storage, Inc.		243,530		17,894,585
Total				46,303,248
Real Estate Management & Development 0.5%
CBRE Group, Inc., Class A^(a)		335,830		10,753,277
Thrifts & Mortgage Finance 0.6%
Radian Group, Inc.		648,750		11,664,525
Total Financials				214,051,653
HEALTH CARE 13.6%
Biotechnology 3.7%
Alkermes PLC^(a)		227,400		13,543,944
BioMarin Pharmaceutical, Inc.^(a)		134,760		17,416,382
Bluebird Bio, Inc.^(a)		42,150		5,608,901
Incyte Corp.^(a)		185,700		21,576,483
Intercept Pharmaceuticals, Inc.^(a)		16,420		3,115,859
Medivation, Inc.^(a)		94,620		8,332,237
Ultragenyx Pharmaceutical, Inc.^(a)		63,090		7,042,106
Total				76,635,912
Health Care Equipment & Supplies 4.6%
Align Technology, Inc.^(a)		240,100		13,589,660
CR Bard, Inc.		120,650		23,380,764
DexCom, Inc.^(a)		111,337		10,481,265
IDEXX Laboratories, Inc.^(a)		226,740		16,205,108
St. Jude Medical, Inc.		232,980		16,497,314
Zimmer Biomet Holdings, Inc.		146,340		15,154,970
Total				95,309,081

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 2.8%
Cardinal Health, Inc.		201,390		16,568,355
Centene Corp.^(a)		218,000		13,454,960
Community Health Systems, Inc.^(a)		259,410		13,930,317
Henry Schein, Inc.^(a)		94,548		12,935,112
Total				56,888,744
Health Care Technology 0.9%
Cerner Corp.^(a)		300,745		18,574,011
Life Sciences Tools & Services 0.5%
Mettler-Toledo International, Inc.^(a)		32,640		9,679,392
Pharmaceuticals 1.1%
Jazz Pharmaceuticals PLC^(a)		77,290		13,048,098
Zoetis, Inc.		200,550		8,998,678
Total				22,046,776
Total Health Care				279,133,916
INDUSTRIALS 13.9%
Aerospace & Defense 0.9%
Rockwell Collins, Inc.		95,520		7,818,312
TransDigm Group, Inc.^(a)		45,760		10,517,021
Total				18,335,333
Airlines 2.8%
Alaska Air Group, Inc.		312,970		23,428,934
Southwest Airlines Co.		934,210		34,285,507
Total				57,714,441
Building Products 0.7%
Fortune Brands Home & Security, Inc.		295,390		14,134,412
Commercial Services & Supplies 0.4%
Tyco International PLC		207,480		7,529,449
Electrical Equipment 1.8%
AMETEK, Inc.		462,273		24,879,533
Rockwell Automation, Inc.		99,783		11,158,733
Total				36,038,266
Industrial Conglomerates 1.0%
Roper Technologies, Inc.		129,660		21,016,590
Machinery 2.7%
Flowserve Corp.		180,580		8,149,575
Ingersoll-Rand PLC		259,630		14,354,943
Middleby Corp. (The)^(a)		156,480		16,985,904
Wabtec Corp.		166,420		15,936,379
Total				55,426,801

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

Annual Report 2015
9

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
Professional Services 1.2%
Nielsen Holdings PLC		228,950		10,355,408
Verisk Analytics, Inc.^(a)		198,171		14,482,337
Total				24,837,745
Road & Rail 0.7%
JB Hunt Transport Services, Inc.		202,680		14,751,050
Trading Companies & Distributors 1.7%
Fastenal Co.		334,180		12,879,297
United Rentals, Inc.^(a)		321,308		22,276,284
Total				35,155,581
Total Industrials				284,939,668
INFORMATION TECHNOLOGY 17.4%
Communications Equipment 1.0%
Palo Alto Networks, Inc.^(a)		123,250		20,240,115
Internet Software & Services 1.4%
CoStar Group, Inc.^(a)		85,999		15,225,263
LinkedIn Corp., Class A^(a)		79,240		14,310,744
Total				29,536,007
IT Services 3.7%
Alliance Data Systems Corp.^(a)		114,710		29,502,265
FleetCor Technologies, Inc.^(a)		160,380		23,922,281
Gartner, Inc.^(a)		135,670		11,601,141
WEX, Inc.^(a)		118,030		11,157,376
Total				76,183,063
Semiconductors & Semiconductor Equipment 2.5%
Lam Research Corp.		219,210		15,951,912
NXP Semiconductors NV^(a)		70,113		5,935,065
Qorvo, Inc.^(a)		132,210		7,338,977
Skyworks Solutions, Inc.		254,071		22,193,102
Total				51,419,056
Software 8.8%
Activision Blizzard, Inc.		1,736,970		49,729,451
Electronic Arts, Inc.^(a)		450,330		29,789,329
Guidewire Software, Inc.^(a)		151,520		8,471,483
Intuit, Inc.		291,065		24,958,824
Red Hat, Inc.^(a)		218,932		15,809,080
ServiceNow, Inc.^(a)		296,308		21,026,016
Splunk, Inc.^(a)		158,170		9,801,795

Common Stocks (continued)

Issuer	Shares		Value ($)
Tableau Software, Inc., Class A^(a)		154,970		14,593,525
Ultimate Software Group, Inc. (The)^(a)		34,120		6,011,603
Total				180,191,106
Total Information Technology				357,569,347
MATERIALS 5.9%
Chemicals 3.8%
Eastman Chemical Co.		161,533		11,704,681
International Flavors & Fragrances, Inc.		107,384		11,763,917
Sherwin-Williams Co. (The)		166,415		42,570,621
Westlake Chemical Corp.		218,812		12,084,987
Total				78,124,206
Construction Materials 0.6%
Eagle Materials, Inc.		141,420		11,572,399
Containers & Packaging 0.6%
Westrock Co.		212,792		12,629,205
Paper & Forest Products 0.9%
International Paper Co.		434,970		18,764,606
Total Materials				121,090,416
TELECOMMUNICATION SERVICES 1.9%
Wireless Telecommunication Services 1.9%
SBA Communications Corp., Class A^(a)		332,241		39,270,886
Total Telecommunication Services				39,270,886
UTILITIES 0.7%
Electric Utilities 0.7%
ITC Holdings Corp.		427,000		13,962,900
Total Utilities				13,962,900
Total Common Stocks (Cost: $1,552,833,272)				1,950,335,030

Money Market Funds 4.4%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.150%^(b)(c)		90,396,048		90,396,048
Total Money Market Funds (Cost: $90,396,048)				90,396,048
Total Investments (Cost: $1,643,229,320)				2,040,731,078
Other Assets & Liabilities, Net				13,238,007
Net Assets				2,053,969,085

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

Annual Report 2015
10

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at August 31, 2015.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					55,786,697				1,048,193,894				(1,013,584,543	)			90,396,048				83,259				90,396,048

Fair Value Measurements

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

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

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

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

Annual Report 2015
11

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2015

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		464,340,921		—		—		464,340,921
Consumer Staples		143,444,032		—		—		143,444,032
Energy		32,531,291		—		—		32,531,291
Financials		214,051,653		—		—		214,051,653
Health Care		279,133,916		—		—		279,133,916
Industrials		284,939,668		—		—		284,939,668
Information Technology		357,569,347		—		—		357,569,347
Materials		121,090,416		—		—		121,090,416
Telecommunication Services		39,270,886		—		—		39,270,886
Utilities		13,962,900		—		—		13,962,900
Total Common Stocks		1,950,335,030		—		—		1,950,335,030
Money Market Funds		—		90,396,048		—		90,396,048
Total Investments		1,950,335,030		90,396,048		—		2,040,731,078

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

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 ($)		Level 2 ($)
	—		55,786,697		55,786,697		—

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.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2015
12

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2015

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,552,833,272)	$	1,950,335,030
Affiliated issuers (identified cost $90,396,048)		90,396,048
Total investments (identified cost $1,643,229,320)		2,040,731,078
Cash		19,951,320
Receivable for:
Investments sold		32,978,264
Capital shares sold		877,693
Dividends		1,576,748
Prepaid expenses		21,603
Trustees' deferred compensation plan		109,771
Other assets		2,199
Total assets		2,096,248,676
Liabilities
Payable for:
Investments purchased		39,797,282
Capital shares purchased		1,672,632
Investment management fees		117,548
Distribution and/or service fees		25,932
Transfer agent fees		282,282
Administration fees		9,152
Plan administration fees		102
Compensation of board members		66,682
Chief compliance officer expenses		181
Other expenses		198,027
Trustees' deferred compensation plan		109,771
Total liabilities		42,279,591
Net assets applicable to outstanding capital stock	$	2,053,969,085
Represented by
Paid-in capital	$	1,401,997,144
Undistributed net investment income		19,150,872
Accumulated net realized gain		235,319,311
Unrealized appreciation (depreciation) on:
Investments		397,501,758
Total — representing net assets applicable to outstanding capital stock	$	2,053,969,085

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

Annual Report 2015
13

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class A
Net assets	$	948,826,031
Shares outstanding		33,071,009
Net asset value per share	$	28.69
Maximum offering price per share^(a)	$	30.44
Class B
Net assets	$	7,785,084
Shares outstanding		308,672
Net asset value per share	$	25.22
Class C
Net assets	$	51,859,103
Shares outstanding		2,046,683
Net asset value per share	$	25.34
Class I
Net assets	$	2,734
Shares outstanding		90
Net asset value per share^(b)	$	30.32
Class K
Net assets	$	455,128
Shares outstanding		15,184
Net asset value per share	$	29.97
Class R
Net assets	$	18,965,404
Shares outstanding		680,207
Net asset value per share	$	27.88
Class R4
Net assets	$	26,912,393
Shares outstanding		877,508
Net asset value per share	$	30.67
Class R5
Net assets	$	37,588,582
Shares outstanding		1,244,675
Net asset value per share	$	30.20
Class T
Net assets	$	22,589,914
Shares outstanding		789,603
Net asset value per share	$	28.61
Maximum offering price per share^(a)	$	30.36
Class W
Net assets	$	201,050
Shares outstanding		7,007
Net asset value per share	$	28.69

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

Annual Report 2015
14

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2015

Class Y
Net assets	$	2,560
Shares outstanding		85
Net asset value per share^(b)	$	30.21
Class Z
Net assets	$	938,781,102
Shares outstanding		31,257,366
Net asset value per share	$	30.03

(a) The maximum offering price per share is calculated by dividing the net asset value per share 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 2015
15

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2015

Net investment income
Income:
Dividends — unaffiliated issuers	$	44,159,651
Dividends — affiliated issuers		83,259
Foreign taxes withheld		(5,753	)
Total income		44,237,157
Expenses:
Investment management fees		15,395,981
Distribution and/or service fees
Class A		2,475,688
Class B		106,399
Class C		527,221
Class R		105,184
Class T		64,436
Class W		591
Transfer agent fees
Class A		1,690,861
Class B		18,308
Class C		89,981
Class K		215
Class R		36,027
Class R4		8,002
Class R5		18,477
Class T		41,296
Class W		406
Class Z		1,794,453
Administration fees		1,201,473
Plan administration fees
Class K		1,073
Compensation of board members		65,294
Custodian fees		26,117
Printing and postage fees		202,686
Registration fees		142,459
Professional fees		98,149
Chief compliance officer expenses		1,108
Other		89,072
Total expenses		24,200,957
Expense reductions		(5,869	)
Total net expenses		24,195,088
Net investment income		20,042,069
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		319,648,959
Net realized gain		319,648,959
Net change in unrealized appreciation (depreciation) on:
Investments		(218,187,874	)
Net change in unrealized depreciation		(218,187,874	)
Net realized and unrealized gain		101,461,085
Net increase in net assets resulting from operations	$	121,503,154

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

Annual Report 2015
16

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2015			Year Ended August 31, 2014
Operations
Net investment income (loss)	$	20,042,069		$	(7,589,425	)
Net realized gain		319,648,959			402,841,434
Net change in unrealized appreciation (depreciation)		(218,187,874	)		61,946,682
Net increase in net assets resulting from operations		121,503,154			457,198,691
Distributions to shareholders
Net realized gains
Class A		(148,818,366	)		(97,798,371	)
Class B		(1,954,906	)		(1,771,600	)
Class C		(8,485,326	)		(5,434,628	)
Class I		(7,528,333	)		(19,628,016	)
Class K		(57,329	)		(32,772	)
Class R		(3,548,457	)		(2,707,690	)
Class R4		(105,003	)		(18,150	)
Class R5		(5,182,347	)		(490,341	)
Class T		(3,670,320	)		(2,209,093	)
Class W		(38,026	)		(1,734,715	)
Class Y		(431	)		(23,201	)
Class Z		(159,524,590	)		(116,675,804	)
Total distributions to shareholders		(338,913,434	)		(248,524,381	)
Decrease in net assets from capital stock activity		(220,893,183	)		(369,944,351	)
Total decrease in net assets		(438,303,463	)		(161,270,041	)
Net assets at beginning of year		2,492,272,548			2,653,542,589
Net assets at end of year	$	2,053,969,085		$	2,492,272,548
Undistributed (excess of distributions over) net investment income	$	19,150,872		$	(177,739	)

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

Annual Report 2015
17

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		2,316,713			68,516,197			1,878,987			58,133,675
Distributions reinvested		5,058,499			140,221,584			3,124,293			91,916,714
Redemptions		(5,287,673	)		(157,813,159	)		(7,023,561	)		(216,896,624	)
Net increase (decrease)		2,087,539			50,924,622			(2,020,281	)		(66,846,235	)
Class B shares
Subscriptions		9,836			253,912			8,109			226,079
Distributions reinvested		76,220			1,868,145			64,005			1,701,880
Redemptions^(a)		(236,661	)		(6,215,032	)		(274,303	)		(7,638,238	)
Net decrease		(150,605	)		(4,092,975	)		(202,189	)		(5,710,279	)
Class C shares
Subscriptions		268,540			6,974,565			153,084			4,266,191
Distributions reinvested		297,080			7,314,114			171,032			4,564,849
Redemptions		(341,673	)		(8,997,212	)		(416,881	)		(11,671,220	)
Net increase (decrease)		223,947			5,291,467			(92,765	)		(2,840,180	)
Class I shares
Subscriptions		494,672			16,334,466			293,729			9,884,287
Distributions reinvested		257,981			7,527,875			639,684			19,625,503
Redemptions		(6,696,099	)		(221,663,215	)		(2,740,849	)		(90,606,806	)
Net decrease		(5,943,446	)		(197,800,874	)		(1,807,436	)		(61,097,016	)
Class K shares
Subscriptions		2,324			70,306			4,589			147,312
Distributions reinvested		1,966			56,912			1,040			31,720
Redemptions		(605	)		(19,259	)		(6,958	)		(225,675	)
Net increase (decrease)		3,685			107,959			(1,329	)		(46,643	)
Class R shares
Subscriptions		199,493			5,763,107			215,643			6,490,329
Distributions reinvested		96,740			2,611,023			72,395			2,084,243
Redemptions		(411,370	)		(11,808,786	)		(434,378	)		(13,201,016	)
Net decrease		(115,137	)		(3,434,656	)		(146,340	)		(4,626,444	)
Class R4 shares
Subscriptions		898,802			28,857,053			10,571			354,734
Distributions reinvested		3,477			102,854			513			15,931
Redemptions		(35,739	)		(1,139,034	)		(1,073	)		(35,144	)
Net increase		866,540			27,820,873			10,011			335,521
Class R5 shares
Subscriptions		452,364			14,094,437			1,260,805			39,689,498
Distributions reinvested		178,074			5,181,943			16,005			490,060
Redemptions		(319,238	)		(9,882,628	)		(467,323	)		(15,156,602	)
Net increase		311,200			9,393,752			809,487			25,022,956

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

Annual Report 2015
18

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2015						Year Ended August 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		17,670			496,409			10,761			320,464
Distributions reinvested		110,863			3,065,366			62,773			1,843,016
Redemptions		(86,131	)		(2,545,667	)		(64,923	)		(2,003,303	)
Net increase		42,402			1,016,108			8,611			160,177
Class W shares
Subscriptions		—			—			130,844			4,122,011
Distributions reinvested		1,357			37,620			58,932			1,734,377
Redemptions		(3,195	)		(95,530	)		(3,683,661	)		(118,163,945	)
Net decrease		(1,838	)		(57,910	)		(3,493,885	)		(112,307,557	)
Class Y shares
Subscriptions		66			2,219			1,222			39,218
Distributions reinvested		—			—			696			21,303
Redemptions		(7,446	)		(245,773	)		(1,852	)		(60,092	)
Net increase (decrease)		(7,380	)		(243,554	)		66			429
Class Z shares
Subscriptions		1,815,074			55,869,162			2,788,066			89,029,202
Distributions reinvested		3,690,742			106,920,783			2,587,851			78,955,342
Redemptions		(8,664,812	)		(272,607,940	)		(9,678,879	)		(309,973,624	)
Net decrease		(3,158,996	)		(109,817,995	)		(4,302,962	)		(141,989,080	)
Total net decrease		(5,842,089	)		(220,893,183	)		(11,239,012	)		(369,944,351	)

(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 2015
19

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

	Year Ended August 31,
Class A	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	32.14		$	29.89		$	26.41		$	25.75		$	20.22
Income from investment operations:
Net investment income (loss)		0.25	^(f)		(0.13	)		(0.11	)		(0.06	)		(0.17	)
Net realized and unrealized gain		1.29			5.45			4.36			1.55			5.70
Total from investment operations		1.54			5.32			4.25			1.49			5.53
Less distributions to shareholders:
Net realized gains		(4.99	)		(3.07	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(4.99	)		(3.07	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	28.69		$	32.14		$	29.89		$	26.41		$	25.75
Total return		5.33	%		18.77	%		16.60	%		5.97	%		27.35	%
Ratios to average net assets^(b)
Total gross expenses		1.19	%		1.19	%		1.20	%		1.22	%		1.19	%^(c)
Total net expenses^(d)		1.19	%^(e)		1.19	%^(e)		1.20	%^(e)		1.22	%^(e)		1.19	%^(c)(e)
Net investment income (loss)		0.83	%		(0.42	%)		(0.40	%)		(0.22	%)		(0.63	%)
Supplemental data
Net assets, end of period (in thousands)	$	948,826		$	995,730		$	986,482		$	330,302		$	304,214
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.35 per share.

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

Annual Report 2015
20

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	28.88		$	27.20		$	24.29		$	23.92		$	18.93
Income from investment operations:
Net investment loss		(0.05	)^(f)		(0.33	)		(0.31	)		(0.23	)		(0.34	)
Net realized and unrealized gain		1.22			4.94			3.99			1.43			5.33
Total from investment operations		1.17			4.61			3.68			1.20			4.99
Less distributions to shareholders:
Net realized gains		(4.83	)		(2.93	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(4.83	)		(2.93	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	25.22		$	28.88		$	27.20		$	24.29		$	23.92
Total return		4.54	%		17.88	%		15.68	%		5.19	%		26.36	%
Ratios to average net assets^(b)
Total gross expenses		1.94	%		1.94	%		1.95	%		1.99	%		1.95	%^(c)
Total net expenses^(d)		1.94	%^(e)		1.94	%^(e)		1.95	%^(e)		1.99	%^(e)		1.95	%^(c)(e)
Net investment loss		(0.18	%)		(1.18	%)		(1.20	%)		(0.99	%)		(1.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	7,785		$	13,264		$	17,994		$	5,140		$	7,604
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment loss per share includes special dividends. The effect of these dividends amounted to $0.24 per share.

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

Annual Report 2015
21

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	28.99		$	27.30		$	24.37		$	23.99		$	18.98
Income from investment operations:
Net investment income (loss)		0.03	^(f)		(0.33	)		(0.26	)		(0.23	)		(0.35	)
Net realized and unrealized gain		1.15			4.95			3.96			1.44			5.36
Total from investment operations		1.18			4.62			3.70			1.21			5.01
Less distributions to shareholders:
Net realized gains		(4.83	)		(2.93	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(4.83	)		(2.93	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	25.34		$	28.99		$	27.30		$	24.37		$	23.99
Total return		4.56	%		17.84	%		15.71	%		5.22	%		26.40	%
Ratios to average net assets^(b)
Total gross expenses		1.94	%		1.94	%		1.96	%		1.98	%		1.94	%^(c)
Total net expenses^(d)		1.94	%^(e)		1.94	%^(e)		1.96	%^(e)		1.98	%^(e)		1.94	%^(c)(e)
Net investment income (loss)		0.11	%		(1.17	%)		(1.04	%)		(0.98	%)		(1.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	51,859		$	52,845		$	52,284		$	45,236		$	54,224
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.32 per share.

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

Annual Report 2015
22

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	33.62		$	31.09		$	27.33		$	26.49		$	23.23
Income from investment operations:
Net investment income (loss)		0.00	^(b)(h)		(0.00	)^(b)		0.05			0.06			(0.06	)
Net realized and unrealized gain		1.78			5.69			4.48			1.61			3.32
Total from investment operations		1.78			5.69			4.53			1.67			3.26
Less distributions to shareholders:
Net realized gains		(5.08	)		(3.16	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(5.08	)		(3.16	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	30.32		$	33.62		$	31.09		$	27.33		$	26.49
Total return		5.88	%		19.27	%		17.08	%		6.49	%		14.03	%
Ratios to average net assets^(c)
Total gross expenses		0.76	%		0.75	%		0.77	%		0.78	%		0.80	%^(d)(e)
Total net expenses^(f)		0.76	%		0.75	%		0.77	%		0.78	%		0.80	%^(d)(e)(g)
Net investment income (loss)		0.01	%		(0.00	%)^(b)		0.17	%		0.23	%		(0.22	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	199,823		$	240,974		$	268,601		$	180,383
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to less than $0.01 per share.

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

Annual Report 2015
23

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class K	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	33.35		$	30.89		$	28.08
Income from investment operations:
Net investment income (loss)		0.33	^(e)		(0.08	)		(0.06	)
Net realized and unrealized gain		1.31			5.64			2.87
Total from investment operations		1.64			5.56			2.81
Less distributions to shareholders:
Net realized gains		(5.02	)		(3.10	)		—
Total distributions to shareholders		(5.02	)		(3.10	)		—
Net asset value, end of period	$	29.97		$	33.35		$	30.89
Total return		5.45	%		18.95	%		10.01	%
Ratios to average net assets^(b)
Total gross expenses		1.07	%		1.05	%		1.05	%^(c)
Total net expenses^(d)		1.07	%		1.05	%		1.05	%^(c)
Net investment income (loss)		1.07	%		(0.26	%)		(0.42	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	455		$	383		$	396
Portfolio turnover		101	%		100	%		109	%

Notes to Financial Highlights

(a) Based on operations from February 28, 2013 (commencement of operations) through the stated period end.

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

(e) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.40 per share.

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

Annual Report 2015
24

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	31.39		$	29.28		$	25.96		$	25.38		$	19.98
Income from investment operations:
Net investment income (loss)		0.15	^(f)		(0.20	)		(0.14	)		(0.12	)		(0.23	)
Net realized and unrealized gain		1.28			5.33			4.23			1.53			5.63
Total from investment operations		1.43			5.13			4.09			1.41			5.40
Less distributions to shareholders:
Net realized gains		(4.94	)		(3.02	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(4.94	)		(3.02	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	27.88		$	31.39		$	29.28		$	25.96		$	25.38
Total return		5.06	%		18.47	%		16.27	%		5.73	%		27.03	%
Ratios to average net assets^(b)
Total gross expenses		1.44	%		1.44	%		1.46	%		1.48	%		1.44	%^(c)
Total net expenses^(d)		1.44	%^(e)		1.44	%^(e)		1.46	%^(e)		1.48	%^(e)		1.44	%^(c)(e)
Net investment income (loss)		0.52	%		(0.67	%)		(0.53	%)		(0.48	%)		(0.88	%)
Supplemental data
Net assets, end of period (in thousands)	$	18,965		$	24,965		$	27,574		$	25,613		$	26,196
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.32 per share.

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

Annual Report 2015
25

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	33.99		$	31.42		$	26.58
Income from investment operations:
Net investment income (loss)		1.93	^(g)		(0.03	)		(0.09	)
Net realized and unrealized gain (loss)		(0.21	)^(b)		5.72			5.70
Total from investment operations		1.72			5.69			5.61
Less distributions to shareholders:
Net realized gains		(5.04	)		(3.12	)		(0.77	)
Total distributions to shareholders		(5.04	)		(3.12	)		(0.77	)
Net asset value, end of period	$	30.67		$	33.99		$	31.42
Total return		5.61	%		19.05	%		21.61	%
Ratios to average net assets^(c)
Total gross expenses		0.93	%		0.94	%		1.08	%^(d)
Total net expenses^(e)		0.93	%^(f)		0.94	%^(f)		0.96	%^(d)(f)
Net investment income (loss)		6.10	%		(0.08	%)		(0.41	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	26,912		$	373		$	30
Portfolio turnover		101	%		100	%		109	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d) Annualized.

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

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

(g) Net investment income per share includes special dividends. The effect of these dividends amounted to $2.00 per share.

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

Annual Report 2015
26

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	33.54		$	31.03		$	27.31		$	26.47		$	28.05
Income from investment operations:
Net investment income (loss)		0.40	⁽ⁱ⁾		0.03			(0.04	)		0.06			(0.03	)
Net realized and unrealized gain (loss)		1.33			5.63			4.53			1.61			(1.55	)^(b)
Total from investment operations		1.73			5.66			4.49			1.67			(1.58	)
Less distributions to shareholders:
Net realized gains		(5.07	)		(3.15	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(5.07	)		(3.15	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		—
Net asset value, end of period	$	30.20		$	33.54		$	31.03		$	27.31		$	26.47
Total return		5.72	%		19.21	%		16.94	%		6.50	%		(5.63	%)
Ratios to average net assets^(d)
Total gross expenses		0.82	%		0.81	%		0.81	%		0.78	%		0.78	%^(e)(f)
Total net expenses^(g)		0.82	%		0.81	%		0.81	%		0.78	%		0.78	%^(e)(f)(h)
Net investment income (loss)		1.28	%		0.09	%		(0.14	%)		0.22	%		(0.24	%)^(e)
Supplemental data
Net assets, end of period (in thousands)	$	37,589		$	31,305		$	3,847		$	2,336		$	2,198
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

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

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

(i) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.39 per share.

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

Annual Report 2015
27

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class T	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	32.05		$	29.82		$	26.37		$	25.72		$	20.21
Income from investment operations:
Net investment income (loss)		0.24	^(f)		(0.14	)		(0.09	)		(0.07	)		(0.18	)
Net realized and unrealized gain		1.30			5.43			4.31			1.55			5.69
Total from investment operations		1.54			5.29			4.22			1.48			5.51
Less distributions to shareholders:
Net realized gains		(4.98	)		(3.06	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(4.98	)		(3.06	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	28.61		$	32.05		$	29.82		$	26.37		$	25.72
Total return		5.34	%		18.69	%		16.51	%		5.94	%		27.26	%
Ratios to average net assets^(b)
Total gross expenses		1.20	%		1.24	%		1.26	%		1.28	%		1.26	%^(c)
Total net expenses^(d)		1.20	%^(e)		1.24	%^(e)		1.26	%^(e)		1.28	%^(e)		1.26	%^(c)(e)
Net investment income		0.80	%		(0.47	%)		(0.32	%)		(0.28	%)		(0.69	%)
Supplemental data
Net assets, end of period (in thousands)	$	22,590		$	23,951		$	22,027		$	20,965		$	22,127
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.34 per share.

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

Annual Report 2015
28

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	32.15		$	29.91		$	26.43		$	25.76		$	22.67
Income from investment operations:
Net investment income (loss)		0.21	^(h)		(0.23	)		(0.08	)		(0.05	)		(0.16	)
Net realized and unrealized gain		1.33			5.54			4.33			1.55			3.25
Total from investment operations		1.54			5.31			4.25			1.50			3.09
Less distributions to shareholders:
Net realized gains		(5.00	)		(3.07	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(5.00	)		(3.07	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	28.69		$	32.15		$	29.91		$	26.43		$	25.76
Total return		5.32	%		18.71	%		16.59	%		6.01	%		13.63	%
Ratios to average net assets^(c)
Total gross expenses		1.19	%		1.14	%		1.21	%		1.22	%		1.19	%^(d)(e)
Total net expenses^(f)		1.19	%^(g)		1.14	%^(g)		1.21	%^(g)		1.22	%^(g)		1.19	%^(d)(e)(g)
Net investment income (loss)		0.71	%		(0.69	%)		(0.28	%)		(0.21	%)		(0.63	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	201		$	284		$	104,752		$	66,704		$	45,119
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(d) Annualized.

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

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

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

(h) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.31 per share.

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

Annual Report 2015
29

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	33.53		$	31.01		$	27.26		$	26.46		$	20.72
Income from investment operations:
Net investment income (loss)		0.05	^(f)		0.01			0.07			0.03			(0.04	)
Net realized and unrealized gain		1.71			5.66			4.45			1.60			5.78
Total from investment operations		1.76			5.67			4.52			1.63			5.74
Less distributions to shareholders:
Net realized gains		(5.08	)		(3.15	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(5.08	)		(3.15	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	30.21		$	33.53		$	31.01		$	27.26		$	26.46
Total return		5.83	%		19.24	%		17.09	%		6.35	%		27.70	%
Ratios to average net assets^(b)
Total gross expenses		0.73	%		0.75	%		0.83	%		0.88	%		0.86	%^(c)
Total net expenses^(d)		0.73	%		0.75	%		0.83	%		0.88	%		0.86	%^(c)(e)
Net investment income (loss)		0.15	%		0.02	%		0.26	%		0.10	%		(0.15	%)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	250		$	229		$	16		$	32
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.04 per share.

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

Annual Report 2015
30

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	33.39		$	30.91		$	27.23		$	26.45		$	20.72
Income from investment operations:
Net investment income (loss)		0.32	^(f)		(0.06	)		(0.00	)^(a)		0.01			(0.10	)
Net realized and unrealized gain		1.36			5.66			4.45			1.60			5.83
Total from investment operations		1.68			5.60			4.45			1.61			5.73
Less distributions to shareholders:
Net realized gains		(5.04	)		(3.12	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(5.04	)		(3.12	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	30.03		$	33.39		$	30.91		$	27.23		$	26.45
Total return		5.58	%		19.07	%		16.84	%		6.27	%		27.65	%
Ratios to average net assets^(b)
Total gross expenses		0.94	%		0.94	%		0.96	%		0.97	%		0.95	%^(c)
Total net expenses^(d)		0.94	%^(e)		0.94	%^(e)		0.96	%^(e)		0.97	%^(e)		0.95	%^(c)(e)
Net investment income (loss)		1.01	%		(0.17	%)		(0.01	%)		0.03	%		(0.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	938,781		$	1,149,098		$	1,196,953		$	1,274,026		$	1,198,927
Portfolio turnover		101	%		100	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

(f) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.34 per share.

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

Annual Report 2015
31

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2015

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.