Columbia Balanced Fund (CBALX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
225 Franklin Street, Boston, Massachusetts					02110
(Address of principal executive offices)					(Zip code)
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, 2016

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, 2016

COLUMBIA DISCIPLINED SMALL CORE FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA DISCIPLINED SMALL CORE 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

Performance Overview	3
Manager Discussion of Fund Performance	5
Understanding Your Fund's Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	21
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Trustees and Officers	42
Board Consideration and Approval of Management Agreement	47
Important Information About This Report	51

Annual Report 2016

COLUMBIA DISCIPLINED SMALL CORE FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Disciplined Small Core Fund (the Fund) Class A shares returned 4.32% excluding sales charges for the 12-month period that ended August 31, 2016.

n  The Fund underperformed its benchmarks, the Russell 2000 Index and the S&P SmallCap 600 Index, which returned 8.59% and 13.26%, respectively, for the same 12-month period.

n  Security selection in the information technology and consumer discretionary sectors detracted from the Fund's results relative to its Russell benchmark.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			4.32		8.79		5.93
Including sales charges			-1.68		7.52		5.31
Class B	11/01/98
Excluding sales charges			3.63		7.99		5.15
Including sales charges			0.46		7.79		5.15
Class C	11/18/02
Excluding sales charges			3.62		7.99		5.15
Including sales charges			2.99		7.99		5.15
Class I*	09/27/10		4.80		9.30		6.33
Class R4*	11/08/12		4.64		9.07		6.20
Class R5*	11/08/12		4.76		9.21		6.27
Class T	02/12/93
Excluding sales charges			4.35		8.75		5.89
Including sales charges			-1.67		7.47		5.26
Class W*	09/27/10		4.32		8.79		5.94
Class Y*	11/08/12		4.83		9.24		6.28
Class Z	12/14/92		4.64		9.07		6.20
Russell 2000 Index			8.59		12.85		7.04
S&P SmallCap 600 Index			13.26		15.18		8.73

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes the securities of approximately 2,000 of the smallest companies in the Russell 3000 Index based on a combination of their market capitalization and current index membership.

The S&P SmallCap 600 Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P SmallCap 600 is heavily weighted with the stocks of companies with small market capitalizations.

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

Annual Report 2016
3

COLUMBIA DISCIPLINED SMALL CORE FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
4

COLUMBIA DISCIPLINED SMALL CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 4.32% excluding sales charges. By comparison, the Fund's benchmarks, the Russell 2000 Index and the S&P SmallCap 600 Index, posted returns of 8.59% and 13.26%, respectively. Stocks with a high degree of market sensitivity and higher volatility stocks underperformed during the period, which worked against the Fund's portfolio. Security selection in the information technology and consumer discretionary sectors detracted from the Fund's results relative to its Russell benchmark.

Stocks Logged Gains in Volatile Market

Lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy weighed on investors in the first half of the 12-month period. In December 2015, the Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action as subpar global economic growth continued and mixed economic data undermined confidence at home.

The U.S. economy, however, continued to expand modestly throughout the period, and economic growth in Europe picked up, if ever so slightly. After an earlier slump, the U.S. manufacturing sector regained some traction in the spring, and the U.S. labor markets recovered to full employment for the first time since the Great Recession, despite occasional weaker reports on new job growth. The vote by the United Kingdom to exit the European Union gave markets a jolt in mid-June, but that downdraft was short lived.

Against this backdrop, stocks pulled back three times during the 12-month period. The S&P 500 Index, a broad measure of U.S. stock market performance, rose 12.55% despite these downdrafts. Large-cap stocks outperformed mid- and small-cap stocks. Value stocks outperformed growth stocks, with an especially big advantage for mid-cap and small-cap value stocks versus their growth counterparts.

Contributors and Detractors

We divide the metrics for our stock selection model into three broad categories: 1) valuation — fundamental measures such as earnings and cash flow relative to market values, 2) catalyst — price momentum and business momentum and 3) quality — quality of earnings and financial strength. We then rank the securities within a sector/industry from one (most attractive) to five (least attractive) based upon the metrics within these categories. The period was largely defined by the performance of lower volatility and higher dividend yielding stocks, and these factors aided the portfolio most. Value and quality were both modestly positive for the portfolio. Catalyst results were largely mixed.

On a sector basis, stock selection in the health care and industrials sectors aided performance relative to the Russell benchmark. Quad/Graphics, which provides a diverse range of print and media solutions and logistics services did well after announcing stronger-than-expected earnings and a new streamlined global brand management solution to enhance delivery times and product quality. The market

Portfolio Management

Alfred Alley III, CFA

Brian Condon, 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.

© 2016 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, 2016)
Aspen Technology, Inc.	1.0
Universal Insurance Holdings, Inc.	0.9
Washington Prime Group, Inc.	0.9
EnerSys	0.9
SYNNEX Corp.	0.9
Trinseo SA	0.9
REX American Resources Corp.	0.9
Universal Forest Products, Inc.	0.9
Radian Group, Inc.	0.9
Washington Federal, Inc.	0.9

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

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

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

Annual Report 2016
5

COLUMBIA DISCIPLINED SMALL CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Portfolio Breakdown (%) (at August 31, 2016)
Common Stocks	98.2
Money Market Funds	1.8
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, 2016)
Consumer Discretionary	13.1
Consumer Staples	3.5
Energy	3.3
Financials	26.8
Health Care	13.5
Industrials	13.9
Information Technology	16.6
Materials	4.6
Telecommunication Services	1.0
Utilities	3.7
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. 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 small-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 more information on these and other risks.

responded favorably to LSI Industries, which provides corporate visual image solutions through the combination of digital and screen graphics capabilities. LSI Industries began a corporate overhaul at the end of 2014, which included a new CEO and renewed focus on sales and operational efficiency. This push has yielded strong results for the firm's financials and outlook. Spire, a public natural gas utility, was a strong performer, the result of increased net income, the announcement of a new 60 mile pipeline and the acquisition of EnergySouth. We sold the Fund's positions in LSI Industries and Spire during the period.

Stock selection within the information technology and consumer discretionary sectors lagged the Russell benchmark. InvenSense is a major provider of micro electromechanical gyroscopes for motion-tracking devices in consumer electronics, Apple iPhones in particular. An increase in inventory at Apple and the loss of market share to Samsung provided a major headwind to the company's revenue and brought its share price down for the period. We sold the Fund's position in InvenSense during the period. Synaptics, which develops and supplies intuitive human interface solutions for a range of electronic devices and products worldwide, was the discussion of buyout talks, but a disappointing earnings announcement made the deal unattractive and shares tumbled. In the financials sector, Heritage Insurance Holdings, a property and casualty insurance company, lost ground. Heritage posted a 75% decline in net income in the first quarter of 2016 due to an increase in weather-related claims due to severe weather. Litigation concerns also weighed on Heritage shares.

The Fund also invested in futures contracts during the period. The stand-alone impact of these contracts had a positive impact on fund performance.

Fund Strategy

We assumed the day-to-day portfolio management of the Fund in January 2016. The transition of the portfolio to our quantitative model resulted in a portfolio turnover of 112%, which is higher than previous reporting periods. Our strategy is based on individual quantitative stock selection. Consequently, we do not rely on macroeconomic scenarios or market outlooks to make security selections. We do not try to predict when equities, as an asset class, may perform well or when they may perform poorly. Instead, we keep the fund substantially invested at all times. Regardless of economic environment, we seek to identify stocks that we believe have the potential to outperform within each market sector. We also seek to minimize sector weight differences between the Fund and its Russell benchmark. We favor stocks of companies we believe have attractive valuations relative to their peers, strong business and market momentum and good quality of earnings and financial strength.

Annual Report 2016
6

COLUMBIA DISCIPLINED SMALL 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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,153.30		1,018.20		7.47		7.00		1.38
Class B		1,000.00		1,000.00		1,149.90		1,014.43		11.51		10.79		2.13
Class C		1,000.00		1,000.00		1,149.50		1,014.43		11.51		10.79		2.13
Class I		1,000.00		1,000.00		1,155.90		1,020.36		5.15		4.82		0.95
Class R4		1,000.00		1,000.00		1,155.40		1,019.46		6.12		5.74		1.13
Class R5		1,000.00		1,000.00		1,155.60		1,020.11		5.42		5.08		1.00
Class T		1,000.00		1,000.00		1,153.70		1,018.20		7.47		7.00		1.38
Class W		1,000.00		1,000.00		1,153.30		1,018.20		7.47		7.00		1.38
Class Y		1,000.00		1,000.00		1,156.40		1,020.36		5.15		4.82		0.95
Class Z		1,000.00		1,000.00		1,155.80		1,019.46		6.12		5.74		1.13

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Annual Report 2016
7

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 95.7%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 12.6%
Auto Components 3.1%
Cooper Tire & Rubber Co.		47,400		1,611,126
Cooper-Standard Holding, Inc.(a)		11,200		1,109,360
Dana, Inc.		151,400		2,183,188
Drew Industries, Inc.		15,500		1,578,675
Superior Industries International, Inc.		56,600		1,647,626
Tenneco, Inc.(a)		4,925		274,963
Total				8,404,938
Diversified Consumer Services 0.6%
Capella Education Co.		28,725		1,692,477
Hotels, Restaurants & Leisure 2.7%
Bloomin' Brands, Inc.		34,600		676,084
Bob Evans Farms, Inc.		16,150		662,150
Cracker Barrel Old Country Store, Inc.		8,770		1,334,005
Denny's Corp.(a)		100,473		1,049,943
Diamond Resorts International, Inc.(a)		22,450		678,214
Isle of Capri Casinos, Inc.(a)		86,000		1,492,100
Ruth's Hospitality Group, Inc.		99,500		1,488,520
Total				7,381,016
Household Durables 0.1%
La-Z-Boy, Inc.		10,800		288,036
Internet & Catalog Retail 0.2%
PetMed Express, Inc.		19,485		392,818
Leisure Products 0.1%
Sturm Ruger & Co., Inc.		2,200		134,838
Media 1.4%
Gannett Co., Inc.		156,700		1,869,431
New York Times Co. (The), Class A		109,300		1,414,342
Nexstar Broadcasting Group, Inc., Class A		9,900		521,928
Total				3,805,701
Multiline Retail 0.6%
Big Lots, Inc.		32,500		1,602,900
Specialty Retail 3.2%
Abercrombie & Fitch Co., Class A		95,650		1,696,831
American Eagle Outfitters, Inc.		54,200		1,004,868
Cato Corp. (The), Class A		53,300		1,827,124
Children's Place, Inc. (The)		25,525		2,077,735
GNC Holdings, Inc., Class A		24,000		504,720
Pier 1 Imports, Inc.		361,800		1,667,898
Total				8,779,176

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods 0.6%
Movado Group, Inc.		76,500		1,736,550
Total Consumer Discretionary				34,218,450
CONSUMER STAPLES 3.3%
Food & Staples Retailing 1.0%
SpartanNash Co.		36,700		1,175,134
SUPERVALU, Inc.(a)		276,800		1,516,864
Total				2,691,998
Food Products 2.1%
Cal-Maine Foods, Inc.		39,225		1,801,996
Dean Foods Co.		100,600		1,731,326
Sanderson Farms, Inc.		23,000		2,213,290
Total				5,746,612
Personal Products 0.2%
Usana Health Sciences, Inc.(a)		4,790		654,985
Total Consumer Staples				9,093,595
ENERGY 3.2%
Energy Equipment & Services 0.8%
Archrock, Inc.		52,200		575,244
Atwood Oceanics, Inc.		188,300		1,487,570
Total				2,062,814
Oil, Gas & Consumable Fuels 2.4%
PDC Energy, Inc.(a)		32,050		2,128,120
REX American Resources Corp.(a)		29,100		2,340,804
Western Refining, Inc.		86,350		2,172,566
Total				6,641,490
Total Energy				8,704,304
FINANCIALS 25.7%
Banks 5.1%
Banc of California, Inc.		101,000		2,254,320
Banco Latinoamericano de Comercio Exterior SA, Class E		55,900		1,614,951
Central Pacific Financial Corp.		83,350		2,132,927
Chemical Financial Corp.		11,000		508,530
Customers Bancorp, Inc.(a)		66,750		1,784,895
FCB Financial Holdings, Inc., Class A(a)		9,800		375,340
First BanCorp(a)		93,600		458,640
First NBC Bank Holding Co.(a)		56,750		741,155

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

Annual Report 2016
8

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Fulton Financial Corp.		72,500		1,048,350
Great Western Bancorp, Inc.		12,100		414,304
Hope Bancorp, Inc.		45,200		777,440
International Bancshares Corp.		61,400		1,820,510
Total				13,931,362
Capital Markets 1.4%
Arlington Asset Investment Corp., Class A		91,200		1,357,056
Cowen Group, Inc., Class A(a)		90,300		338,625
KCG Holdings, Inc., Class A(a)		122,200		1,765,790
Piper Jaffray Companies(a)		6,500		288,470
Total				3,749,941
Consumer Finance 0.6%
Nelnet, Inc., Class A		48,250		1,708,050
Diversified Financial Services 0.7%
Cardtronics PLC, Class A(a)		41,400		1,859,274
Insurance 3.0%
American Equity Investment Life Holding Co.		88,400		1,557,608
Heritage Insurance Holdings, Inc.		91,400		1,254,008
Maiden Holdings Ltd.		143,500		1,981,735
National General Holdings Corp.		36,900		840,951
Universal Insurance Holdings, Inc.		97,400		2,413,572
Total				8,047,874
Real Estate Investment Trusts (REITs) 9.3%
Apollo Commercial Real Estate Finance, Inc.		12,300		200,490
Armada Hoffler Properties, Inc.		34,000		468,520
Ashford Hospitality Prime, Inc.		29,400		455,994
CBL & Associates Properties, Inc.		160,800		2,294,616
Chesapeake Lodging Trust		21,100		537,628
Coresite Realty Corp.		27,100		2,114,342
CYS Investments, Inc.		239,500		2,109,995
DuPont Fabros Technology, Inc.		47,900		2,030,960
Invesco Mortgage Capital, Inc.		75,700		1,191,518
Lexington Realty Trust		67,000		722,930
Mack-Cali Realty Corp.		81,950		2,274,932
National Storage Affiliates Trust		25,100		509,781
PS Business Parks, Inc.		18,230		2,019,519
RLJ Lodging Trust		49,800		1,162,332
Ryman Hospitality Properties, Inc.		16,400		884,944

Common Stocks (continued)

Issuer	Shares		Value ($)
Select Income REIT		40,700		1,110,703
Summit Hotel Properties, Inc.		151,457		2,165,835
Sunstone Hotel Investors, Inc.		56,000		777,840
Washington Prime Group, Inc.		174,400		2,396,256
Total				25,429,135
Thrifts & Mortgage Finance 5.6%
BofI Holding, Inc.(a)		99,600		2,141,400
Essent Group Ltd.(a)		46,900		1,246,602
Flagstar Bancorp, Inc.(a)		73,650		2,068,092
HomeStreet, Inc.(a)		43,150		1,124,489
MGIC Investment Corp.(a)		276,800		2,239,312
Radian Group, Inc.		169,500		2,323,845
Walker & Dunlop, Inc.(a)		63,700		1,688,050
Washington Federal, Inc.		87,300		2,313,450
Total				15,145,240
Total Financials				69,870,876
HEALTH CARE 12.9%
Biotechnology 4.2%
ACADIA Pharmaceuticals, Inc.(a)		20,550		660,271
Alder Biopharmaceuticals, Inc.(a)		29,635		977,066
Arrowhead Pharmaceuticals, Inc.(a)		138,945		962,889
bluebird bio, Inc.(a)		9,920		489,453
Dynavax Technologies Corp.(a)		48,300		756,378
Insys Therapeutics, Inc.(a)		61,755		881,244
Keryx Biopharmaceuticals, Inc.(a)		189,055		775,125
Kite Pharma, Inc.(a)		11,405		657,156
Ligand Pharmaceuticals, Inc.(a)		11,920		1,231,455
Novavax, Inc.(a)		105,470		721,415
Sage Therapeutics, Inc.(a)		11,405		423,924
Spark Therapeutics, Inc.(a)		18,570		1,050,691
TESARO, Inc.(a)		12,160		1,029,830
Ultragenyx Pharmaceutical, Inc.(a)		12,540		826,637
Total				11,443,534
Health Care Equipment & Supplies 3.3%
Analogic Corp.		22,315		1,986,035
Globus Medical, Inc., Class A(a)		36,900		857,187
Halyard Health, Inc.(a)		31,800		1,159,110
Masimo Corp.(a)		21,450		1,268,553
Merit Medical Systems, Inc.(a)		32,200		780,528

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

Annual Report 2016
9

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
OraSure Technologies, Inc.(a)		124,700		1,068,679
Orthofix International NV(a)		40,750		1,838,232
Total				8,958,324
Health Care Providers & Services 2.4%
Chemed Corp.		3,700		499,241
Kindred Healthcare, Inc.		23,600		260,544
Magellan Health, Inc.(a)		26,948		1,539,270
Molina Healthcare, Inc.(a)		35,275		1,898,148
Owens & Minor, Inc.		22,450		771,607
Triple-S Management Corp., Class B(a)		68,550		1,500,559
Total				6,469,369
Life Sciences Tools & Services 1.6%
Cambrex Corp.(a)		11,675		500,040
INC Research Holdings, Inc. Class A(a)		44,125		1,925,174
Pra Health Sciences, Inc.(a)		39,050		1,973,978
Total				4,399,192
Pharmaceuticals 1.4%
Aerie Pharmaceuticals, Inc.(a)		50,815		983,778
Impax Laboratories, Inc.(a)		67,000		1,620,730
Supernus Pharmaceuticals, Inc.(a)		62,255		1,331,012
Total				3,935,520
Total Health Care				35,205,939
INDUSTRIALS 13.3%
Airlines 0.9%
Hawaiian Holdings, Inc.(a)		49,200		2,311,416
Building Products 2.6%
Continental Building Product(a)		83,000		1,843,430
Gibraltar Industries, Inc.(a)		34,400		1,312,704
NCI Building Systems, Inc.(a)		102,500		1,551,850
Universal Forest Products, Inc.		21,420		2,337,993
Total				7,045,977
Commercial Services & Supplies 1.7%
Brady Corp., Class A		45,300		1,517,097
Knoll, Inc.		15,400		407,484
Quad/Graphics, Inc.		76,300		2,066,967
Tetra Tech, Inc.		18,610		656,933
Total				4,648,481
Construction & Engineering 0.8%
Comfort Systems U.S.A., Inc.		3,900		110,721
EMCOR Group, Inc.		37,555		2,150,399
Total				2,261,120

Common Stocks (continued)

Issuer	Shares		Value ($)
Electrical Equipment 0.9%
EnerSys		34,020		2,394,328
Machinery 3.2%
Briggs & Stratton Corp.		44,900		853,549
Energy Recovery, Inc.(a)		121,000		1,461,680
Global Brass & Copper Holdings, Inc.		53,100		1,490,517
Greenbrier Companies, Inc. (The)		59,500		2,016,455
Mueller Industries, Inc.		27,950		965,952
Wabash National Corp.(a)		141,621		1,975,613
Total				8,763,766
Marine 0.1%
Matson, Inc.		8,150		314,508
Professional Services 1.3%
Huron Consulting Group, Inc.(a)		29,900		1,879,514
RPX Corp.(a)		164,000		1,717,080
Total				3,596,594
Road & Rail 0.4%
ArcBest Corp.		52,900		968,599
Trading Companies & Distributors 1.4%
Applied Industrial Technologies, Inc.		41,730		1,983,010
MRC Global, Inc.(a)		133,600		1,959,912
Total				3,942,922
Total Industrials				36,247,711
INFORMATION TECHNOLOGY 15.9%
Communications Equipment 0.8%
NETGEAR, Inc.(a)		40,100		2,285,700
Electronic Equipment, Instruments & Components 3.9%
Benchmark Electronics, Inc.(a)		88,401		2,132,232
Insight Enterprises, Inc.(a)		34,250		1,048,050
MTS Systems Corp.		20,200		1,004,950
Sanmina Corp.(a)		76,785		2,017,910
SYNNEX Corp.		22,400		2,378,208
Tech Data Corp.(a)		28,025		2,080,576
Total				10,661,926
Internet Software & Services 2.6%
EarthLink Holdings Corp.		290,300		1,849,211
j2 Global, Inc.		28,925		1,971,817
LogMeIn, Inc.		15,650		1,306,775
RetailMeNot, Inc.(a)		172,145		1,946,960
Total				7,074,763

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

Annual Report 2016
10

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
IT Services 2.6%
CSG Systems International, Inc.		31,225		1,365,157
EVERTEC, Inc.		105,200		1,794,712
NeuStar, Inc., Class A(a)		77,000		1,956,570
Sykes Enterprises, Inc.(a)		45,950		1,343,119
Syntel, Inc.(a)		12,500		577,125
Total				7,036,683
Semiconductors & Semiconductor Equipment 3.1%
Amkor Technology, Inc.(a)		240,500		2,188,550
Diodes, Inc.(a)		25,500		525,045
Entegris, Inc.(a)		119,000		2,027,760
Silicon Laboratories, Inc.(a)		7,375		422,588
Synaptics, Inc.(a)		39,430		2,246,327
Xcerra Corp.(a)		152,442		893,310
Total				8,303,580
Software 2.9%
Aspen Technology, Inc.(a)		58,350		2,652,591
AVG Technologies NV(a)		28,700		713,482
Mentor Graphics Corp.		89,840		2,157,058
MicroStrategy, Inc., Class A(a)		3,800		633,802
Qualys, Inc.(a)		32,800		1,128,320
VASCO Data Security International, Inc.(a)		37,700		687,271
Total				7,972,524
Total Information Technology				43,335,176
MATERIALS 4.4%
Chemicals 3.1%
Chemtura Corp.(a)		39,150		1,174,108
Ferro Corp.(a)		47,400		632,316
Innophos Holdings, Inc.		7,172		302,802
Innospec, Inc.		36,275		2,150,382
Rayonier Advanced Materials, Inc.		141,800		1,744,140
Trinseo SA		40,850		2,363,581
Total				8,367,329
Construction Materials 0.2%
US Concrete, Inc.(a)		8,300		440,066
Metals & Mining 1.1%
Carpenter Technology Corp.		23,950		868,906
Commercial Metals Co.		16,900		262,288
Materion Corp.		15,150		444,501

Common Stocks (continued)

Issuer	Shares		Value ($)
Schnitzer Steel Industries, Inc., Class A		80,500		1,511,790
Total				3,087,485
Total Materials				11,894,880
TELECOMMUNICATION SERVICES 0.9%
Diversified Telecommunication Services 0.6%
General Communication, Inc., Class A(a)		93,460		1,299,094
Windstream Holdings, Inc.		36,100		307,211
Total				1,606,305
Wireless Telecommunication Services 0.3%
Shenandoah Telecommunications Co.		38,050		978,646
Total Telecommunication Services				2,584,951
UTILITIES 3.5%
Electric Utilities 1.0%
IDACORP, Inc.		26,200		1,993,034
Portland General Electric Co.		16,650		701,131
Total				2,694,165
Gas Utilities 1.7%
Chesapeake Utilities Corp.		26,075		1,659,674
Northwest Natural Gas Co.		11,650		695,855
Southwest Gas Corp.		32,075		2,239,476
Total				4,595,005
Independent Power and Renewable Electricity Producers 0.1%
Ormat Technologies, Inc.		6,700		324,280
Water Utilities 0.7%
SJW Corp.		43,900		1,874,091
Total Utilities				9,487,541
Total Common Stocks (Cost: $219,446,601)				260,643,423

Money Market Funds 1.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		4,822,294		4,822,294
Total Money Market Funds (Cost: $4,822,294)				4,822,294
Total Investments (Cost: $224,268,895)				265,465,717
Other Assets & Liabilities, Net				6,941,193
Net Assets				272,406,910

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

Annual Report 2016
11

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

At August 31, 2016, cash totaling $572,000 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at August 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		102	USD		12,635,760	09/2016		288,884		—

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		2,287,779		225,929,608		(223,395,093	)		—			4,822,294		22,985		4,822,294
Rand Logistics, Inc.*		5,662,943		—		(761,844	)		(4,901,099	)		—		—		—
Total		7,950,722		225,929,608		(224,156,937	)		(4,901,099	)		4,822,294		22,985		4,822,294

*Issuer was not an affiliate for the entire period ended August 31, 2016.

Currency Legend

USD  US Dollar

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 2016
12

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
13

COLUMBIA DISCIPLINED SMALL CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		34,218,450		—		—		34,218,450
Consumer Staples		9,093,595		—		—		9,093,595
Energy		8,704,304		—		—		8,704,304
Financials		69,870,876		—		—		69,870,876
Health Care		35,205,939		—		—		35,205,939
Industrials		36,247,711		—		—		36,247,711
Information Technology		43,335,176		—		—		43,335,176
Materials		11,894,880		—		—		11,894,880
Telecommunication Services		2,584,951		—		—		2,584,951
Utilities		9,487,541		—		—		9,487,541
Total Common Stocks		260,643,423		—		—		260,643,423
Investments measured at net asset value
Money Market Funds		—		—		—		4,822,294
Total Investments		260,643,423		—		—		265,465,717
Derivatives
Assets
Futures Contracts		288,884		—		—		288,884
Total		260,932,307		—		—		265,754,601

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

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
14

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $219,446,601)	$	260,643,423
Affiliated issuers (identified cost $4,822,294)		4,822,294
Total investments (identified cost $224,268,895)		265,465,717
Cash		1,540
Margin deposits		572,000
Receivable for:
Investments sold		6,843,014
Capital shares sold		45,869
Dividends		163,310
Variation margin		1,015
Prepaid expenses		2,564
Trustees' deferred compensation plan		82,368
Total assets		273,177,397
Liabilities
Payable for:
Capital shares purchased		524,320
Variation margin		73,840
Management services fees		6,535
Distribution and/or service fees		1,367
Transfer agent fees		38,915
Compensation of board members		498
Chief compliance officer expenses		23
Other expenses		42,621
Trustees' deferred compensation plan		82,368
Total liabilities		770,487
Net assets applicable to outstanding capital stock	$	272,406,910
Represented by
Paid-in capital	$	142,288,479
Undistributed net investment income		34,621
Accumulated net realized gain		88,598,104
Unrealized appreciation (depreciation) on:
Investments		41,196,822
Futures contracts		288,884
Total — representing net assets applicable to outstanding capital stock	$	272,406,910

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

Annual Report 2016
15

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	74,434,459
Shares outstanding		6,301,008
Net asset value per share	$	11.81
Maximum offering price per share(a)	$	12.53
Class B
Net assets	$	187,114
Shares outstanding		21,217
Net asset value per share	$	8.82
Class C
Net assets	$	15,653,841
Shares outstanding		1,770,923
Net asset value per share	$	8.84
Class I
Net assets	$	50,390,376
Shares outstanding		3,952,656
Net asset value per share	$	12.75
Class R4
Net assets	$	2,925,669
Shares outstanding		228,794
Net asset value per share	$	12.79
Class R5
Net assets	$	2,875,720
Shares outstanding		223,823
Net asset value per share	$	12.85
Class T
Net assets	$	60,070,535
Shares outstanding		5,262,910
Net asset value per share	$	11.41
Maximum offering price per share(a)	$	12.11
Class W
Net assets	$	222,510
Shares outstanding		18,837
Net asset value per share	$	11.81
Class Y
Net assets	$	6,735,763
Shares outstanding		520,491
Net asset value per share	$	12.94
Class Z
Net assets	$	58,910,923
Shares outstanding		4,672,776
Net asset value per share	$	12.61

(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%.

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

Annual Report 2016
16

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	5,061,923
Dividends — affiliated issuers		22,985
Foreign taxes withheld		(8,045	)
Total income		5,076,863
Expenses:
Management services fees		3,199,793
Distribution and/or service fees
Class A		250,214
Class B		2,399
Class C		179,472
Class T		148,334
Class W		617
Transfer agent fees
Class A		202,427
Class B		485
Class C		36,159
Class R4		9,042
Class R5		2,626
Class T		118,945
Class W		496
Class Z		249,894
Compensation of board members		24,489
Custodian fees		20,876
Printing and postage fees		16,800
Registration fees		131,285
Audit fees		30,402
Legal fees		8,364
Chief compliance officer expenses		161
Other		23,186
Total expenses		4,656,466
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(38,331	)
Expense reductions		(1,791	)
Total net expenses		4,616,344
Net investment income		460,519
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		105,089,393
Investments — affiliated issuers		(4,901,099	)
Futures contracts		1,455,035
Net realized gain		101,643,329
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(100,474,723	)
Investments — affiliated issuers		5,631,660
Futures contracts		288,884
Net change in unrealized depreciation		(94,554,179	)
Net realized and unrealized gain		7,089,150
Net increase in net assets resulting from operations	$	7,549,669

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

Annual Report 2016
17

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income (loss)	$	460,519		$	(2,070,151	)
Net realized gain		101,643,329			162,872,105
Net change in unrealized depreciation		(94,554,179	)		(202,868,866	)
Net increase (decrease) in net assets resulting from operations		7,549,669			(42,066,912	)
Distributions to shareholders
Net investment income
Class A		(42,433	)		(321,649	)
Class I		(97,723	)		(143,812	)
Class R4		(6,447	)		(12,379	)
Class R5		(16,055	)		(60,601	)
Class T		(22,349	)		(49,306	)
Class W		(98	)		(404	)
Class Y		(8,228	)		(44,683	)
Class Z		(197,294	)		(677,669	)
Net realized gains
Class A		(41,007,362	)		(32,612,168	)
Class B		(117,350	)		(47,871	)
Class C		(8,161,786	)		(2,818,598	)
Class I		(17,649,677	)		(4,823,973	)
Class R4		(1,795,378	)		(617,780	)
Class R5		(3,070,456	)		(2,214,144	)
Class T		(21,646,956	)		(6,294,308	)
Class W		(95,357	)		(39,342	)
Class Y		(1,486,132	)		(1,519,612	)
Class Z		(54,942,603	)		(33,818,753	)
Total distributions to shareholders		(150,363,684	)		(86,117,052	)
Decrease in net assets from capital stock activity		(127,856,394	)		(505,558,338	)
Total decrease in net assets		(270,670,409	)		(633,742,302	)
Net assets at beginning of year		543,077,319			1,176,819,621
Net assets at end of year	$	272,406,910		$	543,077,319
Undistributed (excess of distributions over) net investment income	$	34,621		$	(83,090	)

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

Annual Report 2016
18

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,934,628			25,392,156			6,038,108			109,877,216
Distributions reinvested		2,803,173			32,656,967			1,663,833			29,050,518
Redemptions		(6,661,023	)		(81,658,515	)		(20,876,804	)		(377,368,984	)
Net decrease		(1,923,222	)		(23,609,392	)		(13,174,863	)		(238,441,250	)
Class B shares
Subscriptions		1,204			10,534			2,626			39,372
Distributions reinvested		12,117			106,020			2,943			42,992
Redemptions(a)		(14,753	)		(128,703	)		(18,255	)		(276,946	)
Net decrease		(1,432	)		(12,149	)		(12,686	)		(194,582	)
Class C shares
Subscriptions		326,960			2,898,107			218,882			3,280,446
Distributions reinvested		766,645			6,723,479			155,737			2,278,432
Redemptions		(946,397	)		(8,788,360	)		(611,233	)		(9,163,129	)
Net increase (decrease)		147,208			833,226			(236,614	)		(3,604,251	)
Class I shares
Subscriptions		128,810			1,611,892			42,500			799,236
Distributions reinvested		1,415,208			17,746,703			271,601			4,967,583
Redemptions		(766,234	)		(9,005,922	)		(206,136	)		(3,928,603	)
Net increase		777,784			10,352,673			107,965			1,838,216
Class R4 shares
Subscriptions		64,675			865,322			227,971			4,281,902
Distributions reinvested		123,477			1,554,576			30,985			569,195
Redemptions		(306,694	)		(3,972,825	)		(258,894	)		(4,808,877	)
Net increase (decrease)		(118,542	)		(1,552,927	)		62			42,220
Class R5 shares
Subscriptions		103,468			1,514,306			633,457			12,298,079
Distributions reinvested		244,186			3,086,511			123,627			2,274,745
Redemptions		(856,763	)		(11,712,420	)		(1,373,626	)		(26,305,125	)
Net decrease		(509,109	)		(7,111,603	)		(616,542	)		(11,732,301	)
Class T shares
Subscriptions		481,678			5,434,670			119,277			2,054,946
Distributions reinvested		1,347,343			15,171,084			258,803			4,412,598
Redemptions		(557,218	)		(6,439,026	)		(503,703	)		(8,865,381	)
Net increase (decrease)		1,271,803			14,166,728			(125,623	)		(2,397,837	)

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

Annual Report 2016
19

COLUMBIA DISCIPLINED SMALL CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		—			—			72,730			1,351,975
Distributions reinvested		8,133			94,747			2,266			39,543
Redemptions		(7,581	)		(88,866	)		(3,583,872	)		(69,287,149	)
Net increase (decrease)		552			5,881			(3,508,876	)		(67,895,631	)
Class Y shares
Subscriptions		451,574			6,356,601			515,623			9,829,785
Distributions reinvested		117,428			1,493,679			84,637			1,564,098
Redemptions		(218,761	)		(2,941,917	)		(1,137,822	)		(21,822,720	)
Net increase (decrease)		350,241			4,908,363			(537,562	)		(10,428,837	)
Class Z shares
Subscriptions		1,531,872			19,340,619			1,889,258			35,638,739
Distributions reinvested		1,858,542			23,064,501			956,789			17,403,988
Redemptions		(12,422,033	)		(168,242,314	)		(12,078,763	)		(225,786,812	)
Net decrease		(9,031,619	)		(125,837,194	)		(9,232,716	)		(172,744,085	)
Total net decrease		(9,036,336	)		(127,856,394	)		(27,337,455	)		(505,558,338	)

(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 2016
20

COLUMBIA DISCIPLINED SMALL 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	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	16.72		$	19.57		$	18.57		$	15.05		$	12.98		$	13.33
Income from investment operations:
Net investment income (loss)		0.00	(b)		(0.06	)		(0.06	)		(0.01	)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss)		0.65			(1.21	)		2.73			4.08			2.68			(0.28	)
Total from investment operations		0.65			(1.27	)		2.67			4.07			2.64			(0.35	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.06	)		—			—
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.56	)		(1.58	)		(1.67	)		(0.55	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	11.81		$	16.72		$	19.57		$	18.57		$	15.05		$	12.98
Total return		4.32	%		(6.81	%)		14.73	%		27.93	%		20.46	%		(2.63	%)
Ratios to average net assets(c)
Total gross expenses		1.39	%		1.36	%		1.35	%(d)		1.37	%(d)		1.37	%(e)		1.32	%
Total net expenses(f)		1.38	%(g)		1.36	%(g)		1.35	%(d)(g)		1.36	%(d)(g)		1.36	%(e)(g)		1.29	%(g)
Net investment income (loss)		0.01	%		(0.35	%)		(0.32	%)		(0.07	%)		(0.28	%)(e)		(0.48	%)
Supplemental data
Net assets, end of period (in thousands)	$	74,434		$	137,486		$	418,814		$	399,232		$	228,303		$	162,502
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
21

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class B	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	13.91		$	16.66		$	16.13		$	13.19		$	11.50		$	11.90
Income from investment operations:
Net investment loss		(0.07	)		(0.17	)		(0.18	)		(0.09	)		(0.12	)		(0.17	)
Net realized and unrealized gain (loss)		0.53			(1.01	)		2.37			3.52			2.38			(0.23	)
Total from investment operations		0.46			(1.18	)		2.19			3.43			2.26			(0.40	)
Less distributions to shareholders:
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	8.82		$	13.91		$	16.66		$	16.13		$	13.19		$	11.50
Total return		3.63	%		(7.54	%)		13.92	%		26.90	%		19.77	%		(3.36	%)
Ratios to average net assets(c)
Total gross expenses		2.14	%		2.11	%		2.10	%(d)		2.11	%(d)		2.20	%(e)		2.08	%
Total net expenses(f)		2.13	%(g)		2.11	%(g)		2.10	%(d)(g)		2.11	%(d)(g)		2.11	%(e)(g)		2.04	%(g)
Net investment loss		(0.74	%)		(1.09	%)		(1.05	%)		(0.61	%)		(1.00	%)(e)		(1.26	%)
Supplemental data
Net assets, end of period (in thousands)	$	187		$	315		$	589		$	878		$	1,497		$	9,244
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
22

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class C	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	13.93		$	16.68		$	16.15		$	13.20		$	11.52		$	11.92
Income from investment operations:
Net investment loss		(0.07	)		(0.17	)		(0.18	)		(0.10	)		(0.12	)		(0.17	)
Net realized and unrealized gain (loss)		0.53			(1.01	)		2.37			3.54			2.37			(0.23	)
Total from investment operations		0.46			(1.18	)		2.19			3.44			2.25			(0.40	)
Less distributions to shareholders:
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	8.84		$	13.93		$	16.68		$	16.15		$	13.20		$	11.52
Total return		3.62	%		(7.53	%)		13.90	%		26.95	%		19.65	%		(3.36	%)
Ratios to average net assets(c)
Total gross expenses		2.14	%		2.11	%		2.10	%(d)		2.11	%(d)		2.12	%(e)		2.07	%
Total net expenses(f)		2.13	%(g)		2.11	%(g)		2.10	%(d)(g)		2.11	%(d)(g)		2.11	%(e)(g)		2.04	%(g)
Net investment loss		(0.73	%)		(1.09	%)		(1.06	%)		(0.71	%)		(1.03	%)(e)		(1.23	%)
Supplemental data
Net assets, end of period (in thousands)	$	15,654		$	22,625		$	31,035		$	29,769		$	26,077		$	22,535
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
23

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class I	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	17.58		$	20.43		$	19.28		$	15.61		$	13.38		$	13.69
Income from investment operations:
Net investment income (loss)		0.06			0.02			0.03			0.09			0.03			(0.01	)
Net realized and unrealized gain (loss)		0.69			(1.25	)		2.85			4.21			2.77			(0.30	)
Total from investment operations		0.75			(1.23	)		2.88			4.30			2.80			(0.31	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.05	)		(0.07	)		(0.14	)		—			—
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.58	)		(1.62	)		(1.73	)		(0.63	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	12.75		$	17.58		$	20.43		$	19.28		$	15.61		$	13.38
Total return		4.80	%		(6.35	%)		15.31	%		28.49	%		21.06	%		(2.26	%)
Ratios to average net assets(c)
Total gross expenses		0.94	%		0.89	%		0.87	%(d)		0.88	%(d)		0.91	%(e)		0.88	%
Total net expenses(f)		0.94	%		0.89	%		0.87	%(d)		0.88	%(d)		0.91	%(e)		0.88	%(g)
Net investment income (loss)		0.47	%		0.13	%		0.17	%		0.52	%		0.19	%(e)		(0.04	%)
Supplemental data
Net assets, end of period (in thousands)	$	50,390		$	55,804		$	62,663		$	59,098		$	55,276		$	3,765
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
24

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	17.63		$	20.51		$	19.37		$	15.57
Income from investment operations:
Net investment income (loss)		0.03			(0.02	)		(0.02	)		(0.05	)
Net realized and unrealized gain (loss)		0.70			(1.26	)		2.86			4.45
Total from investment operations		0.73			(1.28	)		2.84			4.40
Less distributions to shareholders:
Net investment income		(0.02	)		(0.03	)		(0.04	)		(0.11	)
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)
Total distributions to shareholders		(5.57	)		(1.60	)		(1.70	)		(0.60	)
Net asset value, end of period	$	12.79		$	17.63		$	20.51		$	19.37
Total return		4.64	%		(6.56	%)		15.02	%		29.18	%
Ratios to average net assets(b)
Total gross expenses		1.14	%		1.11	%		1.10	%(c)		1.12	%(c)(d)
Total net expenses(e)		1.13	%(f)		1.11	%(f)		1.10	%(c)(f)		1.12	%(c)(d)(f)
Net investment income (loss)		0.26	%		(0.09	%)		(0.09	%)		(0.31	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	2,926		$	6,123		$	7,124		$	903
Portfolio turnover		112	%		23	%		19	%		34	%

Notes to Financial Highlights

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

(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.

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

(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 2016
25

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	17.68		$	20.55		$	19.38		$	15.57
Income from investment operations:
Net investment income (loss)		0.05			0.02			0.02			(0.05	)
Net realized and unrealized gain (loss)		0.70			(1.28	)		2.87			4.47
Total from investment operations		0.75			(1.26	)		2.89			4.42
Less distributions to shareholders:
Net investment income		(0.03	)		(0.04	)		(0.06	)		(0.12	)
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)
Total distributions to shareholders		(5.58	)		(1.61	)		(1.72	)		(0.61	)
Net asset value, end of period	$	12.85		$	17.68		$	20.55		$	19.38
Total return		4.76	%		(6.43	%)		15.30	%		29.36	%
Ratios to average net assets(b)
Total gross expenses		0.98	%		0.93	%		0.90	%(c)		0.94	%(c)(d)
Total net expenses(e)		0.98	%		0.93	%		0.90	%(c)		0.94	%(c)(d)
Net investment income (loss)		0.35	%		0.10	%		0.11	%		(0.32	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	2,876		$	12,955		$	27,726		$	16,704
Portfolio turnover		112	%		23	%		19	%		34	%

Notes to Financial Highlights

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

(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.

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

(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.

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

Annual Report 2016
26

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class T	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	16.33		$	19.16		$	18.21		$	14.77		$	12.75		$	13.10
Income from investment operations:
Net investment income (loss)		0.00	(b)		(0.06	)		(0.07	)		(0.00	)(b)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss)		0.64			(1.19	)		2.68			3.99			2.63			(0.27	)
Total from investment operations		0.64			(1.25	)		2.61			3.99			2.59			(0.35	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.00	)(b)		(0.06	)		—			—
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.56	)		(1.58	)		(1.66	)		(0.55	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	11.41		$	16.33		$	19.16		$	18.21		$	14.77		$	12.75
Total return		4.35	%		(6.87	%)		14.71	%		27.86	%		20.44	%		(2.67	%)
Ratios to average net assets(c)
Total gross expenses		1.39	%		1.38	%		1.40	%(d)		1.41	%(d)		1.42	%(e)		1.38	%
Total net expenses(f)		1.38	%(g)		1.38	%(g)		1.40	%(d)(g)		1.41	%(d)(g)		1.41	%(e)(g)		1.35	%(g)
Net investment income		0.03	%		(0.36	%)		(0.36	%)		(0.01	%)		(0.33	%)(e)		(0.56	%)
Supplemental data
Net assets, end of period (in thousands)	$	60,071		$	65,184		$	78,860		$	76,011		$	68,074		$	63,595
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
27

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class W	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	16.72		$	19.57		$	18.57		$	15.05		$	12.98		$	13.32
Income from investment operations:
Net investment income (loss)		0.00	(b)		(0.09	)		(0.06	)		0.01			(0.04	)		(0.07	)
Net realized and unrealized gain (loss)		0.65			(1.18	)		2.73			4.06			2.68			(0.27	)
Total from investment operations		0.65			(1.27	)		2.67			4.07			2.64			(0.34	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.06	)		—			—
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.56	)		(1.58	)		(1.67	)		(0.55	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	11.81		$	16.72		$	19.57		$	18.57		$	15.05		$	12.98
Total return		4.32	%		(6.80	%)		14.73	%		27.93	%		20.46	%		(2.55	%)
Ratios to average net assets(c)
Total gross expenses		1.39	%		1.30	%		1.35	%(d)		1.36	%(d)		1.38	%(e)		1.32	%
Total net expenses(f)		1.38	%(g)		1.30	%(g)		1.35	%(d)(g)		1.36	%(d)(g)		1.36	%(e)(g)		1.29	%(g)
Net investment income (loss)		0.02	%		(0.44	%)		(0.32	%)		0.05	%		(0.27	%)(e)		(0.47	%)
Supplemental data
Net assets, end of period (in thousands)	$	223		$	306		$	69,033		$	60,353		$	60,112		$	41,634
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
28

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	17.76		$	20.63		$	19.45		$	15.63
Income from investment operations:
Net investment income		0.06			0.03			0.03			0.02
Net realized and unrealized gain (loss)		0.70			(1.29	)		2.88			4.42
Total from investment operations		0.76			(1.26	)		2.91			4.44
Less distributions to shareholders:
Net investment income		(0.03	)		(0.04	)		(0.07	)		(0.13	)
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)
Total distributions to shareholders		(5.58	)		(1.61	)		(1.73	)		(0.62	)
Net asset value, end of period	$	12.94		$	17.76		$	20.63		$	19.45
Total return		4.83	%		(6.39	%)		15.33	%		29.37	%
Ratios to average net assets(b)
Total gross expenses		0.94	%		0.88	%		0.87	%(c)		0.88	%(c)(d)
Total net expenses(e)		0.94	%		0.88	%		0.87	%(c)		0.88	%(c)(d)
Net investment income		0.49	%		0.17	%		0.16	%		0.07	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	6,736		$	3,024		$	14,600		$	11,301
Portfolio turnover		112	%		23	%		19	%		34	%

Notes to Financial Highlights

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

(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.

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

(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.

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

Annual Report 2016
29

COLUMBIA DISCIPLINED SMALL CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class Z	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	17.46		$	20.33		$	19.21		$	15.56		$	13.36		$	13.69
Income from investment operations:
Net investment income (loss)		0.03			(0.02	)		(0.01	)		0.05			(0.00	)(b)		(0.04	)
Net realized and unrealized gain (loss)		0.69			(1.25	)		2.83			4.19			2.77			(0.29	)
Total from investment operations		0.72			(1.27	)		2.82			4.24			2.77			(0.33	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.03	)		(0.04	)		(0.10	)		—			—
Net realized gains		(5.55	)		(1.57	)		(1.66	)		(0.49	)		(0.57	)		—
Total distributions to shareholders		(5.57	)		(1.60	)		(1.70	)		(0.59	)		(0.57	)		—
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	12.61		$	17.46		$	20.33		$	19.21		$	15.56		$	13.36
Total return		4.64	%		(6.56	%)		15.04	%		28.17	%		20.86	%		(2.41	%)
Ratios to average net assets(c)
Total gross expenses		1.14	%		1.11	%		1.10	%(d)		1.11	%(d)		1.12	%(e)		1.07	%
Total net expenses(f)		1.13	%(g)		1.11	%(g)		1.10	%(d)(g)		1.11	%(d)(g)		1.11	%(e)(g)		1.05	%(g)
Net investment income (loss)		0.22	%		(0.09	%)		(0.06	%)		0.30	%		(0.03	%)(e)		(0.26	%)
Supplemental data
Net assets, end of period (in thousands)	$	58,911		$	239,255		$	466,376		$	481,061		$	442,000		$	369,903
Portfolio turnover		112	%		23	%		19	%		34	%		26	%		33	%

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)  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 2016
30

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Disciplined Small Core Fund (formerly known as Columbia Small Cap Core Fund) (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective April 18, 2016, Columbia Small Cap Core Fund was renamed Columbia Disciplined Small Core Fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class 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 12 months 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 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, with certain limitations. 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 generally 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 generally 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

Annual Report 2016
31

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to

Annual Report 2016
32

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral

terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or

Annual Report 2016
33

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commissions merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		288,884	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments

for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		1,455,035
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		288,884

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		8,580,410

*Based on the ending quarterly outstanding amounts for the year ended August 31, 2016.

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 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.

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34

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services 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 0.75% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.87% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was

Annual Report 2016
35

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

$1,296,456 and the administrative services fee paid to the Investment Manager was $131,266.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket 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. Class I and Class Y shares do not pay transfer agency fees.

For the year ended August 31, 2016, 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	0.20
Class R5	0.05
Class T	0.20
Class W	0.20
Class Z	0.20

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $1,791.

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 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

Annual Report 2016
36

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares 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). 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $20,998 for Class A, $2 for Class B, $792 for Class C and $2,659 for Class T shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.38	%		1.38	%
Class B		2.13			2.13
Class C		2.13			2.13
Class I		0.98			0.94
Class R4		1.13			1.13
Class R5		1.03			0.99
Class T		1.38			1.38
Class W		1.38			1.38
Class Y		0.98			0.94
Class Z		1.13			1.13

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, re-characterization of distributions for investments and derivative investments. To the extent these differences are permanent, reclassifications are

Annual Report 2016
37

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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	$	47,819
Accumulated net realized gain		(47,820	)
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,	2016		2015
Ordinary income	$	598,422	$	4,474,055
Long-term capital gains		149,765,262		81,642,997
Total	$	150,363,684	$	86,117,052

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	3,736,238
Undistributed long-term capital gains		85,634,964
Net unrealized appreciation		40,829,597

At August 31, 2016, the cost of investments for federal income tax purposes was $224,636,120 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	47,442,807
Unrealized depreciation		(6,613,210	)
Net unrealized appreciation	$	40,829,597

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 $409,128,881 and $686,578,584, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with

Annual Report 2016
38

COLUMBIA DISCIPLINED SMALL CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, one unaffiliated shareholder of record owned 19.9% 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 27.3% 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.

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.

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

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 Securities and Exchange Commission (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 2016
39

COLUMBIA DISCIPLINED SMALL CORE FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Disciplined Small Core Fund (formerly known as Columbia Small Cap Core Fund)

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Disciplined Small Core Fund (formerly known as Columbia Small Cap Core Fund) (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

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COLUMBIA DISCIPLINED SMALL CORE FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		91.77	%
Dividends Received Deduction		91.06	%
Capital Gain Dividend	$	99,341,956

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 2016
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COLUMBIA DISCIPLINED SMALL CORE FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

Annual Report 2016
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COLUMBIA DISCIPLINED SMALL CORE FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
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COLUMBIA DISCIPLINED SMALL CORE FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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COLUMBIA DISCIPLINED SMALL CORE FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

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COLUMBIA DISCIPLINED SMALL CORE FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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COLUMBIA DISCIPLINED SMALL CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Disciplined Small Core Fund (the Fund), a series of the Trust. 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

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COLUMBIA DISCIPLINED SMALL CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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 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, 2015, the Fund's performance was in the seventy-ninth, eighty-fifth and eighty-third percentile (where the best performance would be in the first percentile)

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COLUMBIA DISCIPLINED SMALL CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are both ranked in the third quintile (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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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COLUMBIA DISCIPLINED SMALL CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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 management 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 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 continuation of the Management 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's affiliates to provide distribution, transfer agency and shareholder 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 continuation of the Management 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 continuation of the Management Agreement.

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COLUMBIA DISCIPLINED SMALL 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 investor.columbiathreadneedleus.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting investor.columbiathreadneedleus.com, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
51

Columbia Disciplined Small Core Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN225_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TABLE OF CONTENTS

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund's Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	38
Board Consideration and Approval of Management Agreement	43
Important Information About This Report	47

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 investor.columbiathreadneedleus.com 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 2016

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Global Dividend Opportunity Fund (the Fund) Class A shares returned 5.51% excluding sales charges for the 12-month period that ended August 31, 2016.

n  During the same time period, the Fund underperformed its benchmark, the MSCI ACWI High Dividend Yield Index (Net), which returned 10.31%, and the broader-based MSCI ACWI (Net), which returned 7.24%, for the same period.

n  While generating solid absolute returns, the Fund's results relative to the MSCI ACWI High Dividend Yield Index (Net) were hurt by stock selection and sector allocation overall. During the period, country allocation had a modestly positive effect.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			5.51		6.28		3.82
Including sales charges			-0.55		5.03		3.21
Class B	11/01/02
Excluding sales charges			4.76		5.48		3.05
Including sales charges			-0.24		5.17		3.05
Class C	10/13/03
Excluding sales charges			4.82		5.50		3.05
Including sales charges			3.82		5.50		3.05
Class I*	09/27/10		6.08		6.76		4.21
Class R*	09/27/10		5.32		6.02		3.56
Class R4*	03/19/13		5.80		6.56		4.09
Class R5*	01/08/14		5.96		6.66		4.13
Class W*	09/27/10		5.59		6.32		3.89
Class Y*	07/15/09		6.07		6.77		4.23
Class Z	11/09/00		5.82		6.56		4.09
MSCI ACWI High Dividend Yield Index (Net)			10.31		7.00		3.97
MSCI ACWI (Net)			7.24		8.32		4.40

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The MSCI ACWI High Dividend Yield (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 ACWI (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 ACWI High Dividend Yield (Net) and the MSCI ACWI (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 2016
2

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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 2016
3

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

  Portfolio Management

Stephen Thornber, CFA

Jonathan Crown

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.

© 2016 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, 2016, the Fund's Class A shares returned 5.51% excluding sales charges. During the same time period, the Fund underperformed its benchmark, the MSCI ACWI High Dividend Yield Index (Net), which returned 10.31%, as well as the broader-based MSCI ACWI (Net), which returned 7.24%. While generating solid absolute returns, the Fund's results relative to the MSCI ACWI High Dividend Yield Index (Net) were hurt by stock selection and sector allocation overall. During the period, country allocation had a modestly positive effect.

Global Equity Markets Gained Despite Softening Economic Expectations

Global equity markets moved higher during the period, as valuation multiples rose despite softening corporate earnings and economic growth expectations. However, this gradual climb was punctuated by a number of pullbacks in the market. For example, in September 2015, the global equity markets sold off, as the U.S. Federal Reserve (the Fed) opted to not raise interest rates given weakness in China. China had revised its currency peg, driving market concerns about the health of its economy and any potential deflationary pulse this could unleash. At the start of 2016, the sharp downturn in stocks stemmed from concerns about slowing economic growth in China, weakness in energy prices and uncertainty regarding U.S. economic growth and the direction of the Fed's interest rate policy. In late June 2016, the global equity market sold off temporarily after the United Kingdom's vote about membership in the European Union resulted in a surprise "leave" vote, popularly known as Brexit.

Within the MSCI ACWI High Dividend Yield Index (Net), we believe the U.S. was the best performing major market during the period, with some emerging markets, such as Indonesia and Taiwan, also outperforming. The MSCI ACWI High Dividend Yield Index (Net) constituents from the major European countries struggled during the period, as economic growth fears were elevated. Japan also underperformed the MSCI ACWI High Dividend Yield Index (Net), amid a negative interest rate policy environment. From a sector perspective, information technology and consumer staples were the best performers in the MSCI ACWI High Dividend Yield Index (Net) during the period, as investors focused on secular and defensive growth in a low economic growth world. Conversely, the more macro-sensitive sectors of consumer discretionary and financials lagged. Toward the end of the period, the more cyclical sectors began to perform better, as relative valuations were stretched and the market gained greater confidence in the global economic outlook.

Energy Sector Hampered Results Most

Having an underweight allocation to and weak stock selection in the energy sector, which outpaced the MSCI ACWI High Dividend Yield Index (Net) during the period, detracted most from the Fund's results. In particular, having a position in the integrated energy company Suncor Energy hurt. The Fund's results were also hurt by having an overweight allocation to and weak stock selection in consumer staples. From a

Annual Report 2016
4

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

country perspective, stock selection in the United States and the U.K. detracted most.

Since the new team assumed portfolio management responsibilities in mid-January 2016, underweights and weak stock selection in energy and industrials detracted most. Having an overweight to the consumer discretionary sector also dampened returns, with holdings in German tourism service provider Tui and U.S. specialty apparel retailer L Brands as particular disappointments. Tui's shares declined on concerns that heightened geopolitical tensions and terrorist activities might result in fewer tourist bookings. L Brands' shares fell as the market reacted negatively to news that Victoria's Secret, one of the company's primary business lines, planned to exit swimwear and reduce promotions. U.K. telecommunications provider BT Group also detracted, as the company suffered from heightened regulatory concerns over the future of its Openreach subsidiary and an increased pension burden post-Brexit, as U.K. government bond yields fell sharply. Stock selection in Canada, Mexico and the U.K. detracted most from a country perspective.

Utilities and Health Care Positioning Aided Fund Results

Both effective stock selection and positioning in the utilities and health care sectors aided the Fund's results most during the period. Since the new team assumed portfolio management responsibilities, stock selection in utilities and health care contributed most positively to the Fund's relative performance. From a country perspective, positioning in Switzerland, France and Brazil was most beneficial to Fund results both for the period as a whole and for the period from mid-January 2016 to the end of August 2016.

During the 12-month period, communications equipment manufacturer Cisco Systems was one of the biggest contributors to Fund results. The company delivered several good quarters of top-line growth and increasing gross margins. Another position that performed particularly well since the new team assumed management was Kroton, a Brazilian for-profit education provider, which benefited from a recovery in sentiment on the Brazilian market, better-than-expected student enrollment and a well-received takeover offer.

New Portfolio Management Team Drove Country and Sector Weighting Changes

Having assumed management of the Fund in mid-January 2016, we focused on what we call our "quality income" stock selection strategy, seeking companies that pay a high dividend yield, where that dividend stream is growing and sustainable. We looked for companies with what we consider to be a good business model and allocate capital well. We also strove to invest across a broadly diversified spectrum of sectors and stock type so that "quality income" characteristics drive performance rather than any short-lived bias of investor sentiment. In implementing this strategy, the Fund's allocations to consumer discretionary and materials increased, while its exposures to energy, utilities and telecommunication services decreased relative to the MSCI ACWI High Dividend Yield Index (Net). Among the most significant purchases for the

Top Ten Holdings (%) (at August 31, 2016)
Reynolds American, Inc. (United States)	2.8
Cisco Systems, Inc. (United States)	2.7
Pfizer, Inc. (United States)	2.6
Royal Dutch Shell PLC, Class A (United Kingdom)	2.3
CME Group, Inc. (United States)	2.2
Novartis AG, ADR (Switzerland)	2.2
JPMorgan Chase & Co. (United States)	2.2
L Brands, Inc. (United States)	2.1
Unilever NV-CVA (Netherlands)	2.1
Enterprise Products Partners LP (United States)	1.8

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

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

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

Country Breakdown (%) (at August 31, 2016)
Australia	6.1
Brazil	2.2
Canada	5.2
Finland	0.7
Germany	4.6
Hong Kong	1.3
Japan	3.8
Mexico	2.8
Netherlands	3.4
Norway	1.0
South Africa	0.4
Spain	0.8
Switzerland	3.1
Taiwan	3.1
United Kingdom	14.9
United States(a)	46.6
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.

(a) Includes investments in Money Market Funds.

Annual Report 2016
5

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	11.4
Consumer Staples	14.9
Energy	8.1
Financials	23.6
Health Care	10.6
Industrials	5.8
Information Technology	9.3
Materials	8.0
Telecommunication Services	5.0
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. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses or limited gains. See the Fund's prospectus for information on these and other risks.

Fund were Taiwanese integrated circuit manufacturer Taiwan Semiconductor, U.S. bank BB&T and U.K. financial services holding company St. James Place. Among the most significant sales for the Fund were U.K. consumer goods company Imperial Brands, U.S. oil pipeline transportation company Plains All American Pipeline and U.S. home and office furnishings engineer Leggett & Platt. From a country perspective, we increased the Fund's exposure to Japan, Mexico, Australia, Brazil, Taiwan and the U.K. and reduced its exposure to the U.S., France and Switzerland relative to the MSCI ACWI High Dividend Yield Index (Net). The transition of the Fund's portfolio during the period to our "quality income" stock selection strategy resulted in a higher portfolio turnover (115%) than previous reporting periods.

At the end of the period, the Fund was most overweight in the financials, materials and consumer discretionary sectors and most underweight the energy, information technology, utilities, industrials, health care and consumer staples sectors relative to the benchmark. By country, the Fund was most overweight the U.K., Australia, Mexico and the U.S. and was most underweight Switzerland, France and Hong Kong relative to the MSCI ACWI High Dividend Yield Index (Net).

Annual Report 2016
6

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,105.00		1,018.60		6.88		6.60		1.30
Class B		1,000.00		1,000.00		1,101.50		1,014.83		10.83		10.38		2.05
Class C		1,000.00		1,000.00		1,101.40		1,014.83		10.83		10.38		2.05
Class I		1,000.00		1,000.00		1,108.80		1,020.96		4.40		4.22		0.83
Class R		1,000.00		1,000.00		1,103.80		1,017.34		8.20		7.86		1.55
Class R4		1,000.00		1,000.00		1,106.80		1,019.86		5.56		5.33		1.05
Class R5		1,000.00		1,000.00		1,107.80		1,020.71		4.66		4.47		0.88
Class W		1,000.00		1,000.00		1,105.10		1,018.60		6.88		6.60		1.30
Class Y		1,000.00		1,000.00		1,107.90		1,020.96		4.40		4.22		0.83
Class Z		1,000.00		1,000.00		1,106.70		1,019.86		5.56		5.33		1.05

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Annual Report 2016
7

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 95.8%

Issuer	Shares		Value ($)
AUSTRALIA 6.0%
Amcor Ltd.		660,003		7,925,509
AMP Ltd.		1,450,766		5,726,805
DuluxGroup Ltd.		1,351,293		6,500,858
Goodman Group		1,572,976		8,956,534
Sydney Airport		1,414,259		7,728,653
Total				36,838,359
BRAZIL 2.2%
Ambev SA		1,319,300		7,803,366
Kroton Educacional SA		1,254,100		5,336,100
Total				13,139,466
CANADA 5.1%
Agrium, Inc.		70,231		6,767,459
DH Corp.		147,551		3,340,544
National Bank of Canada		194,182		6,824,652
Suncor Energy, Inc.		252,671		6,851,442
TransCanada Corp.		167,620		7,601,312
Total				31,385,409
FINLAND 0.7%
Sampo OYJ, Class A		102,001		4,379,278
GERMANY 4.6%
BASF SE		100,134		8,142,528
Daimler AG, Registered Shares		79,437		5,500,786
Deutsche Telekom AG, Registered Shares		462,095		7,716,196
ProSiebenSat.1 Media AG		157,108		6,757,492
Total				28,117,002
HONG KONG 1.2%
HKT Trust & HKT Ltd.		5,447,000		7,513,055
JAPAN 3.8%
Aozora Bank Ltd.		1,825,000		6,463,723
Canon, Inc.		164,900		4,728,620
ITOCHU Techno-Solutions Corp.		62,100		1,517,589
Japan Hotel REIT Investment Corp.		5,524		4,751,033
Japan Retail Fund Investment Corp.		2,572		5,782,574
Total				23,243,539

Common Stocks (continued)

Issuer	Shares		Value ($)
MEXICO 2.8%
Kimberly-Clark de Mexico SAB de CV		3,937,000		9,416,151
Wal-Mart de Mexico SAB de CV, Class V		3,304,900		7,549,378
Total				16,965,529
NETHERLANDS 3.4%
LyondellBasell Industries NV, Class A		104,674		8,257,732
Unilever NV-CVA		269,851		12,375,835
Total				20,633,567
NORWAY 1.0%
Telenor ASA		353,086		6,165,313
SOUTH AFRICA 0.4%
SPAR Group Ltd. (The)		201,295		2,628,801
SPAIN 0.8%
Ferrovial SA		245,727		4,841,910
SWITZERLAND 3.1%
Novartis AG, ADR		165,569		13,041,870
UBS AG		388,880		5,622,362
Total				18,664,232
TAIWAN 3.1%
Pegatron Corp.		3,407,000		8,220,337
Taiwan Semiconductor Manufacturing Co., Ltd.		1,935,000		10,745,792
Total				18,966,129
UNITED KINGDOM 14.8%
AstraZeneca PLC		162,962		10,504,938
BAE Systems PLC		1,270,905		8,986,962
British American Tobacco PLC		169,770		10,533,601
BT Group PLC		1,701,561		8,632,619
GlaxoSmithKline PLC		329,110		7,083,276
HSBC Holdings PLC, ADR		203,519		7,570,907
Intermediate Capital Group PLC		518,566		4,051,680
Legal & General Group PLC		1,164,062		3,214,619
National Grid PLC		430,275		5,912,885
Rio Tinto PLC		120,336		3,636,020
Royal Dutch Shell PLC, Class A		558,300		13,639,908
St. James's Place PLC		508,474		6,556,837
Total				90,324,252

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

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8

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
UNITED STATES 42.8%
AbbVie, Inc.		105,727		6,777,101
AES Corp. (The)		673,494		8,129,073
Altria Group, Inc.		95,016		6,279,607
Ares Capital Corp.		423,976		6,851,452
BB&T Corp.		273,163		10,516,776
Cisco Systems, Inc.		521,020		16,380,869
CME Group, Inc.		121,693		13,185,437
Coca-Cola Co. (The)		204,601		8,885,821
Crown Castle International Corp.		110,271		10,450,383
Cypress Semiconductor Corp.		399,829		4,769,960
Dow Chemical Co. (The)		129,530		6,947,989
General Electric Co.		258,412		8,072,791
General Motors Co.		327,932		10,467,589
JPMorgan Chase & Co.		192,423		12,988,552
L Brands, Inc.		168,426		12,835,745
Las Vegas Sands Corp.		201,466		10,115,608
Maxim Integrated Products, Inc.		150,489		6,127,912
Merck & Co., Inc.		165,729		10,406,124
Occidental Petroleum Corp.		131,280		10,088,868
Outfront Media, Inc.		130,881		2,921,264
Pattern Energy Group, Inc.		250,805		5,969,159
Pfizer, Inc.		457,019		15,904,261
Philip Morris International, Inc.		75,518		7,546,514
Regal Entertainment Group, Class A		403,587		8,628,690
Reynolds American, Inc.		339,489		16,828,470

Common Stocks (continued)

Issuer	Shares		Value ($)
Six Flags Entertainment Corp.		184,658		9,005,771
Starwood Property Trust, Inc.		418,856		9,591,802
United Parcel Service, Inc., Class B		46,788		5,110,185
Total				261,783,773
Total Common Stocks (Cost: $542,802,462)				585,589,614

Limited Partnerships 2.7%

UNITED STATES 2.7%
Blackstone Group LP (The)	220,908	6,057,298
Enterprise Products Partners LP	410,208	10,829,491
Total		16,886,789
Total Limited Partnerships (Cost: $14,539,956)		16,886,789

Money Market Funds 0.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(a)(b)		3,530,146		3,530,146
Total Money Market Funds (Cost: $3,530,146)				3,530,146
Total Investments (Cost: $560,872,564)				606,006,549
Other Assets & Liabilities, Net				5,474,490
Net Assets				611,481,039

Notes to Portfolio of Investments

(a)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		18,360,107		212,860,214		(227,690,175	)		3,530,146		30,814		3,530,146

Abbreviation Legend

ADR  American Depositary Receipt

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

Annual Report 2016
9

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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).

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
10

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		—		36,838,359		—		36,838,359
Brazil		13,139,466		—		—		13,139,466
Canada		31,385,409		—		—		31,385,409
Finland		—		4,379,278		—		4,379,278
Germany		—		28,117,002		—		28,117,002
Hong Kong		—		7,513,055		—		7,513,055
Japan		—		23,243,539		—		23,243,539
Mexico		16,965,529		—		—		16,965,529
Netherlands		8,257,732		12,375,835		—		20,633,567
Norway		—		6,165,313		—		6,165,313
South Africa		—		2,628,801		—		2,628,801
Spain		—		4,841,910		—		4,841,910
Switzerland		13,041,870		5,622,362		—		18,664,232
Taiwan		—		18,966,129		—		18,966,129
United Kingdom		7,570,907		82,753,345		—		90,324,252
United States		261,783,773		—		—		261,783,773
Total Common Stocks		352,144,686		233,444,928		—		585,589,614
Limited Partnerships
United States		16,886,789		—		—		16,886,789
Investments measured at net asset value
Money Market Funds		—				—		3,530,146
Total Investments		369,031,475		233,444,928		—		606,006,549

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.

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
11

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $557,342,418)	$	602,476,403
Affiliated issuers (identified cost $3,530,146)		3,530,146
Total investments (identified cost $560,872,564)		606,006,549
Receivable for:
Investments sold		2,926,507
Capital shares sold		82,322
Dividends		2,266,322
Foreign tax reclaims		1,215,332
Expense reimbursement due from Investment Manager		2,051
Prepaid expenses		5,767
Trustees' deferred compensation plan		125,499
Total assets		612,630,349
Liabilities
Foreign currency (cost $15,923)		15,799
Payable for:
Investments purchased		106,836
Capital shares purchased		684,107
Management services fees		12,764
Distribution and/or service fees		1,060
Transfer agent fees		45,340
Compensation of board members		206
Chief compliance officer expenses		50
Other expenses		100,538
Trustees' deferred compensation plan		125,499
Other liabilities		57,111
Total liabilities		1,149,310
Net assets applicable to outstanding capital stock	$	611,481,039
Represented by
Paid-in capital	$	619,138,665
Undistributed net investment income		6,818,024
Accumulated net realized loss		(59,539,406	)
Unrealized appreciation (depreciation) on:
Investments		45,133,985
Foreign currency translations		(70,229	)
Total — representing net assets applicable to outstanding capital stock	$	611,481,039

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

Annual Report 2016
12

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	108,977,887
Shares outstanding		6,389,963
Net asset value per share	$	17.05
Maximum offering price per share(a)	$	18.09
Class B
Net assets	$	416,139
Shares outstanding		26,006
Net asset value per share	$	16.00
Class C
Net assets	$	10,164,255
Shares outstanding		634,529
Net asset value per share	$	16.02
Class I
Net assets	$	63,845,316
Shares outstanding		3,739,105
Net asset value per share	$	17.08
Class R
Net assets	$	1,533,195
Shares outstanding		90,020
Net asset value per share	$	17.03
Class R4
Net assets	$	853,257
Shares outstanding		49,639
Net asset value per share	$	17.19
Class R5
Net assets	$	174,692
Shares outstanding		10,231
Net asset value per share	$	17.07
Class W
Net assets	$	2,026
Shares outstanding		119
Net asset value per share(b)	$	17.05
Class Y
Net assets	$	790,401
Shares outstanding		46,214
Net asset value per share	$	17.10
Class Z
Net assets	$	424,723,871
Shares outstanding		24,820,947
Net asset value per share	$	17.11

(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 2016
13

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	28,845,937
Dividends — affiliated issuers		30,814
Foreign taxes withheld		(1,588,179	)
Total income		27,288,572
Expenses:
Management services fees		5,015,188
Distribution and/or service fees
Class A		280,065
Class B		6,799
Class C		111,887
Class R		4,313
Class W		5
Transfer agent fees
Class A		415,310
Class B		2,526
Class C		41,499
Class R		3,183
Class R4		3,129
Class R5		88
Class W		6
Class Z		1,616,850
Compensation of board members		28,401
Custodian fees		74,819
Printing and postage fees		126,305
Registration fees		116,007
Audit fees		70,930
Legal fees		17,620
Chief compliance officer expenses		317
Other		35,360
Total expenses		7,970,607
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(767,205	)
Expense reductions		(81,323	)
Total net expenses		7,122,079
Net investment income		20,166,493
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(47,722,533	)
Foreign currency translations		(47,482	)
Net realized loss		(47,770,015	)
Net change in unrealized appreciation (depreciation) on:
Investments		61,694,334
Foreign currency translations		4,183
Net change in unrealized appreciation		61,698,517
Net realized and unrealized gain		13,928,502
Net increase in net assets resulting from operations	$	34,094,995

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

Annual Report 2016
14

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income	$	20,166,493		$	27,782,320
Net realized gain (loss)		(47,770,015	)		1,901,795
Net change in unrealized appreciation (depreciation)		61,698,517			(126,520,607	)
Net increase (decrease) in net assets resulting from operations		34,094,995			(96,836,492	)
Distributions to shareholders
Net investment income
Class A		(2,760,277	)		(4,970,271	)
Class B		(12,616	)		(46,350	)
Class C		(203,081	)		(439,323	)
Class I		(3,087,123	)		(6,139,751	)
Class R		(15,886	)		(28,417	)
Class R4		(22,308	)		(15,946	)
Class R5		(5,088	)		(2,668	)
Class W		(49	)		(84	)
Class Y		(27,920	)		(11,182	)
Class Z		(11,794,283	)		(20,648,708	)
Net realized gains
Class A		—			(14,020,410	)
Class B		—			(177,028	)
Class C		—			(1,575,567	)
Class I		—			(16,210,226	)
Class R		—			(75,626	)
Class R4		—			(7,552	)
Class R5		—			(3,124	)
Class W		—			(240	)
Class Y		—			(246	)
Class Z		—			(54,231,843	)
Total distributions to shareholders		(17,928,631	)		(118,604,562	)
Decrease in net assets from capital stock activity		(121,113,055	)		(1,875,084	)
Total decrease in net assets		(104,946,691	)		(217,316,138	)
Net assets at beginning of year		716,427,730			933,743,868
Net assets at end of year	$	611,481,039		$	716,427,730
Undistributed net investment income	$	6,818,024		$	3,421,335

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

Annual Report 2016
15

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		359,723			5,838,796			464,348			8,635,490
Distributions reinvested		153,513			2,516,352			968,224			17,213,076
Redemptions		(1,266,643	)		(20,848,210	)		(1,347,088	)		(24,990,323	)
Net increase (decrease)		(753,407	)		(12,493,062	)		85,484			858,243
Class B shares
Subscriptions		1,197			18,578			3,097			54,554
Distributions reinvested		660			10,128			11,316			188,932
Redemptions(a)		(33,747	)		(518,894	)		(59,941	)		(1,058,850	)
Net decrease		(31,890	)		(490,188	)		(45,528	)		(815,364	)
Class C shares
Subscriptions		53,046			829,648			140,737			2,450,212
Distributions reinvested		11,479			177,024			100,662			1,681,724
Redemptions		(229,311	)		(3,552,260	)		(229,437	)		(4,000,425	)
Net increase (decrease)		(164,786	)		(2,545,588	)		11,962			131,511
Class I shares
Subscriptions		344,892			5,843,327			1,229,832			22,339,321
Distributions reinvested		188,823			3,087,064			1,255,258			22,349,630
Redemptions		(4,297,960	)		(69,696,516	)		(2,760,638	)		(49,916,676	)
Net decrease		(3,764,245	)		(60,766,125	)		(275,548	)		(5,227,725	)
Class R shares
Subscriptions		66,643			1,108,036			6,735			124,365
Distributions reinvested		969			15,886			5,833			104,043
Redemptions		(18,189	)		(301,460	)		(31,234	)		(607,989	)
Net increase (decrease)		49,423			822,462			(18,666	)		(379,581	)
Class R4 shares
Subscriptions		9,258			151,589			45,499			845,204
Distributions reinvested		1,347			22,253			1,276			23,159
Redemptions		(7,810	)		(130,760	)		(5,098	)		(97,298	)
Net increase		2,795			43,082			41,677			771,065
Class R5 shares
Subscriptions		1,093			17,773			19,789			354,536
Distributions reinvested		307			5,030			304			5,451
Redemptions		(1,911	)		(31,000	)		(10,885	)		(198,661	)
Net increase (decrease)		(511	)		(8,197	)		9,208			161,326

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

Annual Report 2016
16

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		9,073			147,843			72,656			1,299,683
Distributions reinvested		1,701			27,861			608			11,085
Redemptions		(33,741	)		(542,217	)		(4,204	)		(77,235	)
Net increase (decrease)		(22,967	)		(366,513	)		69,060			1,233,533
Class Z shares
Subscriptions		544,371			8,986,622			595,168			11,272,270
Distributions reinvested		698,717			11,483,331			4,086,912			72,932,488
Redemptions		(3,972,622	)		(65,778,879	)		(4,462,744	)		(82,812,850	)
Net increase (decrease)		(2,729,534	)		(45,308,926	)		219,336			1,391,908
Total net increase (decrease)		(7,415,122	)		(121,113,055	)		96,985			(1,875,084	)

(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 2016
17

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.56		$	21.63		$	19.85		$	19.59		$	17.72
Income from investment operations:
Net investment income		0.47			0.58			0.61			0.51			0.27
Net realized and unrealized gain (loss)		0.42			(2.93	)		2.53			1.74			1.65
Total from investment operations		0.89			(2.35	)		3.14			2.25			1.92
Less distributions to shareholders:
Net investment income		(0.40	)		(0.70	)		(0.54	)		(0.68	)		(0.05	)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.40	)		(2.72	)		(1.36	)		(1.99	)		(0.05	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.05		$	16.56		$	21.63		$	19.85		$	19.59
Total return		5.51	%		(11.49	%)		16.40	%		12.48	%		10.88	%
Ratios to average net assets(b)
Total gross expenses		1.45	%		1.38	%		1.27	%		1.34	%		1.28	%
Total net expenses(c)		1.30	%(d)		1.31	%(d)		1.25	%(d)		1.26	%(d)		1.21	%(d)
Net investment income		2.85	%		3.05	%		2.92	%		2.59	%		1.49	%
Supplemental data
Net assets, end of period (in thousands)	$	108,978		$	118,275		$	152,674		$	140,796		$	133,541
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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%, 0.03% and 0.07% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
18

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	15.55		$	20.48		$	18.85		$	18.63		$	16.93
Income from investment operations:
Net investment income		0.31			0.41			0.40			0.34			0.10
Net realized and unrealized gain (loss)		0.42			(2.77	)		2.44			1.66			1.60
Total from investment operations		0.73			(2.36	)		2.84			2.00			1.70
Less distributions to shareholders:
Net investment income		(0.28	)		(0.55	)		(0.39	)		(0.47	)		—
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.28	)		(2.57	)		(1.21	)		(1.78	)		—
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	16.00		$	15.55		$	20.48		$	18.85		$	18.63
Total return		4.76	%		(12.18	%)		15.56	%		11.61	%		10.04	%
Ratios to average net assets(b)
Total gross expenses		2.20	%		2.13	%		2.02	%		2.09	%		2.03	%
Total net expenses(c)		2.05	%(d)		2.06	%(d)		2.00	%(d)		2.01	%(d)		1.95	%(d)
Net investment income		1.99	%		2.28	%		2.03	%		1.83	%		0.59	%
Supplemental data
Net assets, end of period (in thousands)	$	416		$	900		$	2,118		$	3,968		$	9,414
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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%, 0.01%, 0.02% and 0.08% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
19

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	15.56		$	20.49		$	18.86		$	18.63		$	16.93
Income from investment operations:
Net investment income		0.32			0.41			0.43			0.35			0.12
Net realized and unrealized gain (loss)		0.42			(2.77	)		2.41			1.66			1.58
Total from investment operations		0.74			(2.36	)		2.84			2.01			1.70
Less distributions to shareholders:
Net investment income		(0.28	)		(0.55	)		(0.39	)		(0.47	)		—
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.28	)		(2.57	)		(1.21	)		(1.78	)		—
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	16.02		$	15.56		$	20.49		$	18.86		$	18.63
Total return		4.82	%		(12.18	%)		15.55	%		11.66	%		10.04	%
Ratios to average net assets(b)
Total gross expenses		2.20	%		2.13	%		2.02	%		2.09	%		2.04	%
Total net expenses(c)		2.05	%(d)		2.06	%(d)		2.00	%(d)		2.01	%(d)		1.95	%(d)
Net investment income		2.07	%		2.30	%		2.17	%		1.84	%		0.72	%
Supplemental data
Net assets, end of period (in thousands)	$	10,164		$	12,440		$	16,136		$	13,439		$	13,319
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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%, 0.03% and 0.09% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
20

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.58		$	21.66		$	19.87		$	19.64		$	17.80
Income from investment operations:
Net investment income		0.53			0.67			0.72			0.58			0.35
Net realized and unrealized gain (loss)		0.45			(2.94	)		2.53			1.76			1.64
Total from investment operations		0.98			(2.27	)		3.25			2.34			1.99
Less distributions to shareholders:
Net investment income		(0.48	)		(0.79	)		(0.64	)		(0.80	)		(0.15	)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.48	)		(2.81	)		(1.46	)		(2.11	)		(0.15	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.08		$	16.58		$	21.66		$	19.87		$	19.64
Total return		6.08	%		(11.08	%)		16.95	%		12.98	%		11.27	%
Ratios to average net assets(b)
Total gross expenses		0.83	%		0.82	%		0.81	%		0.84	%		0.85	%
Total net expenses(c)		0.83	%		0.82	%		0.81	%		0.83	%		0.83	%
Net investment income		3.20	%		3.55	%		3.45	%		2.94	%		1.91	%
Supplemental data
Net assets, end of period (in thousands)	$	63,845		$	124,390		$	168,474		$	127,949		$	3
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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.

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

Annual Report 2016
21

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.53		$	21.61		$	19.83		$	19.54		$	17.67
Income from investment operations:
Net investment income		0.42			0.53			0.57			0.46			0.23
Net realized and unrealized gain (loss)		0.44			(2.94	)		2.52			1.75			1.64
Total from investment operations		0.86			(2.41	)		3.09			2.21			1.87
Less distributions to shareholders:
Net investment income		(0.36	)		(0.65	)		(0.49	)		(0.61	)		(0.00	)(a)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.36	)		(2.67	)		(1.31	)		(1.92	)		(0.00	)(a)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.03		$	16.53		$	21.61		$	19.83		$	19.54
Total return		5.32	%		(11.78	%)		16.13	%		12.25	%		10.61	%
Ratios to average net assets(b)
Total gross expenses		1.70	%		1.62	%		1.52	%		1.59	%		1.53	%
Total net expenses(c)		1.55	%(d)		1.55	%(d)		1.50	%(d)		1.51	%(d)		1.46	%(d)
Net investment income		2.57	%		2.77	%		2.72	%		2.33	%		1.24	%
Supplemental data
Net assets, end of period (in thousands)	$	1,533		$	671		$	1,280		$	1,297		$	1,082
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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%, 0.03% and 0.07% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
22

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	16.69		$	21.78		$	19.97		$	19.69
Income from investment operations:
Net investment income		0.52			0.67			0.76			0.25
Net realized and unrealized gain (loss)		0.43			(2.99	)		2.46			0.33
Total from investment operations		0.95			(2.32	)		3.22			0.58
Less distributions to shareholders:
Net investment income		(0.45	)		(0.75	)		(0.59	)		(0.30	)
Net realized gains		—			(2.02	)		(0.82	)		—
Total distributions to shareholders		(0.45	)		(2.77	)		(1.41	)		(0.30	)
Net asset value, end of period	$	17.19		$	16.69		$	21.78		$	19.97
Total return		5.80	%		(11.27	%)		16.74	%		3.02	%
Ratios to average net assets(b)
Total gross expenses		1.20	%		1.16	%		1.03	%		1.07	%(c)
Total net expenses(d)		1.05	%(e)		1.04	%(e)		0.99	%(e)		1.01	%(c)(e)
Net investment income		3.12	%		3.68	%		3.56	%		2.78	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	853		$	782		$	113		$	29
Portfolio turnover		115	%		63	%		75	%		60	%

Notes to Financial Highlights

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

(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.

(c)  Annualized.

(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 0.01%, 0.02%, 0.03% and 0.05% for the years ended 2016, 2015, 2014 and 2013, respectively.

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

Annual Report 2016
23

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	16.58		$	21.66		$	20.57
Income from investment operations:
Net investment income		0.54			0.64			0.39
Net realized and unrealized gain (loss)		0.42			(2.92	)		1.01
Total from investment operations		0.96			(2.28	)		1.40
Less distributions to shareholders:
Net investment income		(0.47	)		(0.78	)		(0.31	)
Net realized gains		—			(2.02	)		—
Total distributions to shareholders		(0.47	)		(2.80	)		(0.31	)
Net asset value, end of period	$	17.07		$	16.58		$	21.66
Total return		5.96	%		(11.13	%)		6.85	%
Ratios to average net assets(b)
Total gross expenses		0.88	%		0.87	%		0.88	%(c)
Total net expenses(d)		0.88	%		0.87	%		0.88	%(c)
Net investment income		3.26	%		3.52	%		2.98	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	175		$	178		$	33
Portfolio turnover		115	%		63	%		75	%

Notes to Financial Highlights

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

(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.

(c)  Annualized.

(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 2016
24

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.56		$	21.62		$	19.83		$	19.57		$	17.73
Income from investment operations:
Net investment income		0.47			0.60			0.61			0.51			0.28
Net realized and unrealized gain (loss)		0.43			(2.93	)		2.55			1.74			1.64
Total from investment operations		0.90			(2.33	)		3.16			2.25			1.92
Less distributions to shareholders:
Net investment income		(0.41	)		(0.71	)		(0.55	)		(0.68	)		(0.08	)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.41	)		(2.73	)		(1.37	)		(1.99	)		(0.08	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.05		$	16.56		$	21.62		$	19.83		$	19.57
Total return		5.59	%		(11.41	%)		16.50	%		12.48	%		10.86	%
Ratios to average net assets(b)
Total gross expenses		1.45	%		1.38	%		1.28	%		1.33	%		1.33	%
Total net expenses(c)		1.30	%(d)		1.31	%(d)		1.26	%(d)		1.26	%(d)		1.23	%(d)
Net investment income		2.86	%		3.04	%		2.85	%		2.60	%		1.51	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3		$	3		$	3
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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 0.01%, 0.01%, 0.02%, 0.03% and 0.08% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
25

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.60		$	21.68		$	19.89		$	19.65		$	17.79
Income from investment operations:
Net investment income		0.53			0.70			0.72			0.59			0.31
Net realized and unrealized gain (loss)		0.45			(2.96	)		2.54			1.74			1.68
Total from investment operations		0.98			(2.26	)		3.26			2.33			1.99
Less distributions to shareholders:
Net investment income		(0.48	)		(0.80	)		(0.65	)		(0.78	)		(0.13	)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.48	)		(2.82	)		(1.47	)		(2.09	)		(0.13	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.10		$	16.60		$	21.68		$	19.89		$	19.65
Total return		6.07	%		(11.04	%)		17.00	%		12.93	%		11.28	%
Ratios to average net assets(b)
Total gross expenses		0.83	%		0.82	%		0.81	%		0.96	%		0.82	%
Total net expenses(c)		0.83	%		0.82	%		0.81	%		0.88	%		0.82	%
Net investment income		3.23	%		3.89	%		3.33	%		2.97	%		1.70	%
Supplemental data
Net assets, end of period (in thousands)	$	790		$	1,149		$	3		$	3		$	2
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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.

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

Annual Report 2016
26

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.61		$	21.69		$	19.90		$	19.66		$	17.78
Income from investment operations:
Net investment income		0.51			0.63			0.67			0.56			0.31
Net realized and unrealized gain (loss)		0.43			(2.94	)		2.53			1.75			1.67
Total from investment operations		0.94			(2.31	)		3.20			2.31			1.98
Less distributions to shareholders:
Net investment income		(0.44	)		(0.75	)		(0.59	)		(0.76	)		(0.10	)
Net realized gains		—			(2.02	)		(0.82	)		(1.31	)		—
Total distributions to shareholders		(0.44	)		(2.77	)		(1.41	)		(2.07	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	17.11		$	16.61		$	21.69		$	19.90		$	19.66
Total return		5.82	%		(11.28	%)		16.70	%		12.76	%		11.20	%
Ratios to average net assets(b)
Total gross expenses		1.20	%		1.13	%		1.02	%		1.09	%		1.03	%
Total net expenses(c)		1.05	%(d)		1.06	%(d)		1.00	%(d)		1.01	%(d)		0.95	%(d)
Net investment income		3.10	%		3.30	%		3.16	%		2.84	%		1.72	%
Supplemental data
Net assets, end of period (in thousands)	$	424,724		$	457,640		$	592,910		$	562,394		$	585,285
Portfolio turnover		115	%		63	%		75	%		60	%		97	%

Notes to Financial Highlights

(a)  Rounds to zero.

(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.

(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%, 0.03% and 0.08% for the years ended 2016, 2015, 2014, 2013 and 2012, respectively.

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

Annual Report 2016
27

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

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 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 12 months 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 W shares are not subject to sales charges and are generally 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 generally 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

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

Annual Report 2016
28

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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 on any given day. 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 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

Annual Report 2016
29

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion

of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory

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30

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.76% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $1,654,873, and the administrative services fee paid to the Investment Manager was $139,005.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates will provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund will pay no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and

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31

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

reimbursements for certain out-of-pocket 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. Class I and Class Y shares do not pay transfer agency fees.

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.37	%
Class B	0.37
Class C	0.37
Class R	0.37
Class R4	0.37
Class R5	0.05
Class W	0.37
Class Z	0.37

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $81,323.

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 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.

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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $42,848 for Class A, $0 for Class B and $1,049 for Class C shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.30	%		1.30	%
Class B		2.05			2.05
Class C		2.05			2.05
Class I		0.85			0.85
Class R		1.55			1.55
Class R4		1.05			1.05
Class R5		0.90			0.90
Class W		1.30			1.30
Class Y		0.85			0.85
Class Z		1.05			1.05

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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

Annual Report 2016
32

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, investments in partnerships, passive foreign investment company (PFIC) holdings, post-October capital losses and proceeds from regulatory settlements. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Undistributed net investment income	$	1,158,827
Accumulated net realized loss		(1,091,468	)
Paid-in capital		(67,359	)

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,	2016		2015
Ordinary income	$	17,928,631	$	32,302,700
Long-term capital gains		—		86,301,862
Total	$	17,928,631	$	118,604,562

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	9,719,540
Capital loss carryforwards		(12,431,340	)
Net unrealized appreciation		40,919,908

At August 31, 2016, the cost of investments for federal income tax purposes was $565,086,641 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	57,467,313
Unrealized depreciation		(16,547,405	)
Net unrealized appreciation	$	40,919,908

The following capital loss carryforwards, determined at August 31, 2016, 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
No expiration — short-term		3,798,463
No expiration — long-term		101,183
Total		12,431,340

Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat post-October capital losses of $45,670,005 as arising on September 1, 2016.

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 $745,564,176 and $850,121,760, respectively, for the year ended August 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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33

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016 Affiliated shareholders of record owned 12.7% 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.

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

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

Annual Report 2016
34

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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

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 Securities and Exchange Commission (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 2016
35

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Global Dividend Opportunity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Global Dividend Opportunity Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

Annual Report 2016
36

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		96.54	%
Dividends Received Deduction		38.37	%
Foreign Taxes Paid	$	1,282,914
Foreign Taxes Paid Per Share	$	0.04
Foreign Source Income	$	16,971,514
Foreign Source Income Per Share	$	0.47

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.

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.

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37

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

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COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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40

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016
41

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
42

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management 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. 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
43

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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 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, 2015, the Fund's performance was in the seventy-ninth, seventy-seventh and ninety-fourth percentile (where the best performance would be in the first

Annual Report 2016
44

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT (continued)

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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are both ranked in the third quintile (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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

Annual Report 2016
45

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT (continued)

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 continuation of the Management 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 management 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 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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
46

COLUMBIA GLOBAL DIVIDEND OPPORTUNITY FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
47

Columbia Global Dividend Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN154_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA GREATER CHINA FUND

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

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	32
Federal Income Tax Information	33
Trustees and Officers	34
Board Consideration and Approval of Management 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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 2016

COLUMBIA GREATER CHINA FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Greater China Fund (the Fund) Class A shares returned 10.97% excluding sales charges for the 12-month period that ended August 31, 2016.

n  During the same time period, the Fund outperformed both the 8.04% return of the MSCI China Index (Net) benchmark and the 5.94% return of the Hang Seng Index.

n  Overweight exposure to the information technology sector was the biggest positive contributor to the Fund's performance versus the MSCI China Index (Net), while underweights to industrials, energy and financials also contributed. Stock selection within the consumer discretionary sector was the largest detractor.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	05/16/97
Excluding sales charges			10.97		4.62		7.85
Including sales charges			4.60		3.39		7.21
Class B	05/16/97
Excluding sales charges			10.15		3.83		7.04
Including sales charges			5.15		3.61		7.04
Class C	05/16/97
Excluding sales charges			10.15		3.84		7.05
Including sales charges			9.15		3.84		7.05
Class I*	08/02/11		11.45		5.09		8.10
Class R4*	03/19/13		11.27		4.80		7.94
Class R5*	11/08/12		11.44		4.94		8.01
Class W*	06/18/12		10.97		4.65		7.86
Class Z	05/16/97		11.24		4.88		8.12
MSCI China Index (Net)		��	8.04		3.80		7.90
Hang Seng Index			5.94		2.36		2.85

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedleus.com/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 2016
2

COLUMBIA GREATER CHINA FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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 2016
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

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.

© 2016 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, 2016, the Fund's Class A shares returned 10.97% excluding sales charges. During the same time period, the Fund outperformed both the MSCI China Index (Net), which returned 8.04%, and the Hang Seng Index, which returned 5.94%. Overweight exposure to the information technology sector was the biggest positive contributor to the Fund's performance versus the MSCI China Index (Net), while underweights to industrials, energy and financials also contributed. Stock selection within the consumer discretionary sector was the largest detractor.

Chinese Equities Ended Higher After Volatile 12 Months

The 12 months ended August 31, 2016 unfolded in three distinct phases. The early part of the period saw Chinese equities rebound off of the lows experienced following the devaluation of its currency, the renminbi, in August 2015. However, devaluation fears resurfaced, leading to another downward leg that began in November of 2015 and continued into February of 2016. Of particular note, January opened with declines in Chinese equities that triggered circuit breakers and led panicked investors to sell down shares, roiling the overall global markets. Around mid-February, global sentiment stabilized, based on a more encouraging macroeconomic backdrop supported by stimulus efforts from leading central banks and signified by rising oil prices. In addition, investors gained confidence that the stimulus measures forwarded by the Chinese government and the People's Bank of China would be successful in stabilizing Chinese growth at moderate levels. Chinese equities experienced substantial gains over the last several months of the period, resulting in a positive return for the full 12 months.

Information Technology Holdings Led Fund Returns

Stock selection decisions in aggregate made the most significant positive contribution to the Fund's returns versus the MSCI benchmark. In particular, selection within information technology, utilities and health care added to relative performance, while selection was negative within the consumer discretionary sector. The Fund's sector weights are driven by our long-term focus on areas of China's economy that we believe are positioned to benefit from secular, as opposed to cyclical, growth trends. In sector terms, overweight exposure to information technology was the biggest positive contributor to the Fund's performance, while underweights to industrials, energy and financials also contributed.

With respect to individual stocks, leading contributors included Tencent Holdings, an internet company that continued to post stronger-than-expected earnings growth over the first half of 2016. Also within information technology, an underweight to Baidu, China's leading search engine, and overweight to Alibaba, China's leading e-commerce company, both added to performance. NetEase, an internet company providing online gaming services, rallied due to strong new game launches. Within health care, holdings of China Medical System, a pharmaceutical distributor, contributed positively as the market gained confidence in the company following a recent acquisition. China Biologic Products, a blood plasma-based pharmaceutical company, has seen its results and share price

Annual Report 2016
4

COLUMBIA GREATER CHINA FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

benefit from being in a high barrier-to-entry niche within the expanding Chinese health care market. Shenzhou International Group Holdings, a supplier for global clothing and shoe brands including Nike and Adidas, was another top performer.

On the downside, shares of pharmaceutical company China Traditional Chinese Medicine Co. suffered in the period as earnings came in below market expectations and the process of integrating a newly acquired business was slower than hoped for. Shares of Zhuzhou CSR Times Electric, a manufacturer of components for high-speed trains and subways, declined as concerns over a potential slowdown in growth of railway spending in China led investors to overlook the company's opportunity to gain market share through industry consolidation. 3SBio Inc, a biotechnology company, saw its shares decline due to the withdrawal of a new drug application with the China Food and Drug Administration. The implementation of a new drug application process has resulted in widespread application withdrawals by Chinese pharmaceutical companies, and we believe the market overreacted with respect to 3SBio. Finally, JD.com, the second largest e-commerce company in China, corrected due to slower-than-expected revenue growth as a result of restructuring its platform and increasing competitive pressure from China's largest e-commerce player, Alibaba.

Efforts to Internationalize Markets and Currency Support Long Term Outlook

China continues to engineer a transition to a more balanced economy, moving away from investment in areas with excess capacity and towards service industries. In this vein, the government is implementing reforms on the supply side of the economy, directing the consolidation of top players in overbuilt sectors and imposing production constraints. At the same time, the government is seeking to maintain annual growth in the 6.5% to 7% range. We see signs that the government's efforts to stabilize growth while implementing reforms are meeting with at least some temporary success. In particular, there has been a recent strengthening of producer prices following a prolonged contraction, which may help bolster industrial profits.

Challenges remain, including the disposition of a substantial volume of non-performing bank loans, the result of past misdirected investments. In addition, while the government has stepped up spending on needed infrastructure projects, private investment has slowed. Reviving private investment will be necessary to maintain growth, as the government will at some point in the not-too-distant future need to begin reducing leverage from current levels, in our view.

While the macroeconomic backdrop remains challenging, we continue to invest in China on the basis of long-term, secular growth ideas. This means that we are overweighting areas of the Chinese economy that we believe have substantial room for further penetration, such as information technology and the internet. We also have exposure to export-driven companies positioned to benefit from a weaker currency and, more

Top Ten Holdings (%) (at August 31, 2016)
Tencent Holdings Ltd.	17.5
China Mobile Ltd.	10.2
Alibaba Group Holding Ltd., ADR	7.9
Ping An Insurance Group Co. of China Ltd., Class H	4.6
China Medical System Holdings Ltd.	4.1
Shenzhou International Group Holdings Ltd.	3.5
NetEase, Inc., ADR	2.8
Ctrip.com International Ltd., ADR	2.8
Zhuzhou CRRC Times Electric Co., Ltd., Class H	2.7
China Overseas Land & Investment Ltd.	2.5

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

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

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

Country Breakdown (%) (at August 31, 2016)
China	91.6
Hong Kong	3.4
Taiwan	3.6
United States(a)	1.4
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.

Annual Report 2016
5

COLUMBIA GREATER CHINA FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	17.1
Consumer Staples	1.2
Energy	1.6
Financials	15.7
Health Care	12.7
Industrials	3.8
Information Technology	34.2
Materials	0.8
Telecommunication Services	10.2
Utilities	2.7
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. 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.

fundamentally, from the shift towards higher value-added manufacturing. By contrast, we remain underweight financials, energy and materials.

We believe that the long-term backdrop for Chinese equities has been helped by the government's efforts to open up Chinese financial markets and internationalize the renminbi. In this vein, the Shanghai-Hong Kong Stock Connect program allows mutual access to both onshore and offshore equity markets by both foreign and domestic investors. Further expansion of the Stock Connect program scope is planned, and we believe that such measures can only have a positive long-term impact on demand in China's investment universe. On balance, despite near-term challenges, we remain constructive on the Chinese economy and the investment opportunities it presents.

Annual Report 2016
6

COLUMBIA GREATER CHINA FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,181.20		1,017.04		8.83		8.16		1.61
Class B		1,000.00		1,000.00		1,176.70		1,013.27		12.91		11.94		2.36
Class C		1,000.00		1,000.00		1,176.80		1,013.27		12.91		11.94		2.36
Class I		1,000.00		1,000.00		1,183.80		1,019.30		6.37		5.89		1.16
Class R4		1,000.00		1,000.00		1,182.90		1,018.30		7.46		6.90		1.36
Class R5		1,000.00		1,000.00		1,183.60		1,019.00		6.70		6.19		1.22
Class W		1,000.00		1,000.00		1,181.20		1,017.04		8.83		8.16		1.61
Class Z		1,000.00		1,000.00		1,182.80		1,018.30		7.46		6.90		1.36

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Annual Report 2016
7

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 97.6%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 16.7%
Auto Components 3.5%
Fuyao Glass Industry Group Co., Ltd. Class H		408,400		1,072,016
Minth Group Ltd.		292,000		1,103,237
Nexteer Automotive Group Ltd.		959,000		1,316,187
Tung Thih Electronic Co., Ltd.		33,000		502,327
Total				3,993,767
Diversified Consumer Services 1.8%
New Oriental Education & Technology Group, Inc., ADR(a)		51,549		2,035,155
Household Durables 1.6%
Techtronic Industries Co., Ltd.		466,500		1,889,667
Internet & Catalog Retail 3.3%
Ctrip.com International Ltd., ADR(a)		65,918		3,121,217
JD.com, Inc., ADR(a)		24,850		631,439
Total				3,752,656
Leisure Products 0.8%
Goodbaby International Holdings, Ltd.		1,809,000		882,757
Textiles, Apparel & Luxury Goods 5.7%
ANTA Sports Products Ltd.		510,000		1,377,242
Shenzhou International Group Holdings Ltd.		597,000		3,915,976
Taiwan Paiho., Ltd.		438,000		1,258,426
Total				6,551,644
Total Consumer Discretionary				19,105,646
CONSUMER STAPLES 1.2%
Beverages 0.7%
China Resources Beer Holdings Co., Ltd.		344,000		792,808
Food Products 0.5%
WH Group Ltd.		694,000		544,852
Total Consumer Staples				1,337,660
ENERGY 1.6%
Oil, Gas & Consumable Fuels 1.6%
CNOOC Ltd.		860,500		1,038,127
PetroChina Co., Ltd., Class H		1,132,000		750,610
Total				1,788,737
Total Energy				1,788,737

Common Stocks (continued)

Issuer	Shares		Value ($)
FINANCIALS 15.3%
Banks 6.3%
Bank of China Ltd., Class H		5,619,000		2,521,207
China Construction Bank Corp., Class H		2,707,340		2,024,523
Industrial & Commercial Bank of China Ltd., Class H		4,136,000		2,630,829
Total				7,176,559
Insurance 6.6%
AIA Group Ltd.		310,600		1,956,212
PICC Property & Casualty Co., Ltd., Class H		278,000		457,533
Ping An Insurance Group Co. of China Ltd., Class H		990,000		5,102,818
Total				7,516,563
Real Estate Management & Development 2.4%
China Overseas Land & Investment Ltd.		854,320		2,813,775
Total Financials				17,506,897
HEALTH CARE 12.4%
Biotechnology 4.2%
3SBio, Inc.(a)		2,138,500		2,180,362
China Biologic Products, Inc.(a)		23,518		2,587,921
Total				4,768,283
Pharmaceuticals 8.2%
China Animal Healthcare Ltd.(a)(b)		1,050,000		70,383
China Medical System Holdings Ltd.		2,713,000		4,535,579
China Traditional Chinese Medicine Holdings Co., Ltd.(a)		2,010,000		1,024,900
CSPC Pharmaceutical Group Ltd.		2,572,000		2,494,436
Sino Biopharmaceutical Ltd.		2,035,000		1,303,399
Total				9,428,697
Total Health Care				14,196,980
INDUSTRIALS 3.7%
Airlines 0.5%
Spring Airlines Co., Ltd., Class A		79,852		560,976
Electrical Equipment 3.2%
Voltronic Power Technology Corp.		45,150		698,475
Zhuzhou CRRC Times Electric Co., Ltd., Class H		567,500		3,010,233
Total				3,708,708
Total Industrials				4,269,684

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

Annual Report 2016
8

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
INFORMATION TECHNOLOGY 33.4%
Electronic Equipment, Instruments & Components 0.9%
AAC Technologies Holdings, Inc.		86,000		979,479
Internet Software & Services 31.9%
58.Com, Inc., ADR(a)		57,386		2,611,063
Alibaba Group Holding Ltd., ADR(a)		90,530		8,798,611
Baidu, Inc., ADR(a)		13,992		2,393,611
NetEase, Inc., ADR		14,867		3,151,358
Tencent Holdings Ltd.		753,400		19,524,273
Total				36,478,916
Semiconductors & Semiconductor Equipment 0.6%
Land Mark Optoelectronics Corp.		67,600		734,660
Total Information Technology				38,193,055
MATERIALS 0.7%
Construction Materials 0.7%
China Resources Cement Holdings Ltd.		2,096,000		819,759
Total Materials				819,759
TELECOMMUNICATION SERVICES 9.9%
Wireless Telecommunication Services 9.9%
China Mobile Ltd.		920,500		11,339,661
Total Telecommunication Services				11,339,661

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 2.7%
Gas Utilities 1.7%
ENN Energy Holdings Ltd.		344,000		1,923,580
Water Utilities 1.0%
CT Environmental Group Ltd.		3,594,360		1,105,111
Total Utilities				3,028,691
Total Common Stocks (Cost: $74,076,687)				111,586,770

Money Market Funds 1.4%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(c)(d)		1,608,809		1,608,809
Total Money Market Funds (Cost: $1,608,809)				1,608,809
Total Investments (Cost: $75,685,496)				113,195,579
Other Assets & Liabilities, Net				1,169,696
Net Assets				114,365,275

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2016, the value of these securities amounted to $70,383, which represents 0.06% of net assets.

(c)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		—		71,293,370		(69,684,561	)		1,608,809		9,645		1,608,809

Abbreviation Legend

ADR  American Depositary Receipt

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

Annual Report 2016
9

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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).

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

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

Annual Report 2016
10

COLUMBIA GREATER CHINA FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		5,787,811		13,317,835		—		19,105,646
Consumer Staples		—		1,337,660		—		1,337,660
Energy		—		1,788,737		—		1,788,737
Financials		—		17,506,897		—		17,506,897
Health Care		2,587,921		11,538,676		70,383		14,196,980
Industrials		—		4,269,684		—		4,269,684
Information Technology		16,954,643		21,238,412		—		38,193,055
Materials		—		819,759		—		819,759
Telecommunication Services		—		11,339,661		—		11,339,661
Utilities		—		3,028,691		—		3,028,691
Total Common Stocks		25,330,375		86,186,012		70,383		111,586,770
Investments measured at net asset value
Money Market Funds		—		—		—		1,608,809
Total Investments		25,330,375		86,186,012		70,383		113,195,579

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.

There were no transfers of financial assets between levels during the period.

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.

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

Annual Report 2016
11

COLUMBIA GREATER CHINA FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $74,076,687)	$	111,586,770
Affiliated issuers (identified cost $1,608,809)		1,608,809
Total investments (identified cost $75,685,496)		113,195,579
Cash		979
Receivable for:
Investments sold		1,297,976
Capital shares sold		8,657
Dividends		32,863
Prepaid expenses		958
Trustees' deferred compensation plan		38,120
Total assets		114,575,132
Liabilities
Payable for:
Capital shares purchased		103,113
Management services fees		2,994
Distribution and/or service fees		713
Transfer agent fees		17,904
Compensation of board members		121
Chief compliance officer expenses		9
Audit fees		31,843
Other expenses		15,040
Trustees' deferred compensation plan		38,120
Total liabilities		209,857
Net assets applicable to outstanding capital stock	$	114,365,275
Represented by
Paid-in capital	$	84,334,386
Excess of distributions over net investment income		(38,122	)
Accumulated net realized loss		(7,441,238	)
Unrealized appreciation (depreciation) on:
Investments		37,510,083
Foreign currency translations		166
Total — representing net assets applicable to outstanding capital stock	$	114,365,275

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

Annual Report 2016
12

COLUMBIA GREATER CHINA FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	58,384,594
Shares outstanding		1,658,529
Net asset value per share	$	35.20
Maximum offering price per share(a)	$	37.35
Class B
Net assets	$	320,829
Shares outstanding		10,038
Net asset value per share	$	31.96
Class C
Net assets	$	10,951,715
Shares outstanding		333,806
Net asset value per share	$	32.81
Class I
Net assets	$	2,075
Shares outstanding		54
Net asset value per share(b)	$	38.19
Class R4
Net assets	$	3,531,857
Shares outstanding		91,168
Net asset value per share	$	38.74
Class R5
Net assets	$	878,818
Shares outstanding		22,649
Net asset value per share	$	38.80
Class W
Net assets	$	2,019
Shares outstanding		57
Net asset value per share(b)	$	35.20
Class Z
Net assets	$	40,293,368
Shares outstanding		1,058,847
Net asset value per share	$	38.05

(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 2016
13

COLUMBIA GREATER CHINA FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	2,053,971
Dividends — affiliated issuers		9,645
Foreign taxes withheld		(119,204	)
Total income		1,944,412
Expenses:
Management services fees		1,170,371
Distribution and/or service fees
Class A		167,517
Class B		5,754
Class C		112,133
Class W		5
Transfer agent fees
Class A		137,977
Class B		1,201
Class C		23,023
Class R4		5,977
Class R5		280
Class W		4
Class Z		84,153
Compensation of board members		18,173
Custodian fees		25,569
Printing and postage fees		33,294
Registration fees		104,592
Audit fees		38,578
Legal fees		3,591
Line of credit interest expense		2,298
Chief compliance officer expenses		59
Other		16,791
Total expenses		1,951,340
Expense reductions		(560	)
Total net expenses		1,950,780
Net investment loss		(6,368	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(6,778,513	)
Foreign currency translations		4,362
Net realized loss		(6,774,151	)
Net change in unrealized appreciation (depreciation) on:
Investments		17,962,530
Foreign currency translations		173
Net change in unrealized appreciation		17,962,703
Net realized and unrealized gain		11,188,552
Net increase in net assets resulting from operations	$	11,182,184

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

Annual Report 2016
14

COLUMBIA GREATER CHINA FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income (loss)	$	(6,368	)	$	320,357
Net realized gain (loss)		(6,774,151	)		8,397,584
Net change in unrealized appreciation (depreciation)		17,962,703			(28,430,921	)
Net increase (decrease) in net assets resulting from operations		11,182,184			(19,712,980	)
Distributions to shareholders
Net investment income
Class A		(129,280	)		(511,016	)
Class I		(13	)		(29	)
Class R4		(12,734	)		(499	)
Class R5		(2,445	)		(1,461	)
Class W		(3	)		(19	)
Class Z		(179,057	)		(243,129	)
Net realized gains
Class A		(4,109,275	)		(14,411,020	)
Class B		(33,820	)		(474,688	)
Class C		(619,852	)		(2,999,146	)
Class I		(92	)		(467	)
Class R4		(129,155	)		(10,321	)
Class R5		(18,676	)		(26,161	)
Class W		(97	)		(493	)
Class Z		(1,912,576	)		(4,974,533	)
Total distributions to shareholders		(7,147,075	)		(23,652,982	)
Increase (decrease) in net assets from capital stock activity		(18,042,120	)		25,769,645
Total decrease in net assets		(14,007,011	)		(17,596,317	)
Net assets at beginning of year		128,372,286			145,968,603
Net assets at end of year	$	114,365,275		$	128,372,286
Undistributed (excess of distributions over) net investment income	$	(38,122	)	$	270,962

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

Annual Report 2016
15

COLUMBIA GREATER CHINA FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,162,940			40,055,708			620,550			25,619,588
Distributions reinvested		113,880			3,924,304			370,206			13,323,734
Redemptions		(1,516,992	)		(48,801,828	)		(1,210,769	)		(51,029,538	)
Net decrease		(240,172	)		(4,821,816	)		(220,013	)		(12,086,216	)
Class B shares
Subscriptions		118			3,723			2,591			89,731
Distributions reinvested		951			29,925			11,974			397,537
Redemptions(a)		(24,495	)		(755,480	)		(50,053	)		(1,892,567	)
Net decrease		(23,426	)		(721,832	)		(35,488	)		(1,405,299	)
Class C shares
Subscriptions		20,453			658,210			60,142			2,258,476
Distributions reinvested		14,385			464,493			65,744			2,237,255
Redemptions		(87,101	)		(2,680,999	)		(102,497	)		(3,840,272	)
Net increase (decrease)		(52,263	)		(1,558,296	)		23,389			655,459
Class R4 shares
Subscriptions		38,371			1,396,288			71,116			3,376,084
Distributions reinvested		3,738			141,536			263			10,342
Redemptions		(18,634	)		(666,692	)		(3,846	)		(169,626	)
Net increase		23,475			871,132			67,533			3,216,800
Class R5 shares
Subscriptions		15,229			527,355			13,392			600,758
Distributions reinvested		555			21,018			689			27,138
Redemptions		(5,110	)		(180,424	)		(4,463	)		(204,421	)
Net increase		10,674			367,949			9,618			423,475
Class Z shares
Subscriptions		329,125			11,375,179			1,340,915			60,775,022
Distributions reinvested		22,368			831,859			102,646			3,973,418
Redemptions		(658,591	)		(24,386,295	)		(687,067	)		(29,783,014	)
Net increase (decrease)		(307,098	)		(12,179,257	)		756,494			34,965,426
Total net increase (decrease)		(588,810	)		(18,042,120	)		601,533			25,769,645

(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 2016
16

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	33.33		$	45.93		$	48.80		$	42.08		$	51.02
Income from investment operations:
Net investment income (loss)		(0.04	)		0.02			0.33			0.44			0.50
Net realized and unrealized gain (loss)		3.66			(3.87	)		8.97			6.81			(6.83	)
Increase from payment by affiliate		—			0.15			—			—			—
Total from investment operations		3.62			(3.70	)		9.30			7.25			(6.33	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.30	)		(0.81	)		(0.53	)		(0.05	)
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			(2.56	)
Total distributions to shareholders		(1.75	)		(8.90	)		(12.17	)		(0.53	)		(2.61	)
Net asset value, end of period	$	35.20		$	33.33		$	45.93		$	48.80		$	42.08
Total return		10.97	%		(9.49	%)(a)		21.22	%		17.24	%		(12.20	%)
Ratios to average net assets(b)
Total gross expenses		1.60	%(c)		1.56	%(c)		1.57	%(c)		1.54	%		1.53	%
Total net expenses(d)		1.60	%(c)(e)		1.56	%(c)(e)		1.57	%(c)(e)		1.54	%(e)		1.53	%(e)
Net investment income (loss)		(0.11	%)		0.04	%		0.73	%		0.94	%		1.11	%
Supplemental data
Net assets, end of period (in thousands)	$	58,385		$	63,284		$	97,302		$	78,119		$	76,683
Portfolio turnover		39	%		74	%		61	%		39	%		38	%

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%.

(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.

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

(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 2016
17

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	30.58		$	42.85		$	46.24		$	39.90		$	48.83
Income from investment operations:
Net investment income (loss)		(0.20	)		(0.40	)		(0.09	)		0.04			0.10
Net realized and unrealized gain (loss)		3.28			(3.41	)		8.51			6.49			(6.47	)
Increase from payment by affiliate		—			0.14			—			—			—
Total from investment operations		3.08			(3.67	)		8.42			6.53			(6.37	)
Less distributions to shareholders:
Net investment income		—			—			(0.45	)		(0.19	)		—
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			(2.56	)
Total distributions to shareholders		(1.70	)		(8.60	)		(11.81	)		(0.19	)		(2.56	)
Net asset value, end of period	$	31.96		$	30.58		$	42.85		$	46.24		$	39.90
Total return		10.15	%		(10.16	%)(a)		20.28	%		16.36	%		(12.86	%)
Ratios to average net assets(b)
Total gross expenses		2.35	%(c)		2.32	%(c)		2.32	%(c)		2.29	%		2.28	%
Total net expenses(d)		2.35	%(c)(e)		2.32	%(c)(e)		2.32	%(c)(e)		2.29	%(e)		2.28	%(e)
Net investment income (loss)		(0.65	%)		(1.02	%)		(0.22	%)		0.09	%		0.22	%
Supplemental data
Net assets, end of period (in thousands)	$	321		$	1,023		$	2,955		$	4,265		$	5,769
Portfolio turnover		39	%		74	%		61	%		39	%		38	%

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%.

(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.

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

(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 2016
18

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	31.35		$	43.71		$	46.94		$	40.51		$	49.52
Income from investment operations:
Net investment income (loss)		(0.22	)		(0.28	)		(0.02	)		0.07			0.14
Net realized and unrealized gain (loss)		3.38			(3.62	)		8.60			6.55			(6.59	)
Increase from payment by affiliate		—			0.14			—			—			—
Total from investment operations		3.16			(3.76	)		8.58			6.62			(6.45	)
Less distributions to shareholders:
Net investment income		—			—			(0.45	)		(0.19	)		—
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			(2.56	)
Total distributions to shareholders		(1.70	)		(8.60	)		(11.81	)		(0.19	)		(2.56	)
Net asset value, end of period	$	32.81		$	31.35		$	43.71		$	46.94		$	40.51
Total return		10.15	%		(10.16	%)(a)		20.32	%		16.33	%		(12.84	%)
Ratios to average net assets(b)
Total gross expenses		2.36	%(c)		2.32	%(c)		2.32	%(c)		2.29	%		2.28	%
Total net expenses(d)		2.36	%(c)(e)		2.32	%(c)(e)		2.32	%(c)(e)		2.29	%(e)		2.28	%(e)
Net investment income (loss)		(0.71	%)		(0.71	%)		(0.05	%)		0.15	%		0.33	%
Supplemental data
Net assets, end of period (in thousands)	$	10,952		$	12,103		$	15,851		$	17,056		$	20,401
Portfolio turnover		39	%		74	%		61	%		39	%		38	%

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%.

(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.

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

(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 2016
19

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	36.04		$	48.96		$	51.30		$	44.20		$	53.36
Income from investment operations:
Net investment income		0.18			0.20			0.90			0.70			0.73
Net realized and unrealized gain (loss)		3.90			(4.15	)		9.14			7.13			(7.14	)
Increase from payment by affiliate		—			0.16			—			—			—
Total from investment operations		4.08			(3.79	)		10.04			7.83			(6.41	)
Less distributions to shareholders:
Net investment income		(0.23	)		(0.53	)		(1.02	)		(0.73	)		(0.19	)
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			(2.56	)
Total distributions to shareholders		(1.93	)		(9.13	)		(12.38	)		(0.73	)		(2.75	)
Net asset value, end of period	$	38.19		$	36.04		$	48.96		$	51.30		$	44.20
Total return		11.45	%		(9.07	%)(a)		21.75	%		17.75	%		(11.78	%)
Ratios to average net assets(b)
Total gross expenses		1.16	%(c)		1.13	%(c)		1.08	%(c)		1.09	%		1.08	%
Total net expenses(d)		1.16	%(c)		1.13	%(c)		1.08	%(c)		1.09	%		1.08	%(e)
Net investment income		0.50	%		0.45	%		1.61	%		1.41	%		1.57	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3		$	52,946		$	69,532
Portfolio turnover		39	%		74	%		61	%		39	%		38	%

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%.

(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.

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

(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 2016
20

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	36.53		$	49.47		$	51.71		$	49.17
Income from investment operations:
Net investment income (loss)		0.11			1.09			(0.01	)		0.88
Net realized and unrealized gain (loss)		3.96			(5.18	)		10.04			1.66
Increase from payment by affiliate		—			0.16			—			—
Total from investment operations		4.07			(3.93	)		10.03			2.54
Less distributions to shareholders:
Net investment income		(0.16	)		(0.41	)		(0.91	)		—
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—
Total distributions to shareholders		(1.86	)		(9.01	)		(12.27	)		—
Net asset value, end of period	$	38.74		$	36.53		$	49.47		$	51.71
Total return		11.27	%		(9.26	%)(b)		21.50	%		5.17	%
Ratios to average net assets(c)
Total gross expenses		1.36	%(d)		1.29	%(d)		1.33	%(d)		1.32	%(e)
Total net expenses(f)		1.36	%(d)(g)		1.29	%(d)(g)		1.33	%(d)(g)		1.32	%(e)(g)
Net investment income (loss)		0.30	%		2.47	%		(0.03	%)		4.00	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	3,532		$	2,473		$	8		$	12
Portfolio turnover		39	%		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%.

(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)  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 2016
21

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	36.58		$	49.52		$	51.76		$	48.84
Income from investment operations:
Net investment income		0.24			0.52			0.73			0.63
Net realized and unrealized gain (loss)		3.90			(4.54	)		9.38			2.97
Increase from payment by affiliate		—			0.16			—			—
Total from investment operations		4.14			(3.86	)		10.11			3.60
Less distributions to shareholders:
Net investment income		(0.22	)		(0.48	)		(0.99	)		(0.68	)
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—
Total distributions to shareholders		(1.92	)		(9.08	)		(12.35	)		(0.68	)
Net asset value, end of period	$	38.80		$	36.58		$	49.52		$	51.76
Total return		11.44	%		(9.11	%)(b)		21.67	%		7.40	%
Ratios to average net assets(c)
Total gross expenses		1.21	%(d)		1.16	%(d)		1.19	%(d)		1.16	%(e)
Total net expenses(f)		1.21	%(d)		1.16	%(d)		1.19	%(d)		1.16	%(e)
Net investment income		0.66	%		1.17	%		1.58	%		1.53	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	879		$	438		$	117		$	3
Portfolio turnover		39	%		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%.

(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)  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 2016
22

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2016			2015			2014			2013			2012(a)
Per share data
Net asset value, beginning of period	$	33.33		$	45.95		$	48.82		$	42.10		$	43.58
Income from investment operations:
Net investment income (loss)		0.01			0.01			0.36			0.51			(0.05	)
Net realized and unrealized gain (loss)		3.61			(3.86	)		8.96			6.77			(1.43	)
Increase from payment by affiliate		—			0.15			—			—			—
Total from investment operations		3.62			(3.70	)		9.32			7.28			(1.48	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.32	)		(0.83	)		(0.56	)		—
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			—
Total distributions to shareholders		(1.75	)		(8.92	)		(12.19	)		(0.56	)		—
Net asset value, end of period	$	35.20		$	33.33		$	45.95		$	48.82		$	42.10
Total return		10.97	%		(9.48	%)(b)		21.27	%		17.30	%		(3.40	%)
Ratios to average net assets(c)
Total gross expenses		1.60	%(d)		1.56	%(d)		1.52	%(d)		1.49	%		1.47	%(e)
Total net expenses(f)		1.60	%(d)(g)		1.56	%(d)(g)		1.52	%(d)(g)		1.49	%(g)		1.47	%(e)
Net investment income (loss)		0.06	%		0.01	%		0.78	%		1.07	%		(0.55	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3		$	3		$	2
Portfolio turnover		39	%		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%.

(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)  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 2016
23

COLUMBIA GREATER CHINA FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.91		$	48.78		$	51.16		$	44.08		$	53.35
Income from investment operations:
Net investment income		0.12			0.38			0.46			0.59			0.63
Net realized and unrealized gain (loss)		3.87			(4.39	)		9.45			7.13			(7.14	)
Increase from payment by affiliate		—			0.16			—			—			—
Total from investment operations		3.99			(3.85	)		9.91			7.72			(6.51	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.42	)		(0.93	)		(0.64	)		(0.20	)
Net realized gains		(1.70	)		(8.60	)		(11.36	)		—			(2.56	)
Total distributions to shareholders		(1.85	)		(9.02	)		(12.29	)		(0.64	)		(2.76	)
Net asset value, end of period	$	38.05		$	35.91		$	48.78		$	51.16		$	44.08
Total return		11.24	%		(9.24	%)(a)		21.49	%		17.54	%		(11.98	%)
Ratios to average net assets(b)
Total gross expenses		1.35	%(c)		1.31	%(c)		1.32	%(c)		1.29	%		1.28	%
Total net expenses(d)		1.35	%(c)(e)		1.31	%(c)(e)		1.32	%(c)(e)		1.29	%(e)		1.28	%(e)
Net investment income		0.34	%		0.86	%		0.96	%		1.18	%		1.34	%
Supplemental data
Net assets, end of period (in thousands)	$	40,293		$	49,047		$	29,730		$	28,948		$	29,165
Portfolio turnover		39	%		74	%		61	%		39	%		38	%

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%.

(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.

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

(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 2016
24

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

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

Class Z shares are not subject to sales charges and are generally 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

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

Annual Report 2016
25

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 on any given day. 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 the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

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

Annual Report 2016
26

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.95% to 0.72% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.95% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $405,805, and the administrative services fee paid to the Investment Manager was $37,315.

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.

Annual Report 2016
27

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket 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. Class I shares do not pay transfer agency fees.

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.21	%
Class B	0.21
Class C	0.21
Class R4	0.20
Class R5	0.05
Class W	0.21
Class Z	0.21

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $560.

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 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.

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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $25,505 for Class A, $0 for Class B, and $1,817 for Class C shares for the year ended August 31, 2016.

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

Annual Report 2016
28

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.78	%		1.80	%
Class B		2.53			2.55
Class C		2.53			2.55
Class I		1.37			1.39
Class R4		1.53			1.55
Class R5		1.42			1.44
Class W		1.78			1.80
Class Z		1.53			1.55

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions and post-October capital losses. To the extent these differences are permanent, reclassifications are made among the

components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$	20,816
Accumulated net realized loss		11,617
Paid-in capital		(32,433	)

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,	2016		2015
Ordinary income	$	339,510	$	3,814,858
Long-term capital gains		6,807,565		19,838,124
Total	$	7,147,075	$	23,652,982

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Capital loss carryforwards	$	(2,853,948	)
Net unrealized appreciation		37,225,301

At August 31, 2016, the cost of investments for federal income tax purposes was $75,970,278 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	39,870,588
Unrealized depreciation		(2,645,287	)
Net unrealized appreciation	$	37,225,301

The following capital loss carryforwards, determined at August 31, 2016, 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 ($)
No expiration — short-term		2,402,148
No expiration — long-term		451,800
Total		2,853,948

Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an

Annual Report 2016
29

COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat post-October capital losses of $4,302,510 as arising on September 1, 2016.

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 $46,540,234 and $74,792,904, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or

emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

For the year ended August 31, 2016, the average daily loan balance outstanding on days when borrowing existed was $7,237,500 at a weighted average interest rate of 1.43%. Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, one unaffiliated shareholder of record owned 18.0% 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.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing

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COLUMBIA GREATER CHINA FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 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.

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.

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

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

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 Securities and Exchange Commission (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.

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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, 2016, 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, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

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COLUMBIA GREATER CHINA FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		100.00	%
Foreign Taxes Paid	$	119,204
Foreign Taxes Paid Per Share	$	0.04
Foreign Source Income	$	2,053,884
Foreign Source Income Per Share	$	0.65

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.

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.

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COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

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COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

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COLUMBIA GREATER CHINA FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Greater China Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

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COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the twentieth, twenty-second and twenty-fifth 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

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COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are ranked in the third and first 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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

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COLUMBIA GREATER CHINA FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

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COLUMBIA GREATER CHINA FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
43

Columbia Greater China Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN158_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA MID CAP GROWTH FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

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 Management Agreement	47
Important Information About This Report	51

Annual Report 2016

COLUMBIA MID CAP GROWTH FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Mid Cap Growth Fund (the Fund) Class A shares returned 2.83% excluding sales charges for the 12-month period that ended August 31, 2016.

n  During the same time period, the Fund underperformed both the Russell Midcap Growth Index, which returned 7.00%, and the Russell Midcap Index, which returned 9.91%.

n  Stock selection in the information technology, financials and health care sectors detracted from results relative to the Russell Midcap Growth Index.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			2.83		9.71		7.92
Including sales charges			-3.08		8.42		7.28
Class B	11/01/02
Excluding sales charges			2.06		8.88		7.11
Including sales charges			-2.22		8.63		7.11
Class C	10/13/03
Excluding sales charges			2.05		8.89		7.11
Including sales charges			1.19		8.89		7.11
Class I*	09/27/10		3.26		10.21		8.31
Class K*	02/28/13		2.95		9.86		8.06
Class R	01/23/06		2.58		9.43		7.65
Class R4*	11/08/12		3.10		9.97		8.18
Class R5*	03/07/11		3.21		10.13		8.26
Class T	11/01/02
Excluding sales charges			2.83		9.67		7.87
Including sales charges			-3.10		8.38		7.23
Class W*	09/27/10		2.83		9.71		7.92
Class Y*	07/15/09		3.27		10.17		8.29
Class Z	11/20/85		3.09		9.98		8.18
Russell Midcap Growth Index			7.00		13.43		8.76
Russell Midcap Index			9.91		14.29		8.49

Returns for Class A and T are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

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 or the Russell 1000 Index.

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

Annual Report 2016
3

COLUMBIA MID CAP GROWTH FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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 2016
4

COLUMBIA MID CAP GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 2.83% excluding sales charges. During the same time period, the Fund underperformed both the Russell Midcap Growth Index, which returned 7.00%, and the Russell Midcap Index, which returned 9.91%. Stock selection in the information technology, financials and health care sectors detracted from results relative to the Russell Midcap Growth Index.

Stocks Logged Gains in Volatile Market

Lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy weighed on investors in the first half of the 12-month period that ended August 31, 2016. In December 2015, the Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action as subpar global economic growth continued and mixed economic data undermined confidence at home.

The U.S. economy, however, continued to expand modestly throughout the period, and economic growth in Europe picked up, if ever so slightly. After an earlier slump, the U.S. manufacturing sector regained some traction in the spring of 2016, and the U.S. labor markets recovered to full employment for the first time since the Great Recession, despite occasional weaker reports on new job growth. The vote by the United Kingdom to exit the European Union gave markets a jolt in mid-June 2016, but that downdraft was short lived.

Against this backdrop, stocks pulled back three times during the 12-month period. The S&P 500 Index, a broad measure of U.S. stock market performance, rose 12.55% despite these downdrafts. Large-cap stocks outperformed mid- and small-cap stocks. Value stocks outperformed growth stocks, with an especially big advantage for mid-cap and small-cap value stocks versus their growth counterparts. As all but the very shortest rates declined during the period, interest-rate sensitive telecommunications services and utilities, with their attractive yields, were the strongest performing sectors for the period, along with information technology. Health care, energy and financials lagged, with modest single-digit returns.

Contributors and Detractors

Stock selection in the consumer discretionary and consumer staples sectors contributed most to the Fund's performance relative to its growth benchmark. Within the consumer discretionary sector, Ross Stores was a top performer. The company's retail stores offer branded and designer apparel, accessories, footwear and home fashions. Ross Stores has benefited from the consumer trend toward off-price retailers, and a string of recent store closings for major retailers provided a market-share opportunity for the company.

In the consumer staples sector, Tyson Foods benefited from the acquisition and integration of Hillshire Foods as well as a global shift in consumer preference for protein-heavy food. Elsewhere in the portfolio, a position in Activision Blizzard aided Fund results. The company engages in the development and publication of interactive entertainment. During the period, Activision Blizzard added to its strong line-up of proven franchises

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.

© 2016 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, 2016)
Electronic Arts, Inc.	2.0
O'Reilly Automotive, Inc.	1.6
Skyworks Solutions, Inc.	1.6
Delphi Automotive PLC	1.6
Constellation Brands, Inc., Class A	1.6
Edwards Lifesciences Corp.	1.6
Dollar General Corp.	1.5
Roper Technologies, Inc.	1.4
Foot Locker, Inc.	1.4
Interpublic Group of Companies, Inc. (The)	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 2016
5

COLUMBIA MID CAP GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Portfolio Breakdown (%) (at August 31, 2016)
Common Stocks	95.7
Exchange-Traded Funds	0.7
Money Market Funds	3.6
Warrants	0.0	(a)
Total	100.0

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

(a) Rounds to zero.

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	21.4
Consumer Staples	7.7
Energy	2.0
Financials	9.9
Health Care	15.2
Industrials	14.5
Information Technology	24.2
Materials	5.1
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 more information on these and other risks.

with the successful launch of Overwatch, a team-based multiplayer video game, and the acquisition of King Digital Entertainment, which makes it a leader in the mobile gaming market.

Stock selection in information technology, financials and health care detracted from positive results elsewhere in the portfolio. Within information technology, shares of Palo Alto Networks, which provides network security solutions, fell as the company's revenue projections fell short of expectations and a shift to existing customers as the major source of revenues disappointed investors. In health care, pharmaceutical company Endo International lost ground as mounting political pressure on U.S. drug prices was a headwind for the pharmaceutical industry as a whole. Additional concerns about Endo International's debt and its return on equity further hampered performance for the company. We sold the Fund's shares of Endo International during the reporting period. Elsewhere in the portfolio, Norwegian Cruise Line Holdings, a global cruise line operator, was hurt by recent global events, including terrorism in Europe and the sharp drop in the value of the British pound.

Fund Strategy

Our fundamental research process tends to favor higher quality companies with favorable growth prospects and strong management teams. We seek to identify stocks with networking effects, high switching costs, strong brands, disruptive innovation and/or a digital "first-to-scale" advantage. Our general strategy is to keep the Fund's sector weights in line with those of the Russell Midcap Growth Index. Typically, any sector overweights or underweights are more of a reflection of our bottom-up analysis rather than a top-down call on one sector versus another. As a result, Fund performance is largely driven by individual stock selection.

Annual Report 2016
6

COLUMBIA MID CAP GROWTH FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,112.10		1,019.15		6.32		6.04		1.19
Class B		1,000.00		1,000.00		1,107.80		1,015.38		10.28		9.83		1.94
Class C		1,000.00		1,000.00		1,107.70		1,015.38		10.28		9.83		1.94
Class I		1,000.00		1,000.00		1,114.60		1,021.22		4.15		3.96		0.78
Class K		1,000.00		1,000.00		1,112.50		1,019.71		5.73		5.48		1.08
Class R		1,000.00		1,000.00		1,110.20		1,017.90		7.64		7.30		1.44
Class R4		1,000.00		1,000.00		1,113.30		1,020.41		4.99		4.77		0.94
Class R5		1,000.00		1,000.00		1,114.20		1,020.96		4.41		4.22		0.83
Class T		1,000.00		1,000.00		1,112.00		1,019.15		6.32		6.04		1.19
Class W		1,000.00		1,000.00		1,111.70		1,019.15		6.32		6.04		1.19
Class Y		1,000.00		1,000.00		1,114.20		1,021.17		4.20		4.01		0.79
Class Z		1,000.00		1,000.00		1,113.20		1,020.41		4.99		4.77		0.94

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

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.

Annual Report 2016
7

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 95.9%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 20.5%
Auto Components 1.5%
Delphi Automotive PLC		407,203		28,772,964
Hotels, Restaurants & Leisure 3.4%
Aramark		338,350		12,833,615
Chipotle Mexican Grill, Inc.(a)		42,610		17,629,035
Norwegian Cruise Line Holdings Ltd.(a)		429,266		15,406,357
Six Flags Entertainment Corp.		150,944		7,361,539
Starwood Hotels & Resorts Worldwide, Inc.		119,650		9,268,089
Total				62,498,635
Household Durables 2.8%
Mohawk Industries, Inc.(a)		103,700		22,065,286
Newell Brands, Inc.		269,166		14,287,332
Toll Brothers, Inc.(a)		471,580		14,661,422
Total				51,014,040
Internet & Catalog Retail 0.8%
Expedia, Inc.		134,260		14,650,451
Media 1.7%
AMC Networks, Inc., Class A(a)		143,840		7,816,265
Interpublic Group of Companies, Inc. (The)		1,065,920		24,665,389
Total				32,481,654
Multiline Retail 1.5%
Dollar General Corp.		373,760		27,437,722
Specialty Retail 6.6%
Burlington Stores, Inc.(a)		100,740		8,182,103
Foot Locker, Inc.		376,315		24,701,316
Michaels Companies, Inc. (The)(a)		356,460		8,540,782
O'Reilly Automotive, Inc.(a)		103,800		29,058,810
Ross Stores, Inc.		325,130		20,236,091
Tractor Supply Co.		145,520		12,216,404
Ulta Salon Cosmetics & Fragrance, Inc.(a)		46,460		11,485,377
Williams-Sonoma, Inc.		163,700		8,617,168
Total				123,038,051
Textiles, Apparel & Luxury Goods 2.2%
Carter's, Inc.		125,180		11,928,402
PVH Corp.		102,900		11,088,504
Skechers U.S.A., Inc., Class A(a)		715,350		17,390,159
Total				40,407,065
Total Consumer Discretionary				380,300,582

Common Stocks (continued)

Issuer	Shares		Value ($)
CONSUMER STAPLES 7.4%
Beverages 3.3%
Coca-Cola European Partners PLC		286,740		11,025,153
Constellation Brands, Inc., Class A		172,100		28,233,005
Dr. Pepper Snapple Group, Inc.		221,050		20,712,385
Total				59,970,543
Food & Staples Retailing 1.6%
Rite Aid Corp.(a)		2,456,550		18,497,822
SYSCO Corp.		228,120		11,830,303
Total				30,328,125
Food Products 2.5%
Blue Buffalo Pet Products, Inc.(a)		399,029		10,286,967
Hormel Foods Corp.		402,550		15,401,563
Tyson Foods, Inc., Class A		276,340		20,883,014
Total				46,571,544
Total Consumer Staples				136,870,212
ENERGY 1.9%
Oil, Gas & Consumable Fuels 1.9%
Cabot Oil & Gas Corp.		548,670		13,513,742
Concho Resources, Inc.(a)		92,987		12,013,921
Whiting Petroleum Corp.(a)		1,244,080		9,069,343
Total				34,597,006
Total Energy				34,597,006
FINANCIALS 9.5%
Banks 2.1%
Bank of the Ozarks, Inc.		209,530		8,209,385
First Republic Bank		81,160		6,246,074
Signature Bank(a)		201,284		24,558,661
Total				39,014,120
Capital Markets 1.0%
Invesco Ltd.		198,114		6,179,176
T. Rowe Price Group, Inc.		178,870		12,438,620
Total				18,617,796
Diversified Financial Services 1.7%
CBOE Holdings, Inc.		148,360		10,190,848
S&P Global, Inc.		172,250		21,279,765
Total				31,470,613

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

Annual Report 2016
8

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 3.9%
Alexandria Real Estate Equities, Inc.		84,580		9,311,412
Crown Castle International Corp.		246,050		23,318,158
Equinix, Inc.		39,130		14,425,275
Extra Space Storage, Inc.		299,720		24,142,446
Total				71,197,291
Real Estate Management & Development 0.8%
CBRE Group, Inc., Class A(a)		510,680		15,264,225
Total Financials				175,564,045
HEALTH CARE 14.6%
Biotechnology 2.1%
BioMarin Pharmaceutical, Inc.(a)		218,186		20,485,484
Incyte Corp.(a)		218,083		17,686,531
Total				38,172,015
Health Care Equipment & Supplies 6.0%
Align Technology, Inc.(a)		99,170		9,212,893
CR Bard, Inc.		102,860		22,715,603
DENTSPLY SIRONA, Inc.		122,320		7,517,787
Edwards Lifesciences Corp.(a)		242,760		27,956,242
Hologic, Inc.(a)		339,060		13,026,685
IDEXX Laboratories, Inc.(a)		83,630		9,423,428
Intuitive Surgical, Inc.(a)		13,660		9,376,497
Zimmer Biomet Holdings, Inc.		87,700		11,366,797
Total				110,595,932
Health Care Providers & Services 2.4%
AmerisourceBergen Corp.		129,900		11,297,403
Henry Schein, Inc.(a)		113,708		18,624,233
Laboratory Corp. of America Holdings(a)		102,560		14,043,541
Total				43,965,177
Health Care Technology 0.9%
Cerner Corp.(a)		270,045		17,428,704
Life Sciences Tools & Services 1.9%
ICON PLC(a)		180,780		13,882,096
Illumina, Inc.(a)		50,240		8,457,402
Mettler-Toledo International, Inc.(a)		11,850		4,776,380
Waters Corp.(a)		50,340		7,918,985
Total				35,034,863

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 1.3%
Jazz Pharmaceuticals PLC(a)		66,440		8,227,265
Mallinckrodt PLC(a)		72,100		5,374,334
Zoetis, Inc.		224,040		11,448,444
Total				25,050,043
Total Health Care				270,246,734
INDUSTRIALS 13.9%
Aerospace & Defense 1.1%
Spirit AeroSystems Holdings, Inc., Class A(a)		450,000		20,619,000
Airlines 1.5%
Alaska Air Group, Inc.		287,580		19,420,277
Southwest Airlines Co.		239,050		8,816,164
Total				28,236,441
Building Products 1.1%
AO Smith Corp.		214,260		20,671,805
Commercial Services & Supplies 1.0%
KAR Auction Services, Inc.		249,950		10,567,886
Stericycle, Inc.(a)		80,220		6,897,316
Total				17,465,202
Electrical Equipment 2.8%
Acuity Brands, Inc.		59,790		16,449,425
AMETEK, Inc.		488,393		23,809,159
Rockwell Automation, Inc.		99,423		11,526,108
Total				51,784,692
Industrial Conglomerates 1.3%
Roper Technologies, Inc.		139,630		24,791,307
Machinery 2.1%
Ingersoll-Rand PLC		129,780		8,823,742
Middleby Corp. (The)(a)		118,160		15,142,204
Snap-On, Inc.		98,180		15,050,012
Total				39,015,958
Professional Services 2.4%
Equifax, Inc.		102,400		13,506,560
Nielsen Holdings PLC		397,070		21,155,890
Verisk Analytics, Inc.(a)		115,120		9,560,716
Total				44,223,166
Road & Rail 0.6%
JB Hunt Transport Services, Inc.		132,870		10,548,549
Total Industrials				257,356,120

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

Annual Report 2016
9

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
INFORMATION TECHNOLOGY 23.2%
Communications Equipment 1.3%
Palo Alto Networks, Inc.(a)		183,180		24,394,081
Electronic Equipment, Instruments & Components 0.7%
Amphenol Corp., Class A		218,750		13,630,312
Internet Software & Services 2.4%
Akamai Technologies, Inc.(a)		299,870		16,462,863
CoStar Group, Inc.(a)		54,279		11,249,323
LinkedIn Corp., Class A(a)		87,350		16,836,712
Total				44,548,898
IT Services 5.9%
Fidelity National Information Services, Inc.		301,234		23,896,893
Fiserv, Inc.(a)		191,000		19,682,550
FleetCor Technologies, Inc.(a)		135,810		22,300,002
Gartner, Inc.(a)		110,880		10,090,080
MAXIMUS, Inc.		162,737		9,572,190
Vantiv, Inc., Class A(a)		237,590		12,768,087
WEX, Inc.(a)		102,370		10,166,365
Total				108,476,167
Semiconductors & Semiconductor Equipment 5.0%
Lam Research Corp.		240,890		22,479,855
Maxim Integrated Products, Inc.		184,350		7,506,732
Microchip Technology, Inc.		259,207		16,047,505
NVIDIA Corp.		303,290		18,603,809
Skyworks Solutions, Inc.		385,841		28,884,057
Total				93,521,958
Software 7.9%
Activision Blizzard, Inc.		293,966		12,161,374
Citrix Systems, Inc.(a)		94,890		8,274,408
Electronic Arts, Inc.(a)		432,220		35,109,231
Fortinet, Inc.(a)		231,160		8,354,122
Intuit, Inc.		132,085		14,720,873
Red Hat, Inc.(a)		198,462		14,483,757
ServiceNow, Inc.(a)		281,608		20,464,453
Splunk, Inc.(a)		161,560		9,409,254
Tyler Technologies, Inc.(a)		22,300		3,656,085
Ultimate Software Group, Inc. (The)(a)		66,310		13,854,811
Workday, Inc., Class A(a)		58,040		4,921,212
Total				145,409,580
Total Information Technology				429,980,996

Common Stocks (continued)

Issuer	Shares		Value ($)
MATERIALS 4.9%
Chemicals 3.1%
Eastman Chemical Co.		159,043		10,797,429
Sherwin-Williams Co. (The)		84,045		23,844,407
Westlake Chemical Corp.		431,479		22,359,242
Total				57,001,078
Construction Materials 0.6%
Vulcan Materials Co.		99,330		11,310,707
Containers & Packaging 1.2%
Sealed Air Corp.		267,910		12,626,598
Westrock Co.		218,512		10,466,725
Total				23,093,323
Total Materials				91,405,108
Total Common Stocks (Cost: $1,417,838,154)				1,776,320,803

Warrants —%

HEALTH CARE —%
Health Care Providers & Services —%
HealthSouth Corp.(a)	4,246	10,615
Total Health Care		10,615
Total Warrants (Cost: $—)		10,615

Exchange-Traded Funds 0.7%

	Shares		Value ($)
SPDR S&P Biotech ETF		217,470		13,065,597
Total Exchange-Traded Funds (Cost: $13,437,507)				13,065,597

Money Market Funds 3.6%

Columbia Short-Term Cash Fund, 0.415%(b)(c)	66,357,000	66,357,000
Total Money Market Funds (Cost: $66,357,000)		66,357,000
Total Investments (Cost: $1,497,632,661)		1,855,754,015
Other Assets & Liabilities, Net		(3,487,941	)
Net Assets		1,852,266,074

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

Annual Report 2016
10

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		90,396,048		775,791,669		(799,830,717	)		66,357,000		249,139		66,357,000

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).

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.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

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

Annual Report 2016
11

COLUMBIA MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		380,300,582		—		—		380,300,582
Consumer Staples		136,870,212		—		—		136,870,212
Energy		34,597,006		—		—		34,597,006
Financials		175,564,045		—		—		175,564,045
Health Care		270,246,734		—		—		270,246,734
Industrials		257,356,120		—		—		257,356,120
Information Technology		429,980,996		—		—		429,980,996
Materials		91,405,108		—		—		91,405,108
Total Common Stocks		1,776,320,803		—		—		1,776,320,803
Warrants
Health Care		10,615		—		—		10,615
Exchange-Traded Funds		13,065,597		—		—		13,065,597
Investments measured at net asset value
Money Market Funds		—		—		—		66,357,000
Total Investments		1,789,397,015		—		—		1,855,754,015

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

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
12

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,431,275,661)	$	1,789,397,015
Affiliated issuers (identified cost $66,357,000)		66,357,000
Total investments (identified cost $1,497,632,661)		1,855,754,015
Receivable for:
Capital shares sold		314,037
Dividends		1,499,734
Prepaid expenses		16,723
Trustees' deferred compensation plan		110,444
Other assets		2,199
Total assets		1,857,697,152
Liabilities
Payable for:
Investments purchased		1,796,330
Capital shares purchased		3,028,454
Management services fees		38,190
Distribution and/or service fees		7,811
Transfer agent fees		218,914
Plan administration fees		111
Compensation of board members		58,780
Chief compliance officer expenses		147
Other expenses		171,897
Trustees' deferred compensation plan		110,444
Total liabilities		5,431,078
Net assets applicable to outstanding capital stock	$	1,852,266,074
Represented by
Paid-in capital	$	1,449,490,771
Excess of distributions over net investment income		(846,361	)
Accumulated net realized gain		45,500,310
Unrealized appreciation (depreciation) on:
Investments		358,121,354
Total — representing net assets applicable to outstanding capital stock	$	1,852,266,074

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

Annual Report 2016
13

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	880,154,611
Shares outstanding		35,077,175
Net asset value per share	$	25.09
Maximum offering price per share(a)	$	26.62
Class B
Net assets	$	4,200,850
Shares outstanding		194,653
Net asset value per share	$	21.58
Class C
Net assets	$	46,355,099
Shares outstanding		2,135,972
Net asset value per share	$	21.70
Class I
Net assets	$	2,412
Shares outstanding		90
Net asset value per share(b)	$	26.75
Class K
Net assets	$	478,979
Shares outstanding		18,140
Net asset value per share	$	26.40
Class R
Net assets	$	16,795,671
Shares outstanding		691,980
Net asset value per share	$	24.27
Class R4
Net assets	$	26,944,688
Shares outstanding		993,660
Net asset value per share	$	27.12
Class R5
Net assets	$	36,963,773
Shares outstanding		1,388,080
Net asset value per share	$	26.63
Class T
Net assets	$	21,346,293
Shares outstanding		853,492
Net asset value per share	$	25.01
Maximum offering price per share(a)	$	26.54
Class W
Net assets	$	146,091
Shares outstanding		5,822
Net asset value per share	$	25.09

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

Annual Report 2016
14

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class Y
Net assets	$	5,869,030
Shares outstanding		220,391
Net asset value per share	$	26.63
Class Z
Net assets	$	813,008,577
Shares outstanding		30,720,669
Net asset value per share	$	26.46

(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 2016
15

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	18,155,887
Dividends — affiliated issuers		249,139
Total income		18,405,026
Expenses:
Management services fees		14,329,025
Distribution and/or service fees
Class A		2,253,655
Class B		57,021
Class C		488,241
Class R		86,554
Class T		53,974
Class W		417
Transfer agent fees
Class A		1,462,027
Class B		9,255
Class C		79,197
Class K		224
Class R		28,064
Class R4		42,875
Class R5		18,386
Class T		35,009
Class W		271
Class Z		1,384,573
Plan administration fees
Class K		1,123
Compensation of board members		54,212
Custodian fees		27,791
Printing and postage fees		195,770
Registration fees		149,735
Audit fees		33,453
Legal fees		52,159
Chief compliance officer expenses		921
Other		67,250
Total expenses		20,911,182
Expense reductions		(5,685	)
Total net expenses		20,905,497
Net investment loss		(2,500,471	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		94,407,333
Net realized gain		94,407,333
Net change in unrealized appreciation (depreciation) on:
Investments		(39,380,404	)
Net change in unrealized depreciation		(39,380,404	)
Net realized and unrealized gain		55,026,929
Net increase in net assets resulting from operations	$	52,526,458

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

Annual Report 2016
16

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income (loss)	$	(2,500,471	)	$	20,042,069
Net realized gain		94,407,333			319,648,959
Net change in unrealized depreciation		(39,380,404	)		(218,187,874	)
Net increase in net assets resulting from operations		52,526,458			121,503,154
Distributions to shareholders
Net investment income
Class A		(8,258,128	)		—
Class B		(7,102	)		—
Class C		(52,349	)		—
Class I		(35	)		—
Class K		(4,691	)		—
Class R		(118,953	)		—
Class R4		(301,659	)		—
Class R5		(446,456	)		—
Class T		(195,429	)		—
Class W		(1,679	)		—
Class Y		(33	)		—
Class Z		(10,100,198	)		—
Net realized gains
Class A		(134,277,745	)		(148,818,366	)
Class B		(1,121,198	)		(1,954,906	)
Class C		(8,264,319	)		(8,485,326	)
Class I		(372	)		(7,528,333	)
Class K		(66,547	)		(57,329	)
Class R		(2,752,903	)		(3,548,457	)
Class R4		(3,732,458	)		(105,003	)
Class R5		(5,020,124	)		(5,182,347	)
Class T		(3,208,605	)		(3,670,320	)
Class W		(27,238	)		(38,026	)
Class Y		(350	)		(431	)
Class Z		(126,068,524	)		(159,524,590	)
Total distributions to shareholders		(304,027,095	)		(338,913,434	)
Increase (decrease) in net assets from capital stock activity		49,797,626			(220,893,183	)
Total decrease in net assets		(201,703,011	)		(438,303,463	)
Net assets at beginning of year		2,053,969,085			2,492,272,548
Net assets at end of year	$	1,852,266,074		$	2,053,969,085
Undistributed (excess of distributions over) net investment income	$	(846,361	)	$	19,150,872

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

Annual Report 2016
17

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,269,018			56,974,135			2,316,713			68,516,197
Distributions reinvested		5,398,498			134,314,628			5,058,499			140,221,584
Redemptions		(5,661,350	)		(141,817,080	)		(5,287,673	)		(157,813,159	)
Net increase		2,006,166			49,471,683			2,087,539			50,924,622
Class B shares
Subscriptions		7,908			186,059			9,836			253,912
Distributions reinvested		50,234			1,081,033			76,220			1,868,145
Redemptions(a)		(172,161	)		(3,718,483	)		(236,661	)		(6,215,032	)
Net decrease		(114,019	)		(2,451,391	)		(150,605	)		(4,092,975	)
Class C shares
Subscriptions		310,462			6,814,802			268,540			6,974,565
Distributions reinvested		343,555			7,434,524			297,080			7,314,114
Redemptions		(564,728	)		(12,322,494	)		(341,673	)		(8,997,212	)
Net increase		89,289			1,926,832			223,947			5,291,467
Class I shares
Subscriptions		—			—			494,672			16,334,466
Distributions reinvested		—			—			257,981			7,527,875
Redemptions		—			—			(6,696,099	)		(221,663,215	)
Net increase (decrease)		—			—			(5,943,446	)		(197,800,874	)
Class K shares
Subscriptions		3,390			93,306			2,324			70,306
Distributions reinvested		2,709			70,871			1,966			56,912
Redemptions		(3,143	)		(79,452	)		(605	)		(19,259	)
Net increase		2,956			84,725			3,685			107,959
Class R shares
Subscriptions		236,600			5,771,044			199,493			5,763,107
Distributions reinvested		82,209			1,982,060			96,740			2,611,023
Redemptions		(307,036	)		(7,533,492	)		(411,370	)		(11,808,786	)
Net increase (decrease)		11,773			219,612			(115,137	)		(3,434,656	)
Class R4 shares
Subscriptions		275,809			7,720,675			898,802			28,857,053
Distributions reinvested		150,289			4,033,752			3,477			102,854
Redemptions		(309,946	)		(8,228,638	)		(35,739	)		(1,139,034	)
Net increase		116,152			3,525,789			866,540			27,820,873

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

Annual Report 2016
18

COLUMBIA MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		300,745			7,737,711			452,364			14,094,437
Distributions reinvested		207,604			5,466,222			178,074			5,181,943
Redemptions		(364,944	)		(9,649,821	)		(319,238	)		(9,882,628	)
Net increase		143,405			3,554,112			311,200			9,393,752
Class T shares
Subscriptions		18,522			457,861			17,670			496,409
Distributions reinvested		116,269			2,883,462			110,863			3,065,366
Redemptions		(70,902	)		(1,793,042	)		(86,131	)		(2,545,667	)
Net increase		63,889			1,548,281			42,402			1,016,108
Class W shares
Distributions reinvested		1,148			28,562			1,357			37,620
Redemptions		(2,333	)		(57,883	)		(3,195	)		(95,530	)
Net decrease		(1,185	)		(29,321	)		(1,838	)		(57,910	)
Class Y shares
Subscriptions		233,023			6,019,422			66			2,219
Redemptions		(12,717	)		(333,740	)		(7,446	)		(245,773	)
Net increase (decrease)		220,306			5,685,682			(7,380	)		(243,554	)
Class Z shares
Subscriptions		1,719,278			45,182,224			1,815,074			55,869,162
Distributions reinvested		3,643,504			95,423,366			3,690,742			106,920,783
Redemptions		(5,899,479	)		(154,343,968	)		(8,664,812	)		(272,607,940	)
Net decrease		(536,697	)		(13,738,378	)		(3,158,996	)		(109,817,995	)
Total net increase (decrease)		2,002,035			49,797,626			(5,842,089	)		(220,893,183	)

(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 2016
19

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	28.69		$	32.14		$	29.89		$	26.41		$	25.75
Income from investment operations:
Net investment income (loss)		(0.06	)		0.25	(a)		(0.13	)		(0.11	)		(0.06	)
Net realized and unrealized gain		0.84			1.29			5.45			4.36			1.55
Total from investment operations		0.78			1.54			5.32			4.25			1.49
Less distributions to shareholders:
Net investment income		(0.26	)		—			—			—			—
Net realized gains		(4.12	)		(4.99	)		(3.07	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.38	)		(4.99	)		(3.07	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	25.09		$	28.69		$	32.14		$	29.89		$	26.41
Total return		2.83	%		5.33	%		18.77	%		16.60	%		5.97	%
Ratios to average net assets(c)
Total gross expenses		1.19	%		1.19	%		1.19	%		1.20	%		1.22	%
Total net expenses(d)		1.19	%(e)		1.19	%(e)		1.19	%(e)		1.20	%(e)		1.22	%(e)
Net investment income (loss)		(0.23	%)		0.83	%		(0.42	%)		(0.40	%)		(0.22	%)
Supplemental data
Net assets, end of period (in thousands)	$	880,155		$	948,826		$	995,730		$	986,482		$	330,302
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
20

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	25.22		$	28.88		$	27.20		$	24.29		$	23.92
Income from investment operations:
Net investment loss		(0.22	)		(0.05	)(a)		(0.33	)		(0.31	)		(0.23	)
Net realized and unrealized gain		0.73			1.22			4.94			3.99			1.43
Total from investment operations		0.51			1.17			4.61			3.68			1.20
Less distributions to shareholders:
Net investment income		(0.03	)		—			—			—			—
Net realized gains		(4.12	)		(4.83	)		(2.93	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.15	)		(4.83	)		(2.93	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	21.58		$	25.22		$	28.88		$	27.20		$	24.29
Total return		2.06	%		4.54	%		17.88	%		15.68	%		5.19	%
Ratios to average net assets(c)
Total gross expenses		1.94	%		1.94	%		1.94	%		1.95	%		1.99	%
Total net expenses(d)		1.94	%(e)		1.94	%(e)		1.94	%(e)		1.95	%(e)		1.99	%(e)
Net investment loss		(0.99	%)		(0.18	%)		(1.18	%)		(1.20	%)		(0.99	%)
Supplemental data
Net assets, end of period (in thousands)	$	4,201		$	7,785		$	13,264		$	17,994		$	5,140
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
21

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	25.34		$	28.99		$	27.30		$	24.37		$	23.99
Income from investment operations:
Net investment income (loss)		(0.21	)		0.03	(a)		(0.33	)		(0.26	)		(0.23	)
Net realized and unrealized gain		0.72			1.15			4.95			3.96			1.44
Total from investment operations		0.51			1.18			4.62			3.70			1.21
Less distributions to shareholders:
Net investment income		(0.03	)		—			—			—			—
Net realized gains		(4.12	)		(4.83	)		(2.93	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.15	)		(4.83	)		(2.93	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	21.70		$	25.34		$	28.99		$	27.30		$	24.37
Total return		2.05	%		4.56	%		17.84	%		15.71	%		5.22	%
Ratios to average net assets(c)
Total gross expenses		1.94	%		1.94	%		1.94	%		1.96	%		1.98	%
Total net expenses(d)		1.94	%(e)		1.94	%(e)		1.94	%(e)		1.96	%(e)		1.98	%(e)
Net investment income (loss)		(0.98	%)		0.11	%		(1.17	%)		(1.04	%)		(0.98	%)
Supplemental data
Net assets, end of period (in thousands)	$	46,355		$	51,859		$	52,845		$	52,284		$	45,236
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
22

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	30.32		$	33.62		$	31.09		$	27.33		$	26.49
Income from investment operations:
Net investment income		0.05			0.00	(a)(b)		(0.00	)(a)		0.05			0.06
Net realized and unrealized gain		0.89			1.78			5.69			4.48			1.61
Total from investment operations		0.94			1.78			5.69			4.53			1.67
Less distributions to shareholders:
Net investment income		(0.39	)		—			—			—			—
Net realized gains		(4.12	)		(5.08	)		(3.16	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.51	)		(5.08	)		(3.16	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)
Net asset value, end of period	$	26.75		$	30.32		$	33.62		$	31.09		$	27.33
Total return		3.26	%		5.88	%		19.27	%		17.08	%		6.49	%
Ratios to average net assets(c)
Total gross expenses		0.77	%		0.76	%		0.75	%		0.77	%		0.78	%
Total net expenses(d)		0.77	%		0.76	%		0.75	%		0.77	%		0.78	%
Net investment income		0.18	%		0.01	%		(0.00	%)(a)		0.17	%		0.23	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	199,823		$	240,974		$	268,601
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(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)  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 2016
23

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class K	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	29.97		$	33.35		$	30.89		$	28.08
Income from investment operations:
Net investment income (loss)		(0.03	)		0.33	(b)		(0.08	)		(0.06	)
Net realized and unrealized gain		0.87			1.31			5.64			2.87
Total from investment operations		0.84			1.64			5.56			2.81
Less distributions to shareholders:
Net investment income		(0.29	)		—			—			—
Net realized gains		(4.12	)		(5.02	)		(3.10	)		—
Total distributions to shareholders		(4.41	)		(5.02	)		(3.10	)		—
Net asset value, end of period	$	26.40		$	29.97		$	33.35		$	30.89
Total return		2.95	%		5.45	%		18.95	%		10.01	%
Ratios to average net assets(c)
Total gross expenses		1.08	%		1.07	%		1.05	%		1.05	%(d)
Total net expenses(e)		1.08	%		1.07	%		1.05	%		1.05	%(d)
Net investment income (loss)		(0.12	%)		1.07	%		(0.26	%)		(0.42	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	479		$	455		$	383		$	396
Portfolio turnover		130	%		101	%		100	%		109	%

Notes to Financial Highlights

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

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

(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)  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 2016
24

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	27.88		$	31.39		$	29.28		$	25.96		$	25.38
Income from investment operations:
Net investment income (loss)		(0.12	)		0.15	(a)		(0.20	)		(0.14	)		(0.12	)
Net realized and unrealized gain		0.81			1.28			5.33			4.23			1.53
Total from investment operations		0.69			1.43			5.13			4.09			1.41
Less distributions to shareholders:
Net investment income		(0.18	)		—			—			—			—
Net realized gains		(4.12	)		(4.94	)		(3.02	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.30	)		(4.94	)		(3.02	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	24.27		$	27.88		$	31.39		$	29.28		$	25.96
Total return		2.58	%		5.06	%		18.47	%		16.27	%		5.73	%
Ratios to average net assets(c)
Total gross expenses		1.44	%		1.44	%		1.44	%		1.46	%		1.48	%
Total net expenses(d)		1.44	%(e)		1.44	%(e)		1.44	%(e)		1.46	%(e)		1.48	%(e)
Net investment income (loss)		(0.48	%)		0.52	%		(0.67	%)		(0.53	%)		(0.48	%)
Supplemental data
Net assets, end of period (in thousands)	$	16,796		$	18,965		$	24,965		$	27,574		$	25,613
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
25

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	30.67		$	33.99		$	31.42		$	26.58
Income from investment operations:
Net investment income (loss)		0.00	(b)		1.93	(c)		(0.03	)		(0.09	)
Net realized and unrealized gain (loss)		0.91			(0.21	)(d)		5.72			5.70
Total from investment operations		0.91			1.72			5.69			5.61
Less distributions to shareholders:
Net investment income		(0.34	)		—			—			—
Net realized gains		(4.12	)		(5.04	)		(3.12	)		(0.77	)
Total distributions to shareholders		(4.46	)		(5.04	)		(3.12	)		(0.77	)
Net asset value, end of period	$	27.12		$	30.67		$	33.99		$	31.42
Total return		3.10	%		5.61	%		19.05	%		21.61	%
Ratios to average net assets(e)
Total gross expenses		0.94	%		0.93	%		0.94	%		1.08	%(f)
Total net expenses(g)		0.94	%(h)		0.93	%(h)		0.94	%(h)		0.96	%(f)(h)
Net investment income (loss)		0.02	%		6.10	%		(0.08	%)		(0.41	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	26,945		$	26,912		$	373		$	30
Portfolio turnover		130	%		101	%		100	%		109	%

Notes to Financial Highlights

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

(b)  Rounds to zero.

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

(d)  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.

(e)  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.

(f)  Annualized.

(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%.

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

Annual Report 2016
26

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	30.20		$	33.54		$	31.03		$	27.31		$	26.47
Income from investment operations:
Net investment income (loss)		0.04			0.40	(a)		0.03			(0.04	)		0.06
Net realized and unrealized gain		0.88			1.33			5.63			4.53			1.61
Total from investment operations		0.92			1.73			5.66			4.49			1.67
Less distributions to shareholders:
Net investment income		(0.37	)		—			—			—			—
Net realized gains		(4.12	)		(5.07	)		(3.15	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.49	)		(5.07	)		(3.15	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	26.63		$	30.20		$	33.54		$	31.03		$	27.31
Total return		3.21	%		5.72	%		19.21	%		16.94	%		6.50	%
Ratios to average net assets(c)
Total gross expenses		0.83	%		0.82	%		0.81	%		0.81	%		0.78	%
Total net expenses(d)		0.83	%		0.82	%		0.81	%		0.81	%		0.78	%
Net investment income (loss)		0.14	%		1.28	%		0.09	%		(0.14	%)		0.22	%
Supplemental data
Net assets, end of period (in thousands)	$	36,964		$	37,589		$	31,305		$	3,847		$	2,336
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
27

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class T	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	28.61		$	32.05		$	29.82		$	26.37		$	25.72
Income from investment operations:
Net investment income (loss)		(0.06	)		0.24	(a)		(0.14	)		(0.09	)		(0.07	)
Net realized and unrealized gain		0.83			1.30			5.43			4.31			1.55
Total from investment operations		0.77			1.54			5.29			4.22			1.48
Less distributions to shareholders:
Net investment income		(0.25	)		—			—			—			—
Net realized gains		(4.12	)		(4.98	)		(3.06	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.37	)		(4.98	)		(3.06	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	25.01		$	28.61		$	32.05		$	29.82		$	26.37
Total return		2.83	%		5.34	%		18.69	%		16.51	%		5.94	%
Ratios to average net assets(c)
Total gross expenses		1.19	%		1.20	%		1.24	%		1.26	%		1.28	%
Total net expenses(d)		1.19	%(e)		1.20	%(e)		1.24	%(e)		1.26	%(e)		1.28	%(e)
Net investment income		(0.23	%)		0.80	%		(0.47	%)		(0.32	%)		(0.28	%)
Supplemental data
Net assets, end of period (in thousands)	$	21,346		$	22,590		$	23,951		$	22,027		$	20,965
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
28

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class W	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	28.69		$	32.15		$	29.91		$	26.43		$	25.76
Income from investment operations:
Net investment income (loss)		(0.06	)		0.21	(a)		(0.23	)		(0.08	)		(0.05	)
Net realized and unrealized gain		0.84			1.33			5.54			4.33			1.55
Total from investment operations		0.78			1.54			5.31			4.25			1.50
Less distributions to shareholders:
Net investment income		(0.26	)		—			—			—			—
Net realized gains		(4.12	)		(5.00	)		(3.07	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.38	)		(5.00	)		(3.07	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	25.09		$	28.69		$	32.15		$	29.91		$	26.43
Total return		2.83	%		5.32	%		18.71	%		16.59	%		6.01	%
Ratios to average net assets(c)
Total gross expenses		1.19	%		1.19	%		1.14	%		1.21	%		1.22	%
Total net expenses(d)		1.19	%(e)		1.19	%(e)		1.14	%(e)		1.21	%(e)		1.22	%(e)
Net investment income (loss)		(0.24	%)		0.71	%		(0.69	%)		(0.28	%)		(0.21	%)
Supplemental data
Net assets, end of period (in thousands)	$	146		$	201		$	284		$	104,752		$	66,704
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
29

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	30.21		$	33.53		$	31.01		$	27.26		$	26.46
Income from investment operations:
Net investment income		0.03			0.05	(a)		0.01			0.07			0.03
Net realized and unrealized gain		0.91			1.71			5.66			4.45			1.60
Total from investment operations		0.94			1.76			5.67			4.52			1.63
Less distributions to shareholders:
Net investment income		(0.40	)		—			—			—			—
Net realized gains		(4.12	)		(5.08	)		(3.15	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.52	)		(5.08	)		(3.15	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	26.63		$	30.21		$	33.53		$	31.01		$	27.26
Total return		3.27	%		5.83	%		19.24	%		17.09	%		6.35	%
Ratios to average net assets(c)
Total gross expenses		0.79	%		0.73	%		0.75	%		0.83	%		0.88	%
Total net expenses(d)		0.79	%		0.73	%		0.75	%		0.83	%		0.88	%
Net investment income		0.13	%		0.15	%		0.02	%		0.26	%		0.10	%
Supplemental data
Net assets, end of period (in thousands)	$	5,869		$	3		$	250		$	229		$	16
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
30

COLUMBIA MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	30.03		$	33.39		$	30.91		$	27.23		$	26.45
Income from investment operations:
Net investment income (loss)		0.01			0.32	(a)		(0.06	)		(0.00	)(b)		0.01
Net realized and unrealized gain		0.87			1.36			5.66			4.45			1.60
Total from investment operations		0.88			1.68			5.60			4.45			1.61
Less distributions to shareholders:
Net investment income		(0.33	)		—			—			—			—
Net realized gains		(4.12	)		(5.04	)		(3.12	)		(0.77	)		(0.83	)
Total distributions to shareholders		(4.45	)		(5.04	)		(3.12	)		(0.77	)		(0.83	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)
Net asset value, end of period	$	26.46		$	30.03		$	33.39		$	30.91		$	27.23
Total return		3.09	%		5.58	%		19.07	%		16.84	%		6.27	%
Ratios to average net assets(c)
Total gross expenses		0.94	%		0.94	%		0.94	%		0.96	%		0.97	%
Total net expenses(d)		0.94	%(e)		0.94	%(e)		0.94	%(e)		0.96	%(e)		0.97	%(e)
Net investment income (loss)		0.02	%		1.01	%		(0.17	%)		(0.01	%)		0.03	%
Supplemental data
Net assets, end of period (in thousands)	$	813,009		$	938,781		$	1,149,098		$	1,196,953		$	1,274,026
Portfolio turnover		130	%		101	%		100	%		109	%		141	%

Notes to Financial Highlights

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

(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)  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 2016
31

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Mid Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class 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 12 months 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, with certain limitations. 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 generally 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 generally 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

Annual Report 2016
32

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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

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 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,

Annual Report 2016
33

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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.

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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.82% to 0.65% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.75% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $4,700,583, and the administrative services fee paid to the Investment Manager was $365,736.

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

Annual Report 2016
34

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

each share class. Class I and Class Y shares do not pay transfer agency fees.

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.16	%
Class B	0.16
Class C	0.16
Class K	0.05
Class R	0.16
Class R4	0.16
Class R5	0.05
Class T	0.16
Class W	0.16
Class Z	0.16

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At August 31, 2016, the Fund's total potential future obligation over the life of the Guaranty is $94,620. The liability remaining at August 31, 2016 for non-recurring charges associated with the lease amounted to $53,784 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at August 31, 2016 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $2,199, which approximates the fair value of the ownership interest.

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $5,685.

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35

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 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 0.10%, 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). 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $355,184 for Class A, $728 for Class B, $2,110 for Class C, and $736 for Class T shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.25	%		1.30	%
Class B		2.00			2.05
Class C		2.00			2.05
Class I		0.88			0.92
Class K		1.18			1.22
Class R		1.50			1.55
Class R4		1.00			1.05
Class R5		0.93			0.97
Class T		1.25			1.30
Class W		1.25			1.30
Class Y		0.88			0.92
Class Z		1.00			1.05

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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

Annual Report 2016
36

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, net operating loss reclassification, late-year ordinary losses 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:

Excess of distributions over net investment income	$	1,989,950
Accumulated net realized gain		314,049
Paid-in capital		(2,303,999	)

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,	2016		2015
Ordinary income	$	19,042,210	$	26,626,338
Long-term capital gains		284,984,885		312,287,096
Total	$	304,027,095	$	338,913,434

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term capital gains	$	67,621,699
Net unrealized appreciation		335,999,965

At August 31, 2016, the cost of investments for federal income tax purposes was $1,519,754,050 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	352,969,143
Unrealized depreciation		(16,969,178	)
Net unrealized appreciation	$	335,999,965

For the year ended August 31, 2016, $27,342,442 of capital loss carryforward was utilized and $317,512 was permanently lost.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat late-year ordinary losses of $677,606 as arising on September 1, 2016.

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 $2,391,417,788 and $2,603,336,969, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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

Annual Report 2016
37

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

the expenses of the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, one unaffiliated shareholder of record owned 11.4% 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 33.1% 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.

Consumer Discretionary Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.

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. 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.

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.

Annual Report 2016
38

COLUMBIA MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Note 10. Information Regarding Pending and Settled Legal Proceedings

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 Securities and Exchange Commission (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 2016
39

COLUMBIA MID CAP GROWTH FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Mid Cap Growth Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Mid Cap Growth Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

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40

COLUMBIA MID CAP GROWTH FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		100.00	%
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	82,350,417

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.

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COLUMBIA MID CAP GROWTH FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None

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COLUMBIA MID CAP GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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43

COLUMBIA MID CAP GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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COLUMBIA MID CAP GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

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45

COLUMBIA MID CAP GROWTH FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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46

COLUMBIA MID CAP GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Mid Cap Growth Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
47

COLUMBIA MID CAP GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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 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, 2015, the Fund's performance was in the seventh, thirty-eighth and sixty-fifth percentile (where the best performance would be in the first percentile) of its

Annual Report 2016
48

COLUMBIA MID CAP GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are both ranked in the second quintile (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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

Annual Report 2016
49

COLUMBIA MID CAP GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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 management 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 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 continuation of the Management 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's affiliates to provide distribution, transfer agency and shareholder 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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
50

COLUMBIA MID CAP GROWTH FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
51

Columbia Mid Cap Growth Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN194_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA SMALL CAP GROWTH FUND I

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA SMALL CAP GROWTH FUND I

TABLE OF CONTENTS

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	38
Board Consideration and Approval of Management Agreement	43
Important Information About This Report	47

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 investor.columbiathreadneedleus.com 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 2016

COLUMBIA SMALL CAP GROWTH FUND I

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Small Cap Growth Fund I (the Fund) Class A shares returned 2.88% excluding sales charges for the 12 months that ended August 31, 2016.

n  During the same time period, the Fund underperformed its growth benchmark, the Russell 2000 Growth Index, which returned 3.55%, and its broader-based benchmark, the Russell 2000 Index, which returned 8.59%.

n  Stock selection in information technology and industrials generally accounted for the Fund's underperformance relative to its growth benchmark. An underweight in telecommunication services also detracted from relative results.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/05
Excluding sales charges			2.88		10.12		7.69
Including sales charges			-3.04		8.82		7.05
Class B	11/01/05
Excluding sales charges			2.10		9.29		6.88
Including sales charges			-0.87		9.15		6.88
Class C	11/01/05
Excluding sales charges			2.12		9.31		6.88
Including sales charges			1.53		9.31		6.88
Class I*	09/27/10		3.29		10.61		8.08
Class K*	02/28/13		3.02		10.28		7.84
Class R*	09/27/10		2.61		9.84		7.43
Class R4*	11/08/12		3.15		10.41		7.97
Class R5*	02/28/13		3.24		10.57		8.04
Class Y*	07/15/09		3.30		10.60		8.09
Class Z	10/01/96		3.15		10.40		7.96
Russell 2000 Growth Index			3.55		13.02		8.20
Russell 2000 Index			8.59		12.85		7.04

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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

Annual Report 2016
2

COLUMBIA SMALL CAP GROWTH FUND I

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
3

COLUMBIA SMALL CAP GROWTH FUND I

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

Daniel Cole, CFA

Wayne Collette, CFA

Lawrence Lin, CFA

Rahul Narang

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.

© 2016 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, 2016)
Starz, Class A	2.3
Euronet Worldwide, Inc.	1.7
Sonic Corp.	1.6
Amsurg Corp.	1.6
Liberty TripAdvisor Holdings, Inc., Class A	1.5
NuVasive, Inc.	1.5
Sprouts Farmers Market, Inc.	1.5
Beacon Roofing Supply, Inc.	1.4
CyrusOne, Inc.	1.4
BroadSoft, Inc.	1.3

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

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

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 2.88% excluding sales charges. During the same time period, the Fund underperformed its growth benchmark, the Russell 2000 Growth Index, which returned 3.55%, and its broader-based benchmark, the Russell 2000 Index, which returned 8.59%. Stock selection in information technology and industrials generally accounted for the Fund's underperformance relative to its growth benchmark. An underweight in telecommunication services also detracted from relative results.

Stocks Logged Gains in Volatile Market

Lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy weighed on investors in the first half of the 12-month period. In December 2015, the Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action as subpar global economic growth continued and mixed economic data undermined confidence at home.

The U.S. economy, however, continued to expand modestly throughout the period, and economic growth in Europe picked up, if ever so slightly. After an earlier slump, the U.S. manufacturing sector regained some traction in the spring, and the U.S. labor markets recovered to full employment for the first time since the Great Recession, despite occasional weaker reports on new job growth. The vote by the United Kingdom to exit the European Union gave markets a jolt in mid-June, but that downdraft was short lived.

Against this backdrop, stocks pulled back three times during the 12-month period. The S&P 500 Index, a broad measure of U.S. stock market performance, rose 12.55% despite these downdrafts. Large-cap stocks outperformed mid- and small-cap stocks. Value stocks outperformed growth stocks, with an especially big advantage for mid-cap and small-cap value stocks versus their growth counterparts.

Contributors and Detractors

Stock selection was strong in the energy and financials sectors relative to the Fund's growth benchmark. Within energy, Oasis Petroleum, an exploration and production company that focuses on the acquisition and development of unconventional oil and natural gas resources, benefited from a rebound in oil prices during the second half of the period. The company also beat earnings expectations, which it attributed to improved operational and capital efficiency. We sold the Fund's shares in Oasis Petroleum before the close of the reporting period. In the financials sector, MarketAxess Holdings posted strong market share gains in the United States and European markets. The company operates as an electronic trading platform that allows investment professionals to trade corporate bonds and other fixed-income securities. It also provides data and analytical tools that help clients make trading decisions and facilitate the trading process. STORE Capital, a net-lease real estate investment trust, also logged a solid gain. The company posted positive sales and earnings growth and increased its dividend payment.

Annual Report 2016
4

COLUMBIA SMALL CAP GROWTH FUND I

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Stock selection in the information technology and industrials sectors detracted from Fund performance. Shares of Barracuda Networks, which provides security, networking and storage products based on network appliances and cloud services, were dragged down on concerns that the company has been slow to make the transition from hardware to cloud-based solutions. We sold the Fund's shares in Barracuda Networks during the first half of the reporting period. Elsewhere in the portfolio, Allegiant Travel, which focuses on travel services to residents of small, underserved U.S. cities, was hurt by declining air travel. In the health care sector, clinical stage biotech company bluebird bio was dragged down by a wide sell-off in biotechnology. Shares of bluebird fell further out of favor on news that a competitor had completed successful trials for a therapy treating sickle cell disease. Further, bluebird posted a second-quarter net loss of $58.8 million — more than Wall Street had expected.

Fund Strategy

Our fundamental research process favors higher quality companies with a history of generating returns on capital that exceed their cost of capital, sustainable growth prospects and strong management teams. We seek to identify stocks with one or more of the key types of competitive advantage that we have categorized. We closely monitor the overall risk characteristics of the strategy versus the growth benchmark and seek to manage the risk profile within predefined limits around sector over/underweights and other key risk exposures relative to the growth benchmark. Typically, any sector over- or underweights are more of a reflection of our bottom-up analysis rather than a top-down call on one sector versus another. As a result, Fund performance is largely driven by individual stock selection. However, we do occasionally take over/underweight positions in a sub-sector or industry group, which we believe has the potential to aid performance.

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

Portfolio Breakdown (%) (at August 31, 2016)
Common Stocks	96.2
Money Market Funds	3.8
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, 2016)
Consumer Discretionary	20.7
Consumer Staples	1.6
Energy	2.1
Financials	9.6
Health Care	22.6
Industrials	11.3
Information Technology	28.1
Materials	3.3
Telecommunication Services	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. 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 small-cap companies involve risks and volatility greater than investments in larger, more established companies. 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. 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 more information on these and other risks.

Annual Report 2016
5

COLUMBIA SMALL CAP GROWTH FUND I

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,187.50		1,018.35		7.42		6.85		1.35
Class B		1,000.00		1,000.00		1,183.10		1,014.58		11.52		10.63		2.10
Class C		1,000.00		1,000.00		1,183.90		1,014.58		11.53		10.63		2.10
Class I		1,000.00		1,000.00		1,189.40		1,020.41		5.17		4.77		0.94
Class K		1,000.00		1,000.00		1,188.80		1,018.90		6.82		6.29		1.24
Class R		1,000.00		1,000.00		1,186.30		1,017.09		8.79		8.11		1.60
Class R4		1,000.00		1,000.00		1,189.20		1,019.61		6.05		5.58		1.10
Class R5		1,000.00		1,000.00		1,189.30		1,020.16		5.45		5.03		0.99
Class Y		1,000.00		1,000.00		1,189.80		1,020.41		5.17		4.77		0.94
Class Z		1,000.00		1,000.00		1,188.90		1,019.61		6.05		5.58		1.10

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Annual Report 2016
6

COLUMBIA SMALL CAP GROWTH FUND I

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 97.1%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 20.1%
Distributors 0.5%
Core-Mark Holding Co., Inc.		50,980		1,944,887
Diversified Consumer Services 0.5%
Houghton Mifflin Harcourt Co.(a)		121,100		1,931,545
Hotels, Restaurants & Leisure 8.6%
Bojangles', Inc.(a)		95,000		1,534,250
Chuy's Holdings, Inc.(a)		60,241		1,824,097
Extended Stay America, Inc.		317,137		4,487,489
Habit Restaurants, Inc. (The), Class A(a)		90,800		1,391,056
Papa John's International, Inc.		62,796		4,699,025
Planet Fitness, Inc., Class A(a)		157,041		3,399,938
Red Rock Resorts, Inc., Class A		128,913		2,905,699
Six Flags Entertainment Corp.		76,238		3,718,127
Sonic Corp.		223,276		6,405,788
Wingstop, Inc.		84,409		2,556,749
Zoe's Kitchen, Inc.(a)		65,400		1,780,842
Total				34,703,060
Household Durables 1.1%
SodaStream International Ltd.(a)		94,200		2,672,454
TopBuild Corp.(a)		59,986		2,046,722
Total				4,719,176
Internet & Catalog Retail 1.5%
Liberty TripAdvisor Holdings, Inc., Class A(a)		286,529		5,962,668
Leisure Products 0.8%
Smith & Wesson Holding Corp.(a)		110,693		3,116,008
Media 4.2%
Gray Television, Inc.(a)		211,608		2,376,358
IMAX Corp.(a)		118,500		3,613,065
Nexstar Broadcasting Group, Inc., Class A		42,090		2,218,985
Starz, Class A(a)		287,348		8,962,384
Total				17,170,792
Specialty Retail 2.4%
Burlington Stores, Inc.(a)		29,185		2,370,406
Lithia Motors, Inc., Class A		51,900		4,295,763
Sportsman's Warehouse Holdings, Inc.(a)		300,466		3,079,776
Total				9,745,945

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods 0.5%
Skechers U.S.A., Inc., Class A(a)		87,329		2,122,968
Total Consumer Discretionary				81,417,049
CONSUMER STAPLES 1.5%
Food & Staples Retailing 1.4%
Sprouts Farmers Market, Inc.(a)		254,680		5,737,940
Food Products 0.1%
Snyders-Lance, Inc.		9,882		349,230
Total Consumer Staples				6,087,170
ENERGY 2.0%
Oil, Gas & Consumable Fuels 2.0%
Carrizo Oil & Gas, Inc.(a)		90,962		3,482,935
Parsley Energy, Inc., Class A(a)		50,000		1,692,500
WPX Energy, Inc.(a)		261,800		3,141,600
Total				8,317,035
Total Energy				8,317,035
FINANCIALS 9.3%
Banks 0.8%
Western Alliance Bancorp(a)		91,000		3,478,020
Capital Markets 0.4%
Pzena Investment Management, Inc., Class A		188,600		1,463,536
Diversified Financial Services 1.2%
MarketAxess Holdings, Inc.		29,000		4,887,660
Real Estate Investment Trusts (REITs) 4.4%
Care Capital Properties, Inc.		34,000		1,019,660
CyrusOne, Inc.		104,683		5,322,084
Life Storage, Inc.		33,693		3,032,370
National Storage Affiliates Trust		178,000		3,615,180
Potlatch Corp.		41,700		1,579,179
STORE Capital Corp.		113,604		3,366,086
Total				17,934,559
Thrifts & Mortgage Finance 2.5%
BofI Holding, Inc.(a)		139,769		3,005,034
LendingTree, Inc.(a)		25,400		2,463,800
MGIC Investment Corp.(a)		556,900		4,505,321
Total				9,974,155
Total Financials				37,737,930

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

Annual Report 2016
7

COLUMBIA SMALL CAP GROWTH FUND I

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 22.0%
Biotechnology 8.1%
ACADIA Pharmaceuticals, Inc.(a)		27,386		879,912
Alder Biopharmaceuticals, Inc.(a)		82,035		2,704,694
Alnylam Pharmaceuticals, Inc.(a)		17,100		1,194,435
ARIAD Pharmaceuticals, Inc.(a)		85,700		886,138
Axovant Sciences Ltd.(a)		56,748		931,235
bluebird bio, Inc.(a)		37,322		1,841,467
Curis, Inc.(a)		398,018		700,512
Dynavax Technologies Corp.(a)		90,577		1,418,436
Exact Sciences Corp.(a)		57,800		1,067,566
Insys Therapeutics, Inc.(a)		81,886		1,168,513
Keryx Biopharmaceuticals, Inc.(a)		393,371		1,612,821
Kite Pharma, Inc.(a)		30,700		1,768,934
Neurocrine Biosciences, Inc.(a)		38,035		1,843,176
Novavax, Inc.(a)		221,952		1,518,152
Ophthotech Corp.(a)		31,662		1,672,070
Puma Biotechnology, Inc.(a)		12,200		721,630
Raptor Pharmaceutical Corp.(a)		118,055		879,510
Sage Therapeutics, Inc.(a)		17,900		665,343
Spark Therapeutics, Inc.(a)		36,361		2,057,305
TESARO, Inc.(a)		30,148		2,553,234
Ultragenyx Pharmaceutical, Inc.(a)		54,959		3,622,897
vTv Therapeutics, Inc., Class A(a)		151,623		856,670
Total				32,564,650
Health Care Equipment & Supplies 4.8%
ABIOMED, Inc.(a)		35,061		4,135,094
ICU Medical, Inc.(a)		32,785		4,090,585
Natus Medical, Inc.(a)		77,162		3,002,373
NuVasive, Inc.(a)		90,100		5,898,847
NxStage Medical, Inc.(a)		104,239		2,382,904
Total				19,509,803
Health Care Providers & Services 4.7%
Acadia Healthcare Co., Inc.(a)		39,200		2,006,648
Amsurg Corp.(a)		94,196		6,115,205
Chemed Corp.		37,783		5,098,060
LHC Group, Inc.(a)		90,063		3,202,640
Molina Healthcare, Inc.(a)		47,762		2,570,073
Total				18,992,626

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Technology 1.6%
HealthStream, Inc.(a)		119,907		3,188,327
Veeva Systems Inc., Class A(a)		80,800		3,306,336
Total				6,494,663
Life Sciences Tools & Services 1.3%
ICON PLC(a)		29,748		2,284,349
INC Research Holdings, Inc. Class A(a)		66,700		2,910,121
Total				5,194,470
Pharmaceuticals 1.5%
Aerie Pharmaceuticals, Inc.(a)		70,846		1,371,579
GW Pharmaceuticals PLC ADR(a)		10,622		868,348
Pacira Pharmaceuticals, Inc.(a)		44,690		1,771,065
Supernus Pharmaceuticals, Inc.(a)		104,418		2,232,457
Total				6,243,449
Total Health Care				88,999,661
INDUSTRIALS 11.0%
Aerospace & Defense 0.9%
Teledyne Technologies, Inc.(a)		34,222		3,666,545
Airlines 0.5%
Allegiant Travel Co.		14,884		2,057,564
Building Products 1.3%
Gibraltar Industries, Inc.(a)		52,828		2,015,916
Masonite International Corp.(a)		48,100		3,209,713
Total				5,225,629
Commercial Services & Supplies 1.6%
ARC Document Solutions, Inc.(a)		537,597		1,817,078
Casella Waste Systems, Inc., Class A(a)		279,700		2,542,473
Heritage-Crystal Clean, Inc.(a)		143,600		1,983,116
Total				6,342,667
Electrical Equipment 1.2%
Generac Holdings, Inc.(a)		129,076		4,814,535
Machinery 1.6%
Mueller Water Products, Inc., Class A		163,290		1,974,176
Rexnord Corp.(a)		209,799		4,638,656
Total				6,612,832
Professional Services 0.7%
CEB, Inc.		46,000		2,769,200
Road & Rail 1.4%
Saia, Inc.(a)		87,302		2,656,600
Swift Transportation Co.(a)		160,200		2,981,322
Total				5,637,922

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

Annual Report 2016
8

COLUMBIA SMALL CAP GROWTH FUND I

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Trading Companies & Distributors 1.8%
Beacon Roofing Supply, Inc.(a)		118,551		5,450,975
DXP Enterprises, Inc.(a)		68,408		1,921,581
Total				7,372,556
Total Industrials				44,499,450
INFORMATION TECHNOLOGY 27.3%
Communications Equipment 0.9%
Ciena Corp.(a)		177,200		3,800,940
Internet Software & Services 6.3%
Cvent, Inc.(a)		66,300		2,166,684
j2 Global, Inc.		62,218		4,241,401
Match Group, Inc.(a)		282,562		4,574,679
Mimecast Ltd.(a)		136,900		2,250,636
Shopify, Inc., Class A(a)		96,500		3,991,240
SPS Commerce, Inc.(a)		65,918		4,303,127
Stamps.com, Inc.(a)		39,584		3,828,564
Total				25,356,331
IT Services 4.9%
CoreLogic, Inc.(a)		75,723		3,106,158
EPAM Systems, Inc.(a)		32,329		2,205,161
Euronet Worldwide, Inc.(a)		88,502		6,868,640
Leidos Holdings, Inc.		67,800		2,746,578
Luxoft Holding, Inc.(a)		16,752		859,545
WEX, Inc.(a)		42,135		4,184,427
Total				19,970,509
Semiconductors & Semiconductor Equipment 3.9%
Cavium, Inc.(a)		49,800		2,772,864
Cirrus Logic, Inc.(a)		57,725		2,929,544
Integrated Device Technology, Inc.(a)		91,600		1,840,244
Mellanox Technologies Ltd.(a)		65,151		2,856,220
Microsemi Corp.(a)		64,080		2,560,637
Nanometrics, Inc.(a)		140,500		2,857,770
Total				15,817,279
Software 11.3%
ACI Worldwide, Inc.(a)		177,200		3,384,520
Blackbaud, Inc.		42,500		2,863,225
BroadSoft, Inc.(a)		111,531		5,098,082
CyberArk Software Ltd.(a)		93,658		4,945,142
Ellie Mae, Inc.(a)		31,651		3,097,683

Common Stocks (continued)

Issuer	Shares		Value ($)
Fair Isaac Corp.		28,600		3,659,084
Fortinet, Inc.(a)		138,639		5,010,414
HubSpot, Inc.(a)		36,000		2,006,640
Paycom Software, Inc.(a)		71,113		3,650,941
Pegasystems, Inc.		120,256		3,096,592
PROS Holdings, Inc.(a)		78,100		1,537,008
RealPage, Inc.(a)		191,940		4,940,536
Take-Two Interactive Software, Inc.(a)		52,800		2,295,216
Total				45,585,083
Total Information Technology				110,530,142
MATERIALS 3.2%
Chemicals 0.4%
PolyOne Corp.		45,700		1,575,279
Construction Materials 0.4%
Headwaters, Inc.(a)		98,386		1,783,738
Containers & Packaging 1.4%
Bemis Co., Inc.		48,000		2,524,800
Berry Plastics Group, Inc.(a)		65,400		2,968,506
Total				5,493,306
Paper & Forest Products 1.0%
KapStone Paper and Packaging Corp.		225,300		3,945,003
Total Materials				12,797,326
TELECOMMUNICATION SERVICES 0.7%
Diversified Telecommunication Services 0.7%
Cogent Communications Holdings, Inc.		74,622		2,652,066
Total Telecommunication Services				2,652,066
Total Common Stocks (Cost: $356,631,433)				393,037,829

Money Market Funds 3.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		15,636,168		15,636,168
Total Money Market Funds (Cost: $15,636,168)				15,636,168
Total Investments (Cost: $372,267,601)				408,673,997
Other Assets & Liabilities, Net				(3,976,150	)
Net Assets				404,697,847

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

Annual Report 2016
9

COLUMBIA SMALL CAP GROWTH FUND I

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		11,368,067		244,357,561		(240,089,460	)		15,636,168		37,022		15,636,168

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).

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.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

Annual Report 2016
10

COLUMBIA SMALL CAP GROWTH FUND I

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		81,417,049		—		—		81,417,049
Consumer Staples		6,087,170		—		—		6,087,170
Energy		8,317,035		—		—		8,317,035
Financials		37,737,930		—		—		37,737,930
Health Care		88,999,661		—		—		88,999,661
Industrials		44,499,450		—		—		44,499,450
Information Technology		110,530,142		—		—		110,530,142
Materials		12,797,326		—		—		12,797,326
Telecommunication Services		2,652,066		—		—		2,652,066
Total Common Stocks		393,037,829		—		—		393,037,829
Investments measured at net asset value
Money Market Funds		—		—		—		15,636,168
Total Investments		393,037,829		—		—		408,673,997

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

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
11

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $356,631,433)	$	393,037,829
Affiliated issuers (identified cost $15,636,168)		15,636,168
Total investments (identified cost $372,267,601)		408,673,997
Cash		1,581
Receivable for:
Capital shares sold		2,268,701
Dividends		98,186
Expense reimbursement due from Investment Manager		82
Prepaid expenses		3,560
Trustees' deferred compensation plan		80,524
Total assets		411,126,631
Liabilities
Payable for:
Investments purchased		5,820,993
Capital shares purchased		368,135
Management services fees		9,685
Distribution and/or service fees		1,596
Transfer agent fees		47,032
Plan administration fees		9
Compensation of board members		36,997
Chief compliance officer expenses		32
Other expenses		63,781
Trustees' deferred compensation plan		80,524
Total liabilities		6,428,784
Net assets applicable to outstanding capital stock	$	404,697,847
Represented by
Paid-in capital	$	344,429,461
Excess of distributions over net investment income		(269,002	)
Accumulated net realized gain		24,130,992
Unrealized appreciation (depreciation) on:
Investments		36,406,396
Total — representing net assets applicable to outstanding capital stock	$	404,697,847

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

Annual Report 2016
12

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	174,183,322
Shares outstanding		10,072,883
Net asset value per share	$	17.29
Maximum offering price per share(a)	$	18.34
Class B
Net assets	$	587,198
Shares outstanding		39,851
Net asset value per share	$	14.73
Class C
Net assets	$	13,186,636
Shares outstanding		894,839
Net asset value per share	$	14.74
Class I
Net assets	$	37,970,031
Shares outstanding		2,056,554
Net asset value per share	$	18.46
Class K
Net assets	$	39,937
Shares outstanding		2,218
Net asset value per share	$	18.01
Class R
Net assets	$	1,356,019
Shares outstanding		79,775
Net asset value per share	$	17.00
Class R4
Net assets	$	1,283,028
Shares outstanding		68,042
Net asset value per share	$	18.86
Class R5
Net assets	$	11,704,074
Shares outstanding		640,209
Net asset value per share	$	18.28
Class Y
Net assets	$	6,561,770
Shares outstanding		355,983
Net asset value per share	$	18.43
Class Z
Net assets	$	157,825,832
Shares outstanding		8,705,702
Net asset value per share	$	18.13

(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 2016
13

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	3,107,264
Dividends — affiliated issuers		37,022
Foreign taxes withheld		(13,061	)
Total income		3,131,225
Expenses:
Management services fees		3,689,779
Distribution and/or service fees
Class A		440,204
Class B		9,779
Class C		136,468
Class R		7,188
Transfer agent fees
Class A		378,096
Class B		2,109
Class C		29,303
Class K		19
Class R		3,090
Class R4		1,583
Class R5		5,652
Class Z		362,648
Plan administration fees
Class K		96
Compensation of board members		24,840
Custodian fees		18,897
Printing and postage fees		58,927
Registration fees		115,785
Audit fees		32,452
Legal fees		10,728
Line of credit interest expense		1,257
Chief compliance officer expenses		203
Other		30,262
Total expenses		5,359,365
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(135,594	)
Expense reductions		(8,076	)
Total net expenses		5,215,695
Net investment loss		(2,084,470	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		42,104,386
Net realized gain		42,104,386
Net change in unrealized appreciation (depreciation) on:
Investments		(30,307,187	)
Net change in unrealized depreciation		(30,307,187	)
Net realized and unrealized gain		11,797,199
Net increase in net assets resulting from operations	$	9,712,729

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

Annual Report 2016
14

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment loss	$	(2,084,470	)	$	(5,454,904	)
Net realized gain		42,104,386			187,012,944
Net change in unrealized depreciation		(30,307,187	)		(107,098,517	)
Net increase in net assets resulting from operations		9,712,729			74,459,523
Distributions to shareholders
Net realized gains
Class A		(72,930,525	)		(35,687,202	)
Class B		(535,408	)		(447,283	)
Class C		(6,640,363	)		(3,197,524	)
Class I		(17,350,522	)		(8,892,749	)
Class K		(15,137	)		(6,356	)
Class R		(633,899	)		(347,538	)
Class R4		(24,586	)		(18,284	)
Class R5		(4,433,879	)		(1,395,590	)
Class Y		(1,637,722	)		(760,513	)
Class Z		(72,031,076	)		(93,625,792	)
Total distributions to shareholders		(176,233,117	)		(144,378,831	)
Increase (decrease) in net assets from capital stock activity		67,977,819			(462,207,963	)
Proceeds from regulatory settlements (Note 6)		—			2,181,933
Total decrease in net assets		(98,542,569	)		(529,945,338	)
Net assets at beginning of year		503,240,416			1,033,185,754
Net assets at end of year	$	404,697,847		$	503,240,416
Excess of distributions over net investment income	$	(269,002	)	$	(1,336,691	)

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

Annual Report 2016
15

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		925,241			16,390,137			362,024			9,427,704
Distributions reinvested		3,749,664			61,831,964			1,240,559			30,455,715
Redemptions		(2,043,290	)		(37,190,673	)		(1,531,621	)		(41,545,932	)
Net increase (decrease)		2,631,615			41,031,428			70,962			(1,662,513	)
Class B shares
Subscriptions		994			14,049			1,782			41,107
Distributions reinvested		36,088			509,928			17,537			395,459
Redemptions(a)		(58,247	)		(877,652	)		(55,350	)		(1,388,961	)
Net decrease		(21,165	)		(353,675	)		(36,031	)		(952,395	)
Class C shares
Subscriptions		122,960			1,757,444			36,712			870,747
Distributions reinvested		388,145			5,484,490			115,796			2,611,190
Redemptions		(292,268	)		(4,333,207	)		(159,493	)		(4,035,891	)
Net increase (decrease)		218,837			2,908,727			(6,985	)		(553,954	)
Class I shares
Subscriptions		878,398			12,836,923			200,109			5,941,104
Distributions reinvested		988,033			17,349,866			350,095			8,892,421
Redemptions		(1,535,272	)		(26,500,342	)		(1,927,577	)		(57,525,171	)
Net increase (decrease)		331,159			3,686,447			(1,377,373	)		(42,691,646	)
Class K shares
Distributions reinvested		840			14,414			239			5,994
Redemptions		(104	)		(1,727	)		—			—
Net increase		736			12,687			239			5,994
Class R shares
Subscriptions		17,461			294,244			12,190			336,675
Distributions reinvested		38,002			617,158			13,623			332,117
Redemptions		(38,889	)		(648,742	)		(48,090	)		(1,336,240	)
Net increase (decrease)		16,574			262,660			(22,277	)		(667,448	)
Class R4 shares
Subscriptions		74,301			1,321,381			1,118			34,221
Distributions reinvested		1,328			23,840			694			17,911
Redemptions		(9,993	)		(168,286	)		(4,843	)		(136,597	)
Net increase (decrease)		65,636			1,176,935			(3,031	)		(84,465	)
Class R5 shares
Subscriptions		106,776			2,080,423			428,294			12,667,330
Distributions reinvested		254,923			4,433,117			55,212			1,395,209
Redemptions		(148,110	)		(2,712,836	)		(80,834	)		(2,232,192	)
Net increase		213,589			3,800,704			402,672			11,830,347

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

Annual Report 2016
16

COLUMBIA SMALL CAP GROWTH FUND I

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		218,139			4,024,602			162,599			4,739,379
Distributions reinvested		93,379			1,636,936			29,938			760,120
Redemptions		(90,892	)		(1,509,786	)		(205,912	)		(5,532,176	)
Net increase (decrease)		220,626			4,151,752			(13,375	)		(32,677	)
Class Z shares
Subscriptions		763,065			14,208,749			1,039,444			28,864,010
Distributions reinvested		3,817,872			65,896,476			2,585,855			65,137,683
Redemptions		(3,592,004	)		(68,805,071	)		(19,013,407	)		(521,400,899	)
Net increase (decrease)		988,933			11,300,154			(15,388,108	)		(427,399,206	)
Total net increase (decrease)		4,666,540			67,977,819			(16,373,307	)		(462,207,963	)

(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 2016
17

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	27.22		$	29.40		$	33.32		$	29.55		$	29.94
Income from investment operations:
Net investment loss		(0.11	)(f)		(0.27	)		(0.28	)		(0.23	)		(0.15	)
Net realized and unrealized gain		0.40			3.09			1.71			6.90			2.56
Total from investment operations		0.29			2.82			1.43			6.67			2.41
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.35	)		(2.90	)		(2.80	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.35	)		(2.90	)		(2.80	)
Proceeds from regulatory settlements		—			0.11			—			—			—
Net asset value, end of period	$	17.29		$	27.22		$	29.40		$	33.32		$	29.55
Total return		2.88	%		11.87	%(a)		3.35	%		25.12	%		8.81	%
Ratios to average net assets(b)
Total gross expenses		1.41	%(c)		1.36	%		1.30	%(c)		1.31	%		1.33	%
Total net expenses(d)		1.36	%(c)(e)		1.36	%(e)		1.30	%(c)(e)		1.31	%(e)		1.31	%(e)
Net investment loss		(0.62	%)		(0.98	%)		(0.88	%)		(0.74	%)		(0.53	%)
Supplemental data
Net assets, end of period (in thousands)	$	174,183		$	202,566		$	216,670		$	254,055		$	61,032
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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.

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

(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 2016
18

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	24.86		$	27.47		$	31.44		$	28.19		$	28.82
Income from investment operations:
Net investment loss		(0.23	)(f)		(0.43	)		(0.49	)		(0.42	)		(0.35	)
Net realized and unrealized gain		0.32			2.83			1.62			6.52			2.45
Total from investment operations		0.09			2.40			1.13			6.10			2.10
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.10	)		(2.85	)		(2.73	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.10	)		(2.85	)		(2.73	)
Proceeds from regulatory settlements		—			0.10			—			—			—
Net asset value, end of period	$	14.73		$	24.86		$	27.47		$	31.44		$	28.19
Total return		2.10	%		11.02	%(a)		2.57	%		24.20	%		7.99	%
Ratios to average net assets(b)
Total gross expenses		2.16	%(c)		2.11	%		2.05	%(c)		2.06	%		2.08	%
Total net expenses(d)		2.12	%(c)(e)		2.11	%(e)		2.05	%(c)(e)		2.06	%(e)		2.06	%(e)
Net investment loss		(1.46	%)		(1.71	%)		(1.64	%)		(1.46	%)		(1.27	%)
Supplemental data
Net assets, end of period (in thousands)	$	587		$	1,517		$	2,666		$	3,874		$	1,428
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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.

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

(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 $0.02 per share.

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

Annual Report 2016
19

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	24.87		$	27.47		$	31.44		$	28.19		$	28.82
Income from investment operations:
Net investment loss		(0.21	)(f)		(0.44	)		(0.49	)		(0.41	)		(0.35	)
Net realized and unrealized gain		0.30			2.85			1.62			6.51			2.45
Total from investment operations		0.09			2.41			1.13			6.10			2.10
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.10	)		(2.85	)		(2.73	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.10	)		(2.85	)		(2.73	)
Proceeds from regulatory settlements		—			0.10			—			—			—
Net asset value, end of period	$	14.74		$	24.87		$	27.47		$	31.44		$	28.19
Total return		2.12	%		11.07	%(a)		2.57	%		24.20	%		7.99	%
Ratios to average net assets(b)
Total gross expenses		2.16	%(c)		2.11	%		2.05	%(c)		2.06	%		2.07	%
Total net expenses(d)		2.12	%(c)(e)		2.11	%(e)		2.05	%(c)(e)		2.06	%(e)		2.06	%(e)
Net investment loss		(1.37	%)		(1.72	%)		(1.63	%)		(1.42	%)		(1.27	%)
Supplemental data
Net assets, end of period (in thousands)	$	13,187		$	16,810		$	18,762		$	22,685		$	11,287
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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.

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

(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 $0.03 per share.

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

Annual Report 2016
20

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	28.27		$	30.21		$	34.10		$	30.09		$	30.45
Income from investment operations:
Net investment loss		(0.04	)(f)		(0.15	)		(0.14	)		(0.04	)		(0.02	)
Net realized and unrealized gain		0.45			3.19			1.73			6.99			2.59
Total from investment operations		0.41			3.04			1.59			6.95			2.57
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.49	)		(2.94	)		(2.93	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.49	)		(2.94	)		(2.93	)
Proceeds from regulatory settlements		—			0.13			—			—			—
Increase from payment by affiliate		—			—			0.01			—			—
Net asset value, end of period	$	18.46		$	28.27		$	30.21		$	34.10		$	30.09
Total return		3.29	%		12.42	%(a)		3.82	%(b)		25.69	%		9.27	%
Ratios to average net assets(c)
Total gross expenses		0.94	%(d)		0.91	%		0.86	%(d)		0.87	%		0.88	%
Total net expenses(e)		0.94	%(d)		0.91	%		0.86	%(d)		0.87	%		0.88	%
Net investment loss		(0.23	%)		(0.52	%)		(0.42	%)		(0.12	%)		(0.06	%)
Supplemental data
Net assets, end of period (in thousands)	$	37,970		$	48,780		$	93,740		$	77,983		$	90,936
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.02%.

(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)  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)  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 2016
21

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class K	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	27.89		$	29.95		$	33.85		$	29.28
Income from investment operations:
Net investment loss		(0.09	)(g)		(0.23	)		(0.24	)		(0.11	)
Net realized and unrealized gain		0.43			3.16			1.74			4.68
Total from investment operations		0.34			2.93			1.50			4.57
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.40	)		—
Total distributions to shareholders		(10.22	)		(5.11	)		(5.40	)		—
Proceeds from regulatory settlements		—			0.12			—			—
Net asset value, end of period	$	18.01		$	27.89		$	29.95		$	33.85
Total return		3.02	%		12.08	%(b)		3.51	%		15.61	%
Ratios to average net assets(c)
Total gross expenses		1.24	%(d)		1.21	%		1.16	%(d)		1.16	%(e)
Total net expenses(f)		1.24	%(d)		1.21	%		1.16	%(d)		1.16	%(e)
Net investment loss		(0.48	%)		(0.83	%)		(0.74	%)		(0.68	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	40		$	41		$	37		$	48
Portfolio turnover		142	%		117	%		148	%		104	%

Notes to Financial Highlights

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

(b)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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)  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)  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 2016
22

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	26.99		$	29.25		$	33.18		$	29.47		$	29.88
Income from investment operations:
Net investment loss		(0.16	)(f)		(0.33	)		(0.36	)		(0.35	)		(0.21	)
Net realized and unrealized gain		0.39			3.07			1.70			6.93			2.53
Total from investment operations		0.23			2.74			1.34			6.58			2.32
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.27	)		(2.87	)		(2.73	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.27	)		(2.87	)		(2.73	)
Proceeds from regulatory settlements		—			0.11			—			—			—
Net asset value, end of period	$	17.00		$	26.99		$	29.25		$	33.18		$	29.47
Total return		2.61	%		11.63	%(a)		3.08	%		24.85	%		8.48	%
Ratios to average net assets(b)
Total gross expenses		1.66	%(c)		1.61	%		1.55	%(c)		1.56	%		1.57	%
Total net expenses(d)		1.62	%(c)(e)		1.61	%(e)		1.55	%(c)(e)		1.56	%(e)		1.56	%(e)
Net investment loss		(0.88	%)		(1.22	%)		(1.13	%)		(1.11	%)		(0.74	%)
Supplemental data
Net assets, end of period (in thousands)	$	1,356		$	1,706		$	2,500		$	3,650		$	54
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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.

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

(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 2016
23

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	28.69		$	30.64		$	34.52		$	29.37
Income from investment operations:
Net investment loss		(0.03	)(h)		(0.20	)		(0.23	)		(0.18	)
Net realized and unrealized gain		0.42			3.24			1.78			8.25
Total from investment operations		0.39			3.04			1.55			8.07
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.43	)		(2.92	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.43	)		(2.92	)
Proceeds from regulatory settlements		—			0.12			—			—
Net asset value, end of period	$	18.86		$	28.69		$	30.64		$	34.52
Total return		3.15	%		12.18	%(b)		3.59	%		30.11	%
Ratios to average net assets(c)
Total gross expenses		1.16	%(d)		1.10	%		1.04	%(d)		1.09	%(e)
Total net expenses(f)		1.10	%(d)(g)		1.10	%(g)		1.04	%(d)(g)		1.09	%(e)(g)
Net investment loss		(0.16	%)		(0.68	%)		(0.67	%)		(0.67	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	1,283		$	69		$	167		$	818
Portfolio turnover		142	%		117	%		148	%		104	%

Notes to Financial Highlights

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

(b)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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)  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%.

(h)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.07 per share.

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

Annual Report 2016
24

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	28.11		$	30.09		$	33.90		$	29.28
Income from investment operations:
Net investment loss		(0.04	)(h)		(0.16	)		(0.14	)		(0.07	)
Net realized and unrealized gain		0.43			3.17			1.80			4.69
Total from investment operations		0.39			3.01			1.66			4.62
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.48	)		—
Total distributions to shareholders		(10.22	)		(5.11	)		(5.48	)		—
Proceeds from regulatory settlements		—			0.12			—			—
Increase from payment by affiliate		—			—			0.01			—
Net asset value, end of period	$	18.28		$	28.11		$	30.09		$	33.90
Total return		3.24	%		12.33	%(b)		4.07	%(c)		15.78	%
Ratios to average net assets(d)
Total gross expenses		0.99	%(e)		0.96	%		0.91	%(e)		0.93	%(f)
Total net expenses(g)		0.99	%(e)		0.96	%		0.91	%(e)		0.93	%(f)
Net investment loss		(0.23	%)		(0.58	%)		(0.46	%)		(0.41	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	11,704		$	11,990		$	721		$	1,145
Portfolio turnover		142	%		117	%		148	%		104	%

Notes to Financial Highlights

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

(b)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.05%.

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

(f)  Annualized.

(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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.05 per share.

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

Annual Report 2016
25

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	28.24		$	30.19		$	34.09		$	30.08		$	30.44
Income from investment operations:
Net investment income (loss)		(0.03	)(a)		(0.14	)		(0.14	)		(0.04	)		(0.02	)
Net realized and unrealized gain		0.44			3.18			1.73			6.99			2.59
Total from investment operations		0.41			3.04			1.59			6.95			2.57
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.49	)		(2.94	)		(2.93	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.49	)		(2.94	)		(2.93	)
Proceeds from regulatory settlements		—			0.12			—			—			—
Net asset value, end of period	$	18.43		$	28.24		$	30.19		$	34.09		$	30.08
Total return		3.30	%		12.38	%(b)		3.78	%		25.70	%		9.27	%
Ratios to average net assets(c)
Total gross expenses		0.94	%(d)		0.90	%		0.86	%(d)		0.87	%		0.88	%
Total net expenses(e)		0.94	%(d)		0.90	%		0.86	%(d)		0.87	%		0.88	%
Net investment loss		(0.14	%)		(0.50	%)		(0.43	%)		(0.14	%)		(0.07	%)
Supplemental data
Net assets, end of period (in thousands)	$	6,562		$	3,823		$	4,491		$	14,817		$	12,496
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.05 per share.

(b)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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)  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.

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

Annual Report 2016
26

COLUMBIA SMALL CAP GROWTH FUND I

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	27.98		$	30.01		$	33.91		$	29.98		$	30.35
Income from investment operations:
Net investment loss		(0.07	)(f)		(0.20	)		(0.21	)		(0.10	)		(0.08	)
Net realized and unrealized gain		0.44			3.16			1.74			6.95			2.59
Total from investment operations		0.37			2.96			1.53			6.85			2.51
Less distributions to shareholders:
Net realized gains		(10.22	)		(5.11	)		(5.43	)		(2.92	)		(2.88	)
Total distributions to shareholders		(10.22	)		(5.11	)		(5.43	)		(2.92	)		(2.88	)
Proceeds from regulatory settlements		—			0.12			—			—			—
Net asset value, end of period	$	18.13		$	27.98		$	30.01		$	33.91		$	29.98
Total return		3.15	%		12.16	%(a)		3.61	%		25.42	%		9.06	%
Ratios to average net assets(b)
Total gross expenses		1.15	%(c)		1.11	%		1.05	%(c)		1.07	%		1.07	%
Total net expenses(d)		1.12	%(c)(e)		1.11	%(e)		1.05	%(c)(e)		1.06	%(e)		1.06	%(e)
Net investment loss		(0.38	%)		(0.69	%)		(0.64	%)		(0.34	%)		(0.26	%)
Supplemental data
Net assets, end of period (in thousands)	$	157,826		$	215,938		$	693,432		$	1,002,689		$	839,982
Portfolio turnover		142	%		117	%		148	%		104	%		113	%

Notes to Financial Highlights

(a)  The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.39%.

(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.

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

(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 2016
27

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Small Cap Growth Fund I (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

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

Effective February 1, 2016, the Fund re-opened to permit new investors and new accounts by existing investors. Prior to February 1, 2016, the Fund was closed to new investors and new accounts, subject to certain limited exceptions.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months 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. Class B shares are generally closed to new and existing investors.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months 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 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 generally 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

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Annual Report 2016
28

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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 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

Annual Report 2016
29

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services 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 0.75% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.87% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $1,248,693, and the administrative services fee paid to the Investment Manager was $126,449.

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.

Annual Report 2016
30

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.21	%
Class B	0.22
Class C	0.21
Class K	0.05
Class R	0.22
Class R4	0.21
Class R5	0.05
Class Z	0.22

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At August 31, 2016, the Fund's total potential future obligation over the life of the Guaranty is $15,567. The liability remaining at August 31, 2016 for non-recurring charges associated with the lease amounted to $10,432 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $8,076.

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 service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the

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31

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $36,515 for Class A, $88 for Class B and $101 for Class C shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.35	%		1.39	%
Class B		2.10			2.14
Class C		2.10			2.14
Class I		0.94			0.98
Class K		1.24			1.28
Class R		1.60			1.64
Class R4		1.10			1.14
Class R5		0.99			1.03
Class Y		0.94			0.98
Class Z		1.10			1.14

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, investments in partnerships, net operating loss reclassification and passive foreign investment company (PFIC) holdings. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$	3,152,159
Accumulated net realized gain		(3,152,159	)

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,	2016		2015
Ordinary income	$	27,509,416	$	—
Long-term capital gains		148,723,701		144,378,831
Total	$	176,233,117	$	144,378,831

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32

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	3,088,490
Undistributed long-term capital gains		22,720,164
Net unrealized appreciation		34,576,986

At August 31, 2016, the cost of investments for federal income tax purposes was $374,097,011 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	53,075,857
Unrealized depreciation		(18,498,871	)
Net unrealized appreciation	$	34,576,986

For the year ended August 31, 2016, $2,033,760 of capital loss carryforward was utilized.

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 $591,115,735 and $700,653,159, respectively, for the year ended August 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Regulatory Settlements

During the year ended August 31, 2015, the Fund recorded a receivable of $2,181,933 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlement

(neither the Fund nor the Investment Manager were a party to the proceeding). The payments have been included in Proceeds from regulatory settlements in the Statement of Changes in Net Assets.

Note 7. 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 8. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

For the year ended August 31, 2016, the average daily loan balance outstanding on days when borrowing existed was $8,850,000 at a weighted average interest rate of 1.28%. Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at August 31, 2016.

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33

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Note 9. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, affiliated shareholders of record owned 19.3% 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.

Consumer Discretionary Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.

Health Care Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

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.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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 Securities and Exchange Commission (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

Annual Report 2016
34

COLUMBIA SMALL CAP GROWTH FUND I

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 2016
35

COLUMBIA SMALL CAP GROWTH FUND I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Small Cap Growth Fund I

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Small Cap Growth Fund I (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

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COLUMBIA SMALL CAP GROWTH FUND I

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		0.23	%
Dividends Received Deduction		0.23	%
Capital Gain Dividend	$	34,527,813

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.

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COLUMBIA SMALL CAP GROWTH FUND I

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

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COLUMBIA SMALL CAP GROWTH FUND I

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
39

COLUMBIA SMALL CAP GROWTH FUND I

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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COLUMBIA SMALL CAP GROWTH FUND I

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

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COLUMBIA SMALL CAP GROWTH FUND I

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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42

COLUMBIA SMALL CAP GROWTH FUND I

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Small Cap Growth Fund I (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
43

COLUMBIA SMALL CAP GROWTH FUND I

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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 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, 2015, the Fund's performance was in the thirteenth, seventy-fifth and eighty-fourth percentile (where the best performance would be in the first percentile)

Annual Report 2016
44

COLUMBIA SMALL CAP GROWTH FUND I

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are ranked in the fourth and third quintile, 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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

Annual Report 2016
45

COLUMBIA SMALL CAP GROWTH FUND I

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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 management 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 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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
46

COLUMBIA SMALL CAP GROWTH FUND I

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
47

Columbia Small Cap Growth Fund I

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN226_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA EMERGING MARKETS FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA EMERGING MARKETS 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

Performance Overview	3
Manager Discussion of Fund Performance	5
Understanding Your Fund's Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	21
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 Management Agreement	47
Important Information About This Report	51

Annual Report 2016

COLUMBIA EMERGING MARKETS FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Emerging Markets Fund (the Fund) Class A shares returned 13.65% excluding sales charges for the 12-month period that ended August 31, 2016.

n  During the same time period, the Fund outperformed both the MSCI Emerging Markets Index (Net), which returned 11.83%, and the MSCI EAFE Index (Net), a measure of more developed foreign markets, which returned -0.12%.

n  The Fund's relative performance was helped by the strength of its individual stock selection, particularly within the consumer staples and financial sectors.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			13.65		1.15		3.27
Including sales charges			7.07		-0.04		2.67
Class B*	02/28/13
Excluding sales charges			12.80		0.39		2.48
Including sales charges			7.80		0.00		2.48
Class C*	09/28/07
Excluding sales charges			12.90		0.40		2.50
Including sales charges			11.90		0.40		2.50
Class I*	09/27/10		14.22		1.62		3.62
Class K*	02/28/13		13.83		1.33		3.42
Class R*	09/27/10		13.42		0.92		3.00
Class R4*	03/19/13		13.93		1.41		3.51
Class R5*	11/08/12		14.09		1.52		3.57
Class W*	09/27/10		13.78		1.15		3.25
Class Y*	11/08/12		14.27		1.59		3.60
Class Z	01/02/98		13.91		1.41		3.51
MSCI Emerging Markets Index (Net)			11.83		-0.42		3.90
MSCI EAFE Index (Net)			-0.12		5.00		1.71

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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

Annual Report 2016
3

COLUMBIA EMERGING MARKETS FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
4

COLUMBIA EMERGING MARKETS FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

During the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 13.65% excluding sales charges. The Fund outperformed its benchmark, the MSCI Emerging Markets Index (Net), which returned 11.83% for the same time period. The MSCI EAFE Index (Net), a measure of more developed foreign markets, returned -0.12% for the 12-month period. The Fund's relative performance was helped by the strength of its individual stock selection, particularly within the consumer staples and financial sectors.

Market Overview

While the benchmark finished the reporting period with a double-digit gain, the final number belies the elevated volatility that characterized the 12-month period. In the early part of the period, emerging market stocks came under significant pressure from the combination of slowing growth in China, plunging commodity prices and concerns that the U.S. Federal Reserve (Fed) would begin hiking interest rates aggressively in 2016. The resulting sell-off gained steam through the fourth calendar quarter of 2015 and ultimately reached a crescendo on January 21, at which time the benchmark was down 12.60% from the beginning of the reporting period.

This sell-off set the stage for an equally remarkable rally once the news flow began to improve mid-way through the first quarter. Global central banks provided the primary catalyst for the shift, as the Bank of Japan and European Central Bank both cut interest rates into negative territory. In addition, Fed officials made a series of statements indicating that the central bank would maintain its gradual approach to raising interest rates. In conjunction with signs of stabilizing global growth, these developments fueled a resurgence in investor risk appetites and led to a substantial rally in emerging market equities from mid-January 2016 onward.

Contributors and Detractors

In this potentially challenging environment, the Fund outpaced its benchmark on the strength of its individual stock selection. Our stock picks performed particularly well in the consumer staples sector, led by the Russian company X5 Retail Group NV. Russia's economy has begun to recover and currently appears on track for positive growth in 2017, which has provided a boost to consumer spending. Positions in the snack food producers Nippon Indosari (Indonesia) and Britannia Industries (India) also produced returns in excess of the overall sector.

Financials were an additional area of outperformance for the Fund, led by the Indian companies Yes Bank and IndusInd Bank. Falling interest rates have fueled rising demand for loans in India, which has led to an improving earnings outlook for many stocks in the financial sector. We took advantage of the rally to pare back on both positions. Another Indian stock — the microlender Bharat Financial Inclusion — was an additional beneficiary of rising loan demand, and we sold the stock once it reached our valuation target. Outside of India, shares of the Philippines-based mall and retail operator SM Prime Holdings rose on the strength of the improving outlook for the country's economy, and we capitalized on the gain to take profits in the position.

Portfolio Management

Dara White, CFA

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

Robert Cameron

Young Kim

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.

© 2016 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, 2016)
Tencent Holdings Ltd. (China)	5.7
Alibaba Group Holding Ltd., ADR (China)	3.6
China Mobile Ltd. (China)	3.5
Samsung Electronics Co., Ltd. (South Korea)	3.3
Naspers Ltd., Class N (South Africa)	3.2
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	3.1
Ping An Insurance Group Co. of China Ltd., Class H (China)	2.5
X5 Retail Group NV GDR, Registered Shares (Russian Federation)	1.8
PT Telekomunikasi Indonesia Persero Tbk (Indonesia)	1.6
AmBev SA, ADR (Brazil)	1.6

Annual Report 2016
5

COLUMBIA EMERGING MARKETS FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

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

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

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

Country Breakdown (%) (at August 31, 2016)
Argentina	0.8
Brazil	4.8
China	22.1
Czech Republic	0.3
Hong Kong	2.4
India	13.2
Indonesia	7.0
Kenya	0.3
Malaysia	1.1
Mexico	2.4
Peru	1.0
Philippines	1.9
Russian Federation	7.6
South Africa	5.9
South Korea	12.6
Taiwan	8.6
Thailand	3.9
Turkey	1.1
United Kingdom	0.2
United States(a)	2.8
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.

The information technology sector was an additional source of strength for the Fund, highlighted by its positions in the Chinese internet giants Tencent Holdings and Alibaba Group Holding. Both companies began to demonstrate the ability to monetize their business models effectively, and their stocks reacted in kind.

On the other side of the ledger, we lost some relative performance from our positioning in the health care sector. The Indian companies Lupin and Sun Pharmaceuticals Industries were pressured by the prospect of increased scrutiny from the U.S. Food & Drug Administration. Believing this would lead to increased costs for both, we chose to sell the positions. The Chinese company Sihuan Pharmaceutical Holdings Group also performed poorly due to concerns about inadequate corporate governance, and we eliminated the stock from the portfolio. Outside of health care, Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (Brazil), Cuckoo Electronics Co. (South Korea) and Cathay Financial Holding Co. (Taiwan) were the leading detractors from performance.

While we employ a bottom-up approach to investing, certain aspects of our broader sector and country allocations can have an impact on performance as well. During the 12 months ended August 31, 2016, for example, the Fund was adversely impacted by its underweight position in Brazil. Although this was a positive when the country was lagging early in the period, it became a headwind once the market began to rally on news of President Dilma Rousseff's impeachment. We remained on the lookout to reduce the extent of this underweight, as we believed the key members of this country's new government are technocrats with strong economic credentials.

Portfolio Positioning

We maintained our bottom-up approach to investing, highlighted by our preference for companies that we believed could control their own destinies rather than be dependent on broader macroeconomic trends to succeed. We looked for companies with good balance sheets, high returns on capital and steadily rising market share, which led the portfolio to have a higher quality bias than the asset class as a whole. This approach held the Fund in good stead when stock prices were falling in the interval from September 2015 through the January 2016 low, during which we outpaced the benchmark by a meaningful margin.

We continued to find a wealth of interesting investment ideas across the emerging markets, which reflects the reasonable valuations many companies offer in relation to their earnings prospects. At a time of sluggish economic conditions worldwide, the emerging markets are home to a high representation of companies that we believe are delivering robust organic growth. We identified many of the best opportunities in India, Indonesia and Russia, while finding fewer ideas in Korea, Thailand and Malaysia. We believe this disciplined, bottom-up approach — rather than employing a strategy that seeks to assess transitory economic factors or short-term market movements — is the most effective way to add value over time.

Annual Report 2016
6

COLUMBIA EMERGING MARKETS FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	16.8
Consumer Staples	11.3
Energy	4.4
Financials	19.0
Health Care	4.4
Industrials	5.5
Information Technology	26.9
Materials	2.0
Telecommunication Services	6.8
Utilities	2.9
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. 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. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. 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. Certain issuer events, including initial public offerings, business consolidation or restructuring, may present heightened risks to securities from the high degree of uncertainty associated with such events. See the Fund's prospectus for more information on these and other risks.

Annual Report 2016
7

COLUMBIA EMERGING MARKETS FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,210.90		1,016.99		9.00		8.21		1.62
Class B		1,000.00		1,000.00		1,206.60		1,013.22		13.15		11.99		2.37
Class C		1,000.00		1,000.00		1,207.60		1,013.22		13.15		11.99		2.37
Class I		1,000.00		1,000.00		1,213.40		1,019.20		6.57		5.99		1.18
Class K		1,000.00		1,000.00		1,212.60		1,017.70		8.23		7.51		1.48
Class R		1,000.00		1,000.00		1,210.50		1,015.74		10.39		9.48		1.87
Class R4		1,000.00		1,000.00		1,212.90		1,018.25		7.62		6.95		1.37
Class R5		1,000.00		1,000.00		1,213.40		1,018.95		6.84		6.24		1.23
Class W		1,000.00		1,000.00		1,212.40		1,017.04		8.95		8.16		1.61
Class Y		1,000.00		1,000.00		1,215.10		1,019.20		6.57		5.99		1.18
Class Z		1,000.00		1,000.00		1,213.30		1,018.25		7.62		6.95		1.37

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Annual Report 2016
8

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 98.1%

Issuer	Shares		Value ($)
ARGENTINA 0.8%
Banco Macro SA, ADR		54,718		4,286,608
Globant SA(a)		94,903		3,705,962
Pampa Energia SA, ADR(a)		107,944		2,705,077
Total				10,697,647
BRAZIL 4.8%
AmBev SA, ADR		3,430,305		20,341,709
BB Seguridade Participacoes SA		587,700		5,303,350
Fleury SA		371,300		4,409,561
Itaú Unibanco Holding SA, ADR		629,255		6,972,145
Multiplus SA		671,200		8,792,196
Telefonica Brasil SA, ADR		444,643		6,642,967
Ultrapar Participacoes SA		464,300		10,644,162
Total				63,106,090
CHINA 22.2%
58.Com, Inc., ADR(a)		213,524		9,715,342
AAC Technologies Holdings, Inc.		668,000		7,608,047
Alibaba Group Holding Ltd., ADR(a)		485,763		47,211,306
ANTA Sports Products Ltd.		4,296,000		11,601,236
Baidu, Inc., ADR(a)		25,778		4,409,842
China Animal Healthcare Ltd.(a)(b)		6,354,000		425,918
China Biologic Products, Inc.(a)		67,404		7,417,136
China Mobile Ltd.		3,693,000		45,494,155
Ctrip.com International Ltd., ADR(a)		276,976		13,114,814
ENN Energy Holdings Ltd.		1,802,000		10,076,429
Nexteer Automotive Group Ltd.		2,459,000		3,374,874
Ping An Insurance Group Co. of China Ltd., Class H		6,387,500		32,923,483
Shenzhou International Group Holdings Ltd.		2,425,000		15,906,601
Spring Airlines Co., Ltd., Class A		577,278		4,055,490
Tencent Holdings Ltd.		2,865,100		74,248,733
Zhuzhou CRRC Times Electric Co., Ltd., Class H		928,500		4,925,113
Total				292,508,519
CZECH REPUBLIC 0.3%
Komercni Banka AS		134,645		4,556,590
HONG KONG 2.4%
AIA Group Ltd.		2,540,200		15,998,614

Common Stocks (continued)

Issuer	Shares		Value ($)
Techtronic Industries Co., Ltd.		4,112,500		16,658,643
Total				32,657,257
INDIA 13.3%
Asian Paints Ltd.		262,237		4,532,196
Bharat Petroleum Corp., Ltd.		1,343,626		12,090,952
Bharti Infratel Ltd.		1,017,292		5,322,640
Britannia Industries Ltd.		167,536		8,648,199
Dish TV India Ltd.(a)		8,136,637		11,976,961
Dr. Reddy's Laboratories Ltd.		148,516		6,817,048
Eicher Motors Ltd.		32,807		11,137,283
Havells India Ltd		1,076,425		6,706,132
HCL Technologies Ltd.		893,205		10,377,371
HDFC Bank Ltd., ADR		259,329		18,580,923
Hindustan Petroleum Corp., Ltd.		178,716		3,251,779
Indraprastha Gas Ltd.		682,098		8,157,613
IndusInd Bank Ltd.		375,844		6,650,069
InterGlobe Aviation Ltd.(a)		293,919		3,869,440
ITC Ltd.		3,739,947		14,518,152
Jubilant Foodworks Ltd.		142,842		2,502,641
Natco Pharma Ltd.		463,049		4,759,841
Petronet LNG Ltd.		1,431,289		7,516,886
Syngene International Ltd.		708,911		5,000,045
UPL Ltd.		1,131,556		10,786,321
Yes Bank Ltd.		175,531		3,576,729
Zee Entertainment Enterprises Ltd.		1,045,458		8,414,409
Total				175,193,630
INDONESIA 7.1%
PT Ace Hardware Indonesia Tbk		109,399,000		8,239,000
PT Astra International Tbk		7,910,700		4,852,788
PT Bank Central Asia Tbk		4,661,400		5,282,783
PT Bank Rakyat Indonesia Persero Tbk		19,172,600		16,805,312
PT Matahari Department Store Tbk		5,937,700		8,933,268
PT Mitra Keluarga Karyasehat Tbk		19,847,000		4,185,008
PT Nippon Indosari Corpindo Tbk		60,910,900		7,413,495
PT Pakuwon Jati Tbk		165,424,500		7,404,072
PT Sumber Alfaria Trijaya Tbk		77,727,500		3,310,670
PT Surya Citra Media Tbk		24,972,100		5,692,398
PT Telekomunikasi Indonesia Persero Tbk		67,330,900		21,276,851
Total				93,395,645

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

Annual Report 2016
9

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
KENYA 0.2%
Safaricom Ltd.		16,918,200		3,341,867
MALAYSIA 1.1%
MyEg Services Bhd		6,822,000		3,681,281
Tenaga Nasional Bhd		2,941,600		10,691,452
Total				14,372,733
MEXICO 2.4%
Alfa SAB de CV, Class A		5,142,300		8,366,954
Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)		291,381		5,183,668
Grupo Aeroportuario del Centro Norte Sab de CV		927,900		5,711,968
Grupo Financiero Banorte SAB de CV, Class O		2,210,100		11,910,342
Total				31,172,932
PERU 1.0%
Credicorp Ltd.		81,952		12,840,239
PHILIPPINES 1.9%
GT Capital Holdings, Inc.		218,225		7,177,471
Jollibee Foods Corp.		1,128,160		5,925,855
Metropolitan Bank & Trust Co.		4,661,856		8,351,581
Robinsons Retail Holdings, Inc.		2,053,270		3,699,354
Total				25,154,261
RUSSIAN FEDERATION 7.6%
Lukoil PJSC, ADR		384,897		17,202,972
Magnit PJSC		89,355		14,024,563
Mail.ru Group Ltd., GDR(a)(c)		276,021		4,637,153
Moscow Exchange MICEX-Rights PJSC		5,948,430		11,560,693
Sberbank of Russia PJSC, ADR		1,690,552		15,502,362
X5 Retail Group NV GDR, Registered Shares(a)(c)		866,845		22,928,050
Yandex NV, Class A(a)		681,395		15,017,946
Total				100,873,739
SOUTH AFRICA 5.9%
Aspen Pharmacare Holdings Ltd.		203,336		4,868,336
AVI Ltd.		1,460,080		8,838,738
Clicks Group Ltd.		492,611		4,057,624
Discovery Ltd.		703,573		5,735,015
EOH Holdings Ltd.		367,564		3,593,887
Mr. Price Group Ltd.		242,763		3,046,013

Common Stocks (continued)

Issuer	Shares		Value ($)
Naspers Ltd., Class N		251,923		41,227,502
SPAR Group Ltd. (The)		501,663		6,551,442
Total				77,918,557
SOUTH KOREA 11.9%
AMOREPACIFIC Corp.		26,728		9,237,384
Caregen Co., Ltd.		34,949		3,745,765
Coway Co., Ltd.		79,009		5,901,197
Cuckoo Electronics Co., Ltd.		39,195		4,907,871
Duk San Neolux Co., Ltd.(a)		87,657		2,210,567
EO Technics Co., Ltd.		38,077		2,974,111
Hugel, Inc.(a)		14,968		5,605,982
Hyundai Steel Co.		149,569		6,862,612
I-SENS, Inc.(a)		77,052		2,355,737
Korea Electric Power Corp.		127,676		6,631,590
KT&G Corp.		77,982		8,175,613
LG Uplus Corp.		630,072		6,573,117
LIG Nex1 Co., Ltd.		115,801		9,498,642
Macquarie Korea Infrastructure Fund		455,585		3,590,883
Osstem Implant Co., Ltd.(a)		68,307		3,481,314
Samchuly Bicycle Co., Ltd.		234,753		3,259,145
Samsung Electronics Co., Ltd.		29,527		42,827,993
Samsung SDI Co., Ltd.		71,420		7,386,807
SK Hynix, Inc.		493,011		16,074,952
SK Innovation Co., Ltd.		48,828		6,337,604
Total				157,638,886
TAIWAN 8.7%
Advanced Semiconductor Engineering, Inc.		5,417,000		6,591,324
Cub Elecparts, Inc.		515,024		6,137,837
Eclat Textile Co., Ltd.		316,917		3,998,910
eMemory Technology, Inc.		731,000		7,591,637
Feng TAY Enterprise Co., Ltd.		1,140,160		5,412,679
Hota Industrial Manufacturing Co., Ltd.		1,150,000		5,956,974
Land Mark Optoelectronics Corp.		696,400		7,568,299
Largan Precision Co., Ltd.		113,000		12,635,815
Taiwan Paiho., Ltd.		2,678,000		7,694,213
Taiwan Semiconductor Manufacturing Co., Ltd.		7,305,048		40,567,714
Tung Thih Electronic Co., Ltd.		387,000		5,890,924
Voltronic Power Technology Corp.		297,153		4,596,984
Total				114,643,310

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

Annual Report 2016
10

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
THAILAND 3.9%
Kasikornbank PCL, Foreign Registered Shares		2,832,800		16,189,029
Krungthai Card PCL		1,253,800		5,029,301
Mega Lifesciences PCL, Foreign Registered Shares		7,727,000		4,397,507
Muangthai Leasing PCL		9,778,000		5,420,659
Siam Commercial Bank PCL (The), Foreign Registered Shares		2,353,600		10,863,146
Srisawad Power 1979 PCL		4,720,125		5,381,388
Thai Union Group PCL		7,616,400		4,724,642
Total				52,005,672
TURKEY 1.1%
Coca-Cola Icecek AS		240,047		2,999,928
Turk Traktor ve Ziraat Makineleri AS		135,722		3,962,736
Ulker Biskuvi Sanayi AS		1,075,895		7,574,138
Total				14,536,802
UNITED KINGDOM 0.2%
Randgold Resources Ltd.		21,790		2,045,867
UNITED STATES 1.3%
Atento SA(a)		363,731		3,673,683
Luxoft Holding, Inc.(a)		110,604		5,675,091

Common Stocks (continued)

Issuer	Shares		Value ($)
Universal Display Corp.(a)		128,933		7,425,252
Total				16,774,026
Total Common Stocks (Cost: $1,049,034,659)				1,295,434,269

Preferred Stocks 0.6%

SOUTH KOREA 0.6%
Samsung Electronics Co., Ltd.	7,453	8,839,033
Total Preferred Stocks (Cost: $7,643,864)		8,839,033

Money Market Funds 1.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(d)(e)		20,788,666		20,788,666
Total Money Market Funds (Cost: $20,788,666)				20,788,666
Total Investments (Cost: $1,077,467,189)				1,325,061,968
Other Assets & Liabilities, Net				(4,559,998	)
Net Assets				1,320,501,970

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2016, the value of these securities amounted to $425,918, which represents 0.03% of net assets.

(c)  Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At August 31, 2016, the value of these securities amounted to $27,565,203 or 2.09% of net assets.

(d)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(e)  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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		12,058,111		504,537,896		(495,807,341	)		20,788,666		89,195		20,788,666

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

Annual Report 2016
11

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Abbreviation Legend

ADR  American Depositary Receipt

GDR  Global 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).

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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.

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

Annual Report 2016
12

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

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

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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
Argentina		10,697,647		—		—		10,697,647
Brazil		63,106,090		—		—		63,106,090
China		81,868,440		210,214,161		425,918		292,508,519
Czech Republic		—		4,556,590		—		4,556,590
Hong Kong		—		32,657,257		—		32,657,257
India		18,580,923		156,612,707		—		175,193,630
Indonesia		—		93,395,645		—		93,395,645
Kenya		—		3,341,867		—		3,341,867
Malaysia		—		14,372,733		—		14,372,733
Mexico		31,172,932		—		—		31,172,932
Peru		12,840,239		—		—		12,840,239
Philippines		—		25,154,261		—		25,154,261
Russian Federation		32,220,918		68,652,821		—		100,873,739
South Africa		—		77,918,557		—		77,918,557
South Korea		—		157,638,886		—		157,638,886
Taiwan		—		114,643,310		—		114,643,310
Thailand		—		52,005,672		—		52,005,672
Turkey		—		14,536,802		—		14,536,802
United Kingdom		—		2,045,867		—		2,045,867
United States		16,774,026		—		—		16,774,026
Total Common Stocks		267,261,215		1,027,747,136		425,918		1,295,434,269
Preferred Stocks
South Korea		—		8,839,033		—		8,839,033
Investments measured at net asset value
Money Market Funds		—		—		—		20,788,666
Total Investments		267,261,215		1,036,586,169		425,918		1,325,061,968

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

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

Annual Report 2016
13

COLUMBIA EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

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.

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

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 stocks classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, 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 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

Transfers In				Transfers Out
Level 2 ($)		Level 3 ($)		Level 2 ($)		Level 3 ($)
	5,214,233		—		—		5,214,233

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

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

Annual Report 2016
14

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,056,678,523)	$	1,304,273,302
Affiliated issuers (identified cost $20,788,666)		20,788,666
Total investments (identified cost $1,077,467,189)		1,325,061,968
Cash		9,943
Foreign currency (identified cost $2,221,374)		2,221,374
Receivable for:
Investments sold		1,434,857
Capital shares sold		1,472,972
Dividends		914,665
Prepaid expenses		10,503
Trustees' deferred compensation plan		48,426
Total assets		1,331,174,708
Liabilities
Payable for:
Investments purchased		7,015,282
Capital shares purchased		963,659
Foreign capital gains taxes deferred		2,246,682
Management services fees		39,116
Distribution and/or service fees		2,752
Transfer agent fees		115,914
Plan administration fees		18
Compensation of board members		7,772
Chief compliance officer expenses		89
Other expenses		233,028
Trustees' deferred compensation plan		48,426
Total liabilities		10,672,738
Net assets applicable to outstanding capital stock	$	1,320,501,970
Represented by
Paid-in capital	$	1,223,190,024
Excess of distributions over net investment income		(683,147	)
Accumulated net realized loss		(147,344,275	)
Unrealized appreciation (depreciation) on:
Investments		247,594,779
Foreign currency translations		(8,729	)
Foreign capital gains tax		(2,246,682	)
Total — representing net assets applicable to outstanding capital stock	$	1,320,501,970

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

Annual Report 2016
15

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	244,190,382
Shares outstanding		24,436,389
Net asset value per share	$	9.99
Maximum offering price per share(a)	$	10.60
Class B
Net assets	$	1,408,135
Shares outstanding		147,849
Net asset value per share	$	9.52
Class C
Net assets	$	19,418,736
Shares outstanding		2,035,556
Net asset value per share	$	9.54
Class I
Net assets	$	206,575,450
Shares outstanding		20,405,109
Net asset value per share	$	10.12
Class K
Net assets	$	78,878
Shares outstanding		7,859
Net asset value per share	$	10.04
Class R
Net assets	$	9,683,464
Shares outstanding		978,853
Net asset value per share	$	9.89
Class R4
Net assets	$	2,205,374
Shares outstanding		217,465
Net asset value per share	$	10.14
Class R5
Net assets	$	113,041,253
Shares outstanding		11,166,176
Net asset value per share	$	10.12
Class W
Net assets	$	54,785,391
Shares outstanding		5,485,060
Net asset value per share	$	9.99
Class Y
Net assets	$	22,103,990
Shares outstanding		2,173,927
Net asset value per share	$	10.17
Class Z
Net assets	$	647,010,917
Shares outstanding		64,234,301
Net asset value per share	$	10.07

(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 2016
16

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	19,503,822
Dividends — affiliated issuers		89,195
Interest		59
Foreign taxes withheld		(2,326,516	)
Total income		17,266,560
Expenses:
Management services fees		12,557,771
Distribution and/or service fees
Class A		580,051
Class B		18,344
Class C		190,994
Class R		40,367
Class W		20,750
Transfer agent fees
Class A		476,858
Class B		3,841
Class C		39,336
Class K		42
Class R		16,472
Class R4		3,645
Class R5		38,833
Class W		14,039
Class Z		1,252,913
Plan administration fees
Class K		209
Compensation of board members		36,980
Custodian fees		474,912
Printing and postage fees		138,453
Registration fees		159,610
Audit fees		63,453
Legal fees		29,520
Line of credit interest expense		1,357
Chief compliance officer expenses		516
Other		199,671
Total expenses		16,358,937
Expense reductions		(1,812	)
Total net expenses		16,357,125
Net investment income		909,435
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(71,020,191	)
Foreign currency translations		(944,430	)
Net realized loss		(71,964,621	)
Net change in unrealized appreciation (depreciation) on:
Investments		233,130,998
Foreign currency translations		18,697
Foreign capital gains tax		(2,246,682	)
Net change in unrealized appreciation		230,903,013
Net realized and unrealized gain		158,938,392
Net increase in net assets resulting from operations	$	159,847,827

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

Annual Report 2016
17

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income	$	909,435		$	2,078,799
Net realized loss		(71,964,621	)		(71,138,936	)
Net change in unrealized appreciation (depreciation)		230,903,013			(235,621,986	)
Net increase (decrease) in net assets resulting from operations		159,847,827			(304,682,123	)
Distributions to shareholders
Net investment income
Class A		—			(10,564	)
Class I		—			(711,105	)
Class K		—			(370	)
Class R4		—			(836	)
Class R5		—			(15,205	)
Class W		—			(4	)
Class Y		—			(18,877	)
Class Z		—			(2,847,786	)
Total distributions to shareholders		—			(3,604,747	)
Decrease in net assets from capital stock activity		(23,495,888	)		(82,410,927	)
Total increase (decrease) in net assets		136,351,939			(390,697,797	)
Net assets at beginning of year		1,184,150,031			1,574,847,828
Net assets at end of year	$	1,320,501,970		$	1,184,150,031
Excess of distributions over net investment income	$	(683,147	)	$	(945,045	)

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

Annual Report 2016
18

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		3,327,630			29,799,138			3,874,794			39,633,768
Distributions reinvested		—			—			1,055			10,310
Redemptions		(6,077,207	)		(54,460,832	)		(5,404,992	)		(54,656,539	)
Net decrease		(2,749,577	)		(24,661,694	)		(1,529,143	)		(15,012,461	)
Class B shares
Subscriptions		5,032			44,437			7,828			77,258
Redemptions(a)		(165,213	)		(1,395,472	)		(269,797	)		(2,655,593	)
Net decrease		(160,181	)		(1,351,035	)		(261,969	)		(2,578,335	)
Class C shares
Subscriptions		347,938			3,012,329			539,018			5,292,880
Redemptions		(733,050	)		(6,243,801	)		(676,372	)		(6,633,044	)
Net decrease		(385,112	)		(3,231,472	)		(137,354	)		(1,340,164	)
Class I shares
Subscriptions		8,846,505			81,000,588			2,050,692			20,687,009
Distributions reinvested		—			—			72,413			711,091
Redemptions		(3,042,209	)		(27,612,401	)		(1,198,281	)		(12,438,393	)
Net increase		5,804,296			53,388,187			924,824			8,959,707
Class K shares
Subscriptions		—			—			10			101
Distributions reinvested		—			—			37			365
Redemptions		(2,985	)		(25,916	)		(8,008	)		(82,348	)
Net decrease		(2,985	)		(25,916	)		(7,961	)		(81,882	)
Class R shares
Subscriptions		481,326			4,262,363			296,050			2,998,912
Redemptions		(304,670	)		(2,682,379	)		(250,445	)		(2,529,410	)
Net increase		176,656			1,579,984			45,605			469,502
Class R4 shares
Subscriptions		86,478			794,913			205,002			2,201,092
Distributions reinvested		—			—			84			829
Redemptions		(74,407	)		(686,169	)		(26,824	)		(271,603	)
Net increase		12,071			108,744			178,262			1,930,318
Class R5 shares
Subscriptions		11,363,469			101,539,595			1,876,656			19,546,076
Distributions reinvested		—			—			1,547			15,205
Redemptions		(2,177,212	)		(19,945,951	)		(177,693	)		(1,777,242	)
Net increase		9,186,257			81,593,644			1,700,510			17,784,039

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

Annual Report 2016
19

COLUMBIA EMERGING MARKETS FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		5,749,024			53,044,085			—			—
Distributions reinvested		—			—			—			4
Redemptions		(270,509	)		(2,678,741	)		(5,654	)		(54,765	)
Net increase (decrease)		5,478,515			50,365,344			(5,654	)		(54,761	)
Class Y shares
Subscriptions		2,219,755			19,740,788			318,963			3,269,168
Distributions reinvested		—			—			1,913			18,865
Redemptions		(646,966	)		(5,849,048	)		(93,927	)		(940,649	)
Net increase		1,572,789			13,891,740			226,949			2,347,384
Class Z shares
Subscriptions		19,741,973			177,835,783			43,726,071			446,533,740
Distributions reinvested		—			—			22,101			216,800
Redemptions		(41,608,748	)		(372,989,197	)		(53,999,466	)		(541,584,814	)
Net decrease		(21,866,775	)		(195,153,414	)		(10,251,294	)		(94,834,274	)
Total net decrease		(2,934,046	)		(23,495,888	)		(9,117,225	)		(82,410,927	)

(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 2016
20

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total 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 March 31,
Class A	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.79		$	10.94		$	9.13		$	9.08		$	10.01		$	11.48
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.01	)		0.14			0.05			0.05
Net realized and unrealized gain (loss)		1.21			(2.14	)		1.84			(0.05	)		(0.55	)		(0.95	)
Total from investment operations		1.20			(2.15	)		1.83			0.09			(0.50	)		(0.90	)
Less distributions to shareholders:
Net investment income		—			(0.00	)(b)		(0.02	)		(0.04	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			(0.00	)(b)		(0.02	)		(0.04	)		(0.43	)		(0.57	)
Redemption fees:
Net asset value, end of period	$	9.99		$	8.79		$	10.94		$	9.13		$	9.08		$	10.01
Total return		13.65	%		(19.65	%)		20.01	%		0.98	%		(4.80	%)		(8.06	%)
Ratios to average net assets(c)
Total gross expenses		1.67	%(d)		1.62	%(d)		1.67	%(d)		1.76	%		2.08	%(e)		2.08	%(d)
Total net expenses(f)		1.67	%(d)(g)		1.62	%(d)(g)		1.67	%(d)(g)		1.75	%(g)		1.92	%(e)(g)		1.87	%(d)(g)
Net investment income (loss)		(0.16	%)		(0.07	%)		(0.07	%)		1.42	%		1.41	%(e)		0.54	%
Supplemental data
Net assets, end of period (in thousands)	$	244,190		$	238,932		$	314,231		$	300,601		$	11,177		$	12,260
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
21

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	8.44		$	10.59		$	8.89		$	10.17
Income from investment operations:
Net investment income (loss)		(0.09	)		(0.10	)		(0.09	)		0.04
Net realized and unrealized gain (loss)		1.17			(2.05	)		1.79			(1.32	)
Total from investment operations		1.08			(2.15	)		1.70			(1.28	)
Net asset value, end of period	$	9.52		$	8.44		$	10.59		$	8.89
Total return		12.80	%		(20.30	%)		19.12	%		(12.59	%)
Ratios to average net assets(b)
Total gross expenses		2.43	%(c)		2.37	%(c)		2.42	%(c)		2.49	%(d)
Total net expenses(e)		2.43	%(c)(f)		2.37	%(c)(f)		2.42	%(c)(f)		2.49	%(d)(f)
Net investment income (loss)		(1.03	%)		(0.96	%)		(0.89	%)		0.81	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,408		$	2,600		$	6,035		$	8,713
Portfolio turnover		81	%		76	%		80	%		81	%

Notes to Financial Highlights

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

(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.

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

(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 2016
22

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class C	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.45		$	10.60		$	8.90		$	8.89		$	9.84		$	11.39
Income from investment operations:
Net investment income (loss)		(0.08	)		(0.08	)		(0.08	)		0.05			0.02			(0.03	)
Net realized and unrealized gain (loss)		1.17			(2.07	)		1.78			(0.03	)		(0.54	)		(0.95	)
Total from investment operations		1.09			(2.15	)		1.70			0.02			(0.52	)		(0.98	)
Less distributions to shareholders:
Net investment income		—			—			—			(0.01	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			—			—			(0.01	)		(0.43	)		(0.57	)
Redemption fees:
Net asset value, end of period	$	9.54		$	8.45		$	10.60		$	8.90		$	8.89		$	9.84
Total return		12.90	%		(20.28	%)		19.10	%		0.26	%		(5.09	%)		(8.86	%)
Ratios to average net assets(b)
Total gross expenses		2.42	%(c)		2.37	%(c)		2.42	%(c)		2.53	%		2.83	%(d)		2.83	%(c)
Total net expenses(e)		2.42	%(c)(f)		2.37	%(c)(f)		2.42	%(c)(f)		2.50	%(f)		2.67	%(d)(f)		2.62	%(c)(f)
Net investment income (loss)		(0.92	%)		(0.83	%)		(0.81	%)		0.49	%		0.65	%(d)		(0.27	%)
Supplemental data
Net assets, end of period (in thousands)	$	19,419		$	20,462		$	27,126		$	23,756		$	2,820		$	2,879
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  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.

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

(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 2016
23

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class I	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.86		$	11.04		$	9.21		$	9.13		$	10.04		$	11.48
Income from investment operations:
Net investment income		0.04			0.04			0.03			0.08			0.07			0.06
Net realized and unrealized gain (loss)		1.22			(2.17	)		1.86			0.06	(b)		(0.55	)		(0.93	)
Total from investment operations		1.26			(2.13	)		1.89			0.14			(0.48	)		(0.87	)
Less distributions to shareholders:
Net investment income		—			(0.05	)		(0.06	)		(0.06	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			(0.05	)		(0.06	)		(0.06	)		(0.43	)		(0.57	)
Net asset value, end of period	$	10.12		$	8.86		$	11.04		$	9.21		$	9.13		$	10.04
Total return		14.22	%		(19.33	%)		20.60	%		1.47	%		(4.58	%)		(7.79	%)
Ratios to average net assets(c)
Total gross expenses		1.21	%(d)		1.15	%(d)		1.18	%(d)		1.37	%		1.53	%(e)		1.56	%(d)
Total net expenses(f)		1.21	%(d)		1.15	%(d)		1.18	%(d)		1.29	%		1.48	%(e)		1.51	%(d)
Net investment income		0.40	%		0.42	%		0.34	%		0.75	%		1.86	%(e)		0.65	%
Supplemental data
Net assets, end of period (in thousands)	$	206,575		$	129,430		$	151,003		$	184,937		$	239,618		$	214,524
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  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.

(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)  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 2016
24

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class K	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	8.82		$	10.98		$	9.17		$	10.44
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.00	)(b)		0.11
Net realized and unrealized gain (loss)		1.23			(2.13	)		1.85			(1.38	)
Total from investment operations		1.22			(2.14	)		1.85			(1.27	)
Less distributions to shareholders:
Net investment income		—			(0.02	)		(0.04	)		—
Total distributions to shareholders		—			(0.02	)		(0.04	)		—
Net asset value, end of period	$	10.04		$	8.82		$	10.98		$	9.17
Total return		13.83	%		(19.50	%)		20.21	%		(12.16	%)
Ratios to average net assets(c)
Total gross expenses		1.52	%(d)		1.44	%(d)		1.47	%(d)		1.51	%(e)
Total net expenses(f)		1.52	%(d)		1.44	%(d)		1.47	%(d)		1.51	%(e)
Net investment income (loss)		(0.07	%)		(0.06	%)		(0.04	%)		2.21	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	79		$	96		$	206		$	506
Portfolio turnover		81	%		76	%		80	%		81	%

Notes to Financial Highlights

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

(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)  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 2016
25

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class R	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.72		$	10.89		$	9.09		$	9.06		$	9.99		$	11.49
Income from investment operations:
Net investment income (loss)		(0.03	)		(0.03	)		(0.03	)		0.11			0.04			(0.06	)
Net realized and unrealized gain (loss)		1.20			(2.14	)		1.83			(0.05	)		(0.54	)		(0.87	)
Total from investment operations		1.17			(2.17	)		1.80			0.06			(0.50	)		(0.93	)
Less distributions to shareholders:
Net investment income		—			—			—			(0.03	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			—			—			(0.03	)		(0.43	)		(0.57	)
Net asset value, end of period	$	9.89		$	8.72		$	10.89		$	9.09		$	9.06		$	9.99
Total return		13.42	%		(19.93	%)		19.80	%		0.67	%		(4.81	%)		(8.32	%)
Ratios to average net assets(b)
Total gross expenses		1.92	%(c)		1.87	%(c)		1.91	%(c)		2.02	%		2.33	%(d)		2.37	%(c)
Total net expenses(e)		1.92	%(c)(f)		1.87	%(c)(f)		1.91	%(c)(f)		2.00	%(f)		2.17	%(d)(f)		2.20	%(c)(f)
Net investment income (loss)		(0.37	%)		(0.30	%)		(0.26	%)		1.09	%		1.15	%(d)		(0.58	%)
Supplemental data
Net assets, end of period (in thousands)	$	9,683		$	6,997		$	8,237		$	5,863		$	491		$	514
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  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.

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

(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 2016
26

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	8.90		$	11.08		$	9.24		$	10.42
Income from investment operations:
Net investment income		0.01			0.09			0.04			0.06
Net realized and unrealized gain (loss)		1.23			(2.24	)		1.84			(1.24	)
Total from investment operations		1.24			(2.15	)		1.88			(1.18	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		(0.04	)		—
Total distributions to shareholders		—			(0.03	)		(0.04	)		—
Net asset value, end of period	$	10.14		$	8.90		$	11.08		$	9.24
Total return		13.93	%		(19.45	%)		20.36	%		(11.32	%)
Ratios to average net assets(b)
Total gross expenses		1.42	%(c)		1.39	%(c)		1.41	%(c)		1.54	%(d)
Total net expenses(e)		1.42	%(c)(f)		1.39	%(c)(f)		1.41	%(c)(f)		1.53	%(d)(f)
Net investment income		0.13	%		0.91	%		0.35	%		1.31	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	2,205		$	1,827		$	301		$	37
Portfolio turnover		81	%		76	%		80	%		81	%

Notes to Financial Highlights

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

(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.

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

(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 2016
27

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	8.87		$	11.05		$	9.22		$	9.72
Income from investment operations:
Net investment income		0.05			0.11			0.05			0.13
Net realized and unrealized gain (loss)		1.20			(2.24	)		1.84			(0.57	)
Total from investment operations		1.25			(2.13	)		1.89			(0.44	)
Less distributions to shareholders:
Net investment income		—			(0.05	)		(0.06	)		(0.06	)
Total distributions to shareholders		—			(0.05	)		(0.06	)		(0.06	)
Net asset value, end of period	$	10.12		$	8.87		$	11.05		$	9.22
Total return		14.09	%		(19.35	%)		20.58	%		(4.60	%)
Ratios to average net assets(b)
Total gross expenses		1.26	%(c)		1.21	%(c)		1.22	%(c)		1.32	%(d)
Total net expenses(e)		1.26	%(c)		1.21	%(c)		1.22	%(c)		1.29	%(d)
Net investment income		0.54	%		1.08	%		0.46	%		1.65	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	113,041		$	17,559		$	3,087		$	1,381
Portfolio turnover		81	%		76	%		80	%		81	%

Notes to Financial Highlights

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

(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.

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

(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.

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

Annual Report 2016
28

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class W	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.78		$	10.94		$	9.13		$	9.07		$	10.00		$	11.48
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.07	)		0.02			0.05			0.07
Net realized and unrealized gain (loss)		1.23			(2.14	)		1.89			0.08	(b)		(0.55	)		(0.98	)
Total from investment operations		1.21			(2.16	)		1.82			0.10			(0.50	)		(0.91	)
Less distributions to shareholders:
Net investment income		—			(0.00	)(c)		(0.01	)		(0.04	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			(0.00	)(c)		(0.01	)		(0.04	)		(0.43	)		(0.57	)
Net asset value, end of period	$	9.99		$	8.78		$	10.94		$	9.13		$	9.07		$	10.00
Total return		13.78	%		(19.74	%)		19.98	%		1.09	%		(4.81	%)		(8.15	%)
Ratios to average net assets(d)
Total gross expenses		1.67	%(e)		1.62	%(e)		1.67	%(e)		1.91	%		2.09	%(f)		2.09	%(e)
Total net expenses(g)		1.67	%(e)(h)		1.62	%(e)(h)		1.67	%(e)(h)		1.77	%(h)		1.92	%(f)(h)		1.85	%(e)(h)
Net investment income (loss)		(0.24	%)		(0.15	%)		(0.68	%)		0.25	%		1.41	%(f)		0.73	%
Supplemental data
Net assets, end of period (in thousands)	$	54,785		$	57		$	133		$	31,426		$	31,470		$	30,863
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  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.

(c)  Rounds to zero.

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

(f)  Annualized.

(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%.

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

Annual Report 2016
29

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	8.90		$	11.09		$	9.24		$	9.74
Income from investment operations:
Net investment income		0.05			0.05			0.06			0.09
Net realized and unrealized gain (loss)		1.22			(2.19	)		1.85			(0.53	)
Total from investment operations		1.27			(2.14	)		1.91			(0.44	)
Less distributions to shareholders:
Net investment income		—			(0.05	)		(0.06	)		(0.06	)
Total distributions to shareholders		—			(0.05	)		(0.06	)		(0.06	)
Net asset value, end of period	$	10.17		$	8.90		$	11.09		$	9.24
Total return		14.27	%		(19.34	%)		20.73	%		(4.57	%)
Ratios to average net assets(b)
Total gross expenses		1.20	%(c)		1.15	%(c)		1.19	%(c)		1.31	%(d)
Total net expenses(e)		1.20	%(c)		1.15	%(c)		1.19	%(c)		1.31	%(d)
Net investment income		0.58	%		0.46	%		0.56	%		1.16	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	22,104		$	5,351		$	4,148		$	465
Portfolio turnover		81	%		76	%		80	%		81	%

Notes to Financial Highlights

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

(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.

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

(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.

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

Annual Report 2016
30

COLUMBIA EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class Z	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	8.84		$	11.00		$	9.18		$	9.11		$	10.03		$	11.49
Income from investment operations:
Net investment income		0.01			0.02			0.03			0.09			0.06			0.09
Net realized and unrealized gain (loss)		1.22			(2.15	)		1.83			0.03	(b)		(0.55	)		(0.98	)
Total from investment operations		1.23			(2.13	)		1.86			0.12			(0.49	)		(0.89	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		(0.04	)		(0.05	)		—			—
Net realized gains		—			—			—			—			(0.43	)		(0.57	)
Total distributions to shareholders		—			(0.03	)		(0.04	)		(0.05	)		(0.43	)		(0.57	)
Redemption fees:
Net asset value, end of period	$	10.07		$	8.84		$	11.00		$	9.18		$	9.11		$	10.03
Total return		13.91	%		(19.41	%)		20.28	%		1.29	%		(4.69	%)		(7.96	%)
Ratios to average net assets(c)
Total gross expenses		1.42	%(d)		1.37	%(d)		1.41	%(d)		1.60	%		1.83	%(e)		1.83	%(d)
Total net expenses(f)		1.42	%(d)(g)		1.37	%(d)(g)		1.41	%(d)(g)		1.52	%(g)		1.67	%(e)(g)		1.61	%(d)(g)
Net investment income		0.07	%		0.18	%		0.25	%		0.94	%		1.65	%(e)		0.87	%
Supplemental data
Net assets, end of period (in thousands)	$	647,011		$	760,839		$	1,060,340		$	646,228		$	174,554		$	206,451
Portfolio turnover		81	%		76	%		80	%		81	%		35	%		117	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  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.

(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)  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 2016
31

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Emerging Markets Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. 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 12 months 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 W shares are not subject to sales charges and are generally 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 generally 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

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

Annual Report 2016
32

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 on any given day. 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 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

Annual Report 2016
33

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its

current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 1.18% to 0.72% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative

Annual Report 2016
34

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 1.12% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $3,910,352, and the administrative services fee paid to the Investment Manager was $292,437.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016 the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.21	%
Class B	0.21
Class C	0.21
Class K	0.05
Class R	0.20
Class R4	0.20
Class R5	0.05
Class W	0.21
Class Z	0.21

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At August 31, 2016, the Fund's total potential future obligation over the life of the Guaranty is $36,397. The liability remaining at August 31, 2016 for non-recurring charges associated with the lease amounted to $20,692 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

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

Annual Report 2016
35

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

expense reductions in the Statement of Operations. For the year ended August 31, 2016, these minimum account balance fees reduced total expenses of the Fund by $1,812.

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 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.

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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $145,083 for Class A, $94 for Class B and $846 for Class C shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.75	%		1.74	%
Class B		2.50			2.49
Class C		2.50			2.49
Class I		1.32			1.33
Class K		1.62			1.63
Class R		2.00			1.99
Class R4		1.50			1.49
Class R5		1.37			1.38
Class W		1.75			1.74
Class Y		1.32			1.33
Class Z		1.50			1.49

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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

Annual Report 2016
36

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

At August 31, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign capital gains tax, foreign currency transactions, passive foreign investment company (PFIC) holdings, excess distributions and late-year ordinary losses. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$	(647,537	)
Accumulated net realized loss		1,914,317
Paid-in capital		(1,266,780	)

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,	2016		2015
Ordinary income	$	—	$	3,319,253
Long-term capital gains		—		285,494
Total	$	—	$	3,604,747

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Capital loss carryforwards	$	(146,153,490	)
Net unrealized appreciation		245,947,080

At August 31, 2016, the cost of investments for federal income tax purposes was $1,079,114,888 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	269,670,081
Unrealized depreciation		(23,723,001	)
Net unrealized appreciation	$	245,947,080

The following capital loss carryforwards, determined at August 31, 2016, 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 ($)
No expiration — short-term		113,253,752
No expiration — long-term		32,899,738
Total		146,153,490

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat late-year ordinary losses of $170,257 as arising on September 1, 2016.

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 $898,417,334 and $938,409,216, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions

Annual Report 2016
37

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

(sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

For the year ended August 31, 2016, the average daily loan balance outstanding on days when borrowing existed was $3,780,000 at a weighted average interest rate of 1.34%. Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, one unaffiliated shareholder of record owned 41.2% 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 34.9% 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.

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

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 2016
38

COLUMBIA EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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 Securities and Exchange Commission (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 2016
39

COLUMBIA EMERGING MARKETS FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Emerging Markets Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Emerging Markets Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

Annual Report 2016
40

COLUMBIA EMERGING MARKETS FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Foreign Taxes Paid	$	3,296,198
Foreign Taxes Paid Per Share	$	0.03
Foreign Source Income	$	19,503,882
Foreign Source Income Per Share	$	0.15

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 2016
41

COLUMBIA EMERGING MARKETS FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None

Annual Report 2016
42

COLUMBIA EMERGING MARKETS FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
43

COLUMBIA EMERGING MARKETS FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Annual Report 2016
44

COLUMBIA EMERGING MARKETS FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016
45

COLUMBIA EMERGING MARKETS FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
46

COLUMBIA EMERGING MARKETS FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Emerging Markets Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
47

COLUMBIA EMERGING MARKETS FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the twenty-sixth, forty-first and twenty-fifth 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

Annual Report 2016
48

COLUMBIA EMERGING MARKETS FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are ranked in the fourth 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.

The Committee and the Board also received and considered information about the management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2016
49

COLUMBIA EMERGING MARKETS FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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's affiliates to provide distribution and transfer 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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
50

COLUMBIA EMERGING MARKETS FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
51

Columbia Emerging Markets Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN142_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

Performance Overview		3
Manager Discussion of Fund Performance		5
Understanding Your Fund's Expenses		8
Portfolio of Investments		9
Statement of Assets and Liabilities		13
Statement of Operations	��	15
Statement of Changes in Net Assets		16
Financial Highlights		19
Notes to Financial Statements		28
Report of Independent Registered Public Accounting Firm		37
Trustees and Officers		38
Board Consideration and Approval of Management Agreement		43
Important Information About This Report		47

Annual Report 2016

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Global Energy and Natural Resources Fund (the Fund) Class A shares returned 5.54%, excluding sales charges, for the 12-month period that ended August 31, 2016.

n  During the same time period, the Fund underperformed its Blended Index, which returned 7.99%, as well as the S&P North American Natural Resources Sector Index, which returned 8.24%.

n  A slight underperformance in energy was partially offset by outperformance from the Fund's holdings in the materials sector.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			5.54		-2.47		0.69
Including sales charges			-0.53		-3.62		0.10
Class B*	03/07/11
Excluding sales charges			4.75		-3.19		-0.15
Including sales charges			-0.25		-3.54		-0.15
Class C*	09/28/07
Excluding sales charges			4.75		-3.20		-0.04
Including sales charges			3.75		-3.20		-0.04
Class I*	09/27/10		6.08		-1.98		1.08
Class K*	03/07/11		5.75		-2.29		0.78
Class R*	09/27/10		5.24		-2.70		0.40
Class R4*	11/08/12		5.89		-2.21		0.94
Class R5*	11/08/12		5.99		-2.09		1.00
Class Z	12/31/92		5.86		-2.21		0.94
Blended Index			7.99		-0.75		1.82
S&P North American Natural Resources Sector Index			8.24		-1.43		2.18

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The Blended Benchmark, a weighted custom composite, established by the Investment Manager, consists of a 60% weighting in the MSCI World Energy Sector Index (Net) and a 40% weighting in the MSCI World Materials Sector Index (Net). The MSCI World Energy Sector Index is a free float-adjusted market capitalization weighted index that represents the energy segment in global developed market equity performance. The MSCI World Materials Sector Index is a free float-adjusted market capitalization weighted index that represents the materials segment in global developed-market equity performance.

The S&P North American Natural Resources Sector Index is a modified market capitalization-weighted equity index designed as a benchmark for U.S. traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper and owners of plantations.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI World Energy Sector Index (Net) and the MSCI World Materials Sector 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 2016
3

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
4

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 5.54% excluding sales charges. During the same time period, the Fund underperformed its Blended Index, which returned 7.99%, as well as the S&P North American Natural Resources Sector Index, which returned 8.24%. A slight underperformance in energy was partially offset by outperformance from the Fund's materials holdings.

Market Overview

Oil and natural gas prices rose during the period, but volatility masked some big moves within both. Domestic oil started the period at just under $50/barrel, fell into the $20s early in 2016, then rallied to just over $50 in June, after which the pattern was relatively sideways through the final months of the period. Oil prices were tested because of bloated inventories, increased OPEC production and, early in 2016, warmer weather. However, a decline in U.S. production helped strengthen the market for oil, and unplanned outages in Nigeria and forest fires in Canada and other parts of the world also helped tighten the supply/demand balance. Natural gas prices also were volatile, starting the period at approximately $2.70/cubic foot, falling below $2.00 in March then rallying to $2.90. The supply/demand outlook for natural gas brightened as a warmer summer materialized.

Certain commodity prices within the materials sector were also up strongly for the period. The price of gold took off after the U.K. vote to exit the European Union. Corn prices rallied early in the period, then pulled back. Iron ore traded all the way down to $40 in December then rallied up to approximately $70 in the spring of 2016.

Contributors and Detractors

A well-timed move away from more defensive energy stocks near the end of February 2016, especially within the exploration & production (E&P) segment, was the single biggest source of outperformance relative to the benchmark within energy holdings. An outsized position in Exxon also aided relative results. Exxon was one of the best individual contributors to Fund performance for the period. Positions in Devon Energy and Hess also added to Fund gains. However, these positive results were outweighed by underperformance among midstream energy holdings, where the Fund was overweight relative to the Blended Index. Mid-stream energy company business models proved to be more vulnerable than expected, as access to the capital markets seized up. In that regard, Kinder Morgan and Plains GP were particular disappointments. Kinder Morgan was forced to cut its dividend dramatically to shore up its financial situation. The company, which historically had depended on the capital markets to fund its growth, faced a potential credit rating downgrade. As a result, Kinder Morgan abandoned the model that had worked well for them in the past. The crisis of confidence that ensued spilled over to other parts of the industry and also affected Plains GP. The Fund also lost ground with positions in natural gas companies Williams Energy and Energy Transfer, whose proposed merger raised questions about how the deal would be funded. The prospect of increased debt for the combined

Portfolio Management

Josh Kapp, CFA

Jonathan Mogil, 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.

©2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Annual Report 2016
5

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Top Ten Holdings (%) (at August 31, 2016)
Exxon Mobil Corp. (United States)	11.1
Royal Dutch Shell PLC, Class A (United Kingdom)	5.4
BP PLC (United Kingdom)	4.1
Chevron Corp. (United States)	3.2
Schlumberger Ltd. (United States)	3.1
Dow Chemical Co. (The) (United States)	3.0
PPG Industries, Inc. (United States)	2.8
Suncor Energy, Inc. (Canada)	2.7
VanEck Vectors Gold Miners ETF (United States)	2.7
Eastman Chemical Co. (United States)	2.5

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

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

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

Country Breakdown (%) (at August 31, 2016)
Australia	0.5
Belgium	0.9
Canada	8.5
France	4.0
Germany	2.2
Ireland	0.3
Netherlands	2.5
Switzerland	1.2
United Kingdom	13.1
United States(a)	66.8
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.

The Fund may use place of organization/incorporation or other in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At August 31, 2016, the Fund invested 50.5% in foreign companies in accordance with its principal investment strategy.

(a) Includes investments in Money Market Funds and Exchange-Traded Funds.

company ruffled investors, and shares of both companies suffered sharp declines.

Materials stocks outperformed relative to the Blended Index, with particularly solid gains from chemical and metals and mining holdings. Within chemicals, Albemarle shares rallied as investors continued to gain an appreciation for the potential of lithium, used in electric vehicle batteries, and one of the company's key products. Within metals, domestic steel producer Steel Dynamics benefited from higher prices. An overweight in Eastman Chemical detracted from Fund results as competitive pressures increased.

Fund Positioning

Within energy, we made continuous adjustments to positioning. We reduced exposure to mid-stream companies, integrated oils and, to a lesser extent, independent refiners. We used the proceeds of these transactions to increase exposure to domestic E&P companies. Within materials, we added some risk to the Fund last year with the addition of cyclical names such as Alcoa and Steel Dynamics. That was a drag on performance early in 2016, but we more than made up for it as the stocks rallied later in the year. As valuations rose, we trimmed metals positions and added to names that we think offer a more reasonable combination of growth and value. Overall, we have incrementally shifted the Fund to a more middle ground, aiming to underweight stocks whose valuations, in our estimation, have grown rich, and cyclical commodity stocks, which have run up with rising commodity prices.

Annual Report 2016
6

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2016)
Energy	63.1
Materials	36.9
Total	100.0

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

Summary of Investments in Securities by Industry (%) (at August 31, 2016)
Chemicals	24.6
Construction Materials	0.6
Containers & Packaging	2.6
Diversified Financial Services	3.4
Energy Equipment & Services	6.2
Metals & Mining	7.4
Oil, Gas & Consumable Fuels	54.0
Money Market Funds	1.0
Total	99.8

Percentages indicated are based upon net assets. 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. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Issuers engaged in the energy and natural resources industry may be subject to legislative or regulatory changes, adverse market conditions and/or increased competition. The values of natural resources are affected by numerous factors including naturally occurring events, demand, inflation, interest rates, and local and international politics. As a non-diversified fund, fewer investments could have a greater effect on performance. See the Fund's prospectus for information on these and other risks.

Annual Report 2016
7

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,186.00		1,018.50		7.25		6.70		1.32
Class B		1,000.00		1,000.00		1,181.40		1,014.73		11.35		10.48		2.07
Class C		1,000.00		1,000.00		1,181.40		1,014.73		11.35		10.48		2.07
Class I		1,000.00		1,000.00		1,189.30		1,020.81		4.73		4.37		0.86
Class K		1,000.00		1,000.00		1,186.40		1,019.25		6.43		5.94		1.17
Class R		1,000.00		1,000.00		1,184.10		1,017.24		8.62		7.96		1.57
Class R4		1,000.00		1,000.00		1,187.90		1,019.76		5.88		5.43		1.07
Class R5		1,000.00		1,000.00		1,188.60		1,020.56		5.01		4.62		0.91
Class Z		1,000.00		1,000.00		1,187.50		1,019.76		5.88		5.43		1.07

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

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.

Annual Report 2016
8

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 93.9%

Issuer	Shares		Value ($)
AUSTRALIA 0.4%
Tronox Ltd., Class A		122,397		1,117,485
BELGIUM 0.9%
Solvay SA		20,137		2,210,468
CANADA 8.5%
Canadian Natural Resources Ltd.		122,511		3,804,997
Canadian Natural Resources Ltd.		53,638		1,665,460
Enbridge, Inc.		32,716		1,290,279
First Quantum Minerals Ltd.		143,277		1,085,995
Methanex Corp.		39,473		1,144,717
Silver Wheaton Corp.		52,617		1,332,789
Suncor Energy, Inc.		244,241		6,622,853
Suncor Energy, Inc.		44,806		1,214,691
Tourmaline Oil Corp.(a)		45,200		1,271,142
TransCanada Corp.		31,372		1,422,672
Total				20,855,595
FRANCE 4.0%
Air Liquide SA		20,963		2,299,268
Arkema SA		21,740		1,940,719
Total SA		118,263		5,639,430
Total				9,879,417
GERMANY 2.2%
BASF SE		67,288		5,471,612
IRELAND 0.3%
Weatherford International PLC(a)		137,357		751,343
NETHERLANDS 2.5%
Akzo Nobel NV		48,387		3,269,702
LyondellBasell Industries NV, Class A		36,541		2,882,719
Total				6,152,421
SWITZERLAND 1.2%
Clariant AG, Registered Shares		93,778		1,633,284
LafargeHolcim Ltd.		26,002		1,376,672
Total				3,009,956
UNITED KINGDOM 13.1%
BP PLC		1,787,458		10,043,666
BP PLC, ADR		8,173		276,738

Common Stocks (continued)

Issuer	Shares		Value ($)
Cairn Energy PLC(a)		326,376		795,874
Ophir Energy PLC(a)		289,714		280,573
Randgold Resources Ltd.		20,286		1,904,656
Rio Tinto PLC		192,021		5,802,023
Rio Tinto PLC, ADR		139		4,193
Royal Dutch Shell PLC, Class A		538,969		13,167,629
Total				32,275,352
UNITED STATES 60.8%
Albemarle Corp.		45,117		3,608,007
Alcoa, Inc.		223,364		2,251,509
Anadarko Petroleum Corp.		81,593		4,362,778
Atwood Oceanics, Inc.		32,750		258,725
Baker Hughes, Inc.		29,855		1,466,776
Cabot Oil & Gas Corp.		62,152		1,530,804
Cheniere Energy, Inc.(a)		14,572		625,139
Chevron Corp.		77,529		7,797,867
Cimarex Energy Co.		10,926		1,444,199
Cobalt International Energy, Inc.(a)		93,096		111,715
ConocoPhillips		55,900		2,294,695
Continental Resources, Inc.(a)		23,545		1,129,218
Delek U.S. Holdings, Inc.		27,355		480,080
Devon Energy Corp.		107,230		4,646,276
Dow Chemical Co. (The)		134,938		7,238,074
Eastman Chemical Co.		89,206		6,056,195
EI du Pont de Nemours & Co.		56,359		3,922,586
EOG Resources, Inc.		37,239		3,295,279
EQT Corp.		26,359		1,884,669
Exxon Mobil Corp.		311,535		27,147,160
FMC Technologies, Inc.(a)		28,882		814,472
Halliburton Co.		87,085		3,745,526
Hess Corp.		47,593		2,584,300
International Paper Co.		44,775		2,171,140
Kinder Morgan, Inc.		179,957		3,932,060
Marathon Petroleum Corp.		36,734		1,561,562
Monsanto Co.		27,668		2,946,642
Mosaic Co. (The)		93,713		2,817,950
Noble Energy, Inc.		74,437		2,566,588
Nucor Corp.		51,970		2,521,065

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

Annual Report 2016
9

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Occidental Petroleum Corp.		77,396		5,947,883
Patterson-UTI Energy, Inc.		39,368		767,282
PBF Energy, Inc., Class A		21,407		468,813
Phillips 66		36,080		2,830,476
PPG Industries, Inc.		64,712		6,851,707
Praxair, Inc.		43,559		5,315,940
Schlumberger Ltd.		94,520		7,467,080
Sealed Air Corp.		88,653		4,178,216
Spectra Energy Corp.		29,987		1,068,137
Steel Dynamics, Inc.		137,408		3,382,985
Tesoro Corp.		7,974		601,399
Valero Energy Corp.		50,247		2,781,171
Williams Companies, Inc. (The)		34,573		965,970
Total				149,840,115
Total Common Stocks (Cost: $226,404,621)				231,563,764
Exchange-Traded Funds 3.4%
	Shares		Value ($)
Energy Select Sector SPDR Fund		14,581		999,382
Materials Select Sector SPDR Fund		15,787		767,564
VanEck Vectors Gold Miners ETF		258,082		6,568,187
Total Exchange-Traded Funds (Cost: $5,428,059)				8,335,133

Warrants —%

Issuer	Shares		Value ($)
UNITED STATES —%
Kinder Morgan, Inc.(a)		271,934		5,167
Total Warrants (Cost: $1,384,619)				5,167
Limited Partnerships 1.5%
UNITED STATES 1.5%
Enterprise Products Partners LP		60,663		1,601,503
PBF Logistics LP		42,440		861,108
Plains GP Holdings LP, Class A		104,704		1,191,531
Total				3,654,142
Total Limited Partnerships (Cost: $4,503,377)				3,654,142
Money Market Funds 1.0%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		2,417,147		2,417,147
Total Money Market Funds (Cost: $2,417,147)				2,417,147
Total Investments (Cost: $240,137,823)				245,975,353
Other Assets & Liabilities, Net				497,953
Net Assets				246,473,306

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		5,919,492		74,700,000		(78,202,345	)		2,417,147		11,764		2,417,147

Abbreviation Legend

ADR  American Depositary Receipt

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

Annual Report 2016
10

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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).

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
11

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		1,117,485		—		—		1,117,485
Belgium		—		2,210,468		—		2,210,468
Canada		20,855,595		—		—		20,855,595
France		—		9,879,417		—		9,879,417
Germany		—		5,471,612		—		5,471,612
Ireland		751,343		—		—		751,343
Netherlands		2,882,719		3,269,702		—		6,152,421
Switzerland		—		3,009,956		—		3,009,956
United Kingdom		280,931		31,994,421		—		32,275,352
United States		149,840,115		—		—		149,840,115
Total Common Stocks		175,728,188		55,835,576		—		231,563,764
Exchange-Traded Funds		8,335,133		—		—		8,335,133
Warrants
United States		5,167		—		—		5,167
Limited Partnerships
United States		3,654,142		—		—		3,654,142
Money Market Funds		—		—		—		2,417,147
Total Investments		187,722,630		55,835,576		—		245,975,353

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.

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
12

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $237,720,676)	$	243,558,206
Affiliated issuers (identified cost $2,417,147)		2,417,147
Total investments (identified cost $240,137,823)		245,975,353
Receivable for:
Capital shares sold		139,896
Dividends		1,034,163
Foreign tax reclaims		83,897
Prepaid expenses		2,218
Trustees' deferred compensation plan		39,238
Total assets		247,274,765
Liabilities
Payable for:
Capital shares purchased		664,025
Management services fees		5,132
Distribution and/or service fees		1,228
Transfer agent fees		37,011
Plan administration fees		1
Compensation of board members		191
Chief compliance officer expenses		20
Other expenses		54,613
Trustees' deferred compensation plan		39,238
Total liabilities		801,459
Net assets applicable to outstanding capital stock	$	246,473,306
Represented by
Paid-in capital	$	270,167,692
Undistributed net investment income		860,749
Accumulated net realized loss		(30,393,061	)
Unrealized appreciation (depreciation) on:
Investments		5,837,530
Foreign currency translations		396
Total — representing net assets applicable to outstanding capital stock	$	246,473,306

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

Annual Report 2016
13

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	98,565,991
Shares outstanding		5,876,091
Net asset value per share	$	16.77
Maximum offering price per share(a)	$	17.79
Class B
Net assets	$	552,377
Shares outstanding		34,764
Net asset value per share	$	15.89
Class C
Net assets	$	15,456,616
Shares outstanding		972,510
Net asset value per share	$	15.89
Class I
Net assets	$	18,169,549
Shares outstanding		1,063,258
Net asset value per share	$	17.09
Class K
Net assets	$	5,279
Shares outstanding		312
Net asset value per share(b)	$	16.93
Class R
Net assets	$	7,031,338
Shares outstanding		421,988
Net asset value per share	$	16.66
Class R4
Net assets	$	7,890,105
Shares outstanding		457,239
Net asset value per share	$	17.26
Class R5
Net assets	$	6,557,516
Shares outstanding		378,315
Net asset value per share	$	17.33
Class Z
Net assets	$	92,244,535
Shares outstanding		5,436,863
Net asset value per share	$	16.97

(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 2016
14

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	8,376,052
Dividends — affiliated issuers		11,764
Foreign taxes withheld		(326,139	)
Total income		8,061,677
Expenses:
Management services fees		1,773,856
Distribution and/or service fees
Class A		227,547
Class B		6,868
Class C		146,575
Class R		24,563
Transfer agent fees
Class A		204,225
Class B		1,554
Class C		32,980
Class K		2
Class R		10,958
Class R4		15,454
Class R5		2,629
Class Z		204,234
Plan administration fees
Class K		12
Compensation of board members		20,073
Custodian fees		21,732
Printing and postage fees		52,161
Registration fees		113,547
Audit fees		30,103
Legal fees		6,345
Chief compliance officer expenses		112
Other		14,451
Total expenses		2,909,981
Expense reductions		(1,980	)
Total net expenses		2,908,001
Net investment income		5,153,676
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(26,750,709	)
Foreign currency translations		(113,064	)
Forward foreign currency exchange contracts		315,232
Net realized loss		(26,548,541	)
Net change in unrealized appreciation (depreciation) on:
Investments		34,210,844
Foreign currency translations		14,754
Net change in unrealized appreciation		34,225,598
Net realized and unrealized gain		7,677,057
Net increase in net assets resulting from operations	$	12,830,733

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

Annual Report 2016
15

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income	$	5,153,676		$	4,830,137
Net realized loss		(26,548,541	)		(7,392,937	)
Net change in unrealized appreciation (depreciation)		34,225,598			(113,433,870	)
Net increase (decrease) in net assets resulting from operations		12,830,733			(115,996,670	)
Distributions to shareholders
Net investment income
Net realized gains
Class A		—			(6,713,299	)
Class B		—			(122,869	)
Class C		—			(1,012,641	)
Class I		—			(2,383,969	)
Class K		—			(558	)
Class R		—			(153,897	)
Class R4		—			(640,129	)
Class R5		—			(284,327	)
Class Z		—			(9,288,249	)
Total distributions to shareholders		—			(20,599,938	)
Increase (decrease) in net assets from capital stock activity		(17,630,870	)		939,387
Total decrease in net assets		(4,800,137	)		(135,657,221	)
Net assets at beginning of year		251,273,443			386,930,664
Net assets at end of year	$	246,473,306		$	251,273,443
Undistributed (excess of distributions over) net investment income	$	860,749		$	(4,297,035	)

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

Annual Report 2016
16

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		3,378,861			52,411,407			1,789,737			33,413,364
Distributions reinvested		—			—			375,496			6,544,893
Redemptions		(2,922,740	)		(45,992,961	)		(1,977,843	)		(38,846,445	)
Net increase		456,121			6,418,446			187,390			1,111,812
Class B shares
Subscriptions		1,852			25,884			6,165			108,825
Distributions reinvested		—			—			6,765			113,113
Redemptions(a)		(32,123	)		(472,365	)		(45,257	)		(823,555	)
Net decrease		(30,271	)		(446,481	)		(32,327	)		(601,617	)
Class C shares
Subscriptions		288,730			4,167,002			431,553			7,524,091
Distributions reinvested		—			—			55,511			928,699
Redemptions		(267,212	)		(3,907,041	)		(230,818	)		(4,108,184	)
Net increase		21,518			259,961			256,246			4,344,606
Class I shares
Subscriptions		35,261			597,289			446,103			7,956,038
Distributions reinvested		—			—			135,365			2,383,782
Redemptions		(1,184,581	)		(17,912,630	)		(24,829	)		(439,951	)
Net increase (decrease)		(1,149,320	)		(17,315,341	)		556,639			9,899,869
Class K shares
Distributions reinvested		—			—			23			396
Redemptions		—			—			(2,867	)		(58,913	)
Net (decrease)		—			—			(2,844	)		(58,517	)
Class R shares
Subscriptions		372,218			5,735,638			121,559			2,260,130
Distributions reinvested		—			—			8,850			153,897
Redemptions		(142,602	)		(2,252,951	)		(63,594	)		(1,292,285	)
Net increase		229,616			3,482,687			66,815			1,121,742
Class R4 shares
Subscriptions		495,439			7,828,276			196,943			3,790,078
Distributions reinvested		—			—			35,853			639,975
Redemptions		(479,252	)		(7,592,219	)		(297,272	)		(5,758,896	)
Net increase (decrease)		16,187			236,057			(64,476	)		(1,328,843	)

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

Annual Report 2016
17

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		235,771			3,731,941			149,922			2,869,278
Distributions reinvested		—			—			15,893			284,174
Redemptions		(161,916	)		(2,537,219	)		(40,616	)		(793,010	)
Net increase		73,855			1,194,722			125,199			2,360,442
Class Z shares
Subscriptions		840,334			12,757,609			1,030,962			19,595,090
Distributions reinvested		—			—			507,374			8,904,420
Redemptions		(1,569,013	)		(24,218,530	)		(2,328,664	)		(44,409,617	)
Net decrease		(728,679	)		(11,460,921	)		(790,328	)		(15,910,107	)
Total net increase (decrease)		(1,110,973	)		(17,630,870	)		302,314			939,387

(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 2016
18

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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 March 31,
Class A	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	15.89		$	24.98		$	21.07		$	20.04		$	20.89		$	25.57
Income from investment operations:
Net investment income		0.32			0.29			0.26			0.24			0.06			0.05
Net realized and unrealized gain (loss)		0.56			(7.95	)		4.10			0.87			(0.88	)		(4.32	)
Total from investment operations		0.88			(7.66	)		4.36			1.11			(0.82	)		(4.27	)
Less distributions to shareholders:
Net investment income		—			—			(0.14	)		(0.08	)		(0.03	)		(0.05	)
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.45	)		(0.08	)		(0.03	)		(0.41	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	16.77		$	15.89		$	24.98		$	21.07		$	20.04		$	20.89
Total return		5.54	%		(31.16	%)		21.00	%		5.54	%		(3.90	%)		(16.64	%)
Ratios to average net assets(c)
Total gross expenses		1.33	%		1.32	%		1.30	%		1.32	%(d)		1.34	%(e)		1.28	%(d)
Total net expenses(f)		1.33	%(g)		1.32	%(g)		1.30	%(g)		1.32	%(d)(g)		1.34	%(e)(g)		1.28	%(d)(g)
Net investment income		2.06	%		1.48	%		1.13	%		1.17	%		0.79	%(e)		0.21	%
Supplemental data
Net assets, end of period (in thousands)	$	98,566		$	86,133		$	130,692		$	110,896		$	123,271		$	145,298
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
19

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class B	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	15.17		$	24.10		$	20.35		$	19.44		$	20.29		$	24.96
Income from investment operations:
Net investment income (loss)		0.20			0.12			0.08			0.08			(0.00	)(b)		(0.11	)
Net realized and unrealized gain (loss)		0.52			(7.62	)		3.98			0.83			(0.85	)		(4.20	)
Total from investment operations		0.72			(7.50	)		4.06			0.91			(0.85	)		(4.31	)
Less distributions to shareholders:
Net investment income		—			—			—			(0.00	)(b)		—			—
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.31	)		(0.00	)(b)		—			(0.36	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	15.89		$	15.17		$	24.10		$	20.35		$	19.44		$	20.29
Total return		4.75	%		(31.65	%)		20.13	%		4.70	%		(4.19	%)		(17.24	%)
Ratios to average net assets(c)
Total gross expenses		2.09	%		2.07	%		2.05	%		2.06	%(d)		2.09	%(e)		2.01	%(d)
Total net expenses(f)		2.09	%(g)		2.07	%(g)		2.05	%(g)		2.06	%(d)(g)		2.09	%(e)(g)		2.01	%(d)(g)
Net investment income (loss)		1.33	%		0.65	%		0.35	%		0.40	%		(0.00	)(b)(e)		(0.54	%)
Supplemental data
Net assets, end of period (in thousands)	$	552		$	986		$	2,346		$	3,013		$	3,913		$	5,837
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
20

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class C	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	15.17		$	24.10		$	20.36		$	19.44		$	20.30		$	24.96
Income from investment operations:
Net investment income (loss)		0.20			0.14			0.08			0.08			0.00	(b)		(0.12	)
Net realized and unrealized gain (loss)		0.52			(7.64	)		3.97			0.84			(0.86	)		(4.18	)
Total from investment operations		0.72			(7.50	)		4.05			0.92			(0.86	)		(4.30	)
Less distributions to shareholders:
Net investment income		—			—			—			(0.00	)(b)		—			—
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.31	)		(0.00	)(b)		—			(0.36	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	15.89		$	15.17		$	24.10		$	20.36		$	19.44		$	20.30
Total return		4.75	%		(31.66	%)		20.07	%		4.75	%		(4.24	%)		(17.20	%)
Ratios to average net assets(c)
Total gross expenses		2.09	%		2.07	%		2.05	%		2.06	%(d)		2.09	%(e)		2.02	%(d)
Total net expenses(f)		2.09	%(g)		2.07	%(g)		2.05	%(g)		2.06	%(d)(g)		2.09	%(e)(g)		2.02	%(d)(g)
Net investment income (loss)		1.34	%		0.77	%		0.38	%		0.41	%		0.04	%(e)		(0.55	%)
Supplemental data
Net assets, end of period (in thousands)	$	15,457		$	14,428		$	16,745		$	15,340		$	18,661		$	22,785
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
21

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class I	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	16.11		$	25.18		$	21.24		$	20.15		$	21.02		$	25.70
Income from investment operations:
Net investment income		0.40			0.39			0.36			0.35			0.10			0.11
Net realized and unrealized gain (loss)		0.58			(8.03	)		4.14			0.87			(0.89	)		(4.30	)
Total from investment operations		0.98			(7.64	)		4.50			1.22			(0.79	)		(4.19	)
Less distributions to shareholders:
Net investment income		—			—			(0.25	)		(0.13	)		(0.08	)		(0.13	)
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.56	)		(0.13	)		(0.08	)		(0.49	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	17.09		$	16.11		$	25.18		$	21.24		$	20.15		$	21.02
Total return		6.08	%		(30.81	%)		21.57	%		6.06	%		(3.72	%)		(16.23	%)
Ratios to average net assets(c)
Total gross expenses		0.86	%		0.84	%		0.82	%		0.83	%(d)		0.86	%(e)		0.80	%(d)
Total net expenses(f)		0.86	%		0.84	%		0.82	%		0.83	%(d)		0.86	%(e)		0.80	%(d)(g)
Net investment income		2.51	%		1.99	%		1.56	%		1.70	%		1.29	%(e)		0.49	%
Supplemental data
Net assets, end of period (in thousands)	$	18,170		$	35,650		$	41,700		$	44,595		$	28,803		$	29,761
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
22

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class K	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	16.01		$	25.11		$	21.18		$	20.13		$	20.99		$	25.67
Income from investment operations:
Net investment income		0.36			0.26			0.30			0.28			0.07			0.09
Net realized and unrealized gain (loss)		0.56			(7.93	)		4.12			0.87			(0.88	)		(4.33	)
Total from investment operations		0.92			(7.67	)		4.42			1.15			(0.81	)		(4.24	)
Less distributions to shareholders:
Net investment income		—			—			(0.18	)		(0.10	)		(0.05	)		(0.08	)
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.49	)		(0.10	)		(0.05	)		(0.44	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	16.93		$	16.01		$	25.11		$	21.18		$	20.13		$	20.99
Total return		5.75	%		(31.03	%)		21.21	%		5.71	%		(3.85	%)		(16.45	%)
Ratios to average net assets(c)
Total gross expenses		1.16	%		1.13	%		1.12	%		1.13	%(d)		1.16	%(e)		1.11	%(d)
Total net expenses(f)		1.16	%		1.13	%		1.12	%		1.13	%(d)		1.16	%(e)		1.11	%(d)(g)
Net investment income		2.27	%		1.18	%		1.31	%		1.35	%		0.90	%(e)		0.43	%
Supplemental data
Net assets, end of period (in thousands)	$	5		$	5		$	79		$	69		$	77		$	109
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
23

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class R	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	15.83		$	24.94		$	21.03		$	20.03		$	20.88		$	25.56
Income from investment operations:
Net investment income		0.29			0.25			0.21			0.21			0.05			0.02
Net realized and unrealized gain (loss)		0.54			(7.93	)		4.10			0.84			(0.89	)		(4.33	)
Total from investment operations		0.83			(7.68	)		4.31			1.05			(0.84	)		(4.31	)
Less distributions to shareholders:
Net investment income		—			—			(0.09	)		(0.05	)		(0.01	)		(0.01	)
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.40	)		(0.05	)		(0.01	)		(0.37	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	16.66		$	15.83		$	24.94		$	21.03		$	20.03		$	20.88
Total return		5.24	%		(31.29	%)		20.73	%		5.27	%		(4.04	%)		(16.80	%)
Ratios to average net assets(c)
Total gross expenses		1.59	%		1.57	%		1.55	%		1.57	%(d)		1.59	%(e)		1.55	%(d)
Total net expenses(f)		1.59	%(g)		1.57	%(g)		1.55	%(g)		1.57	%(d)(g)		1.59	%(e)(g)		1.55	%(d)(g)
Net investment income		1.84	%		1.30	%		0.90	%		1.01	%		0.61	%(e)		0.11	%
Supplemental data
Net assets, end of period (in thousands)	$	7,031		$	3,045		$	3,131		$	1,664		$	1,226		$	880
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
24

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	16.30		$	25.52		$	21.51		$	20.25
Income from investment operations:
Net investment income		0.37			0.34			0.35			0.35
Net realized and unrealized gain (loss)		0.59			(8.13	)		4.17			0.96
Total from investment operations		0.96			(7.79	)		4.52			1.31
Less distributions to shareholders:
Net investment income		—			—			(0.20	)		(0.05	)
Net realized gains		—			(1.43	)		(0.31	)		—
Total distributions to shareholders		—			(1.43	)		(0.51	)		(0.05	)
Net asset value, end of period	$	17.26		$	16.30		$	25.52		$	21.51
Total return		5.89	%		(31.00	%)		21.32	%		6.50	%
Ratios to average net assets(b)
Total gross expenses		1.09	%		1.07	%		1.05	%		1.06	%(c)
Total net expenses(d)		1.09	%(e)		1.07	%(e)		1.05	%(e)		1.06	%(c)(e)
Net investment income		2.30	%(c)		1.69	%		1.49	%		2.05	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	7,890		$	7,191		$	12,899		$	1,575
Portfolio turnover		45	%		51	%		34	%		73	%

Notes to Financial Highlights

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

(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.

(c)  Annualized.

(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 2016
25

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	16.35		$	25.54		$	21.53		$	20.25
Income from investment operations:
Net investment income		0.41			0.39			0.37			0.34
Net realized and unrealized gain (loss)		0.57			(8.15	)		4.19			1.00
Total from investment operations		0.98			(7.76	)		4.56			1.34
Less distributions to shareholders:
Net investment income		—			—			(0.24	)		(0.06	)
Net realized gains		—			(1.43	)		(0.31	)		—
Total distributions to shareholders		—			(1.43	)		(0.55	)		(0.06	)
Net asset value, end of period	$	17.33		$	16.35		$	25.54		$	21.53
Total return		5.99	%		(30.85	%)		21.53	%		6.63	%
Ratios to average net assets(b)
Total gross expenses		0.91	%		0.89	%		0.87	%		0.88	%(c)
Total net expenses(d)		0.91	%		0.89	%		0.87	%		0.88	%(c)
Net investment income		2.53	%		1.97	%		1.58	%		2.02	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	6,558		$	4,978		$	4,578		$	1,058
Portfolio turnover		45	%		51	%		34	%		73	%

Notes to Financial Highlights

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

(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.

(c)  Annualized.

(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 2016
26

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended March 31,
Class Z	2016			2015			2014			2013			2012(a)			2012
Per share data
Net asset value, beginning of period	$	16.03		$	25.12		$	21.19		$	20.13		$	21.00		$	25.67
Income from investment operations:
Net investment income		0.37			0.33			0.32		��	0.28			0.08			0.09
Net realized and unrealized gain (loss)		0.57			(7.99	)		4.12			0.88			(0.89	)		(4.31	)
Total from investment operations		0.94			(7.66	)		4.44			1.16			(0.81	)		(4.22	)
Less distributions to shareholders:
Net investment income		—			—			(0.20	)		(0.10	)		(0.06	)		(0.09	)
Net realized gains		—			(1.43	)		(0.31	)		—			—			(0.36	)
Total distributions to shareholders		—			(1.43	)		(0.51	)		(0.10	)		(0.06	)		(0.45	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)
Net asset value, end of period	$	16.97		$	16.03		$	25.12		$	21.19		$	20.13		$	21.00
Total return		5.86	%		(30.97	%)		21.29	%		5.80	%		(3.84	%)		(16.37	%)
Ratios to average net assets(c)
Total gross expenses		1.09	%		1.07	%		1.05	%		1.07	%(d)		1.09	%(e)		1.01	%(d)
Total net expenses(f)		1.09	%(g)		1.07	%(g)		1.05	%(g)		1.07	%(d)(g)		1.09	%(e)(g)		1.01	%(d)(g)
Net investment income		2.35	%		1.68	%		1.36	%		1.35	%		1.03	%(e)		0.42	%
Supplemental data
Net assets, end of period (in thousands)	$	92,245		$	98,857		$	174,759		$	186,303		$	310,620		$	390,028
Portfolio turnover		45	%		51	%		34	%		73	%		14	%		167	%

Notes to Financial Highlights

(a)  For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b)  Rounds to 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)  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 2016
27

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Global Energy and Natural Resources Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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 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 12 months 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 Z shares are not subject to sales charges and are generally 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

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Annual Report 2016
28

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the

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29

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin

in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

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30

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange risk		315,232

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31 , 2016:

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency   exchange contracts		4,741		(1,459	)

*Based on the daily outstanding amounts for the year ended August 31, 2016.

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 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

Annual Report 2016
31

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.75% to 0.58% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.75% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $555,215, and the administrative services fee paid to the Investment Manager was $48,280.

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

Annual Report 2016
32

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.22	%
Class B	0.23
Class C	0.23
Class K	0.05
Class R	0.22
Class R4	0.23
Class R5	0.05
Class Z	0.23

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $1,980.

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 service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. 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 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares of the Fund, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $210,410 for Class A, $32 for Class B and $3,297 for Class C, shares for the year ended August 31, 2016.

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

Annual Report 2016
33

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.51	%		1.45	%
Class B		2.26			2.20
Class C		2.26			2.20
Class I		1.09			1.04
Class K		1.39			1.34
Class R		1.76			1.70
Class R4		1.26			1.20
Class R5		1.14			1.09
Class Z		1.26			1.20

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, investments in partnerships, passive foreign investment company (PFIC) holdings and tax straddles. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in

the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Undistributed net investment income	$	4,108
Accumulated net realized loss		(4,023	)
Paid-in capital		(85	)

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,	2016		2015
Ordinary income	$	—	$	5,319,821
Long-term capital gains		—		15,280,117
Total	$	—	$	20,599,938

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	606,514
Capital loss carryforwards		(26,156,104	)
Net unrealized appreciation		1,894,137

At August 31, 2016, the cost of investments for federal income tax purposes was $244,081,216 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	26,050,007
Unrealized depreciation		(24,155,870	)
Net unrealized appreciation	$	1,894,137

The following capital loss carryforwards, determined at August 31, 2016, 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 ($)
No expiration — short-term		2,380,326
No expiration — long-term		23,775,778
Total		26,156,104

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

Annual Report 2016
34

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 $105,899,560 and $113,609,827, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. 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, that permits collective borrowings up to $1 billion. 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 0.15% per

annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, two unaffiliated shareholders of record owned 23.9% 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 37.1% 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.

Energy Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the energy sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the energy sector are subject to certain risks, including legislative or regulatory changes, adverse market conditions and increased competition. Performance of such companies may be affected by factors including, among others, fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, events occurring in nature and local and international politics. In addition, rising interest rates and high inflation may affect the demand for certain natural resources and, therefore, the performance of companies in the energy sector.

Annual Report 2016
35

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

Materials Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the materials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the materials sector are subject to certain risks, including that many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

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

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

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 Securities and Exchange Commission (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 2016
36

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Global Energy and Natural Resources Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Global Energy and Natural Resources Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
October 21, 2016

Annual Report 2016
37

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None

Annual Report 2016
38

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
39

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Annual Report 2016
40

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016
41

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
42

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Global Energy and Natural Resources Fund (the Fund), a series of the Trust. 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
43

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the thirtieth, twenty-second and twenty-seventh 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

Annual Report 2016
44

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are both ranked in the third quintile (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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2016
45

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
46

COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
47

Columbia Global Energy and Natural Resources Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN144_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

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PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA GLOBAL TECHNOLOGY 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

Performance Overview	3
Manager Discussion of Fund Performance	5
Understanding Your Fund's Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	19
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	36
Board Consideration and Approval of Management Agreement	41
Important Information About This Report	45

Annual Report 2016

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Global Technology Growth Fund (the Fund) Class A shares returned 17.52% excluding sales charges for the 12-month period that ended August 31, 2016.

n  The Fund outperformed its benchmark, the Bank of America Merrill Lynch (BofAML) 100 Technology Index, which returned 17.12% for the same period.

n  Stock selection aided the Fund's performance versus its benchmark, particularly in the internet software and services, communications equipment, semiconductors and IT services segments.

Average Annual Total Returns (%) (for period ended August 31, 2016)

		1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			17.52		17.11		9.78
Including sales charges			10.76		15.73		9.13
Class B	11/01/02
Excluding sales charges			16.63		16.24		8.96
Including sales charges			11.63		16.02		8.96
Class C	10/13/03
Excluding sales charges			16.65		16.24		8.96
Including sales charges			15.65		16.24		8.96
Class I*	03/25/15		18.02		17.47		10.08
Class R4*	11/08/12		17.76		17.41		10.05
Class R5*	11/08/12		17.95		17.54		10.12
Class Y*	03/01/16		17.95		17.43		10.06
Class Z	11/09/00		17.82		17.41		10.05
BofAML 100 Technology Index			17.12		13.85		7.79

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The BofAML 100 Technology Index is an unmanaged equally weighted index of 100 leading technology stocks.

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

Annual Report 2016
3

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

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4

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 17.52% excluding sales charge. The Fund outperformed its benchmark, the BofAML 100 Technology Index, which returned 17.12%. Stock selection aided the Fund's performance versus its benchmark, particularly in the internet software and services, communications equipment, semiconductors and IT (information technology) services segments.

A Challenging Year for Global Financial Markets

A host of factors weighed on investors during the first half of the 12-month period ended August 31, 2016: lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy. In December 2015, the U.S. Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action during the period as subpar global economic growth continued, with China's slowdown heading the list of disappointments. Conflicts in the Middle East and terrorism, both at home and abroad, heightened security fears. Plummeting oil prices and a rising U.S. dollar rounded the list of mounting pressures in 2015.

However, both oil and the dollar reversed course in the second half of the period. The U.S. economy continued to expand modestly, and economic growth in Europe picked up, if ever so slightly. The U.S. manufacturing sector regained some traction in the spring of 2016, and the U.S. labor markets recovered to full employment for the first time since the Great Recession. The vote by the United Kingdom to exit the European Union gave markets a jolt in mid-June, but that downdraft was short lived.

Stock Selection Drove Fund's Performance Advantage

In a year of sharp gains for the information technology sector, the Fund modestly outperformed its benchmark and delivered solid returns for shareholders. Stock selection and allocation decisions figured into the Fund's performance advantage. In the internet software and services segment, an overweight combined with strong stock selection relative to the benchmark. The Fund was overweight in Facebook, which logged a significant advance for the period. Alphabet Class A (Google) and Amazon.com were also strong performers in this segment. All three have been core holdings for the Fund for some time. Yet, we believe they continue to offer the potential for growth as global internet penetration is only approximately 39% and e-commerce represents only 12% to 15% of total global retail sales. The Fund had no exposure to Twitter, which aided relative performance as its shares recorded a double-digit loss for the period. Stock selection within the semiconductor and semiconductor equipment industry benefited results. In the communications equipment and the IT services segments, underweights helped relative performance as both industries lagged the overall performance of the technology sector. Underweights in some of the communications equipment group's biggest losers for the period aided relative results. NVIDIA and Microsoft also were top individual contributors to Fund results. NVIDIA makes semiconductor chips for emerging growth applications, such as data centers, car automation and virtual reality. The company has delivered above-consensus

Portfolio Management

Rahul Narang

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.

© 2016 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.

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuations. 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. Risks are enhanced for emerging market issuers. As a non-diversified fund, fewer investments could have a greater effect on performance. See the Fund's prospectus for more information on these and other risks.

Annual Report 2016
5

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Top Ten Holdings (%) (at August 31, 2016)
Alphabet, Inc., Class A (United States)	6.1
Amazon.com, Inc. (United States)	4.0
Facebook, Inc., Class A (United States)	3.2
Apple, Inc. (United States)	3.2
Microsoft Corp. (United States)	3.2
Visa, Inc., Class A (United States)	2.9
Broadcom Ltd. (Singapore)	2.3
Activision Blizzard, Inc. (United States)	2.2
Lam Research Corp. (United States)	2.2
Salesforce.com, Inc. (United States)	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.

revenues and earnings growth. It was one of the best performing stocks in the Fund over the year. A timely shift of its business model to cloud computing aided Microsoft, and an overweight in the stock amplified the impact of its sharp gain on Fund results for the period.

In a period of few disappointments, stock selection in the technology hardware industry was a major drag on relative performance. A significant overweight in Apple detracted from results as fears of maturation in the smartphone market caused the stock to correct. Shares of Eros International, an Indian motion picture production and distribution company, fell sharply as earnings fell short of analysts' expectations and trimmed Fund gains. Positions in Seagate Technology, Akamai Technologies, VMware and Western Digital also lost ground, but underweights in all four stocks, relative to the benchmark, somewhat muted the impact of their results. We eliminated the Fund's positions in Eros International, Seagate Technology and VMware during the period.

Our Investment Process

In constructing the Fund's portfolio, our number one aim is to invest in what we consider to be great businesses regardless of market capitalization or geographic location. We seek to invest in companies with what we believe are sustainable competitive advantages, high barriers to entry and scale and strong returns on assets and earnings. The portfolio includes both growth and value stocks. At period's end, the Fund was overweight in internet-related stocks, with additional emphasis on companies connected to "the internet of things" — the network of physical objects embedded with electronics, software, sensors and network connectivity, which enables these objects to collect and exchange data. The Fund was also overweighted in companies that have been able to shift their business models to the cloud and "big data" — data sets that are so large or complex that traditional processing applications are inadequate to deal with them.

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6

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Country Breakdown (%) (at August 31, 2016)
China	5.0
Germany	0.3
Guernsey	1.0
India	0.2
Israel	0.7
Netherlands	2.9
Singapore	2.3
South Africa	0.2
Switzerland	1.2
Taiwan	1.3
United Kingdom	0.2
United States(a)	84.7
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.

The Fund may use place of organization/incorporation or other criteria in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At August 31, 2016, the Fund invested 59.5% in foreign companies in accordance with its principal investment strategy.

(a) Includes investments in Money Market Funds.

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	7.8
Financials	0.6
Industrials	0.5
Information Technology	90.4
Telecommunication Services	0.7
Total	100.0

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

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7

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,193.10			1,018.30		7.50			6.90		1.36
Class B		1,000.00		1,000.00		1,188.60			1,014.53		11.61			10.68		2.11
Class C		1,000.00		1,000.00		1,188.90			1,014.53		11.61			10.68		2.11
Class I		1,000.00		1,000.00		1,196.30			1,020.46		5.13			4.72		0.93
Class R4		1,000.00		1,000.00		1,194.70			1,019.51		6.18			5.69		1.12
Class R5		1,000.00		1,000.00		1,196.00			1,020.21		5.41			4.98		0.98
Class Y		1,000.00		1,000.00		1,161.50	(a)		1,020.41		5.05	(a)		4.77		0.94	(a)
Class Z		1,000.00		1,000.00		1,195.00			1,019.56		6.12			5.63		1.11

(a) Based on operations from March 1, 2016 (commencement of operations) through the stated period end.

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Annual Report 2016
8

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 98.7%

Issuer	Shares		Value ($)
CHINA 5.0%
58.Com, Inc., ADR(a)		29,140		1,325,870
Alibaba Group Holding Ltd., ADR(a)		76,682		7,452,724
Baidu, Inc., ADR(a)		19,089		3,265,555
Ctrip.com International Ltd., ADR(a)		40,317		1,909,010
NetEase, Inc., ADR		17,927		3,799,986
Tencent Holdings Ltd.		331,300		8,585,601
Total				26,338,746
GERMANY 0.3%
Rocket Internet SE(a)		65,000		1,385,194
GUERNSEY 1.0%
Amdocs Ltd.		85,585		5,145,370
INDIA 0.2%
Videocon d2h Ltd. ADR(a)		119,144		1,162,845
ISRAEL 0.7%
Check Point Software Technologies Ltd.(a)		34,956		2,682,523
CyberArk Software Ltd.(a)		23,340		1,232,352
Total				3,914,875
NETHERLANDS 2.9%
ASML Holding NV		42,304		4,507,491
Mobileye NV(a)		39,240		1,918,444
NXP Semiconductors NV(a)		96,505		8,494,370
Total				14,920,305
SINGAPORE 2.3%
Broadcom Ltd.		68,173		12,027,081
SOUTH AFRICA 0.2%
MiX Telematics Ltd., ADR		203,000		1,012,970
SWITZERLAND 1.2%
TE Connectivity Ltd.		55,597		3,534,301
VAT Group AG(a)		36,450		2,768,355
Total				6,302,656
TAIWAN 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		243,954		7,011,238
UNITED KINGDOM 0.2%
Auto Trader Group PLC		200,000		979,872

Common Stocks (continued)

Issuer	Shares		Value ($)
UNITED STATES 83.4%
Accenture PLC, Class A		54,131		6,225,065
Activision Blizzard, Inc.		270,983		11,210,567
Adobe Systems, Inc.(a)		55,869		5,715,957
Akamai Technologies, Inc.(a)		66,417		3,646,293
Alliance Data Systems Corp.(a)		13,320		2,725,006
Alphabet, Inc., Class A(a)		40,097		31,670,615
Amazon.com, Inc.(a)		26,693		20,531,188
Amphenol Corp., Class A		88,604		5,520,915
Analog Devices, Inc.		53,573		3,351,527
ANSYS, Inc.(a)		13,707		1,303,399
Apple, Inc.		156,281		16,581,414
Applied Materials, Inc.		278,034		8,296,535
Applied Optoelectronics, Inc.(a)		114,825		1,934,801
Autodesk, Inc.(a)		51,027		3,439,220
Automatic Data Processing, Inc.		33,244		2,985,644
Blackhawk Network Holdings, Inc.(a)		4,472		153,166
CA, Inc.		72,610		2,462,205
Cavium, Inc.(a)		55,135		3,069,917
CDW Corp.		56,460		2,520,939
Cisco Systems, Inc.		297,810		9,363,146
Citrix Systems, Inc.(a)		29,259		2,551,385
Cognizant Technology Solutions Corp., Class A(a)		51,085		2,934,322
Comcast Corp., Class A		98,712		6,441,945
Corning, Inc.		219,172		4,973,013
CoStar Group, Inc.(a)		15,920		3,299,420
Cypress Semiconductor Corp.		218,825		2,610,582
eBay, Inc.(a)		57,610		1,852,738
Electronic Arts, Inc.(a)		65,224		5,298,146
EMC Corp.		96,018		2,783,562
Equinix, Inc.		8,641		3,185,505
Expedia, Inc.		12,365		1,349,269
Facebook, Inc., Class A(a)		131,727		16,613,409
Fidelity National Information Services, Inc.		69,727		5,531,443
Fiserv, Inc.(a)		48,172		4,964,125
FleetCor Technologies, Inc.(a)		23,251		3,817,814
Gartner, Inc.(a)		14,050		1,278,550
Global Payments, Inc.		32,405		2,461,160

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

Annual Report 2016
9

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Guidewire Software, Inc.(a)		33,331		2,050,856
Harris Corp.		16,940		1,575,081
Hewlett Packard Enterprise Co.		241,758		5,192,962
Integrated Device Technology, Inc.(a)		65,000		1,305,850
Intel Corp.		167,619		6,015,846
International Business Machines Corp.		31,751		5,044,599
Intuit, Inc.		51,944		5,789,159
KLA-Tencor Corp.		20,000		1,385,200
Lam Research Corp.		119,495		11,151,273
Lattice Semiconductor Corp.(a)		240,062		1,476,381
MasterCard, Inc., Class A		38,490		3,719,289
Maxim Integrated Products, Inc.		144,505		5,884,244
Microchip Technology, Inc.		105,546		6,534,353
Micron Technology, Inc.(a)		389,018		6,414,907
Microsemi Corp.(a)		102,650		4,101,894
Microsoft Corp.		285,859		16,425,458
Motorola Solutions, Inc.		35,593		2,740,305
NetApp, Inc.		37,490		1,296,779
Netflix, Inc.(a)		20,336		1,981,743
NVIDIA Corp.		133,972		8,217,842
Oracle Corp.		79,631		3,282,390
Palo Alto Networks, Inc.(a)		19,587		2,608,401
PayPal Holdings, Inc.(a)		65,843		2,446,067
Power Integrations, Inc.		32,350		1,889,240
Priceline Group, Inc. (The)(a)		4,656		6,596,295
PTC, Inc.(a)		47,032		2,006,855
QUALCOMM, Inc.		82,874		5,226,863
Red Hat, Inc.(a)		36,332		2,651,509
Sabre Corp.		137,966		3,883,743
Salesforce.com, Inc.(a)		131,957		10,480,025
SBA Communications Corp., Class A(a)		31,058		3,545,271
Science Applications International Corp.		33,177		2,117,024
ServiceNow, Inc.(a)		54,925		3,991,400

Common Stocks (continued)

Issuer	Shares		Value ($)
Skyworks Solutions, Inc.		78,262		5,858,693
Splunk, Inc.(a)		72,334		4,212,732
SPS Commerce, Inc.(a)		40,182		2,623,081
SS&C Technologies Holdings, Inc.		72,962		2,404,098
Symantec Corp.		87,995		2,123,319
Synopsys, Inc.(a)		101,606		6,024,220
Tableau Software, Inc., Class A(a)		31,600		1,833,748
Texas Instruments, Inc.		92,672		6,444,411
Total System Services, Inc.		88,700		4,368,475
Tyler Technologies, Inc.(a)		14,945		2,450,233
Vantiv, Inc., Class A(a)		87,056		4,678,389
VeriSign, Inc.(a)		44,102		3,283,394
Visa, Inc., Class A		183,133		14,815,460
Western Digital Corp.		77,611		3,622,105
Workiva, Inc.(a)		74,595		1,332,267
Xilinx, Inc.		91,691		4,970,569
Zendesk, Inc.(a)		44,658		1,363,855
Total				436,092,060
Total Common Stocks (Cost: $383,322,612)				516,293,212

Money Market Funds 1.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		6,995,170		6,995,170
Total Money Market Funds (Cost: $6,995,170)				6,995,170
Total Investments (Cost: $390,317,782)				523,288,382
Other Assets & Liabilities, Net				(174,321	)
Net Assets				523,114,061

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

Annual Report 2016
10

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		12,140,396		158,545,388		(163,690,614	)		6,995,170		39,183		6,995,170

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).

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

Annual Report 2016
11

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are 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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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
China		17,753,145		8,585,601		—		26,338,746
Germany		—		1,385,194		—		1,385,194
Guernsey		5,145,370		—		—		5,145,370
India		1,162,845		—		—		1,162,845
Israel		3,914,875		—		—		3,914,875
Netherlands		14,920,305		—		—		14,920,305
Singapore		12,027,081		—		—		12,027,081
South Africa		1,012,970		—		—		1,012,970
Switzerland		3,534,301		2,768,355		—		6,302,656
Taiwan		7,011,238		—		—		7,011,238
United Kingdom		—		979,872		—		979,872
United States		436,092,060		—		—		436,092,060
Total Common Stocks		502,574,190		13,719,022		—		516,293,212
Investments measured at net asset value
Money Market Funds		—		—		—		6,995,170
Total Investments		502,574,190		13,719,022		—		523,288,382

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.

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
12

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $383,322,612)	$	516,293,212
Affiliated issuers (identified cost $6,995,170)		6,995,170
Total investments (identified cost $390,317,782)		523,288,382
Receivable for:
Investments sold		4,293,306
Capital shares sold		736,119
Dividends		536,835
Prepaid expenses		4,339
Trustees' deferred compensation plan		37,049
Other assets		6,686
Total assets		528,902,716
Liabilities
Payable for:
Investments purchased		4,230,366
Capital shares purchased		1,377,706
Management services fees		12,451
Distribution and/or service fees		2,808
Transfer agent fees		82,317
Compensation of board members		72
Chief compliance officer expenses		39
Other expenses		45,847
Trustees' deferred compensation plan		37,049
Total liabilities		5,788,655
Net assets applicable to outstanding capital stock	$	523,114,061
Represented by
Paid-in capital	$	394,649,344
Excess of distributions over net investment income		(764,523	)
Accumulated net realized loss		(3,741,535	)
Unrealized appreciation (depreciation) on:
Investments		132,970,600
Foreign currency translations		175
Total — representing net assets applicable to outstanding capital stock	$	523,114,061

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

Annual Report 2016
13

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	165,270,506
Shares outstanding		7,799,123
Net asset value per share	$	21.19
Maximum offering price per share(a)	$	22.48
Class B
Net assets	$	272,184
Shares outstanding		14,162
Net asset value per share	$	19.22
Class C
Net assets	$	60,684,472
Shares outstanding		3,151,287
Net asset value per share	$	19.26
Class I
Net assets	$	36,734,671
Shares outstanding		1,594,527
Net asset value per share	$	23.04
Class R4
Net assets	$	7,235,268
Shares outstanding		325,750
Net asset value per share	$	22.21
Class R5
Net assets	$	18,491,991
Shares outstanding		828,225
Net asset value per share	$	22.33
Class Y
Net assets	$	675,309
Shares outstanding		30,183
Net asset value per share	$	22.37
Class Z
Net assets	$	233,749,660
Shares outstanding		10,654,985
Net asset value per share	$	21.94

(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 2016
14

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	5,514,978
Dividends — affiliated issuers		39,183
Foreign taxes withheld		(66,887	)
Total income		5,487,274
Expenses:
Management services fees		4,139,072
Distribution and/or service fees
Class A		379,362
Class B		6,362
Class C		516,075
Transfer agent fees
Class A		280,139
Class B		1,175
Class C		95,298
Class R4		14,257
Class R5		6,926
Class Z		362,802
Compensation of board members		24,170
Custodian fees		16,354
Printing and postage fees		49,063
Registration fees		111,513
Audit fees		29,777
Legal fees		13,395
Chief compliance officer expenses		234
Other		34,647
Total expenses		6,080,621
Expense reductions		(340	)
Total net expenses		6,080,281
Net investment loss		(593,007	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(2,717,331	)
Foreign currency translations		(23,319	)
Net realized loss		(2,740,650	)
Net change in unrealized appreciation (depreciation) on:
Investments		76,882,591
Foreign currency translations		175
Net change in unrealized appreciation		76,882,766
Net realized and unrealized gain		74,142,116
Net increase in net assets resulting from operations	$	73,549,109

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

Annual Report 2016
15

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment loss	$	(593,007	)	$	(925,875	)
Net realized gain (loss)		(2,740,650	)		11,319,242
Net change in unrealized appreciation (depreciation)		76,882,766			(21,322	)
Net increase in net assets resulting from operations		73,549,109			10,372,045
Distributions to shareholders
Net investment income
Class A		—			(404,060	)
Class B		—			(3,716	)
Class C		—			(52,091	)
Class R4		—			(20,592	)
Class R5		—			(16,532	)
Class Z		—			(663,608	)
Net realized gains
Class A		(2,872,767	)		(3,763,868	)
Class B		(16,243	)		(76,169	)
Class C		(988,151	)		(1,067,669	)
Class I		(1,050,912	)		—
Class R4		(208,970	)		(161,967	)
Class R5		(246,859	)		(118,927	)
Class Z		(3,498,455	)		(5,219,687	)
Total distributions to shareholders		(8,882,357	)		(11,568,886	)
Increase in net assets from capital stock activity		70,263,003			166,396,812
Total increase in net assets		134,929,755			165,199,971
Net assets at beginning of year		388,184,306			222,984,335
Net assets at end of year	$	523,114,061		$	388,184,306
Excess of distributions over net investment income	$	(764,523	)	$	(33,644	)

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

Annual Report 2016
16

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016(a)						Year Ended August 31, 2015(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		4,374,319			84,281,813			4,400,264			82,218,947
Distributions reinvested		141,756			2,725,965			220,321			3,994,415
Redemptions		(3,854,626	)		(72,302,813	)		(2,085,187	)		(38,219,187	)
Net increase		661,449			14,704,965			2,535,398			47,994,175
Class B shares
Subscriptions		1,102			20,075			3,546			61,053
Distributions reinvested		876			15,360			4,374			73,009
Redemptions(c)		(56,400	)		(968,447	)		(61,049	)		(1,036,587	)
Net decrease		(54,422	)		(933,012	)		(53,129	)		(902,525	)
Class C shares
Subscriptions		1,315,029			23,084,042			1,230,766			21,167,794
Distributions reinvested		38,728			680,449			41,819			699,211
Redemptions		(557,277	)		(9,704,458	)		(212,634	)		(3,640,264	)
Net increase		796,480			14,060,033			1,059,951			18,226,741
Class I shares
Subscriptions		2,141,999			42,521,533			1,741,813			36,140,802
Distributions reinvested		50,419			1,050,737			—			—
Redemptions		(2,221,606	)		(47,579,454	)		(118,098	)		(2,430,540	)
Net increase (decrease)		(29,188	)		(4,007,184	)		1,623,715			33,710,262
Class R4 shares
Subscriptions		421,575			8,571,397			462,980			9,048,769
Distributions reinvested		10,386			208,970			9,654			182,559
Redemptions		(541,184	)		(10,580,589	)		(81,844	)		(1,575,194	)
Net increase (decrease)		(109,223	)		(1,800,222	)		390,790			7,656,134
Class R5 shares
Subscriptions		601,554			12,306,139			467,347			9,146,520
Distributions reinvested		12,212			246,806			7,137			135,326
Redemptions		(302,939	)		(5,861,084	)		(124,027	)		(2,408,969	)
Net increase		310,827			6,691,861			350,457			6,872,877
Class Y shares
Subscriptions		33,561			723,994			—			—
Redemptions		(3,378	)		(72,930	)		—			—
Net increase		30,183			651,064			—			—

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

Annual Report 2016
17

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016(a)						Year Ended August 31, 2015(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		5,624,845			112,031,032			4,539,525			85,885,011
Distributions reinvested		123,140			2,446,794			206,671			3,860,616
Redemptions		(3,838,360	)		(73,582,328	)		(1,962,918	)		(36,906,479	)
Net increase		1,909,625			40,895,498			2,783,278			52,839,148
Total net increase		3,515,731			70,263,003			8,690,460			166,396,812

(a) Class Y shares are based on operations from March 1, 2016 (commencement of operations) through the stated period end.

(b) Class I shares are based on operations from March 25, 2015 (commencement of operations) through the stated period end.

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

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

Annual Report 2016
18

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	18.36		$	18.18		$	13.47		$	10.87		$	10.25
Income from investment operations:
Net investment loss		(0.04	)		(0.07	)		(0.09	)		(0.04	)		(0.08	)
Net realized and unrealized gain		3.22			1.10			4.80			2.64			0.70
Total from investment operations		3.18			1.03			4.71			2.60			0.62
Less distributions to shareholders:
Net investment income		—			(0.09	)		—			—			—
Net realized gains		(0.35	)		(0.76	)		—			—			—
Total distributions to shareholders		(0.35	)		(0.85	)		—			—			—
Net asset value, end of period	$	21.19		$	18.36		$	18.18		$	13.47		$	10.87
Total return		17.52	%		5.70	%		34.97	%		23.92	%		6.05	%
Ratios to average net assets(a)
Total gross expenses		1.36	%		1.40	%		1.42	%		1.49	%		1.39	%
Total net expenses(b)		1.36	%(c)		1.40	%(c)		1.42	%(c)		1.46	%(c)		1.39	%(c)
Net investment loss		(0.21	%)		(0.37	%)		(0.55	%)		(0.36	%)		(0.80	%)
Supplemental data
Net assets, end of period (in thousands)	$	165,271		$	131,079		$	83,656		$	53,711		$	50,574
Portfolio turnover		55	%		60	%		68	%		135	%		220	%

Notes to Financial Highlights

(a)  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.

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

(c)  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 2016
19

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.81		$	16.79		$	12.53		$	10.19		$	9.68
Income from investment operations:
Net investment loss		(0.17	)		(0.18	)		(0.20	)		(0.12	)		(0.15	)
Net realized and unrealized gain		2.93			1.00			4.46			2.46			0.66
Total from investment operations		2.76			0.82			4.26			2.34			0.51
Less distributions to shareholders:
Net investment income		—			(0.04	)		—			—			—
Net realized gains		(0.35	)		(0.76	)		—			—			—
Total distributions to shareholders		(0.35	)		(0.80	)		—			—			—
Net asset value, end of period	$	19.22		$	16.81		$	16.79		$	12.53		$	10.19
Total return		16.63	%		4.92	%		34.00	%		22.96	%		5.27	%
Ratios to average net assets(a)
Total gross expenses		2.11	%		2.14	%		2.16	%		2.24	%		2.15	%
Total net expenses(b)		2.11	%(c)		2.14	%(c)		2.16	%(c)		2.21	%(c)		2.15	%(c)
Net investment loss		(0.95	%)		(1.08	%)		(1.35	%)		(1.10	%)		(1.56	%)
Supplemental data
Net assets, end of period (in thousands)	$	272		$	1,153		$	2,043		$	3,147		$	3,788
Portfolio turnover		55	%		60	%		68	%		135	%		220	%

Notes to Financial Highlights

(a)  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.

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

(c)  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 2016
20

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	16.84		$	16.82		$	12.55		$	10.21		$	9.70
Income from investment operations:
Net investment loss		(0.17	)		(0.20	)		(0.20	)		(0.12	)		(0.15	)
Net realized and unrealized gain		2.94			1.02			4.47			2.46			0.66
Total from investment operations		2.77			0.82			4.27			2.34			0.51
Less distributions to shareholders:
Net investment income		—			(0.04	)		—			—			—
Net realized gains		(0.35	)		(0.76	)		—			—			—
Total distributions to shareholders		(0.35	)		(0.80	)		—			—			—
Net asset value, end of period	$	19.26		$	16.84		$	16.82		$	12.55		$	10.21
Total return		16.65	%		4.91	%		34.02	%		22.92	%		5.26	%
Ratios to average net assets(a)
Total gross expenses		2.12	%		2.15	%		2.17	%		2.23	%		2.17	%
Total net expenses(b)		2.12	%(c)		2.15	%(c)		2.17	%(c)		2.21	%(c)		2.17	%(c)
Net investment loss		(0.97	%)		(1.13	%)		(1.31	%)		(1.11	%)		(1.57	%)
Supplemental data
Net assets, end of period (in thousands)	$	60,684		$	39,660		$	21,775		$	16,791		$	15,821
Portfolio turnover		55	%		60	%		68	%		135	%		220	%

Notes to Financial Highlights

(a)  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.

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

(c)  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 2016
21

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class I	2016			2015(a)
Per share data
Net asset value, beginning of period	$	19.85		$	19.98
Income from investment operations:
Net investment income		0.05			(0.00	)(b)
Net realized and unrealized gain (loss)		3.49			(0.13	)(c)
Total from investment operations		3.54			(0.13	)
Less distributions to shareholders:
Net realized gains		(0.35	)		—
Total distributions to shareholders		(0.35	)		—
Net asset value, end of period	$	23.04		$	19.85
Total return		18.02	%		(0.65	%)
Ratios to average net assets(d)
Total gross expenses		0.93	%		0.98	%(e)
Total net expenses(f)		0.93	%		0.98	%(e)
Net investment income (loss)		0.24	%		(0.02	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	36,735		$	32,235
Portfolio turnover		55	%		60	%

Notes to Financial Highlights

(a)  Based on operations from March 25, 2015 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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)  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)  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 2016
22

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	19.19		$	18.92		$	13.99		$	10.73
Income from investment operations:
Net investment income (loss)		0.01			(0.04	)		(0.06	)		(0.03	)
Net realized and unrealized gain		3.36			1.17			4.99			3.29
Total from investment operations		3.37			1.13			4.93			3.26
Less distributions to shareholders:
Net investment income		—			(0.10	)		—			—
Net realized gains		(0.35	)		(0.76	)		—			—
Total distributions to shareholders		(0.35	)		(0.86	)		—			—
Net asset value, end of period	$	22.21		$	19.19		$	18.92		$	13.99
Total return		17.76	%		6.04	%		35.24	%		30.38	%
Ratios to average net assets(b)
Total gross expenses		1.11	%		1.15	%		1.16	%		1.22	%(c)
Total net expenses(d)		1.11	%(e)		1.15	%(e)		1.16	%(e)		1.22	%(c)(e)
Net investment income (loss)		0.07	%		(0.23	%)		(0.37	%)		(0.28	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	7,235		$	8,345		$	836		$	177
Portfolio turnover		55	%		60	%		68	%		135	%

Notes to Financial Highlights

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

(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.

(c)  Annualized.

(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 2016
23

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	19.26		$	18.98		$	14.00		$	10.73
Income from investment operations:
Net investment income (loss)		0.03			(0.01	)		(0.01	)		0.00	(b)
Net realized and unrealized gain		3.39			1.16			4.99			3.27
Total from investment operations		3.42			1.15			4.98			3.27
Less distributions to shareholders:
Net investment income		—			(0.11	)		—			—
Net realized gains		(0.35	)		(0.76	)		—			—
Total distributions to shareholders		(0.35	)		(0.87	)		—			—
Net asset value, end of period	$	22.33		$	19.26		$	18.98		$	14.00
Total return		17.95	%		6.13	%		35.57	%		30.48	%
Ratios to average net assets(c)
Total gross expenses		0.98	%		1.00	%		1.03	%		1.08	%(d)
Total net expenses(e)		0.98	%		1.00	%		1.03	%		1.08	%(d)
Net investment income (loss)		0.16	%		(0.05	%)		(0.09	%)		(0.08	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	18,492		$	9,964		$	3,168		$	203
Portfolio turnover		55	%		60	%		68	%		135	%

Notes to Financial Highlights

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

(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)  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 2016
24

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

Class Y	Year Ended August 31, 2016(a)
Per share data
Net asset value, beginning of period	$	19.26
Income from investment operations:
Net investment income		0.04
Net realized and unrealized gain		3.07
Total from investment operations		3.11
Net asset value, end of period	$	22.37
Total return		16.15	%
Ratios to average net assets(b)
Total gross expenses		0.94	%(c)
Total net expenses(d)		0.94	%(c)
Net investment income		0.33	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	675
Portfolio turnover		55	%

Notes to Financial Highlights

(a)  Based on operations from March 1, 2016 (commencement of operations) through the stated period end.

(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.

(c)  Annualized.

(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 2016
25

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	18.95		$	18.70		$	13.82		$	11.13		$	10.47
Income from investment operations:
Net investment income (loss)		0.01			(0.02	)		(0.05	)		(0.01	)		(0.07	)
Net realized and unrealized gain		3.33			1.13			4.93			2.70			0.73
Total from investment operations		3.34			1.11			4.88			2.69			0.66
Less distributions to shareholders:
Net investment income		—			(0.10	)		—			—			—
Net realized gains		(0.35	)		(0.76	)		—			—			—
Total distributions to shareholders		(0.35	)		(0.86	)		—			—			—
Net asset value, end of period	$	21.94		$	18.95		$	18.70		$	13.82		$	11.13
Total return		17.82	%		6.00	%		35.31	%		24.17	%		6.30	%
Ratios to average net assets(a)
Total gross expenses		1.11	%		1.15	%		1.17	%		1.24	%		1.19	%
Total net expenses(b)		1.11	%(c)		1.15	%(c)		1.17	%(c)		1.21	%(c)		1.19	%(c)
Net investment income (loss)		0.04	%		(0.11	%)		(0.30	%)		(0.12	%)		(0.62	%)
Supplemental data
Net assets, end of period (in thousands)	$	233,750		$	165,748		$	111,506		$	77,279		$	71,456
Portfolio turnover		55	%		60	%		68	%		135	%		220	%

Notes to Financial Highlights

(a)  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.

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

(c)  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 2016
26

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Columbia Global Technology Growth 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 and Class Z shares. Effective March 1, 2016, the Fund also offers Class Y 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 12 months 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 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 Y shares commenced operations on March 1, 2016.

Class Z shares are not subject to sales charges and are generally 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

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Annual Report 2016
27

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 on any given day. 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 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

Annual Report 2016
28

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.87% to 0.77% as the Fund's net assets increase. Prior to January 1, 2016, the Investment Manager provided advisory services under an Investment Management Services Agreement and administrative and accounting services under a separate Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.87% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services

Annual Report 2016
29

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

fee paid to the Investment Manager was $1,315,278. The Investment Manager did not receive a fee for its services under the Administrative Services Agreement.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement of such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser

of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket 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. Class I and Class Y shares do not pay transfer agency fees.

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.18	%
Class B	0.18
Class C	0.18
Class R4	0.18
Class R5	0.05
Class Z	0.18

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $340.

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 service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the

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30

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $539,523 for Class A, $0 for Class B, and $25,977 for Class C shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.50	%		1.45	%
Class B		2.25			2.20
Class C		2.25			2.20
Class I		1.11			1.05
Class R4		1.25			1.20
Class R5		1.16			1.10
Class Y*		1.11			—
Class Z		1.25			1.20

*Expense cap rate is contractual from March 1, 2016 (the commencement of operations of Class Y shares) through August 31, 2016.

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, post-October capital losses and late-year ordinary losses. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$	(137,872	)
Accumulated net realized loss		154,105
Paid-in capital		(16,233	)

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,	2016		2015
Ordinary income	$	126,451	$	7,561,325
Long-term capital gains		8,755,906		4,007,561
Total	$	8,882,357	$	11,568,886

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31

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Net unrealized appreciation 130,752,004

At August 31, 2016, the cost of investments for federal income tax purposes was $392,536,378 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	133,652,776
Unrealized depreciation		(2,900,772	)
Net unrealized appreciation	$	130,752,004

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat late-year ordinary losses of $727,474 and post-October capital losses of $1,522,939 as arising on September 1, 2016.

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 $323,070,201 and $256,604,521, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, 2 unaffiliated shareholders of record owned 32.7% 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 22.5% 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

Annual Report 2016
32

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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

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.

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.

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

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 Securities and Exchange Commission (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 2016
33

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Global Technology Growth Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Global Technology Growth Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

Annual Report 2016
34

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		100.00	%
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	514,414

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 2016
35

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

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36

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
37

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Annual Report 2016
38

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016
39

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
40

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Global Technology Growth Fund (the Fund), a series of the Trust. 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
41

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the twelfth, twelfth and eighth 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

Annual Report 2016
42

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are ranked in the fourth 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.

The Committee and the Board also received and considered information about the management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2016
43

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
44

COLUMBIA GLOBAL TECHNOLOGY GROWTH FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
45

Columbia Global Technology Growth Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN234_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA BALANCED FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Investment strategies to help meet investor needs

We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.

Your success is our priority.

Retire comfortably

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Navigate a changing interest rate environment

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Make investment choices designed specifically for this market environment.

Maximize after-tax returns

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Finding growth opportunities in today's complex market environment requires strong research capabilities, creative thinking and a disciplined approach.

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Ease the impact of volatile markets

With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings.

Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit investor.columbiathreadneedleus.com

Not part of the shareholder report  

Get the market insight you need from our investment experts and subscribe to our latest publications

Stay informed with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers, mutual fund commentary and more at investor.columbiathreadneedleus.com.

Subscribe to the latest information from Columbia Threadneedle. Register your information online at investor.columbiathreadneedleus.com/subscribe and select the publications you would like to receive, including:

n  Columbia Threadneedle Investor Newsletter, highlighting the latest macro- and micro-economic trends, investment themes, products, service changes and other items of interest to our investors

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Connect with us on LinkedIn for updates from our thought leaders.

Not part of the shareholder report  

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA BALANCED 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

Performance Overview	3
Manager Discussion of Fund Performance	5
Understanding Your Fund's Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	32
Statement of Operations	34
Statement of Changes in Net Assets	35
Financial Highlights	38
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	58
Federal Income Tax Information	59
Trustees and Officers	60
Board Consideration and Approval of Management Agreement	65
Important Information About This Report	69

Annual Report 2016

COLUMBIA BALANCED FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Balanced Fund (the Fund) Class A shares returned 8.60% excluding sales charges for the 12-month period that ended August 31, 2016.

n  The Fund lagged its Blended Index which returned 10.09% for the same time period.

n  During the same time period, the Fund's equity benchmark, the S&P 500 Index, returned 12.55%, while the Fund's fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.97%.

n  The Fund's equity portfolio modestly lagged its benchmark, while the fixed-income portion of the Fund outperformed its benchmark.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			8.60		10.74		7.91
Including sales charges			2.36		9.43		7.28
Class B	11/01/02
Excluding sales charges			7.75		9.90		7.10
Including sales charges			2.75		9.62		7.10
Class C	10/13/03
Excluding sales charges			7.80		9.92		7.10
Including sales charges			6.80		9.92		7.10
Class K*	03/07/11		8.69		10.85		7.96
Class R*	09/27/10		8.35		10.48		7.64
Class R4*	11/08/12		8.86		11.03		8.18
Class R5*	03/07/11		8.96		11.14		8.23
Class Y*	11/08/12		9.02		11.15		8.24
Class Z	10/01/91		8.85		11.01		8.17
Blended Index			10.09		10.17		6.76
S&P 500 Index			12.55		14.69		7.51
Bloomberg Barclays U.S. Aggregate Bond Index			5.97		3.24		4.89

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 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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

The Blended Index is a weighted custom composite consisting of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Annual Report 2016
3

COLUMBIA BALANCED FUND

PERFORMANCE OVERVIEW (continued)

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

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index was rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index.

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

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
4

COLUMBIA BALANCED FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 8.60% excluding sales charges. The Fund's Blended Index, returned 10.09%. During the same time period, the Fund's equity benchmark, the S&P 500 Index, returned 12.55%, while the Fund's fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 5.97%. The Fund's equity portfolio modestly underperformed its benchmark while the fixed-income portfolio outperformed its benchmark.

Markets Logged Solid Gains

Even though a host of factors weighed on investors during the 12-month period ended August 31, 2016, strong rebounds after three significant declines left stock markets with solid gains while falling interest rates helped boost bond prices. Lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy weighed on investors in the first half of the period. In December 2015, the Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action as subpar global economic growth continued and mixed economic data undermined confidence at home.

The U.S. economy continued to expand modestly throughout the period, as the manufacturing sector regained some traction in the spring and the U.S. labor markets recovered to full employment for the first time since the Great Recession. The vote by the United Kingdom to exit the European Union gave global stock markets a jolt in mid-June and led to an investor flight to safety, which pushed U.S. Treasury yields down to historically low levels. But the anxiety was short lived.

The S&P 500 Index rose 12.55%. Large-cap stocks outperformed mid- and small-cap stocks. Value stocks outperformed growth stocks, with an especially large advantage for mid-cap and small-cap value stocks versus their growth counterparts. As interest rates (except for the very shortest rates) declined during the period, typically interest-rate sensitive telecommunications services and utilities were the strongest performing equity sectors for the period, along with information technology. Falling interest rates also boosted bond prices. At the end of the reporting period, five-, 10- and 30-year U.S. Treasury yields closed at 1.20%, 1.58% and 2.23%, respectively.

Equity Portfolio Delivers Solid Return

Within the equity portion of the Fund, stock selection was particularly strong in the consumer discretionary, information technology and industrial sectors. Within the consumer discretionary sector, Aramark and Comcast were standout performers as the market rewarded them for their business stability. Within the information technology sector, positions in Activision Blizzard, Facebook and Alphabet (Google) delivered outsized returns. Strong digital advertising growth benefited both Facebook and Google. In addition, investors have responded favorably to the renewed financial discipline brought in by Alphabet CFO Ruth Porat. Within the industrials sector, positions in Nielsen Holdings and Dun & Bradstreet, aided returns. Both business service companies were resilient in an environment of easing global industrial activity. General Electric, which has

Portfolio Management

Leonard Aplet, CFA

Brian Lavin, CFA

Gregory Liechty

Guy Pope, CFA

Ronald Stahl, CFA

Top Ten Holdings (%) (at August 31, 2016)
Apple, Inc.	2.3
Berkshire Hathaway, Inc., Class B	2.1
Verizon Communications, Inc.	2.0
Alphabet, Inc., Class C	2.0
Citigroup, Inc.	1.9
Microsoft Corp.	1.8
JPMorgan Chase & Co.	1.7
Facebook, Inc., Class A	1.7
Johnson & Johnson	1.6
Comcast Corp., Class A	1.6

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

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

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

Annual Report 2016
5

COLUMBIA BALANCED FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Portfolio Breakdown (%) (at August 31, 2016)
Asset-Backed Securities — Non-Agency	1.8
Commercial Mortgage-Backed Securities — Agency	2.6
Commercial Mortgage-Backed Securities — Non-Agency	2.4
Common Stocks	60.6
Corporate Bonds & Notes	12.0
Foreign Government Obligations	0.3
Inflation-Indexed Bonds	0.6
Money Market Funds	7.0
Municipal Bonds	0.1
Residential Mortgage-Backed Securities — Agency	8.8
Residential Mortgage-Backed Securities — Non-Agency	0.9
Senior Loans	0.0	(a)
U.S. Government & Agency Obligations	0.3
U.S. Treasury Obligations	2.6
Total	100.0

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

(a) Rounds to zero.

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	13.7
Consumer Staples	7.5
Energy	7.5
Financials	20.3
Health Care	16.7
Industrials	8.1
Information Technology	21.4
Materials	0.6
Telecommunication Services	3.1
Utilities	1.1
Total	100.0

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

long been out of favor, was rewarded by investors for its continued efforts in restructuring.

Consumer staples, financials and health care holdings were the biggest detractors from equity results for the period. In the consumer staples sector, overweight positions in Philip Morris International and PepsiCo delivered double-digit returns. However, these were not enough to offset disappointments from holdings such as CVS Health and Walgreens Boots Alliance, both strong performers a year ago, which lost ground during this 12-month period. Both CVS and Walgreens, with their link to health care, were vulnerable to concerns about the possibility of increased drug price regulation. Lack of exposure to some of the consumer staples sector's strongest performers, including Altria, Tyson Foods and Procter & Gamble, also detracted from relative performance.

In the financials sector, which was a subpar performer, the Fund underperformed the equity benchmark. An overweight in Citigroup produced disappointing results, as lower interest rates and easing global capital market activity weighed on the company. In health care, the Fund performed generally in line with the equity benchmark. However it had more exposure to health care than the equity benchmark, which was a drag on relative performance. Good results from a substantial position in Johnson & Johnson, for example, with its attractive dividend yield, was offset by a substantial slide in Vertex Pharmaceuticals, which stumbled as market acceptance of its cystic fibrosis drug was slower than expected.

Fixed Income Outperformed its Benchmark

During a period in which investors were generally comfortable with risk, most non-Treasury sectors produced strong returns relative to similar duration U.S. Treasuries. As yields beyond two-year notes declined, the U.S. Treasury yield curve flattened during the reporting period. Two-year notes rose seven basis points to 0.81%, while 10-year notes fell 64 basis points to 1.58%. (A basis point is one hundredth of one percent.)

Strong investor demand for yield in a global environment of near-record low interest rates boosted bond prices across almost all sectors. Within structured securities, commercial mortgage-backed securities (CMBS) continued to be the portfolio's largest overweight relative to the fixed-income benchmark. We found both agency and non-agency AAA rated CMBS paper to be relatively attractive as commercial real estate fundamentals continued to improve. (Bond ratings are divided into categories ranging from AAA (highest) to D (lowest) and are subject to change.)

Corporate bonds also benefited from the quest for yield. All major subsectors within the investment-grade corporate market posted solid returns in excess of similar-duration Treasuries. While the Bloomberg Barclays Credit Index returned approximately three percentage points more than Treasuries, bonds within the media, wirelines and wireless sectors posted excess returns just short of six percentage points respectively. Although the portfolio had only a small position in high-yield bonds, it also contributed to outperformance.

Disappointments for the period were few. Within the portfolio's corporate bond holdings, exposure to the insurance and energy sectors detracted

Annual Report 2016
6

COLUMBIA BALANCED FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

from performance as they underperformed other segments of the corporate bond market. The Fund's shorter duration relative to its benchmark nicked performance as longer rates fell during the period. Treasury future contracts were used to hedge the Fund's duration and yield curve management.

At Period End

Regardless of market conditions or the economic outlook, we focus on executing our core contrarian philosophy in constructing the Fund's equity portfolio and managing it from day to day. We continue to believe our disciplined approach will serve us well over a long-term time frame.

Within the Fund's fixed-income portfolio, we have targeted a duration that is shorter than that of the fixed-income benchmark. Because the Fed has indicated that its interest rate policy remains data dependent, we continue to watch commodity prices, inflation expectations, employment and global economic concerns. The portfolio remains underweight in U.S. government securities and overweight in structured and investment-grade corporate securities. Within the structured segment, we have emphasized asset-back securities and CMBS (including Ginnie Mae government-backed project loans), which we believe currently offer attractive yields (relative to Treasuries) in the investment-grade universe, especially seasoned, AAA, super-senior CMBS holdings and current pay Ginnie Mae project loan tranches. The fixed-income segment also remained overweight in corporate bonds, with more exposure than the fixed-income benchmark to the banking, communications and insurance sectors.

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund's income and yield. These risks may be heightened for longer maturity and duration securities. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund's prospectus for more information on these and other risks.

Annual Report 2016
7

COLUMBIA BALANCED FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,092.60		1,020.01		5.37		5.18		1.02
Class B		1,000.00		1,000.00		1,088.30		1,016.24		9.29		8.97		1.77
Class C		1,000.00		1,000.00		1,088.60		1,016.24		9.29		8.97		1.77
Class K		1,000.00		1,000.00		1,092.90		1,020.51		4.84		4.67		0.92
Class R		1,000.00		1,000.00		1,091.20		1,018.75		6.68		6.44		1.27
Class R4		1,000.00		1,000.00		1,093.80		1,021.27		4.05		3.91		0.77
Class R5		1,000.00		1,000.00		1,094.20		1,021.77		3.53		3.40		0.67
Class Y		1,000.00		1,000.00		1,094.60		1,022.02		3.26		3.15		0.62
Class Z		1,000.00		1,000.00		1,093.80		1,021.27		4.05		3.91		0.77

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Annual Report 2016
8

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 60.4%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 8.3%
Auto Components 1.2%
Delphi Automotive PLC		615,910		43,520,201
Johnson Controls, Inc.		487,648		21,397,994
Total				64,918,195
Hotels, Restaurants & Leisure 1.1%
Aramark		521,125		19,766,271
Marriott International, Inc., Class A		244,365		17,430,555
McDonald's Corp.		215,245		24,895,237
Total				62,092,063
Household Durables 0.5%
Newell Brands, Inc.		493,365		26,187,814
Internet & Catalog Retail 0.5%
Expedia, Inc.		260,705		28,448,130
Media 2.1%
Comcast Corp., Class A		1,266,846		82,674,370
Walt Disney Co. (The)		376,715		35,584,499
Total				118,258,869
Specialty Retail 1.7%
Advance Auto Parts, Inc.		85,990		13,533,106
Lowe's Companies, Inc.		889,597		68,107,547
Michaels Companies, Inc. (The)(a)		687,242		16,466,318
Total				98,106,971
Textiles, Apparel & Luxury Goods 1.2%
Coach, Inc.		892,240		34,065,723
PVH Corp.		309,801		33,384,156
Total				67,449,879
Total Consumer Discretionary				465,461,921
CONSUMER STAPLES 4.5%
Beverages 1.6%
Diageo PLC, ADR		180,664		20,321,087
PepsiCo, Inc.		663,478		70,826,276
Total				91,147,363
Food & Staples Retailing 2.1%
CVS Health Corp.		570,055		53,243,137
Kroger Co. (The)		755,100		24,155,649
Walgreens Boots Alliance, Inc.		512,254		41,344,020
Total				118,742,806

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 0.8%
Philip Morris International, Inc.		436,480		43,617,447
Total Consumer Staples				253,507,616
ENERGY 4.5%
Energy Equipment & Services 0.6%
Schlumberger Ltd.		410,760		32,450,040
Oil, Gas & Consumable Fuels 3.9%
Canadian Natural Resources Ltd.		1,446,930		44,927,176
Chevron Corp.		477,576		48,034,594
ConocoPhillips		711,539		29,208,676
EQT Corp.		221,225		15,817,588
Exxon Mobil Corp.		709,760		61,848,486
Noble Energy, Inc.		645,058		22,241,600
Total				222,078,120
Total Energy				254,528,160
FINANCIALS 12.3%
Banks 4.6%
Citigroup, Inc.		2,064,392		98,554,074
JPMorgan Chase & Co.		1,347,308		90,943,290
Wells Fargo & Co.		1,302,301		66,156,891
Total				255,654,255
Capital Markets 3.4%
Bank of New York Mellon Corp. (The)		1,262,036		52,589,040
BlackRock, Inc.		149,711		55,813,758
Invesco Ltd.		251,795		7,853,486
Morgan Stanley		2,365,890		75,850,434
Total				192,106,718
Diversified Financial Services 2.7%
Berkshire Hathaway, Inc., Class B(a)		739,785		111,330,244
S&P Global, Inc.		320,555		39,601,365
Total				150,931,609
Insurance 0.5%
Aon PLC		260,837		29,044,200
Real Estate Investment Trusts (REITs) 0.8%
American Tower Corp.		412,680		46,789,658
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A(a)		472,408		14,120,275
Total Financials				688,646,715

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

Annual Report 2016
9

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 10.1%
Biotechnology 1.9%
Alexion Pharmaceuticals, Inc.(a)		145,595		18,324,587
Biogen, Inc.(a)		135,080		41,284,500
Celgene Corp.(a)		297,142		31,716,937
Vertex Pharmaceuticals, Inc.(a)		139,010		13,137,835
Total				104,463,859
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		886,935		37,269,009
Cooper Companies, Inc. (The)		210,914		39,213,131
Medtronic PLC		853,219		74,255,649
Zimmer Biomet Holdings, Inc.		367,670		47,653,709
Total				198,391,498
Health Care Providers & Services 1.4%
Anthem, Inc.		259,095		32,407,603
Cardinal Health, Inc.		351,906		28,036,351
CIGNA Corp.		122,704		15,738,015
Total				76,181,969
Pharmaceuticals 3.3%
Allergan PLC(a)		80,275		18,827,698
Johnson & Johnson		715,520		85,390,157
Pfizer, Inc.		2,369,300		82,451,640
Total				186,669,495
Total Health Care				565,706,821
INDUSTRIALS 4.8%
Aerospace & Defense 1.1%
Honeywell International, Inc.		561,823		65,570,362
Air Freight & Logistics 1.2%
FedEx Corp.		398,477		65,720,812
Electrical Equipment 0.4%
Eaton Corp. PLC		362,663		24,131,596
Industrial Conglomerates 0.5%
General Electric Co.		900,615		28,135,213
Professional Services 1.6%
Dun & Bradstreet Corp. (The)		158,448		21,810,367
Nielsen Holdings PLC		1,270,985		67,718,081
Total				89,528,448
Total Industrials				273,086,431

Common Stocks (continued)

Issuer	Shares		Value ($)
INFORMATION TECHNOLOGY 12.9%
Communications Equipment 0.2%
Palo Alto Networks, Inc.(a)		106,995		14,248,524
Internet Software & Services 4.4%
Akamai Technologies, Inc.(a)		166,260		9,127,674
Alphabet, Inc., Class A(a)		57,359		45,305,006
Alphabet, Inc., Class C(a)		132,903		101,943,246
Facebook, Inc., Class A(a)		712,790		89,897,075
Total				246,273,001
IT Services 1.3%
Fidelity National Information Services, Inc.		347,530		27,569,555
MasterCard, Inc., Class A		467,959		45,218,878
Total				72,788,433
Semiconductors & Semiconductor Equipment 1.5%
Broadcom Ltd.		247,620		43,685,120
QUALCOMM, Inc.		396,805		25,026,491
Skyworks Solutions, Inc.		213,338		15,970,483
Total				84,682,094
Software 3.4%
Activision Blizzard, Inc.		1,206,465		49,911,457
Electronic Arts, Inc.(a)		441,152		35,834,777
Intuit, Inc.		77,565		8,644,620
Microsoft Corp.		1,644,794		94,509,863
Total				188,900,717
Technology Hardware, Storage & Peripherals 2.1%
Apple, Inc.		1,131,865		120,090,877
Total Information Technology				726,983,646
MATERIALS 0.4%
Chemicals 0.4%
Monsanto Co.		194,885		20,755,252
Total Materials				20,755,252
TELECOMMUNICATION SERVICES 1.9%
Diversified Telecommunication Services 1.9%
Verizon Communications, Inc.		2,028,634		106,158,417
Total Telecommunication Services				106,158,417
UTILITIES 0.7%
Electric Utilities 0.5%
Edison International		387,466		28,176,528

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

Annual Report 2016
10

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Multi-Utilities 0.2%
DTE Energy Co.		111,520		10,360,208
Total Utilities				38,536,736
Total Common Stocks (Cost: $2,814,215,695)				3,393,371,715

Corporate Bonds & Notes 11.9%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
AEROSPACE & DEFENSE 0.3%
BAE Systems Holdings, Inc.(b) 10/07/24		3.800	%		3,783,000		4,001,771
Huntington Ingalls Industries, Inc.(b) 11/15/25		5.000	%		18,000		19,327
L-3 Communications Corp. 02/15/21		4.950	%		5,490,000		6,061,504
Lockheed Martin Corp. 09/15/21		3.350	%		6,000,000		6,417,252
TransDigm, Inc. 10/15/20		5.500	%		4,000		4,105
07/15/21		7.500	%		35,000		37,122
07/15/24		6.500	%		310,000		321,625
05/15/25		6.500	%		94,000		97,290
TransDigm, Inc.(b) 06/15/26		6.375	%		155,000		158,100
Total							17,118,096
AUTOMOTIVE 0.1%
American Axle & Manufacturing, Inc. 02/15/19		5.125	%		28,000		28,504
03/15/21		6.250	%		75,000		78,375
Ford Motor Credit Co. LLC 08/04/25		4.134	%		6,000,000		6,369,906
Gates Global LLC/Co.(b) 07/15/22		6.000	%		85,000		80,750
Schaeffler Finance BV(b) 05/15/21		4.250	%		196,000		200,900
05/15/23		4.750	%		371,000		386,304
Schaeffler Holding Finance BV PIK(b) 11/15/19		6.250	%		65,000		67,437
ZF North America Capital, Inc.(b) 04/29/25		4.750	%		160,000		169,800
Total							7,381,976

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
BANKING 2.3%
Ally Financial, Inc. 02/15/17		5.500	%		54,000		54,940
01/27/19		3.500	%		31,000		31,388
02/13/22		4.125	%		186,000		191,115
05/19/22		4.625	%		153,000		160,650
09/30/24		5.125	%		190,000		205,794
03/30/25		4.625	%		751,000		779,162
Subordinated 11/20/25		5.750	%		164,000		174,455
BB&T Corp.(c) 05/01/19		1.287	%		6,625,000		6,639,409
Bank of America Corp. 01/05/21		5.875	%		10,000,000		11,528,620
Bank of New York Mellon Corp. (The) 04/15/21		2.500	%		5,000,000		5,149,885
Barclays Bank PLC 05/15/24		3.750	%		4,500,000		4,752,346
Capital One Financial Corp. 07/15/21		4.750	%		4,500,000		5,027,728
Citigroup, Inc. 01/14/22		4.500	%		6,775,000		7,474,871
Credit Suisse AG 09/09/24		3.625	%		4,500,000		4,724,716
Discover Financial Services 11/21/22		3.850	%		3,300,000		3,414,012
Fifth Third Bancorp 03/15/22		3.500	%		2,995,000		3,162,088
Goldman Sachs Group, Inc. (The) 07/08/24		3.850	%		9,375,000		9,955,950
HSBC Holdings PLC 05/25/26		3.900	%		6,000,000		6,264,972
Huntington National Bank (The) 06/30/18		2.000	%		4,640,000		4,672,030
ING Bank NV(b)(c) 03/22/19		1.777	%		6,300,000		6,394,790
JPMorgan Chase & Co. 08/15/21		4.350	%		7,053,000		7,776,236
Morgan Stanley 07/27/26		3.125	%		9,000,000		9,105,192
PNC Bank NA Subordinated 01/30/23		2.950	%		4,300,000		4,459,788
Regions Financial Corp. 02/08/21		3.200	%		5,695,000		5,908,335
State Street Corp. 11/20/23		3.700	%		4,510,000		4,979,180

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

Annual Report 2016
11

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Synovus Financial Corp. 02/15/19		7.875	%		113,000		126,701
Subordinated 06/15/17		5.125	%		17,000		17,255
Toronto-Dominion Bank (The) 01/22/19		1.950	%		5,500,000		5,568,123
U.S. Bancorp Subordinated 04/27/26		3.100	%		5,400,000		5,588,617
Wells Fargo & Co. Subordinated 02/13/23		3.450	%		5,375,000		5,637,875
Total							129,926,223
BROKERAGE/ASSET MANAGERS/EXCHANGES —%
E*TRADE Financial Corp. 11/15/22		5.375	%		169,000		181,464
09/15/23		4.625	%		447,000		463,923
National Financial Partners Corp.(b) 07/15/21		9.000	%		121,000		124,933
Total							770,320
BUILDING MATERIALS —%
Allegion PLC 09/15/23		5.875	%		137,000		147,960
Allegion US Holding Co., Inc. 10/01/21		5.750	%		76,000		79,610
American Builders & Contractors Supply Co., Inc.(b) 04/15/21		5.625	%		361,000		373,635
12/15/23		5.750	%		53,000		55,915
Beacon Roofing Supply, Inc. 10/01/23		6.375	%		344,000		369,800
Eagle Materials, Inc. 08/01/26		4.500	%		42,000		42,740
Gibraltar Industries, Inc. 02/01/21		6.250	%		19,000		19,665
HD Supply, Inc. 07/15/20		7.500	%		311,000		323,829
HD Supply, Inc.(b) 12/15/21		5.250	%		91,000		96,971
04/15/24		5.750	%		156,000		166,140
Nortek, Inc. 04/15/21		8.500	%		355,000		371,862
Standard Industries, Inc.(b) 02/15/23		5.500	%		140,000		148,575
US Concrete, Inc. 06/01/24		6.375	%		77,000		80,273
Total							2,276,975

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CABLE AND SATELLITE 0.2%
Altice US Finance I Corp.(b) 07/15/23		5.375	%		251,000		262,609
05/15/26		5.500	%		318,000		335,490
CCO Holdings LLC/Capital Corp. 09/30/22		5.250	%		98,000		102,900
CCO Holdings LLC/Capital Corp.(b) 05/01/23		5.125	%		4,000		4,209
04/01/24		5.875	%		775,000		835,062
05/01/25		5.375	%		97,000		102,214
02/15/26		5.750	%		173,000		185,110
05/01/26		5.500	%		8,000		8,470
05/01/27		5.875	%		70,000		74,900
CSC Holdings LLC 02/15/18		7.875	%		22,000		23,760
02/15/19		8.625	%		32,000		35,840
11/15/21		6.750	%		85,000		91,056
06/01/24		5.250	%		251,000		244,253
CSC Holdings LLC(b) 10/15/25		6.625	%		208,000		225,940
10/15/25		10.875	%		467,000		546,390
Cequel Communications Holdings I LLC/Capital Corp.(b) 09/15/20		6.375	%		98,000		101,308
12/15/21		5.125	%		48,000		48,420
12/15/21		5.125	%		205,000		207,306
07/15/25		7.750	%		195,000		213,037
DISH DBS Corp. 07/15/22		5.875	%		95,000		96,900
03/15/23		5.000	%		155,000		149,203
11/15/24		5.875	%		444,000		437,895
DISH DBS Corp.(b) 07/01/26		7.750	%		211,000		225,135
Hughes Satelite Systems Corp.(b) 08/01/26		5.250	%		171,000		169,630
08/01/26		6.625	%		100,000		99,250
NBCUniversal Media LLC 04/01/41		5.950	%		3,600,000		4,922,608
Quebecor Media, Inc. 01/15/23		5.750	%		287,000		301,709
Sirius XM Radio, Inc.(b) 04/15/25		5.375	%		184,000		191,820
UPCB Finance IV Ltd.(b) 01/15/25		5.375	%		136,000		139,740
Unitymedia GmbH(b) 01/15/25		6.125	%		112,000		120,120
Unitymedia Hessen GmbH & Co. KG NRW(b) 01/15/25		5.000	%		512,000		533,760
Videotron Ltd. 07/15/22		5.000	%		355,000		372,306

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

Annual Report 2016
12

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Videotron Ltd.(b) 06/15/24		5.375	%		21,000		22,076
Virgin Media Finance PLC(b) 10/15/24		6.000	%		56,000		58,380
01/15/25		5.750	%		624,000		634,920
Virgin Media Secured Finance PLC(b) 01/15/26		5.250	%		60,000		61,350
Total							12,185,076
CHEMICALS 0.3%
Angus Chemical Co.(b) 02/15/23		8.750	%		109,000		111,180
Axalta Coating Systems LLC(b) 08/15/24		4.875	%		190,000		198,075
Celanese U.S. Holdings LLC 06/15/21		5.875	%		412,000		469,935
11/15/22		4.625	%		3,467,000		3,779,030
Chemours Co. (The) 05/15/23		6.625	%		160,000		153,600
05/15/25		7.000	%		413,000		395,189
Dow Chemical Co. (The) 11/01/29		7.375	%		1,103,000		1,502,359
Eastman Chemical Co. 01/15/20		2.700	%		5,000,000		5,145,580
Eco Services Operations LLC/Finance Corp.(b) 11/01/22		8.500	%		161,000		166,635
Huntsman International LLC 11/15/20		4.875	%		29,000		30,088
11/15/22		5.125	%		80,000		82,600
INEOS Group Holdings SA(b) 02/15/19		5.875	%		94,000		96,350
08/01/24		5.625	%		138,000		137,655
LYB International Finance BV 07/15/23		4.000	%		5,000,000		5,446,620
PQ Corp.(b) 11/15/22		6.750	%		188,000		199,515
Platform Specialty Products Corp.(b) 05/01/21		10.375	%		219,000		229,950
02/01/22		6.500	%		56,000		53,060
WR Grace & Co.(b) 10/01/21		5.125	%		173,000		184,245
10/01/24		5.625	%		28,000		30,240
Total							18,411,906
CONSTRUCTION MACHINERY 0.2%
Caterpillar Financial Services Corp. 06/01/22		2.850	%		3,250,000		3,399,441

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
John Deere Capital Corp. 06/10/26		2.650	%		5,000,000		5,143,590
United Rentals North America, Inc. 09/15/26		5.875	%		242,000		251,680
Total							8,794,711
CONSUMER CYCLICAL SERVICES —%
APX Group, Inc. 12/01/19		6.375	%		106,000		108,781
12/01/20		8.750	%		61,000		58,636
12/01/22		7.875	%		317,000		332,850
APX Group, Inc.(b) 12/01/22		7.875	%		60,000		63,000
IHS Markit Ltd.(b) 11/01/22		5.000	%		353,000		375,063
Interval Acquisition Corp. 04/15/23		5.625	%		367,000		379,845
Total							1,318,175
CONSUMER PRODUCTS 0.1%
Prestige Brands, Inc.(b) 03/01/24		6.375	%		356,000		380,030
Procter & Gamble Co. (The) 02/02/26		2.700	%		5,500,000		5,803,160
Scotts Miracle-Gro Co. (The)(b) 10/15/23		6.000	%		345,000		368,719
Serta Simmons Bedding LLC(b) 10/01/20		8.125	%		282,000		293,985
Spectrum Brands, Inc. 11/15/22		6.625	%		343,000		367,010
12/15/24		6.125	%		174,000		187,702
07/15/25		5.750	%		211,000		228,671
Springs Industries, Inc. 06/01/21		6.250	%		194,000		199,820
Tempur Sealy International, Inc. 10/15/23		5.625	%		181,000		189,824
Tempur Sealy International, Inc.(b) 06/15/26		5.500	%		130,000		135,785
Valvoline, Inc.(b) 07/15/24		5.500	%		27,000		28,337
Total							8,183,043
DIVERSIFIED MANUFACTURING 0.1%
Entegris, Inc.(b) 04/01/22		6.000	%		180,000		187,200
Manitowoc Foodservice, Inc.(b) 02/15/24		9.500	%		30,000		33,900

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

Annual Report 2016
13

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
SPX FLOW, Inc.(b) 08/15/24		5.625	%		48,000		49,320
08/15/26		5.875	%		178,000		183,785
United Technologies Corp. 06/01/22		3.100	%		4,600,000		4,943,887
WESCO Distribution, Inc.(b) 06/15/24		5.375	%		71,000		72,597
Zekelman Industries, Inc.(b) 06/15/23		9.875	%		38,000		40,660
Total							5,511,349
ELECTRIC 1.3%
AES Corp. (The) 07/01/21		7.375	%		169,000		193,927
05/15/26		6.000	%		157,000		166,616
Arizona Public Service Co. 04/01/42		4.500	%		1,925,000		2,283,893
Berkshire Hathaway Energy Co. 02/01/25		3.500	%		1,950,000		2,101,027
CMS Energy Corp. 03/01/24		3.875	%		5,076,000		5,568,677
Calpine Corp. 01/15/23		5.375	%		140,000		140,087
Calpine Corp.(b) 01/15/22		6.000	%		75,000		78,563
01/15/24		5.875	%		105,000		111,038
Consolidated Edison Co. of New York, Inc. 12/01/45		4.500	%		2,500,000		2,935,512
DTE Energy Co. 04/15/33		6.375	%		1,840,000		2,427,573
Dominion Resources, Inc. 10/01/25		3.900	%		4,000,000		4,343,592
Emera US Finance LP(b) 06/15/26		3.550	%		6,400,000		6,741,402
Indiana Michigan Power Co. 03/15/37		6.050	%		3,100,000		3,943,420
NRG Energy, Inc. 07/15/22		6.250	%		178,000		181,782
05/01/24		6.250	%		45,000		44,663
NRG Energy, Inc.(b) 05/15/26		7.250	%		127,000		131,889
01/15/27		6.625	%		229,000		229,428
NRG Yield Operating LLC 08/15/24		5.375	%		450,000		469,125
Nevada Power Co. 08/01/18		6.500	%		900,000		985,881
NextEra Energy Capital Holdings, Inc. 06/15/23		3.625	%		3,700,000		3,918,152

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
PPL Capital Funding, Inc. 06/01/23		3.400	%		5,645,000		5,959,669
PacifiCorp 07/01/25		3.350	%		1,821,000		1,972,416
Pacific Gas & Electric Co. 03/01/37		5.800	%		3,421,000		4,546,776
Progress Energy, Inc. 03/01/31		7.750	%		2,983,000		4,220,841
Public Service Co. of Colorado 05/15/25		2.900	%		3,050,000		3,210,247
Southern California Edison Co. 09/01/40		4.500	%		1,775,000		2,102,150
Southern Co. (The) 07/01/23		2.950	%		6,450,000		6,664,095
TransAlta Corp. 06/03/17		1.900	%		4,000,000		4,002,476
WEC Energy Group, Inc. 06/15/25		3.550	%		3,300,000		3,559,472
Total							73,234,389
FINANCE COMPANIES 0.2%
AerCap Ireland Capital Ltd./Global Aviation Trust 02/01/22		3.950	%		120,000		124,500
Aircastle Ltd. 03/15/21		5.125	%		27,000		29,295
02/15/22		5.500	%		129,000		140,126
04/01/23		5.000	%		44,000		46,640
CIT Group, Inc. 08/15/17		4.250	%		48,000		48,900
05/15/20		5.375	%		428,000		457,425
CIT Group, Inc.(b) 04/01/18		6.625	%		99,000		105,435
02/15/19		5.500	%		120,000		127,050
GE Capital International Funding Co. Unlimited Co. 11/15/25		3.373	%		7,500,000		8,196,817
International Lease Finance Corp. 04/15/21		4.625	%		5,000		5,303
Navient Corp. 03/25/20		8.000	%		24,000		26,040
10/26/20		5.000	%		242,000		243,210
07/26/21		6.625	%		100,000		103,125
01/25/22		7.250	%		28,000		29,085
01/25/23		5.500	%		58,000		55,100
10/25/24		5.875	%		37,000		34,873
OneMain Financial Holdings LLC(b) 12/15/19		6.750	%		38,000		39,853
12/15/21		7.250	%		253,000		265,017

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

Annual Report 2016
14

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Provident Funding Associates LP/Finance Corp.(b) 06/15/21		6.750	%		384,000		379,200
Quicken Loans, Inc.(b) 05/01/25		5.750	%		151,000		150,668
Springleaf Finance Corp. 12/15/20		8.250	%		59,000		64,457
10/01/23		8.250	%		131,000		137,304
Total							10,809,423
FOOD AND BEVERAGE 0.7%
Anheuser-Busch InBev Finance, Inc. 02/01/23		3.300	%		9,000,000		9,451,089
ConAgra Foods, Inc. 01/25/23		3.200	%		5,000,000		5,213,300
Constellation Brands, Inc. 11/15/24		4.750	%		633,000		689,970
12/01/25		4.750	%		6,000		6,529
Diageo Investment Corp. 05/11/22		2.875	%		4,226,000		4,425,416
FAGE International SA/USA Dairy Industry, Inc.(b) 08/15/26		5.625	%		127,000		131,286
Kraft Heinz Foods Co. 07/15/22		3.500	%		5,020,000		5,364,292
Molson Coors Brewing Co. 05/01/42		5.000	%		3,000,000		3,503,607
PepsiCo, Inc. 03/05/22		2.750	%		3,245,000		3,407,020
Pinnacle Foods Finance LLC/Corp.(b) 01/15/24		5.875	%		208,000		224,120
Post Holdings, Inc.(b) 12/15/22		6.000	%		282,000		299,287
03/15/24		7.750	%		152,000		168,910
08/15/26		5.000	%		175,000		174,562
SABMiller Holdings, Inc.(b) 01/15/22		3.750	%		4,500,000		4,897,561
Treehouse Foods, Inc.(b) 02/15/24		6.000	%		107,000		116,363
WhiteWave Foods Co. (The) 10/01/22		5.375	%		147,000		165,742
Total							38,239,054
GAMING —%
Boyd Gaming Corp. 05/15/23		6.875	%		49,000		52,920
Boyd Gaming Corp.(b) 04/01/26		6.375	%		76,000		80,940
GLP Capital LP/Financing II, Inc. 11/01/20		4.875	%		70,000		74,900

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
11/01/23		5.375	%		51,000		55,845
04/15/26		5.375	%		76,000		83,030
International Game Technology PLC(b) 02/15/22		6.250	%		269,000		289,847
02/15/25		6.500	%		100,000		108,400
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.(b) 09/01/26		4.500	%		80,000		79,950
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(b) 05/01/24		5.625	%		78,000		84,630
MGM Resorts International 10/01/20		6.750	%		44,000		49,170
12/15/21		6.625	%		112,000		125,720
03/15/23		6.000	%		323,000		350,649
Penn National Gaming, Inc. 11/01/21		5.875	%		25,000		26,000
Pinnacle Entertainment, Inc.(b) 05/01/24		5.625	%		63,000		64,260
Rivers Pittsburgh Borrower LP/Finance Corp.(b) 08/15/21		6.125	%		49,000		50,470
Scientific Games International, Inc. 12/01/22		10.000	%		132,000		122,100
Scientific Games International, Inc.(b) 01/01/22		7.000	%		369,000		392,062
Seminole Tribe of Florida, Inc.(b) 10/01/20		6.535	%		41,000		41,410
SugarHouse HSP Gaming LP/Finance Corp.(b) 06/01/21		6.375	%		193,000		193,483
Tunica-Biloxi Gaming Authority(b)(d) 11/15/16		0.000	%		25,000		10,250
Total							2,336,036
HEALTH CARE 0.5%
Acadia Healthcare Co., Inc. 07/01/22		5.125	%		14,000		13,965
02/15/23		5.625	%		24,000		24,420
03/01/24		6.500	%		249,000		261,761
Alere, Inc.(b) 07/01/23		6.375	%		67,000		68,508
Amsurg Corp. 11/30/20		5.625	%		85,000		87,975
07/15/22		5.625	%		37,000		38,203
Becton Dickinson and Co. 12/15/24		3.734	%		4,400,000		4,784,644
CHS/Community Health Systems, Inc. 11/15/19		8.000	%		65,000		61,506
08/01/21		5.125	%		410,000		404,362
02/01/22		6.875	%		273,000		226,590

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

Annual Report 2016
15

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Cardinal Health, Inc. 12/15/20		4.625	%		1,325,000		1,474,823
Change Healthcare Holdings, Inc. 12/31/19		11.000	%		58,000		61,263
Change Healthcare Holdings, Inc.(b) 02/15/21		6.000	%		62,000		65,720
ConvaTec Finance International SA Junior Subordinated PIK(b) 01/15/19		8.250	%		67,000		67,101
ConvaTec Healthcare E SA(b) 12/15/18		10.500	%		147,000		151,042
Covidien International Finance SA 06/15/22		3.200	%		4,763,000		5,042,031
DaVita, Inc. 08/15/22		5.750	%		349,000		366,014
07/15/24		5.125	%		111,000		114,607
05/01/25		5.000	%		13,000		13,176
Express Scripts Holding Co. 02/25/21		3.300	%		895,000		942,619
02/15/22		3.900	%		2,000,000		2,156,600
Fresenius Medical Care U.S. Finance II, Inc.(b) 07/31/19		5.625	%		99,000		108,405
01/31/22		5.875	%		340,000		386,750
10/15/24		4.750	%		32,000		34,240
HCA, Inc. 02/15/22		7.500	%		78,000		88,920
03/15/22		5.875	%		273,000		300,300
02/01/25		5.375	%		1,020,000		1,050,600
04/15/25		5.250	%		255,000		273,169
02/15/27		4.500	%		217,000		218,899
HealthSouth Corp. 11/01/24		5.750	%		187,000		193,919
09/15/25		5.750	%		23,000		24,064
Hologic, Inc.(b) 07/15/22		5.250	%		207,000		220,196
Kinetic Concepts, Inc./KCI U.S.A., Inc. 11/01/18		10.500	%		40,000		41,000
Kinetic Concepts, Inc./KCI U.S.A., Inc.(b) 02/15/21		7.875	%		83,000		89,640
MEDNAX, Inc.(b) 12/01/23		5.250	%		286,000		301,015
MPH Acquisition Holdings LLC(b) 06/01/24		7.125	%		195,000		209,625
McKesson Corp. 12/15/22		2.700	%		4,000,000		4,067,820
Sterigenics-Nordion Holdings LLC(b) 05/15/23		6.500	%		263,000		274,856
Surgical Care Affiliates, Inc.(b) 04/01/23		6.000	%		35,000		36,750

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Teleflex, Inc. 06/01/26		4.875	%		46,000		47,955
Tenet Healthcare Corp. 06/01/20		4.750	%		84,000		85,890
10/01/20		6.000	%		123,000		129,919
04/01/21		4.500	%		335,000		338,182
04/01/22		8.125	%		118,000		119,475
06/15/23		6.750	%		168,000		159,810
Total							25,228,329
HEALTHCARE INSURANCE 0.2%
Aetna, Inc. 06/15/23		2.800	%		6,715,000		6,870,822
Centene Corp. 05/15/22		4.750	%		152,000		157,890
02/15/24		6.125	%		341,000		371,690
Molina Healthcare, Inc.(b) 11/15/22		5.375	%		267,000		275,010
UnitedHealth Group, Inc. 03/15/23		2.875	%		3,100,000		3,241,828
Total							10,917,240
HOME CONSTRUCTION —%
CalAtlantic Group, Inc. 12/15/21		6.250	%		36,000		39,510
11/15/24		5.875	%		149,000		160,920
D.R. Horton, Inc. 09/15/22		4.375	%		50,000		52,750
Lennar Corp. 06/15/19		4.500	%		364,000		382,200
Meritage Homes Corp. 04/15/20		7.150	%		16,000		17,680
04/01/22		7.000	%		248,000		276,520
06/01/25		6.000	%		93,000		99,045
Taylor Morrison Communities, Inc./Monarch, Inc.(b) 04/15/21		5.250	%		121,000		124,328
03/01/24		5.625	%		81,000		83,025
Toll Brothers Finance Corp. 12/31/18		4.000	%		201,000		209,291
11/15/25		4.875	%		184,000		192,970
Total							1,638,239
INDEPENDENT ENERGY 0.4%
Anadarko Petroleum Corp. 09/15/36		6.450	%		3,430,000		3,959,606
Antero Resources Corp. 12/01/22		5.125	%		415,000		409,813
Canadian Natural Resources Ltd. 04/15/24		3.800	%		5,452,000		5,467,620

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

Annual Report 2016
16

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Carrizo Oil & Gas, Inc. 04/15/23		6.250	%		658,000		649,775
Concho Resources, Inc. 01/15/22		6.500	%		19,000		19,760
04/01/23		5.500	%		651,000		672,157
Continental Resources, Inc. 04/15/23		4.500	%		123,000		115,928
06/01/24		3.800	%		245,000		221,113
CrownRock LP/Finance, Inc.(b) 02/15/23		7.750	%		418,000		444,125
Denbury Resources, Inc.(b) 05/15/21		9.000	%		212,000		217,830
Devon Energy Corp. 07/15/21		4.000	%		1,925,000		2,012,472
Diamondback Energy, Inc. 10/01/21		7.625	%		96,000		101,820
Extraction Oil & Gas Holdings LLC/Finance Corp.(b) 07/15/21		7.875	%		390,000		393,900
Laredo Petroleum, Inc. 01/15/22		5.625	%		189,000		176,715
05/01/22		7.375	%		145,000		146,450
03/15/23		6.250	%		593,000		564,832
Newfield Exploration Co. 01/30/22		5.750	%		14,000		14,525
07/01/24		5.625	%		235,000		242,638
Oasis Petroleum, Inc. 03/15/22		6.875	%		131,000		121,830
01/15/23		6.875	%		268,000		247,230
PDC Energy, Inc. 10/15/22		7.750	%		122,000		128,100
Parsley Energy LLC/Finance Corp.(b) 02/15/22		7.500	%		278,000		293,290
06/01/24		6.250	%		290,000		299,425
QEP Resources, Inc. 05/01/23		5.250	%		7,000		6,860
RSP Permian, Inc. 10/01/22		6.625	%		323,000		335,920
Range Resources Corp. 06/01/21		5.750	%		53,000		53,795
WPX Energy, Inc. 01/15/22		6.000	%		643,000		625,317
Whiting Petroleum Corp. 03/15/21		5.750	%		240,000		215,100
Woodside Finance Ltd.(b) 03/05/25		3.650	%		6,615,000		6,577,691
Total							24,735,637

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
INTEGRATED ENERGY 0.2%
BP Capital Markets PLC 02/10/24		3.814	%		5,165,000		5,625,806
Cenovus Energy, Inc. 08/15/22		3.000	%		1,325,000		1,264,719
09/15/23		3.800	%		1,510,000		1,458,699
Petro-Canada 05/15/18		6.050	%		2,000,000		2,142,146
Total							10,491,370
LEISURE —%
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. 03/15/21		5.250	%		48,000		49,800
06/01/24		5.375	%		17,000		17,978
LTF Merger Sub, Inc.(b) 06/15/23		8.500	%		153,000		154,147
Total							221,925
LIFE INSURANCE 0.4%
American International Group, Inc. 02/15/24		4.125	%		6,000,000		6,458,568
Five Corners Funding Trust(b) 11/15/23		4.419	%		6,000,000		6,483,108
Metropolitan Life Global Funding I(b) 04/11/22		3.875	%		4,145,000		4,496,911
Peachtree Corners Funding Trust(b) 02/15/25		3.976	%		3,600,000		3,632,533
Total							21,071,120
LODGING —%
Choice Hotels International, Inc. 07/01/22		5.750	%		155,000		169,725
Hilton Escrow Issuer LLC/Corp.(b) 09/01/24		4.250	%		105,000		107,034
Playa Resorts Holding BV(b) 08/15/20		8.000	%		378,000		387,923
Total							664,682
MEDIA AND ENTERTAINMENT 0.4%
21st Century Fox America, Inc. 03/15/33		6.550	%		2,241,000		2,898,888
AMC Networks, Inc. 04/01/24		5.000	%		108,000		110,700
Lamar Media Corp.(b) 02/01/26		5.750	%		208,000		224,900
MDC Partners, Inc.(b) 05/01/24		6.500	%		525,000		498,750

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

Annual Report 2016
17

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Match Group, Inc. 06/01/24		6.375	%		187,000		203,596
Netflix, Inc. 02/15/22		5.500	%		454,000		488,050
02/15/25		5.875	%		54,000		58,590
Nielsen Finance LLC/Co. 10/01/20		4.500	%		36,000		36,884
Outfront Media Capital LLC/Corp. 02/15/22		5.250	%		8,000		8,380
03/15/25		5.875	%		276,000		296,010
RELX Capital, Inc. 10/15/22		3.125	%		3,000,000		3,077,883
Scripps Networks Interactive, Inc. 11/15/24		3.900	%		6,000,000		6,340,680
Sky PLC(b) 11/26/22		3.125	%		3,334,000		3,427,036
Thomson Reuters Corp. 05/23/43		4.500	%		2,204,000		2,358,379
Univision Communications, Inc.(b) 09/15/22		6.750	%		59,000		62,872
05/15/23		5.125	%		28,000		29,120
02/15/25		5.125	%		524,000		547,580
Total							20,668,298
METALS 0.1%
ArcelorMittal(c) 03/01/21		6.500	%		216,000		234,360
02/25/22		7.250	%		105,000		118,125
Constellium NV(b) 05/15/24		5.750	%		63,000		58,275
Freeport-McMoRan, Inc. 03/01/22		3.550	%		69,000		60,202
03/15/23		3.875	%		140,000		120,050
11/14/24		4.550	%		351,000		307,125
Novelis Corp.(b) 08/15/24		6.250	%		84,000		87,570
Vale Overseas Ltd. 01/11/22		4.375	%		3,300,000		3,212,550
Total							4,198,257
MIDSTREAM 0.5%
Columbia Pipeline Group, Inc. 06/01/45		5.800	%		4,249,000		5,117,542
Energy Transfer Equity LP 06/01/27		5.500	%		225,000		225,562
Enterprise Products Operating LLC 02/01/41		5.950	%		3,715,000		4,420,341

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Hiland Partners Holdings LLC/Finance Corp.(b) 10/01/20		7.250	%		131,000		135,749
05/15/22		5.500	%		50,000		51,688
Holly Energy Partners LP/Finance Corp.(b) 08/01/24		6.000	%		36,000		36,720
Kinder Morgan Energy Partners LP 03/01/44		5.500	%		4,300,000		4,366,250
MPLX LP(b) 02/15/23		5.500	%		99,000		102,800
07/15/23		4.500	%		132,000		133,326
12/01/24		4.875	%		212,000		216,870
06/01/25		4.875	%		514,000		524,608
Plains All American Pipeline LP/Finance Corp. 11/01/24		3.600	%		5,000,000		4,854,255
Sabine Pass Liquefaction LLC 03/01/25		5.625	%		408,000		431,460
Sabine Pass Liquefaction LLC(b) 06/30/26		5.875	%		170,000		181,900
Tallgrass Energy Partners LP/Finance Corp.(b)(e) 09/15/24		5.500	%		119,000		121,975
Targa Resources Partners LP/Finance Corp. 01/15/18		5.000	%		55,000		56,100
11/15/19		4.125	%		26,000		26,195
05/01/23		5.250	%		3,000		3,045
11/15/23		4.250	%		227,000		218,488
Targa Resources Partners LP/Finance Corp.(b) 03/15/24		6.750	%		92,000		97,750
Tesoro Logistics LP/Finance Corp. 10/15/19		5.500	%		18,000		19,170
10/15/22		6.250	%		376,000		397,996
05/01/24		6.375	%		89,000		95,008
Western Gas Partners LP 07/01/22		4.000	%		88,000		89,624
06/01/25		3.950	%		167,000		164,333
Williams Companies, Inc. (The) 01/15/23		3.700	%		104,000		100,880
06/24/24		4.550	%		588,000		601,230
Williams Partners LP 03/04/24		4.300	%		4,438,000		4,542,830
Total							27,333,695
NATURAL GAS 0.1%
NiSource Finance Corp. 02/15/44		4.800	%		1,300,000		1,499,354
Sempra Energy 10/01/22		2.875	%		6,146,000		6,356,482
Total							7,855,836

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

Annual Report 2016
18

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
OFFICE REIT 0.1%
Boston Properties LP 02/01/26		3.650	%		3,850,000		4,115,585
OIL FIELD SERVICES 0.1%
Noble Holding International Ltd. 03/01/21		4.625	%		2,610,000		2,186,136
SESI LLC 05/01/19		6.375	%		122,000		120,780
12/15/21		7.125	%		36,000		35,100
Weatherford International Ltd. 06/15/21		7.750	%		236,000		233,640
Total							2,575,656
OTHER INDUSTRY —%
CB Richard Ellis Services, Inc. 03/15/25		5.250	%		108,000		116,536
OTHER REIT 0.1%
CyrusOne LP/Finance Corp. 11/15/22		6.375	%		48,000		51,000
Duke Realty LP 04/15/23		3.625	%		3,705,000		3,912,169
Total							3,963,169
PACKAGING 0.1%
Ardagh Packaging Finance PLC/Holdings USA, Inc.(b) 01/31/21		6.750	%		43,000		44,559
05/15/23		4.625	%		195,000		198,412
05/15/24		7.250	%		143,000		152,116
Ball Corp. 12/15/20		4.375	%		421,000		454,154
Berry Plastics Corp. 05/15/22		5.500	%		141,000		146,640
10/15/22		6.000	%		77,000		81,620
07/15/23		5.125	%		330,000		338,052
Beverage Packaging Holdings (Luxembourg) II SA(b) 12/15/16		5.625	%		15,000		15,037
Plastipak Holdings, Inc.(b) 10/01/21		6.500	%		301,000		313,040
Reynolds Group Issuer, Inc./LLC 10/15/20		5.750	%		355,000		366,094
02/15/21		6.875	%		94,000		97,525
Reynolds Group Issuer, Inc./LLC(b) 07/15/24		7.000	%		251,000		268,884

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Reynolds Group Issuer, Inc./LLC(c) 02/15/21		8.250	%		200,000		208,000
Signode Industrial Group Luxembourg SA/US, Inc.(b) 05/01/22		6.375	%		39,000		39,780
Total							2,723,913
PHARMACEUTICALS 0.5%
AbbVie, Inc. 05/14/21		2.300	%		4,275,000		4,319,580
Actavis Funding SCS 03/15/22		3.450	%		7,560,000		7,918,473
Amgen, Inc. 05/22/24		3.625	%		3,460,000		3,733,759
Concordia International Corp.(b) 04/15/23		7.000	%		45,000		34,875
Endo Finance LLC/Finco, Inc.(b) 02/01/25		6.000	%		249,000		220,987
Endo Finance LLC/Ltd./Finco, Inc.(b) 07/15/23		6.000	%		2,000		1,815
Gilead Sciences, Inc. 09/01/22		3.250	%		3,650,000		3,888,907
Grifols Worldwide Operations Ltd. 04/01/22		5.250	%		355,000		370,975
Jaguar Holding Co. II/Pharmaceutical Product Development LLC(b) 08/01/23		6.375	%		283,000		296,442
Mallinckrodt International Finance SA/CB LLC(b) 04/15/25		5.500	%		28,000		27,580
Mallinckrodt International Finance SA 04/15/18		3.500	%		126,000		126,157
Quintiles Transnational Corp.(b) 05/15/23		4.875	%		108,000		112,320
Roche Holdings, Inc.(b) 09/30/24		3.350	%		3,500,000		3,796,128
Valeant Pharmaceuticals International, Inc.(b) 07/15/21		7.500	%		79,000		77,642
12/01/21		5.625	%		15,000		13,500
03/01/23		5.500	%		125,000		109,063
05/15/23		5.875	%		123,000		108,240
04/15/25		6.125	%		1,024,000		899,840
Total							26,056,283
PROPERTY & CASUALTY 0.6%
Alliant Holdings I LP(b) 08/01/23		8.250	%		9,000		9,303
Berkshire Hathaway, Inc. 03/15/23		2.750	%		6,500,000		6,760,175

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

Annual Report 2016
19

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CNA Financial Corp. 03/01/26		4.500	%		5,125,000		5,547,966
Chubb INA Holdings, Inc. 03/13/23		2.700	%		4,000,000		4,142,812
HUB International Ltd.(b) 02/15/21		9.250	%		31,000		32,705
10/01/21		7.875	%		377,000		385,483
Hartford Financial Services Group, Inc. (The) 04/15/22		5.125	%		4,740,000		5,374,051
Hub Holdings LLC/Finance, Inc. PIK(b) 07/15/19		8.125	%		13,000		12,675
Liberty Mutual Group, Inc.(b) 05/01/22		4.950	%		4,000,000		4,460,344
Loews Corp. 05/15/23		2.625	%		6,400,000		6,468,960
Transatlantic Holdings, Inc. 11/30/39		8.000	%		1,000,000		1,395,629
Total							34,590,103
RAILROADS 0.1%
Burlington Northern Santa Fe LLC 09/01/24		3.400	%		4,200,000		4,553,934
CSX Corp. 03/15/44		4.100	%		2,230,000		2,426,155
Total							6,980,089
REFINING —%
Marathon Petroleum Corp. 03/01/41		6.500	%		800,000		898,758
RESTAURANTS —%
BC ULC/New Red Finance, Inc.(b) 01/15/22		4.625	%		255,000		263,925
04/01/22		6.000	%		63,000		65,914
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(b) 06/01/26		5.250	%		310,000		329,375
Total							659,214
RETAIL REIT 0.1%
Kimco Realty Corp. 06/01/23		3.125	%		5,000,000		5,149,905
Simon Property Group LP 02/01/40		6.750	%		2,000,000		2,994,782
Total							8,144,687

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
RETAILERS 0.3%
Asbury Automotive Group, Inc. 12/15/24		6.000	%		78,000		81,608
CVS Health Corp. 07/20/22		3.500	%		4,000,000		4,299,460
CVS Pass-Through Trust(b) 01/10/32		7.507	%		296,177		380,927
Dollar Tree, Inc. 03/01/23		5.750	%		243,000		261,529
Group 1 Automotive, Inc. 06/01/22		5.000	%		22,000		22,110
Group 1 Automotive, Inc.(b) 12/15/23		5.250	%		72,000		72,900
Hanesbrands, Inc.(b) 05/15/24		4.625	%		102,000		106,717
05/15/26		4.875	%		102,000		106,590
Home Depot, Inc. (The) 04/01/26		3.000	%		5,000,000		5,335,770
Macy's Retail Holdings, Inc. 07/15/34		6.700	%		750,000		849,670
Penske Automotive Group, Inc. 12/01/24		5.375	%		36,000		36,630
05/15/26		5.500	%		64,000		64,040
Rite Aid Corp. Junior Subordinated 02/15/27		7.700	%		25,000		31,750
Rite Aid Corp.(b) 04/01/23		6.125	%		111,000		119,833
Sally Holdings LLC/Capital, Inc. 06/01/22		5.750	%		175,000		182,656
12/01/25		5.625	%		33,000		35,739
Target Corp. 07/01/24		3.500	%		1,800,000		1,984,286
Total							13,972,215
SUPERMARKETS —%
Albertsons Companies, LLC/Safeway, Inc.(b) 03/15/25		5.750	%		154,000		159,390
TECHNOLOGY 0.5%
Alliance Data Systems Corp.(b) 12/01/17		5.250	%		59,000		60,328
04/01/20		6.375	%		102,000		103,785
08/01/22		5.375	%		271,000		266,935
Ancestry.com, Inc. Junior Subordinated 12/15/20		11.000	%		70,000		75,075

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

Annual Report 2016
20

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Apple, Inc. 05/03/23		2.400	%		7,000,000		7,171,094
Cisco Systems, Inc. 02/28/21		2.200	%		4,830,000		4,960,932
Diamond 1 Finance Corp./Diamond 2 Finance Corp.(b) 06/15/21		5.875	%		116,000		122,652
06/15/23		5.450	%		150,000		159,927
06/15/24		7.125	%		129,000		139,753
06/15/26		6.020	%		300,000		320,978
Equinix, Inc. 04/01/20		4.875	%		132,000		137,280
01/01/22		5.375	%		25,000		26,703
04/01/23		5.375	%		111,000		117,383
01/15/26		5.875	%		248,000		270,164
First Data Corp.(b) 08/15/23		5.375	%		183,000		189,862
12/01/23		7.000	%		438,000		458,805
01/15/24		5.000	%		39,000		39,683
01/15/24		5.750	%		547,000		559,991
Hewlett Packard Enterprise Co.(b) 10/15/45		6.350	%		4,100,000		4,231,827
Infor US, Inc.(b) 08/15/20		5.750	%		23,000		24,277
Informatica LLC(b) 07/15/23		7.125	%		37,000		34,965
MSCI, Inc.(b) 11/15/24		5.250	%		208,000		221,000
08/15/25		5.750	%		81,000		87,784
08/01/26		4.750	%		80,000		82,100
Microsemi Corp.(b) 04/15/23		9.125	%		206,000		235,870
NXP BV/Funding LLC(b) 06/15/22		4.625	%		112,000		117,949
09/01/22		3.875	%		265,000		269,306
Oracle Corp. 04/15/38		6.500	%		3,000,000		4,234,200
PTC, Inc. 05/15/24		6.000	%		207,000		223,819
Qualitytech LP/Finance Corp. 08/01/22		5.875	%		183,000		188,947
Riverbed Technology, Inc.(b) 03/01/23		8.875	%		134,000		143,715
Sensata Technologies UK Financing Co. PLC(b) 02/15/26		6.250	%		174,000		190,747
Solera LLC/Finance, Inc.(b) 03/01/24		10.500	%		173,000		191,597

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
VeriSign, Inc. 05/01/23		4.625	%		368,000		376,280
04/01/25		5.250	%		72,000		75,060
Zebra Technologies Corp. 10/15/22		7.250	%		341,000		369,985
Total							26,480,758
TRANSPORTATION SERVICES 0.1%
ERAC U.S.A. Finance LLC(b) 10/15/37		7.000	%		2,796,000		3,837,759
Hertz Corp. (The) 01/15/21		7.375	%		12,000		12,495
10/15/22		6.250	%		24,000		25,238
Total							3,875,492
WIRELESS 0.1%
Rogers Communications, Inc. 10/01/23		4.100	%		2,223,000		2,473,672
SBA Communications Corp.(b) 09/01/24		4.875	%		457,000		463,284
SBA Communications Corp 07/15/22		4.875	%		180,000		184,500
SBA Telecommunications, Inc. 07/15/20		5.750	%		47,000		48,351
SFR Group SA(b) 05/15/22		6.000	%		444,000		453,768
05/01/26		7.375	%		359,000		370,667
Sprint Communications, Inc.(b) 11/15/18		9.000	%		122,000		133,895
03/01/20		7.000	%		633,000		678,892
Sprint Corp. 09/15/21		7.250	%		41,000		40,539
09/15/23		7.875	%		111,000		107,891
06/15/24		7.125	%		66,000		61,545
02/15/25		7.625	%		394,000		374,054
T-Mobile USA, Inc. 04/28/21		6.633	%		86,000		90,085
01/15/22		6.125	%		18,000		18,990
04/28/22		6.731	%		14,000		14,717
03/01/23		6.000	%		75,000		79,503
04/01/23		6.625	%		657,000		700,934
04/28/23		6.836	%		74,000		79,365
01/15/24		6.500	%		52,000		55,900
03/01/25		6.375	%		21,000		22,575
01/15/26		6.500	%		199,000		217,781
Wind Acquisition Finance SA(b) 04/30/20		6.500	%		111,000		116,204
07/15/20		4.750	%		76,000		76,950
04/23/21		7.375	%		67,000		69,010
Total							6,933,072

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

Annual Report 2016
21

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
WIRELINES 0.6%
AT&T, Inc. 03/15/22		3.800	%		3,750,000		4,025,689
02/15/39		6.550	%		5,000,000		6,497,515
CenturyLink, Inc. 04/01/20		5.625	%		48,000		51,120
03/15/22		5.800	%		320,000		331,072
12/01/23		6.750	%		45,000		47,363
04/01/24		7.500	%		156,000		169,162
04/01/25		5.625	%		42,000		40,950
Deutsche Telekom International Finance BV 08/20/18		6.750	%		4,000,000		4,419,300
Frontier Communications Corp. 09/15/20		8.875	%		193,000		210,370
07/01/21		9.250	%		22,000		23,815
09/15/22		10.500	%		98,000		106,636
01/15/23		7.125	%		59,000		55,608
01/15/25		6.875	%		262,000		235,145
09/15/25		11.000	%		653,000		705,240
Level 3 Communications, Inc. 12/01/22		5.750	%		94,000		98,230
Level 3 Financing, Inc. 01/15/21		6.125	%		36,000		37,350
08/15/22		5.375	%		127,000		132,734
01/15/24		5.375	%		71,000		74,372
Level 3 Financing, Inc.(b) 03/15/26		5.250	%		294,000		304,657
Orange SA 07/08/19		5.375	%		4,000,000		4,424,080
Telecom Italia SpA(b) 05/30/24		5.303	%		191,000		195,536
Telefonica Emisiones SAU 06/20/36		7.045	%		2,800,000		3,755,450
Verizon Communications, Inc. 03/15/34		5.050	%		6,000,000		6,841,578
11/01/34		4.400	%		1,670,000		1,775,873
Zayo Group LLC/Capital, Inc. 04/01/23		6.000	%		238,000		247,520
05/15/25		6.375	%		319,000		336,612
Total							35,142,977
Total Corporate Bonds & Notes (Cost: $638,770,114)							668,909,277

Residential Mortgage-Backed Securities —
Agency 8.8%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp. 10/01/26- 12/01/45		3.500	%		97,844,701		103,179,443
03/01/17- 10/01/39		6.000	%		1,161,507		1,330,847
06/01/32- 07/01/32		7.000	%		465,979		565,738
12/01/17- 01/01/39		5.500	%		707,507		781,936
08/01/18- 05/01/41		5.000	%		1,691,666		1,858,042
05/01/39- 06/01/41		4.500	%		6,397,605		7,012,229
12/01/42- 12/01/45		4.000	%		77,498,564		82,929,033
12/01/42- 06/01/45		3.000	%		39,848,001		41,395,936
03/01/38		6.500	%		8,615		9,872
CMO Series 1614 Class MZ 11/15/23		6.500	%		14,749		16,249
Federal Home Loan Mortgage Corp.(e) 09/14/46		3.500	%		11,800,000		12,426,414
Federal Home Loan Mortgage Corp.(c) 12/01/36		6.151	%		4,861		5,105
08/01/36		2.798	%		39,848		42,525
Federal Home Loan Mortgage Corp.(f) 09/01/43		3.500	%		4,461,655		4,714,225
Federal National Mortgage Association 12/01/25- 03/01/46		3.500	%		84,823,627		89,481,429
07/01/27- 11/01/45		3.000	%		26,702,662		27,817,921
03/01/17- 03/01/37		6.500	%		447,057		515,530
09/01/17		6.000	%		37,839		38,159
08/01/18- 02/01/38		5.500	%		320,232		357,034
12/01/20		5.000	%		66,948		70,556
01/01/29- 10/01/45		4.000	%		75,622,524		80,923,712
05/01/40- 06/01/44		4.500	%		8,234,554		9,006,753
06/01/31		7.000	%		239,070		285,153
Federal National Mortgage Association(e) 02/01/31		3.000	%		10,277,429		10,766,309
Government National Mortgage Association 02/15/45		3.500	%		15,691,591		16,661,796
Total Residential Mortgage-Backed Securities — Agency (Cost: $485,728,668)							492,191,946

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

Annual Report 2016
22

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Residential Mortgage-Backed Securities —
Non-Agency 0.9%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
COLT Mortgage Loan Trust CMO Series 2016-1 Class A1(b) 05/25/46		3.000	%		2,022,199		2,046,845
Equifirst Mortgage Loan Trust CMO Series 2003-1 Class IF1(c) 12/25/32		4.010	%		69,716		70,254
JPMorgan Resecuritization Trust CMO Series 2009-12 Class 9A1(b)(c) 05/26/36		2.964	%		521,668		522,527
Mill City Mortgage Trust(b) CMO Series 15-1 Class A1 06/25/56		2.230	%		3,638,470		3,644,192
Series 2015-2 Class A1 09/25/57		3.000	%		4,991,735		5,011,781
Series 2016-1 Class A1 04/25/57		2.500	%		5,200,000		5,233,379
SACO I, Inc. CMO Series 1995-1 Class A(b)(c)(g) 09/25/24		0.000	%		3,820		2,121
Springleaf Mortgage Loan Trust(b) CMO Series 2013-1A Class A 06/25/58		1.270	%		369,679		369,635
CMO Series 2013-2A Class A 12/25/65		1.780	%		553,808		550,981
CMO Series 2013-3A Class A 09/25/57		1.870	%		1,432,601		1,424,760
Towd Point Mortgage Trust(b) CMO Series 15-5 Class A1 05/25/55		3.500	%		4,923,843		5,073,224
CMO Series 15-6 Class A1 04/25/55		3.500	%		5,288,034		5,455,718
CMO Series 2015-4 Class A1 04/25/55		3.500	%		3,400,805		3,496,723
CMO Series 2016-1 Class A1 02/25/55 3.500% 6,685,903 6,879,573 CMO Series 2016-2 Class A1 08/25/55		3.000	%		7,784,374		7,938,549
Series 2016-3 Class A1 08/25/55		2.250	%		4,454,788		4,446,074
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $51,813,401)							52,166,336

Commercial Mortgage-Backed Securities —
Agency 2.6%

Federal National Mortgage Association
Series 2006-M2 Class A2A
10/25/32 5.271 % 1,877,887 2,074,348

Commercial Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Government National Mortgage Association Series 2011-161 Class A 01/16/34		1.738	%		1,370,932		1,370,360
Series 2012-111 Class AC 04/16/47		2.211	%		447,782		448,325
Series 2012-25 Class A 11/16/42		2.575	%		1,649,165		1,675,246
Series 2012-45 Class A 03/16/40		2.830	%		454,264		457,568
Series 2012-55 Class A 08/16/33		1.704	%		647,278		648,172
Series 2012-58 Class A 01/16/40		2.500	%		717,556		726,038
Series 2012-9 Class A 05/16/39		3.220	%		151,500		152,193
Series 2013-105 Class A 02/16/37		1.705	%		4,416,336		4,376,023
Series 2013-118 Class AB 06/16/36		2.000	%		2,192,072		2,206,720
Series 2013-12 Class A 10/16/42		1.410	%		4,711,718		4,655,059
Series 2013-126 Class AB 04/16/38		1.540	%		7,142,343		7,045,894
Series 2013-138 Class A 08/16/35		2.150	%		4,914,652		4,934,610
Series 2013-146 Class AH 08/16/40		2.000	%		2,042,755		2,056,100
Series 2013-17 Class AH 10/16/43		1.558	%		1,393,280		1,376,261
Series 2013-179 Class A 07/16/37		1.800	%		2,373,252		2,355,119
Series 2013-194 Class AB 05/16/38		2.250	%		1,659,776		1,669,254
Series 2013-2 Class AB 12/16/42		1.600	%		1,085,147		1,081,970
Series 2013-30 Class A 05/16/42		1.500	%		2,637,799		2,619,527
Series 2013-32 Class AB 01/16/42		1.900	%		2,518,113		2,501,990
Series 2013-33 Class A 07/16/38		1.061	%		3,828,782		3,725,082
Series 2013-40 Class A 10/16/41		1.511	%		1,567,183		1,548,261
Series 2013-50 Class AH 06/16/39		2.100	%		1,640,934		1,640,860
Series 2013-57 Class A 06/16/37		1.350	%		4,356,012		4,306,404
Series 2013-61 Class A 01/16/43		1.450	%		1,981,319		1,948,095
Series 2013-73 Class AE 01/16/39		1.350	%		6,517,301		6,464,397
Series 2013-78 Class AB 07/16/39		1.624	%		1,776,368		1,772,162
Series 2014-103 Class AB 06/16/53		1.742	%		2,603,723		2,659,846
Series 2014-109 Class A 01/16/46		2.325	%		5,105,628		5,146,331

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

Annual Report 2016
23

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Commercial Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Series 2014-135 Class AD 08/16/45		2.400	%		3,767,581		3,783,067
Series 2014-138 Class A 01/16/44		2.700	%		1,976,136		2,007,204
Series 2014-148 Class A 11/16/43		2.650	%		2,893,133		2,947,250
Series 2014-169 Class A 11/16/42		2.600	%		2,678,246		2,712,733
Series 2014-24 Class BA 07/16/38		2.100	%		3,112,506		3,122,091
Series 2014-33 Class A 08/16/39		2.300	%		1,265,133		1,271,882
Series 2014-64 Class A 02/16/45		2.200	%		2,585,646		2,601,596
Series 2014-67 Class AE 05/16/39		2.150	%		1,118,049		1,140,245
Series 2015-109 Class A 02/16/40		2.528	%		7,953,043		8,044,915
Series 2015-21 Class A 11/16/42		2.600	%		4,947,108		5,024,681
Series 2015-33 Class AH 02/16/45		2.650	%		1,176,799		1,193,712
Series 2015-5 Class KA 11/16/39		2.500	%		5,003,829		5,068,404
Series 2015-78 Class A 06/16/40		2.918	%		5,269,736		5,372,127
Series 2015-85 Class AF 05/16/44		2.400	%		5,840,982		5,892,278
Series 2015-98 Class AE 04/16/41		2.100	%		3,043,289		3,056,789
Series 2016-39 Class AG 01/16/43		2.300	%		7,652,542		7,705,999
Government National Mortgage Association(c) CMO Series 2015-71 Class DA 09/16/49		2.169	%		8,871,536		8,899,604
Total Commercial Mortgage-Backed Securities — Agency (Cost: $144,200,654)							143,486,792

Commercial Mortgage-Backed Securities —
Non-Agency 2.4%

American Homes 4 Rent Trust(b) Series 2014-SFR2 Class A 10/17/36	3.786	%	2,940,512	3,178,905
Series 2014-SFR3 Class A 12/17/36	3.678	%	3,451,624	3,712,990
Series 2015-SFR2 Class A 10/17/45	3.732	%	2,685,989	2,906,784
American Homes 4 Rent Series 2015-SFR1 Class A(b) 04/17/52	3.467	%	3,585,680	3,808,688

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

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Americold 2010 LLC Trust Series 2010-ARTA Class A1(b) 01/14/29		3.847	%		226,333		236,716
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW14 Class A4 12/11/38		5.201	%		5,130,559		5,140,131
Series 2006-T24 Class A4 10/12/41		5.537	%		33,774		33,746
Series 2007-T26 Class A4 01/12/45		5.471	%		5,444,026		5,494,873
Series 2007-T28 Class A4 09/11/42		5.742	%		556,066		573,514
Bear Stearns Commercial Mortgage Securities Trust(c) Series 2007-PW17 Class A4 06/11/50		5.694	%		5,050,545		5,207,894
CD Mortgage Trust Series 2007-CD5 Class A4 11/15/44		5.886	%		5,732,816		5,895,677
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A1 05/10/58		1.501	%		3,221,531		3,219,911
CGGS Commercial Mortgage Trust Series 2016-RNDA Class AFX(b) 02/10/33		2.757	%		11,200,000		11,372,587
COBALT CMBS Commercial Mortgage Trust(c) Series 2007-C2 Class A3 04/15/47		5.484	%		8,378,168		8,478,802
Series 2007-C3 Class A4 05/15/46		5.958	%		4,406,353		4,506,002
CSAIL Commercial Mortgage Trust Series 2016-C5 Class A1 11/15/48		1.747	%		3,217,241		3,231,800
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4 10/15/49		5.431	%		482,660		482,090
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4 12/11/49		5.322	%		5,717,327		5,748,907
Colony Multifamily Mortgage Trust Series 2014-1 Class A(b) 04/20/50		2.543	%		4,749,344		4,723,728
Commercial Mortgage Trust Series 2006-C8 Class A1A 12/10/46		5.292	%		1,291,025		1,299,297
DBUBS Mortgage Trust Series 2011-LC1A Class A3(b) 11/10/46		5.002	%		150,000		165,924
GS Mortgage Securities Trust Series 2006-GG8 Class A4 11/10/39		5.560	%		78,357		78,309

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

Annual Report 2016
24

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
General Electric Capital Assurance Co. Series 2003-1 Class A5(b) 05/12/35		5.743	%		155,723		167,621
Greenwich Capital Commercial Funding Corp. Series 2007-GG11 Class A1A 12/10/49		5.704	%		4,991,087		5,114,785
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class A4 06/12/47		5.440	%		2,781,535		2,801,757
JPMorgan Chase Commercial Mortgage Securities Trust(b) Series 2009-IWST Class A2 12/05/27		5.633	%		300,000		330,362
Series 2010-CNTR Class A2 08/05/32		4.311	%		450,000		480,169
Series 2011-C3 Class A4 02/15/46		4.717	%		450,000		498,012
LB-UBS Commercial Mortgage Trust Series 2007-C2 Class A3 02/15/40		5.430	%		5,934,572		5,994,157
Series 2007-C7 Class A3 09/15/45		5.866	%		3,701,932		3,843,850
Morgan Stanley Capital I Trust Series 2007-HQ11 Class A4 02/12/44		5.447	%		3,451,284		3,467,403
Series 2007-IQ13 Class A1A 03/15/44		5.312	%		3,714,473		3,748,327
Series 2007-IQ13 Class A4 03/15/44		5.364	%		3,907,214		3,950,534
Morgan Stanley Capital I Trust(b) Series 2011-C1 Class A4 09/15/47		5.033	%		300,000		334,956
Morgan Stanley Capital I Trust(c) Series 2007-T27 Class A1A 06/11/42		5.818	%		3,312,880		3,396,526
Series 2007-T27 Class A4 06/11/42		5.818	%		7,788,447		7,982,091
Morgan Stanley Re-Remic Trust(b)(c) Series 2009-GG10 Class A4A 08/12/45		5.988	%		1,833,453		1,855,323
Series 2010-GG10 Class A4A 08/15/45		5.988	%		4,722,779		4,796,312
Wachovia Bank Commercial Mortgage Trust Series 2006-C26 Class A3 06/15/45		6.011	%		81,054		81,001
Series 2006-C29 Class A1A 11/15/48		5.297	%		4,883,833		4,901,807
Wachovia Bank Commercial Mortgage Trust(c) Series 2006-C26 Class A1A 06/15/45		6.009	%		198,602		198,421
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $134,800,499)							133,440,689

Asset-Backed Securities — Non-Agency 1.8%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
ARI Fleet Lease Trust Series 2015-A Class A2(b) 11/15/18		1.110	%		1,121,403		1,119,652
Ally Master Owner Trust Series 2012-5 Class A 09/15/19		1.540	%		3,810,000		3,821,168
American Credit Acceptance Receivables Trust(b) Series 2015-2 Class A 06/12/19		1.570	%		337,275		336,523
Series 2015-3 Class A 09/12/19		1.950	%		2,427,340		2,420,544
Series 2016-1A Class A 05/12/20		2.370	%		1,137,442		1,135,683
Series 2016-3 Class A 11/12/20		1.700	%		5,200,000		5,194,458
Avis Budget Rental Car Funding AESOP LLC Series 2016-2A Class A(b) 11/20/22		2.720	%		4,100,000		4,123,270
CCG Receivables Trust Series 2015-1 Class A2(b) 11/14/18		1.460	%		6,384,584		6,374,937
California Republic Auto Receivables Trust Series 2015-1 Class A3 04/15/19		1.330	%		1,045,416		1,045,504
California Republic Auto Receivables Trust(b) Series 2015-4 Class A2 09/17/18		1.600	%		639,108		640,481
Subordinated, Series 2012-1 Class B 01/16/18		1.760	%		646,960		647,173
CarFinance Capital Auto Trust(b) Series 2014-1A Class A 12/17/18		1.460	%		68,257		68,169
Series 2015-1A Class A 06/15/21		1.750	%		953,394		948,310
Chesapeake Funding II LLC(b) Series 2016-1A Class A1 03/15/28		2.110	%		4,574,000		4,580,598
Series 2016-2A Class A1 06/15/28		1.880	%		5,850,000		5,836,901
Conn's Receivables Funding LLC Series 2016-A Class A(b) 04/16/18		4.680	%		1,875,129		1,874,485
DT Auto Owner Trust(b) Series 2015-2A Class A 09/17/18		1.240	%		329,846		329,827
Series 2015-3A Class A 03/15/19		1.660	%		1,170,776		1,170,693
Series 2016-1A Class A 09/16/19		2.000	%		2,991,731		2,990,964

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

Annual Report 2016
25

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Diamond Resorts Owner Trust Series 2013-2 Class A(b) 05/20/26		2.270	%		433,275		430,546
Drive Auto Receivables Trust(b) Series 2015-CA Class A3 10/15/18		1.380	%		172,856		172,853
Series 2015-DA Class A3 12/17/18		1.590	%		1,100,000		1,100,020
Exeter Automobile Receivables Trust(b) Series 2014-2A Class A 08/15/18		1.060	%		7,168		7,167
Series 2014-3A Class A 01/15/19		1.320	%		183,727		183,372
Series 2015-1A Class A 06/17/19		1.600	%		916,304		916,853
Series 2015-2A Class A 11/15/19		1.540	%		1,638,578		1,632,272
Series 2015-3A Class A 03/16/20		2.000	%		2,867,730		2,855,331
Series 2016-1A Class A 07/15/20		2.350	%		2,864,010		2,857,162
First Investors Auto Owner Trust Series 2014-3A Class A2(b) 11/15/18		1.060	%		50,963		50,958
Hertz Fleet Lease Funding LP Series 2014-1 Class A(b)(c) 04/10/28		0.912	%		913,366		913,710
Hertz Vehicle Financing LLC Series 2016-3A Class A(b) 07/25/20		2.270	%		5,175,000		5,177,483
Hilton Grand Vacations Trust(b) Series 2013-A Class A 01/25/26		2.280	%		872,694		874,203
Series 2014-AA Class A 11/25/26		1.770	%		1,443,208		1,427,153
KeyCorp Student Loan Trust Series 1999-A Class A2(c) 12/27/29		0.970	%		28,405		28,305
Kubota Credit Owner Trust Series 2016-1A Class A3(b) 07/15/20		1.500	%		3,525,000		3,520,336
MVW Owner Trust(b) Series 2015-1A Class A 12/20/32		2.520	%		3,466,546		3,466,752
Series 2016-1A Class A 12/20/33		2.250	%		5,150,000		5,133,919
Navient Private Education Loan Trust Series 2015-AA Class A1(b)(c) 12/15/21		1.008	%		242,817		242,624
New York City Tax Lien Trust Series 2016-A Class A(b) 11/10/29		1.470	%		3,325,000		3,325,000

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
OneMain Direct Auto Receivables Trust Series 2016-1A Class A(b) 01/15/21		2.040	%		2,029,381		2,025,820
PFS Tax Lien Trust Series 2014-1 Class NOTE(b) 05/15/29		1.440	%		323,517		321,616
Prestige Auto Receivables Trust Series 2015-1 Class A2(b) 02/15/19		1.090	%		276,416		276,320
SLM Private Credit Student Loan Trust Series 2004-B Class A2(c) 06/15/21		0.853	%		214,608		214,065
SLM Private Education Loan Trust(b) Series 2012-A Class A2 01/17/45		3.830	%		5,420,000		5,603,098
SLM Private Education Loan Trust(b)(c) Series 2014-A Class A1 07/15/22		1.108	%		586,935		586,527
SMART ABS Trust Series 2015-1US Class A3A 09/14/18		1.500	%		2,035,000		2,031,524
SMB Private Education Loan Trust Series 2015-B Class A1(b)(c) 02/15/23		1.208	%		572,154		572,247
TAL Advantage V LLC Series 2014-2A Class A1(b) 05/20/39		1.700	%		766,270		755,368
TCF Auto Receivables Owner Trust(b) Series 2015-1A Class A2 08/15/18		1.020	%		389,788		389,676
Series 2015-2A Class A2 01/15/19		1.640	%		2,366,914		2,364,847
Verizon Owner Trust Series 2016-1A Class A(b) 01/20/21		1.420	%		3,200,000		3,199,954
Westlake Automobile Receivables Trust Series 2015-1A Class A2(b) 03/15/18		1.170	%		632,817		632,588
Total Asset-Backed Securities — Non-Agency (Cost: $98,030,041)							97,949,009

Inflation-Indexed Bonds 0.6%

UNITED STATES 0.6%
U.S. Treasury Inflation-Indexed Bond 04/15/19	0.125	%	34,949,063	35,258,432
Total Inflation-Indexed Bonds (Cost: $34,970,994)				35,258,432

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

Annual Report 2016
26

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

U.S. Treasury Obligations 2.6%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Treasury 02/15/45		2.500	%		76,225,000		80,500,765
08/15/40		3.875	%		46,925,000		62,397,440
Total U.S. Treasury Obligations (Cost: $142,249,353)							142,898,205

U.S. Government & Agency Obligations 0.3%

Federal Farm Credit Banks(c) 10/22/18	0.577	%	12,065,000	12,044,116
05/25/18	0.614	%	5,400,000	5,396,668
Total U.S. Government & Agency Obligations (Cost: $17,437,806)				17,440,784

Foreign Government Obligations 0.3%

CANADA 0.3%
Province of Nova Scotia 01/26/17	5.125	%	4,000,000	4,064,384
Province of Ontario 02/14/18	1.200	%	7,160,000	7,172,150
Province of Quebec 05/14/18	4.625	%	7,000,000	7,416,080
Total				18,652,614
Total Foreign Government Obligations (Cost: $18,525,939)				18,652,614

Municipal Bonds 0.1%

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
ILLINOIS 0.1%
State of Illinois Unlimited General Obligation Bonds Taxable Series 2011 03/01/17		5.365	%		6,000,000		6,114,180
Total Municipal Bonds (Cost: $6,099,243)							6,114,180

Senior Loans —%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
CHEMICALS —%
PQ Corp. Tranche B1 Term Loan(c)(h) 11/04/22		5.750	%		34,892		35,104
DIVERSIFIED MANUFACTURING —%
Accudyne Industries Borrower SCA/LLC Term Loan(c)(h) 12/13/19		4.000	%		170,000		151,215
Manitowoc Foodservice, Inc. Tranche B Term Loan(c)(h) 03/03/23		5.750	%		58,185		58,815
Total							210,030
ELECTRIC —%
Dynegy, Inc. Term Loan(c)(h) 06/27/23		5.000	%		248,000		248,040
INDEPENDENT ENERGY —%
Chesapeake Energy Corp. Tranche A Term Loan(c)(e)(h) 08/17/21		8.500	%		186,172		191,990
LEISURE —%
UFC Holdings LLC(c)(e)(h) 1st Lien Term Loan 08/18/23		5.000	%		52,000		52,104
2nd Lien Term Loan 08/18/24		8.500	%		16,000		16,095
Total							68,199
PHARMACEUTICALS —%
Concordia International Corp. Term Loan(c)(h) 10/21/21		5.250	%		65,670		62,089
RETAILERS —%
Rite Aid Corp. Tranche 1 2nd Lien Term Loan(c)(h) 08/21/20		5.750	%		50,000		50,109
Total Senior Loans (Cost: $860,197)							865,561

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

Annual Report 2016
27

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Money Market Funds 7.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(i)(j)		393,937,921		393,937,921
Total Money Market Funds (Cost: $393,937,921)				393,937,921
Total Investments (Cost: $4,981,640,525)				5,596,683,461
Other Assets & Liabilities, Net				18,449,249
Net Assets				5,615,132,710

At August 31, 2016, securities totaling $583,651 were pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at August 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
U.S. Treasury 5-Year Note		575	USD		69,718,750	12/2016		—		(144,843	)

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At August 31, 2016, the value of these securities amounted to $279,426,632 or 4.98% of net assets.

(c)  Variable rate security.

(d)  Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2016, the value of these securities amounted to $10,250, which represents less than 0.01% of net assets.

(e)  Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(f)  This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2016, the value of these securities amounted to $2,121, which represents less than 0.01% of net assets.

(h)  Senior loans have interest rates that float periodically based primarily on the London Interbank Offered Rate ("LIBOR") and other short-term rates. The interest rate shown reflects the weighted average coupon as of August 31, 2016. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted.

(i)  The rate shown is the seven-day current annualized yield at August 31, 2016.

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

Annual Report 2016
28

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Notes to Portfolio of Investments (continued)

(j)  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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		266,135,925		1,877,282,281		(1,749,480,285	)		393,937,921		1,094,495		393,937,921

Abbreviation Legend

ADR  American Depositary Receipt

CMO  Collateralized Mortgage Obligation

PIK  Payment-in-Kind

Currency Legend

USD  US Dollar

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).

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.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

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

Annual Report 2016
29

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		465,461,921		—		—		465,461,921
Consumer Staples		253,507,616		—		—		253,507,616
Energy		254,528,160		—		—		254,528,160
Financials		688,646,715		—		—		688,646,715
Health Care		565,706,821		—		—		565,706,821
Industrials		273,086,431		—		—		273,086,431
Information Technology		726,983,646		—		—		726,983,646
Materials		20,755,252		—		—		20,755,252
Telecommunication Services		106,158,417		—		—		106,158,417
Utilities		38,536,736		—		—		38,536,736
Total Common Stocks		3,393,371,715		—		—		3,393,371,715
Corporate Bonds & Notes		—		668,909,277		—		668,909,277
Residential Mortgage-Backed Securities — Agency		—		492,191,946		—		492,191,946
Residential Mortgage-Backed Securities — Non-Agency		—		50,117,370		2,048,966		52,166,336
Commercial Mortgage-Backed Securities — Agency		—		143,486,792		—		143,486,792
Commercial Mortgage-Backed Securities — Non-Agency		—		133,440,689		—		133,440,689
Asset-Backed Securities — Non-Agency		—		97,949,009		—		97,949,009
Inflation-Indexed Bonds		—		35,258,432		—		35,258,432

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

Annual Report 2016
30

COLUMBIA BALANCED FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
U.S. Treasury Obligations		142,898,205			—		—		142,898,205
U.S. Government & Agency Obligations		—			17,440,784		—		17,440,784
Foreign Government Obligations		—			18,652,614		—		18,652,614
Municipal Bonds		—			6,114,180		—		6,114,180
Senior Loans		—			865,561		—		865,561
Investments measured at net asset value
Money Market Funds		—			—		—		393,937,921
Total Investments		3,536,269,920			1,664,426,654		2,048,966		5,596,683,461
Derivatives
Liabilities
Futures Contracts		(144,843	)		—		—		(144,843	)
Total		3,536,125,077			1,664,426,654		2,048,966		5,596,538,618

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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 residential mortgage-backed securities classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, discount rates observed in the market for similar assets as well as observed yields on securities management deemed comparable. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

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

Annual Report 2016
31

COLUMBIA BALANCED FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $4,587,702,604)	$	5,202,745,540
Affiliated issuers (identified cost $393,937,921)		393,937,921
Total investments (identified cost $4,981,640,525)		5,596,683,461
Cash		409,668
Receivable for:
Investments sold		24,800,414
Capital shares sold		25,934,062
Dividends		6,680,083
Interest		9,695,809
Foreign tax reclaims		54,040
Variation margin		8,984
Prepaid expenses		45,920
Trustees' deferred compensation plan		74,448
Other assets		3,553
Total assets		5,664,390,442
Liabilities
Payable for:
Investments purchased		18,500,918
Investments purchased on a delayed delivery basis		23,580,014
Capital shares purchased		6,081,321
Management services fees		90,085
Distribution and/or service fees		55,990
Transfer agent fees		647,359
Plan administration fees		5,524
Compensation of board members		350
Chief compliance officer expenses		380
Other expenses		221,343
Trustees' deferred compensation plan		74,448
Total liabilities		49,257,732
Net assets applicable to outstanding capital stock	$	5,615,132,710
Represented by
Paid-in capital	$	5,002,150,107
Undistributed net investment income		13,514,962
Accumulated net realized loss		(15,430,452	)
Unrealized appreciation (depreciation) on:
Investments		615,042,936
Futures contracts		(144,843	)
Total — representing net assets applicable to outstanding capital stock	$	5,615,132,710

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

Annual Report 2016
32

COLUMBIA BALANCED FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	2,960,832,117
Shares outstanding		78,873,210
Net asset value per share	$	37.54
Maximum offering price per share(a)	$	39.83
Class B
Net assets	$	6,374,219
Shares outstanding		170,458
Net asset value per share	$	37.39
Class C
Net assets	$	1,265,078,770
Shares outstanding		33,811,710
Net asset value per share	$	37.42
Class K
Net assets	$	23,493,949
Shares outstanding		626,838
Net asset value per share	$	37.48
Class R
Net assets	$	79,917,458
Shares outstanding		2,129,144
Net asset value per share	$	37.54
Class R4
Net assets	$	112,108,430
Shares outstanding		2,964,605
Net asset value per share	$	37.82
Class R5
Net assets	$	181,220,627
Shares outstanding		4,830,751
Net asset value per share	$	37.51
Class Y
Net assets	$	118,552,977
Shares outstanding		3,133,529
Net asset value per share	$	37.83
Class Z
Net assets	$	867,554,163
Shares outstanding		23,146,076
Net asset value per share	$	37.48

(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 2016
33

COLUMBIA BALANCED FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	49,886,470
Dividends — affiliated issuers		1,094,495
Interest		39,898,777
Foreign taxes withheld		(53,981	)
Total income		90,825,761
Expenses:
Management services fees		26,032,683
Distribution and/or service fees
Class A		6,031,202
Class B		73,401
Class C		9,213,426
Class R		292,874
Transfer agent fees
Class A		3,580,638
Class B		10,830
Class C		1,369,900
Class K		11,458
Class R		87,147
Class R4		100,754
Class R5		66,205
Class Z		953,080
Plan administration fees
Class K		57,343
Compensation of board members		89,297
Custodian fees		66,407
Printing and postage fees		358,670
Registration fees		433,904
Audit fees		40,456
Legal fees		119,862
Chief compliance officer expenses		2,077
Other		95,889
Total expenses		49,087,503
Expense reductions		(2,320	)
Total net expenses		49,085,183
Net investment income		41,740,578
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(3,680,907	)
Foreign currency translations		2,443
Futures contracts		1,683,865
Net realized loss		(1,994,599	)
Net change in unrealized appreciation (depreciation) on:
Investments		340,731,280
Futures contracts		(144,843	)
Net change in unrealized appreciation		340,586,437
Net realized and unrealized gain		338,591,838
Net increase in net assets resulting from operations	$	380,332,416

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

Annual Report 2016
34

COLUMBIA BALANCED FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income	$	41,740,578		$	53,876,473
Net realized gain (loss)		(1,994,599	)		79,663,278
Net change in unrealized appreciation (depreciation)		340,586,437			(126,045,208	)
Net increase in net assets resulting from operations		380,332,416			7,494,543
Distributions to shareholders
Net investment income
Class A		(35,023,138	)		(17,583,657	)
Class B		(69,193	)		(42,723	)
Class C		(6,204,832	)		(2,170,594	)
Class K		(383,278	)		(279,351	)
Class R		(660,979	)		(235,751	)
Class R4		(999,615	)		(405,564	)
Class R5		(2,390,624	)		(1,182,676	)
Class Y		(1,525,806	)		(464,225	)
Class Z		(10,613,315	)		(5,540,058	)
Net realized gains
Class A		(40,972,070	)		(51,318,940	)
Class B		(153,615	)		(436,395	)
Class C		(14,622,344	)		(12,484,969	)
Class K		(420,956	)		(829,944	)
Class R		(926,491	)		(829,019	)
Class R4		(955,301	)		(869,521	)
Class R5		(2,361,482	)		(1,893,151	)
Class Y		(1,330,113	)		(936,890	)
Class Z		(10,356,825	)		(13,624,282	)
Total distributions to shareholders		(129,969,977	)		(111,127,710	)
Increase in net assets from capital stock activity		2,103,451,935			1,222,955,848
Total increase in net assets		2,353,814,374			1,119,322,681
Net assets at beginning of year		3,261,318,336			2,141,995,655
Net assets at end of year	$	5,615,132,710		$	3,261,318,336
Undistributed net investment income	$	13,514,962		$	29,776,070

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

Annual Report 2016
35

COLUMBIA BALANCED FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

		Year Ended August 31, 2016						Year Ended August 31, 2015
		Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)			38,196,367			1,373,016,007			23,044,574			849,143,615
Distributions reinvested			1,999,566			71,224,030			1,755,826			63,595,896
Redemptions			(13,991,552	)		(504,067,901	)		(8,445,175	)		(310,953,059	)
Net increase			26,204,381			940,172,136			16,355,225			601,786,452
Class B shares
Subscriptions			59,327			2,128,664			88,902			3,259,026
Distributions reinvested			5,773			204,975			12,310			443,459
Redemptions(a)			(142,320	)		(5,077,895	)		(192,301	)		(7,050,415	)
Net decrease			(77,220	)		(2,744,256	)		(91,089	)		(3,347,930	)
Class C shares
Subscriptions			19,540,243			701,075,793			10,211,580			375,103,625
Distributions reinvested	��		532,278			18,919,620			363,462			13,124,747
Redemptions			(3,419,494	)		(122,654,511	)		(1,423,591	)		(52,266,510	)
Net increase			16,653,027			597,340,902			9,151,451			335,961,862
Class K shares
Subscriptions			68,707			2,430,168			94,952			3,466,998
Distributions reinvested			22,615			803,862			30,677			1,108,787
Redemptions			(87,211	)		(3,173,881	)		(133,353	)		(4,891,086	)
Net increase (decrease)			4,111			60,149			(7,724	)		(315,301	)
Class R shares
Subscriptions			1,439,975			51,690,440			797,090			29,364,631
Distributions reinvested			26,919			959,273			21,236			768,655
Redemptions			(373,956	)		(13,470,118	)		(361,624	)		(13,361,380	)
Net increase			1,092,938			39,179,595			456,702			16,771,906
Class R4 shares
Subscriptions			2,526,108			92,297,483			868,563			32,087,299
Distributions reinvested			51,084			1,833,811			29,517			1,078,665
Redemptions			(680,087	)		(24,683,149	)		(249,090	)		(9,255,556	)
Net increase			1,897,105			69,448,145			648,990			23,910,408
Class R5 shares
Subscriptions			4,269,929			153,979,342			2,250,236			82,589,442
Distributions reinvested			133,516			4,750,215			84,668			3,075,827
Redemptions			(2,673,498	)		(95,400,884	)		(527,586	)		(19,297,513	)
Net increase			1,729,947			63,328,673			1,807,318			66,367,756

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

Annual Report 2016
36

COLUMBIA BALANCED FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		1,765,549			63,873,858			1,537,795			57,194,044
Distributions reinvested		72,198			2,591,074			38,339			1,401,115
Redemptions		(527,260	)		(19,104,289	)		(211,982	)		(7,879,818	)
Net increase		1,310,487			47,360,643			1,364,152			50,715,341
Class Z shares
Subscriptions		13,344,310			479,768,783			6,092,718			223,848,477
Distributions reinvested		470,931			16,746,774			437,899			15,841,211
Redemptions		(4,101,024	)		(147,209,609	)		(2,959,328	)		(108,584,334	)
Net increase		9,714,217			349,305,948			3,571,289			131,105,354
Total net increase		58,528,993			2,103,451,935			33,256,314			1,222,955,848

(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 2016
37

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.80		$	37.01		$	31.83		$	28.21		$	26.06
Income from investment operations:
Net investment income		0.38			0.75	(a)		0.32			0.28			0.33
Net realized and unrealized gain (loss)		2.62			(0.23	)		5.16			3.64			2.97
Total from investment operations		3.00			0.52			5.48			3.92			3.30
Less distributions to shareholders:
Net investment income		(0.58	)		(0.40	)		(0.30	)		(0.30	)		(0.34	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(1.26	)		(1.73	)		(0.30	)		(0.30	)		(1.15	)
Net asset value, end of period	$	37.54		$	35.80		$	37.01		$	31.83		$	28.21
Total return		8.60	%		1.38	%		17.29	%		13.97	%		13.14	%
Ratios to average net assets(b)
Total gross expenses		1.03	%		1.06	%		1.09	%		1.14	%		1.16	%
Total net expenses(c)		1.03	%(d)		1.06	%(d)		1.09	%(d)		1.13	%(d)		1.11	%(d)
Net investment income		1.06	%		2.03	%		0.94	%		0.91	%		1.24	%
Supplemental data
Net assets, end of period (in thousands)	$	2,960,832		$	1,885,538		$	1,344,071		$	994,163		$	774,214
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

(a)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.48 per share.

(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.

(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 2016
38

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.67		$	36.91		$	31.75		$	28.15		$	26.00
Income from investment operations:
Net investment income		0.10			0.30	(a)		0.06			0.05			0.13
Net realized and unrealized gain (loss)		2.61			(0.06	)		5.15			3.63			2.97
Total from investment operations		2.71			0.24			5.21			3.68			3.10
Less distributions to shareholders:
Net investment income		(0.31	)		(0.15	)		(0.05	)		(0.08	)		(0.14	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(0.99	)		(1.48	)		(0.05	)		(0.08	)		(0.95	)
Net asset value, end of period	$	37.39		$	35.67		$	36.91		$	31.75		$	28.15
Total return		7.75	%		0.63	%		16.40	%		13.12	%		12.30	%
Ratios to average net assets(b)
Total gross expenses		1.77	%		1.81	%		1.84	%		1.89	%		1.91	%
Total net expenses(c)		1.77	%(d)		1.81	%(d)		1.84	%(d)		1.88	%(d)		1.86	%(d)
Net investment income		0.28	%		0.82	%		0.18	%		0.16	%		0.49	%
Supplemental data
Net assets, end of period (in thousands)	$	6,374		$	8,834		$	12,504		$	12,225		$	11,910
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

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

(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.

(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 2016
39

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.68		$	36.92		$	31.75		$	28.15		$	25.99
Income from investment operations:
Net investment income		0.11			0.56	(a)		0.07			0.05			0.13
Net realized and unrealized gain (loss)		2.62			(0.32	)		5.14			3.63			2.98
Total from investment operations		2.73			0.24			5.21			3.68			3.11
Less distributions to shareholders:
Net investment income		(0.31	)		(0.15	)		(0.05	)		(0.08	)		(0.14	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(0.99	)		(1.48	)		(0.05	)		(0.08	)		(0.95	)
Increase from payment by affiliate		—			—			0.01			—			—
Net asset value, end of period	$	37.42		$	35.68		$	36.92		$	31.75		$	28.15
Total return		7.80	%		0.63	%		16.44	%(b)		13.12	%		12.34	%
Ratios to average net assets(c)
Total gross expenses		1.78	%		1.81	%		1.84	%		1.89	%		1.91	%
Total net expenses(d)		1.78	%(e)		1.81	%(e)		1.84	%(e)		1.88	%(e)		1.86	%(e)
Net investment income		0.32	%		1.52	%		0.19	%		0.16	%		0.50	%
Supplemental data
Net assets, end of period (in thousands)	$	1,265,079		$	612,243		$	295,665		$	149,581		$	74,771
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

(a)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.56 per share.

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(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)  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 2016
40

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class K	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.75		$	36.96		$	31.80		$	28.18		$	26.02
Income from investment operations:
Net investment income		0.41			0.69	(a)		0.35			0.31			0.35
Net realized and unrealized gain (loss)		2.61			(0.13	)		5.15			3.64			2.98
Total from investment operations		3.02			0.56			5.50			3.95			3.33
Less distributions to shareholders:
Net investment income		(0.61	)		(0.44	)		(0.34	)		(0.33	)		(0.36	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(1.29	)		(1.77	)		(0.34	)		(0.33	)		(1.17	)
Net asset value, end of period	$	37.48		$	35.75		$	36.96		$	31.80		$	28.18
Total return		8.69	%		1.49	%		17.39	%		14.11	%		13.26	%
Ratios to average net assets(b)
Total gross expenses		0.93	%		0.95	%		0.97	%		1.01	%		1.03	%
Total net expenses(c)		0.93	%		0.95	%		0.97	%		1.01	%		1.03	%
Net investment income		1.15	%		1.86	%		1.00	%		1.02	%		1.32	%
Supplemental data
Net assets, end of period (in thousands)	$	23,494		$	22,260		$	23,303		$	70,411		$	60,735
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

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

(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.

(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.

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

Annual Report 2016
41

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.79		$	37.01		$	31.82		$	28.19		$	26.04
Income from investment operations:
Net investment income		0.29			0.73	(a)		0.24			0.20			0.27
Net realized and unrealized gain (loss)		2.63			(0.31	)		5.15			3.65			2.97
Total from investment operations		2.92			0.42			5.39			3.85			3.24
Less distributions to shareholders:
Net investment income		(0.49	)		(0.31	)		(0.21	)		(0.22	)		(0.28	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(1.17	)		(1.64	)		(0.21	)		(0.22	)		(1.09	)
Increase from payment by affiliate		—			—			0.01			—			—
Net asset value, end of period	$	37.54		$	35.79		$	37.01		$	31.82		$	28.19
Total return		8.35	%		1.10	%		17.04	%(b)		13.73	%		12.87	%
Ratios to average net assets(c)
Total gross expenses		1.28	%		1.31	%		1.34	%		1.39	%		1.42	%
Total net expenses(d)		1.28	%(e)		1.31	%(e)		1.34	%(e)		1.38	%(e)		1.36	%(e)
Net investment income		0.82	%		1.97	%		0.69	%		0.64	%		1.01	%
Supplemental data
Net assets, end of period (in thousands)	$	79,917		$	37,089		$	21,445		$	13,113		$	2,740
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(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)  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 2016
42

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	36.06		$	37.27		$	32.03		$	28.25
Income from investment operations:
Net investment income		0.48			0.88	(b)		0.42			0.29
Net realized and unrealized gain (loss)		2.63			(0.27	)		5.18			3.76
Total from investment operations		3.11			0.61			5.60			4.05
Less distributions to shareholders:
Net investment income		(0.67	)		(0.49	)		(0.38	)		(0.27	)
Net realized gains		(0.68	)		(1.33	)		—			—
Total distributions to shareholders		(1.35	)		(1.82	)		(0.38	)		(0.27	)
Increase from payment by affiliate		—			—			0.02			—
Net asset value, end of period	$	37.82		$	36.06		$	37.27		$	32.03
Total return		8.86	%		1.62	%		17.64	%(c)		14.40	%
Ratios to average net assets(d)
Total gross expenses		0.78	%		0.81	%		0.84	%		0.88	%(e)
Total net expenses(f)		0.78	%(g)		0.81	%(g)		0.84	%(g)		0.88	%(e)(g)
Net investment income		1.33	%		2.37	%		1.21	%		1.14	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	112,108		$	38,489		$	15,596		$	3,515
Portfolio turnover		60	%		102	%		109	%		141	%

Notes to Financial Highlights

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

(b)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.51 per share.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.05%.

(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)  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 2016
43

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.78		$	36.99		$	31.80		$	28.17		$	26.02
Income from investment operations:
Net investment income		0.51			0.97	(a)		0.45			0.39			0.42
Net realized and unrealized gain (loss)		2.60			(0.32	)		5.14			3.64			2.97
Total from investment operations		3.11			0.65			5.59			4.03			3.39
Less distributions to shareholders:
Net investment income		(0.70	)		(0.53	)		(0.42	)		(0.40	)		(0.43	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(1.38	)		(1.86	)		(0.42	)		(0.40	)		(1.24	)
Increase from payment by affiliate		—			—			0.02			—			—
Net asset value, end of period	$	37.51		$	35.78		$	36.99		$	31.80		$	28.17
Total return		8.96	%		1.74	%		17.76	%(b)		14.42	%		13.52	%
Ratios to average net assets(c)
Total gross expenses		0.68	%		0.70	%		0.73	%		0.76	%		0.78	%
Total net expenses(d)		0.68	%		0.70	%		0.73	%		0.76	%		0.78	%
Net investment income		1.41	%		2.63	%		1.30	%		1.26	%		1.57	%
Supplemental data
Net assets, end of period (in thousands)	$	181,221		$	110,946		$	47,848		$	29,617		$	15
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

(a)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.57 per share.

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.05%.

(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)  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 2016
44

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	36.07		$	37.28		$	32.04		$	28.25
Income from investment operations:
Net investment income		0.53			1.21	(b)		0.47			0.34
Net realized and unrealized gain (loss)		2.63			(0.54	)		5.19			3.75
Total from investment operations		3.16			0.67			5.66			4.09
Less distributions to shareholders:
Net investment income		(0.72	)		(0.55	)		(0.44	)		(0.30	)
Net realized gains		(0.68	)		(1.33	)		—			—
Total distributions to shareholders		(1.40	)		(1.88	)		(0.44	)		(0.30	)
Increase from payment by affiliate		—			—			0.02			—
Net asset value, end of period	$	37.83		$	36.07		$	37.28		$	32.04
Total return		9.02	%		1.78	%		17.84	%(c)		14.54	%
Ratios to average net assets(d)
Total gross expenses		0.63	%		0.66	%		0.68	%		0.70	%(e)
Total net expenses(f)		0.63	%		0.66	%		0.68	%		0.70	%(e)
Net investment income		1.47	%		3.27	%		1.35	%		1.34	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	118,553		$	65,758		$	17,106		$	9,784
Portfolio turnover		60	%		102	%		109	%		141	%

Notes to Financial Highlights

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

(b)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.78 per share.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(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)  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 2016
45

COLUMBIA BALANCED FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	35.75		$	36.96		$	31.78		$	28.17		$	26.02
Income from investment operations:
Net investment income		0.47			0.83	(a)		0.41			0.35			0.40
Net realized and unrealized gain (loss)		2.61			(0.22	)		5.15			3.63			2.96
Total from investment operations		3.08			0.61			5.56			3.98			3.36
Less distributions to shareholders:
Net investment income		(0.67	)		(0.49	)		(0.38	)		(0.37	)		(0.40	)
Net realized gains		(0.68	)		(1.33	)		—			—			(0.81	)
Total distributions to shareholders		(1.35	)		(1.82	)		(0.38	)		(0.37	)		(1.21	)
Net asset value, end of period	$	37.48		$	35.75		$	36.96		$	31.78		$	28.17
Total return		8.85	%		1.64	%		17.60	%		14.24	%		13.42	%
Ratios to average net assets(b)
Total gross expenses		0.78	%		0.81	%		0.84	%		0.89	%		0.91	%
Total net expenses(c)		0.78	%(d)		0.81	%(d)		0.84	%(d)		0.88	%(d)		0.86	%(d)
Net investment income		1.32	%		2.24	%		1.18	%		1.16	%		1.49	%
Supplemental data
Net assets, end of period (in thousands)	$	867,554		$	480,162		$	364,457		$	308,945		$	284,934
Portfolio turnover		60	%		102	%		109	%		141	%		130	%

Notes to Financial Highlights

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

(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.

(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 2016
46

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, 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 12 months after purchase.

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 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 generally 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

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.

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COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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, 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.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

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 on any given day. 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

Annual Report 2016
48

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

payment dates on dividends, interest income and foreign withholding taxes.

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default.

The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from

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49

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commissions merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as

margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2016:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		144,843	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		1,683,865
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(144,843	)

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50

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		54,848,916

*Based on the ending quarterly outstanding amounts for the year ended August 31, 2016.

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Asset- and Mortgage-Backed Securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of

shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

To Be Announced Securities

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

Mortgage Dollar Roll Transactions

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

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51

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

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

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Treasury Inflation Protected Securities

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

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.

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

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.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and

losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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.

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.

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

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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.

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COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are

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

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.72% to 0.52% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.60% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $6,697,690, and the administrative services fee paid to the Investment Manager was $605,430.

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.

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COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

Transactions with Affiliates

For the year ended August 31, 2016, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $1,791,169.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Class K and Class R5 shares are subject to an annual limitation of not more than

0.05% of the average daily net assets attributable to each share class. Class Y shares do not pay transfer agency fees.

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.15	%
Class B	0.15
Class C	0.15
Class K	0.05
Class R	0.15
Class R4	0.15
Class R5	0.05
Class Z	0.15

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At August 31, 2016, the Fund's total potential future obligation over the life of the Guaranty is $16,204. The liability remaining at August 31, 2016 for non-recurring charges associated with the lease amounted to $10,317 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at August 31, 2016 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $3,553, which approximates the fair value of the ownership interest.

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $2,320.

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

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54

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. Also 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% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $10,825,414 for Class A, $603 for Class B, and $131,861 for Class C shares for the year ended August 31, 2016.

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:

	Contractual Expense Cap January 1, 2016 through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.20	%		1.20	%
Class B		1.95			1.95
Class C		1.95			1.95
Class K		1.14			1.14
Class R		1.45			1.45
Class R4		0.95			0.95
Class R5		0.89			0.89
Class Y		0.84			0.84
Class Z		0.95			0.95

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for principal and/or interest from fixed income securities, deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, re-characterization of distributions for investments 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

Annual Report 2016
55

COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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	$	(130,906	)
Accumulated net realized loss		130,906

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,	2016		2015
Ordinary income	$	61,529,208	$	27,904,599
Long-term capital gains		68,440,769		83,223,111
Total	$	129,969,977	$	111,127,710

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	12,825,324
Undistributed long-term capital gains		10,819,598
Net unrealized appreciation		589,450,698

At August 31, 2016, the cost of investments for federal income tax purposes was $5,007,232,763 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	612,405,085
Unrealized depreciation		(22,954,387	)
Net unrealized appreciation	$	589,450,698

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 $4,292,374,815 and

$2,466,890,420, respectively, for the year ended August 31, 2016, of which $1,158,311,303 and $895,783,817, respectively, were U.S. government securities. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

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COLUMBIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, one unaffiliated shareholder of record owned 10.7% 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 40.4% 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.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity.

Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

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

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 Securities and Exchange Commission (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 2016
57

COLUMBIA BALANCED FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Balanced Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

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COLUMBIA BALANCED FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		100.00	%
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	11,399,880

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.

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COLUMBIA BALANCED FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

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COLUMBIA BALANCED FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

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COLUMBIA BALANCED FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

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COLUMBIA BALANCED FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

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COLUMBIA BALANCED FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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COLUMBIA BALANCED FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Balanced Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
65

COLUMBIA BALANCED FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the fourth, sixth and fourth 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

Annual Report 2016
66

COLUMBIA BALANCED FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are ranked in the third and second 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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2016
67

COLUMBIA BALANCED FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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'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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
68

COLUMBIA BALANCED FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
69

Columbia Balanced Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN120_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

COLUMBIA CONTRARIAN CORE FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

  **  Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return trade off of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Annual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

COLUMBIA CONTRARIAN CORE 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

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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.

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 Management Agreement	47
Important Information About This Report	51

Annual Report 2016

COLUMBIA CONTRARIAN CORE FUND

PERFORMANCE OVERVIEW

Performance Summary

n  Columbia Contrarian Core Fund (the Fund) Class A shares returned 10.79% excluding sales charges for the 12-month period that ended August 31, 2016.

n  The Fund underperformed its benchmark, the Russell 1000 Index, which returned 11.69% for the same time period.

n  Stock selection provided a performance advantage in six out of ten sectors of the benchmark, with the biggest relative gains coming from the consumer discretionary, information technology and industrials sectors. Management fees generally accounted for the Fund's modest shortfall relative to the benchmark.

Average Annual Total Returns (%) (for period ended August 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			10.79		15.17		9.49
Including sales charges			4.41		13.81		8.84
Class B	11/01/98
Excluding sales charges			9.96		14.30		8.66
Including sales charges			4.96		14.07		8.66
Class C	12/09/02
Excluding sales charges			9.98		14.30		8.67
Including sales charges			8.98		14.30		8.67
Class I*	09/27/10		11.26		15.67		9.88
Class K*	03/07/11		10.92		15.32		9.61
Class R*	09/27/10		10.55		14.90		9.23
Class R4*	11/08/12		11.07		15.47		9.77
Class R5*	11/08/12		11.22		15.58		9.82
Class T	02/12/93
Excluding sales charges			10.83		15.14		9.44
Including sales charges			4.44		13.79		8.79
Class W*	09/27/10		10.79		15.17		9.49
Class Y*	11/08/12		11.22		15.63		9.84
Class Z	12/14/92		11.05		15.45		9.76
Russell 1000 Index			11.69		14.60		7.64

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

Annual Report 2016
3

COLUMBIA CONTRARIAN CORE FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (September 1, 2006 – August 31, 2016)

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

Annual Report 2016
4

COLUMBIA CONTRARIAN CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended August 31, 2016, the Fund's Class A shares returned 10.79% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Index, which returned 11.69% for the same time period. Stock selection provided a performance advantage in six out of ten sectors of the benchmark, with the biggest relative gains coming from the consumer discretionary, information technology and industrials sectors. Management fees, which the Fund incurs and the index does not, generally accounted for the Fund's modest shortfall relative to the benchmark.

Stocks Log Strong Gains in Volatile Market

Even though a host of factors weighed on investors during the one-year period ended August 31, 2016, strong rebounds after three significant market declines left stock markets with solid gains. Lackluster economic growth, contentious geopolitical conflicts and expectations of a shift in U.S. monetary policy weighed on investors in the first half of the period. In December 2015, the Federal Reserve (the Fed) raised the target range of its benchmark interest rate by a quarter of a point. But the Fed took no further action as subpar global economic growth continued and mixed economic data undermined confidence at home.

The U.S. economy, however, continued to expand modestly throughout the period, and economic growth in Europe picked up, if ever so slightly. The U.S. manufacturing sector regained some traction in the spring, and the U.S. labor markets recovered to full employment for the first time since the Great Recession, despite some weaker reports on new job growth. The vote by the United Kingdom to exit the European Union, known as Brexit, gave markets a jolt in mid-June, but that downdraft was short lived.

Against this backdrop, stocks pulled back three times during the 12-month period ended August 31, 2016. Large-cap stocks outperformed mid- and small-cap stocks. Value stocks outperformed growth stocks, with an especially big advantage for mid-cap and small-cap value stocks versus their growth counterparts. As interest rates (except for the very shortest rates) declined during the period, interest-rate sensitive telecommunications services and utilities were the strongest performing sectors for the period, along with information technology. Health care, energy and financials lagged, with modest single-digit returns.

Contributors and Detractors

Within the Fund, stock selection was particularly strong in the consumer discretionary, information technology and industrial sectors. Within the consumer discretionary sector, Aramark and Comcast were standout performers as the market rewarded them for their business stability. Both are long-term Fund holdings. Within the information technology sector, positions in Activision Blizzard, Facebook and Alphabet (formerly Google) delivered outsized returns. Strong digital advertising growth benefited both Facebook and Alphabet. In addition, investors have responded favorably to the renewed financial discipline brought in by Alphabet CFO Ruth Porat. Within the industrials sector, positions in Nielsen Holdings and Dun & Bradstreet aided returns. Both business service companies were resilient in an environment of easing global industrial activity. General Electric,

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.

© 2016 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, 2016)
Apple, Inc.	3.6
Berkshire Hathaway, Inc., Class B	3.3
Verizon Communications, Inc.	3.1
Alphabet, Inc., Class C	3.0
Citigroup, Inc.	2.9
Microsoft Corp.	2.8
JPMorgan Chase & Co.	2.7
Facebook, Inc., Class A	2.7
Johnson & Johnson	2.5
Comcast Corp., Class A	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.

Annual Report 2016
5

COLUMBIA CONTRARIAN CORE FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Portfolio Breakdown (%) (at August 31, 2016)
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, 2016)
Consumer Discretionary	13.7
Consumer Staples	7.5
Energy	7.5
Financials	20.3
Health Care	16.6
Industrials	8.0
Information Technology	21.5
Materials	0.6
Telecommunication Services	3.2
Utilities	1.1
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.

which has long been out of favor, was rewarded by investors for its continued efforts in restructuring. The company has focused on its industrial businesses and de-emphasizing its financial business.

Consumer staples, financials and health care holdings were the biggest detractors from Fund results for the period. In the consumer staples, where the Fund was generally underweight relative to the benchmark, results were mixed. An overweight position in Philip Morris International generated a substantial gain for the Fund. PepsiCo also delivered a double-digit return. However, these were not enough to offset disappointments from holdings such as CVS Health and Walgreens Boots Alliance, both strong performers a year ago, which lost ground during this 12-month period. Rumblings about the potential for increased regulation, especially regarding pharmaceutical pricing, put a damper on health care stocks in general. Both CVS and Walgreen's, with their link to health care, were vulnerable to the same concerns. After years of gaining significant market share in the pharmacy benefit management (PBM) business, CVS/Caremark has run up against more stiff competition. We continue to think CVS/Caremark is one of the better PBM offerings, even though the competition is slowing its share gain progress. Lack of exposure to some of the consumer staples sector's strongest performers, including Altria, Tyson Foods and Procter & Gamble, also detracted from relative performance.

In the financials sector, which was a subpar performer during the period, the Fund underperformed the benchmark. An overweight in Citigroup produced disappointing results, as lower interest rates and easing global capital market activity weighed on the company. Financials, in general, were caught up in the aftermath of Brexit. The falloff in financials also seemed to acknowledge that a period of benign global credit conditions has probably peaked and we have already seen some slight increase in credit stresses. In health care, the Fund performed generally in line with the benchmark. However it had more exposure to health care than the benchmark and that was a drag on relative performance. Good results from a substantial position in Johnson & Johnson, for example, with its nice dividend yield, was offset by a substantial slide in Vertex Pharmaceuticals, which stumbled as market acceptance of its cystic fibrosis drug was slower than expected.

Fund Strategy

Regardless of market conditions or the economic outlook, we focus on executing our core contrarian philosophy in constructing the portfolio and managing it from day to day. We continue to believe our disciplined approach will serve us well over a long-term time frame.

Annual Report 2016
6

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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,129.20		1,019.76		5.73		5.43		1.07
Class B		1,000.00		1,000.00		1,124.40		1,016.04		9.67		9.17		1.81
Class C		1,000.00		1,000.00		1,124.20		1,015.99		9.72		9.22		1.82
Class I		1,000.00		1,000.00		1,131.50		1,021.92		3.43		3.25		0.64
Class K		1,000.00		1,000.00		1,129.40		1,020.36		5.08		4.82		0.95
Class R		1,000.00		1,000.00		1,127.50		1,018.50		7.06		6.70		1.32
Class R4		1,000.00		1,000.00		1,130.30		1,021.01		4.39		4.17		0.82
Class R5		1,000.00		1,000.00		1,131.00		1,021.67		3.70		3.51		0.69
Class T		1,000.00		1,000.00		1,128.80		1,019.76		5.73		5.43		1.07
Class W		1,000.00		1,000.00		1,128.60		1,019.76		5.73		5.43		1.07
Class Y		1,000.00		1,000.00		1,130.90		1,021.92		3.43		3.25		0.64
Class Z		1,000.00		1,000.00		1,129.80		1,021.01		4.39		4.17		0.82

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Annual Report 2016
7

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 96.4%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 13.2%
Auto Components 1.8%
Delphi Automotive PLC		1,745,248		123,319,224
Johnson Controls, Inc.		1,379,489		60,531,977
Total				183,851,201
Hotels, Restaurants & Leisure 1.8%
Aramark		1,479,248		56,107,877
Marriott International, Inc., Class A		681,623		48,620,168
McDonald's Corp.		599,480		69,335,857
Total				174,063,902
Household Durables 0.7%
Newell Brands, Inc.		1,398,320		74,222,826
Internet & Catalog Retail 0.8%
Expedia, Inc.		737,770		80,505,462
Media 3.4%
Comcast Corp., Class A		3,584,888		233,949,791
Walt Disney Co. (The)		1,049,255		99,112,627
Total				333,062,418
Specialty Retail 2.8%
Advance Auto Parts, Inc.		244,365		38,458,164
Lowe's Companies, Inc.		2,496,099		191,101,339
Michaels Companies, Inc. (The)(a)		1,951,237		46,751,639
Total				276,311,142
Textiles, Apparel & Luxury Goods 1.9%
Coach, Inc.		2,499,620		95,435,492
PVH Corp.		875,748		94,370,604
Total				189,806,096
Total Consumer Discretionary				1,311,823,047
CONSUMER STAPLES 7.2%
Beverages 2.6%
Diageo PLC, ADR		512,857		57,686,155
PepsiCo, Inc.		1,877,790		200,454,083
Total				258,140,238
Food & Staples Retailing 3.4%
CVS Health Corp.		1,614,922		150,833,715
Kroger Co. (The)		2,136,870		68,358,471
Walgreens Boots Alliance, Inc.		1,450,634		117,080,670
Total				336,272,856

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 1.2%
Philip Morris International, Inc.		1,235,290		123,442,530
Total Consumer Staples				717,855,624
ENERGY 7.2%
Energy Equipment & Services 0.9%
Schlumberger Ltd.		1,160,910		91,711,890
Oil, Gas & Consumable Fuels 6.3%
Canadian Natural Resources Ltd.		4,084,770		126,832,108
Chevron Corp.		1,354,698		136,255,525
ConocoPhillips		1,984,746		81,473,823
EQT Corp.		627,745		44,883,768
Exxon Mobil Corp.		2,015,235		175,607,578
Noble Energy, Inc.		1,799,302		62,039,933
Total				627,092,735
Total Energy				718,804,625
FINANCIALS 19.6%
Banks 7.3%
Citigroup, Inc.		5,851,906		279,369,992
JPMorgan Chase & Co.		3,823,723		258,101,303
Wells Fargo & Co.		3,637,508		184,785,406
Total				722,256,701
Capital Markets 5.4%
Bank of New York Mellon Corp. (The)		3,523,556		146,826,578
BlackRock, Inc.		424,159		158,130,717
Invesco Ltd.		712,890		22,235,039
Morgan Stanley		6,636,930		212,779,976
Total				539,972,310
Diversified Financial Services 4.3%
Berkshire Hathaway, Inc., Class B(a)		2,086,193		313,951,185
S&P Global, Inc.		907,680		112,134,787
Total				426,085,972
Insurance 0.8%
Aon PLC		731,882		81,495,061
Real Estate Investment Trusts (REITs) 1.4%
American Tower Corp.		1,171,445		132,818,434
Real Estate Management & Development 0.4%
CBRE Group, Inc., Class A(a)		1,341,163		40,087,362
Total Financials				1,942,715,840

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

Annual Report 2016
8

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 16.0%
Biotechnology 2.9%
Alexion Pharmaceuticals, Inc.(a)		410,575		51,674,969
Biogen, Inc.(a)		381,020		116,451,143
Celgene Corp.(a)		828,821		88,468,354
Vertex Pharmaceuticals, Inc.(a)		393,391		37,179,383
Total				293,773,849
Health Care Equipment & Supplies 5.6%
Abbott Laboratories		2,478,559		104,149,049
Cooper Companies, Inc. (The)		598,267		111,229,801
Medtronic PLC		2,394,031		208,352,518
Zimmer Biomet Holdings, Inc.		1,042,425		135,108,704
Total				558,840,072
Health Care Providers & Services 2.2%
Anthem, Inc.		733,905		91,796,837
Cardinal Health, Inc.		997,168		79,444,375
CIGNA Corp.		347,240		44,537,002
Total				215,778,214
Pharmaceuticals 5.3%
Allergan PLC(a)		226,583		53,142,777
Johnson & Johnson		2,004,446		239,210,586
Pfizer, Inc.		6,698,265		233,099,622
Total				525,452,985
Total Health Care				1,593,845,120
INDUSTRIALS 7.8%
Aerospace & Defense 1.9%
Honeywell International, Inc.		1,595,309		186,188,513
Air Freight & Logistics 1.9%
FedEx Corp.		1,118,091		184,406,749
Electrical Equipment 0.7%
Eaton Corp. PLC		1,027,276		68,354,945
Industrial Conglomerates 0.8%
General Electric Co.		2,539,740		79,341,477
Professional Services 2.5%
Dun & Bradstreet Corp. (The)		442,667		60,933,113
Nielsen Holdings PLC		3,589,055		191,224,850
Total				252,157,963
Total Industrials				770,449,647

Common Stocks (continued)

Issuer	Shares		Value ($)
INFORMATION TECHNOLOGY 20.7%
Communications Equipment 0.4%
Palo Alto Networks, Inc.(a)		303,185		40,375,146
Internet Software & Services 7.0%
Akamai Technologies, Inc.(a)		465,310		25,545,519
Alphabet, Inc., Class A(a)		163,518		129,154,692
Alphabet, Inc., Class C(a)		377,487		289,551,404
Facebook, Inc., Class A(a)		2,017,135		254,401,066
Total				698,652,681
IT Services 2.1%
Fidelity National Information Services, Inc.		983,490		78,020,262
MasterCard, Inc., Class A		1,326,974		128,225,497
Total				206,245,759
Semiconductors & Semiconductor Equipment 2.4%
Broadcom Ltd.		701,650		123,785,093
QUALCOMM, Inc.		1,123,100		70,833,917
Skyworks Solutions, Inc.		603,188		45,154,654
Total				239,773,664
Software 5.4%
Activision Blizzard, Inc.		3,424,720		141,680,666
Electronic Arts, Inc.(a)		1,235,891		100,391,426
Intuit, Inc.		221,079		24,639,254
Microsoft Corp.		4,652,597		267,338,224
Total				534,049,570
Technology Hardware, Storage & Peripherals 3.4%
Apple, Inc.		3,210,456		340,629,382
Total Information Technology				2,059,726,202
MATERIALS 0.6%
Chemicals 0.6%
Monsanto Co.		552,550		58,846,575
Total Materials				58,846,575
TELECOMMUNICATION SERVICES 3.0%
Diversified Telecommunication Services 3.0%
Verizon Communications, Inc.		5,749,578		300,875,417
Total Telecommunication Services				300,875,417

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

Annual Report 2016
9

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 1.1%
Electric Utilities 0.8%
Edison International		1,100,682		80,041,595
Multi-Utilities 0.3%
DTE Energy Co.		312,914		29,069,711
Total Utilities				109,111,306
Total Common Stocks (Cost: $7,572,463,875)				9,584,053,403

Money Market Funds 3.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		305,769,244		305,769,244
Total Money Market Funds (Cost: $305,769,244)				305,769,244
Total Investments (Cost: $7,878,233,119)				9,889,822,647
Other Assets & Liabilities, Net				44,825,601
Net Assets				9,934,648,248

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Received in Reorganization ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		189,205,745		31,332,578		2,283,673,984		(2,198,443,063	)		305,769,244		802,528		305,769,244

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).

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

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

Annual Report 2016
10

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
11

COLUMBIA CONTRARIAN CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2016:

	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		1,311,823,047		—		—		1,311,823,047
Consumer Staples		717,855,624		—		—		717,855,624
Energy		718,804,625		—		—		718,804,625
Financials		1,942,715,840		—		—		1,942,715,840
Health Care		1,593,845,120		—		—		1,593,845,120
Industrials		770,449,647		—		—		770,449,647
Information Technology		2,059,726,202		—		—		2,059,726,202
Materials		58,846,575		—		—		58,846,575
Telecommunication Services		300,875,417		—		—		300,875,417
Utilities		109,111,306		—		—		109,111,306
Total Common Stocks		9,584,053,403		—		—		9,584,053,403
Investments measured at net asset value
Money Market Funds		—		—		—		305,769,244
Total Investments		9,584,053,403		—		—		9,889,822,647

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

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
12

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $7,572,463,875)	$	9,584,053,403
Affiliated issuers (identified cost $305,769,244)		305,769,244
Total investments (identified cost $7,878,233,119)		9,889,822,647
Receivable for:
Investments sold		71,084,396
Capital shares sold		13,960,310
Dividends		18,730,962
Foreign tax reclaims		351
Prepaid expenses		71,758
Trustees' deferred compensation plan		340,104
Total assets		9,994,010,528
Liabilities
Payable for:
Investments purchased		46,614,641
Capital shares purchased		10,578,924
Management services fees		166,886
Distribution and/or service fees		41,906
Transfer agent fees		1,306,659
Plan administration fees		1,245
Compensation of board members		319
Chief compliance officer expenses		717
Other expenses		310,879
Trustees' deferred compensation plan		340,104
Total liabilities		59,362,280
Net assets applicable to outstanding capital stock	$	9,934,648,248
Represented by
Paid-in capital	$	7,896,075,263
Undistributed net investment income		45,532,775
Accumulated net realized loss		(18,549,316	)
Unrealized appreciation (depreciation) on:
Investments		2,011,589,528
Foreign currency translations		(2	)
Total — representing net assets applicable to outstanding capital stock	$	9,934,648,248

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

Annual Report 2016
13

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class A
Net assets	$	2,860,805,928
Shares outstanding		128,365,042
Net asset value per share	$	22.29
Maximum offering price per share(a)	$	23.65
Class B
Net assets	$	6,018,625
Shares outstanding		297,408
Net asset value per share	$	20.24
Class C
Net assets	$	669,226,066
Shares outstanding		32,998,664
Net asset value per share	$	20.28
Class I
Net assets	$	359,555,946
Shares outstanding		16,011,586
Net asset value per share	$	22.46
Class K
Net assets	$	5,316,832
Shares outstanding		236,991
Net asset value per share	$	22.43
Class R
Net assets	$	96,585,993
Shares outstanding		4,334,053
Net asset value per share	$	22.29
Class R4
Net assets	$	377,945,653
Shares outstanding		16,571,418
Net asset value per share	$	22.81
Class R5
Net assets	$	627,659,127
Shares outstanding		27,527,505
Net asset value per share	$	22.80
Class T
Net assets	$	146,879,379
Shares outstanding		6,650,496
Net asset value per share	$	22.09
Maximum offering price per share(a)	$	23.44

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

Annual Report 2016
14

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

August 31, 2016

Class W
Net assets	$	220,501,834
Shares outstanding		9,892,249
Net asset value per share	$	22.29
Class Y
Net assets	$	329,514,193
Shares outstanding		14,445,556
Net asset value per share	$	22.81
Class Z
Net assets	$	4,234,638,672
Shares outstanding		188,591,241
Net asset value per share	$	22.45

(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 2016
15

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	134,065,805
Dividends — affiliated issuers		802,528
Foreign taxes withheld		(162,883	)
Total income		134,705,450
Expenses:
Management services fees		46,537,308
Distribution and/or service fees
Class A		6,359,888
Class B		76,014
Class C		5,323,306
Class R		345,403
Class T		357,601
Class W		294,416
Transfer agent fees
Class A		4,527,791
Class B		13,567
Class C		946,325
Class K		880
Class R		122,600
Class R4		529,598
Class R5		217,759
Class T		254,814
Class W		208,419
Class Z		4,858,023
Plan administration fees
Class K		4,401
Compensation of board members		140,921
Custodian fees		57,822
Printing and postage fees		489,178
Registration fees		508,231
Audit fees		35,676
Legal fees		196,856
Chief compliance officer expenses		3,559
Other		176,982
Total expenses		72,587,338
Expense reductions		(4,350	)
Total net expenses		72,582,988
Net investment income		62,122,462
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		8,897,048
Foreign currency translations		8,423
Net realized gain		8,905,471
Net change in unrealized appreciation (depreciation) on:
Investments		815,596,964
Foreign currency translations		466
Net change in unrealized appreciation		815,597,430
Net realized and unrealized gain		824,502,901
Net increase in net assets resulting from operations	$	886,625,363

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

Annual Report 2016
16

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income	$	62,122,462		$	167,200,123
Net realized gain		8,905,471			226,539,268
Net change in unrealized appreciation (depreciation)		815,597,430			(305,101,185	)
Net increase in net assets resulting from operations		886,625,363			88,638,206
Distributions to shareholders
Net investment income
Class A		(61,603,501	)		(8,507,483	)
Class B		(169,643	)		—
Class C		(9,230,922	)		—
Class I		(11,959,112	)		(4,798,155	)
Class K		(3,093	)		(674	)
Class R		(1,343,578	)		(78,264	)
Class R4		(7,021,383	)		(816,168	)
Class R5		(11,778,388	)		(1,922,616	)
Class T		(3,614,625	)		(642,160	)
Class W		(1,414,819	)		(758,782	)
Class Y		(1,957,696	)		(173,175	)
Class Z		(65,021,880	)		(13,614,092	)
Net realized gains
Class A		(71,377,749	)		(115,352,574	)
Class B		(281,084	)		(893,272	)
Class C		(15,383,736	)		(18,521,704	)
Class I		(11,792,193	)		(34,264,726	)
Class K		(3,406	)		(7,110	)
Class R		(1,730,183	)		(2,167,951	)
Class R4		(7,412,136	)		(7,325,441	)
Class R5		(11,842,976	)		(14,509,724	)
Class T		(4,210,566	)		(9,478,836	)
Class W		(1,639,301	)		(10,286,956	)
Class Y		(1,934,742	)		(1,236,681	)
Class Z		(68,474,886	)		(120,565,017	)
Total distributions to shareholders		(371,201,598	)		(365,921,561	)
Increase in net assets from capital stock activity		3,228,540,706			1,626,379,501
Total increase in net assets		3,743,964,471			1,349,096,146
Net assets at beginning of year		6,190,683,777			4,841,587,631
Net assets at end of year	$	9,934,648,248		$	6,190,683,777
Undistributed net investment income	$	45,532,775		$	159,226,713

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

Annual Report 2016
17

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		48,128,391			1,017,079,358			45,567,965			1,005,475,133
Fund reorganization		2,911,441			60,325,156			—			—
Distributions reinvested		6,161,108			126,980,438			5,695,290			119,202,421
Redemptions		(36,847,943	)		(778,168,494	)		(17,440,479	)		(384,215,880	)
Net increase		20,352,997			426,216,458			33,822,776			740,461,674
Class B shares
Subscriptions		45,719			884,791			88,496			1,787,513
Distributions reinvested		23,557			443,344			45,319			869,677
Redemptions(a)		(264,258	)		(5,049,400	)		(322,718	)		(6,500,704	)
Net decrease		(194,982	)		(3,721,265	)		(188,903	)		(3,843,514	)
Class C shares
Subscriptions		14,095,386			272,495,550			11,677,531			236,079,207
Fund reorganization		1,127,343			21,281,992			—			—
Distributions reinvested		1,091,134			20,578,795			776,999			14,941,695
Redemptions		(4,401,923	)		(85,094,434	)		(2,175,882	)		(43,913,211	)
Net increase		11,911,940			229,261,903			10,278,648			207,107,691
Class I shares
Subscriptions		4,361,594			90,879,128			8,920,645			198,518,571
Fund reorganization		94			1,955			—			—
Distributions reinvested		1,147,398			23,751,142			1,858,358			39,062,676
Redemptions		(9,376,151	)		(201,335,473	)		(12,672,345	)		(284,995,676	)
Net decrease		(3,867,065	)		(86,703,248	)		(1,893,342	)		(47,414,429	)
Class K shares
Subscriptions		248,597			5,280,131			—			—
Distributions reinvested		306			6,336			360			7,576
Redemptions		(17,292	)		(383,527	)		—			—
Net increase		231,611			4,902,940			360			7,576
Class R shares
Subscriptions		2,493,106			52,783,290			1,525,966			33,723,333
Fund reorganization		348,131			7,216,396			—			—
Distributions reinvested		102,297			2,112,434			69,759			1,462,150
Redemptions		(963,209	)		(20,257,607	)		(596,145	)		(13,163,703	)
Net increase		1,980,325			41,854,513			999,580			22,021,780

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

Annual Report 2016
18

COLUMBIA CONTRARIAN CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R4 shares
Subscriptions		8,232,471			177,759,473			7,603,669			167,657,282
Fund reorganization		364,058			7,717,423			—			—
Distributions reinvested		682,566			14,368,022			379,661			8,105,769
Redemptions		(3,193,911	)		(69,241,659	)		(2,116,266	)		(47,395,372	)
Net increase		6,085,184			130,603,259			5,867,064			128,367,679
Class R5 shares
Subscriptions		19,032,190			414,631,025			8,767,116			197,169,255
Fund reorganization		926,239			19,625,841			—			—
Distributions reinvested		1,117,699			23,505,208			761,574			16,244,381
Redemptions		(9,009,812	)		(190,228,689	)		(3,244,261	)		(72,265,852	)
Net increase		12,066,316			267,533,385			6,284,429			141,147,784
Class T shares
Subscriptions		110,941			2,272,788			143,425			3,011,870
Distributions reinvested		266,648			5,444,949			338,177			7,017,172
Redemptions		(524,066	)		(11,080,577	)		(509,561	)		(11,173,172	)
Net decrease		(146,477	)		(3,362,840	)		(27,959	)		(1,144,130	)
Class W shares
Subscriptions		9,044,630			190,637,528			4,495,889			100,570,978
Fund reorganization		95			1,963			—			—
Distributions reinvested		148,179			3,053,977			527,738			11,045,553
Redemptions		(4,860,868	)		(105,635,402	)		(5,005,755	)		(109,077,232	)
Net increase		4,332,036			88,058,066			17,872			2,539,299
Class Y shares
Subscriptions		12,749,816			268,717,492			2,447,484			55,829,769
Fund reorganization		65,725			1,392,855			—			—
Distributions reinvested		132,077			2,777,583			14,348			306,053
Redemptions		(950,699	)		(20,822,683	)		(123,265	)		(2,790,813	)
Net increase		11,996,919			252,065,247			2,338,567			53,345,009
Class Z shares
Subscriptions		56,743,145			1,206,996,663			31,332,502			691,476,272
Fund reorganization		59,654,609			1,245,149,414			—			—
Distributions reinvested		4,076,451			84,504,832			3,893,061			81,910,017
Redemptions		(30,828,122	)		(654,818,621	)		(17,581,024	)		(389,603,207	)
Net increase		89,646,083			1,881,832,288			17,644,539			383,783,082
Total net increase		154,394,887			3,228,540,706			75,143,631			1,626,379,501

(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 2016
19

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	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.27		$	22.37		$	19.15		$	15.68		$	12.63		$	12.61
Income from investment operations:
Net investment income		0.15			0.65	(b)		0.14			0.13			0.11			0.08
Net realized and unrealized gain (loss)		2.05			(0.23	)		4.32			3.48			3.32			(0.03	)
Total from investment operations		2.20			0.42			4.46			3.61			3.43			0.05
Less distributions to shareholders:
Net investment income		(0.55	)		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.03	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.18	)		(1.52	)		(1.24	)		(0.14	)		(0.38	)		(0.03	)
Net asset value, end of period	$	22.29		$	21.27		$	22.37		$	19.15		$	15.68		$	12.63
Total return		10.79	%		1.99	%		24.15	%		23.23	%		27.59	%		0.39	%
Ratios to average net assets(c)
Total gross expenses		1.07	%		1.09	%		1.11	%		1.15	%		1.19	%(d)		1.19	%(e)
Total net expenses(f)		1.07	%(g)		1.09	%(g)		1.11	%(g)		1.14	%(g)		1.16	%(d)(g)		1.16	%(e)(g)
Net investment income		0.72	%		2.93	%		0.69	%		0.73	%		0.82	%(d)		0.56	%
Supplemental data
Net assets, end of period (in thousands)	$	2,860,806		$	2,297,176		$	1,659,841		$	913,212		$	588,182		$	427,039
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.54 per share.

(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%.

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

Annual Report 2016
20

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class B	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	19.40		$	20.58		$	17.74		$	14.53		$	11.74		$	11.78
Income from investment operations:
Net investment income (loss)		(0.01	)		0.29	(b)		(0.01	)		(0.00	)(c)		0.01			(0.03	)
Net realized and unrealized gain (loss)		1.87			(0.05	)		3.98			3.24			3.09			(0.01	)
Total from investment operations		1.86			0.24			3.97			3.24			3.10			(0.04	)
Less distributions to shareholders:
Net investment income		(0.39	)		—			—			(0.01	)		—			—
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.02	)		(1.42	)		(1.13	)		(0.03	)		(0.31	)		—
Net asset value, end of period	$	20.24		$	19.40		$	20.58		$	17.74		$	14.53		$	11.74
Total return		9.96	%		1.22	%		23.20	%		22.32	%		26.72	%		(0.34	%)
Ratios to average net assets(d)
Total gross expenses		1.83	%		1.84	%		1.86	%		1.90	%		1.94	%(e)		1.92	%(f)
Total net expenses(g)		1.83	%(h)		1.84	%(h)		1.86	%(h)		1.89	%(h)		1.91	%(e)(h)		1.90	%(f)(h)
Net investment income (loss)		(0.06	%)		1.40	%		(0.08	%)		(0.02	%)		0.05	%(e)		(0.19	%)
Supplemental data
Net assets, end of period (in thousands)	$	6,019		$	9,551		$	14,023		$	16,396		$	17,292		$	21,560
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.35 per share.

(c)  Rounds to zero.

(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%.

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

Annual Report 2016
21

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class C	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	19.43		$	20.62		$	17.77		$	14.55		$	11.76		$	11.80
Income from investment operations:
Net investment income (loss)		(0.00	)		0.50	(b)		(0.01	)		(0.00	)(c)		0.01			(0.03	)
Net realized and unrealized gain (loss)		1.86			(0.27	)		3.99			3.25			3.09			(0.01	)
Total from investment operations		1.86			0.23			3.98			3.25			3.10			(0.04	)
Less distributions to shareholders:
Net investment income		(0.38	)		—			—			(0.01	)		—			—
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.01	)		(1.42	)		(1.13	)		(0.03	)		(0.31	)		—
Net asset value, end of period	$	20.28		$	19.43		$	20.62		$	17.77		$	14.55		$	11.76
Total return		9.98	%		1.17	%		23.22	%		22.36	%		26.68	%		(0.34	%)
Ratios to average net assets(d)
Total gross expenses		1.83	%		1.85	%		1.86	%		1.90	%		1.94	%(e)		1.95	%(f)
Total net expenses(g)		1.83	%(h)		1.85	%(h)		1.86	%(h)		1.89	%(h)		1.91	%(e)(h)		1.92	%(f)(h)
Net investment income (loss)		(0.02	%)		2.46	%		(0.06	%)		(0.02	%)		0.07	%(e)		(0.22	%)
Supplemental data
Net assets, end of period (in thousands)	$	669,226		$	409,798		$	222,834		$	115,940		$	58,257		$	36,559
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.55 per share.

(c)  Rounds to zero.

(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%.

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

Annual Report 2016
22

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class I	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.43		$	22.53		$	19.27		$	15.78		$	12.71		$	12.69
Income from investment operations:
Net investment income		0.24			0.57	(b)		0.23			0.21			0.17			0.14
Net realized and unrealized gain (loss)		2.06			(0.06	)		4.35			3.49			3.34			(0.03	)
Total from investment operations		2.30			0.51			4.58			3.70			3.51			0.11
Less distributions to shareholders:
Net investment income		(0.64	)		(0.19	)		(0.19	)		(0.19	)		(0.13	)		(0.09	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.27	)		(1.61	)		(1.32	)		(0.21	)		(0.44	)		(0.09	)
Net asset value, end of period	$	22.46		$	21.43		$	22.53		$	19.27		$	15.78		$	12.71
Total return		11.26	%		2.42	%		24.71	%		23.73	%		28.12	%		0.81	%
Ratios to average net assets(c)
Total gross expenses		0.65	%		0.65	%		0.68	%		0.70	%		0.75	%(d)		0.76	%(e)
Total net expenses(f)		0.65	%		0.65	%		0.68	%		0.70	%		0.75	%(d)		0.76	%(e)(g)
Net investment income		1.14	%		2.55	%		1.12	%		1.17	%		1.24	%(d)		0.99	%
Supplemental data
Net assets, end of period (in thousands)	$	359,556		$	425,921		$	490,451		$	424,376		$	385,802		$	280,304
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.37 per share.

(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%.

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

Annual Report 2016
23

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class K	2016			2015			2014			2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	21.40		$	22.50		$	19.26		$	15.77		$	12.70		$	14.93
Income from investment operations:
Net investment income		0.23			0.61	(c)		0.17			0.15			0.13			0.06
Net realized and unrealized gain (loss)		2.01			(0.16	)		4.33			3.51			3.34			(2.29	)
Total from investment operations		2.24			0.45			4.50			3.66			3.47			(2.23	)
Less distributions to shareholders:
Net investment income		(0.58	)		(0.13	)		(0.13	)		(0.15	)		(0.09	)		—
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.21	)		(1.55	)		(1.26	)		(0.17	)		(0.40	)		—
Net asset value, end of period	$	22.43		$	21.40		$	22.50		$	19.26		$	15.77		$	12.70
Total return		10.92	%		2.12	%		24.27	%		23.40	%		27.74	%		(14.94	%)
Ratios to average net assets(d)
Total gross expenses		0.95	%		0.96	%		0.97	%		1.00	%		1.05	%(e)		1.05	%(e)(f)
Total net expenses(g)		0.95	%		0.96	%		0.97	%		1.00	%		1.05	%(e)		1.05	%(e)(f)(h)
Net investment income		1.08	%		2.73	%		0.81	%		0.87	%		0.93	%(e)		0.72	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	5,317		$	115		$	113		$	144		$	117		$	100
Portfolio turnover		47	%		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.

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

(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%.

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

Annual Report 2016
24

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class R	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.26		$	22.37		$	19.15		$	15.68		$	12.63		$	12.61
Income from investment operations:
Net investment income		0.10			0.65	(b)		0.09			0.08			0.08			0.05
Net realized and unrealized gain (loss)		2.05			(0.29	)		4.32			3.49			3.32			(0.03	)
Total from investment operations		2.15			0.36			4.41			3.57			3.40			0.02
Less distributions to shareholders:
Net investment income		(0.49	)		(0.05	)		(0.06	)		(0.08	)		(0.04	)		—
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.12	)		(1.47	)		(1.19	)		(0.10	)		(0.35	)		—
Net asset value, end of period	$	22.29		$	21.26		$	22.37		$	19.15		$	15.68		$	12.63
Total return		10.55	%		1.69	%		23.86	%		22.93	%		27.34	%		0.16	%
Ratios to average net assets(c)
Total gross expenses		1.32	%		1.34	%		1.36	%		1.39	%		1.42	%(d)		1.44	%(e)
Total net expenses(f)		1.32	%(g)	��	1.34	%(g)		1.36	%(g)		1.39	%(g)		1.41	%(d)(g)		1.39	%(e)(g)
Net investment income		0.49	%		2.93	%		0.44	%		0.46	%		0.59	%(d)		0.32	%
Supplemental data
Net assets, end of period (in thousands)	$	96,586		$	50,048		$	30,291		$	13,102		$	4,489		$	6
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.60 per share.

(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%.

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

Annual Report 2016
25

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R4	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	21.74		$	22.83		$	19.52		$	15.84
Income from investment operations:
Net investment income		0.21			0.80	(b)		0.20			0.16
Net realized and unrealized gain (loss)		2.09			(0.32	)		4.40			3.70
Total from investment operations		2.30			0.48			4.60			3.86
Less distributions to shareholders:
Net investment income		(0.60	)		(0.15	)		(0.16	)		(0.16	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.23	)		(1.57	)		(1.29	)		(0.18	)
Net asset value, end of period	$	22.81		$	21.74		$	22.83		$	19.52
Total return		11.07	%		2.25	%		24.44	%		24.61	%
Ratios to average net assets(c)
Total gross expenses		0.82	%		0.85	%		0.86	%		0.89	%(d)
Total net expenses(e)		0.82	%(f)		0.85	%(f)		0.86	%(f)		0.89	%(d)(f)
Net investment income		0.99	%		3.53	%		0.94	%		1.04	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	377,946		$	227,941		$	105,458		$	46,212
Portfolio turnover		47	%		60	%		65	%		47	%

Notes to Financial Highlights

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

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

(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)  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 2016
26

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class R5	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	21.73		$	22.83		$	19.52		$	15.84
Income from investment operations:
Net investment income		0.24			0.78	(b)		0.23			0.15
Net realized and unrealized gain (loss)		2.09			(0.28	)		4.39			3.73
Total from investment operations		2.33			0.50			4.62			3.88
Less distributions to shareholders:
Net investment income		(0.63	)		(0.18	)		(0.18	)		(0.18	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.26	)		(1.60	)		(1.31	)		(0.20	)
Net asset value, end of period	$	22.80		$	21.73		$	22.83		$	19.52
Total return		11.22	%		2.34	%		24.60	%		24.75	%
Ratios to average net assets(c)
Total gross expenses		0.70	%		0.71	%		0.73	%		0.75	%(d)
Total net expenses(e)		0.70	%		0.71	%		0.73	%		0.75	%(d)
Net investment income		1.12	%		3.45	%		1.08	%		1.01	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	627,659		$	336,043		$	209,498		$	68,709
Portfolio turnover		47	%		60	%		65	%		47	%

Notes to Financial Highlights

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

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

(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)  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 2016
27

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class T	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.08		$	22.19		$	19.01		$	15.56		$	12.54		$	12.51
Income from investment operations:
Net investment income		0.15			0.55	(b)		0.13			0.12			0.10			0.06
Net realized and unrealized gain (loss)		2.04			(0.15	)		4.28			3.47			3.29			—
Total from investment operations		2.19			0.40			4.41			3.59			3.39			0.06
Less distributions to shareholders:
Net investment income		(0.55	)		(0.09	)		(0.10	)		(0.12	)		(0.06	)		(0.03	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.18	)		(1.51	)		(1.23	)		(0.14	)		(0.37	)		(0.03	)
Net asset value, end of period	$	22.09		$	21.08		$	22.19		$	19.01		$	15.56		$	12.54
Total return		10.83	%		1.92	%		24.06	%		23.22	%		27.49	%		0.43	%
Ratios to average net assets(c)
Total gross expenses		1.08	%		1.11	%		1.16	%		1.20	%		1.24	%(d)		1.26	%(e)
Total net expenses(f)		1.08	%(g)		1.11	%(g)		1.16	%(g)		1.19	%(g)		1.21	%(d)(g)		1.21	%(e)(g)
Net investment income		0.71	%		2.49	%		0.63	%		0.68	%		0.77	%(d)		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	146,879		$	143,304		$	151,430		$	131,732		$	117,457		$	100,805
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.45 per share.

(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%.

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

Annual Report 2016
28

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class W	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.27		$	22.38		$	19.16		$	15.69		$	12.64		$	12.61
Income from investment operations:
Net investment income		0.15			0.50	(b)		0.14			0.13			0.11			0.08
Net realized and unrealized gain (loss)		2.05			(0.09	)		4.32			3.48			3.32			(0.02	)
Total from investment operations		2.20			0.41			4.46			3.61			3.43			0.06
Less distributions to shareholders:
Net investment income		(0.55	)		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.03	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.18	)		(1.52	)		(1.24	)		(0.14	)		(0.38	)		(0.03	)
Net asset value, end of period	$	22.29		$	21.27		$	22.38		$	19.16		$	15.69		$	12.64
Total return		10.79	%		1.95	%		24.15	%		23.21	%		27.57	%		0.47	%
Ratios to average net assets(c)
Total gross expenses		1.07	%		1.09	%		1.10	%		1.14	%		1.19	%(d)		1.20	%(e)
Total net expenses(f)		1.07	%(g)		1.09	%(g)		1.10	%(g)		1.14	%(g)		1.16	%(d)(g)		1.16	%(e)(g)
Net investment income		0.71	%		2.26	%		0.67	%		0.73	%		0.83	%(d)		0.54	%
Supplemental data
Net assets, end of period (in thousands)	$	220,502		$	118,262		$	124,021		$	254,377		$	106,075		$	74,302
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.40 per share.

(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%.

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

Annual Report 2016
29

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,
Class Y	2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	21.75		$	22.84		$	19.52		$	15.84
Income from investment operations:
Net investment income		0.27			1.19	(b)		0.24			0.24
Net realized and unrealized gain (loss)		2.06			(0.67	)		4.40			3.64
Total from investment operations		2.33			0.52			4.64			3.88
Less distributions to shareholders:
Net investment income		(0.64	)		(0.19	)		(0.19	)		(0.18	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)
Total distributions to shareholders		(1.27	)		(1.61	)		(1.32	)		(0.20	)
Net asset value, end of period	$	22.81		$	21.75		$	22.84		$	19.52
Total return		11.22	%		2.44	%		24.71	%		24.79	%
Ratios to average net assets(c)
Total gross expenses		0.65	%		0.66	%		0.68	%		0.72	%(d)
Total net expenses(e)		0.65	%		0.66	%		0.68	%		0.72	%(d)
Net investment income		1.23	%		5.26	%		1.12	%		1.60	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	329,514		$	53,246		$	2,514		$	79
Portfolio turnover		47	%		60	%		65	%		47	%

Notes to Financial Highlights

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

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

(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)  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 2016
30

COLUMBIA CONTRARIAN CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended August 31,															Year Ended September 30,
Class Z	2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	21.42		$	22.52		$	19.27		$	15.78		$	12.71		$	12.68
Income from investment operations:
Net investment income		0.21			0.66	(b)		0.19			0.17			0.15			0.11
Net realized and unrealized gain (loss)		2.05			(0.18	)		4.35			3.50			3.34			(0.01	)
Total from investment operations		2.26			0.48			4.54			3.67			3.49			0.10
Less distributions to shareholders:
Net investment income		(0.60	)		(0.16	)		(0.16	)		(0.16	)		(0.11	)		(0.07	)
Net realized gains		(0.63	)		(1.42	)		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.23	)		(1.58	)		(1.29	)		(0.18	)		(0.42	)		(0.07	)
Net asset value, end of period	$	22.45		$	21.42		$	22.52		$	19.27		$	15.78		$	12.71
Total return		11.05	%		2.24	%		24.45	%		23.50	%		27.91	%		0.72	%
Ratios to average net assets(c)
Total gross expenses		0.82	%		0.84	%		0.86	%		0.90	%		0.94	%(d)		0.96	%(e)
Total net expenses(f)		0.82	%(g)		0.84	%(g)		0.86	%(g)		0.89	%(g)		0.91	%(d)(g)		0.91	%(e)(g)
Net investment income		0.99	%		2.97	%		0.93	%		0.98	%		1.08	%(d)		0.76	%
Supplemental data
Net assets, end of period (in thousands)	$	4,234,639		$	2,119,278		$	1,831,114		$	1,315,874		$	819,630		$	494,107
Portfolio turnover		47	%		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)  Net investment income per share includes special dividends. The effect of these dividends amounted to $0.50 per share.

(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%.

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

Annual Report 2016
31

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

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 12 months 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, with certain limitations. 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 generally 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 generally 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

Annual Report 2016
32

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 on any given day. 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.

Annual Report 2016
33

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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 2016
34

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.62% of the Fund's average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $12,844,105, and the administrative services fee paid to the Investment Manager was $1,004,339.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.18	%
Class B	0.18
Class C	0.18
Class K	0.05
Class R	0.18
Class R4	0.18
Class R5	0.05
Class T	0.18
Class W	0.18
Class Z	0.18

Annual Report 2016
35

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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, 2016, these minimum account balance fees reduced total expenses of the Fund by $4,350.

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 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 0.10%, 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). 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.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $4,113,554 for Class A, $534 for Class B, $87,521 for Class C and $9,167 for Class T shares for the year ended August 31, 2016.

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 as well as any reorganization costs allocated to the Fund), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance

Annual Report 2016
36

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.19	%		1.18	%
Class B		1.94			1.93
Class C		1.94			1.93
Class I		0.81			0.79
Class K		1.11			1.09
Class R		1.44			1.43
Class R4		0.94			0.93
Class R5		0.86			0.84
Class T		1.19			1.18
Class W		1.19			1.18
Class Y		0.81			0.79
Class Z		0.94			0.93

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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. Reorganization (see Note 8) costs were allocated to the Fund only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund's shareholders during the first year following the reorganization.

Note 4. Federal Tax Information

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

At August 31, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, non-deductible expenses, passive foreign investment company (PFIC) holdings 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	$	(697,760	)
Accumulated net realized loss		(10,010,916	)
Paid-in capital		10,708,676

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,	2016		2015
Ordinary income	$	175,118,640	$	69,622,372
Long-term capital gains		196,082,958		296,299,189
Total	$	371,201,598	$	365,921,561

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	45,873,196
Undistributed long-term capital gains		31,285,310
Net unrealized appreciation		1,961,754,902

At August 31, 2016, the cost of investments for federal income tax purposes was $7,928,067,745 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	2,020,717,843
Unrealized depreciation		(58,962,941	)
Net unrealized appreciation	$	1,961,754,902

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

Annual Report 2016
37

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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 $4,938,443,055 and $3,456,876,719, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment

fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Fund Reorganization

At the close of business on June 24, 2016, the Fund acquired the assets and assumed the identified liabilities of Columbia Value and Restructuring Fund, a series of Columbia Funds Series Trust I (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved a plan of reorganization on June 13, 2016. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the reorganization were $7,568,007,669 and the combined net assets immediately after the reorganization were $8,930,720,664.

The reorganization was accomplished by a tax-free exchange of 35,751,821 shares of the acquired fund valued at $1,362,712,995 (including $305,892,225 of unrealized appreciation).

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

	Shares
Class A		2,911,441
Class C		1,127,343
Class I		94
Class R		348,131
Class R4		364,058
Class R5		926,239
Class W		95
Class Y		65,725
Class Z		59,654,609

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

The financial statements reflect the operations of the Fund for the period prior to the reorganization and the combined fund for the period subsequent to the reorganization. Because the combined investment

Annual Report 2016
38

COLUMBIA CONTRARIAN CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the combined Fund's Statement of Operations since the reorganization was completed.

Assuming the reorganization had been completed on September 1, 2015, the Fund's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended August 31, 2016 would have been approximately $72.9 million, $93.4 million, $770.0 million and $936.3 million, respectively.

Note 9. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, two unaffiliated shareholders of record owned 26.0% 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. Affiliated shareholders of record owned 29.6% 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.

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.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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 Securities and Exchange Commission (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 2016
39

COLUMBIA CONTRARIAN CORE FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust I and the Shareholders of
Columbia Contrarian Core Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Contrarian Core Fund (the "Fund," a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

Annual Report 2016
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COLUMBIA CONTRARIAN CORE FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income		100.00	%
Dividends Received Deduction		100.00	%
Capital Gain Dividend	$	33,643,283

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 2016
41

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007		56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010		56	None

Annual Report 2016
42

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999		56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates		56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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		56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael's College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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		56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)

Annual Report 2016
43

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014		56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)		56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultant to the Trustees*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015		56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Annual Report 2016
44

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name, Address, Year of Birth	Position Held With the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen		Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.		184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016
45

COLUMBIA CONTRARIAN CORE FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's 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; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
46

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Contrarian Core Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement.

In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In addition, the Board considers matters bearing on the Management Agreement 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management 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 recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

•  The terms and conditions of the Management Agreement;

•  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 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 Management Agreement, including portfolio management and portfolio trading practices;

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

Annual Report 2016
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COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

•  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 Management Agreement

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager's ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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. 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 Management Agreement supported the continuation of the Management Agreement.

Investment Performance

The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information based on reports of 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.

The Committee and the Board noted that, through December 31, 2015, the Fund's performance was in the thirteenth, fourth and ninth 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 and the Investment Manager was sufficient, in light of other considerations, to warrant the continuation of the Management Agreement.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees

Annual Report 2016
48

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

under the Management Agreement, the Committee and the Board considered, among other information, the Fund's management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund's actual management fee and net total expense ratio are both ranked in the third quintile (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 management 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management 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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board 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. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.

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 continuation of the Management 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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

Annual Report 2016
49

COLUMBIA CONTRARIAN CORE FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT
AGREEMENT (continued)

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 continuation of the Management 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's affiliates to provide distribution, transfer agency and shareholder 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 continuation of the Management 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 continuation of the Management Agreement.

Annual Report 2016
50

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 investor.columbiathreadneedleus.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting investor.columbiathreadneedleus.com, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016
51

Columbia Contrarian Core Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN133_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

(formerly Active Portfolios^® Multi-Manager Alternative Strategies Fund)

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

** Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

	Investment strategies to help meet investor needs
	We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.
	Your success is our priority.
		Retire comfortably
		Fund college or higher education
		Leave a legacy
	Generate an appropriate stream of income in retirement Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income. Worried about running out of income? You are not alone.
	Navigate a changing interest rate environment Even in today’s challenging interest rate environment, it’s still possible to navigate markets and achieve your goals. Make investment choices designed specifically for this market environment.
	Maximize after-tax returns In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options. You’ve worked too hard building your wealth to lose it to taxes.
	Grow assets to achieve financial goals Finding growth opportunities in today’s complex market environment requires strong research capabilities, creative thinking and a disciplined approach. Do your investments deliver the portfolio growth you need?
	Ease the impact of volatile markets With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings. Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit investor.columbiathreadneedleus.com

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it’s also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009-2010.

n In today’s low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

n Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong.

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

n Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, “The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror.” Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today’s investment environment:

1) Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2) Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3) Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20%-30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001–2003 and 2011–2012. Conversely, flows picked up when volatility returned to “normal” levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate “spike” reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what’s the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization, and investors are

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

best served through investment approaches that appreciate that distinction. Even though it’s a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

TABLE OF CONTENTS

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	10
Consolidated Portfolio of Investments	11
Consolidated Statement of Assets and Liabilities	31
Consolidated Statement of Operations	32
Consolidated Statement of Changes in Net Assets	33
Consolidated Financial Highlights	35
Notes to Consolidated Financial Statements	36
Report of Independent Registered Public Accounting Firm	50
Federal Income Tax Information	51
Trustees and Officers	52
Board Consideration and Approval of Management Agreement and Subadvisory Agreements	56
Important Information About This Report	61

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit investor.columbiathreadneedleus.com 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 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

PERFORMANCE OVERVIEW

Performance Summary

n Active Portfolios^® Multi-Manager Alternatives Fund (the Fund) Class A shares returned 0.79% for the 12-month period that ended August 31, 2016.

n The Fund outperformed its benchmark, the Citi Three-Month U.S. Treasury Bill Index, which returned 0.18% over the same period.

n The Fund’s outperformance can be attributed primarily to implementation of various alternative strategies.

Average Annual Total Returns (%) (for period ended August 31, 2016)
	Inception	1 Year		Life
Class A	04/23/12		0.79		2.35
Citi Three-Month U.S. Treasury Bill Index			0.18		0.08

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

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.

2 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (April 23, 2012 — August 31, 2016)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Active Portfolios^® Multi-Manager Alternatives 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 2016 3

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

AQR Capital Management, LLC

Clifford Asness, Ph.D., M.B.A.

Brian Hurst

John Liew, Ph.D., M.B.A.

Yao Hua Ooi

Ari Levine, M.S.

Wasatch Advisors, Inc.

Michael Shinnick

Terry Lally, CFA

Water Island Capital, LLC

Edward Chen

Roger Foltynowicz, CAIA

Gregg Loprete

Todd Munn

Portfolio Breakdown — Long Positions (%) (at August 31, 2016)
Common Stocks	58.2
Convertible Bonds	0.7
Corporate Bonds & Notes	6.4
Exchange-Traded Funds	0.4
Options Purchased Calls	0.0	(a)
Options Purchased Puts	0.0	(a)
Treasury Bills	14.6
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(b)	45.7
Total	126.0

Percentages indicated are based upon total investments, net of investments sold short. The Fund’s portfolio composition is subject to change.

(a) Rounds to zero.

(b) Includes investments in Money Market Funds (amounting to $258.3 million) which have been segregated to cover obligations relating to the Fund’s investment in derivatives which provide exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments and Note 2 to the Notes to Consolidated Financial Statements.

Portfolio Breakdown — Short Positions (%) (at August 31, 2016)
Common Stocks	(24.9	)
Corporate Bonds & Notes	(0.8	)
Exchange-Traded Funds	(0.3	)
Total	(26.0	)

Percentages indicated are based upon total investments, net of investments sold short. The Fund’s portfolio composition is subject to change.

Effective October 12, 2016, the Fund was renamed Active Portfolios^® Multi-Manager Alternatives Fund. Additionally, on October 20, 2016, Wasatch Advisors, Inc. will no longer serve as a subadviser of the Fund.

As of August 31, 2016, the Fund is managed by three independent money management firms and each invests a portion of the portfolio’s assets. AQR Capital Management, LLC (AQR), Wasatch Advisors, Inc. (Wasatch) and Water Island Capital, LLC (Water Island) managed approximately 39%, 30% and 31% of the portfolio, respectively. While the Fund’s benchmark is the Citi Three-Month U.S. Treasury Bill Index, Wasatch also compares the performance of its portion of the Fund to the S&P 500 Index.

For the 12-month period that ended August 31, 2016, the Fund’s Class A shares returned 0.79%. The Fund outperformed its benchmark, the Citi Three-Month U.S. Treasury Bill Index, which returned 0.18% over the same period. The Fund’s outperformance can be attributed primarily to implementation of various alternative strategies.

Financial Markets Faced Challenges Amid Heightened Volatility

Financial market volatility experienced in the last months of 2015 was predicated largely by a collapse in oil prices, and the trend continued into the first quarter of 2016. Investors were gripped by negativity surrounding economic growth, divergent central bank policies and tepid corporate earnings. Year-to-date February 11, 2016, both U.S. equities and high-yield fixed income fell significantly. However, a combination of actions led to a sudden reversal that pushed markets into positive territory by the end of the first quarter of 2016. From mid-February 2016, the European Central Bank provided a larger-than-expected expansion of monetary policy; Chinese officials at the G20 meeting calmed worries around growth and currency policy; the world’s major oil-producing countries hinted at production cuts and cooperation; U.S. recession fears faded; and the Federal Reserve’s (the Fed’s) tone turned considerably more dovish toward expected interest rate increases. When all was said and done, the equity and high-yield market had rallied significantly in the latter half of the first quarter of 2016.

The second quarter of 2016 saw fit to continue the rally. Credit products experienced dual tailwinds, namely declines both in the 10-year U.S. Treasury yield and in high-yield credit spreads. Central bank support, under-investment and significant cash balances combined to provide ample stimulus for the markets — pushing the U.S. equity market, the high-yield market and the broad U.S. fixed-income market, as represented by the S&P 500 Index, the BofAML High Yield Index and the Bloomberg Barclays U.S. Aggregate Bond Index — near their 2016 highs by the end of the second quarter of 2016. Still, the environment was punctuated by bouts of significant short-term volatility. Market sentiment seemed to veer from risk-on to risk-off on a daily basis. The U.K. referendum to leave the European Union, for example, saw the S&P 500 Index fall materially in the four days after the vote only to recover by virtually the same amount over the following three days. Equities rallied overall toward the end of the 12-month period on the expectation of stimulus from central banks. For the period as a whole, the S&P 500 Index returned 12.55%, the BofAML High Yield Constrained Index returned 9.22%, and the Bloomberg Barclays U.S. Aggregate Bond Index returned 5.97%.

4 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Results Based on Variety of Alternative Strategies

AQR: Our portion of the Fund, which pursues an actively managed futures strategy, outperformed the benchmark during the 12-month period. We invest in futures and forward contracts, both long and short, across the global equity, fixed-income, commodity and currency markets. In implementing our strategy, we utilize both short-term and long-term trend-following signals to attempt to profit from different types of trends that occur in each of these markets. Trend following can be simply described as taking long positions in markets that are rising in price and taking short positions in markets that are falling in price. In addition to trend-following signals, we also seek to incorporate signals that identify over-extended trends and reduce risk when the chance of a reversal is perceived as higher than normal, since market reversals generally cause losses for trend-following strategies.

By asset class, fixed income and commodities contributed positively to our portion of the Fund’s performance during the period, while currencies and equities detracted. By signal, long-term trend-following signals and over-extended trend signals, the latter of which attempt to identify trends that have gone too far and are due for reversals, contributed positively. Short-term trend-following signals detracted.

The main economic factors driving returns were related to a number of shifts in market sentiment and particularly the impact this had on trend following in equities. Equities generally started the period on a weak note, only to reverse sharply in October 2015. Early in 2016, equity markets exhibited weakness again, dropping through mid-February, before reversing sharply again in March into early April. These swings were mostly the result of shifting views around the global economy, central bank action, particularly outside the U.S. and expectations of Fed actions in response to broader global dynamics. Equity markets suffered again in June 2016, first on weak macro data, then on the U.K. referendum “Brexit” outcome. Equity markets rallied back toward the end of the period on the expectation of stimulus from central banks. Our portion of the Fund maintains a diversified approach to trend following, so it was able to capture upside from trends in other asset classes. In particular, the actions of central banks and global economic concerns allowed for a sustained bullish trend in fixed income. In commodities, bearish trends in the first half of the period were beneficial, and we managed risk to preserve gains. In the second half of the period, idiosyncratic market dynamics, such as the rally in soybeans due to supply concerns out of Latin America helped the strategy.

Wasatch: Our portion of the Fund, which implements a long/short equity strategy, outperformed the benchmark during the period. The performance of our portion of the Fund can be attributed primarily to strong performance from long positions relative to the S&P 500 Index in the financials, energy, consumer discretionary and telecommunication services sectors. Short positions in the energy, utilities and information technology sectors also added value. These positive contributors were only partially offset by long positions relative to the S&P 500 Index in the industrials, consumer staples and information technology sectors and short positions in the health care, consumer staples and financials sectors, which detracted.

Equity Sector Breakdown  — Long Positions (%) (at August 31, 2016)
Consumer Discretionary	18.7
Consumer Staples	7.0
Energy	4.9
Financials	10.8
Health Care	13.7
Industrials	3.2
Information Technology	25.3
Materials	7.8
Telecommunication Services	1.4
Utilities	7.2
Total	100.0

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

Equity Sector Breakdown  — Short Positions (%) (at August 31, 2016)
Consumer Discretionary	(25.2	)
Consumer Staples	(14.0	)
Energy	(2.9	)
Financials	(5.9	)
Health Care	(17.2	)
Industrials	(9.0	)
Information Technology	(17.6	)
Materials	(1.4	)
Telecommunication Services	(2.2	)
Utilities	(4.6	)
Total	(100.0	)

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

Annual Report 2016 5

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Market Exposure Through Derivatives Investments (% of notional exposure) (at August 31, 2016) (a)
	Long	Short		Net
Fixed Income Derivative Contracts	87.1	(8.3	)	78.8
Commodities Derivative Contracts	4.3	(3.8	)	0.5
Equity Derivative Contracts	14.0	(2.3	)	11.7
Foreign Currency Derivative Contracts	57.4	(48.4	)	9.0
Total Notional Market Value of Derivative Contracts	162.8	(62.8	)	100.0

(a) The Fund has market exposure (long and/or short) to fixed income, commodity and equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments, and Note 2 to the financial statements.

The biggest individual contributors to our portion of the Fund’s results were real estate investment trust Iron Mountain, energy exploration and production company Bill Barrett and mini-mill steel producer Steel Dynamics. Iron Mountain gained upon its conversion to a real estate investment trust. As energy prices stabilized somewhat, Bill Barrett was rewarded for its strong balance sheet and financial results that beat market expectations. Steel Dynamics successfully integrated a large acquisition that provided a boost to its operating results.

Positions in agricultural chemical products supplier Mosaic Company and cosmetics and beauty supplies retailers Ulta Salon, Cosmetics & Fragrance and Zeltiq Aesthetics detracted most from our portion of the fund’s relative results. Mosaic Company, despite trading at historically low forward multiples, saw its stock decline due to weak demand for potash. Short positions in Ulta Salon, Cosmetics & Fragrance and in Zeltiq Aesthetics hurt as each company’s stock moved higher. We maintained our portion of the Fund’s positions in all three of these companies at the end of the period.

Water Island: Our portion of the Fund, which employs a variety of alternative strategies, outperformed the benchmark index during the period. Merger arbitrage was our portion of the Fund’s top performing sub-strategy during the period, followed by the credit opportunities sub-strategy. The equity special situations sub-strategy detracted from results during the period. Our portion of the Fund did experience losses in a handful of idiosyncratic events that did not unfold as planned. However, in the fourth quarter of 2015, the drop in global energy prices and turmoil in the high-yield markets also had a meaningful impact on our portion of the Fund. The fallout in the energy sector, for example, led to a number of our energy-related credit opportunities and equity special situations positions experiencing heightened volatility, extended timelines or even terminated planned catalysts. In response, we restructured our portion of the Fund, shifting to a more defensive position by increasing its balance between long and short positions and by including a higher allocation to our less volatile merger arbitrage portfolio and an increased focus on shorter-dated, firmer-catalyst events in our credit opportunities and equity special situations portfolios. Year-to-date August 2016, this has enabled our portion of the Fund to capture a portion of the upside in the S&P 500 Index, BofAML High Yield Constrained Index and Bloomberg Barclays U.S. Aggregate Bond Index rallies while simultaneously better protecting against the numerous short-term bouts of extreme volatility that impacted the markets during the period.

The largest contributors to our portion of the Fund’s performance during the period were an equity special situations investment in Media General; a merger arbitrage investment in the merger between Time Warner Cable and Charter Communications; and a merger arbitrage investment in the merger between Starwood Hotels & Resorts Worldwide and Marriott International. From a sector perspective, consumer discretionary and information technology contributed most to our portion of the Fund’s returns. The countries that made the strongest positive contributions to performance were the U.S., the U.K. and the Netherlands.

The largest detractors from our portion of the Fund’s results during the period were an equity special situations investment in InfraREIT, a merger arbitrage investment in the merger between Williams Companies and energy Transfer Equity LP, and an equity special situations investment in Dynegy.

6 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

From a sector perspective, energy and industrials detracted most from our portion of the Fund’s returns. The only country that detracted from our portion of the Fund’s performance during the period was Singapore.

Changes Based on Strategy Implementation

AQR: Our portion of the Fund aims to take a risk-balanced approach to asset classes, allowing for tactical deviation as a result of attractiveness of trends. Overall, trend following in the Japanese yen, heating oil and gas oil were the largest positive contributors to our portion of the Fund’s performance during the period. Trend following in the Australian dollar, the New Zealand dollar and the NASDAQ Index were the largest detractors from our portion of the Fund’s performance during the period. By country, trends in Japan, particularly the currency and bonds, performed strongly, as the Bank of Japan provided strong stimulus in the middle of the period and lowered marginal deposit rates to negative levels. Conversely, trends in Australian markets were notable detractors, as surprise rate cuts by the Reserve Bank of Australia later in the period and general shifts in sentiment related to the global economy caused the Australian currency to change positioning.

By asset class, fixed income was the best performer in our portion of the fund during the period, driven by sustained bullish trends in fixed-income markets. Fixed-income markets were supported by global economic growth concerns and central bank stimulus efforts throughout the period.

Commodities were also a positive contributor to performance during the period. Commodities experienced strong bearish trends in the early part of the period, and our portion of the Fund benefited. In the second half of the period, bearish trends reversed across a number of sectors, such as precious metals and certain agricultural markets, but our portion of the Fund was able to capture new directional trends, particularly in agricultural commodities.

Equities detracted. There were very few clear trends in equities during the period. While trends in equities detracted from performance, it is important to note that our portion of the Fund overall maintained a negative correlation to equities, offering strong diversification to equity-centric portfolios. This is not always the case, as our portion of the Fund in the long term is expected to have low to no correlation to equities.

Currencies were another detractor from our portion of the Fund’s performance. This was mainly the result of currencies being susceptible to many of the sentiment shifts that impacted equities as well as to some of the reversals in commodities, which impacted commodity-sensitive currencies.

At the end of the period, our portion of the Fund ended long U.S. and South Korean equity markets and short Japanese equity markets. Within fixed income, our portion of the Fund ended the period long German markets and Japanese markets. Within currencies, our portion of the Fund ended the period long the Japanese yen and short the U.S. dollar. Within commodities, our portion of the Fund ended the period long gold and short grains and energies.

Wasatch: During the period, we established positions in our portion of the Fund in premium clothing and accessories retailer Michael Kors Holdings

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Commodity investments may be affected by the overall market and industry- and commodity-specific factors, and may be more volatile and less liquid than other investments. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Certain issuer events, including initial public offerings, business consolidation or restructuring, may present heightened risks to securities from the high degree of uncertainty associated with such events. Short positions (where the underlying asset is not owned) can create unlimited risk. Risks are enhanced for emerging market and sovereign debt issuers. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the fund), while increasing transaction costs. As a non-diversified fund, fewer investments could have a greater effect on performance. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for information on these and other risks.

Annual Report 2016 7

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

and in information technology giant Apple. We sold our portion of the Fund’s position in real estate investment trust American Campus Communities, taking profits. We also sold our portion of the Fund’s position in Halliburton, whose shares declined after failing to gain approval for a merger with Baker Hughes.

Toward the end of the period, we reduced our portion of the Fund’s net exposure due to what we consider to be relatively full equity valuations and increased market volatility. We believe this was a prudent approach in an environment with increased risks. We also aligned sector weightings closer to the S&P 500 Index to tighten the focus on stock selection as a driver of performance.

The most significant shift in our portion of the Fund was the increase of our short exposure. Historically high stock valuations provided us with more opportunities to short what we viewed as overvalued companies. On the long side, we significantly increased our portion of the Fund’s weighting to consumer discretionary as we sought to take advantage of weakness in the sector. We reduced the energy weighting, moving to a modest underweight relative to the S&P 500 Index. Moreover, we made significant shifts within our energy exposure, selling those companies that we believe will struggle in an environment of prolonged low energy prices and either holding or buying those companies that we believe can continue to add value despite these headwinds.

Overall, as of August 31, 2016, our portion of the Fund was most significantly overweight relative to the S&P 500 Index in materials, consumer discretionary and real estate and was most underweight in health care, financials, information technology, industrials and consumer staples. Our portion of the Fund was rather neutrally weighted to the S&P 500 Index in energy and telecommunication services and had no long positions at all in utilities at the end of the period. Our portion of the Fund also had short positions in the health care, consumer discretionary, consumer staples, industrials, information technology, financials and energy sectors at the end of the period.

Water Island: During the period, we established positions in the mergers between LinkedIn and Microsoft and between The Fresh Market and Apollo Global Management. Upon successful deal closings, our portion of the Fund no longer held a position in the acquisition of TNT Express by FedEx or in the acquisition of Cablevision Systems by Altice. Any shifts in sector exposure are largely the result of the available opportunity set in terms of corporate activity and the subset of events that meet our risk/reward criteria. That said, one of the sectors that saw the most significant increase in corporate activity during the period was information technology. While there were no changes to our portion of the Fund’s credit portfolio with regard to quality emphasis, yield curve or duration positioning, it is worth noting that we focused on shorter-duration events with firmer catalysts. As always, we seek returns driven by the outcomes of specific, idiosyncratic corporate events, rather than by the overall market. Our strategy is agnostic in terms of capitalization, style, sector or country weighting.

8 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Derivative Positions

AQR: Our portion of the Fund invests mostly via derivatives, primarily futures contracts and futures-related instruments. These include global developed and emerging market equity index futures; global developed and emerging market currency forwards; commodity futures and swaps on commodity futures; and global developed market bonds and interest rate futures as well as swaps on bond futures. Our portion of the Fund is implemented using derivative instruments because we believe derivatives offer the most liquid, low cost and efficient way to gain market exposure. The overall impact of derivatives on performance is varied and linked to the strategies within which they are implemented.

Wasatch: We did not invest in derivative instruments during the period in our portion of the Fund.

Water Island: During the period, our portion of the Fund employed total return equity swaps, equity options and currency forwards for four core purposes — to hedge currency risk, to invest outside the U.S. more efficiently, to create income and optionality, and to limit volatility and correlation. During the 12-month period ended August 31, 2016, derivatives detracted from our portion of the Fund’s performance.

Annual Report 2016 9

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES 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 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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period  ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,024.90	1,015.99		9.26	9.22		1.82

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.

10 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 43.9%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 8.2%
Automobiles 0.8%
General Motors Co.		190,729		6,088,070
Hotels, Restaurants & Leisure 2.5%
La Quinta Holdings, Inc.(a)		245,297		2,833,181
Starwood Hotels & Resorts Worldwide, Inc.(b)		200,705		15,546,609
Total				18,379,790
Household Durables 0.1%
Skullcandy, Inc.(a)		163,573		1,033,781
Media 0.7%
Comcast Corp., Class A		53,592		3,497,414
Nexstar Broadcasting Group, Inc., Class A(c)		28,975		1,527,562
Total				5,024,976
Multiline Retail 1.0%
Macy’s, Inc.		122,863		4,445,183
Poundland Group PLC		209,381		616,572
Target Corp.(b)		30,240		2,122,546
Total				7,184,301
Specialty Retail 2.2%
Cabela’s, Inc.(a)		11,718		574,065
Chico’s FAS, Inc.(b)		619,509		7,855,374
CST Brands, Inc.		81,027		3,873,901
Outerwall, Inc.		6,213		322,827
Restoration Hardware Holdings, Inc(a)		126,101		4,253,387
Total				16,879,554
Textiles, Apparel & Luxury Goods 0.9%
Michael Kors Holdings Ltd.(a)		136,522		6,682,752
Total Consumer Discretionary				61,273,224
CONSUMER STAPLES 3.1%
Beverages 1.2%
SABMiller PLC		155,125		8,958,827
Food & Staples Retailing 0.9%
Safeway, Inc. Casa Ley CVR(a)(d)		287,209		291,488
Safeway, Inc. PDC CVR(a)(d)		287,209		14,016
SUPERVALU, Inc.(a)		134,996		739,778
Wal-Mart Stores, Inc.(b)		33,553		2,397,026
Whole Foods Market, Inc.(b)		97,741		2,969,372
Total				6,411,680
Food Products 0.8%
Nomad Foods Ltd.(a)		76,961		899,674

Common Stocks (continued)
Issuer	Shares		Value ($)
WhiteWave Foods Co. (The)(a)(c)		98,644		5,467,837
Total				6,367,511
Household Products 0.2%
Procter & Gamble Co. (The)		13,371		1,167,422
Total Consumer Staples				22,905,440
ENERGY 2.2%
Energy Equipment & Services 0.7%
Unit Corp.(a)		274,478		4,690,829
Oil, Gas & Consumable Fuels 1.5%
Bill Barrett Corp.(a)(b)		903,611		5,999,977
Denbury Resources, Inc.		523,313		1,611,804
InterOil Corp.(a)		30,703		1,506,903
Southwestern Energy Co.(a)		163,389		2,272,741
Total				11,391,425
Total Energy				16,082,254
FINANCIALS 4.7%
Banks 2.0%
Citigroup, Inc.(b)		156,945		7,492,554
KeyCorp		179,385		2,253,076
PNC Financial Services Group, Inc. (The)(b)		59,008		5,316,621
Total				15,062,251
Insurance 0.8%
Loews Corp.		136,175		5,700,285
Real Estate Investment Trusts (REITs) 1.5%
Investors Real Estate Trust		370,271		2,458,600
Iron Mountain, Inc.		110,179		4,231,975
Outfront Media, Inc.		184,749		4,123,598
Post Properties, Inc.		5,575		369,511
Total				11,183,684
Thrifts & Mortgage Finance 0.4%
BofI Holding, Inc.(a)		157,229		3,380,423
Total Financials				35,326,643
HEALTH CARE 6.0%
Biotechnology 0.7%
Medivation, Inc.(a)		67,622		5,447,629
Prosensa Holdings CVR(a)(d)(e)		16,099		—
Trius Therapeutics, Inc.(a)(d)		186,725		8,944
Total				5,456,573
Health Care Equipment & Supplies 2.4%
Medtronic PLC(b)		71,552		6,227,170
St. Jude Medical, Inc.(c)		105,576		8,226,482

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

Annual Report 2016 11

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
Stryker Corp.(b)		29,015		3,355,875
Total				17,809,527
Health Care Providers & Services 0.7%
ExamWorks Group, Inc.(a)(d)		5,479		192,039
Express Scripts Holding Co.(a)		71,405		5,191,144
Total				5,383,183
Pharmaceuticals 2.2%
Johnson & Johnson(b)		41,283		4,926,713
Novartis AG, ADR(b)		63,626		5,011,820
Relypsa, Inc.(a)(c)		67,221		2,150,400
Zoetis, Inc.		85,254		4,356,479
Total				16,445,412
Total Health Care				45,094,695
INDUSTRIALS 1.4%
Airlines 0.9%
United Continental Holdings, Inc.(a)		137,980		6,955,572
Electrical Equipment 0.4%
Emerson Electric Co.(b)		47,845		2,520,474
Machinery 0.1%
Joy Global, Inc.(c)		33,100		902,968
Total Industrials				10,379,014
INFORMATION TECHNOLOGY 11.1%
Communications Equipment 1.0%
Cisco Systems, Inc.(b)		126,826		3,987,410
Polycom, Inc.(a)		290,630		3,615,437
Total				7,602,847
Electronic Equipment, Instruments & Components 0.6%
Premier Farnell PLC		360,487		863,906
Rofin-Sinar Technologies, Inc.(a)		106,693		3,415,243
Total				4,279,149
Internet Software & Services 3.2%
Akamai Technologies, Inc.(a)(b)		103,769		5,696,918
Cvent, Inc.(a)(b)		191,421		6,255,638
LinkedIn Corp., Class A(a)(b)		45,844		8,836,431
Yahoo!, Inc.(a)(b)		82,488		3,526,362
Total				24,315,349
IT Services 0.6%
Accenture PLC, Class A		3,276		376,740
CGI Group, Inc., Class A(a)		13,534		658,971
Cognizant Technology Solutions Corp., Class A(a)		6,200		356,128
Genpact Ltd.(a)		9,217		218,074

Common Stocks (continued)
Issuer	Shares		Value ($)
International Business Machines Corp.		2,063		327,769
Leidos Holdings, Inc.		67,129		2,719,396
Total				4,657,078
Semiconductors & Semiconductor Equipment 0.9%
Intel Corp.		9,808		352,009
QUALCOMM, Inc.(b)		104,031		6,561,235
Total				6,913,244
Software 2.7%
AVG Technologies NV(a)		211,148		5,249,139
CA, Inc.		9,525		322,993
FireEye, Inc.(a)		53,704		771,190
Imperva, Inc.(a)(c)		18,568		835,746
Infoblox, Inc.(a)		75,127		1,612,225
NetSuite, Inc.(a)(c)		17,421		1,897,147
Oracle Corp.		170,578		7,031,225
Rovi Corp.(a)(c)		3,200		65,504
VMware, Inc., Class A(a)		30,671		2,249,104
Total				20,034,273
Technology Hardware, Storage & Peripherals 2.1%
Apple, Inc.(b)		96,736		10,263,690
Canon, Inc., ADR		29,776		852,487
Electronics for Imaging, Inc.(a)		19,851		934,585
Hewlett Packard Enterprise Co.(b)		158,027		3,394,420
Total				15,445,182
Total Information Technology				83,247,122
MATERIALS 3.4%
Chemicals 2.8%
Agrium, Inc.		18,384		1,771,482
Monsanto Co.(b)		31,775		3,384,038
Mosaic Co. (The)		240,167		7,221,822
Syngenta AG, ADR		27,444		2,394,489
Valspar Corp. (The)(b)		60,486		6,375,829
Total				21,147,660
Metals & Mining 0.6%
Steel Dynamics, Inc.		185,384		4,564,154
Total Materials				25,711,814
TELECOMMUNICATION SERVICES 0.6%
Diversified Telecommunication Services 0.6%
Verizon Communications, Inc.		85,585		4,478,663
Total Telecommunication Services				4,478,663

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

12 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
UTILITIES 3.2%
Electric Utilities 2.1%
ITC Holdings Corp.(b)		258,358		11,682,949
Westar Energy, Inc.(b)		78,495		4,312,515
Total				15,995,464
Gas Utilities 1.0%
Piedmont Natural Gas Co., Inc.		119,249		7,166,865
Independent Power and Renewable Electricity Producers 0.1%
Talen Energy Corp.(a)		43,658		602,917
Total Utilities				23,765,246
Total Common Stocks
(Cost: $318,001,439)				328,264,115

Corporate Bonds & Notes 4.8%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CABLE AND SATELLITE 0.4%
CSC Holdings LLC(f)
10/15/25		10.875%		2,345,000		2,743,650
CHEMICALS 0.5%
LSB Industries, Inc.
08/01/19		7.750%		3,934,000		4,052,020
CONSUMER PRODUCTS 0.3%
Sun Products Corp. (The)(f)
03/15/21		7.750%		2,461,000		2,556,364
ELECTRIC 1.2%
Energy Future Intermediate Holding Co. LLC/Finance, Inc.(f)(g)
12/01/18		0.000%		2,418,000		2,436,135
03/01/22		0.000%		5,629,358		6,860,781
Total						9,296,916
MEDIA AND ENTERTAINMENT 0.4%
DreamWorks Animation LLC(f)
08/15/20		6.875%		1,396,000		1,471,035
LIN Television Corp.
01/15/21		6.375%		1,333,000		1,392,985
Total						2,864,020
METALS 0.4%
Thompson Creek Metals Co, Inc.
06/01/18		7.375%		805,000		780,850
05/01/19		12.500%		1,751,000		1,812,285
Total						2,593,135

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PROPERTY & CASUALTY 0.6%
Ambac Assurance Corp. Subordinated(f)
06/07/20		5.100%		3,966,636		4,571,547
WIRELESS 0.6%
Sprint Communications, Inc.
12/01/16		6.000%		3,323,000		3,356,230
03/01/17		9.125%		844,000		868,265
Total						4,224,495
WIRELINES 0.4%
Frontier Communications Corp.
09/15/25		11.000%		2,897,000		3,128,760
Total Corporate Bonds & Notes
(Cost: $34,528,505)						36,030,907
Convertible Bonds 0.5%
TECHNOLOGY 0.5%
TiVo, Inc.
10/01/21		2.000%		3,826,000		3,826,956
Total Convertible Bonds
(Cost: $3,772,091)						3,826,956

Exchange-Traded Funds 0.4%
	Shares		Value ($)
Consumer Staples Select Sector SPDR Fund		15,191		826,694
Industrial Select Sector SPDR Fund		6,653		389,799
SPDR S&P Homebuilders ETF		35,117		1,269,129
Total Exchange-Traded Funds
(Cost: $2,425,172)				2,485,622

Treasury Bills 11.0%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
UNITED STATES 11.0%
U.S. Treasury Bills
09/01/16		0.220%		186,000		185,999
09/29/16		0.230%		733,000		732,864
10/06/16		0.220%		771,000		770,833
10/13/16		0.260%		1,026,000		1,025,688
12/01/16		0.330%		1,728,000		1,726,567
12/22/16		0.330%		2,058,000		2,055,917
01/05/17		0.350%		1,519,000		1,517,144
01/26/17		0.410%		50,317,000		50,233,172
02/02/17		0.440%		10,464,000		10,444,631
02/09/17		0.440%		9,088,000		9,070,215

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

Annual Report 2016 13

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Treasury Bills (continued)
Issuer	Effective Yield		Principal Amount ($)		Value ($)
02/16/17		0.450%		4,659,000		4,649,407
Total						82,412,437
Total Treasury Bills
(Cost: $82,409,126)						82,412,437

Options Purchased Calls —%
Issuer	Notional ($)/ Contracts		Exercise Price		Expiration Date		Value ($)
Great Plains Energy, Inc.
		36		30.00		09/16/16		180
Great Plains Energy, Inc.
		62		30.00		09/16/16		310
Great Plains Energy, Inc.
		34		30.00		12/16/16		935
Great Plains Energy, Inc.
		48		30.00		12/16/16		1,320
LinkedIn Corp., Class A
		23		200.00		09/16/16		115
LinkedIn Corp., Class A
		41		200.00		09/16/16		205
Molson Coors Brewing Co., Class B
		34		97.50		10/21/16		24,650
Molson Coors Brewing Co., Class B
		111		97.50		10/21/16		80,475
Symantec Corp.
		335		25.00		09/16/16		5,025
Symantec Corp.
		334		26.00		09/16/16		2,338
T-Mobile USA, Inc.
		142		48.00		09/16/16		4,260
T-Mobile USA, Inc.
		487		48.00		11/18/16		74,267
Total Options Purchased Calls
(Cost: $222,079)								194,080
Options Purchased Puts —%
Cvent, Inc.
		9		30.00		10/21/16		878
LinkedIn Corp., Class A
		58		160.00		11/18/16		2,030
Marketo, Inc(d)(e)
		2		25.00		09/16/16		—
Rofin-Sinar Technologies, Inc.
		86		25.00		09/16/16		7,525
Rofin-Sinar Technologies, Inc.
		135		30.00		09/16/16		1,013
Rovi Corp.
		127		15.00		10/21/16		6,033

Options Purchased Puts (continued)
Issuer	Notional ($)/ Contracts		Exercise Price		Expiration Date		Value ($)
St. Jude Medical, Inc.
		85		70.00		10/21/16		12,112
St. Jude Medical, Inc.
		38		70.00		10/21/16		5,415
St. Jude Medical, Inc.
		9		70.00		12/16/16		2,475
Westar Energy, Inc.
		113		50.00		12/16/16		9,887
Westar Energy, Inc.
		22		50.00		12/16/16		1,925
Total Options Purchased Puts
(Cost: $75,204)								49,293

Money Market Funds 34.6%
	Shares			Value ($)
Columbia Short-Term Cash Fund, 0.415%(i)(j)(k)		255,529,165			255,529,165
JPMorgan Prime Money Market Fund, Capital Shares, 0.390%(b)(i)		2,803,274			2,803,274
Total Money Market Funds
(Cost: $258,332,439)					258,332,439
Total Investments
(Cost: $699,766,055)					711,595,849
Investments Sold Short (19.6)%
Common Stocks (18.8)%
Issuer	Shares			Value ($)
CONSUMER DISCRETIONARY (4.8)%
Automobiles (0.3)%
Tesla Motors, Inc.(a)		(9,747	)		(2,066,461	)
Hotels, Restaurants & Leisure (1.5)%
Marriott International, Inc., Class A		(160,890	)		(11,476,284	)
Household Durables (0.5)%
Newell Rubbermaid, Inc.		(64,284	)		(3,412,195	)
Media (0.7)%
Cable One, Inc.		(2,851	)		(1,542,733	)
Charter Communications, Inc., Class A(a)		(11,729	)		(3,016,816	)
Gray Television, Inc.(a)		(26,433	)		(296,843	)
Sinclair Broadcast Group, Inc., Class A		(12,556	)		(357,595	)
Tegna, Inc.		(15,712	)		(318,325	)
Total					(5,532,312	)

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

14 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Investments Sold Short (continued)
Common Stocks (continued)
Issuer	Shares			Value ($)
Multiline Retail (0.2)%
JCPenney Co., Inc.(a)		(135,380	)		(1,276,633	)
Specialty Retail (1.1)%
Tractor Supply Co.		(33,857	)		(2,842,295	)
Ulta Salon Cosmetics & Fragrance, Inc.(a)		(22,341	)		(5,522,919	)
Total					(8,365,214	)
Textiles, Apparel & Luxury Goods (0.5)%
Coach, Inc.		(87,577	)		(3,343,690	)
Total Consumer Discretionary					(35,472,789	)
CONSUMER STAPLES(2.6)%
Beverages (0.2)%
Molson Coors Brewing Co., Class B		(14,525	)		(1,486,198	)
Food & Staples Retailing (1.3)%
Kroger Co.		(62,271	)		(1,992,049	)
SpartanNash Co.		(5,245	)		(167,945	)
Sprouts Farmers Market, Inc.(a)		(77,390	)		(1,743,597	)
SYSCO Corp.		(113,268	)		(5,874,078	)
United Natural Foods, Inc.(a)		(3,301	)		(150,526	)
Total					(9,928,195	)
Food Products (0.4)%
Blue Buffalo Pet Products, Inc.(a)		(111,832	)		(2,883,029	)
Personal Products (0.7)%
Estee Lauder Companies, Inc. (The), Class A		(60,913	)		(5,435,267	)
Total Consumer Staples					(19,732,689	)
ENERGY (0.5)%
Energy Equipment & Services (0.5)%
Helmerich & Payne		(66,514	)		(4,021,437	)
Total Energy					(4,021,437	)
FINANCIALS (1.1)%
Insurance (0.7)%
First American Financial		(128,306	)		(5,528,705	)
Real Estate Investment Trusts (REITs) (0.4)%
American Tower Corp.		(21,196	)		(2,403,203	)
Mid-America Apartment Communities, Inc.		(3,967	)		(372,858	)
Total					(2,776,061	)
Total Financials					(8,304,766	)
HEALTH CARE (3.2)%
Health Care Equipment & Supplies (2.1)%
Abbott Laboratories		(91,142	)		(3,829,787	)

Investments Sold Short (continued)
Common Stocks (continued)
Issuer	Shares			Value ($)
Inogen, Inc.(a)		(99,762	)		(5,788,191	)
Zeltiq Aesthetics, Inc.(a)		(170,027	)		(6,481,429	)
Total					(16,099,407	)
Health Care Providers & Services (0.2)%
Aetna, Inc.		(13,470	)		(1,577,606	)
Health Care Technology (0.5)%
Veeva Systems Inc., Class A(a)		(92,806	)		(3,797,622	)
Pharmaceuticals (0.4)%
Prestige Brands Holdings, Inc.(a)		(55,711	)		(2,681,371	)
Total Health Care					(24,156,006	)
INDUSTRIALS (1.7)%
Airlines (0.3)%
Alaska Air Group, Inc.		(33,573	)		(2,267,185	)
Building Products (0.2)%
Armstrong World Industries, Inc.(a)		(30,359	)		(1,319,706	)
Commercial Services & Supplies (0.4)%
Healthcare Services Group, Inc.		(74,299	)		(2,999,450	)
Machinery (0.8)%
Caterpillar, Inc.		(69,009	)		(5,655,287	)
Manitowoc Foodservice, Inc.(a)		(26,751	)		(431,494	)
Total					(6,086,781	)
Total Industrials					(12,673,122	)
INFORMATION TECHNOLOGY (3.3)%
Communications Equipment (0.1)%
Cisco Systems, Inc.		(24,968	)		(784,994	)
Electronic Equipment, Instruments & Components (0.3)%
Cognex Corp.		(45,851	)		(2,281,546	)
Internet Software & Services (0.7)%
Alibaba Group Holding Ltd., ADR(a)		(33,366	)		(3,242,842	)
inContact, Inc.(a)		(16,134	)		(224,101	)
LogMeIn, Inc.		(20,240	)		(1,690,040	)
Total					(5,156,983	)
IT Services (1.0)%
Computer Sciences Corp.		(43,622	)		(2,051,979	)
International Business Machines Corp.		(4,788	)		(760,717	)
Leidos Holdings, Inc.		(67,129	)		(2,719,396	)
Xerox Corp.		(177,237	)		(1,745,784	)
Total					(7,277,876	)
Semiconductors & Semiconductor Equipment (0.1)%
Intel Corp.		(22,888	)		(821,450	)
Software (1.1)%
Electronic Arts, Inc.(a)		(26,827	)		(2,179,157	)

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

Annual Report 2016 15

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Investments Sold Short (continued)
Common Stocks (continued)
Issuer	Shares			Value ($)
Paycom Software, Inc.(a)		(69,608	)		(3,573,675	)
Symantec Corp.		(108,877	)		(2,627,202	)
Total					(8,380,034	)
Total Information Technology					(24,702,883	)
MATERIALS (0.3)%
Chemicals (0.3)%
Potash Corp. of Saskatchewan, Inc.		(110,304	)		(1,996,502	)
Total Materials					(1,996,502	)
TELECOMMUNICATION SERVICES (0.4)%
Diversified Telecommunication Services —%
Frontier Communications Corp.		(25,067	)		(115,308	)
Wireless Telecommunication Services (0.4)%
T-Mobile USA, Inc.(a)		(63,403	)		(2,938,095	)
Total Telecommunication Services					(3,053,403	)
UTILITIES (0.9)%
Electric Utilities (0.9)%
Fortis, Inc.		(194,176	)		(6,107,793	)
Great Plains Energy, Inc.		(13,565	)		(368,426	)
Total					(6,476,219	)
Total Utilities					(6,476,219	)
Total Common Stocks
(Proceeds: $128,780,593)					(140,589,816	)

Investments Sold Short (continued)
Corporate Bonds & Notes (0.6)%
Issuer	Coupon Rate		Principal Amount ($)			Value ($)
CABLE AND SATELLITE(0.3)%
CSC Holdings LLC
06/01/24		5.250%		(2,574,000	)		(2,504,811	)
OIL FIELD SERVICES (0.1)%
National Oilwell Varco, Inc.
12/01/22		2.600%		(565,000	)		(531,998	)
TECHNOLOGY (0.1)%
Diamond 1 Finance Corp./Diamond 2 Finance Corp.(f)
06/15/23		5.450%		(351,000	)		(374,229	)
WIRELINES (0.1)%
CenturyLink, Inc.
04/01/25		5.625%		(922,000	)		(898,950	)
Total Corporate Bonds & Notes
(Proceeds: $3,987,954)							(4,309,988	)

Exchange-Traded Funds (0.2)%
Issuer	Shares			Value ($)
Consumer Staples Select Sector SPDR Fund		(31,446	)		(1,711,291	)
SPDR S&P Retail ETF		(2,029	)		(90,230	)
Total Exchange-Traded Funds
(Proceeds: $1,734,162)					(1,801,521	)
Total Investments Sold Short
(Proceeds: $134,502,709)					(146,701,325	)
Total Investments, Net of Investments Sold Short					564,894,524
Other Assets & Liabilities, Net					182,581,701
Net Assets					747,476,225

At August 31, 2016, securities and cash totaling $299,557,392 were pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at August 31, 2016

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		09/21/2016		10,285,000	AUD		7,879,859	USD		154,010		—
Citi		09/21/2016		76,929,000	AUD		55,408,968	USD		—		(2,378,279	)
Citi		09/21/2016		378,000	BRL		118,661	USD		2,264		—
Citi		09/21/2016		7,540,868	BRL		2,289,854	USD		—		(32,194	)
Citi		09/21/2016		46,575,002	CAD		35,777,108	USD		257,853		—
Citi		09/21/2016		12,064,000	CAD		9,153,595	USD		—		(46,711	)
Citi		09/21/2016		317,534	CHF		328,601	USD		5,365		—
Citi		09/21/2016		211,293	CHF		214,615	USD		—		(473	)
Citi		09/21/2016		2,099,465,000	CLP		3,112,833	USD		33,489		—

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

16 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Forward Foreign Currency Exchange Contracts Open at August 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		09/21/2016		969,247,000	CLP		1,387,068	USD		—		(34,554	)
Citi		09/21/2016		1,511,765,592	COP		512,282	USD		5,603		—
Citi		09/21/2016		3,584,031,000	COP		1,151,868	USD		—		(49,345	)
Citi		09/21/2016		68,830,000	EUR		77,806,542	USD		964,277		—
Citi		09/21/2016		25,804,000	EUR		28,603,501	USD		—		(204,254	)
Citi		09/21/2016		21,902,000	GBP		30,548,032	USD		1,773,289		—
Citi		09/21/2016		4,068,000	GBP		5,306,291	USD		—		(38,228	)
Citi		09/21/2016		1,159,142	HKD		149,522	USD		70		—
Citi		09/21/2016		331,858	HKD		42,769	USD		—		(19	)
Citi		09/21/2016		488,995,233	HUF		1,769,081	USD		7,481		—
Citi		09/21/2016		1,490,221,000	HUF		5,277,541	USD		—		(90,964	)
Citi		09/21/2016		31,664,444,147	IDR		2,379,701	USD		1,986		—
Citi		09/21/2016		11,354,888,000	IDR		817,423	USD		—		(35,227	)
Citi		09/21/2016		12,894,000	ILS		3,341,353	USD		—		(73,527	)
Citi		09/21/2016		283,852,638	INR		4,169,770	USD		—		(55,969	)
Citi		09/21/2016		2,933,183,496	JPY		28,744,821	USD		369,864		—
Citi		09/21/2016		3,539,934,000	JPY		33,502,774	USD		—		(741,752	)
Citi		09/21/2016		3,185,459,000	KRW		2,875,960	USD		20,830		—
Citi		09/21/2016		26,212,465,725	KRW		22,359,167	USD		—		(1,135,093	)
Citi		09/21/2016		265,023,000	MXN		14,148,016	USD		81,774		—
Citi		09/21/2016		76,371,000	MXN		4,025,946	USD		—		(27,487	)
Citi		09/21/2016		12,965,000	MYR		3,202,456	USD		26,561		—
Citi		09/21/2016		9,598,000	MYR		2,326,995	USD		—		(24,123	)
Citi		09/21/2016		32,056,486	NOK		3,859,556	USD		12,353		—
Citi		09/21/2016		133,443,514	NOK		15,777,421	USD		—		(237,567	)
Citi		09/21/2016		262,000	NZD		190,704	USD		753		—
Citi		09/21/2016		36,675,179	NZD		26,226,977	USD		—		(362,704	)
Citi		09/21/2016		102,957,336	PHP		2,215,268	USD		7,745		—
Citi		09/21/2016		146,337,000	PHP		3,101,171	USD		—		(36,461	)
Citi		09/21/2016		9,336,917	PLN		2,404,270	USD		16,293		—
Citi		09/21/2016		60,054,000	PLN		15,145,347	USD		—		(213,846	)
Citi		09/21/2016		192,044,000	SEK		22,951,115	USD		495,897		—
Citi		09/21/2016		25,963,000	SEK		3,016,119	USD		—		(19,669	)
Citi		09/21/2016		4,022,256	SGD		2,965,107	USD		13,021		—
Citi		09/21/2016		2,879,000	SGD		2,090,216	USD		—		(22,790	)
Citi		09/21/2016		3,911,172	TRY		1,316,888	USD		108		—
Citi		09/21/2016		33,795,000	TRY		10,997,191	USD		—		(380,618	)
Citi		09/21/2016		51,452,000	TWD		1,625,906	USD		2,900		—
Citi		09/21/2016		114,202,000	TWD		3,513,724	USD		—		(88,673	)
Citi		09/21/2016		37,770,546	USD		51,116,000	AUD		626,586		—
Citi		09/21/2016		27,283,903	USD		35,727,056	AUD		—		(446,583	)
Citi		09/21/2016		5,768,495	USD		20,615,000	BRL		579,452		—
Citi		09/21/2016		1,794,082	USD		2,359,000	CAD		4,950		—

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

Annual Report 2016 17

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Forward Foreign Currency Exchange Contracts Open at August 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		09/21/2016		49,381,033	USD		63,591,000	CAD		—		(884,954	)
Citi		09/21/2016		568,513	USD		552,000	CHF		—		(6,600	)
Citi		09/21/2016		848,328	USD		580,497,000	CLP		3,103		—
Citi		09/21/2016		3,764,369	USD		2,488,215,000	CLP		—		(114,834	)
Citi		09/21/2016		751,159	USD		2,253,660,000	COP		4,171		—
Citi		09/21/2016		2,180,952	USD		6,390,733,000	COP		—		(39,053	)
Citi		09/21/2016		15,337,746	USD		13,870,000	EUR		146,813		—
Citi		09/21/2016		63,622,141	USD		56,712,275	EUR		—		(308,184	)
Citi		09/21/2016		21,214,139	USD		16,235,000	GBP		115,328		—
Citi		09/21/2016		13,849,824	USD		9,735,000	GBP		—		(1,060,027	)
Citi		09/21/2016		9,159	USD		71,000	HKD		—		(4	)
Citi		09/21/2016		5,724,882	USD		1,612,444,000	HUF		83,930		—
Citi		09/21/2016		4,382,544	USD		1,204,577,000	HUF		—		(43,069	)
Citi		09/21/2016		4,088,312	USD		56,507,048,000	IDR		154,859		—
Citi		09/21/2016		4,654,217	USD		17,756,000	ILS		48,328		—
Citi		09/21/2016		909,089	USD		3,426,000	ILS		—		(1,738	)
Citi		09/21/2016		5,103,010	USD		348,051,794	INR		78,467		—
Citi		09/21/2016		1,157,660	USD		77,618,000	INR		—		(2,154	)
Citi		09/21/2016		51,707,119	USD		5,568,303,000	JPY		2,159,392		—
Citi		09/21/2016		18,932,988	USD		1,911,954,000	JPY		—		(437,175	)
Citi		09/21/2016		23,717,666	USD		27,231,760,000	KRW		690,187		—
Citi		09/21/2016		11,109,541	USD		12,298,018,000	KRW		—		(86,815	)
Citi		09/21/2016		2,471,213	USD		47,379,000	MXN		43,454		—
Citi		09/21/2016		16,017,716	USD		294,015,000	MXN		—		(412,708	)
Citi		09/21/2016		243,098	USD		1,005,000	MYR		3,086		—
Citi		09/21/2016		5,369,833	USD		21,558,000	MYR		—		(89,004	)
Citi		09/21/2016		2,096,922	USD		17,722,000	NOK		29,952		—
Citi		09/21/2016		20,832,873	USD		171,076,000	NOK		—		(301,489	)
Citi		09/21/2016		47,255,040	USD		67,523,000	NZD		1,699,459		—
Citi		09/21/2016		7,918,848	USD		10,878,000	NZD		—		(32,246	)
Citi		09/21/2016		5,358,207	USD		251,977,000	PHP		44,467		—
Citi		09/21/2016		1,503,774	USD		69,811,000	PHP		—		(6,946	)
Citi		09/21/2016		8,091,645	USD		32,178,000	PLN		138,083		—
Citi		09/21/2016		16,771,076	USD		64,577,000	PLN		—		(255,096	)
Citi		09/21/2016		12,587,775	USD		104,133,000	SEK		—		(411,767	)
Citi		09/21/2016		284,868	USD		393,000	SGD		3,569		—
Citi		09/21/2016		6,015,144	USD		8,111,000	SGD		—		(62,175	)
Citi		09/21/2016		22,100,490	USD		66,399,000	TRY		254,153		—
Citi		09/21/2016		11,431,336	USD		33,730,000	TRY		—		(75,411	)
Citi		09/21/2016		3,160,362	USD		101,358,000	TWD		36,883		—
Citi		09/21/2016		2,054,608	USD		64,296,000	TWD		—		(26,450	)
Citi		09/21/2016		8,923,762	USD		135,855,000	ZAR		281,367		—
Citi		09/21/2016		1,654,646	USD		24,132,000	ZAR		—		(19,534	)

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

18 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Forward Foreign Currency Exchange Contracts Open at August 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		09/21/2016		9,871,229	ZAR		680,164	USD		11,319		—
Citi		09/21/2016		119,416,000	ZAR		7,485,067	USD		—		(606,205	)
Citi		12/21/2016		291,056	AUD		219,427	USD		1,254		—
Citi		12/21/2016		2,944,000	CAD		2,244,142	USD		—		(2,110	)
Citi		12/21/2016		199,369,000	CLP		294,200	USD		4,044		—
Citi		12/21/2016		5,405,275	EUR		6,059,128	USD		327		—
Citi		12/21/2016		9,041,000	GBP		11,876,728	USD		—		(23,639	)
Citi		12/21/2016		118,358,000	HUF		432,650	USD		5,741		—
Citi		12/21/2016		239,447,000	IDR		17,745	USD		7		—
Citi		12/21/2016		376,000	ILS		100,365	USD		556		—
Citi		12/21/2016		4,746,000	INR		69,559	USD		—		(167	)
Citi		12/21/2016		343,747,000	JPY		3,349,442	USD		10,780		—
Citi		12/21/2016		79,310,000	KRW		71,165	USD		113		—
Citi		12/21/2016		439,828,000	KRW		392,940	USD		—		(1,091	)
Citi		12/21/2016		9,667,000	MXN		508,845	USD		218		—
Citi		12/21/2016		20,535,000	MXN		1,078,656	USD		—		(1,787	)
Citi		12/21/2016		1,413,000	PLN		364,550	USD		3,689		—
Citi		12/21/2016		6,611,000	PLN		1,687,430	USD		—		(931	)
Citi		12/21/2016		3,996,000	SEK		469,282	USD		—		(97	)
Citi		12/21/2016		1,154,000	SGD		852,641	USD		5,887		—
Citi		12/21/2016		376,000	SGD		275,737	USD		—		(155	)
Citi		12/21/2016		2,106,785	USD		7,087,868	BRL		17,079		—
Citi		12/21/2016		9,949	USD		33,000	BRL		—		(60	)
Citi		12/21/2016		463,714	USD		606,002	CAD		—		(1,338	)
Citi		12/21/2016		850	USD		827	CHF		—		(4	)
Citi		12/21/2016		2,838,544	USD		1,930,912,000	CLP		—		(28,344	)
Citi		12/21/2016		693,568	USD		2,079,228,592	COP		—		(7,835	)
Citi		12/21/2016		983,892	USD		870,000	EUR		—		(8,704	)
Citi		12/21/2016		61,631	USD		47,000	GBP		234		—
Citi		12/21/2016		902,586	USD		683,000	GBP		—		(3,576	)
Citi		12/21/2016		332,689	USD		2,578,000	HKD		16		—
Citi		12/21/2016		29,622	USD		8,240,000	HUF		99		—
Citi		12/21/2016		2,065,109	USD		571,372,233	HUF		—		(4,206	)
Citi		12/21/2016		2,345,138	USD		31,632,072,147	IDR		—		(1,897	)
Citi		12/21/2016		680,438	USD		2,573,000	ILS		2,563		—
Citi		12/21/2016		1,828,244	USD		124,731,638	INR		4,248		—
Citi		12/21/2016		2,223,651	USD		225,797,496	JPY		—		(30,580	)
Citi		12/21/2016		1,717,482	USD		1,930,150,725	KRW		11,690		—
Citi		12/21/2016		3,003,700	USD		12,180,000	MYR		—		(38,044	)
Citi		12/21/2016		374,583	USD		3,125,000	NOK		587		—
Citi		12/21/2016		1,440,125	USD		11,891,000	NOK		—		(12,560	)
Citi		12/21/2016		12,600,668	USD		17,473,179	NZD		22,421		—
Citi		12/21/2016		32,982	USD		1,548,000	PHP		96		—

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

Annual Report 2016 19

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Forward Foreign Currency Exchange Contracts Open at August 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		12/21/2016		1,664,535	USD		77,534,336	PHP		—		(7,777	)
Citi		12/21/2016		1,660,969	USD		6,461,917	PLN		—		(10,682	)
Citi		12/21/2016		1,214,440	USD		10,149,000	SEK		—		(22,315	)
Citi		12/21/2016		833,585	USD		1,135,256	SGD		—		(584	)
Citi		12/21/2016		1,026,356	USD		3,108,000	TRY		420		—
Citi		12/21/2016		2,865,886	USD		8,655,172	TRY		—		(6,515	)
Citi		12/21/2016		1,634,129	USD		51,452,000	TWD		—		(4,640	)
Citi		12/21/2016		2,218,171	USD		32,437,229	ZAR		—		(59,161	)
Citi		12/21/2016		4,029,000	ZAR		267,766	USD		—		(403	)
Goldman Sachs		09/15/2016		3,143,300	CAD		2,419,291	USD		22,213		—
Goldman Sachs		09/15/2016		23,300	CHF		24,227	USD		518		—
Goldman Sachs		09/15/2016		839,500	EUR		949,430	USD		12,460		—
Goldman Sachs		09/15/2016		9,214,400	GBP		12,930,439	USD		826,483		—
Goldman Sachs		09/15/2016		329,100	GBP		426,447	USD		—		(5,856	)
Goldman Sachs		09/15/2016		10,689,200	SEK		1,278,891	USD		29,414		—
Goldman Sachs		09/15/2016		6,816,000	SEK		793,048	USD		—		(3,685	)
Goldman Sachs		09/15/2016		2,443,279	USD		3,143,300	CAD		—		(46,200	)
Goldman Sachs		09/15/2016		904,560	USD		823,200	EUR		14,218		—
Goldman Sachs		09/15/2016		18,474	USD		16,300	EUR		—		(282	)
Goldman Sachs		09/15/2016		194,884	USD		149,400	GBP		1,367		—
Goldman Sachs		09/15/2016		2,113,084	USD		1,591,100	GBP		—		(23,029	)
Goldman Sachs		09/15/2016		2,045,054	USD		17,505,200	SEK		1,155		—
Goldman Sachs		09/15/2016		473,104	USD		7,291,300	ZAR		21,533		—
Goldman Sachs		09/15/2016		7,291,300	ZAR		475,114	USD		—		(19,524	)
Total										12,516,574		(12,438,526	)

Futures Contracts Outstanding at August 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
3-Month Euro Euribor		105		EUR		29,375,730		12/2016		—		(10,911	)
3-Month Euro Euribor		106		EUR		29,658,455		03/2017		—		(11,320	)
3-Month Euro Euribor		134		EUR		37,496,500		06/2017		—		(3,633	)
3-Month Euro Euribor		175		EUR		48,971,750		09/2017		—		(16,209	)
3-Month Euro Euribor		219		EUR		61,287,701		12/2017		6,923		—
3-Month Euro Euribor		232		EUR		64,925,784		03/2018		32,207		—
3-Month Euro Euribor		146		EUR		40,856,432		06/2018		3,085		—
90-Day Euro$		13		USD		3,216,363		06/2017		—		(1,637	)
90-Day Euro$		79		USD		19,537,688		09/2017		—		(15,295	)
90-Day Euro$		94		USD		23,236,800		12/2017		—		(22,715	)
90-Day Euro$		101		USD		24,960,888		03/2018		—		(30,467	)
90-Day Euro$		107		USD		26,435,688		06/2018		—		(29,202	)
90-Day Sterling		326		GBP		53,350,304		12/2016		21,473		—
90-Day Sterling		307		GBP		50,251,009		03/2017		64,331		—
90-Day Sterling		266		GBP		43,544,328		06/2017		106,829		—
90-Day Sterling		235		GBP		38,473,470		09/2017		80,447		—
90-Day Sterling		214		GBP		35,035,416		12/2017		82,803		—
90-Day Sterling		200		GBP		32,743,379		03/2018		83,603		—

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

20 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Long Futures Contracts Outstanding (continued)

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
90-Day Sterling		188		GBP		30,775,690		06/2018		73,210		—
Amsterdam IDX		22		EUR		2,229,696		09/2016		14,822		—
Australian 10 Year Bond		165		AUD		17,099,637		09/2016		358,375		—
Australian 3 Year Bond		673		AUD		57,423,399		09/2016		225,867		—
C$ Currency		84		USD		6,404,160		09/2016		—		(97,873	)
Canadian Government 10-Year Bond		188		CAD		21,040,689		12/2016		28,102		—
Cocoa ICE		69		GBP		2,091,217		12/2016		—		(63,002	)
Coffee C		30		USD		1,654,313		12/2016		43,503		—
Cotton		24		USD		786,960		12/2016		1,185		—
Cotton		3		USD		98,370		12/2016		—		(11,569	)
DAX Index		16		EUR		4,734,194		09/2016		3,273		—
DJIA Mini E-CBOT		173		USD		15,911,675		09/2016		6,873		—
Euro-Bobl		102		EUR		15,199,325		09/2016		—		(5,522	)
Euro-Bund		73		EUR		13,629,396		09/2016		170,934		—
Euro-Buxl 30 Year		34		EUR		7,318,826		09/2016		227,978		—
Euro-Schatz		7		EUR		874,591		09/2016		—		(374	)
FTSE 100 Index		149		GBP		13,277,437		09/2016		145,966		—
FTSE/JSE Top 40 Index		19		ZAR		598,083		09/2016		—		(7,923	)
Gold 100 oz.		133		USD		17,441,620		12/2016		—		(303,424	)
Hang Seng Index		7		HKD		1,034,495		09/2016		4,887		—
JPY Currency		508		USD		61,429,900		09/2016		2,905,692		—
JPY Currency		52		USD		6,288,100		09/2016		—		(132,579	)
KOSPI 200 Index		1		KRW		115,022		09/2016		353		—
LME Nickel		11		USD		645,117		12/2016		—		(10,943	)
LME Primary Aluminum		54		USD		2,182,613		12/2016		—		(48,759	)
LME Zinc		40		USD		2,314,750		12/2016		36,822		—
Long Gilt		35		GBP		6,045,149		12/2016		14,990		—
MSCI Singapore IX ETS		147		SGD		3,349,026		09/2016		—		(56,501	)
NASDAQ 100 E-mini		215		USD		20,527,125		09/2016		388,825		—
New Zealand $		93		USD		6,742,500		09/2016		327,387		—
New Zealand $		57		USD		4,132,500		09/2016		—		(18,063	)
Platinum		44		USD		2,317,700		10/2016		—		(81,992	)
Platinum		51		USD		2,686,425		10/2016		—		(161,031	)
Russell 2000 Mini		85		USD		10,529,800		09/2016		139,364		—
S&P 500 E-mini		141		USD		15,294,975		09/2016		31,794		—
S&P Mid 400 E-mini		48		USD		7,506,240		09/2016		106,481		—
S&P/TSE 60 Index		84		CAD		10,890,407		09/2016		234,989		—
SGX Nifty Index		85		USD		1,503,565		09/2016		28,978		—
SPI 200 Index		133		AUD		13,519,074		09/2016		27,487		—
Silver		69		USD		6,453,915		12/2016		—		(232,641	)
Soybean		28		USD		1,320,200		11/2016		—		(91,937	)
Sugar #11		358		USD		8,043,258		09/2016		163,010		—
Sugar #11		1		USD		22,467		09/2016		—		(90	)
U.S. Long Bond		72		USD		12,267,000		12/2016		—		(38,139	)
U.S. Treasury 10-Year Note		158		USD		20,685,656		12/2016		—		(52,080	)
U.S. Treasury 2-Year Note		170		USD		37,113,125		12/2016		—		(26,520	)
U.S. Treasury 5-Year Note		279		USD		33,828,750		12/2016		—		(70,460	)
Total						1,190,735,817				6,192,848		(1,652,811	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
10-Year Mini JGB		(72	)		JPY		(10,537,824	)		09/2016		1,352		—
90-Day Euro$		(124	)		USD		(30,705,500	)		12/2016		1,802		—
90-Day Euro$		(53	)		USD		(13,118,825	)		03/2017		—		(376	)
AUD/USD Currency		(73	)		USD		(5,482,300	)		09/2016		77,094		—
BP Currency		(82	)		USD		(6,729,125	)		09/2016		681,221		—
BP Currency		(16	)		USD		(1,313,000	)		09/2016		—		(4,659	)

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

Annual Report 2016 21

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Short Futures Contracts Outstanding (continued)

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Banker’s Acceptance		(109	)		CAD		(20,588,150	)		12/2016		—		(2,951	)
Banker’s Acceptance		(65	)		CAD		(12,277,337	)		03/2017		—		(1,326	)
Brent Crude		(47	)		USD		(2,203,830	)		09/2016		97,195		—
CAC40 Index		(5	)		EUR		(247,518	)		09/2016		—		(284	)
Cocoa		(2	)		USD		(57,960	)		12/2016		—		(142	)
Copper		(63	)		USD		(3,272,063	)		12/2016		78,136		—
Corn		(377	)		USD		(5,947,175	)		12/2016		311,450		—
EURO STOXX 50		(80	)		EUR		(2,703,851	)		09/2016		—		(51,599	)
Euro CHF 3-Month ICE		(18	)		CHF		(4,611,408	)		12/2016		2,078		—
Euro CHF 3-Month ICE		(10	)		CHF		(2,562,147	)		03/2017		798		—
Euro CHF 3-Month ICE		(6	)		CHF		(1,537,288	)		06/2017		542		—
Euro FX		(216	)		USD		(30,149,550	)		09/2016		19,850		—
FTSE/MIB Index		(17	)		EUR		(1,605,947	)		09/2016		—		(95,114	)
IBEX 35 Index		(40	)		EUR		(3,892,654	)		09/2016		—		(70,219	)
Japanese 10-Year Government Bond		(6	)		JPY		(8,780,361	)		09/2016		—		(1,508	)
KC HRW Wheat		(53	)		USD		(1,053,375	)		12/2016		98,801		—
LME Copper		(21	)		USD		(2,425,369	)		12/2016		9,567		—
Lean Hogs		(84	)		USD		(2,111,760	)		10/2016		—		(9,508	)
Low Sulphur Gasoil		(85	)		USD		(3,567,875	)		10/2016		—		(201,700	)
NY Harbor ULSD		(46	)		USD		(2,754,452	)		09/2016		—		(111,511	)
Natural Gas		(12	)		USD		(346,440	)		09/2016		—		(30,753	)
RBOB Gasoline		(90	)		USD		(5,040,252	)		09/2016		—		(184,006	)
Soybean Meal		(20	)		USD		(613,400	)		12/2016		51,539		—
TOPIX Index		(72	)		JPY		(9,258,783	)		09/2016		—		(346,904	)
WTI Crude		(88	)		USD		(3,933,600	)		09/2016		—		(41,964	)
Wheat		(198	)		USD		(3,843,675	)		12/2016		490,138		—
Total							(203,272,794	)				1,921,563		(1,154,524	)

Open Options Contracts Written at August 31, 2016

Issuer	Puts/Calls		Trading Currency		Number of Contracts			Exercise Price		Premium Received ($)			Expiration Date		Value ($)
Charter Communications, Inc., Class A		Put		USD		(8	)		250.00		(4,793	)		09/16/2016		(2,120	)
Imperva, Inc.		Call		USD		(34	)		50.00		(4,751	)		09/16/2016		(1,615	)
Imperva, Inc.		Put		USD		(34	)		40.00		(3,371	)		09/16/2016		(850	)
Joy Global, Inc.		Call		USD		(12	)		28.00		(618	)		09/16/2016		(390	)
Joy Global, Inc.		Put		USD		(1	)		27.50		(54	)		09/02/2016		(47	)
Joy Global, Inc.		Put		USD		(36	)		27.00		(1,112	)		09/16/2016		(756	)
LinkedIn Corp., Class A		Put		USD		(23	)		180.00		(903	)		09/16/2016		(172	)
LinkedIn Corp., Class A		Put		USD		(41	)		180.00		(1,020	)		09/16/2016		(308	)
Marketo, Inc.		Call		USD		(2	)		40.00		(21	)		09/16/2016		—
Marketo, Inc.		Call		USD		(6	)		35.00		(415	)		09/16/2016		(150	)
Molson Coors Brewing Co., Class B		Call		USD		(24	)		110.00		(2,023	)		09/16/2016		(180	)
Molson Coors Brewing Co., Class B		Call		USD		(42	)		105.00		(3,800	)		09/16/2016		(2,940	)
Molson Coors Brewing Co., Class B		Call		USD		(34	)		105.00		(6,095	)		10/21/2016		(9,095	)
Molson Coors Brewing Co., Class B		Put		USD		(13	)		90.00		(1,330	)		09/16/2016		(390	)
Molson Coors Brewing Co., Class B		Put		USD		(53	)		95.00		(8,906	)		09/16/2016		(2,518	)
NetSuite, Inc.		Call		USD		(11	)		110.00		(275	)		09/16/2016		(165	)
NetSuite, Inc.		Put		USD		(11	)		105.00		(216	)		09/16/2016		(55	)
Nexstar Broadcasting Group, Inc., Class A		Call		USD		(83	)		55.00		(10,300	)		09/16/2016		(4,358	)

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

22 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Open Options Contracts Written at August 31, 2016 (continued)

Issuer	Puts/Calls		Trading Currency		Number of Contracts			Exercise Price		Premium Received ($)			Expiration Date		Value ($)
Relypsa, Inc.		Call		USD		(259	)		32.00		(9,026	)		09/16/2016		(648	)
Rovi Corp.		Call		USD		(63	)		20.00		(8,570	)		10/21/2016		(9,921	)
St. Jude Medical, Inc.		Call		USD		(47	)		80.00		(5,433	)		09/16/2016		(4,112	)
St. Jude Medical, Inc.		Call		USD		(85	)		80.00		(7,798	)		09/16/2016		(7,438	)
St. Jude Medical, Inc.		Put		USD		(4	)		75.00		(339	)		09/16/2016		(440	)
St. Jude Medical, Inc.		Put		USD		(43	)		70.00		(2,825	)		09/16/2016		(2,258	)
St. Jude Medical, Inc.		Put		USD		(85	)		70.00		(9,820	)		09/16/2016		(4,462	)
T-Mobile USA, Inc.		Call		USD		(37	)		48.00		(1,276	)		09/02/2016		(278	)
T-Mobile USA, Inc.		Call		USD		(37	)		48.00		(778	)		09/09/2016		(536	)
T-Mobile USA, Inc.		Put		USD		(37	)		45.00		(1,587	)		09/02/2016		(481	)
T-Mobile USA, Inc.		Put		USD		(37	)		45.00		(865	)		09/09/2016		(851	)
T-Mobile USA, Inc.		Put		USD		(48	)		45.00		(3,797	)		09/16/2016		(1,896	)
T-Mobile USA, Inc.		Put		USD		(48	)		46.00		(5,381	)		09/16/2016		(3,408	)
WhiteWave Foods Co. (The)		Call		USD		(60	)		60.00		(2,210	)		10/21/2016		(300	)
Total																(63,138	)

Total Return Swap Contracts Outstanding at August 31, 2016

Counterparty	Fund Receives	Fund Pays	Expiration Date		Notional Currency		Notional Amount		Premium Paid ($)		Premium Received ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		455,304		—		—		—		(2,665	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		99,624		—		—		—		(583	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		376,426		—		—		—		(2,203	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		205,428		—		—		—		(1,202	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		358,064		—		—		—		(2,096	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		222,466		—		—		—		(1,302	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		187,816		—		—		—		(1,099	)
Goldman Sachs	Total return on SABMiller PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.55%		06/06/2017		GBP		374,181		—		—		4,323		—
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/21/2017		GBP		194,447		—		—		—		(3,124	)

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

Annual Report 2016 23

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Total Return Swap Contracts Outstanding at August 31, 2016 (continued)

Counterparty	Fund Receives	Fund Pays	Expiration Date		Notional Currency		Notional Amount		Premium Paid ($)		Premium Received ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		11,421		—		—		—		(184	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		77,517		—		—		—		(1,246	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		52,647		—		—		—		(846	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		50,878		—		—		—		(818	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		16,512		—		—		—		(265	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		79,691		—		—		—		(1,281	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		23,827		—		—		—		(383	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		11,360		—		—		—		(183	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		14,718		—		—		—		(237	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		23,353		—		—		—		(375	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		104,870		—		—		—		(79	)
Goldman Sachs	Total return on Poundland Group PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 1.00%		06/22/2017		GBP		58,424		—		—		—		(119	)
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		621,767		—		—		11,111		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		1,593,266		—		—		28,472		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		349,732		—		—		6,250		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		157,820		—		—		2,820		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		418,268		—		—		7,475		—

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

24 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Total Return Swap Contracts Outstanding at August 31, 2016 (continued)

Counterparty	Fund Receives	Fund Pays	Expiration Date		Notional Currency		Notional Amount		Premium Paid ($)		Premium Received ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		86,108		—		—		1,539		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		328,381		—		—		5,868		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		46,682		—		—		834		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		181,144		—		—		3,237		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		88,215		—		—		1,576		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		72,314		—		—		1,292		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		69,104		—		—		1,237		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		348,664		—		—		1,808		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		387,452		—		—		2,154		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		79,793		—		—		372		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		426,524		—		—		2,017		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.45%		07/20/2017		GBP		83,846		—		—		625		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		73,366		—		—		520		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		50,679		—		—		280		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		91,246		—		—		507		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		179,081		—		—		563		—
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		287,928		—		—		1,551		—

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

Annual Report 2016 25

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Total Return Swap Contracts Outstanding at August 31, 2016 (continued)

Counterparty	Fund Receives	Fund Pays	Expiration Date		Notional Currency		Notional Amount		Premium Paid ($)		Premium Received ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs	Total return on ARM Holdings PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.70%		07/20/2017		GBP		224,793		—		—		928		—
Goldman Sachs	Total return on Premier Farnell PLC	Floating rate based on 1-month GBP LIBOR-BBA plus 0.60%		08/31/2017		GBP		204,165		—		—		—		(328	)
Total										—		—		87,359		(20,618	)

Total Return Swap Contracts on Futures at August 31, 2016

Counterparty	Reference Instrument		Expiration Date		Trading Currency		Notional Amount			Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Barclays		Euro-Schatz		09/08/2016		EUR		98,079,139			87,873		—
Barclays		Euro-Bobl		09/08/2016		EUR		48,578,236			491,030		—
Barclays		Euro-Bund		09/08/2016		EUR		8,401,683			211,309		—
Barclays		Canadian Government 10-Year Bond		12/19/2016		CAD		223,837			1,156		—
Barclays		Long Gilt		12/28/2016		GBP		1,036,311			659		—
Citi		Cotton		12/07/2016		USD		1,934,610			—		(8,328	)
Citi		Soybean Oil		12/14/2016		USD		1,853,868			—		(82,913	)
Citi		Corn		12/14/2016		USD		(1,230,450	)		70,200		—
Citi		Cocoa		12/14/2016		USD		(202,860	)		4,451		—
Citi		Wheat		12/14/2016		USD		(59,625	)		6,075		—
Citi		Wheat		12/14/2016		USD		(4,115,450	)		531,416		—
Citi		Coffee		12/19/2016		USD		606,581			14,334		—
Deutsche Bank		Lean Hogs		10/14/2016		USD		(678,780	)		—		(24,969	)
Deutsche Bank		Cotton		12/07/2016		USD		262,320			—		(30,490	)
Deutsche Bank		Soybean Oil		12/14/2016		USD		1,281,930			—		(58,026	)
Deutsche Bank		Corn		12/14/2016		USD		(2,240,050	)		88,017		—
Deutsche Bank		Cocoa		12/14/2016		USD		(86,940	)		1,800		—
Deutsche Bank		Wheat		12/14/2016		USD		(496,875	)		49,897		—
Deutsche Bank		Wheat		12/14/2016		USD		(815,325	)		72,562		—
JPMorgan		Swiss Market Index		09/16/2016		CHF		(2,245,814	)		—		(15,508	)
JPMorgan		TAIEX		09/21/2016		TWD		3,111,706			—		(38,396	)
JPMorgan		H-Shares Index		09/29/2016		HKD		10,094,682			—		(4,843	)
JPMorgan		Hang Seng Index		09/29/2016		HKD		4,285,767			15,676		—
JPMorgan		SGX Nifty Index		09/29/2016		USD		2,936,374			50,950		—
JPMorgan		MSCI Taiwan Index		09/29/2016		USD		10,293,710			—		(91,695	)
Total											1,697,405		(355,168	)

Notes to Consolidated Portfolio of Investments

(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts and securities sold short.

(c) At August 31, 2016, securities valued at $3,061,762 were held to cover open call options written.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2016, the value of these securities amounted to $506,487, which represents 0.07% of net assets.

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

26 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Notes to Consolidated Portfolio of Investments (continued)

(e) Negligible market value.

(f) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At August 31, 2016, the value of these securities amounted to $20,265,283 or 2.71% of net assets.

(g) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2016, the value of these securities amounted to $9,296,916, which represents 1.24% of net assets.

(h) Variable rate security.

(i) The rate shown is the seven-day current annualized yield at August 31, 2016.

(j) 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, 2016 are as follows:

Issuer	Beginning Cost ($)	Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund	300,974,302		874,106,389		(919,551,526	)		255,529,165		898,441		255,529,165

(k) At August 31, 2016, cash or short-term securities were designated to cover open put and/or call options written.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgits
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	US Dollar
ZAR	South African Rand

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

Annual Report 2016 27

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

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:

n 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.

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

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

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Consolidated Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 Consolidated Financial Statements are an integral part of this statement.

28 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2016:

	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		60,656,652			616,572			—		61,273,224
Consumer Staples		13,641,109			8,958,827			305,504		22,905,440
Energy		16,082,254			—			—		16,082,254
Financials		35,326,643			—			—		35,326,643
Health Care		44,893,712			—			200,983		45,094,695
Industrials		10,379,014			—			—		10,379,014
Information Technology		82,383,216			863,906			—		83,247,122
Materials		25,711,814			—			—		25,711,814
Telecommunication Services		4,478,663			—			—		4,478,663
Utilities		23,765,246			—			—		23,765,246
Total Common Stocks		317,318,323			10,439,305			506,487		328,264,115
Corporate Bonds & Notes		—			36,030,907			—		36,030,907
Convertible Bonds		—			3,826,956			—		3,826,956
Exchange-Traded Funds		2,485,622			—			—		2,485,622
Treasury Bills		82,412,437			—			—		82,412,437
Options Purchased Calls		194,080			—			—		194,080
Options Purchased Puts		49,293			—			—		49,293
Money Market Funds		2,803,274			—			—		2,803,274
Investments measured at NAV per share practical expedient
Money Market Funds		—			—			—		255,529,165
Total Investments		405,263,029			50,297,168			506,487		711,595,849
Investments Sold Short
Common Stocks
Consumer Discretionary		(35,472,789	)		—			—		(35,472,789	)
Consumer Staples		(19,732,689	)		—			—		(19,732,689	)
Energy		(4,021,437	)		—			—		(4,021,437	)
Financials		(8,304,766	)		—			—		(8,304,766	)
Health Care		(24,156,006	)		—			—		(24,156,006	)
Industrials		(12,673,122	)		—			—		(12,673,122	)
Information Technology		(24,702,883	)		—			—		(24,702,883	)
Materials		(1,996,502	)		—			—		(1,996,502	)
Telecommunication Services		(3,053,403	)		—			—		(3,053,403	)
Utilities		(6,476,219	)		—			—		(6,476,219	)
Total Common Stocks		(140,589,816	)		—			—		(140,589,816	)
Corporate Bonds & Notes		—			(4,309,988	)		—		(4,309,988	)
Exchange-Traded Funds		(1,801,521	)		—			—		(1,801,521	)
Total Investments Sold Short		(142,391,337	)		(4,309,988	)		—		(146,701,325	)
Total Investments, Net of Investments Sold Short		262,871,692			45,987,180			506,487		564,894,524

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

Annual Report 2016 29

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)			Total ($)
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			12,516,574			—			12,516,574
Futures Contracts		8,114,411			—			—			8,114,411
Swap Contracts		—			1,784,764			—			1,784,764
Liabilities
Forward Foreign Currency Exchange Contracts		—			(12,438,526	)		—			(12,438,526	)
Futures Contracts		(2,807,335	)		—			—			(2,807,335	)
Options Contracts Written		(62,988	)		—			(150	)		(63,138	)
Swap Contracts		—			(375,786	)		—			(375,786	)
Total		268,115,780			47,474,206			506,337			571,625,488

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The 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.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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 ($)	Level 2 ($)
736,678	—	—	736,678

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

The 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 stocks and options classified as Level 3 are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, observed yields on securities deemed comparable, the subscription price of the security, closing prices of similar securities from the issuer. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

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

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

30 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $443,939,607)	$455,823,311
Affiliated issuers (identified cost $255,529,165)	255,529,165
Options purchased (identified cost $297,283)	243,373
Total investments (identified cost $699,766,055)	711,595,849
Cash	237,557
Foreign currency (identified cost $271,432)	267,914
Cash collateral held at broker	160,089,175
Margin deposits	19,623,342
Unrealized appreciation on forward foreign currency exchange contracts	12,516,574
Unrealized appreciation on swap contracts	1,784,764
Receivable for:
Investments sold	12,156,981
Capital shares sold	985,915
Dividends	370,314
Interest	516,042
Foreign tax reclaims	2,906
Variation margin	881,681
Prepaid expenses	6,915
Trustees’ deferred compensation plan	23,605
Total assets	921,059,534
Liabilities
Securities sold short, at value (proceeds $134,502,709)	146,701,325
Option contracts written, at value (premiums received $109,708)	63,138
Unrealized depreciation on forward foreign currency exchange contracts	12,438,526
Unrealized depreciation on swap contracts	375,786
Payable for:
Investments purchased	8,910,586
Capital shares purchased	2,285,635
Dividends and interest on securities sold short	282,120
Collateral and deposits	830,767
Variation margin	1,493,361
Management services fees	22,178
Distribution and/or service fees	5,118
Transfer agent fees	58,326
Compensation of board members	167
Chief compliance officer expenses	60
Other expenses	92,611
Trustees’ deferred compensation plan	23,605
Total liabilities	173,583,309
Net assets applicable to outstanding capital stock	$747,476,225
Represented by
Paid-in capital	$802,997,806
Excess of distributions over net investment income	(42,446,542	)
Accumulated net realized loss	(19,507,545	)
Unrealized appreciation (depreciation) on:
Investments	11,883,704
Foreign currency translations	(39,344	)
Forward foreign currency exchange contracts	78,048
Futures contracts	5,307,076
Options purchased	(53,910	)
Options contracts written	46,570
Securities sold short	(12,198,616	)
Swap contracts	1,408,978
Total — representing net assets applicable to outstanding capital stock	$747,476,225
Class A
Net assets	$747,476,225
Shares outstanding	79,100,925
Net asset value per share	$9.45

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

Annual Report 2016 31

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$7,329,759
Dividends — affiliated issuers	898,441
Interest	1,843,929
Foreign taxes withheld	(63,450	)
Total income	10,008,679
Expenses:
Management services fees	8,278,277
Distribution and/or service fees
Class A	1,911,440
Transfer agent fees
Class A	788,093
Compensation of board members	30,022
Custodian fees	68,968
Printing and postage fees	75,875
Registration fees	60,388
Audit fees	73,624
Legal fees	20,862
Dividends and interest on securities sold short	2,440,981
Chief compliance officer expenses	371
Other	26,758
Total expenses	13,775,659
Net investment loss	(3,766,980	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(20,381,884	)
Foreign currency translations	908,757
Forward foreign currency exchange contracts	(4,157,206	)
Futures contracts	(1,198,970	)
Options purchased	(2,796,037	)
Options contracts written	1,136,593
Securities sold short	(287,858	)
Swap contracts	(1,665,825	)
Net realized loss	(28,442,430	)
Net change in unrealized appreciation (depreciation) on:
Investments	52,542,970
Foreign currency translations	28,764
Forward foreign currency exchange contracts	(1,374,181	)
Futures contracts	750,764
Options purchased	(705,314	)
Options contracts written	552,008
Securities sold short	(16,195,017	)
Swap contracts	1,734,146
Net change in unrealized appreciation	37,334,140
Net realized and unrealized gain	8,891,710
Net increase in net assets resulting from operations	$5,124,730

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

32 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income (loss)		$(3,766,980	)		$2,068,494
Net realized gain (loss)		(28,442,430	)		50,842,800
Net change in unrealized appreciation (depreciation)		37,334,140			(71,280,109	)
Net increase (decrease) in net assets resulting from operations		5,124,730			(18,368,815	)
Distributions to shareholders
Net investment income
Class A		(52,422,234	)		(7,150,893	)
Net realized gains
Class A		—			(33,605,548	)
Total distributions to shareholders		(52,422,234	)		(40,756,441	)
Increase in net assets from capital stock activity		9,833,439			66,254,197
Total increase (decrease) in net assets		(37,464,065	)		7,128,941
Net assets at beginning of year		784,940,290			777,811,349
Net assets at end of year		$747,476,225			$784,940,290
Undistributed (excess of distributions over) net investment income		$(42,446,542	)		$15,226,126

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

Annual Report 2016 33

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		20,877,104			197,467,461			18,474,845			194,295,243
Distributions reinvested		5,773,356			52,422,072			3,896,396			40,756,301
Redemptions		(25,487,363	)		(240,056,094	)		(15,908,226	)		(168,797,347	)
Net increase		1,163,097			9,833,439			6,463,015			66,254,197
Total net increase		1,163,097			9,833,439			6,463,015			66,254,197

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

34 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. 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,
Class A	2016		2015		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$10.07		$10.88		$10.49		$10.03		$10.00
Income from investment operations:
Net investment income (loss)	(0.05	)	0.03	(b)	(0.03	)	0.02		0.01
Net realized and unrealized gain (loss)	0.10		(0.26	)	0.67		0.53		0.02
Total from investment operations	0.05		(0.23	)	0.64		0.55		0.03
Less distributions to shareholders:
Net investment income	(0.67	)	(0.10	)	(0.13	)	(0.08	)	—
Net realized gains	—		(0.48	)	(0.12	)	(0.01	)	—
Total distributions to shareholders	(0.67	)	(0.58	)	(0.25	)	(0.09	)	—
Net asset value, end of period	$9.45		$10.07		$10.88		$10.49		$10.03
Total return	0.79	%	(2.30	%)	6.15	%	5.53	%	0.30	%
Ratios to average net assets(c)
Total gross expenses	1.80	%(d)	1.83	%(d)	1.79	%(d)	1.70	%(d)	1.73	%(d)(e)
Total net expenses(f)	1.80	%(d)	1.83	%(d)	1.79	%(d)	1.67	%(d)	1.63	%(d)(e)
Net investment income (loss)	(0.49	%)	0.27	%	(0.27	%)	0.17	%	0.31	%(e)
Supplemental data
Net assets, end of period (in thousands)	$747,476		$784,940		$777,811		$666,228		$476,520
Portfolio turnover	289	%	304	%	246	%	239	%	141	%

Notes to Consolidated Financial Highlights

(a) Based on operations from April 23, 2012 (commencement of operations) through the stated period end.

(b) Net investment income per share includes special dividends. The effect of these dividends amounted to $0.08 per share.

(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) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.32%, 0.35%, 0.31%, 0.17% and 0.13% for the years ended August 31, 2016, 2015, 2014, 2013 and 2012, respectively.

(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 Consolidated Financial Statements are an integral part of this statement.

Annual Report 2016 35

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Active Portfolios^® Multi-Manager Alternatives Fund (formerly known as Active Portfolios^® Multi-Manager Alternative Strategies Fund) (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective October 12, 2016, Active Portfolios^® Multi-Manager Alternative Strategies Fund was renamed Active Portfolios^® Multi-Manager Alternatives Fund.

Basis for Consolidation

ASGM Offshore Fund, Ltd. and ASMF Offshore Fund, Ltd. (each, a Subsidiary) are each a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. Each Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund’s investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of each Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiaries, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiaries. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and each respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and each Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At August 31, 2016, each Subsidiary’s financial statement information is as follows:

	ASGM Offshore Fund, Ltd.			ASMF Offshore Fund, Ltd.
% of consolidated fund net assets		0.01	%		8.94	%
Net assets		$54,335			$66,789,676
Net investment income (loss)		(4,095	)		(571,813	)
Net realized gain (loss)		—			6,549,628
Net change in unrealized appreciation (depreciation)		—			(784,023	)

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiaries on a consolidated basis.

Fund Shares

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

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

Note 2. Summary of Significant Accounting Policies

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

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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

36 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

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, 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.

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not 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 Consolidated 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 on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

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

Annual Report 2016 37

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount

of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

38 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars and to generate total return through long and short currency positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Consolidated Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset

at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage exposure to movements in interest rates, to manage exposure to the securities market and to gain commodity and currency exposure. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commissions merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities.

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and/or wrote option contracts to decrease the Fund’s exposure to equity market risk and to increase return on investments, to protect gains and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the

Annual Report 2016 39

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Consolidated Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Contracts and premiums associated with options contracts written for the year ended August 31, 2016 are as follows:

	Calls				Puts
	Contracts		Premiums ($)		Contracts		Premiums ($)
Balance at August 31, 2015	(5,360	)	(479,403	)	(3,988	)	(435,923	)
Opened	(12,415	)	(1,021,536	)	(11,725	)	(959,869	)
Closed	4,003		498,512		7,463		720,908
Expired	9,580		517,080		6,433		431,008
Exercised	3,356		421,958		1,295		197,557
Balance at August 31, 2016	(836	)	(63,389	)	(522	)	(46,319	)

Swap Contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the FCM, which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments and cash deposited is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has less credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.

40 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

Total Return Swap Contracts

The Fund entered into total return swap contracts to manage long or short exposure to the total return on a specified reference security in return for periodic payments based on a fixed or variable interest rate and to get synthetic exposure to bond, commodity and equity index futures. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security, instrument, or other asset or index or market without owning, taking physical custody of, or short selling any such security, instrument or asset in a market.

Total return swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time the Fund will realize a gain (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses). Total return swap contracts are subject to the risk associated with the investment in the underlying reference security, instrument or asset. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference security, instrument or asset. This risk may be offset if the Fund holds any of the underlying reference security, instrument or asset. The risk in the case of long total return swap contracts is limited to the current notional amount of the total return swap contract.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2016:

	Asset Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts	1,134,094	*
Equity risk	Investments, at value — Options purchased	243,373
Equity risk	Net assets — unrealized appreciation on swap contracts	153,985	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	12,516,574
Foreign exchange risk	Net assets — unrealized appreciation on futures contracts	4,011,244	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts	1,587,728	*
Interest rate risk	Net assets — unrealized appreciation on swap contracts	792,027	*
Commodity-related investment risk	Net assets — unrealized appreciation on futures contracts	1,381,345	*
Commodity-related investment risk	Net assets — unrealized appreciation on swap contracts	838,752	*
Total		22,659,122
	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts	628,545	*
Equity risk	Options contracts written, at value	63,138
Equity risk	Net assets — unrealized depreciation on swap contracts	171,060	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	12,438,526
Foreign exchange risk	Net assets — unrealized depreciation on futures contracts	253,173	*

Annual Report 2016 41

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	340,644	*
Commodity-related investment risk	Net assets — unrealized depreciation on futures contracts	1,584,973	*
Commodity-related investment risk	Net assets — Unrealized depreciation on swap contracts	204,726	*
Total		15,684,785

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the year ended August 31, 2016:

	Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($	)	Futures Contracts ($	)	Options Contracts Written ($	)	Options Contracts Purchased ($	)	Swap Contracts ($	)	Total ($	)
Commodity-related investment risk	—		8,146,502		—		—		(1,519,367	)	6,627,135
Equity risk	—		(17,181,062	)	1,136,593		(2,796,037	)	(835,953	)	(19,676,459	)
Foreign exchange risk	(4,157,206	)	3,516,619		—		—		—		(640,587	)
Interest rate risk	—		4,318,971		—		—		689,495		5,008,466
Total	(4,157,206	)	(1,198,970	)	1,136,593		(2,796,037	)	(1,665,825	)	(8,681,445	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($	)	Futures Contracts ($	)	Options Contracts Written ($	)	Options Contracts Purchased ($	)	Swap Contracts ($	)	Total ($	)
Commodity-related investment risk	—		(1,628,540	)	—		—		696,222		(932,318	)
Equity risk	—		(205,825	)	552,008		(705,314	)	(17,495	)	(376,626	)
Foreign exchange risk	(1,374,181	)	3,757,531		—		—		—		2,383,350
Interest rate risk	—		(1,172,402	)	—		—		1,055,419		(116,983	)
Total	(1,374,181	)	750,764		552,008		(705,314	)	1,734,146		957,423

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		1,121,165,386
Futures contracts — Short		219,015,812

Derivative Instrument	Average Market Value ($)*
Options contracts — Purchased		349,495
Options contracts — Written		(123,481	)

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		11,983,630		(13,055,824	)
Total return swap contracts		1,302,766		(235,439	)

* Based on the ending quarterly outstanding amounts for the year ended August 31, 2016.

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the

42 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. Securities pledged as collateral are designated in the Consolidated Portfolio of Investments. In addition, cash collateral is recorded as cash collateral held at broker in the Consolidated Statement of Assets and Liabilities. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is included in “Dividends and interest on securities sold short” in the Consolidated Statement of Operations and

a short position is reported as a liability at fair value in the Consolidated Statement of Assets and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Consolidated Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of August 31, 2016:

	Barclays ($)		Citi ($)(d)			Citi ($)(d)		Deutsche Bank ($)		Goldman Sachs ($)(d)			Goldman Sachs ($)(d)		JPMorgan ($)(d)			JPMorgan ($)(d)			Total ($)
Assets
Forward foreign currency exchange contracts		—		11,587,213			—		—		929,361			—		—			—			12,516,574
Options purchased calls		—		—			—		—		194,080			—		—			—			194,080
Options purchased puts		—		—			—		—		49,293			—		—			—			49,293
OTC total return swap contracts(a)		—		—			—		—		—			87,359		—			—			87,359
OTC total return swap contracts on futures(a)		792,027		—			626,476		212,276		—			—		—			66,626			1,697,405
Total Assets		792,027		11,587,213			626,476		212,276		1,172,734			87,359		—			66,626			14,544,711
Liabilities
Forward foreign currency exchange contracts		—		12,339,950			—		—		98,576			—		—			—			12,438,526
Options contracts written		—		—			—		—		63,138			—		—			—			63,138
OTC total return swap contracts(a)		—		—			—		—		—			20,618		—			—			20,618
OTC total return swap contracts on futures(a)		—		—			91,241		113,485		—			—		—			150,442			355,168
Securities borrowed		—		—			—		—		60,787,288			—		85,914,037			—			146,701,325
Total Liabilities		—		12,339,950			91,241		113,485		60,949,002			20,618		85,914,037			150,442			159,578,775
Total Financial and Derivative Net Assets		792,027		(752,737	)		535,235		98,791		(59,776,268	)		66,741		(85,914,037	)		(83,816	)		(145,034,064	)
Total collateral received (pledged)(b)		792,027		(752,737	)		—		—		(59,776,268	)		—		(85,914,037	)		(83,816	)		(145,734,831	)
Net Amount(c)		—		—			535,235		98,791		—			66,741		—			—			700,767

(a) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

(d) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

Annual Report 2016 43

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

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

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may 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.

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.

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Consolidated Statement of Assets and Liabilities.

Distributions to Shareholders

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

44 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 1.10% to 0.95% as the Fund’s net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 1.08% of the Fund’s average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $2,594,022, and the administrative services fee paid to the Investment Manager was $202,111.

Subadvisory Agreement

The Investment Manager has entered into Subadvisory Agreements with AQR Capital Management, LLC, Wasatch Advisors, Inc. and Water Island Capital, LLC, each of which subadvises a portion of the assets of the Fund. Effective October 20, 2016, Wasatch Advisors, Inc. will no longer serve as a subadviser of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s

determination, subject to the oversight of the Fund’s Board. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

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 Consolidated 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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder

Annual Report 2016 45

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets for Class A shares was 0.10%.

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.

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The 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:

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		2.00	%		1.52	%

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees’ deferred compensation, foreign currency transactions, investments in partnerships, passive foreign investment company (PFIC) holdings, late-year ordinary losses, re-characterization of distributions for investments, derivative investments, tax straddles, swap investments, investments in commodity subsidiaries, constructive sales and non-deductible expenses. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Consolidated Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$(1,483,454	)
Accumulated net realized loss	2,326,352
Paid-in capital	(842,898	)

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

46 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

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

	Year Ended August 31, 2016 ($)		Year Ended August 31, 2015 ($)
Ordinary income		52,422,234		25,062,490
Long-term capital gains		—		15,693,951
Total		52,422,234		40,756,441

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Capital loss carryforwards	$(38,450,359	)
Net unrealized depreciation	(811,470	)

At August 31, 2016, the cost of investments for federal income tax purposes was $722,397,973 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$14,600,266
Unrealized depreciation	(15,411,736	)
Net unrealized depreciation	$(811,470	)

The following capital loss carryforwards, determined at August 31, 2016, 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 ($)
No expiration — short-term		16,103,999
No expiration — long-term		22,346,360
Total		38,450,359

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat late-year ordinary losses of $1,692,575 as arising on September 1, 2016.

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 $1,427,251,178 and $1,480,368,964, respectively, for the year ended August 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Consolidated Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations. Prior to December 8, 2015,

Annual Report 2016 47

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, affiliated shareholders of record owned 100.0% 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.

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies), commodity, currency or index or other instrument or asset may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

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.

Short Selling Risk

Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. Because short sales involve borrowing securities and then selling them, the Fund’s short sales effectively

leverage the Fund’s assets. The Fund’s assets that are used as collateral to secure the Fund’s obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

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

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 Securities and Exchange Commission (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

48 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

August 31, 2016

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 2016 49

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Active Portfolios^® Multi-Manager Alternatives Fund (formerly known as

Active Portfolios^® Multi-Manager Alternative Strategies Fund)

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of Active Portfolios^® Multi-Manager Alternatives Fund (formerly known as Active Portfolios^® Multi-Manager Alternative Strategies Fund) (the “Fund,” a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 25, 2016

50 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income	15.88	%
Dividends Received Deduction	7.18	%

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.

Annual Report 2016 51

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)

52 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee, University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Annual Report 2016 53

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

TRUSTEES AND OFFICERS (continued)

Consultant to the Trustees*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

54 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s 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); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016 55

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) and the Subadvisory Agreements (the Subadvisory Agreements) between the Investment Manager and AQR Capital Management, LLC, Wasatch Advisors, Inc. and Water Island Capital (the Subadvisers) with respect to Active Portfolios^® Multi-Manager Alternatives Fund (the Fund), a series of the Trust.¹ 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 continuation of the Management Agreement and the Subadvisory Agreements (collectively, the Agreements).

In connection with their deliberations regarding the continuation of the Management Agreement and the Subadvisory Agreements, 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 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement and the Subadvisory Agreements. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements 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 recommend for approval or approve the continuation of the Management Agreement and the Subadvisory Agreements. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement and the Subadvisory Agreements 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

• The terms and conditions of the Agreements;

• The subadvisory fees to be charged to the Investment Manager under the Subadvisory Agreements;

• 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 agreements with respect to the provision of distribution and transfer agency services to the Fund;

¹  At a meeting held on August 17, 2016, the Board approved the termination of the Subadvisory Agreement with Wasatch Advisors, Inc., to be effective on or about October 20, 2016.

56 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

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

• Information regarding the management fees 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 and Subadvisers, 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 and the Subadvisers’ compliance systems 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, the Subadvisers and the Investment Manager’s affiliates under the Agreements and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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 and the Subadvisers, which included consideration of the Investment Manager’s and the Subadvisers’ 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. The Board also noted that the Board had approved the Subadvisers’ codes of ethics and compliance programs, and that the Chief Compliance Officer of the Funds reports to the Trustees on the Subadvisers’ compliance programs.

The Committee and the Board considered the diligence and selection process undertaken by the Investment Manager to select the Subadvisers, including the Investment Manager’s rationale for recommending the continuation of the Subadvisory Agreements, and the process for monitoring the Subadvisers’ ongoing performance of services for the Fund. As part of these deliberations, the Committee and the Board considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board also considered the scope of services provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. 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 continuation of the Management Agreement and the Subadvisory Agreements.

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

Annual Report 2016 57

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (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. 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 Management Agreement and the Subadvisory Agreements. 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, 2015, the Fund’s performance was in the ninetieth and sixty-first 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- and three-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, the Investment Manager and the Subadvisers were sufficient, in light of other considerations, to warrant the continuation of the Management Agreement and the Subadvisory Agreements.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement and the Subadvisory Agreements, as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund’s actual management fee and net total expense ratio are ranked in the third and second 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 considered the fees that the Subadvisers charge to their other clients, and noted that the Investment Manager pays the fees of the Subadvisers. 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 management 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 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 management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.

58 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management Agreement and the Subadvisory Agreements.

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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to each Subadviser of its relationship with the Fund.

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 continuation of the Management Agreement and the Subadvisory Agreements.

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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints, if any, in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on a subadviser’s ability to manage assets could potentially have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers may need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these 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 continuation of the Management Agreement and the Subadvisory Agreements.

Annual Report 2016 59

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

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’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 continuation of the Management Agreement and the Subadvisory Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements.

60 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER ALTERNATIVES 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 investor.columbiathreadneedleus.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting investor.columbiathreadneedleus.com, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an email to serviceinquiries@columbiathreadneedle.com.

Annual Report 2016 61

Active Portfolios^® Multi-Manager Alternatives Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN100_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

** Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

	Investment strategies to help meet investor needs
	We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.
	Your success is our priority.
		Retire comfortably
		Fund college or higher education
		Leave a legacy
	Generate an appropriate stream of income in retirement Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income. Worried about running out of income? You are not alone.
	Navigate a changing interest rate environment Even in today’s challenging interest rate environment, it’s still possible to navigate markets and achieve your goals. Make investment choices designed specifically for this market environment.
	Maximize after-tax returns In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options. You’ve worked too hard building your wealth to lose it to taxes.
	Grow assets to achieve financial goals Finding growth opportunities in today’s complex market environment requires strong research capabilities, creative thinking and a disciplined approach. Do your investments deliver the portfolio growth you need?
	Ease the impact of volatile markets With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings. Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit investor.columbiathreadneedleus.com

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it’s also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009-2010.

n In today’s low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

n Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong.

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

n Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, “The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror.” Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today’s investment environment:

1) Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2) Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3) Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20%-30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001–2003 and 2011–2012. Conversely, flows picked up when volatility returned to “normal” levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate “spike” reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what’s the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization, and investors are

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

best served through investment approaches that appreciate that distinction. Even though it’s a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

TABLE OF CONTENTS

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	12
Portfolio of Investments	13
Statement of Assets and Liabilities	22
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	35
Federal Income Tax Information	36
Trustees and Officers	37
Board Consideration and Approval of Management Agreement and Subadvisory Agreements	41
Board Consideration and Approval of Subadvisory Agreement	46
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 investor.columbiathreadneedleus.com 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 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PERFORMANCE OVERVIEW

Performance Summary

n Active Portfolios^® Multi-Manager Small Cap Equity Fund (the Fund) Class A shares returned 6.91% for the 12-month period that ended August 31, 2016.

n The Fund underperformed its benchmark, the Russell 2000 Index, which returned 8.59% over the same period.

n Individual stock selection generally accounted for the Fund’s relative underperformance.

Average Annual Total Returns (%) (for period ended August 31, 2016)
	Inception	1 Year		Life
Class A	04/20/12		6.91		11.27
Russell 2000 Index			8.59		11.98

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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.

2 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (April 20, 2012 — August 31, 2016)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Active Portfolios^® Multi-Manager Small Cap Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2016 3

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

BMO Asset Management Corp.

David Corris, CFA

Thomas Lettenberger, CFA

Columbia Management Investment Advisers, LLC

Christian Stadlinger, Ph.D., CFA

Jarl Ginsberg, CFA, CAIA

Conestoga Capital Advisors, LLC

Robert Mitchell

Joseph Monahan

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

Bruce Geller, CFA

Jeffrey Baker, CFA

Peter Gulli, CFA

Edward Turville, CFA

EAM Investors, LLC

Montie Weisenberger

Morningstar Style Box™

The Morningstar Style Box™ 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.

© 2016 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.

Effective October 26, 2015, BMO Asset Management Corp. (BMO) was added as a manager of a portion of the Fund. The Fund is currently managed by four independent money management firms and by Columbia Management Investment Advisers, LLC (CMIA) and each invests a portion of the portfolio’s assets. As of August 31, 2016, Dalton, Greiner, Harman, Maher & Co., LLC (DGHM), EAM Investors, LLC (EAM), Conestoga Capital Advisors LLC (Conestoga), BMO and CMIA managed approximately 20%, 21%, 19%, 20% and 20% of the portfolio, respectively.

For the 12-month period that ended August 31, 2016, the Fund’s Class A shares returned 6.91%. The Fund underperformed its benchmark, the Russell 2000 Index, which returned 8.59% over the same period. Individual stock selection generally accounted for the Fund’s relative underperformance.

Small Cap Equities Gained Despite Heightened Volatility

Perhaps the most significant factor affecting U.S. small cap equities during the 12-month period ended August 31, 2016 was heightened volatility. Extreme risk aversion dominated the last months of 2015 and first six weeks of 2016 and was driven by slowing economic growth in China, collapsing energy prices, fears that European and emerging market economies were entering a recession, anticipation of tightening Federal Reserve (Fed) policy and then the actual increase of interest rates by the Fed in December 2015. In mid-February 2016, the Fed suggested a halt on further increases in interest rates, and the equity markets switched toward embracing risk, while at the same time continuing to stretch for yield. Further supporting the small-cap segment of the U.S. equity market during the second half of the period was continued economic growth in the U.S., employment expansion and corporate earnings growth in line with consensus expectations. Temporarily adding an element of volatility in June 2016 was the U.K.’s referendum to leave the European Union, popularly known as Brexit, but such a disruption was short-lived, and the equity markets generally trended upward through the end of the period.

For the period as a whole, value stocks significantly outperformed growth stocks within the small-cap equity universe. There was also a wide dispersion of returns across sectors, with consumer staples and information technology posting strong results, while energy and health care declined sharply.

Individual Stock Selection Impacted Fund Performance Most

DGHM: Our portion of the Fund outperformed the benchmark, attributable primarily to an underweight allocation to the weakly performing health care sector and an overweight exposure to the stronger performing financials sector. Stock selection in the health care and energy sectors and in the retail/apparel industry also contributed positively. These positive contributors more than offset the impact of positioning in the information technology, basic materials and business services market segments, which detracted.

The individual positions in our portion of the Fund’s portfolio that contributed most positively were WPX Energy, BioMed Realty Trust and Global Brass and Copper Holdings. WPX Energy, a North American exploration and production

4 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

company, saw its shares appreciate significantly based on its solid balance sheet and the recovery in oil prices. Shares of BioMed Realty Trust, a health care real estate investment trust (REIT), rose due to its purchase by Blackstone’s private equity fund. We sold our shares in BioMed Realty Trust before the close of the reporting period. Global Brass and Copper Holdings is a converter, fabricator and distributor of specialized brass and copper products. Its stock gained as a restructuring during the economic downturn positively positioned the company to capitalize on the upturn in its end markets, particularly building and housing.

Individual positions that disappointed most during the period were Radian Group, Korn/Ferry International and Hersha Hospitality Trust. Radian Group is one of the largest private mortgage insurance companies. While we believe the company should benefit from the improvement in mortgage credit, the recovery in housing and the reduction of the U.S. government’s presence in the single-family mortgage market, industry pricing concerns and general macroeconomic worries drove its shares down. Korn/Ferry International is a recruitment/consulting firm that has grown beyond its core executive search business to also focus on leadership/talent, consulting and outsourcing. Concerns about slowing employment trends and global macroeconomic worries caused its share price to decline. Hersha Hospitality Trust is a hotel REIT with a focus on owning, acquiring, redeveloping and recycling urban hotel assets, both branded and independent. Many of its assets have a cost basis well below replacement and fair market value, and, in our view, there appears to be a disconnect between its market price and the intrinsic value of its portfolio. Its shares declined on concerns about peaking hotel fundamentals.

EAM: Our portion of the Fund underperformed the benchmark due to a combination of difficult stock selection and unfavorable sector allocation effects. Stock selection in health care, especially the biotech/pharma industry, and information technology weighed most on relative results, which were partially offset by positive stock selection within energy and consumer staples. Our growth-oriented style suffered from a significant overweight to the underperforming health care sector and a significant underweight to the outperforming financials sector relative to the benchmark, but results were partially offset by the positive contribution of an overweight to the outperforming telecommunication services sector.

The biggest individual detractors from our portion of the Fund’s results during the period were biopharmaceutical companies Portola Pharmaceuticals and Cara Therapeutics and development stage specialty pharmaceutical company Adamas Pharmaceuticals. Portola Pharmaceuticals’ Phase 3 study for betrixaban in mentally ill patients at risk for blood clots missed the first step in the primary analysis plan, lowering the probability for regulatory and/or commercial success. Shares of Cara Therapeutics and Adamas Pharmaceuticals pulled back in the broad industry correction early in the first quarter of 2016. We sold our portion of the Fund’s shares in each of these three stocks.

Positions in Celator Pharmaceuticals, Clayton Williams Energy and John Bean Technologies were top contributors to our portion of the Fund’s results. Celator Pharmaceuticals is a biopharmaceutical company that engages in developing therapies to treat cancer. Its stock surged on an announcement that its Vyxeos Phase III study met its primary endpoint to

Top Ten Holdings (%) (at August 31, 2016)
EMCOR Group, Inc.	0.9
Cantel Medical Corp.	0.8
Omnicell, Inc.	0.8
Vascular Solutions, Inc.	0.8
Brandywine Realty Trust	0.7
SPS Commerce, Inc.	0.7
Neogen Corp.	0.7
Merit Medical Systems, Inc.	0.6
Blackbaud, Inc.	0.6
Mesa Laboratories, Inc.	0.6

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

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

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

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. Investments in small-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. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for information on these and other risks.

Portfolio Breakdown (%) (at August 31, 2016)
Common Stocks	98.5
Money Market Funds	1.5
Total	100.0

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

Annual Report 2016 5

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Equity Sector Breakdown (%) (at August 31, 2016)
Consumer Discretionary	9.9
Consumer Staples	2.7
Energy	4.2
Financials	24.8
Health Care	15.1
Industrials	16.7
Information Technology	18.9
Materials	4.6
Telecommunication Services	0.1
Utilities	3.0
Total	100.0

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

show a survival improvement for select patients. The company was subsequently acquired by Jazz Pharmaceuticals for access to its paradigm-changing leukemia drug. We sold our shares in Jazz Pharmaceuticals before the close of the reporting period. Clayton Williams Energy, an independent oil and gas producer, outperformed its exploration and production peers, as recent transactions highlighted the potential value of the company’s acreage in the Permian and Eagle Ford basins. The market reacted positively to the company raising $150 million in equity to help reduce its debt load and ramp up its drilling program. John Bean Technologies makes capital equipment for food processing and airports. Its stock benefited from favorable end-market trends in the food equipment business and from favorable consumer dietary changes.

Conestoga: Our portion of the Fund outperformed the benchmark during the period due primarily to an emphasis on high quality companies, that is, those with positive earnings, sustainable earnings growth and strong balance sheets. Stock selection also added to relative returns as did sector allocation.

More specifically, stock selection was strongest in the health care, consumer discretionary and industrials sectors. Having an underweight to the weaker consumer discretionary sector and an overweight to the stronger industrials sector also helped. Only partially offsetting these positive contributors was the detracting effect of having an underweight to financials and no exposure to consumer staples, as each of these sectors outpaced the benchmark during the period. Stock selection in financials and information technology also detracted.

The biggest individual contributors to our portion of the Fund’s results were Cantel Medical, a leading provider of infection prevention and control products and services; AAON, a manufacturer of large-tonnage rooftop HVAC equipment for non-residential buildings; and Trex Company, a market leader in composite decking and railing. We sold our shares in Trex Company before the close of the reporting period. Cantel Medical saw share gains due to strong revenue and operating profit growth, both of which were driven organically. Following several disappointing quarters, AAON announced a significant new product line while also reporting a sharp acceleration in orders. Shares of Trex Company rose due primarily to strong revenue and net income growth. Also, the company made positive comments about a solid start to the decking season and some new international growth opportunities.

Positions in Advisory Board Company, PROS Holdings and Rubicon Project detracted most from our portion of the Fund’s results. Advisory Board Company, which provides best practices research and consulting services to health care systems and hospitals, reported disappointing fourth quarter 2015 and 2016 guidance. Moreover, it recorded a $96 million write-off of goodwill of its acquisition of Royall & Co. The business was challenged in its core health care business, particularly around the revenue cycle management segment. We removed Advisory Board Company from our portion of the Fund on concerns about valuation and disappointment in its management actions. PROS Holdings is a provider of price optimization software and services, which has been transitioning from a perpetual license revenue model to a cloud-based model, but thus far the transition has not gone smoothly. We continue to monitor the company’s progress

6 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

closely. Rubicon Project is a market-leading platform enabling the automation of buying and selling digital advertising. A strong first quarter 2016 earnings report was nevertheless met with disappointment from investors, as guidance was not raised and a key reporting metric was weaker than anticipated. At the end of the period, we believed our investment thesis in Rubicon Project, based on its competitive positioning and strong secular growth, had not changed.

BMO: We began managing a portion of the Fund on October 26, 2015. For the period from October 26, 2015 through August 31, 2016, our portion of the Fund outperformed the benchmark. The primary driver of outperformance was stock selection. Our strategy is designed to add value through stock selection by focusing on fundamentally strong, attractively valued stocks with positive investor interest. During this period, our stock selection model drove outperformance with all three components — strong fundamentals, attractive valuations and investor interest — contributing positively. Sector allocation also contributed positively to our portion of the Fund’s performance.

The strongest-contributing sectors to our portion of the Fund were information technology, energy and utilities. In information technology, both stock selection, particularly within the electronic equipment and communications equipment industries, and an overweight to the sector proved beneficial. In energy, stock selection, especially among exploration and production companies, and having an underweight to the poorly performing sector contributed positively. The primary driver of energy returns during the period was oil price volatility, with prices plummeting in late 2015 and early 2016, then rebounding following mid-February. In utilities, stock selection more than offset the slightly negative allocation effect of being underweight the strongly performing sector. The primary drivers of the sector’s returns were the continued decline in interest rates, along with rising risk aversion and concern about global economic growth and the potential impact of Brexit.

The sectors that detracted most from our portion of the Fund’s performance during the period were industrials, consumer discretionary and health care, with stock selection a challenge in each. In industrials, stock selection within the transportation industry hurt most. In consumer discretionary, choices in the retail industry dampened results. In health care, being overweight the underperforming sector also detracted.

From an individual holdings perspective, the biggest positive contributors to our portion of the Fund’s results included Amkor Technology, a provider of semiconductor packaging and testing, which gained as business improvement led to strong financial results and an improved outlook. Shares of NeoPhotonics, a maker of electronic communication products, gained, as its strong position within its niche led to growth, particularly in China. We sold our portion of the Fund’s position in NeoPhotonics as shares became expensive. Quad/Graphics, a commercial printer, was another strong positive contributor, due primarily to a sharp rebound in its share price when investors recognized the company’s strong cash flows. Conversely, individual detractors included Hornbeck Offshore Services, a provider of offshore energy services, whose shares declined due to a combination of declining oil prices and relatively high debt levels. Shares of Express, an apparel retailer, declined, as a difficult retail environment led to a decline in

Annual Report 2016 7

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

same-store sales. Another detractor was Arc Best, a less-than-truckload transportation provider, whose shares declined due to a difficult trucking environment in which rates softened. We sold our shares in Arc Best before the close of the reporting period.

CMIA: During the period, our portion of the Fund underperformed the benchmark, against which our portion of the Fund is managed. Stock selection was the primary driver of underperformance relative to the benchmark in our portion of the Fund — particularly in the consumer discretionary, financials and health care sectors. Having overweighted allocations to consumer discretionary and health care, each of which lagged the benchmark during the period, hurt as well. In financials, our portion of the Fund’s bank holdings lagged during the period in 2016 when risk aversion was low, but, importantly, we did not see a deterioration in their fundamental earnings power. Only partially offsetting these detractors was effective stock selection in energy, industrials and information technology, which contributed positively. In energy, a focus on companies with strongly producing assets and healthy balance sheets was most beneficial. In industrials, positions in the construction and machinery industries performed particularly well.

The biggest individual detractors from our portion of the Fund’s results were Sequential Brands, which owns a portfolio of consumer and apparel brands; PharMerica, which provides institutional pharmacy services to health care operators; and Esterline Technologies, which operates in the defense and aerospace sector. While we believe the acquisition of Martha Stewart will benefit Sequential Brands over the long term, it created uncertainty in the short-term for Sequential Brands. We sold our portion of the Fund’s position in PharMerica after it announced significant restructuring of client service contracts that pushed earnings into later years. We also exited our portion of the Fund’s position in Esterline Technologies after it surprised with a sequence of poor profitability contracts.

From an individual holdings perspective, the top three positive contributors to our portion of the Fund’s results were Parsley Energy, an energy production company; MasTec, which operates in the infrastructure development mostly of pipelines and telecommunication lines; and Amerisafe, which provides workers’ compensation insurance mostly for small and midsized companies. Parsley Energy benefited from its strong production profile in the Permian Basin. MasTec grew revenues and cash flows above market expectations as it expanded its business. Shares of Amerisafe rose on improvement in the labor markets, which provided a demand increase for its products.

Sector Weighting Changes Driven By Bottom-Up Stock Selection

The Fund’s portfolio turnover rate for the 12-month period was 115%, inclusive of all portions of the Fund.

DGHM: We initiated a position in our portion of the Fund during the period in Continental Building Products, a leading producer of gypsum wallboard used in building and construction. The company should benefit, in our view, from its strong market positon and high barriers to entry; low cost position; solid leverage to the ongoing recovery in U.S. housing markets; healthy free cash

8 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

flow; stock buybacks; and reasonable valuation. We established a position in our portion of the Fund in Dean Foods Company, the largest processor and distributor of milk and dairy products in the U.S. Its management is driving acceleration of a more diverse dairy portfolio with better margins. We believe ongoing consolidation and logistic opportunities provide further margin upside. In our view, global dairy fundamentals remain favorable, and the company has an improved balance sheet and a solid free cash flow supporting increased shareholder returns. Conversely, we sold our portion of the Fund’s position in home accessories retailer Kirkland’s due to weakening fundamentals. We also exited our portion of the Fund’s position in reinsurance company Maiden Holdings due to concerns about the company’s reserve development and investment profile.

We do not engage in significant sector timing activities. Based on individual stock selection, our portion of the Fund was overweight relative to the benchmark in financials, was underweight consumer cyclicals, non-cyclicals and information technology and was rather neutral to the benchmark in utilities and industrials at the end of the period.

EAM: We initiated a Fund position in Exelixis, a biopharmaceutical company developing small molecule therapies for the treatment of cancer, including the recently FDA-approved cabometyx, a therapy for the treatment of renal cell carcinoma. We established a position in Oclaro, a provider of optical components for the communications market. Oclaro reported strong revenues and guidance, as sales for its products were robust in China and the U.S. We purchased shares of Advanced Micro Devices, which designs computer-processor and graphic technologies that power intelligent devices, including personal computers, game consoles and servers. In our view, the company is effectively executing a turnaround by monetizing its intellectual property with a new Chinese partner and launching next generation chips in the computer graphics and virtual reality markets.

We sold our portion of the Fund’s position in Lipocine, a specialty pharmaceutical company developing innovative pharmaceutical products for use in men’s and women’s health using its proprietary drug delivery technologies. The market did not react to news of multiple upcoming catalysts for its several drug candidates, and so we sold the position in favor of higher conviction ideas. We exited our portion of the Fund’s position in consumer banking services provider BofI Holdings, as we believed an announcement concerning its lending practices may act as an overhang on the stock and/or adversely affect its fundamental business trends. We eliminated our portion of the Fund’s position in Collegium Pharmaceuticals, a pharmaceutical company focused on abuse-deterrent opioids, based on concerns raised around the launch trajectory of its FDA-approved tamper-deterrent, extended-release form of oxycodone.

Changes in sector allocation are a by-product of our purely bottom-up investment process. That said, overall, we increased our portion of the Fund’s exposure relative to the benchmark in energy, industrials and consumer discretionary during the period. We decreased relative allocations to health care and information technology. As of August 31, 2016, our portion of the Fund was overweight relative to the benchmark in health care, information technology, energy, industrials and consumer discretionary and underweight relative to the benchmark in financials and utilities.

Annual Report 2016 9

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Our portion of the Fund was rather neutrally weighted to the benchmark in telecommunication services, materials and consumer staples.

Conestoga: During the period, we established a new position in our portion of the Fund in WageWorks, a leading provider of consumer-directed benefit accounts, based largely on its technology innovation, high-touch claims processing and customer service. We initiated a position in our portion of the Fund in Press Ganey Holdings, which is the market leader in measuring patient experience, primarily through patient surveys. Its mission is “to help healthcare organizations reduce suffering and improve clinical quality, safety and the overall patient experience.” In addition to the sale of Advisory Board Company, already mentioned, we sold our portion of the Fund’s positions in Hibbett Sports, which owns and operates sporting goods stores, primarily in smaller markets across the Southeast U.S. The company did not meet our earnings growth expectations, and we expect the company to have continued growth challenges over the next several years.

At Conestoga, sector allocations are driven more by our bottom-up stock selection process than by any top-down or sector level research. That said, we did not make any material changes in sector weightings relative to the benchmark during the period. At the end of August 2016, our portion of the Fund was overweight relative to the benchmark in health care, industrials and information technology; underweight consumer discretionary, consumer staples, financials, materials and utilities; and relatively neutral in energy and telecommunication services.

BMO: Since we assumed management of a portion of the Fund, we established a position in Minerals Technologies, a producer of specialty minerals. Its shares had declined as the company was perceived to have significant commodity exposure. The company, however, has been consistently profitable with strong cash flows for several years, and we felt the share decline early in 2016 offered an opportunity to own a high quality company at what we considered to be an attractive valuation. We also initiated a position in SYNNEX, a developer and distributor of technology products. Despite strong fundamental performance, its shares had declined, and, in our view, its valuation became attractive. The company has a history of consistent profitable growth. We purchased shares of Atwood Oceanics, an offshore drilling company. While its shares had sold off significantly as energy prices declined, Atwood Oceanics had longer term contracts in place that would provide, we believed, continued profitability into 2017. Conversely, we sold our portion of the Fund’s position in Life Storage, a self-storage real estate investment trust. In our view, while its fundamentals remained strong, its shares, had become expensive. We exited our portion of the Fund’s position in Hancock Holdings, a Southeast bank, as both its fundamentals and valuation had deteriorated, largely due to energy exposure. Several other holdings were sold due to announced acquisitions, including Polycom, FirstMerit, Empire District Electric and PrivateBancorp.

As a result of bottom-up stock attractiveness strategy, rather than top-down sector positioning, our portion of the Fund’s weight to materials, information technology and industrials increased and its weights to consumer discretionary, financial and utilities decreased. As of August 31, 2016, our portion of the Fund was overweight relative to the benchmark in information technology, industrials, health care and materials and was underweight

10 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

relative to the benchmark in consumer discretionary, financials, utilities and energy. Our portion of the Fund was rather neutrally weighted compared to the benchmark in consumer staples and telecommunication services at the end of August 2016.

CMIA: During the period, we established a position in SkyWest, which operates as a feeder airline under the brands United Express and Delta Connection. The company has embarked on a fleet transition program replacing smaller 50-seat aircraft for larger aircraft viewed as more efficient in terms of fuel and crew costs. We exited our portion of the Fund’s position in Red Robin Gourmet Burgers. A general downturn in casual restaurant visits translated into disappointing same-store sales for the burger chain. The company has implemented improvements to its menu; however, the changes have not yet stemmed the weakening. We also sold our portion of the Fund’s position in Super Micro Computer, which manufactures highly optimized application server systems and subsystems. While it reported earnings in line with market expectations, the company guided to lower than expected earnings for the second quarter of 2016, as it saw headwinds in a weakening macro climate and pushouts of orders by some of its larger clients.

Based on our individual fundamental, bottom-up stock selection process, notable sector shifts in our portion of the Fund included increased allocations to industrials and information technology and decreased exposure to consumer discretionary. At the end of the period, our portion of the Fund was overweight relative to the benchmark in energy, industrials, materials, consumer staples, health care and consumer discretionary. Our portion of the Fund was underweight relative to the benchmark in information technology, telecommunication services, utilities and financials at the end of August 2016.

Annual Report 2016 11

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY 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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period  ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,178.70	1,018.20		7.56	7.00		1.38

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.

12 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Common Stocks 98.9%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 9.8%
Auto Components 2.3%
Cooper Tire & Rubber Co.		18,830		640,032
Cooper-Standard Holding, Inc.(a)		43,451		4,303,821
Dana, Inc.		137,542		1,983,356
Dorman Products, Inc.(a)		75,400		4,755,478
Drew Industries, Inc.		13,093		1,333,522
Fox Factory Holding Corp.(a)		120,100		2,493,276
Spartan Motors, Inc.		156,266		1,540,783
Superior Industries International, Inc.		48,428		1,409,739
Tenneco, Inc.(a)		25,700		1,434,831
Tower International, Inc.(a)		89,753		2,180,998
Total				22,075,836
Automobiles 0.5%
Thor Industries, Inc.		62,678		5,086,320
Diversified Consumer Services 1.3%
American Public Education, Inc.(a)		31,351		648,025
Grand Canyon Education, Inc.(a)		74,800		3,106,444
K12, Inc.(a)		65,817		786,513
Nord Anglia Education, Inc.(a)		61,000		1,291,980
ServiceMaster Global Holdings, Inc.(a)		98,169		3,662,686
Sotheby’s		57,500		2,279,875
Total				11,775,523
Hotels, Restaurants & Leisure 1.0%
Dave & Buster’s Entertainment, Inc.(a)		22,345		1,037,925
Isle of Capri Casinos, Inc.(a)		84,835		1,471,887
Jack in the Box, Inc.		13,325		1,325,305
Papa John’s International, Inc.		16,039		1,200,198
Penn National Gaming, Inc.(a)		109,200		1,548,456
Planet Fitness, Inc., Class A(a)		64,967		1,406,536
Wingstop, Inc.		44,770		1,356,083
Total				9,346,390
Household Durables 0.7%
CalAtlantic Group, Inc.		28,300		1,032,667
Cavco Industries, Inc.(a)		12,798		1,338,287
Ethan Allen Interiors, Inc.		37,624		1,258,899
Helen of Troy Ltd.(a)		8,971		810,440
Tempur Sealy International, Inc.(a)		15,961		1,251,662
Universal Electronics, Inc.(a)		17,404		1,288,418
Total				6,980,373
Internet & Catalog Retail 0.3%
Duluth Holdings, Inc., Class B(a)		41,009		1,242,983
Nutrisystem, Inc.		46,724		1,346,586
Total				2,589,569

Common Stocks (continued)
Issuer	Shares		Value ($)
Leisure Products 0.2%
Callaway Golf Co.		122,069		1,394,028
JAKKS Pacific, Inc.(a)		51,235		471,874
Total				1,865,902
Media 0.5%
AMC Entertainment Holdings, Inc., Class A		45,500		1,383,655
Entravision Communications Corp., Class A		269,320		2,025,286
Meredith Corp.		13,068		693,127
Sinclair Broadcast Group, Inc., Class A		34,000		968,320
Total				5,070,388
Multiline Retail 0.2%
Big Lots, Inc.		26,848		1,324,143
Specialty Retail 2.4%
Abercrombie & Fitch Co., Class A		73,115		1,297,060
American Eagle Outfitters, Inc.		138,064		2,559,707
Burlington Stores, Inc.(a)		16,420		1,333,632
Cato Corp. (The), Class A		27,321		936,564
Children’s Place, Inc. (The)		37,158		3,024,661
Dick’s Sporting Goods, Inc.		57,329		3,359,479
Express, Inc.(a)		163,518		1,934,418
Finish Line, Inc., Class A (The)		56,100		1,350,327
Five Below, Inc.(a)		26,686		1,189,128
GameStop Corp., Class A		100,456		2,851,946
Genesco, Inc.(a)		21,574		1,567,135
Rent-A-Center, Inc.		73,935		903,486
TravelCenters of America LLC(a)		34,357		233,628
Total				22,541,171
Textiles, Apparel & Luxury Goods 0.4%
Culp, Inc.		15,444		489,729
Deckers Outdoor Corp.(a)		42,680		2,789,138
Sequential Brands Group, Inc.(a)		99,300		723,897
Total				4,002,764
Total Consumer Discretionary				92,658,379
CONSUMER STAPLES 2.6%
Beverages 0.4%
MGP Ingredients, Inc.		88,232		3,523,986
Food & Staples Retailing 0.6%
Casey’s General Stores, Inc.		8,968		1,177,588
Performance Food Group Co.(a)		38,000		976,600
SpartanNash Co.		42,463		1,359,665
Weis Markets, Inc.		49,462		2,519,595
Total				6,033,448

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

Annual Report 2016 13

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
Food Products 1.4%
AdvancePierre Foods Holdings, Inc.		68,000		1,721,080
B&G Foods, Inc.		27,133		1,288,275
Darling Ingredients, Inc.(a)		199,113		2,803,511
Dean Foods Co.		130,194		2,240,639
Fresh Del Monte Produce, Inc.		21,209		1,233,727
Post Holdings, Inc.(a)		21,900		1,856,682
Sanderson Farms, Inc.		20,194		1,943,269
Total				13,087,183
Household Products 0.1%
Central Garden & Pet Co.(a)		53,434		1,372,185
Personal Products 0.1%
Nutraceutical International Corp.(a)		40,118		1,016,189
Total Consumer Staples				25,032,991
ENERGY4.1%
Energy Equipment & Services 0.9%
Atwood Oceanics, Inc.		80,672		637,309
Hornbeck Offshore Services, Inc.(a)		87,529		478,784
Newpark Resources, Inc.(a)		111,234		785,312
Patterson-UTI Energy, Inc.		194,010		3,781,255
Precision Drilling Corp.		443,161		1,825,823
US Silica Holdings, Inc.		25,730		1,009,902
Total				8,518,385
Oil, Gas & Consumable Fuels 3.2%
Aegean Marine Petroleum Network, Inc.		77,400		773,226
Bill Barrett Corp.(a)		173,904		1,154,723
Carrizo Oil & Gas, Inc.(a)		58,874		2,254,285
Clayton Williams Energy, Inc.(a)		26,906		1,698,038
Matador Resources Co.(a)		176,826		4,058,157
Pacific Ethanol, Inc.(a)		208,756		1,348,564
Parsley Energy, Inc., Class A(a)		92,023		3,114,979
PDC Energy, Inc.(a)		78,753		5,229,199
QEP Resources, Inc.		39,083		746,485
Resolute Energy Corp.(a)		73,777		1,247,569
RSP Permian, Inc.(a)		71,530		2,793,246
Sanchez Energy Corp.(a)		81,873		703,289
SM Energy Co.		43,000		1,628,840
Teekay Tankers Ltd., Class A		164,500		429,345
Whiting Petroleum Corp.(a)		60,000		437,400
WPX Energy, Inc.(a)		267,079		3,204,948
Total				30,822,293
Total Energy				39,340,678

Common Stocks (continued)
Issuer	Shares		Value ($)
FINANCIALS 24.5%
Banks 10.1%
1st Source Corp.		12,641		447,365
Ameris Bancorp		54,500		1,897,690
Associated Banc-Corp.		163,733		3,248,463
Banc of California, Inc.		36,343		811,176
BancFirst Corp.		7,301		500,848
BancorpSouth, Inc.		85,279		2,123,447
Bank of the Ozarks, Inc.		48,500		1,900,230
Boston Private Financial Holdings, Inc.		146,658		1,888,955
Brookline Bancorp, Inc.		95,267		1,137,488
Capital Bank Financial Corp. Class A(a)		70,205		2,198,118
Cathay General Bancorp		40,000		1,256,800
Central Pacific Financial Corp.		62,286		1,593,899
City Holding Co.		17,583		889,524
Community Bank System, Inc.		60,600		2,875,470
Community Trust Bancorp, Inc.		85,979		3,169,186
Customers Bancorp, Inc.(a)		117,971		3,154,544
Fidelity Southern Corp.		41,485		744,656
First Interstate Bancsystem, Inc.		42,163		1,296,091
First Midwest Bancorp, Inc.		183,789		3,596,751
Fulton Financial Corp.		235,756		3,409,032
Great Southern Bancorp, Inc.		9,146		384,955
Great Western Bancorp, Inc.		60,993		2,088,400
Hancock Holding Co.		147,742		4,820,821
Hanmi Financial Corp.		58,969		1,546,757
Heartland Financial USA, Inc.		20,821		756,219
Hilltop Holdings, Inc.(a)		73,859		1,672,168
Hope Bancorp, Inc.		220,416		3,791,155
Huntington Bancshares, Inc.		1		10
Independent Bank Corp.		50,300		2,664,894
Investors Bancorp, Inc.		196,307		2,404,761
MB Financial, Inc.		37,000		1,449,660
Old National Bancorp		350,049		4,956,694
Preferred Bank/Los Angeles		10,381		363,854
Prosperity Bancshares, Inc.		36,889		2,046,233
Renasant Corp.		71,600		2,538,220
Sandy Spring Bancorp, Inc.		173,163		5,459,829
South State Corp.		19,146		1,454,904
Sterling Bancorp		143,200		2,556,120
Trico Bancshares		23,044		623,110
Trustmark Corp.		76,688		2,174,872
UMB Financial Corp.		20,200		1,228,160
Umpqua Holdings Corp.		56,100		921,162

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

14 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
Union Bankshares Corp.		75,100		2,090,033
Univest Corporation of Pennsylvania		56,917		1,328,443
WesBanco, Inc.		69,902		2,287,892
Western Alliance Bancorp(a)		64,000		2,446,080
Wintrust Financial Corp.		64,491		3,584,410
Total				95,779,549
Capital Markets 0.8%
Janus Capital Group, Inc.		106,182		1,578,926
KCG Holdings, Inc., Class A(a)		81,799		1,181,996
Triplepoint Venture Growth BDC Corp.		34,735		393,200
Virtu Financial, Inc. Class A		72,800		1,187,368
Westwood Holdings Group, Inc.		64,500		3,228,225
Total				7,569,715
Consumer Finance 0.1%
Nelnet, Inc., Class A		17,110		605,694
Regional Management Corp.(a)		25,656		554,683
Total				1,160,377
Diversified Financial Services 0.1%
Cardtronics PLC, Class A(a)		27,393		1,230,220
Insurance 3.5%
American Equity Investment Life Holding Co.		89,518		1,577,307
AMERISAFE, Inc.		64,470		3,868,845
Amtrust Financial Services, Inc.		55,500		1,470,195
Argo Group International Holdings Ltd.		79,501		4,510,887
CNO Financial Group, Inc.		59,500		966,875
Employers Holdings, Inc.		120,899		3,683,792
First American Financial Corp.		87,918		3,788,387
HCI Group, Inc.		42,329		1,345,639
Horace Mann Educators Corp.		107,648		3,934,534
Maiden Holdings Ltd.		84,597		1,168,285
MBIA, Inc.(a)		97,500		785,850
Navigators Group, Inc. (The)		5,485		515,371
Selective Insurance Group, Inc.		51,748		2,064,745
United Fire Group, Inc.		68,453		2,957,854
United Insurance Holdings Corp.		20,343		320,402
Total				32,958,968
Real Estate Investment Trusts (REITs) 7.6%
Agree Realty Corp.		26,045		1,249,900
American Assets Trust, Inc.		85,628		3,793,320
Brandywine Realty Trust		428,354		6,909,350
Chesapeake Lodging Trust		123,238		3,140,104
Colony Capital, Inc.		272,399		5,031,210
Colony Starwood Homes		39,967		1,238,977

Common Stocks (continued)
Issuer	Shares		Value ($)
Cousins Properties, Inc.		464,954		5,123,793
CyrusOne, Inc.		25,836		1,313,502
DCT Industrial Trust, Inc.		31,469		1,532,855
DuPont Fabros Technology, Inc.		30,923		1,311,135
EPR Properties		16,523		1,294,081
First Industrial Realty Trust, Inc.		161,180		4,637,149
First Potomac Realty Trust		95,363		960,305
Four Corners Property Trust, Inc.		60,050		1,243,635
Getty Realty Corp.		20,671		486,389
Hersha Hospitality Trust		273,401		5,342,256
Highwoods Properties, Inc.		39,200		2,079,168
Hudson Pacific Properties, Inc.		46,000		1,539,620
Kite Realty Group Trust		160,031		4,621,695
LaSalle Hotel Properties		53,200		1,492,792
Mack-Cali Realty Corp.		143,633		3,987,252
Physicians Realty Trust		63,172		1,352,513
PS Business Parks, Inc.		19,149		2,121,326
QTS Realty Trust Inc., Class A		23,412		1,268,696
RLJ Lodging Trust		72,137		1,683,678
Ryman Hospitality Properties, Inc.		14,080		759,757
Saul Centers, Inc.		11,574		767,125
Select Income REIT		67,549		1,843,412
STORE Capital Corp.		40,850		1,210,385
Sun Communities, Inc.		23,100		1,767,612
Washington Real Estate Investment Trust		27,357		889,103
Total				71,992,095
Real Estate Management & Development 0.5%
Kennedy-Wilson Holdings, Inc.		242,637		5,352,572
Thrifts & Mortgage Finance 1.8%
BofI Holding, Inc.(a)		44,000		946,000
First Defiance Financial Corp.		11,531		524,545
Meta Financial Group, Inc.		22,034		1,356,193
MGIC Investment Corp.(a)		305,000		2,467,450
Provident Financial Services, Inc.		177,964		3,838,683
Radian Group, Inc.		217,622		2,983,598
TrustCo Bank Corp.		70,365		502,406
Walker & Dunlop, Inc.(a)		51,726		1,370,739
Washington Federal, Inc.		85,892		2,276,138
WSFS Financial Corp.		26,200		1,019,180
Total				17,284,932
Total Financials				233,328,428

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

Annual Report 2016 15

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
HEALTH CARE 14.9%
Biotechnology 2.0%
Acorda Therapeutics, Inc.(a)		44,372		1,068,478
Advaxis, Inc.(a)		94,953		1,094,808
Aptevo Therapeutics, Inc.(a)		14,923		40,591
Bluebird Bio, Inc.(a)		10,000		493,400
Cytokinetics, Inc.(a)		115,140		1,389,740
Emergent Biosolutions, Inc.(a)		29,847		795,422
Exelixis, Inc.(a)		120,183		1,340,040
Ligand Pharmaceuticals, Inc.(a)		42,300		4,370,013
Puma Biotechnology, Inc.(a)		21,536		1,273,854
Radius Health, Inc.(a)		22,620		1,240,481
Repligen Corp.(a)		139,000		4,307,610
TESARO, Inc.(a)		15,014		1,271,536
Total				18,685,973
Health Care Equipment & Supplies 6.9%
Abaxis, Inc.		59,125		2,964,527
ABIOMED, Inc.(a)		11,235		1,325,056
Align Technology, Inc.(a)		50,600		4,700,740
Analogic Corp.		35,325		3,143,925
Cantel Medical Corp.		99,318		7,509,434
Cardiovascular Systems, Inc.(a)		69,710		1,705,804
Cynosure Inc., Class A(a)		27,345		1,424,401
Glaukos Corp.(a)		37,571		1,121,119
Globus Medical, Inc., Class A(a)		49,700		1,154,531
Hill-Rom Holdings, Inc.		22,009		1,305,354
Insulet Corp.(a)		29,811		1,261,900
Integra LifeSciences Holdings Corp.(a)		16,415		1,418,584
iRadimed Corp.(a)		63,500		1,185,545
Masimo Corp.(a)		23,339		1,380,268
Merit Medical Systems, Inc.(a)		246,726		5,980,638
Natus Medical, Inc.(a)		31,730		1,234,614
Neogen Corp.(a)		104,162		6,151,808
Nevro Corp.(a)		15,282		1,443,079
NuVasive, Inc.(a)		21,022		1,376,310
OraSure Technologies, Inc.(a)		154,671		1,325,530
Penumbra, Inc.(a)		19,830		1,399,205
Spectranetics Corp. (The)(a)		51,020		1,255,602
Syneron Medical Ltd.(a)		325,596		2,135,910
Vascular Solutions, Inc.(a)		149,064		7,180,413
West Pharmaceutical Services, Inc.		15,213		1,244,880
Wright Medical Group NV(a)		66,000		1,634,160
Zeltiq Aesthetics, Inc.(a)		32,906		1,254,377
Total				65,217,714

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care Providers & Services 1.6%
Aceto Corp.		37,010		747,232
Amsurg Corp.(a)		17,500		1,136,100
BioTelemetry, Inc.(a)		66,724		1,232,392
Kindred Healthcare, Inc.		39,669		437,946
LHC Group, Inc.(a)		30,000		1,066,800
Magellan Health, Inc.(a)		23,774		1,357,971
Molina Healthcare, Inc.(a)		15,368		826,952
National Research Corp., Class A		58,375		924,076
National Research Corp., Class B		27,180		932,002
PharMerica Corp.(a)		50,173		1,267,370
Surgical Care Affiliates, Inc.(a)		19,711		813,079
Triple-S Management Corp., Class B(a)		35,400		774,906
U.S. Physical Therapy, Inc.		13,292		838,061
VCA, Inc.(a)		28,300		2,003,923
WellCare Health Plans, Inc.(a)		11,823		1,332,452
Total				15,691,262
Health Care Technology 2.4%
Cotiviti Holdings, Inc.(a)		44,142		1,467,280
Evolent Health, Inc., Class A(a)		38,866		966,598
HealthStream, Inc.(a)		170,900		4,544,231
Medidata Solutions, Inc.(a)		81,823		4,426,624
Omnicell, Inc.(a)		197,500		7,422,050
Press Ganey Holdings, Inc.(a)		70,385		2,835,812
Veeva Systems Inc., Class A(a)		34,686		1,419,351
Total				23,081,946
Life Sciences Tools & Services 1.2%
Bio-Techne Corp.		19,400		2,043,790
Luminex Corp.(a)		54,383		1,145,850
NeoGenomics, Inc.(a)		162,609		1,307,376
PAREXEL International Corp.(a)		63,976		4,352,287
Patheon NV(a)		43,000		1,203,570
Pra Health Sciences, Inc.(a)		26,659		1,347,613
Total				11,400,486
Pharmaceuticals 0.8%
Amphastar Pharmaceuticals, Inc.(a)		59,810		1,136,390
Catalent, Inc.(a)		46,200		1,165,626
Dermira, Inc.(a)		50,091		1,554,824
Heska Corp.(a)		24,833		1,355,137
Intra-Cellular Therapies, Inc.(a)		28,855		1,164,011
Lannett Co., Inc.(a)		15,269		517,008
Supernus Pharmaceuticals, Inc.(a)		50,415		1,077,873
Total				7,970,869
Total Health Care				142,048,250

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

16 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
INDUSTRIALS16.6%
Aerospace & Defense 0.8%
Curtiss-Wright Corp.		31,933		2,870,777
DigitalGlobe, Inc.(a)		24,221		656,147
HEICO Corp.		16,930		1,150,563
KEYW Holding Corp. (The)(a)		112,192		1,118,554
Moog, Inc., Class A(a)		30,779		1,815,653
Total				7,611,694
Air Freight & Logistics 0.7%
Air Transport Services Group, Inc.(a)		88,716		1,284,608
Atlas Air Worldwide Holdings, Inc.(a)		40,769		1,514,161
HUB Group, Inc., Class A(a)		35,333		1,439,820
XPO Logistics, Inc.(a)		64,408		2,305,806
Total				6,544,395
Airlines 0.3%
Skywest, Inc.		94,605		2,670,699
Building Products 2.1%
AAON, Inc.		188,150		5,324,645
Continental Building Product(a)		82,892		1,841,031
Gibraltar Industries, Inc.(a)		33,204		1,267,065
Patrick Industries, Inc.(a)		21,766		1,393,677
Simpson Manufacturing Co., Inc.		121,925		5,350,069
Trex Co., Inc.(a)		77,500		4,800,350
Total				19,976,837
Commercial Services & Supplies 2.9%
ABM Industries, Inc.		52,600		2,021,418
ACCO Brands Corp.(a)		179,622		1,796,220
Brink’s Co. (The)		40,315		1,471,497
Deluxe Corp.		32,300		2,201,891
Healthcare Services Group, Inc.		107,750		4,349,867
Hudson Technologies, Inc.(a)		205,463		1,329,346
Mobile Mini, Inc.		82,900		2,478,710
Quad/Graphics, Inc.		51,459		1,394,024
Rollins, Inc.		118,425		3,375,112
Steelcase, Inc., Class A		250,640		3,744,562
Tetra Tech, Inc.		37,919		1,338,541
Unifirst Corp.		12,158		1,560,966
Total				27,062,154
Construction & Engineering 2.3%
Aegion Corp.(a)		59,635		1,104,440
Argan, Inc.		28,933		1,383,287
EMCOR Group, Inc.		147,598		8,451,462
Granite Construction, Inc.		55,878		2,682,144
MasTec, Inc.(a)		129,645		3,818,045

Common Stocks (continued)
Issuer	Shares		Value ($)
Quanta Services, Inc.(a)		118,340		3,044,888
Tutor Perini Corp.(a)		51,755		1,200,198
Total				21,684,464
Electrical Equipment 0.3%
EnerSys		19,997		1,407,389
TPI Composites, Inc.(a)		69,024		1,372,887
Total				2,780,276
Machinery 3.1%
Barnes Group, Inc.		43,300		1,790,022
Chart Industries, Inc.(a)		69,710		2,099,665
Columbus McKinnon Corp.		25,758		452,310
EnPro Industries, Inc.		17,343		934,788
Franklin Electric Co., Inc.		42,200		1,614,150
Global Brass & Copper Holdings, Inc.		177,463		4,981,386
John Bean Technologies Corp.		18,485		1,269,550
Kadant, Inc.		11,551		619,596
Lydall, Inc.(a)		28,102		1,350,020
Mueller Industries, Inc.		91,622		3,166,456
Mueller Water Products, Inc., Class A		104,137		1,259,016
Nordson Corp.		12,924		1,275,987
Oshkosh Corp.		37,600		2,027,768
Proto Labs, Inc.(a)		70,300		3,846,816
Sun Hydraulics Corp.		100,700		3,103,574
Total				29,791,104
Professional Services 2.0%
Exponent, Inc.		71,600		3,610,788
FTI Consulting, Inc.(a)		12,971		574,486
Korn/Ferry International		149,903		3,573,687
RPX Corp.(a)		124,598		1,304,541
TransUnion(a)		40,729		1,343,650
TrueBlue, Inc.(a)		145,726		3,184,113
Wageworks, Inc.(a)		80,532		4,976,072
Total				18,567,337
Road & Rail 1.2%
ArcBest Corp.		93,018		1,703,159
Knight Transportation, Inc.		101,966		2,865,245
Old Dominion Freight Line, Inc.(a)		45,036		3,203,411
Roadrunner Transportation Systems, Inc.(a)		144,747		1,207,190
Swift Transportation Co.(a)		149,016		2,773,188
Total				11,752,193
Trading Companies & Distributors 0.9%
Aircastle Ltd.		48,628		1,052,796
Beacon Roofing Supply, Inc.(a)		67,473		3,102,409

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

Annual Report 2016 17

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
MRC Global, Inc.(a)		83,853		1,230,124
Neff Corp. Class A(a)		82,124		771,144
SiteOne Landscape Supply, Inc.(a)		73,562		2,813,011
Total				8,969,484
Total Industrials				157,410,637
INFORMATION TECHNOLOGY18.7%
Communications Equipment 1.5%
Finisar Corp.(a)		134,074		2,839,687
InterDigital, Inc.		20,111		1,436,127
Lumentum Holdings, Inc.(a)		41,829		1,469,035
NETGEAR, Inc.(a)		55,632		3,171,024
Netscout Systems, Inc.(a)		96,054		2,841,277
Oclaro, Inc.(a)		357,975		2,820,843
Total				14,577,993
Electronic Equipment, Instruments & Components 3.7%
Belden, Inc.		16,488		1,229,840
Benchmark Electronics, Inc.(a)		70,361		1,697,107
Coherent, Inc.(a)		11,043		1,161,503
Fabrinet(a)		45,600		1,770,192
II-VI, Inc.(a)		140,118		2,969,100
Insight Enterprises, Inc.(a)		47,635		1,457,631
IPG Photonics Corp.(a)		37,370		3,250,443
Mesa Laboratories, Inc.		48,617		5,462,606
Plexus Corp.(a)		21,095		973,534
Rogers Corp.(a)		63,293		3,538,712
Sanmina Corp.(a)		64,441		1,693,509
Scansource, Inc.(a)		25,714		879,676
SYNNEX Corp.		35,655		3,785,491
Tech Data Corp.(a)		4,720		350,413
TTM Technologies, Inc.(a)		263,250		2,824,673
Vishay Intertechnology, Inc.		144,124		2,040,796
Total				35,085,226
Internet Software & Services 3.3%
2U, Inc.(a)		37,273		1,317,228
Alarm.com Holdings, Inc.(a)		48,632		1,333,976
Brightcove, Inc.(a)		115,837		1,493,139
CoStar Group, Inc.(a)		17,825		3,694,231
DHI Group, Inc.(a)		110,470		855,038
Envestnet, Inc.(a)		25,015		988,343
Five9, Inc.(a)		107,176		1,606,568
Instructure, Inc.(a)		51,841		1,240,555
LogMeIn, Inc.(a)		14,817		1,237,219
Monster Worldwide, Inc.(a)		163,914		599,925

Common Stocks (continued)
Issuer	Shares		Value ($)
NIC, Inc.		195,600		4,494,888
SPS Commerce, Inc.(a)		98,000		6,397,440
Stamps.com, Inc.(a)		49,800		4,816,656
Yelp, Inc.(a)		33,964		1,306,935
Total				31,382,141
IT Services 0.7%
Convergys Corp.		53,083		1,583,466
Science Applications International Corp.		28,200		1,799,442
Sykes Enterprises, Inc.(a)		34,148		998,146
Travelport Worldwide Ltd.		120,736		1,657,705
Total				6,038,759
Semiconductors & Semiconductor Equipment 3.9%
Acacia Communications, Inc.(a)		11,833		1,321,154
Advanced Micro Devices, Inc.(a)		188,029		1,391,415
Amkor Technology, Inc.(a)		278,794		2,537,025
Ceva, Inc.(a)		36,983		1,164,225
Cirrus Logic, Inc.(a)		67,221		3,411,466
Cypress Semiconductor Corp.		128,000		1,527,040
Diodes, Inc.(a)		50,872		1,047,454
Formfactor, Inc.(a)		101,000		1,045,350
Inphi Corp.(a)		34,461		1,484,235
Integrated Device Technology, Inc.(a)		201,248		4,043,072
Intersil Corp., Class A		81,468		1,608,178
Kulicke & Soffa Industries, Inc.(a)		129,900		1,588,677
Microsemi Corp.(a)		31,705		1,266,932
MKS Instruments, Inc.		27,517		1,341,179
Monolithic Power Systems, Inc.		17,162		1,316,669
Nanometrics, Inc.(a)		60,590		1,232,401
NeoPhotonics Corp.(a)		94,330		1,408,347
NVE Corp.		33,200		1,927,260
PDF Solutions, Inc.(a)		47,405		794,034
Photronics, Inc.(a)		124,315		1,188,451
Rudolph Technologies, Inc.(a)		78,848		1,382,994
Silicon Laboratories, Inc.(a)		18,182		1,041,829
Teradyne, Inc.		93,925		1,978,060
Total				37,047,447
Software 5.6%
8x8, Inc.(a)		87,567		1,162,014
ACI Worldwide, Inc.(a)		188,600		3,602,260
AVG Technologies NV(a)		136,842		3,401,892
Blackbaud, Inc.		86,625		5,835,926
Bottomline Technologies de, Inc.(a)		172,400		3,980,716
BroadSoft, Inc.(a)		28,198		1,288,931
CommVault Systems, Inc.(a)		24,397		1,257,421

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

18 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Common Stocks (continued)
Issuer	Shares		Value ($)
Ebix, Inc.		37,316		2,127,012
Exa Corp.(a)		180,931		2,873,184
FleetMatics Group PLC(a)		45,800		2,742,046
Gigamon, Inc.(a)		31,735		1,402,687
Guidewire Software, Inc.(a)		19,247		1,184,268
Mitek Systems, Inc.(a)		173,504		1,348,126
Paycom Software, Inc.(a)		26,537		1,362,410
Pegasystems, Inc.		35,713		919,610
Proofpoint, Inc.(a)		17,142		1,319,077
PROS Holdings, Inc.(a)		174,923		3,442,485
PTC, Inc.(a)		108,538		4,631,317
Rubicon Project, Inc. (The)(a)		27,328		232,288
Synchronoss Technologies, Inc.(a)		31,387		1,310,407
Take-Two Interactive Software, Inc.(a)		32,400		1,408,428
Tyler Technologies, Inc.(a)		31,875		5,225,906
Zendesk, Inc.(a)		35,991		1,099,165
Total				53,157,576
Total Information Technology				177,289,142
MATERIALS4.6%
Chemicals 2.2%
A. Schulman, Inc.		25,749		656,600
Balchem Corp.		49,200		3,445,476
Cabot Corp.		37,700		1,879,722
Innospec, Inc.		54,580		3,235,502
Koppers Holdings, Inc.(a)		19,542		637,851
Minerals Technologies, Inc.		23,618		1,666,722
Olin Corp.		77,000		1,666,280
Orion Engineered Carbons SA		172,940		3,111,191
Scotts Miracle-Gro Co., Class A		15,590		1,290,852
Sensient Technologies Corp.		16,491		1,207,636
Stepan Co.		25,817		1,813,902
Total				20,611,734
Construction Materials 0.1%
US Concrete, Inc.(a)		23,035		1,221,316
Containers & Packaging 0.2%
Berry Plastics Group, Inc.(a)		31,013		1,407,680
Metals & Mining 1.4%
AK Steel Holding Corp.(a)		227,817		1,016,064
Carpenter Technology Corp.		77,781		2,821,894
Commercial Metals Co.		82,671		1,283,054
Hecla Mining Co.		211,000		1,177,380
Kaiser Aluminum Corp.		53,960		4,599,011
Materion Corp.		30,500		894,870

Common Stocks (continued)
Issuer	Shares		Value ($)
Ryerson Holding Corp.(a)		86,710		1,048,324
United States Steel Corp.		46,000		894,240
Total				13,734,837
Paper & Forest Products 0.7%
Clearwater Paper Corp.(a)		50,844		3,155,887
Neenah Paper, Inc.		44,582		3,585,730
Total				6,741,617
Total Materials				43,717,184
TELECOMMUNICATION SERVICES0.1%
Diversified Telecommunication Services 0.1%
Inteliquent, Inc.		65,424		1,088,655
Total Telecommunication Services				1,088,655
UTILITIES3.0%
Electric Utilities 1.0%
Allete, Inc.		24,573		1,457,179
El Paso Electric Co.		34,849		1,592,251
Great Plains Energy, Inc.		94,737		2,573,057
PNM Resources, Inc.		64,303		2,044,192
Portland General Electric Co.		55,393		2,332,599
Total				9,999,278
Gas Utilities 0.8%
New Jersey Resources Corp.		57,800		1,944,392
ONE Gas, Inc.		17,300		1,059,279
South Jersey Industries, Inc.		68,000		2,018,240
Southwest Gas Corp.		37,930		2,648,273
Total				7,670,184
Multi-Utilities 0.9%
Avista Corp.		117,104		4,756,764
Black Hills Corp.		19,000		1,111,690
Vectren Corp.		52,867		2,585,725
Total				8,454,179
Water Utilities 0.3%
California Water Service Group		82,624		2,519,206
Total Utilities				28,642,847
Total Common Stocks
(Cost: $838,638,236)				940,557,191

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

Annual Report 2016 19

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Money Market Funds 1.5%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(b)(c)		13,907,784		13,907,784
Total Money Market Funds
(Cost: $13,907,784)				13,907,784
Total Investments
(Cost: $852,546,020)				954,464,975
Other Assets & Liabilities, Net				(3,868,374	)
Net Assets				950,596,601

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at August 31, 2016.

(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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		162,568,889		607,829,535		(756,490,640	)		13,907,784		116,964		13,907,784

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:

n 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.

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

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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.

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

20 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2016:

	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		92,658,379		—		—		92,658,379
Consumer Staples		25,032,991		—		—		25,032,991
Energy		39,340,678		—		—		39,340,678
Financials		233,328,428		—		—		233,328,428
Health Care		142,048,250		—		—		142,048,250
Industrials		157,410,637		—		—		157,410,637
Information Technology		177,289,142		—		—		177,289,142
Materials		43,717,184		—		—		43,717,184
Telecommunication Services		1,088,655		—		—		1,088,655
Utilities		28,642,847		—		—		28,642,847
Total Common Stocks		940,557,191		—		—		940,557,191
Investments measured at net asset value
Money Market Funds		—		—		—		13,907,784
Total Investments		940,557,191		—		—		954,464,975

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

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016 21

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $838,638,236)	$940,557,191
Affiliated issuers (identified cost $13,907,784)	13,907,784
Total investments (identified cost $852,546,020)	954,464,975
Receivable for:
Investments sold	6,012,653
Capital shares sold	1,359,730
Dividends	713,804
Expense reimbursement due from Investment Manager	4,157
Prepaid expenses	11,002
Trustees’ deferred compensation plan	22,564
Total assets	962,588,885
Liabilities
Payable for:
Investments purchased	9,071,343
Capital shares purchased	2,444,493
Management services fees	23,935
Distribution and/or service fees	6,526
Transfer agent fees	266,983
Compensation of board members	259
Chief compliance officer expenses	96
Other expenses	156,085
Trustees’ deferred compensation plan	22,564
Total liabilities	11,992,284
Net assets applicable to outstanding capital stock	$950,596,601
Represented by
Paid-in capital	$854,994,053
Excess of distributions over net investment income	(621,339	)
Accumulated net realized loss	(5,695,068	)
Unrealized appreciation (depreciation) on:
Investments	101,918,955
Total — representing net assets applicable to outstanding capital stock	$950,596,601
Class A
Net assets	$950,596,601
Shares outstanding	71,002,959
Net asset value per share	$13.39

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

22 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$16,998,453
Dividends — affiliated issuers	116,964
Foreign taxes withheld	(34,697	)
Total income	17,080,720
Expenses:
Management services fees	11,256,001
Distribution and/or service fees
Class A	3,105,137
Transfer agent fees
Class A	3,790,960
Compensation of board members	39,818
Custodian fees	63,431
Printing and postage fees	448,842
Registration fees	109,970
Audit fees	27,777
Legal fees	38,582
Chief compliance officer expenses	649
Other	28,700
Total expenses	18,909,867
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,786,978	)
Total net expenses	17,122,889
Net investment loss	(42,169	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(3,254,297	)
Futures contracts	(10,855,725	)
Net realized loss	(14,110,022	)
Net change in unrealized appreciation (depreciation) on:
Investments	61,537,677
Futures contracts	12,077,786
Net change in unrealized appreciation	73,615,463
Net realized and unrealized gain	59,505,441
Net increase in net assets resulting from operations	$59,463,272

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

Annual Report 2016 23

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment loss		$(42,169	)		$(3,136,467	)
Net realized gain (loss)		(14,110,022	)		38,704,927
Net change in unrealized appreciation (depreciation)		73,615,463			(68,520,639	)
Net increase (decrease) in net assets resulting from operations		59,463,272			(32,952,179	)
Distributions to shareholders
Net realized gains
Class A		(28,524,836	)		(54,289,860	)
Total distributions to shareholders		(28,524,836	)		(54,289,860	)
Increase (decrease) in net assets from capital stock activity		(420,616,448	)		799,416,389
Total increase (decrease) in net assets		(389,678,012	)		712,174,350
Net assets at beginning of year		1,340,274,613			628,100,263
Net assets at end of year		$950,596,601			$1,340,274,613
Excess of distributions over net investment income		$(621,339	)		$(3,145,324	)

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

24 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		22,401,596			275,029,786			67,126,100			911,201,063
Distributions reinvested		2,330,456			28,524,783			4,374,668			54,289,632
Redemptions		(58,523,127	)		(724,171,017	)		(12,620,702	)		(166,074,306	)
Net increase (decrease)		(33,791,075	)		(420,616,448	)		58,880,066			799,416,389
Total net increase (decrease)		(33,791,075	)		(420,616,448	)		58,880,066			799,416,389

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

Annual Report 2016 25

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

FINANCIAL HIGHLIGHTS

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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,
Class  A	2016		2015		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.79		$13.68		$12.73		$10.07		$10.00
Income from investment operations:
Net investment income (loss)	(0.00	)(b)	(0.05	)	(0.07	)	0.03		(0.01	)
Net realized and unrealized gain	0.86		0.28	(c)	1.86		2.69		0.08	(c)
Total from investment operations	0.86		0.23		1.79		2.72		0.07
Less distributions to shareholders:
Net investment income	—		—		—		(0.06	)	—
Net realized gains	(0.26	)	(1.12	)	(0.84	)	—		—
Total distributions to shareholders	(0.26	)	(1.12	)	(0.84	)	(0.06	)	—
Net asset value, end of period	$13.39		$12.79		$13.68		$12.73		$10.07
Total return	6.91	%	1.90	%	14.28	%	27.11	%	0.70	%
Ratios to average net assets(d)
Total gross expenses	1.52	%	1.58	%(e)	1.57	%	1.63	%	1.77	%(f)
Total net expenses(g)	1.38	%	1.37	%(e)	1.34	%	1.34	%	1.34	%(f)
Net investment income (loss)	(0.00	%)(b)	(0.38	%)	(0.48	%)	0.30	%	(0.21	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$950,597		$1,340,275		$628,100		$570,786		$405,992
Portfolio turnover	115	%	75	%	73	%	97	%	26	%

Notes to Financial Highlights

(a) Based on operations from April 20, 2012 (commencement of operations) through the stated period end.

(b) Rounds to zero.

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

(f) Annualized.

(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.

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

26 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Active Portfolios^® Multi-Manager Small Cap Equity Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

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

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

Note 2. Summary of Significant Accounting Policies

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

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

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.

Annual Report 2016 27

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded

or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized,

28 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commissions merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin

payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(10,855,725	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(12,077,786	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2016:

Derivative Instrument	Average notional amounts ($)*
Futures contracts — Long		18,431,008

* Based on the daily outstanding amounts for the year ended August 31, 2016.

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.

Annual Report 2016 29

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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.

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) have the primary

30 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.98% to 0.85% as the Fund’s net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The annualized effective management services fee rate for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.91% of the Fund’s average daily net assets. For the period from September 1, 2015 through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $3,830,983, and the administrative services fee paid to the Investment Manager was $349,312.

Subadvisory Agreement

The Investment Manager has entered into Subadvisory Agreements with Conestoga Capital Advisors, LLC, Dalton, Greiner, Hartman, Maher & Co., LLC (DGHM), EAM Investors, LLC and effective October 26, 2015, BMO Asset Management Corp., with each serving as a subadviser to the Fund. In addition, Real Estate Management Services Group, LLC provides advisory services with respect to REITs in DGHM’s sleeve of investments. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets for Class A shares was 0.31%.

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.

Annual Report 2016 31

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The 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:

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		1.38	%		1.38	%

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees’ deferred compensation, net operating loss reclassification, passive foreign investment company (PFIC) holdings, late-year ordinary losses. To the extent these differences are permanent, reclassifications are made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

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

Excess of distributions over net investment income	$2,566,154
Accumulated net realized loss	23,722
Paid-in capital	(2,589,876	)

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,	2016		2015
Ordinary income		$—		$6,439,032
Long-term capital gains		28,524,836		47,850,828
Total		$28,524,836		$54,289,860

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term capital gains	$2,625,348
Net unrealized appreciation	93,636,775

At August 31, 2016, the cost of investments for federal income tax purposes was $860,828,200 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$116,566,754
Unrealized depreciation	(22,929,979	)
Net unrealized appreciation	$93,636,775

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses

32 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2016, the Fund will elect to treat late-year ordinary losses of $633,453 as arising on September 1, 2016.

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 $1,369,401,661 and $1,662,205,223, respectively, for the year ended August 31, 2016. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds

managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, affiliated shareholders of record owned 100.0% 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.

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

Annual Report 2016 33

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

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

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 Securities and Exchange Commission (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.

34 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Active Portfolios^® Multi-Manager Small Cap Equity Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Active Portfolios^® Multi-Manager Small Cap Equity Fund (the “Fund,” a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

Annual Report 2016 35

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Capital Gain Dividend $3,004,311

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.

36 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)

Annual Report 2016 37

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee, University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

38 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Consultant to the Trustees*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

Annual Report 2016 39

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s 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); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

40 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) and the Subadvisory Agreements (the Subadvisory Agreements) between the Investment Manager and BMO Asset Management Corp., Conestoga Capital Advisors, LLC, Dalton, Greiner, Hartman, Maher & Co., LLC and EAM Investors, LLC (the Subadvisers) with respect to Active Portfolios^® Multi-Manager Small Cap Equity Fund (the Fund), a series of the Trust. As detailed below, the 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 continuation of the Management Agreement and the Subadvisory Agreements (collectively, the Agreements).

In connection with their deliberations regarding the continuation of the Management Agreement and the Subadvisory Agreements, 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 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement and the Subadvisory Agreements. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements 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 recommend for approval or approve the continuation of the Management Agreement and the Subadvisory Agreements. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement and the Subadvisory Agreements 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

• The terms and conditions of the Agreements;

• The subadvisory fees to be charged to the Investment Manager under the Subadvisory Agreements;

• 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 agreements with respect to the provision of distribution and transfer agency services to the Fund;

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

Annual Report 2016 41

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

• Information regarding the management fees 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 and Subadvisers, 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 and the Subadvisers’ compliance systems 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, the Subadvisers and the Investment Manager’s affiliates under the Agreements and under separate agreements for the provision of transfer agency services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, 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 and the Subadvisers, which included consideration of the Investment Manager’s and the Subadvisers’ 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. The Board also noted that the Board had approved the Subadvisers’ codes of ethics and compliance programs, and that the Chief Compliance Officer of the Funds reports to the Trustees on the Subadvisers’ compliance programs.

The Committee and the Board considered the diligence and selection process undertaken by the Investment Manager to select the Subadvisers, including the Investment Manager’s rationale for recommending the continuation of the Subadvisory Agreements, and the process for monitoring the Subadvisers’ ongoing performance of services for the Fund. As part of these deliberations, the Committee and the Board considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board also considered the scope of services provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. 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 continuation of the Management Agreement and the Subadvisory Agreements.

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

42 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

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 Management Agreement and the Subadvisory Agreements. 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, 2015, the Fund’s performance was in the thirty-eighth and sixtieth 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- and three-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, the Investment Manager and the Subadvisers were sufficient, in light of other considerations, to warrant the continuation of the Management Agreement and the Subadvisory Agreements.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement and the Subadvisory Agreements, as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund’s actual management fee and net total expense ratio are ranked in the second 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 considered the fees that the Subadvisers charge to their other clients, and noted that the Investment Manager pays the fees of the Subadvisers. 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 management 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 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the continuation of the Management Agreement and the Subadvisory Agreements.

Annual Report 2016 43

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to each Subadviser of its relationship with the Fund.

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 continuation of the Management Agreement and the Subadvisory Agreements.

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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints, if any, in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on a subadviser’s ability to manage assets could potentially have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers may need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these 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 continuation of the Management Agreement and the Subadvisory Agreements.

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’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

44 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

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 continuation of the Management Agreement and the Subadvisory Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements.

Annual Report 2016 45

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF SUBADVISORY AGREEMENT

On October 20, 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, for an initial two-year term, the Subadvisory Agreement (the “Subadvisory Agreement”) between Columbia Management Investment Advisers, LLC (the “Investment Manager”) and BMO Asset Management Corp. (“BMO”) with respect to Active Portfolios^® Multi-Manager Small Cap Equity Fund (the “Fund”), a series of the Trust. The Board noted its considerations at meetings held in connection with the continuation of the Investment Management Services Agreement (the “Advisory Agreement”) and the Subadvisory Agreements between the Investment Manager and Conestoga Capital Advisors, LLC, Dalton, Greiner, Hartman, Maher & Co. LLC, and EAM Investors, LLC, each with respect to the Fund, as well as its considerations in approving an agreement (the “Management Agreement”) combining the Advisory Agreement and the Fund’s existing administrative services agreement (the “Administrative Services Agreement”) in a single agreement to be effective for the Fund on January 1, 2016.

In connection with its deliberations regarding the proposed Subadvisory Agreement, the Board requested and evaluated materials from the Investment Manager and others regarding the Fund and the Subadvisory Agreement, and discussed these materials with representatives of the Investment Manager at the Board meeting held on October 20, 2015. The Board also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Board’s considerations and otherwise assisted the Board in its deliberations. As part of these deliberations, the Board considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission.

The Board considered all information that the Board, its legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to approve the Subadvisory Agreement. The information and factors considered by the Board in approving the Subadvisory Agreement included the following:

• The terms and conditions of the Subadvisory Agreement;

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

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

• The subadvisory fees to be charged to the Investment Manager under the Subadvisory Agreement;

• 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; and

• Descriptions of various functions performed by the Subadviser under the Subadvisory Agreement, including portfolio management and portfolio trading practices.

Nature, Extent and Quality of Services Provided under the Subadvisory Agreement

The Board considered the nature, extent and quality of services to be provided to the Fund by the Subadviser under the Subadvisory Agreement, and the resources dedicated to the Fund by the Subadviser. The Board considered, among other things, the Subadviser’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Subadviser’s investment research capabilities.

The Board also considered the professional experience and qualifications of the senior personnel of the Subadviser, which included consideration of the Subadviser’s experience with similarly-structured accounts, and the ability of the Subadviser to accommodate the significant increase in its assets under management to be represented by the Fund. The Board noted the compliance program of the Subadviser and reviewed its code of ethics. In evaluating the

46 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF SUBADVISORY AGREEMENT (continued)

nature, extent and quality of services provided under the Subadvisory Agreement, the Board considered that these services were provided to the Fund, rather than directly to Fund shareholders. 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 Subadvisory Agreement.

The Board also considered the diligence and selection process undertaken by the Investment Manager to select the Subadviser. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Subadvisory Agreement supported the approval of the Subadvisory Agreement.

Investment Performance

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. The Board noted that, through September 30, 2015, the Fund’s performance was in the 49th percentile and the 50th 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- and three-year periods, respectively.

The Board considered the Subadviser’s performance and reputation generally. The Board also considered the Subadviser’s investment performance, including its absolute and risk-adjusted returns, noting that the Subadviser had delivered strong performance results over the one-, three- and five-year periods for its Disciplined Small-Cap Value Strategy, using a strategy substantially similar to that proposed for its sleeve of the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the anticipated performance of the sleeve managed by the Subadviser supported approval of the Subadvisory Agreement.

Subadvisory Fee Rates and Other Expenses

The Board considered the subadvisory fees to be charged to the Fund under the Subadvisory Agreement, and the total expenses to be incurred by the Fund. The Board also considered the fees that the Subadviser charges to its other clients, and noted that the Investment Manager pays the fees of the Subadvisers.

After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the subadvisory fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the approval of the Subadvisory Agreement.

Costs of Services Provided and Profitability

The Board noted that in relation to its review of the Subadvisory Agreement, it had considered information provided by the Investment Manager with respect to estimated costs of services and profitability. When reviewing profitability, 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. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadviser, the Board did not consider the profitability to the Subadviser of its relationship with the Fund.

After reviewing these and related factors, the Board concluded, within the context of its 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 Subadvisory Agreement.

Economies of Scale

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

Annual Report 2016 47

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

BOARD CONSIDERATION AND APPROVAL OF SUBADVISORY AGREEMENT (continued)

in investment, trading and compliance resources. The Board noted that the investment advisory, management fee, and subadvisory fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Board noted that the breakpoints in the Management Agreement did not occur at the same levels as the breakpoints in the Subadvisory Agreement. The Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreement. The Board also noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on a subadviser’s ability to manage assets could potentially have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers may need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these matters, 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 Board concluded, within the context of its overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the approval of the Subadvisory Agreement.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to recommend or approve the proposed Subadvisory Agreement. In its 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 Subadvisory Agreement.

48 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER SMALL CAP EQUITY FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016 49

Active Portfolios^® Multi-Manager Small Cap Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN102_08_F01_(10/16)

ANNUAL REPORT

August 31, 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 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, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

** Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

	Investment strategies to help meet investor needs
	We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.
	Your success is our priority.
		Retire comfortably
		Fund college or higher education
		Leave a legacy
	Generate an appropriate stream of income in retirement Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income. Worried about running out of income? You are not alone.
	Navigate a changing interest rate environment Even in today’s challenging interest rate environment, it’s still possible to navigate markets and achieve your goals. Make investment choices designed specifically for this market environment.
	Maximize after-tax returns In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options. You’ve worked too hard building your wealth to lose it to taxes.
	Grow assets to achieve financial goals Finding growth opportunities in today’s complex market environment requires strong research capabilities, creative thinking and a disciplined approach. Do your investments deliver the portfolio growth you need?
	Ease the impact of volatile markets With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings. Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit investor.columbiathreadneedleus.com

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it’s also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009-2010.

n In today’s low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

n Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong.

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

n Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, “The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror.” Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today’s investment environment:

1) Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2) Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3) Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20%-30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001–2003 and 2011–2012. Conversely, flows picked up when volatility returned to “normal” levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate “spike” reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what’s the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization, and investors are

Annual Report 2016

PRESIDENT’S MESSAGE (continued)

best served through investment approaches that appreciate that distinction. Even though it’s a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

TABLE OF CONTENTS

Performance Overview	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	10
Portfolio of Investments	11
Statement of Assets and Liabilities	63
Statement of Operations	64
Statement of Changes in Net Assets	65
Financial Highlights	67
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	82
Federal Income Tax Information	83
Trustees and Officers	84
Board Consideration and Approval of Management Agreement and Subadvisory Agreements	88
Important Information About This Report	93

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 investor.columbiathreadneedleus.com 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 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PERFORMANCE OVERVIEW

Performance Summary

n Active Portfolios^® Multi-Manager Total Return Bond Fund (the Fund) Class A shares returned 5.82% for the 12-month period that ended August 31, 2016.

n The Fund closely tracked its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 5.97% over the same period.

n The Fund’s performance can be attributed primarily to sector allocation and duration positioning decisions.

Average Annual Total Returns (%) (for period ended August 31, 2016)
	Inception	1 Year		Life
Class A	04/20/12		5.82		3.21
Bloomberg Barclays U.S. Aggregate Bond Index			5.97		3.01

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index was rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index.

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

2 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (April 20, 2012 — August 31, 2016)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Active Portfolios^® Multi-Manager Total Return Bond 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 2016 3

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

Portfolio Management

Columbia Management Investment Advisers, LLC

Brian Lavin, CFA

Carl Pappo, CFA

Jason Callan

Loomis, Sayles & Company, L.P.

Christopher Harms

Clifton Rowe, CFA

Kurt Wagner, CFA, CIC

PGIM, Inc. (Prudential)

Michael Collins, CFA

Robert Tipp, CFA

Richard Piccirillo

Gregory Peters

TCW Investment Management Company

Stephen Kane, CFA

Laird Landmann

Tad Rivelle

Bryan Whalen, CFA

Portfolio Breakdown (%) (at August 31, 2016)
Asset-Backed Securities — Agency	0.3
Asset-Backed Securities — Non-Agency	10.2
Commercial Mortgage-Backed Securities — Agency	1.5
Commercial Mortgage-Backed Securities — Non-Agency	5.0
Common Stocks	0.0	(a)
Corporate Bonds & Notes	35.6
Fixed-Income Funds	1.0
Foreign Government Obligations	1.6
Inflation-Indexed Bonds	0.8
Money Market Funds	5.2
Municipal Bonds	0.4
Preferred Debt	0.3
Residential Mortgage-Backed Securities — Agency	17.4
Residential Mortgage-Backed Securities — Non-Agency	2.4
Senior Loans	0.6
Treasury Bills	0.4
U.S. Government & Agency Obligations	1.7
U.S. Treasury Obligations	15.6
Total	100.0

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

(a) Rounds to zero.

Effective April 11, 2016, the Fund was re-named Active Portfolios^® — Multi-Manager Total Return Bond Fund. Also, effective April 11, 2016, Loomis, Sayles & Company, L.P. (Loomis Sayles) was added as a manager of a portion of the Fund. Effective May 16, 2016, PGIM, Inc. (PGIM), the asset management arm of Prudential Financial (Prudential), was added as a manager of a portion of the Fund, and Federated Investment Management Company was removed as a manager.

The Fund is currently managed by three independent money management firms and by Columbia Management Investment Advisers, LLC (CMIA), each managing a portion of the portfolio’s assets. As of August 31, 2016, TCW Investment Management Company (TCW), Loomis Sayles, PGIM and CMIA managed approximately 27%, 20%, 26% and 27% of the portfolio, respectively.

For the 12-month period that ended August 31, 2016, the Fund’s Class A shares returned 5.82%. The Fund closely tracked its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 5.97% over the same period. The Fund’s performance can be attributed primarily to sector allocation and duration positioning decisions.

A Tale of Two Halves

The 12-month period ended August 31, 2016 was marked by a tale of two halves for the fixed-income markets. In the fourth quarter of 2015, stresses emerged in the credit markets, with West Texas Intermediate crude oil prices hitting a seven-year low of less than $35 a barrel. Investors worried about overleveraged producers, bringing added stress to energy and other commodity-related issues. Meanwhile, the U.S. Federal Reserve (the Fed) finally moved forward in December 2015 with its first rate hike in nearly a decade, and while the market largely expected this hike, the Fed was still unable to shore up confidence in the strength of the U.S. economic outlook. The sell-off continued during the first six weeks of 2016, peaking in mid-February 2016.

The sell-off subsequently gave way to a vigorous rally. Observers could be forgiven for assuming that a material change in the fundamental data occurred and a consensus had developed for a vastly improved economic and market outlook. While the case for weakness, and, thus, downside volatility was well-informed by sluggish economic growth, sagging commodity demand, declining corporate profitability and stingy wage gains, notwithstanding payroll expansion, the reversal could boast little in the way of contrasting evidence. A more than 10% year-to-date loss on the S&P 500 Index through February 11, 2016 turned into a slight upturn by March month-end and nearly erased a 28% deficit experienced in the high yield energy sector, with no change in underlying fundamentals. The reason behind the move could be found in central bank commitment to monetary accommodation. The Fed was joined by the European Central Bank, the Bank of Japan and People’s Bank of China, which each exhibited a willingness to wield various instruments of stimulus. Japan took interest rates into negative terrain, and Europe announced further rate cuts and quantitative easing measures, including the purchase of corporate bonds. For its part, the Fed scaled back expectations for tightening policy, halving its December 2015 forecast for four rate hikes in 2016 to two.

4 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Amid easy accommodative policies, the S&P 500 Index climbed higher, while the corporate bond sector, especially high yield, outpaced stocks, as the appetite for risk appeared undiminished. Even after a surprising “leave” outcome from the U.K. referendum on membership in the European Union toward the end of June 2016, the initially extreme volatility proved short-lived. Markets quickly recovered, indicating confidence among investors that the Fed and its fellow global central banks would maintain the dovish policies that have supported asset prices with few interruptions since the 2008 financial crisis.

Given the backdrop of accommodative monetary policy, interest rates remained low and therefore drove investors’ search for yield. As such, all fixed-income sectors were in positive territory during the period, and lower quality generally outperformed higher quality. Notwithstanding deteriorating fundamentals, the credit sector led fixed-income returns, with industrials performing especially well. High-yield and municipal securities also posted strong returns. Among securitized products, commercial mortgage-backed securities (CMBS) generated impressive returns, particularly non-agency CMBS. As the Fed remained accommodative and lower rates overseas supported demand for U.S. Treasuries, intermediate and long-term U.S. Treasury yields declined during the period, while short-term yields were modestly higher due to expectations for the end of Fed accommodative policy. In turn, the yield curve, or spectrum of maturities, flattened, meaning the differential in yields between longer term and shorter term yields narrowed.

Sector Allocations and Duration Positioning Drove Fund Returns

Federated: During the period, we managed a portion of the Fund through May 13, 2016. During that time, our portion of the Fund outperformed the benchmark primarily due to effective security selection, particularly among high-yield credits, despite a “down in quality” credit sector bias. Also benefiting performance was an overweight to banks and positions in Kinder Morgan and Mexico sovereign debt. Duration positioning detracted, as our portion of the Fund had a shorter duration than that of the benchmark during a time when interest rates declined. Our portion of the Fund was overweight the credit sectors — high yield, investment-grade corporate bonds, emerging markets debt and CMBS. Sector allocation also detracted through mid-February as spreads widened, then contributed positively as spreads subsequently tightened but not quite enough to offset the losses from the earlier period. Yield curve positioning had a rather neutral effect on our portion of the Fund’s results overall, as a flattening bias contributed positively, but an underweight to the intermediate segment of the yield curve detracted.

TCW: Our portion of the Fund underperformed the benchmark during the period, due in part to the defensive duration position, which detracted as intermediate and long-term U.S. Treasury yields fell. Performance was also dampened by the relative underweight to corporate and non-corporate credit, both of which outpaced duration-equivalent U.S. Treasuries, as commodity prices recovered and demand for U.S. and higher quality non-U.S. sovereign securities persisted. In particular, the relative underweight to the better performing industrial sector was a drag on results. Our portion of the Fund

Quality Breakdown (%) (at August 31, 2016)
AAA rating	54.7
AA rating	4.2
A rating	10.0
BBB rating	20.8
BB rating	4.7
B rating	3.3
CCC rating	1.1
CC rating	0.3
C rating	0.0	(a)
D rating	0.2
Not rated	0.7
Total	100.0

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

(a) Rounds to zero.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

Annual Report 2016 5

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Market Exposure Through Derivatives Investments (% of notional exposure) (at August 31, 2016)(a)
	Long	Short		Net
Fixed Income Derivative Contracts	493.1	(393.0	)	100.1
Foreign Currency Derivative Contracts	0.0	(0.1	)	(0.1	)
Total Notional Market Value of Derivative Contracts	493.1	(393.1	)	100.0

(a) The Fund has market exposure (long and/or short) to the fixed income and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists because a loan, bond or other investment may be called, prepaid or redeemed before maturity and similar yielding investments may not be available for purchase. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. The Fund is managed by multiple advisers independently of one another, which may result in contradicting trades (i.e., with no net benefit to the Fund), while increasing transaction costs. Market or other (e.g.,

maintained a relative underweight to the volatile metals and mining subsector, which was the best performer in the benchmark during the period. This was somewhat offset by a focus on transportation credits, which benefited our portion of the Fund, as the subsector outpaced the broader corporate sector substantially. Returns benefited from the allocation to non-agency mortgage-backed securities, which saw strong demand and improvement in underlying fundamentals. Further contributions came from the relative overweight to CMBS, particularly non-agency-backed CMBS, which significantly outpaced duration-equivalent U.S. Treasuries. Our portion of the Fund also benefited from its relative overweight to asset-backed securities, though the emphasis within the sector on government-guaranteed student loans weighed on returns, as uncertainty surrounding potential rating agency actions drove spreads, or yield differentials to U.S. Treasuries, wider at the beginning of the period. Yield curve positioning contributed positively. As the short-term end of the yield curve sold off on expectations of Fed rate hikes, our portion of the Fund’s underweight to this segment of the yield curve benefited returns as short-term rates rose.

Loomis Sayles: Since assuming management of a portion of the Fund on April 11, 2016, our portion of the Fund outperformed the benchmark. Sector allocation benefited relative results most. Specifically, an overweight to investment-grade industrials added value. A relative overweight to investment-grade financials and underweights to U.S. Treasuries and agency securities also contributed positively. Issue selection among investment-grade industrials and financials proved effective. Only partially offsetting these positive contributors were an overweight to asset-backed securities and underweights to investment-grade utilities and government-related bonds, which detracted. Issue selection among CMBS, agency pass-through mortgages also detracted. Finally, although we targeted a duration neutral to that of the benchmark, our duration and yield curve positioning had a modestly positive effect on relative performance as well.

PGIM: Since assuming management of a portion of the Fund on May 16, 2016, our portion of the Fund outperformed the benchmark, with duration, yield curve and sector positioning and security selection all contributing positively to relative results. More specifically, overweight allocations to high-yield corporate bonds, investment-grade corporate bonds, emerging markets debt and bank loans contributed positively as did having an underweight to U.S. Treasuries. Issue selection among investment-grade corporate bonds and emerging markets debt was also a positive contributor. Having a longer duration than that of the benchmark during a period when interest rates fell added further value. Yield curve positioning also improved our portion of the Fund’s relative results. Our portion of the Fund was positioned to anticipate that the U.S. Treasury yield curve, or spectrum of maturities, would flatten, which it did, meaning the differential between longer term yields and shorter term yields narrowed. Partially offsetting these positive contributors was issue selection among high-yield corporate bonds, which modestly detracted. Our style of below-investment-grade investing trends toward defensive, lower volatility bonds, such as higher quality, lower average life bonds and less cyclical bonds. As bonds rated CCC and energy/cyclical bonds performed better during the period, and as our portion of the Fund was underweight these aggressive issues, such positioning detracted. Also dampening relative results was issue selection

6 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

among U.S. bank loans and having an underweight to mortgage-backed securities.

CMIA: Our portion of the Fund outperformed the benchmark in large part due to effective timing of shifts in allocation to credit. We reduced our portion of the Fund’s overweight to credit early in the period, prompted by an expected change in Fed policy as well as by overall rich credit valuations. We then increased our overweight to credit when spreads, or yield differentials to U.S. Treasuries, widened, especially during the broad risk sell-off in early 2016. Having a modestly longer duration than that of the benchmark during a period when interest rates generally declined, also contributed positively to relative results.

In addition to an overweighted allocation to credit, both investment grade and high yield, an overweight to CMBS and underweights to U.S. Treasuries and agency mortgage-backed securities contributed positively to our portion of the Fund’s performance. Within the allocation to credit, security selection among energy-related bonds aided results as did exposure to financial institutions lower in the capital structure. Conversely, having an underweight to the metals and mining industry within the allocation to credit detracted. Further, our bias toward higher quality dampened results, as higher quality securities lagged the market during the period. Duration and yield curve positioning more modestly detracted from relative results.

Shifting Market Conditions Drove Portfolio Changes

The Fund’s portfolio turnover rate for the 12-month period was 289%. A significant portion of the turnover was the result of rolling-maturity mortgage securities, processing of prepayments and opportunistic changes our managers made at the margin in response to valuations or market developments.

Federated: There were no major changes to our portion of the Fund during the reporting period other than modestly trimming high-yield and investment-grade corporate exposure while remaining overweight compared to the benchmark. Maintaining the credit overweight enabled our portion of the Fund to recoup losses incurred through mid-February 2016, as spreads narrowed in March and April. We also sought to take advantage of price dislocations to add select companies at inexpensive levels during the risk-off trade. During the reporting period, we added a number of what we considered to be “safer” consumer-oriented bonds, including those of Anheuser-Busch, American Electric Power, Autozone, Dollar General, Hyatt, National Rural Utilities, Newell Brands, Penske and O’Reilly Automotive. Our rationale was that despite the recession in the U.S. manufacturing sector, the consumer was likely, in our view, to provide a source of growth to the economy given the declining unemployment rate, rising home prices, recovery in equity prices and signs of budding wage gains. Sales during the reporting period included a number of insurance companies, such as Prudential, Met Life and Hartford, as we believed low long-term interest rates negatively affected the ability of these firms to profitably fund their long-term liabilities. A number of bonds were also sold due to richness and liquidity as our portion of the Fund trimmed back corporate exposure.

As of May 13, 2016, our portion of the Fund was overweight high yield, emerging markets debt, investment-grade corporate bonds and CMBS; was

interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for information on these and other risks.

Annual Report 2016 7

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

underweight U.S. Treasuries and agency securities; and was rather neutrally weighted in agency mortgage-backed securities relative to the benchmark. Our portion of the Fund had a duration modestly shorter than that of the benchmark on the same date.

TCW: Given the lack of fundamental support for the rally in prices seen during the period, our expectations were for a more significant deleveraging as the credit cycle aged. As such, our portion of the Fund remained defensively positioned with a shorter duration than that of the benchmark and an emphasis on higher quality issues. That said, our bias was to expand the risk profile of our portion of the Fund, as we looked to add opportunistically across undervalued sectors should spreads widen. In terms of sector positioning, we trimmed exposure to corporate credits, as valuations had become less attractive from a risk/return standpoint, in our view. There were, however, relative value trades made throughout the period. Allocations to pharmaceuticals, electric utilities and life insurance increased given what we viewed as more compelling opportunities within those industries. Given ongoing Fed distortion in the rates space, our response to duration is asymmetric, which means a preference to get closer to a neutral stance while remaining disciplined to a dollar cost average implementation. As such, we added back a small amount of duration over the period when rates traded higher, moving from approximately three-quarters of a year shorter than that of the benchmark to end August 2016 at approximately six-tenths of a year shorter than the duration of the benchmark.

At the end of the period, our portion of the Fund maintained an underweight relative to the benchmark in corporate credit, with positioning focused on U.S. financials given limited re-leveraging risk and what we view as reasonable yield premiums. A small allocation to high yield was also maintained, though the strength in the market during the period provided an opportunity to rotate into higher quality holdings that we believe will likely, have the credit resilience to make it through the end of the credit cycle. We believe structured products continued to offer opportunities for attractive risk-adjusted returns and protection, and therefore represented an overweight versus the benchmark at the end of the period. Non-agency mortgage-backed securities represented a relative underweight in our portion of the Fund despite being higher quality and more liquid, as yield compensation remained small historically and prepayment risk weighed on the market in the low rate environment. CMBS and asset-backed securities holdings were focused on high quality collateral in the senior most parts of the capital structure, often with government guarantees, making them, in our view, solid defensive credits.

Loomis Sayles: As spreads, or yield differentials between corporate bonds and U.S. Treasuries, tightened, we reduced the corporate beta, or volatility factor, within our portion of the Fund. More specifically, we had a modest overweight to energy, with a more favorable view on independents, pipelines and integrateds versus the refining and oil field service subsectors. Within energy, we focused on issuers we believe to be committed to maintaining their investment-grade rating and appear to have the ability to do so. For example, our portion of the Fund held names including ConocoPhillips, Access Midstream, Plains All American, Kinder Morgan, Chevron and BP, each of which performed well during the period. Overall, we modestly

8 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

increased our portion of the Fund’s banking exposure by participating in what we view as attractive new issues. For names such as Morgan Stanley, HSBC and Goldman Sachs, we realized new issue concessions, and we used these sale proceeds as a source for other new purchases. We also looked for attractive swap opportunities along an individual issuer’s credit curve by identifying both inexpensive and rich bonds (bonds trading at a premium versus their peers) of an issuer.

At the end of the period, our portion of the Fund was overweight U.S. credit, asset-backed securities and CMBS and was underweight mortgage-backed securities, agency securities and U.S. Treasuries relative to the benchmark. We were targeting neutral duration and yield curve positions at the end of the period.

PGIM: Since assuming management of a portion of the Fund on May 16, 2016, modest changes were made to active duration positioning. We also increased our portion of the Fund’s exposure to high-yield corporate bonds and to structured products, including asset-backed securities and CMBS.

At the end of the period, our portion of the Fund was underweight U.S. Treasuries, mortgage-backed securities, agency securities and non-U.S. government related bonds and was overweight asset-backed securities, high-yield corporate bonds, CMBS, investment-grade corporate bonds and emerging markets debt relative to the benchmark. Our portion of the Fund was rather neutrally weighted relative to the benchmark in municipal bonds. Our portion of the Fund also had exposure to bank loans, which are not represented in the benchmark. As of August 31, 2016, our portion of the Fund had a duration approximately one-half year longer than that of the benchmark.

CMIA: In addition to modest adjustments in duration and yield curve positioning as market conditions shifted, we reduced our portion of the Fund’s allocation to credit early in the period, and the general credit quality improved as we deemed credit valuations too tight and likely to deteriorate with rising rates. We then increased the credit sector allocation in early 2016 as valuations became less rich with increased volatility and global economic concerns.

Within the credit allocation, we increased our portion of the Fund’s exposure to energy-related bonds, particularly during the first quarter of 2016 when spreads reached historically inexpensive levels due to depressed oil prices. Our portion of the Fund made purchases of various senior unsecured bonds in the Plains All American and Anadarko Petroleum complexes. We maintained the overweight allocation to financial institutions based on valuations and our opinion of the overall strength of their balance sheets. Notable sales included bonds in the retail industry and the life insurance industry. For example, we sold our portion of the Fund’s unsecured senior bonds of Macy’s, MetLife and American International Group.

At the end of the period, our portion of the Fund was underweight relative to the benchmark in U.S. Treasuries, agency mortgage-backed securities and government-related securities and was overweight relative to the benchmark in investment-grade credit, asset-backed securities, CMBS and other structured products, all as measured by market weight.

Annual Report 2016 9

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

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

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. 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, 2016 – August 31, 2016

	Account Value at the Beginning of the Period  ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,048.20	1,021.11		4.12	4.06		0.80

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Class A shares of the Fund are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.

10 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS

August 31, 2016

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 38.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AEROSPACE & DEFENSE 0.2%
Lockheed Martin Corp.
01/15/23		3.100%		1,469,000		1,550,845
09/01/36		6.150%		1,540,000		2,091,394
05/15/46		4.700%		6,790,000		8,131,833
Textron, Inc.
03/01/24		4.300%		690,000		743,819
03/01/25		3.875%		300,000		316,430
TransDigm, Inc.
07/15/21		7.500%		275,000		291,672
07/15/22		6.000%		250,000		260,000
07/15/24		6.500%		979,000		1,015,713
05/15/25		6.500%		409,000		423,315
TransDigm, Inc.(a)
06/15/26		6.375%		332,000		338,640
Total						15,163,661
AIRLINES 0.5%
American Airlines Pass-Through Trust
01/15/23		4.950%		1,630,192		1,780,985
Continental Airlines Pass-Through Trust
01/02/18		6.900%		185,745		190,612
02/02/19		6.545%		1,724,702		1,824,907
04/19/22		5.983%		2,985,179		3,369,670
Delta Air Lines Pass-Through Trust
01/02/23		6.718%		3,155,812		3,589,736
JetBlue Airways Pass-Through Trust(b)
11/15/16		1.267%		5,910,000		5,901,726
Southwest Airlines Co.
03/01/17		5.125%		3,000,000		3,058,311
U.S. Airways Pass-Through Trust
10/01/24		5.900%		799,445		926,357
06/03/25		4.625%		3,523,465		3,858,194
United Airlines, Inc. Pass-Through Trust
01/15/17		9.750%		701,567		720,860
Series 2016-1 Class AA
07/07/28		3.100%		7,160,000		7,428,500
Total						32,649,858
APARTMENT REIT 0.1%
AvalonBay Communities, Inc.
03/15/20		6.100%		1,865,000		2,128,758
09/15/22		2.950%		4,650,000		4,785,794
Total						6,914,552
AUTOMOTIVE 1.3%
American Axle & Manufacturing, Inc.
02/15/19		5.125%		64,000		65,152
03/15/21		6.250%		131,000		136,895
10/15/22		6.625%		450,000		479,813
American Honda Finance Corp.(a)
10/01/18		7.625%		2,250,000		2,531,178

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Daimler Finance North America LLC(a)
09/03/19		2.250%		5,895,000		5,998,752
03/02/20		2.250%		1,500,000		1,528,583
Ford Motor Co.
02/01/29		6.375%		1,165,000		1,418,255
01/15/43		4.750%		2,640,000		2,855,939
Ford Motor Credit Co. LLC
06/12/17		3.000%		1,600,000		1,619,379
05/15/18		5.000%		1,975,000		2,081,786
06/15/18		2.240%		3,000,000		3,025,452
08/04/20		3.157%		5,720,000		5,908,651
09/20/22		4.250%		1,100,000		1,189,834
05/04/23		3.096%		2,375,000		2,403,887
01/08/26		4.389%		2,945,000		3,190,545
Gates Global LLC/Co.(a)
07/15/22		6.000%		775,000		736,250
General Motors Co.
04/01/25		4.000%		1,060,000		1,083,764
04/01/36		6.600%		1,857,000		2,289,991
04/01/45		5.200%		1,270,000		1,352,194
04/01/46		6.750%		1,505,000		1,931,639
General Motors Financial Co., Inc.
09/25/17		3.000%		5,000,000		5,066,100
07/06/21		3.200%		7,234,000		7,352,124
09/25/21		4.375%		5,625,000		6,003,894
03/01/26		5.250%		2,345,000		2,606,069
Goodyear Tire & Rubber Co. (The)
11/15/23		5.125%		200,000		209,000
Harley-Davidson Financial Services, Inc.(a)
03/15/17		2.700%		1,380,000		1,390,634
Hyundai Capital America(a)
02/06/19		2.550%		180,000		183,626
03/19/20		2.600%		680,000		693,850
Lear Corp.
01/15/23		4.750%		1,667,000		1,737,848
03/15/24		5.375%		1,242,000		1,332,045
Magna International, Inc.
06/15/24		3.625%		1,100,000		1,155,894
Nemak SAB de CV(a)
02/28/23		5.500%		450,000		470,250
Nissan Motor Acceptance Corp.(a)
09/12/17		1.950%		2,500,000		2,514,840
PACCAR Financial Corp.
08/12/19		1.200%		1,110,000		1,106,933
RCI Banque SA(a)
04/03/18		3.500%		4,000,000		4,113,988
Schaeffler Finance BV(a)
05/15/21		4.250%		599,000		613,975
05/15/21		4.750%		704,000		728,640
05/15/23		4.750%		200,000		208,250
Schaeffler Holding Finance BV(a) PIK
08/15/18		6.875%		160,480		163,690
11/15/19		6.250%		135,000		140,063
11/15/22		6.750%		120,318		132,951

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

Annual Report 2016 11

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Toyota Motor Credit Corp.
05/20/19		1.400%		4,380,000		4,392,356
ZF North America Capital, Inc.(a)
04/29/25		4.750%		842,000		893,573
Total						85,038,532
BANKING 9.9%
Ally Financial, Inc.
01/30/17		2.750%		225,000		225,115
09/10/18		4.750%		575,000		597,281
03/30/20		4.125%		50,000		51,625
05/19/22		4.625%		344,000		361,200
09/30/24		5.125%		2,203,000		2,386,124
03/30/25		4.625%		265,000		274,938
Subordinated
11/20/25		5.750%		745,000		792,494
American Express Credit Corp.
09/22/17		1.550%		1,950,000		1,956,745
Australia & New Zealand Banking Group Ltd.
06/01/21		2.300%		3,300,000		3,355,519
BB&T Corp.
02/01/19		2.250%		1,600,000		1,631,432
BBVA Bancomer SA Junior Subordinated(a)
04/22/20		7.250%		200,000		222,000
BNP Paribas SA Junior Subordinated(a)(b)
12/31/49		7.375%		2,366,000		2,407,405
Banco Internacional Del Peru SAA/Panama(a)
10/07/20		5.750%		100,000		111,200
Banco Santander SA(a)
11/09/22		4.125%		150,000		156,750
Bank of America Corp.
10/14/16		5.625%		650,000		653,475
01/11/18		2.000%		4,000,000		4,024,896
04/25/18		6.875%		6,980,000		7,566,641
10/19/20		2.625%		4,000,000		4,096,084
01/24/22		5.700%		4,800,000		5,603,846
01/11/23		3.300%		2,000,000		2,078,718
01/22/24		4.125%		3,000,000		3,269,415
04/19/26		3.500%		2,000,000		2,089,294
04/01/44		4.875%		1,000,000		1,174,742
Subordinated
05/02/17		5.700%		3,740,000		3,842,678
01/22/25		4.000%		795,000		829,093
04/21/25		3.950%		2,500,000		2,604,035
Bank of America Corp.(b) Junior Subordinated
12/31/49		6.100%		10,294,000		10,821,567
12/31/49		6.250%		2,052,000		2,154,600
Bank of America NA Subordinated
03/15/17		5.300%		5,000,000		5,105,835
06/15/17		6.100%		4,000,000		4,149,660

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Bank of Montreal
04/09/18		1.450%		750,000		751,828
07/18/19		1.500%		3,145,000		3,147,588
08/27/21		1.900%		5,530,000		5,506,564
Bank of New York Mellon Corp. (The)
05/15/19		5.450%		800,000		884,445
05/03/21		2.050%		2,510,000		2,539,518
08/16/23		2.200%		4,180,000		4,169,404
09/11/24		3.250%		1,960,000		2,090,550
08/17/26		2.450%		6,450,000		6,441,254
Bank of New York Mellon Corp. (The)(b) Junior Subordinated
12/29/49		4.500%		6,992,000		6,860,900
12/31/49		4.625%		3,780,000		3,784,725
Bank of Nova Scotia (The)
06/14/19		1.650%		7,240,000		7,267,280
Barclays Bank PLC Subordinated
09/11/24		4.375%		915,000		928,408
Barclays Bank PLC(b) Junior Subordinated
12/31/49		6.625%		2,626,000		2,478,419
Barclays PLC
11/08/19		2.750%		1,940,000		1,955,619
08/10/21		3.200%		12,335,000		12,407,690
01/12/26		4.375%		1,755,000		1,831,179
Canadian Imperial Bank of Commerce(c)
09/06/19		1.600%		4,500,000		4,496,661
Capital One Bank NA
07/23/21		2.950%		1,050,000		1,087,194
Capital One Financial Corp.
11/21/18		2.150%		1,150,000		1,160,878
Subordinated
10/29/25		4.200%		3,490,000		3,648,537
Capital One NA
08/17/18		2.350%		2,610,000		2,645,767
Citigroup, Inc.
11/15/16		1.300%		750,000		750,111
08/09/20		5.375%		10,000,000		11,253,020
05/01/26		3.400%		6,400,000		6,610,138
Subordinated
06/10/25		4.400%		4,250,000		4,507,924
08/25/36		6.125%		1,980,000		2,435,119
Citigroup, Inc.(b)
08/14/17		1.307%		6,620,000		6,623,164
05/15/18		2.517%		2,275,000		2,318,930
09/01/23		2.410%		6,435,000		6,468,250
Junior Subordinated
12/31/49		5.950%		9,790,000		10,114,294
Comerica, Inc.
05/23/19		2.125%		645,000		650,572
Subordinated
07/22/26		3.800%		900,000		932,313
Commonwealth Bank of Australia(a)(c)
09/06/21		2.000%		6,450,000		6,446,575

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

12 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Compass Bank
09/29/19		2.750%		1,400,000		1,398,089
Cooperatieve Rabobank UA
12/01/23		4.625%		4,115,000		4,461,417
Cooperatieve Rabobank UA(a)(b) Junior Subordinated
12/31/49		11.000%		2,170,000		2,648,756
Credit Suisse Group Funding Guernsey Ltd.
12/10/20		3.125%		1,910,000		1,937,978
Credit Suisse Group Funding Guernsey Ltd.(a)
04/16/21		3.450%		1,600,000		1,635,174
06/09/23		3.800%		12,305,000		12,519,009
Danske Bank A/S(a)(c)
03/10/21		2.000%		4,510,000		4,491,689
Deutsche Bank AG
05/12/21		3.375%		9,718,000		9,715,104
Discover Bank
02/21/18		2.000%		680,000		682,817
08/08/23		4.200%		4,000,000		4,287,780
Discover Financial Services
04/27/22		5.200%		2,697,000		2,958,649
11/21/22		3.850%		3,653,000		3,779,207
Fifth Third Bancorp
03/01/19		2.300%		310,000		315,038
07/27/20		2.875%		1,570,000		1,625,845
Fifth Third Bancorp(b) Junior Subordinated
12/31/49		5.100%		6,970,000		6,909,012
Goldman Sachs Group, Inc. (The)
01/18/18		5.950%		4,000,000		4,239,556
04/01/18		6.150%		7,210,000		7,722,292
07/19/18		2.900%		2,200,000		2,256,498
09/15/20		2.750%		6,670,000		6,855,099
01/24/22		5.750%		3,800,000		4,410,117
07/08/24		3.850%		3,605,000		3,828,395
01/23/25		3.500%		4,375,000		4,546,456
Subordinated
10/21/25		4.250%		2,300,000		2,434,037
05/22/45		5.150%		2,100,000		2,297,908
Goldman Sachs Group, Inc. (The)(b) Junior Subordinated
12/31/49		5.700%		5,000,000		5,107,500
HBOS PLC Subordinated(a)
05/21/18		6.750%		5,927,000		6,342,400
HSBC Holdings PLC Junior Subordinated(b)
12/31/49		6.375%		782,000		778,090
HSBC USA, Inc.
01/16/18		1.625%		3,000,000		3,000,939
03/05/20		2.350%		2,575,000		2,591,238
Huntington National Bank (The)
04/01/19		2.200%		1,500,000		1,516,091

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ICICI Bank Ltd. Junior Subordinated(a)(b)
04/30/22		6.375%		750,000		763,630
ING Bank NV(a)
08/15/21		2.050%		4,520,000		4,528,421
JPMorgan Chase & Co.
03/01/18		1.700%		8,130,000		8,169,187
04/23/19		6.300%		5,000,000		5,593,170
10/15/20		4.250%		2,000,000		2,177,968
01/24/22		4.500%		1,000,000		1,108,244
07/15/25		3.900%		4,000,000		4,330,544
10/01/26		2.950%		1,180,000		1,190,686
Subordinated
05/01/23		3.375%		1,000,000		1,032,128
09/10/24		3.875%		5,440,000		5,746,354
JPMorgan Chase & Co.(b) Junior Subordinated
12/29/49		6.000%		2,868,000		3,023,446
12/31/49		6.100%		15,237,000		16,227,405
JPMorgan Chase Bank NA Subordinated
10/01/17		6.000%		2,605,000		2,731,236
JPMorgan Chase Capital XXI Junior Subordinated(b)
02/02/37		1.709%		18,206,000		14,724,102
JPMorgan Chase Capital XXIII Junior Subordinated(b)
05/15/47		1.817%		8,000,000		6,220,000
KeyBank NA
08/22/19		1.600%		4,835,000		4,836,325
Subordinated
05/20/26		3.400%		915,000		937,978
KeyCorp Capital I Junior Subordinated(b)
07/01/28		1.386%		3,921,000		3,220,121
Lloyds Bank PLC
05/14/18		1.750%		5,805,000		5,802,237
Lloyds Banking Group PLC
07/06/21		3.100%		420,000		428,945
Subordinated
03/24/26		4.650%		2,940,000		3,053,834
Lloyds Banking Group PLC(a) Subordinated
12/10/25		4.582%		18,935,000		19,365,591
Lloyds Banking Group PLC(b) Junior Subordinated
12/31/49		7.500%		6,665,000		6,773,306
M&T Bank Corp.
01/30/17		1.127%		700,000		700,486
07/25/19		2.250%		3,000,000		3,054,297
Junior Subordinated
12/31/49		6.875%		2,989,000		3,007,681
MUFG Union Bank NA
09/26/18		2.625%		1,925,000		1,960,372
05/06/19		2.250%		825,000		835,439

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

Annual Report 2016 13

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Macquarie Bank Ltd. Subordinated(a)
04/07/21		6.625%		3,860,000		4,443,080
Mellon Capital IV Junior Subordinated(b)
06/29/49		4.000%		250,000		212,813
Mitsubishi UFJ Financial Group, Inc.
03/01/21		2.950%		1,535,000		1,583,270
Morgan Stanley
05/13/19		7.300%		1,000,000		1,142,064
10/23/24		3.700%		2,000,000		2,120,828
07/23/25		4.000%		280,000		302,620
07/24/42		6.375%		4,300,000		5,901,862
Subordinated
11/24/25		5.000%		4,950,000		5,536,139
Morgan Stanley(b)
01/05/18		1.393%		2,000,000		2,003,176
Junior Subordinated
12/31/49		5.450%		5,000,000		5,012,500
Northern Trust Corp. Junior Subordinated(b)
12/31/49		4.600%		2,190,000		2,236,538
PNC Bank NA
04/29/21		2.150%		2,050,000		2,075,356
06/01/25		3.250%		1,450,000		1,543,277
QNB Finance Ltd.(a)
10/31/18		2.750%		200,000		203,000
Rabobank Capital Funding Trust III Junior Subordinated(a)(b)
12/31/49		5.254%		3,335,000		3,321,060
Regions Financial Corp.
02/08/21		3.200%		4,725,000		4,901,998
Royal Bank of Canada
04/15/19		1.625%		4,800,000		4,815,355
Royal Bank of Scotland Group PLC
10/21/19		6.400%		1,350,000		1,498,605
Royal Bank of Scotland Group PLC(b) Junior Subordinated
12/31/49		8.000%		2,562,000		2,479,247
12/31/49		8.625%		4,015,000		4,090,281
Santander Holdings USA, Inc.
05/24/19		2.700%		7,235,000		7,318,297
Santander Issuances SAU Subordinated
11/19/25		5.179%		6,210,000		6,445,533
Santander UK Group Holdings PLC
08/05/21		2.875%		3,425,000		3,421,072
Santander UK Group Holdings PLC(a) Subordinated
09/15/25		4.750%		8,167,000		8,208,635
09/15/45		5.625%		3,598,000		3,697,467
Societe Generale SA(a) Subordinated
01/17/24		5.000%		2,855,000		3,024,678

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
08/19/26		4.250%		1,510,000		1,526,109
Standard Chartered PLC(a)
04/12/26		4.050%		2,990,000		3,096,764
State Street Capital Trust IV Junior Subordinated(b)
06/15/37		1.653%		1,976,000		1,694,420
State Street Corp. Junior Subordinated
03/15/18		4.956%		4,235,000		4,433,105
Sumitomo Mitsui Financial Group, Inc.
07/14/21		2.058%		6,600,000		6,557,331
SunTrust Banks, Inc.
05/01/19		2.500%		1,770,000		1,807,478
03/03/21		2.900%		920,000		954,232
Svenska Handelsbanken AB(c)
09/06/19		1.500%		4,510,000		4,494,819
09/07/21		1.875%		9,060,000		9,027,937
Synchrony Financial
01/15/19		2.600%		2,500,000		2,534,338
07/23/25		4.500%		4,500,000		4,752,612
Synovus Financial Corp.
02/15/19		7.875%		131,000		146,884
Synovus Financial Corp.(b) Subordinated
12/15/25		5.750%		5,755,000		6,044,246
Toronto-Dominion Bank (The)(c)
09/06/18		1.450%		6,400,000		6,398,259
U.S. Bancorp Subordinated
04/27/26		3.100%		3,560,000		3,684,347
UBS Group Funding Jersey Ltd.(a)
02/01/22		2.650%		5,330,000		5,328,023
Vesey Street Investment Trust 1(b)
09/01/16		4.404%		480,000		480,042
Wells Fargo & Co.
09/09/24		3.300%		4,300,000		4,546,093
04/22/26		3.000%		2,765,000		2,836,849
Subordinated
08/15/23		4.125%		4,160,000		4,540,623
11/17/45		4.900%		1,365,000		1,559,055
06/14/46		4.400%		3,285,000		3,507,010
Wells Fargo & Co.(b) Junior Subordinated
12/31/49		5.900%		7,172,000		7,629,215
Wells Fargo Bank NA
05/24/19		1.750%		9,345,000		9,441,525
Westpac Banking Corp.
08/19/19		1.600%		3,220,000		3,219,005
08/19/21		2.000%		6,500,000		6,501,748
Total						652,905,358

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

14 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BROKERAGE/ASSET MANAGERS/EXCHANGES 0.1%
E*TRADE Financial Corp.
11/15/22		5.375%		135,000		144,956
09/15/23		4.625%		1,547,000		1,605,569
Jefferies Group LLC
07/15/19		8.500%		2,800,000		3,213,916
01/20/43		6.500%		600,000		632,850
Nasdaq, Inc.
01/15/20		5.550%		600,000		665,777
National Financial Partners Corp.(a)
07/15/21		9.000%		43,000		44,398
Stifel Financial Corp.
12/01/20		3.500%		980,000		996,170
07/18/24		4.250%		750,000		764,242
Total						8,067,878
BUILDING MATERIALS 0.1%
Allegion PLC
09/15/23		5.875%		210,000		226,800
Allegion US Holding Co., Inc.
10/01/21		5.750%		142,000		148,745
American Builders & Contractors Supply Co., Inc.(a)
04/15/21		5.625%		778,000		805,230
12/15/23		5.750%		94,000		99,170
Beacon Roofing Supply, Inc.
10/01/23		6.375%		559,000		600,925
Cemex Finance LLC(a)
04/01/24		6.000%		500,000		527,500
Eagle Materials, Inc.
08/01/26		4.500%		84,000		85,480
Gibraltar Industries, Inc.
02/01/21		6.250%		56,000		57,960
HD Supply, Inc.
07/15/20		7.500%		393,000		409,211
HD Supply, Inc.(a)
12/15/21		5.250%		1,068,000		1,138,082
04/15/24		5.750%		503,000		535,695
Nortek, Inc.
04/15/21		8.500%		616,000		645,260
Standard Industries, Inc.(a)
10/15/25		6.000%		3,360,000		3,683,400
US Concrete, Inc.
06/01/24		6.375%		166,000		173,055
USG Corp.(a)
11/01/21		5.875%		50,000		52,438
03/01/25		5.500%		150,000		162,000
Total						9,350,951
CABLE AND SATELLITE 1.1%
Altice US Finance I Corp.(a)
07/15/23		5.375%		392,000		410,130
05/15/26		5.500%		2,871,000		3,028,905

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value��($)
CCO Holdings LLC/Capital Corp.
03/15/21		5.250%		61,000		63,599
09/30/22		5.250%		4,140,000		4,347,000
09/01/23		5.750%		1,000,000		1,055,000
CCO Holdings LLC/Capital Corp.(a)
05/01/23		5.125%		393,000		413,511
04/01/24		5.875%		160,000		172,400
05/01/25		5.375%		991,000		1,044,266
02/15/26		5.750%		219,000		234,330
05/01/26		5.500%		123,000		130,226
05/01/27		5.875%		564,000		603,480
COX Communications, Inc.(a)
12/15/22		3.250%		500,000		503,500
CSC Holdings LLC
02/15/18		7.875%		33,000		35,640
02/15/19		8.625%		294,000		329,280
11/15/21		6.750%		95,000		101,769
06/01/24		5.250%		440,000		428,173
CSC Holdings LLC(a)
10/15/25		6.625%		1,401,000		1,521,836
10/15/25		10.875%		1,118,000		1,308,060
Cablevision Systems Corp.
04/15/18		7.750%		3,500,000		3,736,250
Cequel Communications Holdings I LLC/Capital Corp.(a)
09/15/20		6.375%		1,600,000		1,654,000
12/15/21		5.125%		98,000		98,858
12/15/21		5.125%		1,122,000		1,134,623
07/15/25		7.750%		350,000		382,375
Charter Communications Operating LLC/Capital(a)
07/23/22		4.464%		5,210,000		5,653,460
10/23/45		6.484%		10,280,000		12,633,544
Comcast Corp.
01/15/17		6.500%		1,700,000		1,734,042
02/15/25		3.375%		900,000		968,434
07/15/46		3.400%		3,300,000		3,240,263
DISH DBS Corp.
05/01/20		5.125%		1,400,000		1,449,000
06/01/21		6.750%		1,354,000		1,454,704
07/15/22		5.875%		300,000		306,000
11/15/24		5.875%		60,000		59,175
DISH DBS Corp.(a)
07/01/26		7.750%		3,982,000		4,248,754
Hughes Satellite Systems Corp.
06/15/19		6.500%		99,000		108,281
Hughes Satellite Systems Corp.(a)
08/01/26		5.250%		348,000		345,213
08/01/26		6.625%		203,000		201,478
NBCUniversal Media LLC
04/30/20		5.150%		2,280,000		2,573,185
01/15/23		2.875%		720,000		754,947
Sirius XM Radio, Inc.(a)
04/15/25		5.375%		390,000		406,575
Time Warner Cable, Inc.
02/01/20		5.000%		1,500,000		1,634,373
09/01/21		4.000%		1,500,000		1,599,667
09/01/41		5.500%		1,500,000		1,629,244

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

Annual Report 2016 15

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
UPCB Finance IV Ltd.(a)
01/15/25		5.375%		627,000		644,243
Unitymedia GmbH(a)
01/15/25		6.125%		482,000		516,945
Unitymedia Hessen GmbH & Co. KG NRW(a)
01/15/23		5.500%		608,000		639,920
01/15/25		5.000%		662,000		690,135
Videotron Ltd.
07/15/22		5.000%		4,327,000		4,537,941
Virgin Media Finance PLC(a)
04/15/23		6.375%		300,000		319,500
01/15/25		5.750%		4,400,000		4,477,000
Virgin Media Secured Finance PLC(a)
01/15/26		5.250%		673,000		688,143
Total						76,251,377
CHEMICALS 0.4%
Agrium, Inc.
01/15/45		5.250%		1,400,000		1,558,544
Albemarle Corp.
12/01/24		4.150%		535,000		577,637
12/01/44		5.450%		545,000		645,071
Angus Chemical Co.(a)
02/15/23		8.750%		397,000		404,940
Ashland, Inc.(b)
08/15/22		4.750%		325,000		340,437
Axalta Coating Systems LLC(a)
08/15/24		4.875%		274,000		285,645
Braskem Finance Ltd.(a)
04/15/21		5.750%		200,000		209,500
CF Industries, Inc.
03/15/44		5.375%		1,350,000		1,311,229
Celanese U.S. Holdings LLC
06/15/21		5.875%		874,000		996,902
11/15/22		4.625%		108,000		117,720
Chemours Co. (The)
05/15/23		6.625%		588,000		564,480
05/15/25		7.000%		582,000		556,901
Compass Minerals International, Inc.(a)
07/15/24		4.875%		200,000		191,500
Dow Chemical Co. (The)
05/15/19		8.550%		500,000		590,103
Eastman Chemical Co.
03/15/25		3.800%		2,250,000		2,379,834
Eco Services Operations LLC/Finance Corp.(a)
11/01/22		8.500%		338,000		349,830
Huntsman International LLC
11/15/20		4.875%		90,000		93,375
11/15/22		5.125%		33,000		34,073
INEOS Group Holdings SA(a)
02/15/19		5.875%		403,000		413,075
08/01/24		5.625%		287,000		286,283

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Incitec Pivot Finance LLC(a)
12/10/19		6.000%		1,000,000		1,084,152
LYB International Finance BV
03/15/44		4.875%		730,000		795,280
LyondellBasell Industries NV
02/26/55		4.625%		1,800,000		1,805,969
Mosaic Co. (The)
11/15/43		5.625%		1,000,000		1,097,014
PQ Corp.(a)
11/15/22		6.750%		395,000		419,194
Platform Specialty Products Corp.(a)
05/01/21		10.375%		266,000		279,300
02/01/22		6.500%		1,053,000		997,717
WR Grace & Co.(a)
10/01/21		5.125%		2,375,000		2,529,375
10/01/24		5.625%		320,000		345,600
Westlake Chemical Corp.(a)
08/15/26		3.600%		3,105,000		3,115,756
Total						24,376,436
CONSTRUCTION MACHINERY 0.4%
Caterpillar Financial Services Corp.
11/25/16		1.000%		1,500,000		1,501,086
05/18/19		1.350%		9,350,000		9,354,151
08/09/21		1.700%		6,400,000		6,363,987
John Deere Capital Corp.(b)
01/16/18		0.969%		2,665,000		2,669,632
United Rentals North America, Inc.
06/15/23		6.125%		46,000		48,358
07/15/23		4.625%		175,000		179,034
07/15/25		5.500%		5,300,000		5,465,625
09/15/26		5.875%		495,000		514,800
Total						26,096,673
CONSUMER CYCLICAL SERVICES 0.3%
APX Group, Inc.
12/01/19		6.375%		342,000		350,974
12/01/20		8.750%		136,000		130,730
12/01/22		7.875%		629,000		660,450
APX Group, Inc.(a)
12/01/22		7.875%		93,000		97,650
Alibaba Group Holding Ltd.
11/28/19		2.500%		6,130,000		6,242,424
Automatic Data Processing, Inc.
09/15/25		3.375%		1,360,000		1,483,397
Hearthside Group Holdings LLC/Finance Co.(a)
05/01/22		6.500%		550,000		529,375
IHS Markit Ltd.(a)
11/01/22		5.000%		605,000		642,812
Interval Acquisition Corp.
04/15/23		5.625%		740,000		765,900

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

16 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Visa, Inc.
12/14/25		3.150%		690,000		735,864
eBay, Inc.
03/09/22		3.800%		5,640,000		6,029,386
Total						17,668,962
CONSUMER PRODUCTS 0.2%
First Quality Finance Co., Inc.(a)
05/15/21		4.625%		600,000		598,500
Newell, Inc.
04/01/26		4.200%		4,150,000		4,533,970
Prestige Brands, Inc.(a)
12/15/21		5.375%		675,000		699,469
03/01/24		6.375%		434,000		463,295
Scotts Miracle-Gro Co. (The)(a)
10/15/23		6.000%		746,000		797,287
Serta Simmons Bedding LLC(a)
10/01/20		8.125%		745,000		776,663
Spectrum Brands, Inc.
11/15/22		6.625%		495,000		529,650
12/15/24		6.125%		175,000		188,781
07/15/25		5.750%		747,000		809,561
Springs Industries, Inc.
06/01/21		6.250%		3,194,000		3,289,820
Tempur Sealy International, Inc.
10/15/23		5.625%		571,000		598,836
Tempur Sealy International, Inc.(a)
06/15/26		5.500%		151,000		157,720
Valvoline, Inc.(a)
07/15/24		5.500%		54,000		56,673
Total						13,500,225
DIVERSIFIED MANUFACTURING 0.9%
EnerSys(a)
04/30/23		5.000%		200,000		200,500
Entegris, Inc.(a)
04/01/22		6.000%		537,000		558,480
Fortive Corp.(a)
06/15/26		3.150%		1,125,000		1,171,953
General Electric Co.
01/08/20		5.500%		1,432,000		1,625,823
10/17/21		4.650%		487,000		556,089
09/07/22		3.150%		337,000		360,050
01/09/23		3.100%		1,146,000		1,224,917
01/14/38		5.875%		1,196,000		1,636,754
General Electric Co.(b)
08/15/36		1.297%		5,380,000		4,576,814
Junior Subordinated
12/31/49		5.000%		39,978,000		42,876,405
Manitowoc Foodservice, Inc.(a)
02/15/24		9.500%		102,000		115,260

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Milacron LLC/Finance Corp(a)
02/15/21		7.750%		25,000		26,125
Roper Technologies, Inc.
12/15/25		3.850%		440,000		466,895
SPX FLOW, Inc.(a)
08/15/24		5.625%		98,000		100,695
08/15/26		5.875%		361,000		372,732
Valmont Industries, Inc.
10/01/54		5.250%		2,050,000		1,941,202
WESCO Distribution, Inc.(a)
06/15/24		5.375%		153,000		156,443
WW Grainger, Inc.
05/15/46		3.750%		3,125,000		3,308,391
Zekelman Industries, Inc.(a)
06/15/23		9.875%		82,000		87,740
Total						61,363,268
ELECTRIC 2.8%
AEP Texas Central Co.
02/15/33		6.650%		1,730,000		2,237,601
AEP Texas Central Co.(a)
10/01/25		3.850%		880,000		950,756
AES Corp. (The)
07/01/21		7.375%		221,000		253,598
05/15/26		6.000%		346,000		367,193
Alabama Power Co.
01/02/46		4.300%		985,000		1,135,475
Ameren Corp.
02/15/26		3.650%		590,000		632,782
American Electric Power Co., Inc.
12/15/22		2.950%		750,000		782,654
Arizona Public Service Co.
11/15/45		4.350%		2,495,000		2,893,095
Berkshire Hathaway Energy Co.
02/01/25		3.500%		1,075,000		1,158,259
Calpine Corp.
01/15/23		5.375%		692,000		692,429
01/15/25		5.750%		5,550,000		5,529,187
Calpine Corp.(a)
01/15/22		6.000%		214,000		224,165
01/15/24		5.875%		75,000		79,313
Cleco Corporate Holdings LLC(a)
05/01/26		3.743%		1,920,000		2,018,152
05/01/46		4.973%		1,185,000		1,326,379
Commonwealth Edison Co.
06/15/46		3.650%		1,920,000		2,028,017
Consolidated Edison Co. of New York, Inc.
04/01/18		5.850%		3,000,000		3,212,349
06/15/46		3.850%		3,730,000		4,025,479
DPL, Inc.
10/15/21		7.250%		5,875,000		5,924,937

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

Annual Report 2016 17

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
DTE Electric Co.
06/01/46		3.700%		2,985,000		3,217,597
Dominion Resources, Inc.
08/15/26		2.850%		750,000		751,847
Dominion Resources, Inc.(b) Junior Subordinated
07/01/19		2.962%		845,000		868,325
Duke Energy Corp.
09/01/26		2.650%		8,675,000		8,640,829
09/01/46		3.750%		7,390,000		7,464,129
Duke Energy Ohio, Inc.
06/15/46		3.700%		981,000		1,033,179
Duke Energy Progress LLC
03/30/44		4.375%		960,000		1,112,484
Duke Energy Progress, Inc.
08/15/45		4.200%		2,325,000		2,642,860
Duquesne Light Holdings, Inc.(a)
09/15/20		6.400%		5,000,000		5,673,960
Dynegy, Inc.
11/01/22		7.375%		5,000,000		4,937,500
06/01/23		5.875%		300,000		272,250
11/01/24		7.625%		400,000		392,000
Emera US Finance LP(a)
06/15/26		3.550%		1,160,000		1,221,879
Emera, Inc. Subordinated(b)
06/15/76		6.750%		9,895,000		10,698,969
Entergy Louisiana LLC
06/01/31		3.050%		3,465,000		3,538,725
Entergy Mississippi, Inc.
07/01/23		3.100%		2,000,000		2,063,780
Exelon Corp.
06/15/25		3.950%		3,362,000		3,675,369
Exelon Generation Co. LLC
10/01/41		5.750%		2,000,000		2,180,688
FirstEnergy Corp.
03/15/18		2.750%		530,000		535,391
FirstEnergy Transmission LLC(a)
07/15/44		5.450%		1,000,000		1,134,819
Gulf Power Co.
10/01/44		4.550%		1,350,000		1,473,293
IPALCO Enterprises, Inc.
05/01/18		5.000%		3,130,000		3,286,500
ITC Holdings Corp.
06/15/24		3.650%		3,810,000		3,999,464
Jersey Central Power & Light Co.(a)
04/01/24		4.700%		500,000		547,007
Kansas City Power & Light Co.
08/15/25		3.650%		665,000		700,504
MidAmerican Energy Co.
05/01/46		4.250%		3,433,000		4,019,174

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
NRG Energy, Inc.
07/15/22		6.250%		510,000		520,837
03/15/23		6.625%		5,309,000		5,415,180
05/01/24		6.250%		227,000		225,298
NRG Energy, Inc.(a)
05/15/26		7.250%		260,000		270,010
01/15/27		6.625%		405,000		405,757
NRG Yield Operating LLC
08/15/24		5.375%		1,036,000		1,080,030
National Rural Utilities Cooperative Finance Corp.
11/01/18		10.375%		2,500,000		2,968,260
National Rural Utilities Cooperative Finance Corp.(b) Subordinated
04/20/46		5.250%		1,750,000		1,847,414
NextEra Energy Capital Holdings, Inc.
06/15/23		3.625%		3,000,000		3,176,880
NextEra Energy Capital Holdings, Inc.(c)
09/01/18		1.649%		6,440,000		6,456,454
Oncor Electric Delivery Co. LLC
04/01/25		2.950%		2,560,000		2,679,562
09/30/40		5.250%		4,000,000		5,180,404
04/01/45		3.750%		2,655,000		2,841,944
PPL Capital Funding, Inc.
06/15/22		4.200%		1,508,000		1,646,596
12/01/22		3.500%		1,535,000		1,629,005
06/01/23		3.400%		3,682,000		3,887,246
03/15/24		3.950%		1,200,000		1,299,317
05/15/26		3.100%		4,355,000		4,437,331
PSEG Power LLC
11/15/18		2.450%		840,000		850,152
Pacific Gas & Electric Co.
06/15/23		3.250%		2,291,000		2,436,950
03/01/26		2.950%		3,140,000		3,275,748
03/01/34		6.050%		235,000		316,683
Public Service Electric & Gas Co.
11/01/45		4.150%		1,980,000		2,296,311
San Diego Gas & Electric Co.
05/15/26		2.500%		585,000		592,149
Southern Co. (The)
07/01/26		3.250%		2,520,000		2,622,854
07/01/46		4.400%		2,795,000		3,079,145
Toledo Edison Co. (The)
05/15/37		6.150%		2,231,000		2,793,384
TransAlta Corp.
06/03/17		1.900%		3,413,000		3,415,113
Tucson Electric Power Co.
03/15/23		3.850%		3,100,000		3,253,515
Virginia Electric & Power Co.
06/30/19		5.000%		1,280,000		1,389,893
WEC Energy Group, Inc.
06/15/25		3.550%		1,100,000		1,186,491
Total						185,030,255

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

18 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ENVIRONMENTAL —%
Waste Management, Inc.
05/15/23		2.400%		2,445,000		2,474,990
FINANCE COMPANIES 0.7%
AerCap Ireland Capital Ltd./Global Aviation Trust
10/30/20		4.625%		1,413,000		1,497,603
05/15/21		4.500%		7,241,000		7,639,255
10/01/21		5.000%		1,082,000		1,165,855
07/01/22		4.625%		150,000		159,188
Aircastle Ltd.
03/15/21		5.125%		63,000		68,355
02/15/22		5.500%		529,000		574,626
04/01/23		5.000%		34,000		36,040
Brookfield Finance, Inc.
06/02/26		4.250%		4,035,000		4,188,685
CIT Group, Inc.
05/15/20		5.375%		1,154,000		1,233,337
08/01/23		5.000%		325,000		344,500
CIT Group, Inc.(a)
02/15/19		5.500%		312,000		330,330
GE Capital International Funding Co. Unlimited Co.
11/15/20		2.342%		5,522,000		5,687,373
11/15/25		3.373%		2,980,000		3,256,869
11/15/35		4.418%		5,630,000		6,439,740
HSBC Finance Corp. Subordinated
01/15/21		6.676%		6,916,000		7,981,410
International Lease Finance Corp.
12/15/20		8.250%		321,000		383,996
08/15/22		5.875%		625,000		705,469
Navient Corp.
06/15/18		8.450%		595,000		648,550
03/25/20		8.000%		51,000		55,335
10/26/20		5.000%		19,000		19,095
07/26/21		6.625%		213,000		219,656
01/25/22		7.250%		61,000		63,364
01/25/23		5.500%		50,000		47,500
10/25/24		5.875%		350,000		329,875
OneMain Financial Holdings LLC(a)
12/15/19		6.750%		69,000		72,364
12/15/21		7.250%		696,000		729,060
Provident Funding Associates LP/Finance Corp.(a)
06/15/21		6.750%		287,000		283,412
Quicken Loans, Inc.(a)
05/01/25		5.750%		146,000		145,679
Springleaf Finance Corp.
12/15/20		8.250%		141,000		154,043
10/01/21		7.750%		184,000		193,200
10/01/23		8.250%		62,000		64,984
Total						44,718,748

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
FOOD AND BEVERAGE 1.5%
Acosta, Inc.(a)
10/01/22		7.750%		750,000		691,875
Anheuser-Busch InBev Finance, Inc.
02/01/23		3.300%		8,745,000		9,183,308
02/01/26		3.650%		21,733,000		23,182,504
02/01/36		4.700%		2,596,000		3,012,546
02/01/46		4.900%		3,295,000		3,996,588
Aramark Services, Inc.
03/15/20		5.750%		113,000		116,390
B&G Foods, Inc.
06/01/21		4.625%		86,000		88,688
Bottling Group LLC
01/15/19		5.125%		1,980,000		2,159,552
Bunge Ltd. Finance Corp.
08/15/26		3.250%		3,220,000		3,243,264
Coca-Cola Co. (The)
05/30/19		1.375%		6,260,000		6,304,433
Coca-Cola Co. (The)(c)
09/01/26		2.250%		5,070,000		5,071,551
Coca-Cola Femsa SAB de CV
11/26/18		2.375%		1,000,000		1,017,793
02/15/20		4.625%		1,500,000		1,626,118
ConAgra Foods, Inc.
01/25/23		3.200%		3,609,000		3,762,960
Constellation Brands, Inc.
11/15/19		3.875%		100,000		105,250
11/15/24		4.750%		669,000		729,210
12/01/25		4.750%		27,000		29,379
Cott Beverages, Inc.
01/01/20		6.750%		2,000,000		2,095,000
DS Services of America, Inc.(a)
09/01/21		10.000%		1,500,000		1,683,750
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/26		5.625%		258,000		266,708
Fomento Economico Mexicano SAB de CV
05/10/23		2.875%		150,000		151,140
Hershey Co. (The)
08/15/26		2.300%		2,780,000		2,771,641
JBS USA LUX SA/Finance, Inc.(a)
06/15/25		5.750%		100,000		101,500
Kraft Heinz Foods Co.
06/01/26		3.000%		4,840,000		4,904,556
06/01/46		4.375%		3,960,000		4,283,694
Mead Johnson Nutrition Co.
11/15/25		4.125%		640,000		700,981
Molson Coors Brewing Co.
07/15/21		2.100%		1,400,000		1,410,101
07/15/26		3.000%		3,070,000		3,109,149
05/01/42		5.000%		2,445,000		2,855,440
07/15/46		4.200%		840,000		887,336

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

Annual Report 2016 19

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PepsiCo, Inc.
01/07/19		2.250%		3,715,000		3,805,769
04/30/25		2.750%		1,300,000		1,361,890
07/17/45		4.600%		480,000		585,093
Pinnacle Foods Finance LLC/Corp.
05/01/21		4.875%		450,000		463,500
Pinnacle Foods Finance LLC/Corp.(a)
01/15/24		5.875%		156,000		168,090
Post Holdings, Inc.(a)
12/15/22		6.000%		18,000		19,103
03/15/24		7.750%		834,000		926,782
07/15/25		8.000%		425,000		485,563
08/15/26		5.000%		438,000		436,905
Smithfield Foods, Inc.(a)
08/01/21		5.875%		425,000		444,125
Treehouse Foods, Inc.(a)
02/15/24		6.000%		129,000		140,288
Tyson Foods, Inc.
08/15/44		5.150%		200,000		242,794
WhiteWave Foods Co. (The)
10/01/22		5.375%		399,000		449,873
Total						99,072,180
GAMING 0.3%
Boyd Gaming Corp.
05/15/23		6.875%		439,000		474,120
Boyd Gaming Corp.(a)
04/01/26		6.375%		211,000		224,715
Churchill Downs, Inc.(a)
12/15/21		5.375%		1,070,000		1,112,800
GLP Capital LP/Financing II, Inc.
11/01/23		5.375%		506,000		554,070
04/15/26		5.375%		248,000		270,940
International Game Technology PLC(a)
02/15/22		6.250%		364,000		392,210
02/15/25		6.500%		416,000		450,944
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.(a)
09/01/26		4.500%		1,915,000		1,913,803
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(a)
05/01/24		5.625%		213,000		231,105
MGM Resorts International
03/01/18		11.375%		611,000		688,902
03/31/20		5.250%		350,000		374,500
10/01/20		6.750%		304,000		339,720
12/15/21		6.625%		168,000		188,580
03/15/23		6.000%		4,623,000		5,018,729
09/01/26		4.625%		397,000		393,030
Penn National Gaming, Inc.
11/01/21		5.875%		450,000		468,000
Pinnacle Entertainment, Inc.(a)
05/01/24		5.625%		3,209,000		3,273,180

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Rivers Pittsburgh Borrower LP/Finance Corp.(a)
08/15/21		6.125%		101,000		104,030
Scientific Games International, Inc.
12/01/22		10.000%		282,000		260,850
Scientific Games International, Inc.(a)
01/01/22		7.000%		1,316,000		1,398,250
Seminole Tribe of Florida, Inc.(a)
10/01/20		6.535%		125,000		126,250
Tunica-Biloxi Gaming Authority(a)(d)
11/15/16		0.000%		99,000		40,590
Total						18,299,318
HEALTH CARE 1.3%
Acadia Healthcare Co., Inc.
07/01/22		5.125%		31,000		30,923
02/15/23		5.625%		50,000		50,875
03/01/24		6.500%		514,000		540,342
Alere, Inc.(a)
07/01/23		6.375%		386,000		394,685
Amsurg Corp.
07/15/22		5.625%		486,000		501,795
Barnabas Health, Inc.
07/01/28		4.000%		4,000,000		4,218,936
Baxter International, Inc.
08/15/26		2.600%		2,385,000		2,361,415
Becton Dickinson and Co.
12/15/24		3.734%		340,000		369,722
12/15/44		4.685%		320,000		371,521
CHS/Community Health Systems, Inc.
11/15/19		8.000%		203,000		192,089
07/15/20		7.125%		4,300,000		3,845,834
08/01/21		5.125%		400,000		394,500
02/01/22		6.875%		1,385,000		1,149,550
CR Bard, Inc.
05/15/26		3.000%		685,000		700,670
Catholic Health Initiatives
11/01/22		2.950%		1,970,000		1,981,014
Change Healthcare Holdings, Inc.
12/31/19		11.000%		363,000		383,419
Change Healthcare Holdings, Inc.(a)
02/15/21		6.000%		478,000		506,680
ConvaTec Finance International SA Junior Subordinated PIK(a)
01/15/19		8.250%		321,000		321,485
Crimson Merger Sub, Inc.(a)
05/15/22		6.625%		975,000		872,625
DaVita, Inc.
08/15/22		5.750%		667,000		699,516
07/15/24		5.125%		1,721,000		1,776,932
05/01/25		5.000%		500,000		506,750
Express Scripts Holding Co.
07/15/23		3.000%		6,590,000		6,699,084

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

20 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Fresenius Medical Care U.S. Finance II, Inc.(a)
07/31/19		5.625%		87,000		95,265
01/31/22		5.875%		95,000		108,063
10/15/24		4.750%		413,000		441,910
Fresenius Medical Care US Finance II, Inc.(a)
10/15/20		4.125%		525,000		553,875
HCA, Inc.
02/15/20		6.500%		2,808,000		3,102,840
02/15/22		7.500%		518,000		590,520
03/15/22		5.875%		275,000		302,500
05/01/23		5.875%		53,000		56,313
03/15/24		5.000%		250,000		265,000
02/01/25		5.375%		6,280,000		6,468,400
04/15/25		5.250%		1,968,000		2,108,220
02/15/27		4.500%		442,000		445,868
HealthSouth Corp.
11/01/24		5.750%		195,000		202,215
09/15/25		5.750%		30,000		31,388
Kinetic Concepts, Inc./KCI U.S.A., Inc.
11/01/18		10.500%		64,000		65,600
Kinetic Concepts, Inc./KCI U.S.A., Inc.(a)
02/15/21		7.875%		190,000		205,200
LifePoint Health, Inc.
12/01/21		5.500%		400,000		418,000
12/01/23		5.875%		3,575,000		3,762,687
MEDNAX, Inc.(a)
12/01/23		5.250%		310,000		326,275
MPH Acquisition Holdings LLC(a)
06/01/24		7.125%		423,000		454,725
Memorial Sloan-Kettering Cancer Center
07/01/52		4.125%		4,630,000		5,209,069
NYU Hospitals Center
07/01/42		4.428%		4,000,000		4,354,656
07/01/43		5.750%		705,000		934,746
New York and Presbyterian Hospital (The)
08/01/16		4.763%		1,050,000		1,151,402
Northwell Healthcare, Inc.
11/01/42		4.800%		6,365,000		7,439,838
Quest Diagnostics, Inc.
06/01/26		3.450%		3,255,000		3,383,491
Sterigenics-Nordion Holdings LLC(a)
05/15/23		6.500%		777,000		812,027
Surgical Care Affiliates, Inc.(a)
04/01/23		6.000%		241,000		253,050
Sutter Health
08/15/53		2.286%		2,300,000		2,297,125
Teleflex, Inc.
06/15/24		5.250%		250,000		261,875
06/01/26		4.875%		99,000		103,208
Tenet Healthcare Corp.
02/01/20		6.750%		2,800,000		2,786,000
06/01/20		4.750%		204,000		208,590
10/01/20		6.000%		77,000		81,331

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
04/01/21		4.500%		1,361,000		1,373,929
10/01/21		4.375%		25,000		25,086
04/01/22		8.125%		1,086,000		1,099,575
06/15/23		6.750%		375,000		356,719
Tenet Healthcare Corp.(b)
06/15/20		4.153%		2,000,000		2,002,500
Texas Health Resources
11/15/55		4.330%		700,000		798,495
Zimmer Biomet Holdings, Inc.
04/01/25		3.550%		985,000		1,027,059
Total						84,834,997
HEALTHCARE INSURANCE 0.3%
Aetna, Inc.
06/15/26		3.200%		5,310,000		5,398,358
06/15/36		4.250%		2,520,000		2,621,805
06/15/46		4.375%		3,785,000		3,926,915
Centene Corp.
05/15/22		4.750%		2,666,000		2,769,308
02/15/24		6.125%		313,000		341,170
Molina Healthcare, Inc.(a)
11/15/22		5.375%		585,000		602,550
UnitedHealth Group, Inc.
11/15/17		6.000%		2,383,000		2,512,564
07/15/25		3.750%		1,295,000		1,435,498
07/15/45		4.750%		460,000		569,999
Total						20,178,167
HEALTHCARE REIT 0.5%
Alexandria Real Estate Equities, Inc.
04/01/22		4.600%		1,798,000		1,947,667
06/15/23		3.900%		8,000,000		8,342,072
HCP, Inc.
08/01/22		3.150%		3,575,000		3,607,197
11/15/23		4.250%		5,601,000		5,905,358
08/15/24		3.875%		782,000		800,727
Healthcare Trust of America Holdings LP
07/15/21		3.375%		3,455,000		3,560,091
Ventas Realty LP/Capital Corp.
04/01/20		2.700%		3,000,000		3,067,578
Welltower, Inc.
04/01/19		4.125%		2,000,000		2,108,024
03/15/23		3.750%		2,145,000		2,259,399
Total						31,598,113
HOME CONSTRUCTION 0.1%
CalAtlantic Group, Inc.
12/15/21		6.250%		174,000		190,965
11/15/24		5.875%		270,000		291,600
D.R. Horton, Inc.
09/15/22		4.375%		60,000		63,300
08/15/23		5.750%		612,000		690,030

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

Annual Report 2016 21

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Meritage Homes Corp.
03/01/18		4.500%		86,000		88,150
04/01/22		7.000%		364,000		405,860
06/01/25		6.000%		172,000		183,180
PulteGroup, Inc.
01/15/27		5.000%		1,425,000		1,457,062
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/23		5.875%		121,000		126,899
03/01/24		5.625%		56,000		57,400
Toll Brothers Finance Corp.
11/15/25		4.875%		149,000		156,264
Total						3,710,710
INDEPENDENT ENERGY 1.0%
Afren PLC(a)(d)
12/09/20		0.000%		195,167		20
Anadarko Petroleum Corp.
07/15/24		3.450%		2,100,000		2,045,782
03/15/26		5.550%		1,150,000		1,271,816
07/15/44		4.500%		580,000		528,765
03/15/46		6.600%		1,773,000		2,110,833
Antero Resources Corp.
12/01/22		5.125%		683,000		674,462
Apache Corp.
01/15/23		2.625%		1,500,000		1,480,326
California Resources Corp.
11/15/24		6.000%		40,000		19,300
Canadian Natural Resources Ltd.
02/15/37		6.500%		690,000		762,319
02/01/39		6.750%		1,705,000		1,936,597
Carrizo Oil & Gas, Inc.
04/15/23		6.250%		1,341,000		1,324,237
Concho Resources, Inc.
04/01/23		5.500%		1,578,000		1,629,285
Conoco Funding Co.
10/15/31		7.250%		2,000,000		2,645,828
ConocoPhillips Co.
03/15/26		4.950%		8,525,000		9,701,322
Continental Resources, Inc.
04/15/23		4.500%		652,000		614,510
06/01/24		3.800%		1,981,000		1,787,852
CrownRock LP/Finance, Inc.(a)
04/15/21		7.125%		150,000		156,000
02/15/23		7.750%		598,000		635,375
Denbury Resources, Inc.(a)
05/15/21		9.000%		428,000		439,770
Devon Energy Corp.
07/15/41		5.600%		2,500,000		2,499,135
Diamondback Energy, Inc.
10/01/21		7.625%		146,000		154,851
EOG Resources, Inc.
03/15/23		2.625%		1,195,000		1,193,093

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Extraction Oil & Gas Holdings LLC/Finance Corp.(a)
07/15/21		7.875%		789,000		796,890
Hess Corp.
02/15/41		5.600%		2,000,000		2,032,644
Kerr-McGee Corp.
07/01/24		6.950%		2,733,000		3,197,829
Laredo Petroleum, Inc.
01/15/22		5.625%		308,000		287,980
05/01/22		7.375%		319,000		322,190
03/15/23		6.250%		1,261,000		1,201,102
Newfield Exploration Co.
01/30/22		5.750%		33,000		34,238
07/01/24		5.625%		413,000		426,423
Noble Energy, Inc.
11/15/24		3.900%		1,000,000		1,021,478
11/15/43		5.250%		6,434,000		6,498,778
11/15/44		5.050%		2,412,000		2,407,572
Oasis Petroleum, Inc.
03/15/22		6.875%		273,000		253,890
01/15/23		6.875%		528,000		487,080
PDC Energy, Inc.
10/15/22		7.750%		298,000		312,900
Parsley Energy LLC/Finance Corp.(a)
02/15/22		7.500%		538,000		567,590
06/01/24		6.250%		631,000		651,507
QEP Resources, Inc.
05/01/23		5.250%		15,000		14,700
RSP Permian, Inc.
10/01/22		6.625%		1,044,000		1,085,760
Range Resources Corp.
05/15/25		4.875%		496,000		478,640
Ras Laffan Liquefied Natural Gas Co., Ltd. II(a)
09/30/20		5.298%		781,624		840,363
Rice Energy, Inc.
05/01/22		6.250%		325,000		333,125
05/01/23		7.250%		50,000		52,250
SandRidge Energy, Inc.(d)
03/15/21		0.000%		50,000		3,438
WPX Energy, Inc.
01/15/22		6.000%		1,297,000		1,261,332
Whiting Petroleum Corp.
03/15/21		5.750%		478,000		428,407
Woodside Finance Ltd.(a)
03/05/25		3.650%		5,594,000		5,562,450
Total						64,172,034
INTEGRATED ENERGY 0.5%
BG Energy Capital PLC Subordinated(a)(b)
11/30/72		6.500%		632,000		662,936
BP Capital Markets PLC
05/03/19		1.676%		2,905,000		2,927,319

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

22 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
05/06/22		3.245%		1,875,000		1,985,906
05/10/23		2.750%		2,945,000		3,002,910
05/04/26		3.119%		1,890,000		1,952,340
Cenovus Energy, Inc.
11/15/39		6.750%		1,225,000		1,307,972
Chevron Corp.
06/24/23		3.191%		700,000		749,343
05/16/26		2.954%		2,490,000		2,596,921
Husky Energy, Inc.
04/15/22		3.950%		3,000,000		3,173,709
Lone Pine Resources Canada Ltd.(e)(f)
02/15/17		10.375%		25,000		—
Shell International Finance BV
08/10/18		1.900%		5,840,000		5,920,090
05/10/21		1.875%		3,080,000		3,093,580
05/10/46		4.000%		2,835,000		2,970,845
Total						30,343,871
LEISURE 0.1%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
03/15/21		5.250%		206,000		213,725
06/01/24		5.375%		44,000		46,530
Cinemark USA, Inc.
06/01/23		4.875%		3,500,000		3,587,500
LTF Merger Sub, Inc.(a)
06/15/23		8.500%		239,000		240,792
Regal Entertainment Group
03/15/22		5.750%		150,000		156,938
02/01/25		5.750%		275,000		279,812
Viking Cruises Ltd.(a)
10/15/22		8.500%		2,400,000		2,112,000
Total						6,637,297
LIFE INSURANCE 1.1%
American International Group, Inc.
02/15/24		4.125%		1,600,000		1,722,285
Five Corners Funding Trust(a)
11/15/23		4.419%		1,815,000		1,961,140
Guardian Life Global Funding(a)
04/26/21		2.000%		4,600,000		4,626,104
Guardian Life Insurance Co. of America (The) Subordinated(a)
06/19/64		4.875%		1,530,000		1,632,715
Jackson National Life Global Funding(a)
12/09/20		2.600%		3,215,000		3,299,898
04/29/26		3.050%		3,620,000		3,683,752
Lincoln National Corp.
06/15/40		7.000%		2,610,000		3,396,766
Massachusetts Mutual Life Insurance Co.(a) Subordinated
06/01/39		8.875%		345,000		549,578
04/15/65		4.500%		955,000		967,232

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
MetLife Capital Trust X Junior Subordinated(a)(b)
04/08/38		9.250%		10,122,000		14,470,209
MetLife, Inc.
08/15/18		6.817%		3,000,000		3,310,047
Junior Subordinated
08/01/39		10.750%		4,114,000		6,623,540
Metropolitan Life Global Funding I(a)
04/11/22		3.875%		4,000,000		4,339,600
Northwestern Mutual Life Insurance Co. (The) Subordinated(a)
03/30/40		6.063%		1,250,000		1,629,241
Pricoa Global Funding I(a)
05/16/19		2.200%		4,850,000		4,938,682
Principal Financial Group, Inc.
09/15/22		3.300%		1,510,000		1,561,701
05/15/23		3.125%		667,000		683,107
Principal Life Global Funding II(a)
04/18/26		3.000%		3,310,000		3,388,454
Prudential Financial, Inc.
12/01/17		6.000%		42,000		44,349
TIAA Asset Management Finance Co. LLC(a)
11/01/24		4.125%		1,050,000		1,105,869
Teachers Insurance & Annuity Association of America Subordinated(a)
09/15/44		4.900%		1,615,000		1,845,121
Unum Group
05/15/21		3.000%		1,250,000		1,276,636
Voya Financial, Inc.
06/15/26		3.650%		3,575,000		3,610,636
Total						70,666,662
LODGING 0.1%
Choice Hotels International, Inc.
07/01/22		5.750%		732,000		801,540
Hilton Escrow Issuer LLC/Corp.(a)
09/01/24		4.250%		215,000		219,166
Marriott International, Inc.
06/15/26		3.125%		4,235,000		4,313,204
Playa Resorts Holding BV(a)
08/15/20		8.000%		462,000		474,127
RHP Hotel Properties LP/Finance Corp.
04/15/23		5.000%		2,400,000		2,442,000
Total						8,250,037
MEDIA AND ENTERTAINMENT 0.9%
21st Century Fox America, Inc.
08/15/20		5.650%		1,760,000		2,011,150
03/15/33		6.550%		1,000,000		1,293,569
01/09/38		6.750%		220,000		281,999
02/15/41		6.150%		2,985,000		3,872,858

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

Annual Report 2016 23

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AMC Networks, Inc.
04/01/24		5.000%		2,780,000		2,849,500
Activision Blizzard, Inc.(a)
09/15/23		6.125%		810,000		885,937
Clear Channel Worldwide Holdings, Inc.
11/15/22		6.500%		625,000		654,687
Electronic Arts, Inc.
03/01/21		3.700%		2,000,000		2,114,282
Entercom Radio LLC
12/01/19		10.500%		275,000		287,719
Gray Television, Inc.
10/01/20		7.500%		400,000		416,000
Grupo Televisa SAB
05/15/18		6.000%		200,000		214,644
05/13/45		5.000%		2,100,000		2,188,439
Lamar Media Corp.
05/01/23		5.000%		375,000		396,563
01/15/24		5.375%		125,000		133,125
Lamar Media Corp.(a)
02/01/26		5.750%		162,000		175,163
Lin Television Corp.
11/15/22		5.875%		300,000		317,250
MDC Partners, Inc.(a)
05/01/24		6.500%		1,104,000		1,048,800
Match Group, Inc.
06/01/24		6.375%		403,000		438,766
Netflix, Inc.
02/15/22		5.500%		557,000		598,775
02/15/25		5.875%		470,000		509,950
Nielsen Finance Co. SARL (The)(a)
10/01/21		5.500%		194,000		202,245
Nielsen Finance LLC/Co.(a)
04/15/22		5.000%		3,350,000		3,441,689
Outfront Media Capital LLC/Corp.
02/15/22		5.250%		312,000		326,820
03/15/25		5.875%		565,000		605,963
Scripps Networks Interactive, Inc.
06/15/22		3.500%		3,739,000		3,890,886
Sinclair Television Group, Inc.
10/01/22		6.125%		75,000		79,313
Sinclair Television Group, Inc.(a)
08/01/24		5.625%		550,000		572,880
Sky PLC(a)
09/16/24		3.750%		5,874,000		6,239,257
TEGNA, Inc.
10/15/23		6.375%		325,000		351,000
TEGNA, Inc.(a)
09/15/24		5.500%		200,000		211,000
Thomson Reuters Corp.
05/15/26		3.350%		8,815,000		9,106,177

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Time Warner, Inc.
03/29/21		4.750%		1,700,000		1,907,074
03/29/41		6.250%		2,280,000		3,000,405
Tribune Media Co.
07/15/22		5.875%		475,000		485,688
Univision Communications, Inc.(a)
09/15/22		6.750%		130,000		138,531
05/15/23		5.125%		368,000		382,720
02/15/25		5.125%		1,100,000		1,149,500
Viacom, Inc.
04/01/17		3.500%		1,500,000		1,517,869
04/01/19		2.200%		455,000		456,692
09/01/23		4.250%		2,410,000		2,559,709
Walt Disney Co. (The)
07/30/46		3.000%		2,550,000		2,458,055
Total						59,772,649
METALS 0.6%
Alcoa, Inc.
04/15/21		5.400%		2,250,000		2,387,115
ArcelorMittal(b)
03/01/21		6.500%		293,000		317,905
02/25/22		7.250%		352,000		396,000
03/01/41		7.750%		730,000		759,200
BHP Billiton Finance USA Ltd. Junior Subordinated(a)(b)
10/19/75		6.750%		3,200,000		3,652,000
Barrick Gold Corp.
05/01/23		4.100%		6,300,000		6,782,170
Barrick North America Finance LLC
05/30/21		4.400%		3,845,000		4,204,284
Constellium NV(a)
05/15/24		5.750%		129,000		119,325
Freeport-McMoRan, Inc.
11/14/17		2.300%		1,500,000		1,473,750
03/01/22		3.550%		145,000		126,513
03/15/23		3.875%		543,000		465,622
11/14/24		4.550%		756,000		661,500
11/14/34		5.400%		300,000		234,000
Glencore Finance Canada Ltd.(a)
11/15/16		5.800%		3,010,000		3,031,070
Glencore Funding LLC(a)
01/15/19		2.500%		4,280,000		4,242,550
Novelis Corp.(a)
08/15/24		6.250%		171,000		178,268
Rio Tinto Finance USA PLC
03/22/22		3.500%		5,504,000		5,861,496
Southern Copper Corp.
11/08/22		3.500%		130,000		132,251
04/23/25		3.875%		600,000		600,526
11/08/42		5.250%		1,400,000		1,332,733
04/23/45		5.875%		2,603,000		2,643,797

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

24 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Vale Overseas Ltd.
01/11/22		4.375%		113,000		110,006
08/10/26		6.250%		895,000		926,325
11/10/39		6.875%		80,000		78,600
Vale SA
09/11/42		5.625%		50,000		43,035
Wise Metals Intermediate Holdings LLC/Finance Corp.(a)
06/15/19		9.750%		184,187		116,498
Total						40,876,539
MIDSTREAM 1.6%
Boardwalk Pipeline Partners LP
02/01/23		3.375%		2,000,000		1,880,932
Colorado Interstate Gas Co., LLC/Issuing Corp.(a)
08/15/26		4.150%		2,290,000		2,283,226
Columbia Pipeline Group, Inc.
06/01/45		5.800%		5,267,000		6,343,633
Crestwood Midstream Partners LP/Finance Corp.
12/15/20		6.000%		125,000		123,125
03/01/22		6.125%		50,000		48,625
04/01/23		6.250%		50,000		48,750
Enbridge Energy Partners LP
10/15/25		5.875%		1,000,000		1,113,784
Energy Transfer Equity LP
01/15/24		5.875%		575,000		589,375
06/01/27		5.500%		1,814,000		1,818,535
Energy Transfer Partners LP
06/15/18		2.500%		2,056,000		2,075,746
02/01/23		3.600%		1,000,000		984,995
10/01/43		5.950%		3,500,000		3,631,981
Energy Transfer Partners LP(b)
11/01/66		3.774%		1,030,000		710,700
Enterprise Products Operating LLC
02/15/25		3.750%		1,055,000		1,103,192
05/15/46		4.900%		1,400,000		1,497,980
Enterprise Products Operating LLC(b)
08/01/66		4.464%		2,060,000		1,931,250
Ferrellgas Partners LP/Finance Corp.
05/01/21		6.500%		350,000		329,875
01/15/22		6.750%		150,000		140,625
06/15/23		6.750%		200,000		180,500
Florida Gas Transmission Co. LLC(a)
07/15/22		3.875%		2,250,000		2,290,693
Holly Energy Partners LP/Finance Corp.(a)
08/01/24		6.000%		74,000		75,480
Kinder Morgan, Inc.
06/01/18		7.250%		390,000		423,213
Kinder Morgan, Inc.(a)
11/15/23		5.625%		3,955,000		4,319,335
MPLX LP(a)
02/15/23		5.500%		164,000		170,295
07/15/23		4.500%		353,000		356,547
12/01/24		4.875%		1,855,000		1,897,609

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
06/01/25		4.875%		200,000		204,128
Plains All American Pipeline LP/Finance Corp.
01/31/23		2.850%		4,720,000		4,491,963
10/15/25		4.650%		1,146,000		1,189,892
06/01/42		5.150%		3,035,000		2,801,460
02/15/45		4.900%		1,917,000		1,764,687
Regency Energy Partners LP/Finance Corp.
03/01/22		5.875%		1,625,000		1,783,957
10/01/22		5.000%		2,680,000		2,849,322
11/01/23		4.500%		1,000,000		1,011,468
Rockies Express Pipeline LLC(a)
04/15/20		5.625%		2,220,000		2,322,675
Ruby Pipeline LLC(a)
04/01/22		6.000%		3,000,000		3,108,936
Sabine Pass LNG LP
11/30/16		7.500%		1,000,000		1,013,750
Sabine Pass Liquefaction LLC
03/01/25		5.625%		998,000		1,055,385
Sabine Pass Liquefaction LLC(a)
06/30/26		5.875%		303,000		324,210
Southern Natural Gas Co. LLC
02/15/31		7.350%		2,910,000		3,451,446
Spectra Energy Capital LLC
02/15/32		6.750%		1,740,000		1,969,623
Suburban Propane Partners LP/Energy Finance Corp.
08/01/21		7.375%		386,000		401,440
03/01/25		5.750%		225,000		227,250
Tallgrass Energy Partners LP/Finance Corp.(a)(c)
09/15/24		5.500%		243,000		249,075
Targa Pipeline Partners LP/Finance Corp.
08/01/23		5.875%		100,000		98,253
Targa Resources Partners LP/Finance Corp.
01/15/18		5.000%		124,000		126,480
11/15/19		4.125%		52,000		52,390
05/01/23		5.250%		6,000		6,090
11/15/23		4.250%		1,368,000		1,316,700
Targa Resources Partners LP/Finance Corp.(a)
03/15/24		6.750%		129,000		137,063
Tennessee Gas Pipeline Co. LLC
06/15/32		8.375%		3,465,000		4,356,326
04/01/37		7.625%		550,000		658,338
Tesoro Logistics LP/Finance Corp.
10/15/19		5.500%		27,000		28,755
10/01/20		5.875%		198,000		203,693
10/15/21		6.125%		300,000		314,250
10/15/22		6.250%		643,000		680,616
05/01/24		6.375%		233,000		248,728
Texas Eastern Transmission LP(a)
10/15/22		2.800%		3,350,000		3,348,097
Transcanada Trust Junior Subordinated(b)
08/15/76		5.875%		2,940,000		3,132,937

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

Annual Report 2016 25

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Transcontinental Gas Pipe Line Co. LLC(a)
02/01/26		7.850%		2,880,000		3,726,458
Western Gas Partners LP
07/01/22		4.000%		328,000		334,055
06/01/25		3.950%		460,000		452,653
Western Refining Logistics LP/Finance Corp.
02/15/23		7.500%		275,000		281,875
Williams Companies, Inc. (The)
01/15/23		3.700%		429,000		416,130
06/24/24		4.550%		1,040,000		1,063,400
Williams Partners LP/ACMP Finance Corp.
07/15/22		6.125%		325,000		337,917
05/15/23		4.875%		7,420,000		7,527,160
Williams Partners LP
11/15/20		4.125%		1,000,000		1,037,521
03/04/24		4.300%		2,787,000		2,852,832
01/15/25		3.900%		1,050,000		1,044,298
04/15/40		6.300%		1,510,000		1,648,331
03/04/44		5.400%		912,000		918,278
01/15/45		4.900%		1,030,000		980,075
09/15/45		5.100%		2,160,000		2,117,586
Total						106,037,953
NATURAL GAS 0.4%
Atmos Energy Corp.
10/15/44		4.125%		2,045,000		2,271,390
NiSource Finance Corp.
02/15/23		3.850%		1,175,000		1,260,967
12/15/40		6.250%		1,866,000		2,457,600
Sempra Energy
02/15/19		9.800%		1,000,000		1,190,842
03/15/20		2.400%		2,199,000		2,241,753
11/15/20		2.850%		3,455,000		3,577,117
10/01/22		2.875%		6,205,000		6,417,503
06/15/24		3.550%		1,500,000		1,589,341
11/15/25		3.750%		4,310,000		4,656,929
Total						25,663,442
OFFICE REIT 0.3%
Boston Properties LP
11/15/20		5.625%		4,590,000		5,233,325
02/01/23		3.850%		2,500,000		2,693,173
10/01/26		2.750%		4,525,000		4,481,936
Highwoods Realty LP
03/15/17		5.850%		3,069,000		3,132,792
SL Green Realty Corp.
08/15/18		5.000%		6,935,000		7,248,975
Total						22,790,201
OIL FIELD SERVICES 0.3%
Nabors Industries, Inc.
09/15/21		4.625%		3,250,000		3,097,789

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Noble Holding International Ltd.
03/15/17		2.500%		7,500,000		7,434,375
Noble Holding International Ltd.(b)
03/16/18		5.000%		8,115,000		7,979,074
SESI LLC
05/01/19		6.375%		250,000		247,500
12/15/21		7.125%		74,000		72,150
Schlumberger Holdings Corp.(a)
12/21/25		4.000%		2,100,000		2,293,494
Schlumberger Investment SA
12/01/23		3.650%		1,016,000		1,106,683
Weatherford International Ltd.
06/15/21		7.750%		471,000		466,290
Total						22,697,355
OTHER FINANCIAL INSTITUTIONS —%
PT Perusahaan Gas Negara Persero Tbk(a)
05/16/24		5.125%		1,300,000		1,407,424
Total System Services, Inc.
04/01/26		4.800%		1,415,000		1,563,974
Total						2,971,398
OTHER INDUSTRY 0.2%
Anixter, Inc.
03/01/23		5.500%		75,000		78,938
Belden, Inc.(a)
07/15/24		5.250%		350,000		355,250
CB Richard Ellis Services, Inc.
03/15/25		5.250%		161,000		173,725
CBRE Services, Inc.
03/15/23		5.000%		175,000		184,830
Massachusetts Institute of Technology
07/01/14		4.678%		2,358,000		2,833,132
07/01/16		3.885%		5,915,000		6,112,165
Unifrax I LLC/Holding Co.(a)
02/15/19		7.500%		375,000		337,500
University of Southern California
10/01/39		3.028%		4,525,000		4,595,866
Total						14,671,406
OTHER REIT 0.2%
CyrusOne LP/Finance Corp.
11/15/22		6.375%		157,000		166,812
Duke Realty LP
06/15/22		4.375%		4,290,000		4,674,826
Host Hotels & Resorts LP
06/15/25		4.000%		1,050,000		1,076,697
02/01/26		4.500%		520,000		555,111
Liberty Property LP
06/15/23		3.375%		2,500,000		2,548,320

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

26 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ProLogis LP
02/01/21		3.350%		1,000,000		1,056,766
08/15/23		4.250%		1,600,000		1,774,997
Total						11,853,529
PACKAGING 0.2%
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
11/15/20		7.000%		52,941		52,875
01/31/21		6.750%		344,000		356,470
06/30/21		6.000%		150,000		154,500
05/15/23		4.625%		336,000		341,880
05/15/24		7.250%		791,000		841,426
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)(b)
12/15/19		3.653%		800,000		808,000
BWAY Holding Co.(a)
08/15/21		9.125%		550,000		555,500
Ball Corp.
12/15/20		4.375%		311,000		335,491
11/15/23		4.000%		275,000		279,813
07/01/25		5.250%		200,000		216,500
Berry Plastics Corp.
05/15/22		5.500%		60,000		62,400
10/15/22		6.000%		615,000		651,900
07/15/23		5.125%		400,000		409,760
Beverage Packaging Holdings (Luxembourg) II SA(a)
12/15/16		5.625%		34,000		34,085
Crown Americas LLC/Capital Corp. IV
01/15/23		4.500%		250,000		261,250
Owens-Brockway Glass Container, Inc.(a)
01/15/22		5.000%		50,000		52,625
08/15/23		5.875%		100,000		109,500
01/15/25		5.375%		150,000		157,125
08/15/25		6.375%		225,000		249,750
Plastipak Holdings, Inc.(a)
10/01/21		6.500%		599,000		622,960
Reynolds Group Issuer, Inc./LLC
10/15/20		5.750%		2,910,000		3,000,937
Reynolds Group Issuer, Inc./LLC(a)
07/15/24		7.000%		554,000		593,473
Signode Industrial Group Luxembourg SA/US, Inc.(a)
05/01/22		6.375%		56,000		57,120
Total						10,205,340
PAPER 0.1%
Celulosa Arauco y Constitucion SA
07/29/19		7.250%		150,000		171,143
International Paper Co.
11/15/39		7.300%		2,000,000		2,704,464
08/15/47		4.400%		1,090,000		1,107,613
Packaging Corp. of America
11/01/23		4.500%		1,070,000		1,180,393
Plum Creek Timberlands LP
03/15/23		3.250%		1,630,000		1,628,137

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Weyerhaeuser Co.
10/01/19		7.375%		1,000,000		1,143,494
03/15/32		7.375%		1,630,000		2,218,379
Total						10,153,623
PHARMACEUTICALS 1.5%
AbbVie, Inc.
05/14/20		2.500%		1,200,000		1,228,171
05/14/25		3.600%		4,995,000		5,286,109
05/14/26		3.200%		1,854,000		1,899,681
05/14/45		4.700%		2,100,000		2,338,190
05/14/46		4.450%		3,205,000		3,442,042
Actavis Funding SCS
06/15/19		2.450%		2,000,000		2,036,532
03/12/20		3.000%		10,024,000		10,350,031
03/15/22		3.450%		2,276,000		2,383,921
03/15/25		3.800%		8,815,000		9,313,779
03/15/35		4.550%		1,000,000		1,076,983
Actavis Funding SCS(b)
09/01/16		1.548%		920,000		920,015
Actavis, Inc.
10/01/42		4.625%		3,410,000		3,696,437
Amgen, Inc.
05/22/19		2.200%		5,740,000		5,863,221
05/01/45		4.400%		6,280,000		6,750,717
Bayer US Finance LLC(a)
10/08/19		2.375%		1,310,000		1,333,127
10/08/24		3.375%		520,000		533,619
Celgene Corp.
08/15/25		3.875%		690,000		745,824
08/15/45		5.000%		6,850,000		7,922,224
Concordia International Corp.(a)
04/15/23		7.000%		77,000		59,675
Endo Finance LLC/Finco, Inc.(a)
02/01/25		6.000%		882,000		782,775
Endo Finance LLC/Ltd./Finco, Inc.(a)
07/15/23		6.000%		395,000		358,462
Forest Laboratories LLC(a)
02/01/19		4.375%		3,275,000		3,456,258
Gilead Sciences, Inc.
04/01/21		4.500%		1,500,000		1,676,820
02/01/25		3.500%		1,310,000		1,398,658
02/01/45		4.500%		3,114,000		3,483,666
Grifols Worldwide Operations Ltd.
04/01/22		5.250%		1,274,000		1,331,330
Jaguar Holding Co. II/Pharmaceutical Product Development LLC(a)
08/01/23		6.375%		791,000		828,572
Johnson & Johnson
12/05/33		4.375%		3,435,000		4,191,864
Mallinckrodt International Finance SA/CB LLC(a)
04/15/20		4.875%		50,000		51,125
10/15/23		5.625%		150,000		150,563
04/15/25		5.500%		567,000		558,495

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

Annual Report 2016 27

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Mallinckrodt International Finance SA
04/15/23		4.750%		375,000		348,047
Mylan NV(a)
06/15/21		3.150%		4,530,000		4,633,687
Quintiles Transnational Corp.(a)
05/15/23		4.875%		117,000		121,680
Teva Pharmaceutical Finance III BV
07/21/23		2.800%		2,660,000		2,674,340
10/01/26		3.150%		1,985,000		1,998,633
Valeant Pharmaceuticals International, Inc.(a)
07/15/21		7.500%		415,000		407,866
12/01/21		5.625%		319,000		287,100
03/01/23		5.500%		1,181,000		1,030,422
05/15/23		5.875%		1,125,000		990,000
04/15/25		6.125%		3,692,000		3,244,345
Total						101,185,006
PROPERTY & CASUALTY 0.9%
Alliant Holdings I LP(a)
08/01/23		8.250%		24,000		24,807
Berkshire Hathaway Finance Corp.
08/15/19		1.300%		1,820,000		1,819,294
05/15/42		4.400%		3,850,000		4,467,732
05/15/43		4.300%		720,000		826,617
Berkshire Hathaway, Inc.
03/15/26		3.125%		6,865,000		7,284,795
02/11/43		4.500%		917,000		1,085,661
CNA Financial Corp.
11/15/19		7.350%		3,435,000		3,944,301
08/15/21		5.750%		925,000		1,063,885
Chubb Corp. (The) Junior Subordinated(b)
04/15/37		6.375%		3,100,000		2,896,563
Chubb INA Holdings, Inc.
05/15/24		3.350%		910,000		975,589
05/03/26		3.350%		940,000		1,009,688
Farmers Exchange Capital II Subordinated(a)(b)
11/01/53		6.151%		2,700,000		2,977,387
Farmers Exchange Capital(a) Subordinated
07/15/28		7.050%		1,000,000		1,202,704
07/15/48		7.200%		1,615,000		2,035,861
HUB International Ltd.(a)
02/15/21		9.250%		109,000		114,995
10/01/21		7.875%		1,311,000		1,340,498
Hub Holdings LLC/Finance, Inc. PIK(a)
07/15/19		8.125%		29,000		28,275
Liberty Mutual Group, Inc.(a)
05/01/22		4.950%		4,365,000		4,867,350
06/15/23		4.250%		275,000		297,867
05/01/42		6.500%		1,240,000		1,559,932

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
08/01/44		4.850%		1,000,000		1,066,419
Loews Corp.
04/01/26		3.750%		11,431,000		12,210,766
05/15/43		4.125%		1,389,000		1,472,944
Nationwide Mutual Insurance Co. Subordinated(a)(b)
12/15/24		2.943%		1,725,000		1,707,974
Old Republic International Corp.
08/26/26		3.875%		4,205,000		4,231,618
Travelers Companies, Inc. (The)
05/15/46		3.750%		1,395,000		1,495,200
Total						62,008,722
RAILROADS 0.2%
BNSF Funding Trust I Junior Subordinated(b)
12/15/55		6.613%		2,273,000		2,620,087
Burlington Northern Santa Fe LLC
09/15/21		3.450%		295,000		318,090
09/01/22		3.050%		475,000		504,665
03/15/43		4.450%		2,500,000		2,916,000
Canadian Pacific Railway Ltd.
01/15/22		4.500%		600,000		658,489
Kansas City Southern
05/15/23		3.000%		1,000,000		1,016,508
08/15/45		4.950%		1,269,000		1,477,518
Union Pacific Corp.
02/15/19		2.250%		765,000		782,275
Total						10,293,632
REFINING 0.2%
Marathon Petroleum Corp.
03/01/21		5.125%		1,000,000		1,114,750
09/15/44		4.750%		5,425,000		4,979,342
Northern Tier Energy LLC/Finance Corp.
11/15/20		7.125%		100,000		101,750
Phillips 66
11/15/44		4.875%		1,550,000		1,736,356
Tesoro Corp.
04/01/24		5.125%		225,000		230,625
Valero Energy Corp.
03/15/19		9.375%		2,000,000		2,366,246
Total						10,529,069
RESTAURANTS —%
BC ULC/New Red Finance, Inc.(a)
01/15/22		4.625%		491,000		508,185
04/01/22		6.000%		900,000		941,625
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a)
06/01/26		5.250%		672,000		714,000

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

28 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Yum! Brands, Inc.
11/01/23		3.875%		275,000		272,250
11/01/43		5.350%		962,000		836,940
Total						3,273,000
RETAIL REIT 0.1%
Kimco Realty Corp.
11/01/22		3.400%		290,000		304,091
06/01/23		3.125%		3,230,000		3,326,839
Total						3,630,930
RETAILERS 0.6%
Asbury Automotive Group, Inc.
12/15/24		6.000%		577,000		603,686
AutoNation, Inc.
01/15/21		3.350%		660,000		677,058
AutoZone, Inc.
01/13/17		1.300%		775,000		775,898
04/21/26		3.125%		415,000		428,211
CVS Health Corp.
12/01/22		4.750%		8,714,000		9,869,398
12/05/23		4.000%		515,000		568,795
07/20/25		3.875%		877,000		966,790
06/01/26		2.875%		2,320,000		2,378,684
07/20/45		5.125%		705,000		879,062
CVS Pass-Through Trust(a)
01/10/36		4.704%		131,879		145,778
08/11/36		4.163%		2,296,662		2,430,122
Dollar General Corp.
11/01/25		4.150%		880,000		962,783
Dollar Tree, Inc.
03/01/23		5.750%		758,000		815,798
Group 1 Automotive, Inc.
06/01/22		5.000%		152,000		152,760
Group 1 Automotive, Inc.(a)
12/15/23		5.250%		206,000		208,575
Hanesbrands, Inc.(a)
05/15/24		4.625%		216,000		225,990
05/15/26		4.875%		291,000		304,095
Jo-Ann Stores Holdings, Inc. PIK(a)
10/15/19		9.750%		75,000		71,250
Jo-Ann Stores LLC(a)
03/15/19		8.125%		50,000		50,000
L Brands, Inc.
02/15/22		5.625%		4,000,000		4,440,000
Michaels Stores, Inc.(a)
12/15/20		5.875%		425,000		440,406
O’Reilly Automotive, Inc.
03/15/26		3.550%		680,000		725,247
Party City Holdings, Inc.(a)
08/15/23		6.125%		425,000		451,563

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Penske Automotive Group, Inc.
12/01/24		5.375%		711,000		723,443
05/15/26		5.500%		6,000		6,004
PetSmart, Inc.(a)
03/15/23		7.125%		725,000		762,156
Rite Aid Corp. Junior Subordinated
02/15/27		7.700%		55,000		69,850
Rite Aid Corp.(a)
04/01/23		6.125%		654,000		706,045
Sally Holdings LLC/Capital, Inc.
06/01/22		5.750%		540,000		563,625
12/01/25		5.625%		116,000		125,628
Wal-Mart Stores, Inc.
04/22/24		3.300%		2,100,000		2,297,140
08/15/37		6.500%		1,275,000		1,890,235
Walgreens Boots Alliance, Inc.
05/30/18		1.750%		2,385,000		2,400,135
06/01/21		2.600%		1,970,000		2,015,298
11/18/44		4.800%		1,950,000		2,189,624
Total						42,321,132
SUPERMARKETS 0.1%
Albertsons Companies, LLC/Safeway, Inc.(a)
03/15/25		5.750%		311,000		321,885
Koninklijke Ahold Delhaize NV
10/01/40		5.700%		200,000		245,956
Kroger Co. (The)
12/15/18		6.800%		3,060,000		3,419,776
Total						3,987,617
SUPRANATIONAL —%
Corporación Andina de Fomento
06/04/19		8.125%		1,400,000		1,662,170
06/15/22		4.375%		400,000		442,504
Total						2,104,674
TECHNOLOGY 2.3%
Alliance Data Systems Corp.(a)
12/01/17		5.250%		178,000		182,005
04/01/20		6.375%		98,000		99,715
08/01/22		5.375%		466,000		459,010
Ancestry.com, Inc. Junior Subordinated
12/15/20		11.000%		123,000		131,918
Apple, Inc.
02/09/22		2.150%		2,000,000		2,041,346
05/06/44		4.450%		550,000		621,990
Baidu, Inc.
06/30/25		4.125%		700,000		755,873
CDW LLC/Finance Corp.
08/15/22		6.000%		1,045,000		1,122,069

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

Annual Report 2016 29

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
09/01/23		5.000%		175,000		181,344
12/01/24		5.500%		300,000		321,510
CommScope Technologies Finance LLC(a)
06/15/25		6.000%		3,200,000		3,396,000
CommScope, Inc.(a)
06/15/24		5.500%		250,000		262,500
Denali International LLC/Finance Corp.(a)
10/15/20		5.625%		3,571,000		3,731,695
Diamond 1 Finance Corp./Diamond 2 Finance Corp.(a)
06/01/19		3.480%		6,460,000		6,647,385
06/15/21		4.420%		3,840,000		4,015,246
06/15/21		5.875%		252,000		266,450
06/15/23		5.450%		10,110,000		10,779,090
06/15/24		7.125%		280,000		303,339
06/15/26		6.020%		1,230,000		1,316,009
Equifax, Inc.
12/15/22		3.300%		375,000		392,745
Equinix, Inc.
04/01/20		4.875%		234,000		243,360
01/01/22		5.375%		581,000		620,578
01/15/26		5.875%		453,000		493,485
Fidelity National Information Services, Inc.
04/15/23		3.500%		2,500,000		2,632,227
08/15/26		3.000%		2,390,000		2,382,017
First Data Corp.(a)
08/15/23		5.375%		1,059,000		1,098,712
12/01/23		7.000%		6,786,000		7,108,335
01/15/24		5.750%		2,205,000		2,257,369
Flextronics International Ltd.
06/15/25		4.750%		385,000		409,011
Freescale Semiconductor, Inc.(a)
01/15/22		6.000%		4,000,000		4,216,000
HP, Inc.
06/01/21		4.300%		3,865,000		4,172,886
Hewlett Packard Enterprise Co.(a)
10/05/18		2.850%		2,000,000		2,038,564
10/15/20		3.600%		690,000		722,562
10/15/22		4.400%		1,886,000		1,993,657
10/15/25		4.900%		3,155,000		3,372,556
10/15/45		6.350%		5,430,000		5,604,591
Infor US, Inc.
05/15/22		6.500%		700,000		709,625
Infor US, Inc.(a)
08/15/20		5.750%		33,000		34,832
Informatica LLC(a)
07/15/23		7.125%		84,000		79,380
Ingram Micro, Inc.
12/15/24		4.950%		1,250,000		1,264,211
Intel Corp.
05/19/26		2.600%		2,475,000		2,542,144
International Business Machines Corp.
02/19/21		2.250%		5,846,000		6,022,906

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Jabil Circuit, Inc.
12/15/20		5.625%		1,000,000		1,072,500
MSCI, Inc.(a)
11/15/24		5.250%		404,000		429,250
08/15/25		5.750%		521,000		564,634
08/01/26		4.750%		1,009,000		1,035,486
Micron Technology, Inc.
02/01/25		5.500%		100,000		96,875
Micron Technology, Inc.(a)
08/01/23		5.250%		225,000		217,688
01/15/24		5.250%		125,000		119,624
Microsemi Corp.(a)
04/15/23		9.125%		550,000		629,750
Microsoft Corp.
08/08/21		1.550%		4,175,000		4,169,911
08/08/26		2.400%		5,615,000		5,644,776
08/08/46		3.700%		1,890,000		1,963,827
NCR Corp.
02/15/21		4.625%		600,000		606,330
07/15/22		5.000%		50,000		50,750
12/15/23		6.375%		125,000		132,188
NXP BV/Funding LLC(a)
02/15/21		5.750%		2,205,000		2,298,712
06/01/21		4.125%		850,000		889,100
06/15/22		4.625%		618,000		650,828
09/01/22		3.875%		155,000		157,519
Nuance Communications, Inc.(a)
08/15/20		5.375%		3,925,000		4,013,312
Oracle Corp.
10/08/19		2.250%		3,000,000		3,094,803
09/15/21		1.900%		8,395,000		8,423,106
09/15/23		2.400%		13,165,000		13,284,143
07/15/26		2.650%		5,525,000		5,575,780
07/08/34		4.300%		1,645,000		1,824,680
07/15/36		3.850%		1,710,000		1,803,239
PTC, Inc.
05/15/24		6.000%		492,000		531,975
Qualitytech LP/Finance Corp.
08/01/22		5.875%		288,000		297,360
Riverbed Technology, Inc.(a)
03/01/23		8.875%		190,000		203,775
SS&C Technologies Holdings, Inc.
07/15/23		5.875%		1,125,000		1,184,062
Sensata Technologies BV(a)
11/01/24		5.625%		175,000		185,500
10/01/25		5.000%		150,000		155,250
Sensata Technologies UK Financing Co. PLC(a)
02/15/26		6.250%		258,000		282,833
Solera LLC/Finance, Inc.(a)
03/01/24		10.500%		379,000		419,743
Tencent Holdings Ltd.(a)
02/11/25		3.800%		200,000		213,384

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

30 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
VeriSign, Inc.
05/01/23		4.625%		538,000		550,105
04/01/25		5.250%		124,000		129,270
Xerox Corp.
05/15/20		2.800%		4,228,000		4,185,813
Zebra Technologies Corp.
10/15/22		7.250%		741,000		803,985
Total						154,938,113
TOBACCO 0.1%
Reynolds American, Inc.
06/12/25		4.450%		1,325,000		1,487,210
08/04/41		7.000%		1,170,000		1,522,453
08/15/45		5.850%		1,450,000		1,885,779
Total						4,895,442
TRANSPORTATION SERVICES 0.3%
Avis Budget Car Rental LLC/Finance, Inc.
04/01/23		5.500%		75,000		77,719
Avis Budget Car Rental LLC/Finance, Inc.(a)
04/01/24		6.375%		225,000		236,812
ERAC U.S.A. Finance LLC(a)
10/01/20		5.250%		2,500,000		2,797,222
11/15/24		3.850%		2,500,000		2,698,992
12/01/26		3.300%		3,950,000		4,059,680
FedEx Corp.
11/15/45		4.750%		1,853,000		2,125,082
04/01/46		4.550%		1,025,000		1,138,662
Hertz Corp. (The)
04/15/19		6.750%		175,000		178,500
10/15/20		5.875%		25,000		25,906
01/15/21		7.375%		42,000		43,733
10/15/22		6.250%		309,000		324,944
Penske Truck Leasing Co. LP/Finance Corp.(a)
04/01/21		3.300%		2,000,000		2,066,840
02/01/22		3.375%		1,200,000		1,241,064
Ryder System, Inc.
06/01/17		3.500%		1,000,000		1,016,048
11/15/18		2.450%		660,000		669,738
06/01/19		2.550%		1,500,000		1,522,974
Total						20,223,916
WIRELESS 0.4%
America Movil SAB de CV
03/30/20		5.000%		300,000		331,476
07/16/22		3.125%		200,000		206,977
American Tower Corp.
02/15/24		5.000%		665,000		760,518
Crown Castle International Corp.
04/15/22		4.875%		3,075,000		3,420,630
Digicel Group Ltd.(a)
09/30/20		8.250%		600,000		543,000

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
SBA Communications Corp.(a)
09/01/24		4.875%		2,442,000		2,475,577
SFR Group SA(a)
05/15/22		6.000%		944,000		964,768
05/01/26		7.375%		948,000		978,810
Sprint Communications, Inc.
08/15/20		7.000%		102,000		100,470
04/15/22		9.250%		3,650,000		3,832,500
11/15/22		6.000%		44,000		39,820
Sprint Communications, Inc.(a)
11/15/18		9.000%		629,000		690,327
03/01/20		7.000%		1,138,000		1,220,505
Sprint Corp.
09/15/21		7.250%		100,000		98,875
09/15/23		7.875%		525,000		510,295
06/15/24		7.125%		1,560,000		1,454,700
02/15/25		7.625%		14,000		13,291
T-Mobile USA, Inc.
04/28/21		6.633%		2,589,000		2,711,977
01/15/22		6.125%		39,000		41,145
04/28/22		6.731%		767,000		806,309
03/01/23		6.000%		67,000		71,023
04/01/23		6.625%		1,959,000		2,089,998
04/28/23		6.836%		50,000		53,625
01/15/24		6.500%		1,689,000		1,815,675
03/01/25		6.375%		368,000		395,600
01/15/26		6.500%		786,000		860,179
Wind Acquisition Finance SA(a)
04/30/20		6.500%		136,000		142,376
07/15/20		4.750%		185,000		187,313
04/23/21		7.375%		162,000		166,860
Total						26,984,619
WIRELINES 1.3%
AT&T, Inc.
03/15/22		3.800%		1,960,000		2,104,093
02/17/23		3.600%		3,120,000		3,296,071
02/17/26		4.125%		4,085,000		4,438,116
05/15/38		6.400%		1,025,000		1,318,033
03/01/41		6.375%		1,500,000		1,907,761
03/15/42		5.150%		1,140,000		1,270,720
12/15/42		4.300%		2,260,000		2,265,076
06/15/44		4.800%		7,260,000		7,717,017
05/15/46		4.750%		1,150,000		1,229,119
02/15/47		5.650%		1,705,000		2,053,464
Bharti Airtel International Netherlands BV(a)
05/20/24		5.350%		300,000		334,838
CenturyLink, Inc.
03/15/22		5.800%		124,000		128,290
12/01/23		6.750%		597,000		628,343
04/01/24		7.500%		506,000		548,694
04/01/25		5.625%		71,000		69,225
Deutsche Telekom International Finance BV
06/01/32		9.250%		625,000		1,033,219
Frontier Communications Corp.
09/15/20		8.875%		266,000		289,940

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

Annual Report 2016 31

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
07/01/21		9.250%		43,000		46,548
09/15/22		10.500%		84,000		91,403
01/15/23		7.125%		88,000		82,940
04/15/24		7.625%		68,000		63,920
01/15/25		6.875%		82,000		73,595
09/15/25		11.000%		1,729,000		1,867,320
Level 3 Communications, Inc.
12/01/22		5.750%		390,000		407,550
Level 3 Financing, Inc.
01/15/21		6.125%		66,000		68,475
08/15/22		5.375%		146,000		152,592
02/01/23		5.625%		330,000		345,675
01/15/24		5.375%		145,000		151,888
05/01/25		5.375%		889,000		933,450
Level 3 Financing, Inc.(a)
03/15/26		5.250%		213,000		220,721
Orange SA(b)
03/01/31		9.000%		1,940,000		3,112,716
Qwest Corp.
09/15/25		7.250%		3,978,000		4,304,101
Telecom Italia SpA(a)
05/30/24		5.303%		381,000		390,049
Telefonica Emisiones SAU
04/27/18		3.192%		870,000		892,510
Verizon Communications, Inc.
09/15/23		5.150%		16,198,000		18,956,033
03/15/24		4.150%		750,000		833,509
03/15/34		5.050%		2,082,000		2,374,028
11/01/34		4.400%		7,065,000		7,512,900
11/01/41		4.750%		2,000,000		2,142,658
11/01/42		3.850%		1,395,000		1,348,499
09/15/43		6.550%		1,000,000		1,358,033
08/21/46		4.862%		1,399,000		1,547,827
03/15/55		4.672%		1,725,000		1,793,940
Zayo Group LLC/Capital, Inc.
04/01/23		6.000%		820,000		852,800
05/15/25		6.375%		362,000		381,986
Total						82,939,685
Total Corporate Bonds & Notes
(Cost: $2,464,575,527)						2,556,344,102
Residential Mortgage-Backed Securities —Agency 18.9%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates CMO Series K151 Class A3
04/25/30		3.511%		4,290,000		4,798,012
Federal Home Loan Mortgage Corp.
06/01/19 - 07/01/41		4.500%		5,182,220		5,643,563
02/01/20 - 02/01/46		4.000%		50,686,119		54,626,772
04/01/21		9.000%		548		554
01/01/22 - 09/01/39		5.500%		2,879,838		3,246,085
03/01/22 - 08/01/22		8.500%		9,410		10,225
07/01/23 - 05/01/41		5.000%		2,281,939		2,487,196

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
08/01/24 - 02/01/25		8.000%		32,453		35,915
10/01/28 - 07/01/32		7.000%		430,340		512,674
03/01/31 - 08/01/46		3.000%		25,388,719		26,406,950
10/01/31 - 07/01/37		6.000%		1,238,794		1,447,203
11/01/36 - 10/01/37		6.500%		550,519		630,862
05/01/43 - 08/01/46		3.500%		122,652,449		129,981,352
CMO Series 3071 Class ZP
11/15/35		5.500%		5,447,496		7,223,786
CMO Series 3741 Class PD
10/15/40		4.000%		1,855,000		2,098,824
CMO Series 3809 Class HZ
02/15/41		4.000%		2,196,609		2,548,387
CMO Series 4247 Class AY
09/15/43		4.500%		1,000,000		1,206,211
CMO Series 4396 Class PZ
06/15/37		3.000%		653,030		670,512
CMO Series 4496 Class PZ
07/15/45		2.500%		588,714		561,232
Federal Home Loan Mortgage Corp.(b) CMO Series 2380 Class F
11/15/31		0.958%		478,093		479,299
CMO Series 2557 Class FG
01/15/33		0.908%		1,103,116		1,100,398
CMO Series 2962 Class PF
03/15/35		0.758%		694,274		695,036
CMO Series 2981 Class FU
05/15/30		0.708%		790,709		786,100
CMO Series 3085 Class FV
08/15/35		1.208%		2,129,752		2,162,361
CMO Series 3785 Class LS
01/15/41		8.885%		2,297,821		2,796,832
CMO Series 3973 Class FP
12/15/26		0.808%		925,042		924,086
CMO Series 4048 Class FJ
07/15/37		0.867%		1,186,269		1,166,830
CMO Series 4238 Class FD
02/15/42		0.808%		3,978,199		3,972,364
CMO Series 4311 Class PF
06/15/42		0.858%		1,368,392		1,370,386
CMO Series 4364 Class FE
12/15/39		0.808%		994,246		993,607
Federal Home Loan Mortgage Corp.(b)(g) CMO IO Series 3404 Class AS
01/15/38		5.387%		6,132,963		1,088,962
Federal Home Loan Mortgage Corp.(c)
04/01/46		4.000%		10,877,940		11,641,245
08/01/46 - 09/01/46		3.000%		19,780,000		20,548,793
09/14/46		4.500%		8,000,000		8,747,500
Federal National Mortgage Association
04/01/23		8.500%		3,872		3,972
06/01/24		9.000%		7,866		8,571
02/01/25 - 08/01/27		8.000%		56,273		64,771
03/01/26 - 07/01/38		7.000%		1,264,151		1,518,955
11/01/26 - 09/01/45		3.000%		59,292,958		61,878,942
04/01/27 - 06/01/32		7.500%		111,699		129,131
09/01/27 - 01/01/31		2.500%		15,454,595		16,009,506
05/01/29 - 10/01/40		6.000%		4,338,838		5,039,825
05/01/32 - 10/01/38		6.500%		413,334		478,260
09/01/32 - 09/01/45		4.000%		83,359,265		90,381,515

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

32 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/01/33 - 04/01/41		5.500%		2,155,964		2,470,618
07/01/34 - 10/01/41		5.000%		11,482,677		12,762,630
10/01/40 - 12/01/43		4.500%		15,335,952		16,801,141
CMO Series 2003-82 Class Z
08/25/33		5.500%		253,065		295,410
CMO Series 2009-100 Class PL
12/25/39		5.000%		770,652		949,592
CMO Series 2009-111 Class DA
12/25/39		5.000%		566,762		605,078
CMO Series 2012-103 Class PY
09/25/42		3.000%		1,000,000		1,033,661
CMO Series 2013-15 Class BL
03/25/43		2.500%		2,323,879		2,223,567
CMO Series 2013-17 Class JP
03/25/43		3.000%		650,000		673,015
CMO Series 2015-18 Class NB
04/25/45		3.000%		2,002,796		2,048,902
CMO Series 2016-25 Class LB
05/25/46		3.000%		3,000,000		3,123,908
Federal National Mortgage Association(b)
04/01/34		2.375%		435,750		450,112
CMO Series 2003-134 Class FC
12/25/32		1.124%		3,158,537		3,198,736
CMO Series 2004-93 Class FC
12/25/34		0.724%		1,920,916		1,909,897
CMO Series 2006-71 Class SH
05/25/35		14.362%		308,127		452,929
CMO Series 2007-W7 Class 1A4
07/25/37		36.034%		260,195		401,089
CMO Series 2008-15 Class AS
08/25/36		30.378%		937,386		1,857,344
CMO Series 2010-74 Class WF
07/25/34		1.124%		1,582,559		1,584,017
CMO Series 2010-86 Class FE
08/25/25		0.974%		1,968,692		1,967,203
CMO Series 2010-135 Class FD
06/25/39		1.024%		4,161,272		4,174,415
CMO Series 2010-142 Class HS
12/25/40		9.012%		1,466,479		1,630,527
CMO Series 2010-150 Class FL
10/25/40		1.074%		1,439,684		1,447,340
CMO Series 2011-99 Class KF
10/25/26		0.824%		1,772,964		1,773,034
CMO Series 2012-115 Class MT
10/25/42		4.500%		2,201,869		2,292,801
CMO Series 2012-1 Class FA
02/25/42		1.024%		3,841,544		3,849,981
CMO Series 2012-110 Class CF
10/25/42		1.024%		12,375,101		12,349,113
CMO Series 2012-14 Class FB
08/25/37		0.974%		630,139		632,232
CMO Series 2012-47 Class HF
05/25/27		0.924%		2,632,957		2,633,536
CMO Series 2012-73 Class LF
06/25/39		0.974%		3,632,669		3,632,712
CMO Series 2016-32 Class GT
01/25/43		4.500%		2,314,163		2,358,784
CMO Series 2016-32 Class TG
01/25/43		4.500%		1,938,750		1,985,625

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Federal National Mortgage Association(c)
10/19/30 - 09/19/31		2.500%		66,920,000		69,078,706
09/19/31 - 09/14/46		3.000%		90,690,000		94,349,572
10/14/45 - 09/14/46		4.000%		48,975,000		52,428,148
09/14/46		3.500%		15,140,000		15,954,367
09/14/46		4.500%		47,510,000		51,897,254
Federal National Mortgage Association(h)
CMO PO STRIPS Series 43 Class 1
09/25/18		0.000%		373		365
Federal National Mortgage Association(p)
10/01/25 - 03/01/46		3.500%		111,305,121		118,150,863
Government National Mortgage Association
05/15/40		5.000%		1,403,189		1,569,108
05/20/41 - 08/20/62		4.500%		2,396,173		2,614,614
02/15/42 - 01/20/46		4.000%		10,598,121		11,365,367
03/20/46 - 04/20/46		3.500%		14,482,880		15,384,630
06/20/46 - 07/20/46		3.000%		16,966,056		17,798,044
08/20/59		5.500%		53,312		54,663
12/20/60		4.305%		120,660		124,248
01/20/61		5.305%		78,781		84,643
04/20/61		4.345%		311,128		319,907
01/20/62		4.651%		71,087		74,854
03/20/62		4.548%		206,670		218,174
05/20/62		4.170%		2,097,309		2,225,575
05/20/62		4.510%		229,256		243,506
05/20/62		4.521%		182,826		193,979
06/20/62		4.598%		169,334		179,580
07/20/62		4.589%		115,996		123,809
08/20/62		4.518%		1,004,017		1,070,520
08/20/62		4.534%		1,952,971		2,079,967
09/20/62		4.526%		1,476,641		1,574,421
10/20/62		4.487%		1,905,248		2,037,274
10/20/62 - 03/20/63		4.490%		166,378		178,880
11/20/62		4.630%		549,295		587,506
11/20/62		4.646%		1,727,246		1,854,805
12/20/62		4.604%		1,935,021		2,069,856
02/20/63		4.287%		241,648		260,649
02/20/63		4.337%		453,857		486,941
02/20/63		4.437%		1,085,108		1,164,649
02/20/63		4.568%		244,880		262,516
03/20/63		4.556%		611,308		658,637
04/20/63		4.211%		1,703,455		1,838,517
04/20/63		4.451%		1,547,590		1,667,634
04/20/63		4.505%		103,415		111,434
04/20/63		4.511%		257,829		277,794
04/20/63		4.759%		31,832		33,138
05/20/63		4.401%		1,898,240		2,048,351
05/20/63		4.433%		2,386,172		2,579,480
06/20/63		4.404%		980,609		1,057,477
06/20/63		4.423%		4,944,597		5,349,176
06/20/63		4.543%		1,274,976		1,383,458
06/20/63		4.566%		3,177,325		3,437,444
01/20/64		4.730%		116,024		122,287
12/20/64		4.523%		1,462,092		1,563,351
02/20/66		4.476%		3,739,049		4,257,826
02/20/66		4.545%		2,509,843		2,863,124
04/20/66		4.580%		2,459,315		2,825,149
CMO Series 2013-170 Class WZ
11/16/43		3.000%		722,899		726,884

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

Annual Report 2016 33

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Government National Mortgage Association(b)
03/20/66		1.815%		1,000,290		1,014,219
04/20/66		1.376%		1,040,903		1,043,888
CMO Series 2003-60 Class GS
05/16/33		11.572%		542,076		639,186
CMO Series 2004-26 Class XF
04/16/34		0.807%		3,846,958		3,848,458
CMO Series 2010-145 Class GF
11/20/35		0.962%		5,642,340		5,648,056
CMO Series 2012-H21 Class CF
05/20/61		1.170%		622,058		622,905
CMO Series 2012-H21 Class DF
05/20/61		1.120%		554,657		555,096
CMO Series 2012-H22 Class FD
01/20/61		0.940%		695,388		694,327
CMO Series 2013-115 Class EF
04/16/28		0.757%		1,071,274		1,069,015
CMO Series 2013-H05 Class FB
02/20/62		0.870%		724,481		722,829
CMO Series 2013-H17 Class FA
07/20/63		1.020%		875,390		873,556
CMO Series 2013-H18 Class EA
07/20/63		0.970%		847,858		844,405
CMO Series 2013-H19 Class FC
08/20/63		1.070%		5,447,297		5,446,411
CMO Series 2016-H04 Class FG
12/20/61		1.170%		1,689,201		1,686,725
CMO Series 2016-H13 Class FT
05/20/66		1.092%		10,938,092		10,930,984
CMO Series 2016-H10 Class FJ
04/20/66		1.094%		9,861,208		9,856,801
Government National Mortgage Association(b)(g)
CMO IO Series 2014-H20 Class HI
10/20/64		1.149%		4,684,266		289,839
CMO IO Series 2015-189 Class IG
01/16/57		0.934%		32,324,845		2,287,335
CMO IO Series 2015-9 Class IO
02/16/49		1.195%		34,822,833		2,494,520
Government National Mortgage Association(c)
10/21/45 - 09/21/46		3.000%		35,720,000		37,394,275
10/21/45 - 09/21/46		3.500%		74,325,000		78,877,245
09/21/46		4.000%		3,825,000		4,101,864
09/21/46		4.500%		3,500,000		3,850,000
Total Residential Mortgage-Backed Securities — Agency
(Cost: $1,232,536,782)						1,247,347,571
Residential Mortgage-Backed Securities — Non-Agency 2.6%
ASG Resecuritization Trust(a)(b) CMO Series 2009-2 Class G70
05/24/36		3.135%		1,925,000		1,922,517
CMO Series 2009-2 Class G75
05/24/36		3.135%		1,925,000		1,938,660
Asset-Backed Securities Corp. Home Equity Loan Trust CMO Series 2006-HE1 Class A4(b)
01/25/36		0.824%		3,230,000		2,822,557

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BCAP LLC Trust(a)
CMO Series 2013-RR5 Class 3A1
09/26/36		3.500%		1,056,950		1,054,529
CMO Series 2013-RR5 Class 1A1
10/26/36		3.500%		820,026		818,825
CMO Series 2013-RR2 Class 7A1
07/26/36		3.000%		502,854		502,854
BCAP LLC Trust(a)(b)
CMO Series 2012-RR11 Class 2A1
08/26/36		0.608%		366,533		363,003
CMO Series 2012-RR10 Class 9A1
10/26/35		3.008%		266,104		267,748
CMO Series 2015-RR2 Class 23A1
03/28/37		0.662%		4,721,862		4,589,751
BCAP LLC Trust(b)
CMO Series 2007-AA1 Class 1A2
02/25/47		0.684%		1,214,083		1,161,190
Banc of America Funding Trust CMO Series 2006-3 Class 4A14
03/25/36		6.000%		2,035,581		1,853,872
CMO Series 2006-3 Class 5A3
03/25/36		5.500%		1,830,490		1,706,377
Banc of America Funding Trust(a)(b) CMO Series 2012-R5 Class A
10/03/39		0.756%		83,967		83,880
Banc of America Funding Trust(b)
CMO Series 2006-D Class 3A1
05/20/36		3.291%		2,819,581		2,472,284
Bayview Opportunity Master Fund Trust CMO Series 2014-16RP Class A(a)(b)
11/28/29		3.844%		927,547		932,773
Carrington Mortgage Loan Trust CMO Series 2006-NC3 Class A3(b)
08/25/36		0.674%		3,800,000		2,508,555
Citicorp Mortgage Securities Trust CMO Series 2007-8 Class 1A3
09/25/37		6.000%		1,248,849		1,288,703
Citigroup Mortgage Loan Trust, Inc.(a) CMO Series 15-PS1 Class A1
09/25/42		3.750%		2,426,376		2,508,241
Citigroup Mortgage Loan Trust, Inc.(a)(b) CMO Series 2012-7 Class 12A1
03/25/36		2.870%		327,919		325,503
CMO Series 2012-9 Class 1A1
02/20/36		2.767%		584,861		577,468
CMO Series 2013-2 Class 1A1
11/25/37		2.897%		838,070		836,311
CMO Series 2014-12 Class 3A1
10/25/35		3.046%		3,156,691		3,156,626
CMO Series 2015-A Class A4
06/25/58		4.250%		1,877,763		1,944,838
Countrywide Home Equity Loan Trust CMO Series 2007-S2 Class A3 (NPFGC)
05/25/37		5.813%		343,829		342,766
CMO Series 2007-S2 Class A6 (NPFGC)
05/25/37		5.779%		298,046		296,522

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

34 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Countrywide Home Loan Mortgage Pass-Through Trust CMO Series 2007-HY5 Class 1A1(b)
09/25/47		3.243%		1,436,367		1,253,586
Credit Suisse Mortgage Capital Certificates(a)(b) CMO Series 2009-14R Class 4A9
10/26/35		3.008%		3,776,000		3,790,540
CMO Series 2011-12R Class 3A1
07/27/36		2.690%		4,747,957		4,689,777
CMO Series 2011-16R Class 7A3
12/27/36		3.500%		177,344		176,959
CMO Series 2011-17R Class 3A1
10/27/35		2.478%		71,664		71,500
CMO Series 2014-RPL4 Class A1
08/25/62		3.625%		2,989,027		3,010,262
Credit Suisse Securities (USA) LLC CMO Series 2014-RPL1 Class A1(a)(b)
02/25/54		3.250%		2,401,633		2,379,522
Credit-Based Asset Servicing & Securitization LLC CMO Series 2005-CB7 Class AF3(b)
11/25/35		4.011%		2,121,991		2,142,890
Credit-Based Asset Servicing and Securitization LLC CMO Series 2007-CB1 Class AF3(b)
01/25/37		3.941%		4,787,559		2,355,329
Downey Savings & Loan Association Mortgage Loan Trust(b) CMO Series 2005-AR6 Class 2A1A
10/19/45		0.804%		2,958,560		2,512,771
CMO Series 2006-AR2 Class 2A1A
10/19/36		0.714%		3,548,783		2,915,149
Fannie Mae Connecticut Avenue Securities CMO Series 14-C02 Class 1M2(b)
05/25/24		3.088%		1,390,000		1,357,197
Federal National Mortgage Association CMO Series 2014-C03 Class 1M2(b)
07/25/24		3.488%		2,470,000		2,460,330
First Horizon Mortgage Pass-Through Trust CMO Series 2007-AR1 Class 1A1(b)
05/25/37		3.060%		942,309		774,836
Freddie Mac Structured Agency Credit Risk Debt Notes CMO Series 14-DN2 Class M2(b)
04/25/24		2.174%		3,850,000		3,882,428
GFT Mortgage Loan Trust CMO Series 2015-GFT1 Class A(a)(b)
01/25/55		3.721%		15,436		15,445
GSR Mortgage Loan Trust CMO Series 2006-AR2 Class 2A1(b)
04/25/36		2.907%		3,353,333		2,951,168
GreenPoint Mortgage Funding Trust CMO Series 2006-AR8 Class 1A2A(b)
01/25/47		0.704%		1,290,635		1,258,379
JPMorgan Mortgage Trust CMO Series 2006-S2 Class 2A2
06/25/21		5.875%		1,215,264		1,172,163
CMO Series 2007-S1 Class 1A2
03/25/22		5.500%		491,798		496,535

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
JPMorgan Resecuritization Trust(a)
CMO Series 2014-5 Class 6A
09/27/36		4.000%		976,441		974,125
JPMorgan Resecuritization Trust(a)(b) CMO Series 2014-1 Class 1016
03/26/36		2.851%		4,000,000		3,956,864
Lehman XS Trust(b)
CMO Series 2005-4 Class 1A3
10/25/35		1.324%		2,507,606		2,433,903
CMO Series 2005-5N Class 3A1A
11/25/35		0.824%		4,461,707		3,812,370
MASTR Alternative Loan Trust CMO Series 2004-12 Class 4A1
12/25/34		5.500%		1,413,057		1,489,994
Mill City Mortgage Trust CMO Series 2016-1 Class A1(a)
04/25/57		2.500%		2,020,000		2,032,966
Morgan Stanley Mortgage Loan Trust CMO Series 2005-2AR Class A(b)
04/25/35		0.784%		5,798,504		5,368,810
Morgan Stanley Re-Remic Trust(a)(b) CMO Series 2010-R1 Class 2B
07/26/35		2.946%		1,730,803		1,720,248
CMO Series 2013-R3 Class 10A
10/26/35		3.008%		316,789		316,112
Morgan Stanley Resecuritization Trust(a)(b) CMO Series 2013-R9 Class 2A
06/26/46		2.970%		438,093		435,498
CMO Series 2013-R9 Class 4A
06/26/46		2.869%		685,803		681,589
MortgageIT Trust CMO Series 2005-5 Class A1(b)
12/25/35		0.784%		3,204,429		2,875,133
Nationstar Home Equity Loan Trust CMO Series 2007-B Class 2AV3(b)
04/25/37		0.774%		7,509,000		6,704,015
Nomura Asset Acceptance Corp. Alternative Loan Trust(b) CMO Series 2007-1 Class 1A3 (AGM)
03/25/47		5.957%		90,711		90,093
CMO Series 2007-1 Class 1A4 (AGM)
03/25/47		6.138%		574,502		570,482
Nomura Resecuritization Trust(a)(b) CMO Series 2012-3R Class 1A1
01/26/37		0.626%		655,236		634,001
CMO Series 2014-6R Class 3A1
01/26/36		0.748%		1,932,209		1,813,732
RALI Trust(b) CMO Series 2005-QA4 Class A41
04/25/35		3.328%		2,029,420		1,959,234
RALI Trust(b)(g) CMO IO Series 2006-QS18 Class 1AV
12/25/36		0.423%		72,012,947		1,307,107
CMO IO Series 2006-QS9 Class 1AV
07/25/36		0.610%		33,228,881		740,845

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

Annual Report 2016 35

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 2007-QS1 Class 2AV
01/25/37		0.165%		73,456,161		516,206
RFMSI Trust(b) CMO Series 2005-SA5 Class 1A
11/25/35		3.153%		2,843,364		2,336,935
CMO Series 2006-SA4 Class 2A1
11/25/36		4.034%		810,294		710,254
Residential Asset Mortgage Products Trust CMO Series 2006-RZ3 Class A3(b)
08/25/36		0.814%		4,781,000		4,444,356
Selene Non-Performing Loans LLC CMO Series 2014-1A Class A(a)(b)
05/25/54		2.981%		149,128		148,178
Structured Adjustable Rate Mortgage Loan Trust(b) CMO Series 2004-20 Class 1A2
01/25/35		2.911%		1,568,104		1,486,625
CMO Series 2006-5 Class 1A1
06/25/36		3.079%		3,309,463		2,791,508
Structured Asset Securities Corp. Mortgage Loan Trust CMO Series 2006-GEL4 Class A3(a)(b)
10/25/36		0.824%		8,831,000		8,179,771
Structured Asset Securities Corp. Mortgage Pass-Through Certificates CMO Series 2004-21XS Class 2A6A(b)
12/25/34		5.240%		6,821		6,932
Towd Point Mortgage Trust CMO Series 2016-2 Class A1A(a)(b)
08/25/55		2.750%		2,762,504		2,795,885
Trust Company of the West(c) CMO Series TCW-1063
09/16/56		2.250%		3,710,000		3,777,244
VML LLC CMO Series 2014-NPL1 Class A1(a)
04/27/54		3.875%		539,721		537,277
WaMu Asset-Backed Certificates CMO Series 2007-HE1 Class 2A3(b)
01/25/37		0.674%		5,834,744		3,192,302
WaMu Mortgage Pass-Through Certificates(b) CMO Series 2003-AR8 Class A
08/25/33		2.696%		1,120,227		1,130,783
CMO Series 2005-AR11 Class A1A
08/25/45		0.844%		2,661,724		2,463,325
CMO Series 2005-AR17 Class A1A1
12/25/45		0.794%		6,264,003		5,994,601
CMO Series 2005-AR2 Class 2A1A
01/25/45		0.834%		2,786,426		2,636,345
CMO Series 2005-AR8 Class 2A1A
07/25/45		0.814%		2,289,950		2,155,246
CMO Series 2005-AR9 Class A1A
07/25/45		1.164%		2,135,712		2,015,842
CMO Series 2006-AR4 Class 1A1A
05/25/46		1.429%		3,906,388		3,550,937
CMO Series 2006-AR5 Class A12A
06/25/46		1.469%		1,208,893		1,120,413
CMO Series 2007-HY3 Class 1A1
03/25/37		2.404%		1,155,930		920,155

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO Series 2007-OC2 Class A3
06/25/37		0.834%		4,958,847		3,960,872
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $161,994,381)						172,732,232
Commercial Mortgage-Backed Securities — Agency 1.7%
FREMF Mortgage Trust(a)(b)
Series 2014-K714 Class B
01/25/47		3.981%		1,000,000		1,040,858
Series 2014-K717 Class B
11/25/47		3.754%		2,400,000		2,484,983
Subordinated, Series 2011-K12 Class B
01/25/46		4.492%		3,225,000		3,476,947
Subordinated, Series 2014-K715 Class B
02/25/46		4.122%		3,516,000		3,689,316
Subordinated, Series 2015-K49 Class B
10/25/48		3.848%		2,770,000		2,769,339
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
CMO Series KSCT Class A2
01/25/20		4.285%		2,585,000		2,821,344
Series 20K050 Class A2
08/25/25		3.334%		2,440,000		2,691,326
Series 20K720 Class A2
06/25/22		2.716%		3,250,000		3,421,512
Series K055 Class A2
03/25/26		2.673%		12,440,000		13,056,162
Series KP03 Class A2
07/25/19		1.780%		2,075,000		2,089,202
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates CMO Series K-006 Class B(a)(b)
12/25/46		5.533%		2,800,000		3,055,999
Federal Home Loan Mortgage Corp. Series 20K050 Class A1
01/25/25		2.802%		2,656,854		2,792,665
Federal National Mortgage Association
05/01/18		3.840%		2,110,000		2,177,584
07/01/20		3.950%		3,955,000		4,276,685
09/01/20		3.584%		5,087,722		5,457,137
10/01/20		3.426%		3,900,000		4,192,871
12/01/20		3.523%		4,873,701		5,228,455
12/01/20		3.763%		6,429,402		6,941,266
04/01/21		4.242%		5,297,323		5,839,474
04/01/21		4.250%		3,730,000		4,132,895
05/01/21		4.394%		1,824,468		2,031,799
03/01/24		3.550%		3,192,259		3,526,547
03/01/26		2.860%		4,325,000		4,560,398
02/01/28		3.280%		3,030,000		3,319,684
05/01/28		3.010%		3,209,450		3,414,929
08/01/29		3.580%		2,171,593		2,405,408
09/01/30		3.380%		1,645,000		1,803,556
03/01/31		3.200%		2,150,000		2,324,985
08/01/34		3.760%		2,035,000		2,286,604
02/01/35		3.330%		2,035,000		2,205,230

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

36 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Commercial Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Government National Mortgage Association CMO Series 2013-H08 Class FA(b)
03/20/63		0.820%		831,575		823,410
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $107,361,722)						110,338,570
Commercial Mortgage-Backed Securities — Non-Agency 5.5%
225 Liberty Street Trust Series 2016-225L Class A(a)
02/10/36		3.597%		2,115,000		2,313,375
American Homes 4 Rent Trust(a) Series 2014-SFR3 Class A
12/17/36		3.678%		776,737		835,553
Series 2015-SFR2 Class A
10/17/45		3.732%		2,193,147		2,373,429
BB-UBS Trust Series 2012-TFT Class A(a)
06/05/30		2.892%		6,260,000		6,366,094
BBCMS Mortgage Trust(a) Subordinated, Series 2016-ETC Class A
08/14/36		2.937%		13,500,000		13,950,556
Subordinated, Series 2016-ETC Class B
08/14/36		3.189%		900,000		928,422
Subordinated, Series 2016-ETC Class C
08/14/36		3.391%		770,000		794,336
BBCMS Mortgage Trust(a)(b)
Series 2016-ETC Class D
08/14/36		3.729%		2,790,000		2,811,946
Banc of America Commercial Mortgage Trust Series 2007-4 Class AM(b)
02/10/51		6.000%		2,300,000		2,375,570
Banc of America Merrill Lynch Commercial Mortgage Securities Trust Series 2015-200P Class A(a)
04/14/33		3.218%		3,000,000		3,189,913
CD Mortgage Trust
Series 2016-CD1 Class A2
08/10/49		2.453%		1,990,000		2,041,181
Series 2016-CD1 Class A3
08/10/49		2.459%		17,000,000		17,093,024
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A4
05/10/58		3.283%		5,900,000		6,261,974
CGGS Commercial Mortgage Trust Series 2016-RNDA Class AFX(a)
02/10/33		2.757%		6,400,000		6,498,621
CGRBS Commercial Mortgage Trust Series 2013-VNO5 Class A(a)
03/13/35		3.369%		1,445,000		1,540,757
Citigroup Commercial Mortgage Trust Series 2013-GC11 Class AS
04/10/46		3.422%		2,200,000		2,302,652

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2015-GC33 Class AS
09/10/58		4.114%		2,000,000		2,221,880
Series 2016-C1 Class A4
05/10/49		3.209%		13,500,000		14,333,763
Series 2016-GC37 Class A4
04/10/49		3.314%		17,800,000		19,008,015
Series 2016-P3 Class A3
04/15/49		3.063%		4,500,000		4,747,679
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT Class A2(a)
10/05/30		3.400%		3,793,000		3,946,677
Commercial Mortgage Trust Series 2013-LC6 Class AM
01/10/46		3.282%		1,235,000		1,301,096
Series 2014-UBS4 Class A5
08/10/47		3.694%		5,000,000		5,441,841
Series 2014-UBS6 Class A4
12/10/47		3.378%		3,605,000		3,853,742
Series 2015-CR26 Class A4
10/10/48		3.630%		2,500,000		2,720,849
Series 2015-DC1 Class A5
02/10/48		3.350%		7,105,000		7,591,432
Series 2015-LC19 Class A4
02/10/48		3.183%		835,000		887,616
Series 2015-PC1 Class A5
07/10/50		3.902%		5,515,000		6,109,072
Commercial Mortgage Trust(a) Series 2016-787S Class A
02/10/36		3.545%		2,115,000		2,306,007
Credit Suisse Commercial Mortgage Trust(b) Series 2007-C2 Class A1A
01/15/49		5.526%		4,973,527		5,035,762
Series 2007-C3 Class A4
06/15/39		5.889%		517,009		523,250
Credit Suisse Mortgage Capital Trust Series 2014-USA Class A2(a)
09/17/37		3.953%		5,000,000		5,466,791
DBUBS Mortgage Trust Series 2011-LC2A Class A4(a)
07/10/44		4.537%		11,605,000		12,866,475
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056 Class A2
05/25/26		2.525%		6,137,000		6,364,008
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(b)(g) CMO IO Series K028 Class X1
02/25/23		0.472%		129,989,104		2,346,004
CMO IO Series K055 Class X1
03/25/26		1.503%		2,173,528		227,658
CMO IO Series K152 Class X1
01/25/31		1.097%		4,445,726		423,507
CMO IO Series K718 Class X1
01/25/22		0.770%		23,766,918		693,419

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

Annual Report 2016 37

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
GS Mortgage Securities Trust Series 2015-GC34 Class A3
10/10/48		3.244%		15,000,000		15,963,235
GS Mortgage Securities Trust(b) Series 2007-GG10 Class A4
08/10/45		5.988%		1,758,130		1,789,095
General Electric Capital Assurance Co. Series 2003-1 Class A5(a)
05/12/35		5.743%		1,061,408		1,142,502
Government National Mortgage Association(b)(g) CMO IO Series 2011-38 Class IO
04/16/53		0.100%		16,594,866		361,018
CMO IO Series 2013-162 Class IO
09/16/46		0.996%		36,619,299		1,861,048
CMO IO Series 2015-114
03/15/57		1.044%		5,291,320		380,117
CMO IO Series 2015-125 Class IB
01/16/55		1.360%		71,888,367		5,155,744
CMO IO Series 2015-146 Class IC
07/16/55		0.869%		42,131,758		2,422,054
CMO IO Series 2015-171 Class IO
11/16/55		0.894%		14,775,294		1,036,744
CMO IO Series 2015-174 Class IO
11/16/55		0.953%		55,703,744		3,762,186
CMO IO Series 2015-21 Class IO
07/16/56		1.127%		17,378,351		1,244,766
CMO IO Series 2015-41 Class IO
09/16/56		1.039%		13,167,485		975,333
CMO IO Series 2015-70 Class IO
12/16/49		1.119%		24,385,028		1,747,012
Houston Galleria Mall Trust Series 2015-HGLR Class A1A2(a)
03/05/37		3.087%		1,700,000		1,754,370
Irvine Core Office Trust Series 2013-IRV Class A1(a)
05/15/48		2.068%		1,814,543		1,827,588
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class A3
01/15/48		3.231%		360,000		383,234
Series 2015-C27 Class A4
02/15/48		3.179%		2,220,000		2,348,455
Series 2015-C28 Class A4
10/15/48		3.227%		2,925,000		3,103,653
Series 2015-C28 Class AS
10/15/48		3.532%		4,500,000		4,781,614
Series 2015-C30 Class A5
07/15/48		3.822%		5,550,000		6,141,532
Series 2015-C31 Class A3
08/15/48		3.801%		4,265,000		4,714,609
JPMCC Re-REMIC Trust Series 2016-GG10 Class AMA(a)(b)
08/15/45		5.988%		5,600,000		5,609,615
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-C1 Class A4
02/15/51		5.716%		5,644,776		5,803,343
Series 2013-C13 Class A3
01/15/46		3.525%		3,960,000		4,169,281

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
JPMorgan Chase Commercial Mortgage Securities Trust(a) Series 2011-C3 Class A2
02/15/46		3.673%		30,127		30,143
Series 2011-C3 Class A3
02/15/46		4.388%		7,715,000		7,967,636
Series 2011-C4 Class A3
07/15/46		4.106%		8,632,133		8,969,765
JPMorgan Commercial Mortgage-Backed Securities Trust Series 2009-RR1 Class A4B1(a)
03/18/51		1.000%		1,250,000		1,232,984
LB Commercial Mortgage Trust Series 2007-C3 Class AM(b)
07/15/44		6.114%		1,415,000		1,449,115
LB-UBS Commercial Mortgage Trust Series 2007-C2 Class A3
02/15/40		5.430%		1,290,769		1,303,729
Merrill Lynch Mortgage Trust Series 2007-C1 Class A4(b)
06/12/50		6.023%		2,700,000		2,764,494
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A3
02/15/48		2.988%		1,125,000		1,165,916
Series 2015-C21 Class A3
03/15/48		3.077%		525,000		554,206
Series 2016-C29 Class A2
05/15/49		2.786%		1,340,000		1,385,280
Series 2016-C29 Class ASB
05/15/49		3.140%		1,000,000		1,056,491
Morgan Stanley Capital I Trust Series 2007-IQ14 Class A2
04/15/49		5.610%		3,080,837		3,078,854
Series 2007-IQ16 Class AM
12/12/49		6.256%		3,000,000		3,112,710
Series 2016-UB11 Class A3
08/15/49		2.531%		8,500,000		8,572,845
Morgan Stanley Capital I Trust(a) Series 2014-150E Class A
09/09/32		3.912%		2,325,000		2,561,928
Morgan Stanley Re-Remic Trust(a)(b) Series 2009-GG10 Class A4B
08/12/45		5.988%		1,770,000		1,794,207
Series 2010-GG10 Class A4B
08/15/45		5.988%		1,410,000		1,433,979
ORES NPL LLC Series 2014-LV3 Class A(a)
03/27/24		3.000%		96,716		96,716
RBS Commercial Funding, Inc., Trust Series 2013-GSP Class A(a)(b)
01/13/32		3.961%		2,420,000		2,665,310
Rialto Real Estate Fund LLC Series 2014-LT6 Class A(a)
09/15/24		2.750%		121,632		121,632
Rialto Real Estate Fund LP Series 2014-LT5 Class A(a)
05/15/24		2.850%		143,247		142,973

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

38 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
SG Commercial Mortgage Securities Trust Series 2016-C5 Class A4
10/10/48		3.055%		5,120,000		5,327,963
UBS-Barclays Commercial Mortgage Trust Series 2013-C6 Class AS
04/10/46		3.469%		800,000		854,472
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class AS(a)
01/10/45		5.154%		3,600,000		4,091,067
WF-RBS Commercial Mortgage Trust Series 2013-C18 Class A2
12/15/46		3.027%		1,440,000		1,486,590
Series 2014-C24 Class A3
11/15/47		3.428%		1,345,000		1,423,434
Series 2014-C24 Class A5
11/15/47		3.607%		7,145,000		7,785,115
Series 2014-C25 Class AS
11/15/47		3.984%		1,675,000		1,840,843
WF-RBS Commercial Mortgage Trust(a) Series 2011-C4 Class A3
06/15/44		4.394%		5,657,583		5,926,785
Wells Fargo Commercial Mortgage Trust Series 2013-LC12 Class A4
07/15/46		4.218%		5,090,000		5,745,769
Series 2015-C26 Class A4
02/15/48		3.166%		2,430,000		2,571,431
Series 2015-C28 Class AS
05/15/48		3.872%		750,000		821,395
Series 2015-LC20 Class A4
04/15/50		2.925%		1,965,000		2,042,605
Series 2015-SG1 Class A4
12/15/47		3.789%		7,450,000		8,233,611
Series 2016-C33 Class A4
03/15/59		3.426%		1,500,000		1,622,432
Wells Fargo Commercial Mortgage Trust(a) Series 2010-C1 Class A2
11/15/43		4.393%		1,930,000		2,104,771
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $359,700,551)						361,911,290
Asset-Backed Securities — Agency 0.4%
United States Small Business Administration Series 2012-20C Class 1
03/01/32		2.510%		415,492		425,488
Series 2012-20G Class 1
07/01/32		2.380%		1,136,296		1,159,797
Series 2012-20I Class 1
09/01/32		2.200%		1,156,022		1,172,033
Series 2012-20J Class 1
10/01/32		2.180%		9,850,676		9,925,709
Series 2012-20L Class 1
12/01/32		1.930%		518,187		516,309
Series 2013-20C Class 1
03/01/33		2.220%		392,683		398,417

Asset-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2013-20E Class 1
05/01/33		2.070%		1,499,833		1,508,494
Series 2014-20D Class 1
04/01/34		3.110%		1,479,065		1,565,239
Series 2014-20F Class 1
06/01/34		2.990%		1,892,155		1,979,221
Series 2014-20I Class 1
09/01/34		2.920%		333,166		347,400
Series 2015-20C Class 1
03/01/35		2.720%		778,717		806,602
Series 2016-20F Class 1
06/01/36		2.180%		3,975,000		4,014,360
Total Asset-Backed Securities — Agency
(Cost: $23,054,109)						23,819,069
Asset-Backed Securities — Non-Agency 11.1%
A Voce CLO Ltd. Series 2014-1A Class A1B(a)(b)
07/15/26		2.140%		2,290,000		2,280,874
ARI Fleet Lease Trust Series 2014-A Class A2(a)
11/15/22		0.810%		135,035		134,882
Access Group, Inc. Series 2005-2 Class A3(b)
11/22/24		0.991%		838,500		832,057
Adams Mill CLO Ltd. Series 2014-1A Class A1(a)(b)
07/15/26		2.160%		15,000,000		14,975,955
Ally Auto Receivables Trust Series 2015-SN1 Class A2B(b)
06/20/17		0.892%		256,334		256,355
Ally Master Owner Trust Series 2014-5 Class A1(b)
10/15/19		0.998%		800,000		800,206
AmeriCredit Automobile Receivables Trust Subordinated, Series 2016-3 Class C
04/08/22		2.240%		6,430,000		6,443,579
AmeriCredit Automobile Receivables Trust(b) Series 2016-2 Class A2B
10/08/19		1.198%		1,300,000		1,300,000
Anchorage Capital CLO 8 Ltd. Series 2016-8A Class A1(a)(b)
07/28/28		2.371%		14,000,000		14,007,462
Apidos CLO XVII Series 2014-17A Class A1A(a)(b)
04/17/26		2.179%		4,675,000		4,675,229
Ares XXX CLO Ltd. Series 2014-30A Class A2(a)(b)
04/20/23		1.546%		1,155,511		1,148,046
Ares XXXIX CLO Ltd. Series 2016-39A Class A(a)(b)
07/18/28		2.218%		14,000,000		14,014,210

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

Annual Report 2016 39

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Ascentium Equipment Receivables LLC Series 2015-2A Class A2(a)
12/11/17		1.570%		1,164,711		1,165,048
Avis Budget Rental Car Funding AESOP LLC(a) Series 2013-1A Class A
09/20/19		1.920%		3,170,000		3,164,908
Series 2014-1A Class A
07/20/20		2.460%		3,140,000		3,161,512
Series 2015-2A Class A
12/20/21		2.630%		3,125,000		3,153,875
Series 2016-2A Class A
11/20/22		2.720%		8,600,000		8,648,809
BA Credit Card Trust Series 2014-A2 Class A(b)
09/16/19		0.778%		3,660,000		3,662,533
BMW Vehicle Owner Trust Series 2013-A Class A3
11/27/17		0.670%		224,369		224,333
Babson CLO Ltd. Series 2015-IA Class A(a)(b)
04/20/27		2.126%		5,000,000		4,990,365
Ballyrock CLO Ltd. Series 2016-1A Class A(a)(b)(c)(f)
10/15/28		0.000%		16,500,000		16,491,750
Barclays Dryrock Issuance Trust(b) Series 2014-1 Class A
12/16/19		0.868%		4,160,000		4,161,942
Series 2014-2 Class A
03/16/20		0.848%		3,990,000		3,992,524
Benefit Street Partners CLO II Ltd. Series 2013-IIA Class A1(a)(b)
07/15/24		1.880%		11,200,000		11,134,368
Brazos Higher Education Authority, Inc. Series 2005-1 Class 1A3(b)
09/26/22		0.750%		493,274		492,682
CIT Education Loan Trust Series 2007-1 Class B(a)(b)
06/25/42		0.940%		956,304		831,572
CNH Equipment Trust Series 2015-B Class A2A
08/15/18		0.840%		714,476		713,674
CNH Equipment Trust(b) Series 2015-B Class A2B
08/15/18		0.798%		961,098		960,807
CPS Auto Receivables Trust Subordinated, Series 2016-B Class B(a)
09/15/20		3.180%		1,970,000		1,963,593
Cabela’s Credit Card Master Note Trust Series 2015-2 Class A1
07/17/23		2.250%		2,675,000		2,731,678
Cabela’s Credit Card Master Note Trust(a)(b) Series 2012-1A Class A2
02/18/20		1.038%		1,570,000		1,570,851

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Cabela’s Master Credit Card Trust Series 2014-1 Class A(b)
03/16/20		0.858%		540,000		539,738
California Republic Auto Receivables Trust Series 2016-2 Class A3
07/15/20		1.560%		1,980,000		1,980,337
Capital Auto Receivables Asset Trust Series 2015-2 Class A3
09/20/19		1.730%		505,000		506,022
Capital Auto Receivables Asset Trust(b) Series 2015-2 Class A1B
10/20/17		0.912%		418,864		418,607
Capital One Multi-Asset Execution Trust Series 2016-A1(b)
02/15/22		0.958%		6,295,000		6,325,578
Carmax Auto Owner Trust Series 2016-3 Class A3
05/17/21		1.390%		4,365,000		4,347,982
Chancelight, Inc. Series 2012-2 Class A(a)(b)
04/25/39		1.254%		1,834,794		1,780,589
Chase Issuance Trust Series 2016-A4 Class A4
07/15/22		1.490%		6,245,000		6,239,486
Chase Issuance Trust(b) Series 2012-A10 Class A10
12/16/19		0.768%		3,380,000		3,381,283
Series 2016-A1 Class A
05/17/21		0.918%		9,505,000		9,544,453
Series 2016-A3 Class A3
06/15/23		1.058%		9,300,000		9,317,559
Subordinated, Series 2007-B1 Class B1
04/15/19		0.758%		3,000,000		2,996,246
Chesapeake Funding II LLC Series 2016-2A Class A2(a)(b)
06/15/28		1.508%		2,800,000		2,802,799
Chesapeake Funding LLC(a)(b) Series 2013-1A Class A
01/07/25		0.948%		673,388		673,220
Series 2014-1A Class A
03/07/26		0.918%		3,255,590		3,246,554
Series 2015-1A Class A
02/07/27		0.965%		1,611,339		1,608,671
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6
07/15/21		2.150%		1,470,000		1,502,088
Conn’s Receivables Funding LLC Series 2016-A Class A(a)
04/16/18		4.680%		1,924,474		1,923,813
Credit Acceptance Auto Loan Trust Subordinated, Series 2016-2A Class B(a)
05/15/24		3.180%		6,300,000		6,308,998
DRB Prime Student Loan Trust Series 2016-B Class A2(a)
06/25/40		2.890%		2,135,724		2,129,956

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

40 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
DT Auto Owner Trust Subordinated, Series 2014-1A Class D(a)
01/15/21		3.980%		2,700,000		2,736,704
Dell Equipment Finance Trust(a) Series 2016-1 Class A2
09/24/18		1.430%		880,000		878,101
Dell Equipment Finance Trust(a)(b) Series 2015-2 Class A2B
12/22/17		1.412%		719,850		720,671
Discover Card Execution Note Trust Series 2015-A2 Class A
10/17/22		1.900%		2,390,000		2,426,907
Drive Auto Receivables Trust Subordinated, Series 2016-BA Class C(a)
07/15/22		3.190%		6,755,000		6,803,942
Dryden XXIV Senior Loan Fund Series 2012-24RA Class AR(a)(b)
11/15/23		2.107%		2,560,000		2,553,772
EFS Volunteer No. 2 LLC Series 2012-1 Class A2(a)(b)
03/25/36		1.874%		2,700,000		2,660,189
Earnest Student Loan Program LLC Series 2016-C Class A1(a)(b)
10/27/36		2.326%		1,400,000		1,399,969
Education Loan Asset-Backed Trust I Series 2013-1 Class A2(a)(b)
04/26/32		1.324%		4,650,000		4,400,035
Educational Funding of the South, Inc. Series 2011-1 Class A2(b)
04/25/35		1.365%		3,925,562		3,860,015
Enterprise Fleet Financing LLC(a) Series 2014-2 Class A2
03/20/20		1.050%		1,330,816		1,326,741
Series 2015-1 Class A2
09/20/20		1.300%		1,970,741		1,965,338
Series 2015-2 Class A2
02/22/21		1.590%		2,523,745		2,524,483
Series 2016-2 Class A2
02/22/22		1.740%		1,600,000		1,594,807
First Franklin Mortgage Loan Trust(b) Series 2006-FF18 Class A2D
12/25/37		0.734%		4,261,711		2,669,686
Series 2007-FF2 Class A2B
03/25/37		0.624%		6,020,133		3,386,330
Flagship Credit Auto Trust(a) Subordinated, Series 2015-3 Class B
03/15/22		3.680%		827,000		826,706
Subordinated, Series 2016-2
09/15/22		3.840%		1,855,000		1,855,986
Subordinated, Series 2016-3 Class B
06/15/21		2.430%		2,195,000		2,192,506
Ford Credit Auto Owner Trust
12/15/18		1.120%		512,550		512,803
Series 2016-B Class A3
10/15/20		1.330%		2,115,000		2,120,534

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Ford Credit Auto Owner Trust(a) Series 2014-2 Class A
04/15/26		2.310%		5,760,000		5,881,428
Series 2015-1 Class A
07/15/26		2.120%		8,805,000		8,917,611
Series 2015-2 Class A
01/15/27		2.440%		2,655,000		2,724,301
Series 2016-2 Class A
12/15/27		2.030%		4,840,000		4,867,773
Ford Credit Floorplan Master Owner Trust Series 2013-2 Class A(a)
03/15/22		2.090%		3,775,000		3,821,293
GE Dealer Floorplan Master Note Trust(b) Series 2012-2 Class A
04/22/19		1.262%		2,310,000		2,316,918
Series 2014-1 Class A
07/20/19		0.892%		2,770,000		2,765,285
Series 2015-1 Class A
01/20/20		1.012%		5,840,000		5,826,483
GM Financial Automobile Leasing Trust Series 2015-1 Class A2
12/20/17		1.100%		2,743,306		2,743,274
Series 2015-3 Class A3
03/20/19		1.690%		1,755,000		1,764,021
Series 2016-2 Class A3
09/20/19		1.620%		5,450,000		5,463,475
GMF Floorplan Owner Revolving Trust(a)(b) Series 2015-1 Class A2
05/15/20		1.008%		680,000		680,000
Series 2016-1 Class A2
05/17/21		1.350%		1,755,000		1,762,058
Global SC Finance II SRL Series 2014-1A Class A2(a)
07/17/29		3.090%		3,036,042		2,844,929
Goal Capital Funding Trust Series 2006-1 Class B(b)
08/25/42		1.275%		1,243,681		1,080,726
Golden Credit Card Trust Series 2015-3A Class A(a)(b)
07/15/19		0.928%		2,035,000		2,036,027
Goldentree Loan Opportunities VIII Ltd. Series 2014-8A Class A(a)(b)
04/19/26		2.138%		2,475,000		2,475,218
GreatAmerica Leasing Receivables Funding LLC Series 2015-1 Class A2(a)
06/20/17		1.120%		430,121		430,228
Green Tree Agency Advance Funding Trust I Series 2015-T1 Class AT1(a)
10/15/46		2.302%		3,275,000		3,273,919
Guggenheim CLO LP Series 2015-1A Class A1(a)(b)
11/25/27		2.525%		16,750,000		16,780,552
Harley-Davidson Motorcycle Trust Series 2015-1 Class A3
06/15/20		1.410%		910,000		911,991

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

Annual Report 2016 41

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Harley-Davidson Motorcycle Trust(b) Series 2015-1 Class A2B
01/15/19		0.808%		2,665,815		2,666,275
Henderson Receivables LLC(a) Series 2013-3A Class A
01/17/73		4.080%		2,528,300		2,655,955
Series 2014-2A Class A
01/17/73		3.610%		3,159,612		3,161,206
Hertz Fleet Lease Funding LP(a)(b) Series 2013-3 Class A
12/10/27		1.062%		1,877,954		1,878,928
Series 2014-1 Class A
04/10/28		0.912%		1,471,535		1,472,089
Series 2015-1 Class A
07/10/29		1.082%		3,933,763		3,942,282
Series 2016-1 Class A1
04/10/30		1.574%		4,760,000		4,764,766
Hertz Vehicle Financing II LP Series 2015-3A Class A(a)
09/25/21		2.670%		1,390,000		1,395,405
Hertz Vehicle Financing LLC(a) Series 2016-1A Class A
03/25/20		2.320%		1,620,000		1,628,656
Series 2016-3A Class A
07/25/20		2.270%		4,080,000		4,081,958
Higher Education Funding I Series 2014-1 Class A(a)(b)
05/25/34		1.875%		3,818,318		3,755,062
Honda Auto Receivables Owner Trust Series 2013-4 Class A3
09/18/17		0.690%		62,753		62,741
Series 2015-3 Class A3
04/18/19		1.270%		5,300,000		5,302,883
Huntington Auto Trust Series 2015-1 Class A2
10/16/17		0.760%		271,010		271,007
Hyundai Auto Lease Securitization Trust Series 2015-B Class A2A(a)
12/15/17		0.950%		2,590,918		2,590,856
Hyundai Auto Receivables Trust Series 2015-B Class A2B(b)
04/16/18		0.728%		739,364		739,581
Hyundai Floorplan Master Owner Trust Series 2016-1A Class A1(a)(b)
03/15/21		1.408%		725,000		728,646
ICG US CLO Ltd. Series 2014-1A Class A1(a)(b)
04/20/26		1.846%		13,275,000		13,139,953
Jackson Mill CLO Ltd. Series 2015-1A Class A(a)(b)
04/15/27		2.220%		9,750,000		9,738,407
Jamestown CLO IX Ltd. Series 2016-9A Class A1B(a)(b)(c)(f)
10/20/28		2.320%		18,400,000		18,306,160

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
John Deere Owner Trust Series 2016-A Class A2
10/15/18		1.150%		1,845,000		1,843,265
Kubota Credit Owner Trust Series 2016-1A Class A2(a)
04/15/19		1.250%		1,380,000		1,378,645
Magnetite IX Ltd. Series 2014-9A Class A1(a)(b)
07/25/26		2.135%		5,205,000		5,204,745
Magnetite XI Ltd. Series 2014-11A Class A1(a)(b)
01/18/27		2.129%		5,000,000		4,999,960
Mercedes-Benz Master Owner Trust Series 2015-AA Class A(a)(b)
04/15/19		0.828%		4,310,000		4,311,810
Mid-State Capital Corp. Trust Series 2006-1 Class A(a)
10/15/40		5.787%		1,375,139		1,468,777
Mid-State Trust VII Series 7 Class A (AMBAC)
10/15/36		6.340%		1,761,060		1,871,068
Mountain View Funding CLO Series 2007-3A Class A1(a)(b)
04/16/21		0.894%		1,172,383		1,171,468
Navient Student Loan Trust(b) Series 2014-2 Class A
03/25/83		1.164%		7,643,098		7,389,534
Series 2014-3 Class A
03/25/83		1.144%		7,686,660		7,428,788
Series 2014-4 Class A
03/25/83		1.144%		3,443,977		3,291,859
Series 2015-2 Class A3
11/26/40		1.094%		5,400,000		5,248,580
Nelnet Student Loan Trust(a)(b) Series 2012-5A Class A
10/27/36		1.124%		2,491,344		2,396,353
Series 2014-4A Class A2
11/25/43		1.474%		4,210,000		3,796,000
Series 2015-1A Class A
04/25/41		1.114%		8,222,587		7,718,245
Nelnet Student Loan Trust(b) Series 2008-3 Class A4
11/25/24		2.475%		6,570,000		6,611,315
New York City Tax Lien Trust(a) Series 2015-A Class A
11/10/28		1.340%		434,989		433,432
Series 2016-A Class A
11/10/29		1.470%		1,560,000		1,560,000
NextGear Floorplan Master Owner Trust Series 2016-1A Class A2(a)
04/15/21		2.740%		3,380,000		3,378,184
Nissan Auto Receivables Owner Trust Series 2016-B Class A3
01/15/21		1.320%		2,105,000		2,110,546

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

42 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Nissan Auto Receivables Owner Trust(b) Series 2015-A Class A1
01/15/20		0.908%		6,655,000		6,659,107
OZLM VII Ltd. Series 2014-7A Class A1A(a)(b)
07/17/26		2.099%		700,000		699,995
Oak Hill Credit Partners X Ltd. Series 2014-10A Class A(a)(b)
07/20/26		2.166%		2,720,000		2,720,177
Octagon Investment Partners 24 Ltd. Series 2015-1A Class A1(a)(b)
05/21/27		2.261%		6,750,000		6,728,150
Octagon Investment Partners XIX Ltd. Series 2014-A Class 1A(a)(b)
04/15/26		2.200%		3,460,000		3,462,879
Octagon Investment Partners XXI Ltd.(a)(b) Series 2014-1A Class A1A
11/14/26		2.287%		3,400,000		3,393,890
Series 2014-1A Class A1B
11/14/26		2.567%		3,635,000		3,632,895
Ocwen Master Advance Receivables Trust Series 2016-T1 Class AT1(a)
08/17/48		2.521%		4,300,000		4,297,312
OneMain Direct Auto Receivables Trust(a) Series 2016-1A Class A
01/15/21		2.040%		2,612,537		2,607,952
Subordinated, Series 2016-1A Class C
09/15/21		4.580%		2,300,000		2,292,627
OneMain Financial Issuance Trust(a) Series 2015-1A Class A
03/18/26		3.190%		3,195,000		3,229,656
Series 2015-2A Class A
07/18/25		2.570%		6,625,000		6,613,453
Palmer Square CLO Ltd. Series 2015-1A Class A1(a)(b)
05/21/27		2.311%		15,000,000		15,000,990
Porsche Innovative Lease Owner Trust Series 2015-1 Class A2(a)
11/21/17		0.790%		259,714		259,559
Regatta IV Funding Ltd. Series 2014-1A Class A1(a)(b)
07/25/26		2.125%		9,000,000		8,985,087
Regatta V Funding Ltd. Series 2014-1A Class A1A(a)(b)
10/25/26		2.275%		12,500,000		12,500,225
SLC Student Loan Trust Series 2006-2 Class A5(b)
09/15/26		0.753%		4,000,000		3,906,369
SLM Student Loan Trust(a)(b) Series 2003-12 Class A5
09/15/22		0.933%		3,394,115		3,383,207
SLM Student Loan Trust(b) Series 2004-8 Class B
01/25/40		1.175%		627,002		540,955

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2005-4 Class A3
01/25/27		0.835%		7,041,442		6,891,351
Series 2007-6 Class B
04/27/43		1.565%		925,262		788,109
Series 2008-2 Class B
01/25/83		1.915%		1,165,000		1,012,700
Series 2008-3 Class B
04/26/83		1.915%		1,165,000		986,524
Series 2008-4 Class A4
07/25/22		2.365%		4,223,130		4,237,837
Series 2008-4 Class B
04/25/29		2.565%		1,165,000		1,049,120
Series 2008-5 Class B
07/25/29		2.565%		1,165,000		1,052,894
Series 2008-6 Class B
07/26/83		2.565%		1,165,000		1,084,044
Series 2008-7 Class B
07/26/83		2.565%		1,165,000		1,073,925
Series 2008-8 Class B
10/25/29		2.965%		1,165,000		1,119,882
Series 2008-9 Class B
10/25/83		2.965%		1,165,000		1,124,887
Series 2011-1 Class A2
10/25/34		1.674%		3,285,000		3,206,874
Series 2012-7 Class A3
05/26/26		1.174%		4,000,000		3,872,816
Series 2013-2 Class A
06/25/43		0.974%		6,638,975		6,503,760
SMART ABS Series Trust Series 2015-3US Class A2B(b)
04/16/18		1.258%		1,529,811		1,529,415
SPS Servicer Advance Receivables Trust Series 2015-T2 Class AT2(a)
01/15/47		2.620%		1,980,000		1,980,316
Santander Drive Auto Receivables Trust Subordinated, Series 2016-2 Class C
11/15/21		2.660%		2,775,000		2,811,712
Santander Drive Auto Receivables Trust(b) Series 2015-2 Class A2B
09/17/18		0.958%		805,033		804,894
Scholar Funding Trust Series 2011-A Class A(a)(b)
10/28/43		1.643%		936,346		918,039
Sierra Timeshare Receivables Funding LLC Series 2016-2A Class A(a)
07/20/33		2.330%		2,004,261		1,994,829
Silver Spring CLO Ltd. Series 2014-1A Class A(a)(b)
10/15/26		2.130%		13,397,930		13,170,058
SoFi Professional Loan Program LLC(a) Series 2016-A
12/26/36		2.760%		4,170,838		4,229,819
Series 2016-B Class A2B
10/25/32		2.740%		2,490,000		2,506,090
Series 2016-C Class A2B
12/25/32		2.360%		1,405,000		1,391,021

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

Annual Report 2016 43

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Sound Point CLO XII Ltd. Series 2016-2A Class A(a)(b)
10/20/28		2.138%		15,000,000		15,006,195
Springleaf Funding Trust Series 2015-AA Class A(a)
11/15/24		3.160%		3,300,000		3,328,079
Symphony CLO V Ltd. Series 2007-5A Class A1(a)(b)
01/15/24		1.430%		3,164,290		3,140,912
TAL Advantage V LLC Series 2014-2A Class A1(a)
05/20/39		1.700%		504,461		497,284
Toyota Auto Receivable Owner Trust Series 2016-B Class A3
04/15/20		1.300%		1,395,000		1,394,184
Toyota Auto Receivables Owner Trust Series 2015-C Class A3
06/17/19		1.340%		455,000		455,609
Trintas CLO Ltd. Series 2016-5A Class A(a)(b)(c)(f)
06/18/28		0.000%		16,175,000		16,175,000
USAA Auto Owner Trust Series 2015-1 Class A2
03/15/18		0.820%		1,269,732		1,269,577
Venture XI CLO Ltd. Series 2012-11A Class AR(a)(b)
11/14/22		2.117%		4,350,000		4,335,528
Verizon Owner Trust Series 2016-1A Class A(a)
01/20/21		1.420%		845,000		844,988
Volkswagen Auto Lease Trust Series 2015-A Class A2B(b)
06/20/17		0.832%		374,240		374,321
Volkswagen Auto Loan Enhanced Trust Series 2013-2 Class A3
04/20/18		0.700%		1,007,047		1,006,024
Voya CLO Ltd.(a)(b) Series 2014-2A Class A1
07/17/26		2.129%		2,500,000		2,499,953
Voya CLO Ltd.(a)(b)(c) Series 2012-4 Class A1
10/01/23		1.390%		7,000,000		7,000,000
Wachovia Student Loan Trust Series 2006-1 Class A6(a)(b)
04/25/40		0.885%		9,000,000		8,047,947
Westcott Park CLO Ltd. Series 2016-1A Class A(a)(b)
07/20/28		2.187%		15,000,000		15,026,805
Wheels SPV 2 LLC Series 2015-1A Class A2(a)
04/22/24		1.270%		1,172,479		1,173,025
World Financial Network Credit Card Master Trust Series 2012-D Class A
04/17/23		2.150%		2,150,000		2,180,035

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Series 2015-B Class A
06/17/24		2.550%		5,030,000		5,175,159
Series 2015-C Class A
03/15/21		1.260%		770,000		770,768
World Omni Automobile Lease Securitization Trust Series 2015-A Class A3
10/15/18		1.540%		3,060,000		3,068,851
World Omni Automobile Lease Securitization Trust(b) Series 2015-A Class A2B
05/15/18		0.888%		987,628		988,408
Total Asset-Backed Securities — Non-Agency
(Cost: $736,795,244)						736,352,836
Inflation-Indexed Bonds 0.9%
UNITED STATES 0.9%
U.S. Treasury Inflation-Indexed Bond
01/15/25		0.250%		17,096,688		17,257,790
07/15/25		0.375%		8,004,307		8,190,047
02/15/44		1.375%		13,832,960		16,512,128
02/15/45		0.750%		14,519,766		15,092,658
Total						57,052,623
Total Inflation-Indexed Bonds
(Cost: $55,625,799)						57,052,623
U.S. Treasury Obligations 17.0%
U.S. Treasury
11/15/16		0.625%		47,250,000		47,278,350
12/31/16		0.875%		9,700,000		9,715,753
10/31/17		0.750%		6,935,000		6,937,709
03/31/18		0.875%		40,090,000		40,151,057
07/31/18		0.750%		115,770,000		115,666,039
08/31/18		0.750%		32,280,000		32,248,462
03/31/21		1.250%		41,160,000		41,301,487
04/30/21		1.375%		9,365,000		9,446,213
06/30/21		1.125%		32,425,000		32,333,805
07/31/21		1.125%		106,200,000		105,868,125
08/15/21		2.125%		27,000,000		28,170,693
06/30/22		2.125%		1,190,000		1,243,038
08/31/22		1.875%		2,030,000		2,091,615
09/30/22		1.750%		21,470,000		21,960,632
11/30/22		2.000%		3,700,000		3,837,740
08/31/23		1.375%		36,071,000		35,916,003
08/15/25		2.000%		7,120,000		7,380,884
05/15/26		1.625%		29,530,000		29,641,889
08/15/26		1.500%		91,937,000		91,351,637
02/15/36		4.500%		6,820,000		9,749,933
05/15/39		4.250%		24,610,000		34,336,709
11/15/41		3.125%		21,135,000		25,098,637
11/15/43		3.750%		13,500,000		17,928,635
05/15/44		3.375%		1,890,000		2,353,715
08/15/44		3.125%		1,510,000		1,798,729
11/15/44		3.000%		2,500,000		2,910,155
02/15/45		2.500%		27,445,000		28,984,500
08/15/45		2.875%		4,290,000		4,878,871
11/15/45		3.000%		5,750,000		6,700,774
02/15/46		2.500%		28,000,000		29,584,856

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

44 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
05/15/46		2.500%		105,886,300		112,069,848
08/15/46		2.250%		8,455,000		8,487,695
U.S. Treasury(c)(p)
08/31/21		1.125%		65,032,300		64,857,038
U.S. Treasury(i)(p) STRIPS
05/15/43		0.000%		33,927,000		18,509,384
U.S. Treasury(p)
08/15/19		0.750%		16,023,000		15,949,775
01/31/21		2.125%		15,000,000		15,616,995
01/31/23		1.750%		8,400,000		8,581,784
08/15/24		2.375%		11,850,000		12,624,883
05/15/43		2.875%		34,900,000		39,676,938
Total U.S. Treasury Obligations
(Cost: $1,099,194,622)						1,123,240,985
U.S. Government & Agency Obligations 1.8%
Federal Home Loan Banks Discount Notes
01/05/17		0.400%		49,410,000		49,340,826
01/17/17		0.400%		15,000,000		14,977,005
Federal Home Loan Banks
10/03/16		0.300%		23,000,000		22,993,780
Federal Home Loan Banks(b)
06/28/30		1.250%		10,395,000		10,412,983
Federal National Mortgage Association
10/17/16		0.290%		10,250,000		10,246,186
Federal National Mortgage Association(i) STRIPS
05/15/30		0.000%		1,000,000		707,776
Residual Funding Corp.(i) STRIPS
01/15/30		0.000%		10,536,000		7,594,623
04/15/30		0.000%		6,080,000		4,365,890
Total U.S. Government & Agency Obligations
(Cost: $119,707,651)						120,639,069
Foreign Government Obligations(j) 1.7%
ARGENTINA —%
Argentina Republic Government International Bond(a)
04/22/21		6.875%		300,000		325,350
04/22/26		7.500%		960,000		1,070,400
Argentina Republic Government International Bond(b)
12/31/33		0.000%		112,163		128,707
12/31/33		8.280%		168,245		188,098
YPF SA(a)
03/23/21		8.500%		120,000		129,300
Total						1,841,855
BRAZIL 0.1%
Banco Nacional de Desenvolvimento Economico e Social(a)
06/10/19		6.500%		100,000		107,250
06/10/19		6.500%		100,000		107,620

Foreign Government Obligations(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Brazilian Government International Bond
01/17/17		6.000%		4,000,000		4,072,000
01/22/21		4.875%		1,100,000		1,171,500
01/20/34		8.250%		150,000		196,875
01/07/41		5.625%		800,000		812,000
Petrobras Global Finance BV
03/15/19		7.875%		200,000		213,440
01/20/20		5.750%		100,000		101,136
05/20/23		4.375%		1,950,000		1,700,613
Total						8,482,434
CANADA 0.2%
CDP Financial, Inc.(a)
11/25/19		4.400%		10,000,000		10,922,090
CNOOC Nexen Finance ULC
04/30/24		4.250%		400,000		436,446
Province of Alberta Canada(a)
08/17/26		2.050%		2,000,000		1,987,842
Total						13,346,378
CHILE —%
Chile Government International Bond
10/30/22		2.250%		730,000		744,600
Corporacion Nacional del Cobre de Chile(a)
11/04/44		4.875%		200,000		207,976
Total						952,576
CHINA —%
Industrial & Commercial Bank of China Ltd. Junior Subordinated(a)(b)
12/31/49		6.000%		200,000		212,882
COLOMBIA 0.1%
Colombia Government International Bond
01/28/26		4.500%		700,000		763,000
01/18/41		6.125%		1,789,000		2,170,824
06/15/45		5.000%		600,000		650,250
Ecopetrol SA
09/18/18		4.250%		150,000		156,188
09/18/23		5.875%		3,010,000		3,269,612
Total						7,009,874
CROATIA —%
Croatia Government International Bond(a)
01/26/24		6.000%		500,000		561,650
01/26/24		6.000%		100,000		112,330
Total						673,980
DOMINICAN REPUBLIC 0.1%
Dominican Republic International Bond(a)
05/06/21		7.500%		4,000,000		4,495,000
05/06/21		7.500%		100,000		112,450

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

Annual Report 2016 45

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Foreign Government Obligations(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
01/27/25		5.500%		100,000		106,000
01/27/25		5.500%		100,000		106,000
04/30/44		7.450%		435,000		525,262
01/27/45		6.850%		800,000		908,000
Total						6,252,712
FRANCE 0.2%
Electricite de France SA(a)
10/13/55		5.250%		10,695,000		11,351,780
HONG KONG —%
CITIC Ltd.(a)
01/21/18		6.875%		200,000		213,298
HUNGARY 0.2%
Hungary Government International Bond
02/19/18		4.125%		70,000		72,275
03/29/21		6.375%		546,000		629,265
02/21/23		5.375%		3,400,000		3,853,900
11/22/23		5.750%		2,000,000		2,331,200
03/25/24		5.375%		430,000		492,887
03/29/41		7.625%		1,530,000		2,333,250
Magyar Export-Import Bank Zrt.(a)
01/30/20		4.000%		1,200,000		1,236,240
Total						10,949,017
INDONESIA 0.1%
Indonesia Government International Bond(a)
04/15/23		3.375%		500,000		515,039
10/17/23		5.375%		200,000		230,782
10/12/35		8.500%		1,000,000		1,514,704
04/15/43		4.625%		200,000		213,453
01/15/45		5.125%		2,000,000		2,284,522
PT Pertamina Persero(a)
05/20/43		5.625%		250,000		263,096
05/30/44		6.450%		200,000		230,479
Total						5,252,075
ISRAEL —%
Israel Electric Corp., Ltd.(a)
01/15/19		7.250%		200,000		223,100
KAZAKHSTAN —%
Kazakhstan Government International Bond(a)
07/21/25		5.125%		500,000		562,000
MEXICO 0.2%
Mexico Government International Bond
01/21/21		3.500%		800,000		855,000
03/15/22		3.625%		1,974,000		2,104,777
10/02/23		4.000%		200,000		217,250
01/30/25		3.600%		1,000,000		1,060,000
03/08/44		4.750%		2,667,000		2,937,034

Foreign Government Obligations(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Pemex Project Funding Master Trust
03/05/20		6.000%		3,000,000		3,282,750
06/15/38		6.625%		50,000		53,200
Petroleos Mexicanos
07/18/18		3.500%		55,000		56,243
12/20/22		1.700%		666,250		667,289
01/15/25		4.250%		300,000		300,030
01/23/46		5.625%		300,000		289,830
Petroleos Mexicanos(a)
08/04/26		6.875%		820,000		955,157
Total						12,778,560
NETHERLANDS —%
Petrobras Global Finance BV
05/23/21		8.375%		1,500,000		1,608,750
PANAMA —%
Panama Government International Bond
03/16/25		3.750%		200,000		216,500
01/26/36		6.700%		840,000		1,169,700
Total						1,386,200
PERU 0.1%
Corporacion Financiera de Desarrollo SA(a)
07/15/19		3.250%		200,000		207,000
07/15/19		3.250%		920,000		951,050
Peruvian Government International Bond
03/14/37		6.550%		885,000		1,247,850
11/18/50		5.625%		150,000		197,625
Total						2,603,525
PHILIPPINES —%
Philippine Government International Bond
01/15/21		4.000%		300,000		329,244
01/21/24		4.200%		900,000		1,031,754
01/15/32		6.375%		400,000		575,447
10/23/34		6.375%		275,000		404,882
Power Sector Assets & Liabilities Management Corp.(a)
05/27/19		7.250%		100,000		114,500
Total						2,455,827
POLAND —%
Poland Government International Bond
03/17/23		3.000%		300,000		312,750
QATAR —%
Nakilat, Inc.(a)
12/31/33		6.067%		1,164,000		1,405,996
ROMANIA 0.1%
Romanian Government International Bond(a)
08/22/23		4.375%		150,000		165,566

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

46 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Foreign Government Obligations(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
01/22/24		4.875%		650,000		742,235
01/22/44		6.125%		2,650,000		3,564,383
Total						4,472,184
RUSSIAN FEDERATION 0.1%
Gazprom OAO Via Gaz Capital SA(a)
04/28/34		8.625%		200,000		261,044
Russian Agricultural Bank OJSC Via RSHB Capital SA(a)
07/25/18		5.100%		200,000		205,750
Russian Foreign Bond — Eurobond(a)
04/04/22		4.500%		1,200,000		1,285,800
09/16/23		4.875%		200,000		218,760
04/04/42		5.625%		800,000		916,000
Total						2,887,354
SERBIA —%
Serbia International Bond(a)
02/25/20		4.875%		550,000		572,000
SOUTH AFRICA —%
South Africa Government International Bond
05/30/22		5.875%		200,000		223,666
01/17/24		4.665%		650,000		678,100
09/16/25		5.875%		200,000		224,250
Total						1,126,016
SOUTH KOREA —%
Export-Import Bank of Korea
12/30/20		2.625%		400,000		414,286
Korea Development Bank (The)
03/11/20		2.500%		300,000		308,464
09/14/22		3.000%		200,000		213,178
Total						935,928
SRI LANKA —%
Sri Lanka Government International Bond(a)
07/27/21		6.250%		750,000		792,201
TURKEY 0.1%
Hazine Mustesarligi Varlik Kiralam AS(a)
10/10/18		4.557%		950,000		980,191
Turkey Government International Bond
03/30/21		5.625%		4,360,000		4,676,100
03/23/23		3.250%		600,000		570,750
04/14/26		4.250%		700,000		688,149
Total						6,915,190
UNITED ARAB EMIRATES —%
DP World Ltd.(a)
07/02/37		6.850%		300,000		349,350

Foreign Government Obligations(j) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
URUGUAY —%
Uruguay Government International Bond
10/27/27		4.375%		700,000		759,500
06/18/50		5.100%		200,000		211,000
Total						970,500
VENEZUELA —%
Venezuela Government International Bond
09/15/27		9.250%		370,000		180,190
VIRGIN ISLANDS 0.1%
CNPC General Capital Ltd.(a)
11/25/19		2.700%		300,000		307,252
Franshion Brilliant Ltd.(a)
03/19/19		5.750%		400,000		429,300
Sinochem Offshore Capital Co., Ltd.(a)
04/29/19		3.250%		200,000		205,226
Sinopec Group Overseas Development 2015 Ltd.(a)
04/28/25		3.250%		300,000		310,596
Sinopec Group Overseas Development 2016 Ltd.(a)
05/03/19		2.125%		3,600,000		3,625,395
Sinopec Group Overseas Development Ltd.(a)
04/28/25		3.250%		400,000		414,128
Total						5,291,897
Total Foreign Government Obligations
(Cost: $109,254,878)						114,368,379
Municipal Bonds 0.4%
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
CALIFORNIA 0.1%
Bay Area Toll Authority Revenue Bonds Series 2009 (BAM)
04/01/49		6.263%		420,000		648,215
Los Angeles Department of Water & Power Revenue Bonds Series 2010 (BAM)
07/01/45		6.574%		1,595,000		2,485,584
Los Angeles Unified School District Unlimited General Obligation Bonds Taxable Build America Bonds Series 2009
07/01/34		5.750%		655,000		883,484
State of California Unlimited General Obligation Bonds Build America Bonds Series 2010
03/01/40		7.625%		800,000		1,292,752
Taxable-Various Purpose Series 2010
03/01/19		6.200%		2,700,000		3,031,776
Total						8,341,811

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

Annual Report 2016 47

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
ILLINOIS 0.1%
City of Chicago Waterworks Revenue Bonds Build America Bonds Series 2010
11/01/40		6.742%		425,000		569,853
City of Chicago Unlimited General Obligation Bonds Taxable Project Series 2011-C1
01/01/35		7.781%		535,000		616,117
Unlimited General Obligation Refunding Bonds Taxable Series 2014B
01/01/44		6.314%		1,240,000		1,252,933
Unlimited General Obligation Taxable Bonds Series 2015B
01/01/33		7.375%		395,000		440,160
State of Illinois Revenue Bonds Taxable Sales Tax Series 2013
06/15/28		3.350%		2,500,000		2,590,675
Total						5,469,738
KENTUCKY —%
Kentucky Asset Liability Commission Taxable Revenue Bonds Series 2010
04/01/18		3.165%		2,135,376		2,172,766
NEW YORK 0.2%
City of New York Unlimited General Obligation Bonds Series 2010 (BAM)
03/01/36		5.968%		3,100,000		4,269,909
New York City Water & Sewer System Revenue Bonds Series 2010 (BAM)
06/15/43		5.440%		1,550,000		2,170,543
New York State Urban Development Corp. Revenue Bonds Taxable State Personal Income Tax Series 2013
03/15/22		3.200%		2,650,000		2,817,082
Total						9,257,534
OHIO —%
JobsOhio Beverage System Taxable Revenue Bonds Series 2013B
01/01/35		4.532%		2,160,000		2,561,328

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
PUERTO RICO —%
Puerto Rico Sales Tax Financing Corp.(k) Revenue Bonds 1st Senior Series 2009C
08/01/57		5.750%		500,000		357,495
Subordinated Revenue Bonds 1st Series 2009A-1
08/01/43		5.250%		1,575,000		811,125
1st Series 2009B
08/01/44		6.500%		285,000		152,116
1st Series 2010C
08/01/41		5.250%		2,160,000		1,112,422
Total						2,433,158
Total Municipal Bonds
(Cost: $28,602,715)						30,236,335
Preferred Debt 0.3%
Issuer	Coupon Rate		Shares		Value ($)
BANKING 0.2%
M&T Bank Corp.(b)
12/31/49		6.375%		2,703		2,849,138
12/31/49		6.375%		435		481,558
State Street Corp.(b)
12/31/49		5.350%		76,010		2,097,876
12/31/49		5.900%		52,835		1,503,684
U.S. Bancorp(b)
12/31/49		6.500%		84,510		2,620,655
Wells Fargo & Co.
12/31/49		7.500%		3,000		4,057,500
Total						13,610,411
BROKERAGE/ASSET MANAGERS/EXCHANGES —%
Merrill Lynch Capital Trust I(b)
12/15/66		6.450%		40,000		1,034,000
BUILDING MATERIALS 0.1%
Stanley Black & Decker, Inc.
07/25/52		5.750%		125,250		3,290,317
PROPERTY & CASUALTY —%
Allstate Corp. (The)(b)
01/15/53		5.100%		51,885		1,450,705
Total Preferred Debt
(Cost: $18,040,160)						19,385,433

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

48 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Senior Loans 0.6%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
CABLE AND SATELLITE —%
Quebecor Media, Inc. Tranche B1 Term Loan(b)(l)
08/17/20		3.317%		748,072		743,711
CHEMICALS —%
Axalta Coating Systems Dutch Holding B BV Tranche B Term Loan(b)(l)
02/01/20		3.750%		892,938		896,804
MacDermid, Inc. Tranche B3 Term Loan(b)(l)
06/07/20		5.500%		748,115		747,741
PQ Corp. Tranche B1 Term Loan(b)(l)
11/04/22		5.750%		73,916		74,365
Total						1,718,910
CONSUMER PRODUCTS —%
Bombardier Recreational Products, Inc. Tranche B Term Loan(b)(l)
06/30/23		3.750%		1,000,000		998,750
Sun Products Corp. (The) Tranche B Term Loan(b)(l)
03/23/20		5.500%		750,000		749,535
Total						1,748,285
DIVERSIFIED MANUFACTURING —%
Accudyne Industries Borrower SCA/LLC Term Loan(b)(l)
12/13/19		4.000%		365,000		324,667
Manitowoc Foodservice, Inc. Tranche B Term Loan(b)(l)
03/03/23		5.750%		199,892		202,057
Rexnord LLC/RBS Global, Inc. Tranche B Term Loan(b)(l)
08/21/20		4.000%		823,735		823,430
Total						1,350,154
ELECTRIC —%
Calpine Corp. Term Loan(b)(l)
05/31/23		3.640%		750,000		752,498
Dynegy, Inc. Term Loan(b)(l)
06/27/23		5.000%		505,000		505,081
Texas Competitive Electric Holdings Co. LLC(b)(l) Term Loan
10/31/17		5.000%		297,214		297,883
Tranche C Term Loan
10/31/17		5.000%		67,786		67,938
Total						1,623,400

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
ENVIRONMENTAL —%
STI Infrastructure SARL Term Loan(b)(l)
08/22/20		6.250%		673,372		542,064
GAMING —%
Golden Nugget, Inc.(b)(l) Term Loan
11/21/19		5.500%		274,500		275,702
11/21/19		5.500%		640,500		643,306
Twin River Management Group, Inc. Term Loan(b)(l)
07/10/20		5.250%		1,299,782		1,303,850
Total						2,222,858
HEALTH CARE —%
CHS/Community Health Systems, Inc. Tranche H Term Loan(b)(l)
01/27/21		4.000%		997,481		955,796
Select Medical Corp. Tranche B-F Term Loan(b)(l)
03/03/21		5.681%		748,125		752,801
Total						1,708,597
INDEPENDENT ENERGY 0.1%
Chesapeake Energy Corp. Tranche A Term Loan(b)(c)(l)
08/17/21		8.500%		382,811		394,774
EMG Utica LLC Term Loan(b)(l)
03/27/20		4.750%		1,047,294		1,018,494
MEG Energy Corp. Term Loan(b)(l)
03/31/20		3.750%		1,458,032		1,338,196
Total						2,751,464
LEISURE —%
UFC Holdings LLC(b)(c)(l) 1st Lien Term Loan
08/18/23		5.000%		106,000		106,212
2nd Lien Term Loan
08/18/24		8.500%		33,000		33,196
Total						139,408
MEDIA AND ENTERTAINMENT —%
Univision Communications, Inc. Tranche C4 1st Lien Term Loan(b)(l)
03/01/20		4.000%		1,346,416		1,345,648
MIDSTREAM —%
Power Buyer LLC 1st Lien Term Loan(b)(l)
05/06/20		4.250%		1,366,496		1,363,080

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

Annual Report 2016 49

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
OIL FIELD SERVICES —%
Drillships Ocean Ventures, Inc. Term Loan(b)(l)
07/25/21		5.500%		1,470,000		989,795
OTHER FINANCIAL INSTITUTIONS —%
AlixPartners LLP Term Loan(b)(l)
07/28/22		4.500%		748,116		751,856
OTHER INDUSTRY —%
EIF Channelview Cogeneration LLC Term Loan(b)(l)
05/08/20		4.250%		772,667		728,238
PACKAGING —%
Reynolds Group Holdings, Inc. Term Loan(b)(l)
02/05/23		4.250%		585,000		585,550
PHARMACEUTICALS 0.1%
Concordia International Corp. Term Loan(b)(l)
10/21/21		5.250%		144,275		136,408
Pharmaceutical Product Development, Inc. Term Loan(b)(l)
08/18/22		4.250%		697,481		699,399
RPI Finance Trust Tranche B4 Term Loan(b)(c)(l)
11/09/20		3.500%		747,468		751,519
Valeant Pharmaceuticals International, Inc. Tranche B-E1 Term Loan(b)(l)
08/05/20		5.250%		980,580		978,746
Total						2,566,072
REFINING —%
Western Refining, Inc. Term Loan(b)(l)
06/23/23		5.500%		750,000		729,375
RETAILERS —%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan(b)(l)
07/23/21		4.250%		498,731		494,617
Rite Aid Corp. Tranche 1 2nd Lien Term Loan(b)(l)
08/21/20		5.750%		148,000		148,324
Total						642,941

Senior Loans (continued)
Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
SUPERMARKETS —%
Albertsons LLC Tranche B5 Term Loan(b)(l)
12/21/22		4.750%			1,250,000		1,256,725
Supervalu, Inc. Term Loan(b)(l)
03/21/19		5.500%			699,227		699,437
Total							1,956,162
TECHNOLOGY 0.2%
Avago Technologies Ltd. Tranche B3 Term Loan(b)(l)
02/01/23		3.508%			676,410		682,234
BMC Software Finance, Inc. Term Loan(b)(l)
09/10/20		5.000%			498,674		475,506
Dell International LLC(b)(c)(l) Tranche B2 Term Loan
07/17/23		4.000%			1,000,000		1,005,360
Tranche C Term Loan
12/31/18		2.436%			3,400,000		3,335,638
First Data Corp.(b)(l) Term Loan
03/24/21		4.522%			957,608		962,042
07/08/22		4.272%			1,500,000		1,504,125
TransUnion LLC Tranche B2 Term Loan(b)(l)
04/09/21		3.500%			448,090		449,398
Western Digital Corp. Tranche B1 Term Loan(b)(l)
04/29/23		4.500%			600,000		603,108
Total							9,017,411
TRANSPORTATION SERVICES 0.1%
OSG International, Inc. Term Loan(b)(l)
08/05/19		5.750%	��		1,445,334		1,432,688
XPO Logistics, Inc. Term Loan(b)(c)(l)
10/30/21		4.250%			1,350,000		1,355,913
Total							2,788,601
WIRELESS —%
SBA Senior Finance II LLC Tranche B1 Term Loan(b)(l)
03/24/21		3.250%			997,455		995,650
WIRELINES 0.1%
LTS Buyer LLC Tranche B 1st Lien Term Loan(b)(l)
04/13/20		4.000%			1,246,787		1,244,842

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

50 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Level 3 Financing, Inc. Tranche B3 Term Loan(b)(l)
08/01/19		4.000%		1,500,000		1,506,255
Total						2,751,097
Total Senior Loans
(Cost: $42,449,948)						41,760,327
Common Stocks —%
Issuer			Shares		Value ($)
ENERGY —%
Oil, Gas & Consumable Fuels —%
Lone Pine Resources Canada Ltd.(f)(m)				3,118		5,893
Lone Pine Resources, Inc., Class A(e)(f)(m)				3,118		—
Total						5,893
Total Energy						5,893
Total Common Stocks
(Cost: $7,499)						5,893
Fixed-Income Funds 1.1%
			Shares		Value ($)
INVESTMENT GRADE1.1%
Columbia Mortgage Opportunities Fund, Class I Shares(n)				7,407,460		72,593,104
Total Fixed-Income Funds
(Cost: $72,571,046)						72,593,104

Treasury Bills 0.5%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
UNITED STATES0.5%
U.S. Treasury Bills(p)
09/15/16		0.290%		871,000		870,898
09/29/16		0.230%		100,000		99,982
U.S. Treasury Bills
11/25/16		0.300%		20,215,000		20,200,546
01/12/17		0.360%		10,370,000		10,356,322
Total						31,527,748
Total Treasury Bills
(Cost: $31,520,242)						31,527,748
Money Market Funds 5.6%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.415%(n)(o)				370,397,057		370,397,057
Total Money Market Funds
(Cost: $370,397,057)						370,397,057
Total Investments
(Cost: $7,033,389,933)						7,190,052,623
Other Assets & Liabilities, Net						(575,373,009	)
Net Assets						6,614,679,614

At August 31, 2016, securities and cash totaling $48,892,251 were pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at August 31, 2016

Counterparty

Exchange Date

Currency to be Delivered

Currency to be Received

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Barclays

09/19/2016

457,000

EUR

515,260

USD

5,108

—

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

Annual Report 2016 51

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Futures Contracts Outstanding at August 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
U.S. Long Bond		40		USD		6,815,000		12/2016		—		(19,309	)
U.S. Treasury 10-Year Note		1,645		USD		215,366,484		12/2016		—		(518,586	)
U.S. Treasury 2-Year Note		395		USD		86,233,438		12/2016		33,936		—
U.S. Treasury 2-Year Note		317		USD		69,205,063		12/2016		—		(54,754	)
U.S. Treasury 5-Year Note		763		USD		92,513,750		12/2016		—		(287,278	)
U.S. Treasury 5-Year Note		1,779		USD		215,703,750		12/2016		—		(419,177	)
U.S. Treasury 5-Year Note		3,836		USD		465,115,000		12/2016		—		(814,423	)
U.S. Ultra Bond		386		USD		72,362,938		12/2016		140,293		—
Total						1,223,315,423				174,229		(2,113,527	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
U.S. Long Bond		(4	)		USD		(681,500	)		12/2016		1,649		—
U.S. Treasury 10-Year Note		(209	)		USD		(27,362,672	)		12/2016		8,962		—
U.S. Treasury 10-Year Note		(19	)		USD		(2,487,516	)		12/2016		6,790		—
U.S. Treasury 2-Year Note		(50	)		USD		(10,915,625	)		12/2016		3,893		—
U.S. Treasury 2-Year Note		(121	)		USD		(26,415,813	)		12/2016		1,661		—
U.S. Treasury 2-Year Note		(593	)		USD		(129,459,313	)		12/2016		—		(131,722	)
U.S. Treasury Ultra 10-Year Note		(367	)		USD		(52,985,625	)		12/2016		5,008		—
U.S. Treasury Ultra 10-Year Note		(146	)		USD		(21,078,750	)		12/2016		3,761		—
U.S. Ultra Bond		(117	)		USD		(21,933,844	)		12/2016		—		(53,617	)
Total							(293,320,658	)				31,724		(185,339	)

Credit Default Swap Contracts Outstanding at August 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency		Notional Amount		Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	American International Group, Inc.	06/20/2021		1.000		USD		4,325,000		(62,773	)		—		(37,746	)		(8,770	)		—		(33,797	)
Barclays	Electricite de France SA	06/20/2021		1.000		USD		2,635,000		(37,740	)		—		(27,841	)		(5,343	)		—		(15,242	)
Barclays	Electricite de France SA	06/20/2021		1.000		USD		3,515,000		(50,344	)		—		(45,267	)		(7,128	)		—		(12,205	)
Barclays	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		1,670,000		(9,726	)		19,573		—			(3,386	)		—		(32,685	)
Barclays	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		4,400,000		(25,627	)		4,006		—			(8,922	)		—		(38,555	)
Barclays	Home Depot, Inc.	06/20/2021		1.000		USD		12,600,000		(454,728	)		—		(417,588	)		(25,550	)		—		(62,690	)
Barclays	International Business Machines Corp.	06/20/2021		1.000		USD		1,670,000		(39,745	)		—		(32,420	)		(3,386	)		—		(10,711	)
Barclays	Morgan Stanley	06/20/2021		1.000		USD		3,450,000		(24,933	)		—		(1,571	)		(6,995	)		—		(30,357	)
Barclays	Viacom, Inc.	06/20/2021		1.000		USD		1,805,000		852			75,876		—			(3,661	)		—		(78,685	)
Citi	American International Group, Inc.	06/20/2021		1.000		USD		4,400,000		(63,861	)		—		(36,356	)		(8,922	)		—		(36,427	)
Citi	American International Group, Inc.	06/20/2021		1.000		USD		4,400,000		(63,861	)		—		(38,383	)		(8,922	)		—		(34,400	)
Citi	Bank of America Corp.	06/20/2021		1.000		USD		3,450,000		(44,377	)		—		(33,220	)		(6,996	)		—		(18,153	)

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

52 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Buy Protection (continued)

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency		Notional Amount		Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi	Bank of America Corp.	06/20/2021		1.000		USD		3,520,000		(45,277	)		—		(25,850	)		(7,138	)		—		(26,565	)
Citi	Campbell Soup Co.	06/20/2021		1.000		USD		4,050,000		(126,716	)		—		(116,753	)		(8,213	)		—		(18,176	)
Citi	D.R. Horton, Inc.	06/20/2021		1.000		USD		4,850,000		(11,318	)		13,219		—			(9,835	)		—		(34,372	)
Citi	Energy Transfer Partners, LP	12/20/2020		1.000		USD		810,000		33,901			44,833		—			(1,643	)		—		(12,575	)
Citi	Goldman Sachs Group, Inc.	12/20/2020		1.000		USD		1,770,000		(14,893	)		4,318		—			(3,589	)		—		(22,800	)
Citi	Home Depot, Inc.	06/20/2021		1.000		USD		8,990,000		(324,445	)		—		(288,697	)		(18,230	)		—		(53,978	)
Citi	International Business Machines Corp.	06/20/2021		1.000		USD		1,725,000		(41,054	)		—		(32,725	)		(3,498	)		—		(11,827	)
Citi	Kinder Morgan, Inc.	12/20/2020		1.000		USD		1,615,000		52,448			126,048		—			(3,275	)		—		(76,875	)
Citi	Markit CDX Emerging Markets Index, Series 25	06/20/2021		1.000		USD		16,685,000		1,073,257			1,285,395		—			(33,833	)		—		(245,971	)
Citi	Markit CDX Emerging Markets Index, Series 25	06/20/2021		1.000		USD		11,685,000		751,634			878,039		—			(23,695	)		—		(150,100	)
Citi	McDonald’s Corp.	06/20/2021		1.000		USD		4,750,000		(140,430	)		—		(151,580	)		(9,632	)		1,518		—
Citi	Morgan Stanley	06/20/2021		1.000		USD		4,320,000		(31,220	)		—		(15,772	)		(8,761	)		—		(24,209	)
Citi	Morgan Stanley	06/20/2021		1.000		USD		1,725,000		(12,466	)		—		(3,929	)		(3,498	)		—		(12,035	)
Citi	Morgan Stanley	06/20/2021		1.000		USD		4,400,000		(31,799	)		4,006		—			(8,922	)		—		(44,727	)
Citi	Nordstrom, Inc.	06/20/2021		1.000		USD		4,190,000		65,771			167,961		—			(8,496	)		—		(110,686	)
Citi	Nordstrom, Inc.	06/20/2021		1.000		USD		3,340,000		52,429			145,858		—			(6,773	)		—		(100,202	)
Citi	Viacom, Inc.	06/20/2021		1.000		USD		5,010,000		2,364			111,366		—			(10,159	)		—		(119,161	)
Credit Suisse	Goldman Sachs Group, Inc.	12/20/2020		1.000		USD		1,785,000		(15,019	)		44,218		—			(3,620	)		—		(62,857	)
Credit Suisse	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		835,000		(4,863	)		6,791		—			(1,693	)		—		(13,347	)
Goldman Sachs International	Barclays Bank, PLC	12/20/2020		1.000		USD		8,360,000		(40,383	)		—		(144,364	)		(16,953	)		87,028		—
Goldman Sachs International	Bank of America Corp.	06/20/2021		1.000		USD		8,625,000		(110,943	)		—		(59,206	)		(17,490	)		—		(69,227	)
Goldman Sachs International	Citigroup, Inc.	06/20/2021		1.000		USD		7,210,000		(80,182	)		13,052		—			(14,620	)		—		(107,854	)
Goldman Sachs International	Citigroup, Inc.	06/20/2021		1.000		USD		12,940,000		(143,906	)		—		(100,704	)		(26,239	)		—		(69,441	)
Goldman Sachs International	Citigroup, Inc.	06/20/2021		1.000		USD		8,625,000		(95,918	)		—		(59,206	)		(17,490	)		—		(54,202	)
Goldman Sachs International	D.R. Horton, Inc.	06/20/2021		1.000		USD		9,510,000		(22,193	)		8,644		—			(19,284	)		—		(50,121	)
Goldman Sachs International	Electricite de France SA	06/20/2021		1.000		USD		9,655,000		(138,284	)		—		(124,388	)		(19,578	)		—		(33,474	)
Goldman Sachs International	HSBC Holdings PLC	12/20/2020		1.000		USD		3,590,000		46,832			228,449		—			(7,280	)		—		(188,897	)
Goldman Sachs International	JPMorgan	06/20/2021		1.000		USD		8,635,000		(180,694	)		—		(159,683	)		(17,510	)		—		(38,521	)
Goldman Sachs International	JPMorgan	06/20/2021		1.000		USD		4,395,000		(91,969	)		—		(71,061	)		(8,912	)		—		(29,820	)
Goldman Sachs International	JPMorgan	06/20/2021		1.000		USD		4,400,000		(92,074	)		—		(65,000	)		(8,922	)		—		(35,996	)

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

Annual Report 2016 53

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Buy Protection (continued)

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency		Notional Amount		Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs International	JPMorgan	06/20/2021		1.000		USD		4,400,000		(92,074	)		—		(64,984	)		(8,922	)		—		(36,012	)
Goldman Sachs International	Lloyds Bank	12/20/2020		1.000		USD		1,795,000		46,968			96,231		—			(3,639	)		—		(52,902	)
Goldman Sachs International	McDonald’s Corp.	06/20/2021		1.000		USD		5,840,000		(172,655	)		—		(183,547	)		(11,842	)		—		(950	)
Goldman Sachs International	Morgan Stanley	12/20/2020		1.000		USD		1,735,000		(16,421	)		3,508		—			(3,518	)		—		(23,447	)
Goldman Sachs International	Morgan Stanley	12/20/2020		1.000		USD		1,770,000		(16,752	)		4,318		—			(3,589	)		—		(24,659	)
Goldman Sachs International	Morgan Stanley	12/20/2020		1.000		USD		3,550,000		(33,600	)		28,816		—			(7,199	)		—		(69,615	)
Goldman Sachs International	Morgan Stanley	12/20/2020		1.000		USD		3,580,000		(33,884	)		40,568		—			(7,259	)		—		(81,711	)
Goldman Sachs International	Morgan Stanley	06/20/2021		1.000		USD		8,355,000		(60,381	)		71,692		—			(16,942	)		—		(149,015	)
Goldman Sachs International	Morgan Stanley	06/20/2021		1.000		USD		1,670,000		(12,069	)		12,828		—			(3,387	)		—		(28,284	)
Goldman Sachs International	Morgan Stanley	06/20/2021		1.000		USD		8,355,000		(60,381	)		94,193		—			(16,942	)		—		(171,516	)
Goldman Sachs International	Morgan Stanley	06/20/2021		1.000		USD		4,400,000		(31,799	)		—		—			(8,922	)		—		(40,721	)
Goldman Sachs International	Morgan Stanley	06/20/2021		1.000		USD		7,920,000		(57,237	)		—		—			(16,060	)		—		(73,297	)
Goldman Sachs International	Textron, Inc.	06/20/2021		1.000		USD		3,595,000		(14,761	)		—		—			(7,290	)		—		(22,051	)
Goldman Sachs International	Textron, Inc.	06/20/2021		1.000		USD		4,500,000		(18,477	)		—		—			(9,125	)		—		(27,602	)
Goldman Sachs International	Walt Disney Co. (The)	06/20/2021		1.000		USD		4,170,000		(160,303	)		—		(153,487	)		(8,456	)		—		(15,272	)
Goldman Sachs International	Weyerhaeuser Co.	06/20/2021		1.000		USD		1,755,000		(25,779	)		—		(24,255	)		(3,559	)		—		(5,083	)
JPMorgan	American International Group, Inc.	06/20/2021		1.000		USD		3,450,000		(50,073	)		—		(28,440	)		(6,996	)		—		(28,629	)
JPMorgan	Bank of America Corp.	06/20/2021		1.000		USD		6,045,000		(77,756	)		—		(52,647	)		(12,257	)		—		(37,366	)
JPMorgan	Barclays Bank PLC	06/20/2021		1.000		USD		1,810,000		86,407			144,911		—			(3,670	)		—		(62,174	)
JPMorgan	Campbell Soup Co.	06/20/2021		1.000		USD		4,170,000		(130,471	)		—		(109,199	)		(8,456	)		—		(29,728	)
JPMorgan	Citigroup, Inc.	12/20/2020		1.000		USD		3,965,000		(50,001	)		6,422		—			(8,040	)		—		(64,463	)
JPMorgan	Citigroup, Inc.	06/20/2021		1.000		USD		6,040,000		(67,171	)		—		(41,442	)		(12,247	)		—		(37,976	)
JPMorgan	Energy Transfer Partners, LP	06/20/2021		1.000		USD		905,000		47,472			132,390		—			(1,834	)		—		(86,752	)
JPMorgan	General Mills, Inc.	06/20/2021		1.000		USD		1,675,000		(53,210	)		—		(49,312	)		(3,397	)		—		(7,295	)
JPMorgan	Goldman Sachs Group, Inc.	12/20/2020		1.000		USD		8,315,000		(69,961	)		—		(3,379	)		(16,862	)		—		(83,444	)
JPMorgan	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		7,255,000		(42,254	)		45,654		—			(14,712	)		—		(102,620	)
JPMorgan	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		4,175,000		(24,316	)		37,694		—			(8,466	)		—		(70,476	)

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

54 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Buy Protection (continued)

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency		Notional Amount		Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		4,175,000		(24,316	)		48,931		—			(8,466	)		—		(81,713	)
JPMorgan	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		17,585,000		(102,417	)		39,966		—			(35,658	)		—		(178,041	)
JPMorgan	International Business Machines Corp.	06/20/2021		1.000		USD		3,450,000		(82,108	)		—		(62,147	)		(6,996	)		—		(26,957	)
JPMorgan	Lloyds Bank	06/20/2021		1.000		USD		905,000		30,559			48,745		—			(1,835	)		—		(20,021	)
JPMorgan	Markit CDX Emerging Markets Index, Series 25	06/20/2021		1.000		USD		5,005,000		321,945			378,305		—			(10,149	)		—		(66,509	)
JPMorgan	McDonald’s Corp.	06/20/2021		1.000		USD		5,005,000		(147,969	)		—		(157,119	)		(10,149	)		—		(999	)
JPMorgan	Royal Bank of Scotland PLC (The)	06/20/2021		1.000		USD		905,000		66,887			73,929		—			(1,835	)		—		(8,877	)
JPMorgan	Royal Bank of Scotland PLC (The)	06/20/2021		1.000		USD		1,685,000		124,535			140,301		—			(3,417	)		—		(19,183	)
JPMorgan	Toll Brothers, Inc.	06/20/2021		1.000		USD		10,360,000		261,581			397,504		—			(21,008	)		—		(156,931	)
Morgan Stanley	American International Group, Inc.	06/20/2021		1.000		USD		1,725,000		(25,036	)		—		(17,417	)		(3,498	)		—		(11,117	)
Morgan Stanley	Citigroup, Inc.	12/20/2020		1.000		USD		1,770,000		(22,321	)		5,035		—			(3,589	)		—		(30,945	)
Morgan Stanley	Eaton Corp. PLC	06/20/2021		1.000		USD		1,670,000		(35,573	)		—		(35,379	)		(3,386	)		—		(3,580	)
Morgan Stanley	Goldman Sachs Group, Inc.	12/20/2020		1.000		USD		1,910,000		(16,070	)		8,488		—			(3,873	)		—		(28,431	)
Morgan Stanley	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		2,505,000		(14,590	)		29,358		—			(5,080	)		—		(49,028	)
Morgan Stanley	Goldman Sachs Group, Inc.	06/20/2021		1.000		USD		1,760,000		(10,250	)		802		—			(3,569	)		—		(14,621	)
Morgan Stanley	International Business Machines Corp.	06/20/2021		1.000		USD		3,455,000		(82,227	)		—		(65,546	)		(7,006	)		—		(23,687	)
Morgan Stanley	Kinder Morgan, Inc.	06/20/2021		1.000		USD		1,810,000		78,392			180,615		—			(3,670	)		—		(105,893	)
Morgan Stanley	Nucor Corp.	06/20/2021		1.000		USD		4,780,000		(6,307	)		53,552		—			(9,693	)		—		(69,552	)
Morgan Stanley	Valero Energy Corp.	06/20/2021		1.000		USD		1,725,000		38,884			65,252		—			(3,498	)		—		(29,866	)
Morgan Stanley	Valero Energy Corp.	06/20/2021		1.000		USD		3,520,000		79,346			115,218		—			(7,138	)		—		(43,010	)
Morgan Stanley	Valero Energy Corp.	06/20/2021		1.000		USD		2,640,000		59,510			89,810		—			(5,353	)		—		(35,653	)
Total													5,576,688		(3,137,610	)					88,546		(4,659,597	)

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

Annual Report 2016 55

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Cleared Credit Default Swap Contracts Outstanding at August 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date		Pay Fixed Rate (%)		Notional Currency	Notional Amount		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26		06/20/2021		5.000	USD		17,935,000		—		(735,086)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26		06/20/2021		1.000	USD		52,645,000		—		(393,396)
Morgan Stanley	Markit iTraxx Europe Crossover Index, Series 25		06/20/2021		5.000	EUR		8,360,000		—		(459,718)
Total										—		(1,588,200)

Credit Default Swap Contracts Outstanding at August 31, 2016

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)*		Notional Currency		Notional Amount			Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(3,615,000	)		(138,495	)		—		(310,539	)		7,330		179,374		—
Barclays	Anadarko Petroleum Corp.	06/20/2021		1.000		2.082		USD		(1,810,000	)		(87,913	)		—		(191,631	)		3,670		107,388		—
Barclays	Bank of America Corp.	06/20/2018		1.000		0.389		USD		(8,445,000	)		93,274			92,339		—			17,125		18,060		—
Barclays	Canadian Natural Resources Ltd.	12/20/2020		1.000		1.913		USD		(1,810,000	)		(67,572	)		—		(191,606	)		3,670		127,704		—
Barclays	Citigroup, Inc.	06/20/2018		1.000		0.418		USD		(8,355,000	)		87,870			76,351		—			16,942		28,461		—
Credit Suisse	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(4,000,000	)		(352,500	)		—		(311,193	)		2,333		—		(38,974	)
Credit Suisse	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(4,500,000	)		(396,563	)		—		(394,360	)		2,626		423		—
Goldman Sachs International	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(1,800,000	)		(68,961	)		—		(170,062	)		3,650		104,751		—
Goldman Sachs International	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(1,810,000	)		(69,344	)		—		(170,744	)		3,670		105,070		—
Goldman Sachs International	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(4,525,000	)		(173,359	)		—		(365,388	)		9,176		201,205		—
Goldman Sachs International	Citigroup, Inc.	06/20/2018		1.000		0.418		USD		(4,215,000	)		44,330			34,673		—			8,547		18,204		—
Goldman Sachs International	Markit CMBX North America Index, Series 6 BBB-	05/11/2063		3.000		4.661		USD		(3,500,000	)		(295,313	)		—		(289,995	)		2,042		—		(3,276	)

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

56 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Sell Protection (continued)

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)*		Notional Currency		Notional Amount			Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Goldman Sachs International	Markit CMBX North America Index, Series 6 BBB-	05/11/2063		3.000		4.661		USD		(1,700,000	)		(143,438	)		—		(149,770	)		993		7,325		—
Goldman Sachs International	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(1,700,000	)		(149,813	)		—		(210,502	)		993		61,682		—
Goldman Sachs International	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(1,700,000	)		(149,813	)		—		(212,423	)		992		63,602		—
JPMorgan	Anadarko Petroleum Corp.	06/20/2021		1.000		2.082		USD		(1,710,000	)		(83,056	)		—		(143,010	)		3,468		63,422		—
JPMorgan	Bank of America Corp.	06/20/2018		1.000		0.389		USD		(12,630,000	)		139,497			119,861		—			25,611		45,247		—
JPMorgan	Bank of America Corp.	06/20/2021		1.000		0.725		USD		(8,535,000	)		109,785			52,549		—			17,307		74,543		—
JPMorgan	Berkshire Hathaway, Inc.	06/20/2021		1.000		0.762		USD		(5,005,000	)		55,854			13,763		—			10,149		52,240		—
JPMorgan	Citigroup, Inc.	06/20/2018		1.000		0.418		USD		(4,210,000	)		44,277			41,476		—			8,537		11,338		—
JPMorgan	Citigroup, Inc.	06/20/2018		1.000		0.418		USD		(12,665,000	)		133,199			143,073		—			25,682		15,808		—
JPMorgan	Citigroup, Inc.	06/20/2018		1.000		0.418		USD		(8,535,000	)		89,764			88,736		—			17,307		18,335		—
JPMorgan	FedEx Corp.	06/20/2021		1.000		0.464		USD		(1,725,000	)		43,712			42,511		—			3,498		4,699		—
JPMorgan	Plains All American Pipeline LP	06/20/2021		1.000		2.620		USD		(840,000	)		(59,988	)		—		(106,668	)		1,703		48,383		—
JPMorgan	Plains All American Pipeline LP	06/20/2021		1.000		2.620		USD		(845,000	)		(60,345	)		—		(92,321	)		1,713		33,689		—
JPMorgan	Plains All American Pipeline, LP	06/20/2021		1.000		2.620		USD		(905,000	)		(64,630	)		—		(141,105	)		1,835		78,310		—
Morgan Stanley	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(3,345,000	)		(128,152	)		—		(260,344	)		6,783		138,975		—
Morgan Stanley	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(3,355,000	)		(128,534	)		—		(312,671	)		6,803		190,940		—
Morgan Stanley	Anadarko Petroleum Corp.	12/20/2020		1.000		1.940		USD		(2,645,000	)		(101,334	)		—		(369,030	)		5,363		273,059		—
Morgan Stanley	Bank of America Corp.	06/20/2018		1.000		0.389		USD		(4,215,000	)		46,554			33,912		—			8,547		21,189		—
Morgan Stanley	Bank of America Corp.	06/20/2018		1.000		0.389		USD		(4,200,000	)		46,389			36,827		—			8,517		18,079		—
Morgan Stanley	Canadian Natural Resources Ltd.	06/20/2021		1.000		2.070		USD		(845,000	)		(40,747	)		—		(60,653	)		1,713		21,619		—

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

Annual Report 2016 57

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Sell Protection (continued)

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)*		Notional Currency		Notional Amount			Market Value ($)			Premium Paid ($)		Premium Received ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Enterprise Products Partners LP	06/20/2021		1.000		1.650		USD		(5,060,000	)		(150,148	)		—		(249,463	)		10,261		109,576		—
Morgan Stanley	Enterprise Products Partners, LP	06/20/2021		1.000		1.650		USD		(5,440,000	)		(161,424	)		—		(424,275	)		11,032		273,883		—
Morgan Stanley	Markit CMBX North America Index, Series 6 BBB-	05/11/2063		3.000		4.661		USD		(1,300,000	)		(109,688	)		—		(100,768	)		758		—		(8,162	)
Morgan Stanley	Markit CMBX North America Index, Series 6 BBB-	05/11/2063		3.000		4.661		USD		(3,000,000	)		(253,125	)		—		(247,950	)		1,750		—		(3,425	)
Morgan Stanley	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(2,400,000	)		(211,500	)		—		(279,224	)		1,400		69,124		—
Morgan Stanley	Markit CMBX North America Index, Series 7 BBB-	01/17/2047		3.000		4.496		USD		(4,750,000	)		(418,594	)		—		(570,921	)		2,771		155,098		—
Morgan Stanley	Mondelez International, Inc.	06/20/2021		1.000		0.425		USD		(1,670,000	)		45,411			37,363		—			3,386		11,434		—
Morgan Stanley	Noble Energy, Inc.	06/20/2021		1.000		2.343		USD		(4,175,000	)		(250,725	)		—		(280,614	)		8,466		38,355		—
Morgan Stanley	Noble Energy, Inc.	12/20/2021		1.000		2.432		USD		(4,275,000	)		(298,042	)		—		(371,032	)		8,669		81,659		—
Morgan Stanley	Plains All American Pipeline LP	06/20/2021		1.000		2.620		USD		(2,715,000	)		(193,890	)		—		(381,335	)		5,505		192,950		—
Morgan Stanley	Plains All American Pipeline, LP	06/20/2021		1.000		2.620		USD		(1,810,000	)		(129,260	)		—		(302,085	)		3,670		176,495		—
Morgan Stanley	Plains All American Pipeline, LP	06/20/2021		1.000		2.620		USD		(1,815,000	)		(129,616	)		—		(259,805	)		3,680		133,869		—
Total																813,434		(7,921,487	)				3,375,567		(53,837	)

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

Cleared Interest Rate Swap Contracts Outstanding at August 31, 2016

Counterparty

Fund Receives

Fund Pays

Expiration Date

Notional Currency

Notional Amount

Unrealized Appreciation ($)

Unrealized Depreciation ($)

JPMorgan

1-Day Overnight Fed Funds Effective Rate

Fixed rate of 0.465%

02/18/2017

USD

170,000,000

28,233

—

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

58 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Cleared Interest Rate Swap Contracts Outstanding at August 31, 2016 (continued)

Counterparty

Fund Receives

Fund Pays

Expiration Date

Notional Currency

Notional Amount

Unrealized Appreciation ($)

Unrealized Depreciation ($)

JPMorgan

1-Day Overnight Fed Funds Effective Rate

Fixed rate of 0.524%

08/19/2017

USD

87,450,000

37,922

—

JPMorgan

3-Month USD LIBOR-BBA

Fixed rate of 1.476%

12/31/2022

USD

629,200,000

—

(8,851,885

)

JPMorgan

Fixed rate of 1.578%

3-Month USD LIBOR-BBA

05/31/2023

USD

26,250,000

476,809

—

JPMorgan

Fixed rate of 1.280%

3-Month USD LIBOR-BBA

09/06/2023

USD

130,000,000

—

(471,235

)

JPMorgan

1-Day Overnight Fed Funds Effective Rate

Fixed rate of 0.881%

09/06/2023

USD

130,000,000

608,871

—

JPMorgan

3-Month USD LIBOR-BBA

Fixed rate of 1.874%

11/15/2041

USD

14,100,000

—

(590,159

)

Total

1,151,835

(9,913,279

)

Notes to Portfolio of Investments

(a) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At August 31, 2016, the value of these securities amounted to $1,248,935,494 or 18.88% of net assets.

(b) Variable rate security.

(c) Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(d) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2016, the value of these securities amounted to $44,048, which represents less than 0.01% of net assets.

(e) Negligible market value.

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2016, the value of these securities amounted to $50,978,803, which represents 0.77% of net assets.

(g) Interest Only (IO) represents the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(h) Principal Only (PO) represents the right to receive the principal portion only on an underlying pool of mortgage loans.

(i) Zero coupon bond.

(j) Principal and interest may not be guaranteed by the government.

(k) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At August 31, 2016, the value of these securities amounted to $2,433,158 or 0.04% of net assets.

(l) Senior loans have interest rates that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. The interest rate shown reflects the weighted average coupon as of August 31, 2016. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted.

(m) Non-income producing investment.

(n) 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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		360,589,788		4,714,168,536		(4,704,361,267	)		370,397,057		—		936,529		370,397,057
Columbia Mortgage Opportunities Fund, Class I		32,906,862		39,664,184		—			72,571,046		452,368		2,452,524		72,593,104
Total		393,496,650		4,753,832,720		(4,704,361,267	)		442,968,103		452,368		3,389,053		442,990,161

(o) The rate shown is the seven-day current annualized yield at August 31, 2016.

(p) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

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

Annual Report 2016 59

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
CMO	Collateralized Mortgage Obligation
NPFGC	National Public Finance Guarantee Corporation
PIK	Payment-in-Kind
STRIPS	Separate Trading of Registered Interest and Principal Securities

Currency Legend

EUR	Euro
USD	US Dollar

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:

n 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.

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

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

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

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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,

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

60 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Corporate Bonds & Notes		—			2,556,344,102			—		2,556,344,102
Residential Mortgage-Backed Securities — Agency		—			1,247,057,732			289,839		1,247,347,571
Residential Mortgage-Backed Securities — Non-Agency		—			168,436,689			4,295,543		172,732,232
Commercial Mortgage-Backed Securities — Agency		—			110,338,570			—		110,338,570
Commercial Mortgage-Backed Securities — Non-Agency		—			356,755,546			5,155,744		361,911,290
Asset-Backed Securities — Agency		—			23,819,069			—		23,819,069
Asset-Backed Securities — Non-Agency		—			676,399,610			59,953,226		736,352,836
Inflation-Indexed Bonds		—			57,052,623			—		57,052,623
U.S. Treasury Obligations		1,104,731,601			18,509,384			—		1,123,240,985
U.S. Government & Agency Obligations		—			120,639,069			—		120,639,069
Foreign Government Obligations		—			114,368,379			—		114,368,379
Municipal Bonds		—			30,236,335			—		30,236,335
Preferred Debt		19,385,433			—			—		19,385,433
Senior Loans		—			40,397,247			1,363,080		41,760,327
Common Stocks
Energy		—			—			5,893		5,893
Fixed-Income Funds		72,593,104			—			—		72,593,104
Treasury Bills		31,527,748			—			—		31,527,748
Investments measured at net asset value
Money Market Funds		—			—			—		370,397,057
Total Investments		1,228,237,886			5,520,354,355			71,063,325		7,190,052,623
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			5,108			—		5,108
Futures Contracts		205,953			—			—		205,953
Swap Contracts		—			4,615,948			—		4,615,948
Liabilities
Futures Contracts		(2,298,866	)		—			—		(2,298,866	)
Swap Contracts		—			(16,214,913	)		—		(16,214,913	)
Total		1,226,144,973			5,508,760,498			71,063,325		7,176,365,853

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

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 2016 61

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

August 31, 2016

Fair Value Measurements (continued)

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

	Residential Mortgage-Backed Securities  — Agency ($)			Residential Mortgage-Backed Securities — Non-Agency ($)			Commercial Mortgage-Backed Securities — Non-Agency ($)			Asset-Backed Securities — Non-Agency ($)			Senior Loans ($)			Common Stocks ($)		Total ($)
Balance as of August 31, 2015		—			5,986,976			54,883			2,759,897			806,010			5,675		9,613,441
Increase (decrease) in accrued discounts/premiums		(1,794	)		(10,363	)		(174,338	)		—			176			—		(186,319	)
Realized gain (loss)		—			2,387			—			2			2,241			—		4,630
Change in unrealized appreciation (depreciation)(a)		(1,134	)		(24,338	)		(96,494	)		(7,673	)		6,579			218		(122,842	)
Sales		—			(5,436,362	)		(54,883	)		(2,760,000	)		(206,363	)		—		(8,457,608	)
Purchases		292,767			3,777,243			5,426,576			59,961,000			—			—		69,457,586
Transfers into Level 3		—			—			—			—			1,367,206			—		1,367,206
Transfers out of Level 3		—			—			—			—			(612,769	)		—		(612,769	)
Balance as of August 31, 2016		289,839			4,295,543			5,155,744			59,953,226			1,363,080			5,893		71,063,325

(a) Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2016 was $(73,006), which is comprised of Residential Mortgage-Backed Securities — Agency of $(1,134), Residential Mortgage-Backed Securities — Non-Agency of $23,108, Commercial Mortgage-Backed Securities — Non-Agency of $(96,494), Asset-Backed Securities — Non-Agency of $(7,774), Senior Loans of $9,070 and Common Stocks of $218.

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 closing prices of similar securities from the issuer and quoted bids from market participants.

Certain senior loans, residential, commercial and asset backed securities classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) valuation measurement.

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, Management concluded that the market input(s) were generally unobservable.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

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

62 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $6,590,421,830)		$6,747,062,462
Affiliated issuers (identified cost $442,968,103)		442,990,161
Total investments (identified cost $7,033,389,933)		7,190,052,623
Foreign currency (identified cost $45,857)		30,806
Margin deposits		945,000
Unrealized appreciation on forward foreign currency exchange contracts		5,108
Unrealized appreciation on swap contracts		3,464,113
Premiums paid on outstanding swap contracts		6,390,122
Receivable for:
Investments sold	��	133,273,468
Investments sold on a delayed delivery basis		207,110,815
Capital shares sold		23,279,323
Dividends		212,295
Interest		39,049,017
Foreign tax reclaims		106,560
Variation margin		1,054,878
Prepaid expenses		57,352
Trustees’ deferred compensation plan		83,084
Total assets		7,605,114,564
Liabilities
Due to custodian		19,416,744
Unrealized depreciation on swap contracts		4,713,434
Premiums received on outstanding swap contracts		11,059,097
Payable for:
Investments purchased		160,287,663
Investments purchased on a delayed delivery basis		764,648,864
Capital shares purchased		19,036,038
Dividend distributions to shareholders		10,509,007
Variation margin		67,438
Management services fees		82,503
Distribution and/or service fees		45,143
Transfer agent fees		266,739
Chief compliance officer expenses		479
Other expenses		218,717
Trustees’ deferred compensation plan		83,084
Total liabilities		990,434,950
Net assets applicable to outstanding capital stock		$6,614,679,614
Represented by
Paid-in capital		$6,395,763,344
Undistributed net investment income		9,346,279
Accumulated net realized gain		66,609,351
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		156,640,632
Investments — affiliated issuers		22,058
Foreign currency translations		(15,280	)
Forward foreign currency exchange contracts		5,108
Futures contracts		(2,092,913	)
Swap contracts		(11,598,965	)
Total — representing net assets applicable to outstanding capital stock		$6,614,679,614
Class A
Net assets		$6,614,679,614
Shares outstanding		635,311,090
Net asset value per share		$10.41

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

Annual Report 2016 63

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

STATEMENT OF OPERATIONS

Year Ended August 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$1,316,149
Dividends — affiliated issuers	3,389,053
Interest	155,187,265
Foreign taxes withheld	(2,708	)
Total income	159,889,759
Expenses:
Management services fees	26,444,308
Distribution and/or service fees
Class A	14,233,353
Transfer agent fees
Class A	3,581,924
Compensation of board members	117,215
Custodian fees	141,634
Printing and postage fees	415,269
Registration fees	284,173
Audit fees	47,839
Legal fees	154,890
Chief compliance officer expenses	2,722
Other	130,397
Total expenses	45,553,724
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(201,700	)
Total net expenses	45,352,024
Net investment income	114,537,735
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	85,638,863
Capital gain distributions from underlying affiliated funds	452,368
Foreign currency translations	11,176
Forward foreign currency exchange contracts	(48,399	)
Futures contracts	8,484,574
Swap contracts	(13,324,594	)
Net realized gain	81,213,988
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	157,446,267
Investments — affiliated issuers	195,195
Foreign currency translations	(5,358	)
Forward foreign currency exchange contracts	5,032
Futures contracts	(3,094,399	)
Swap contracts	(11,482,613	)
Net change in unrealized appreciation	143,064,124
Net realized and unrealized gain	224,278,112
Net increase in net assets resulting from operations	$338,815,847

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

64 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31, 2016			Year Ended August 31, 2015
Operations
Net investment income		$114,537,735			$90,707,216
Net realized gain		81,213,988			17,217,843
Net change in unrealized appreciation (depreciation)		143,064,124			(91,966,797	)
Net increase in net assets resulting from operations		338,815,847			15,958,262
Distributions to shareholders
Net investment income
Class A		(107,921,973	)		(95,037,479	)
Net realized gains
Class A		(18,209,384	)		—
Total distributions to shareholders		(126,131,357	)		(95,037,479	)
Increase in net assets from capital stock activity		1,304,537,319			520,316,679
Total increase in net assets		1,517,221,809			441,237,462
Net assets at beginning of year		5,097,457,805			4,656,220,343
Net assets at end of year		$6,614,679,614			$5,097,457,805
Undistributed net investment income		$9,346,279			$4,382,995

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

Annual Report 2016 65

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31, 2016						Year Ended August 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		237,371,867			2,409,831,765			147,095,790			1,501,600,269
Distributions reinvested		12,447,472			126,131,125			9,334,150			95,037,274
Redemptions		(121,192,224	)		(1,231,425,571	)		(105,705,717	)		(1,076,320,864	)
Net increase		128,627,115			1,304,537,319			50,724,223			520,316,679
Total net increase		128,627,115			1,304,537,319			50,724,223			520,316,679

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

66 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, 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, 2016
Class A	2016		2015		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$10.06		$10.21		$9.87		$10.24		$10.00
Income from investment operations:
Net investment income	0.20		0.19		0.21		0.19		0.08
Net realized and unrealized gain (loss)	0.38		(0.14	)	0.36		(0.30	)	0.24
Total from investment operations	0.58		0.05		0.57		(0.11	)	0.32
Less distributions to shareholders:
Net investment income	(0.19	)	(0.20	)	(0.20	)	(0.19	)	(0.08	)
Net realized gains	(0.04	)	—		(0.03	)	(0.07	)	—
Total distributions to shareholders	(0.23	)	(0.20	)	(0.23	)	(0.26	)	(0.08	)
Net asset value, end of period	$10.41		$10.06		$10.21		$9.87		$10.24
Total return	5.82	%	0.49	%	5.86	%	(1.16	%)	3.17	%
Ratios to average net assets(b)
Total gross expenses	0.80	%	0.80	%	0.80	%	0.79	%	0.81	%(c)
Total net expenses(d)	0.80	%	0.80	%	0.80	%	0.79	%	0.81	%(c)
Net investment income	2.01	%	1.86	%	2.09	%	1.88	%	2.09	%(c)
Supplemental data
Net assets, end of period (in thousands)	$6,614,680		$5,097,458		$4,656,220		$4,013,878		$4,741,043
Portfolio turnover	289	%	269	%	207	%	213	%	78	%

Notes to Financial Highlights

(a) Based on operations from April 20, 2012 (commencement of operations) through the stated period end.

(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.

(c) Annualized.

(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 2016 67

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2016

Note 1. Organization

Active Portfolios^® Multi-Manager Total Return Bond Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective April 11, 2016, Active Portfolios^® Multi-Manager Core Plus Bond Fund was renamed Active Portfolios^® Multi-Manager Total Return Bond Fund.

Fund Shares

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

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

Note 2. Summary of Significant Accounting Policies

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

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,

maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

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

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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

68 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by 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.

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not 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 on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the

Annual Report 2016 69

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess

of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts

70 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commissions merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Swap Contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the FCM, which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has less credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to manage credit risk exposure, to increase or decrease its credit exposure to an index and to increase or decrease its credit exposure to a single issuer of debt securities. Additionally, credit default swap contracts were used to hedge the Fund’s exposure on a debt security that it owns or in lieu of selling such debt security. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a

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NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

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

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

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit

indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions which may include inflation rate swap contracts to gain exposure to or protect itself from market rate changes and to hedge the portfolio risk associated with some or all of the Fund’s securities. These instruments may be used for other purposes in future periods. An interest rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

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

72 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2016:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	3,464,113	*
Credit risk	Premiums paid on outstanding swap contracts	6,390,122
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	5,108
Interest rate risk	Net assets — unrealized appreciation on futures contracts	205,953	*
Interest rate risk	Net assets — unrealized appreciation on swap contracts	1,151,835	*
Total		11,217,131
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts	6,301,634	*
Credit risk	Premiums received on outstanding swap contracts	11,059,097
Interest rate risk	Net assets — unrealized depreciation on futures contracts	2,298,866	*
Interest rate risk	Net assets — unrealized depreciation on swap contracts	9,913,279	*
Total		29,572,876

* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(12,616,159	)		(12,616,159	)
Foreign exchange risk		(48,399	)		—			—			(48,399	)
Interest rate risk		—			8,484,574			(708,435	)		7,776,139
Total		(48,399	)		8,484,574			(13,324,594	)		(4,888,419	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(2,721,169	)		(2,721,169	)
Foreign exchange risk		5,032			—			—			5,032
Interest rate risk		—			(3,094,399	)		(8,761,444	)		(11,855,843	)
Total		5,032			(3,094,399	)		(11,482,613	)		(14,571,980	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended August 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		955,972,643
Futures contracts — Short		371,558,874
Credit default swap contracts — buy protection		408,536,349
Credit default swap contracts — sell protection		91,108,750

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		1,277		—
Interest rate swap contracts		287,959		(2,588,938	)

* Based on the ending quarterly outstanding amounts for the year ended August 31, 2016.

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower;

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NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Asset- and Mortgage-Backed Securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

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

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

To Be Announced Securities

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs,

74 Annual Report 2016

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NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

Treasury Inflation Protected Securities

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

Interest Only and Principal Only Securities

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in

interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of August 31, 2016:

	Barclays ($)		Citi ($	)	Credit Suisse ($	)	Goldman Sachs International ($	)	JPMorgan ($)(e)	JPMorgan ($)(e)	Morgan Stanley ($)(e)		Morgan Stanley ($)(e)	Total ($)
Assets
Centrally cleared credit default swap contracts(a)	—		—		—		—		—	—	—		92,201	92,201
Centrally cleared interest rate swap contracts(a)	—		—		—		—		—	660,246	—		—	660,246
Forward foreign currency exchange contracts	5,108		—		—		—		—	—	—		—	5,108
OTC credit default swap contracts(b)	215,211		1,951,726		—		135,758		1,619,818	—	395,275		—	4,317,788
Total Assets	220,319		1,951,726		—		135,758		1,619,818	660,246	395,275		92,201	5,075,343
Liabilities
OTC credit default swap contracts(b)	1,057,221		1,065,667		769,298		3,131,655		1,334,025	—	2,878,218		—	10,236,084
Total Liabilities	1,057,221		1,065,667		769,298		3,131,655		1,334,025	—	2,878,218		—	10,236,084
Total Financial and Derivative Net Assets	(836,902	)	886,059		(769,298	)	(2,995,897	)	285,793	660,246	(2,482,943	)	92,201	(5,160,741	)
Total collateral received (pledged)(c)	(694,038	)	886,059		(575,065	)	(2,627,415	)	285,793	—	(2,431,285	)	—	(5,155,951	)
Net Amount(d)	(142,864	)	—		(194,233	)	(368,482	)	—	660,246	(51,658	)	92,201	(4,790	)

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(d) Represents the net amount due from/(to) counterparties in the event of default.

(e) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

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NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

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.

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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.

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.

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.

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

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Income and capital gain distributions from open-end investment companies, if any, are recorded on the ex-dividend date.

Expenses

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on 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.

76 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

Effective January 1, 2016, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.50% to 0.34% as the Fund’s net assets increase. Prior to January 1, 2016, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. The effective management services fee rate, net of waivers, for the year ended August 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) was 0.46% of the Fund’s average daily net assets. For the period from September 1, 2015

through December 31, 2015, the investment advisory services fee paid to the Investment Manager was $7,029,420, and the administrative services fee paid to the Investment Manager was $985,615.

The Investment Manager has voluntarily agreed to waive a portion of the management services fee on Fund assets that are invested in affiliated mutual funds, exchange-traded funds and closed-end funds that pay a management services fee, or where applicable, an investment advisory fee to the Investment Manager. The Investment Manager, in its discretion, may revise or discontinue this arrangement at any time.

Subadvisory Agreement

The Investment Manager has entered into Subadvisory Agreements with Federated Investment Management Company (Federated), Loomis Sayles & Company, L.P. (Loomis Sayles), PGIM, Inc., the asset management arm of Prudential Financial (Prudential) and TCW Investment Management Company, each of which, together with the Investment Manager, manage a portion of the assets of the Fund. Loomis Sayles assumed the day-to-day management of a portion of the assets of the Fund effective April 11, 2016, and Prudential assumed the day-to-day management of a portion of the assets of the Fund effective May 16, 2016. Also effective May 16, 2016, Federated was removed as a subadviser. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board. Each subadviser’s proportionate share of investments in the Fund may also vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s 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

Annual Report 2016 77

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

expenses associated with the Chief Compliance Officer based on relative net assets of the Trust.

Transactions with Affiliates

For the year ended August 31, 2016, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $3,170,095 and $1,477,790, respectively. The sale transactions resulted in a net realized gain of $26,583.

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. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

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

For the year ended August 31, 2016, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of Class A shares was 0.06%.

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.

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The 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:

	Contractual Expense Cap January 1, 2016 Through December 31, 2016			Voluntary Expense Cap Prior to January 1, 2016
Class A		0.86	%		0.86	%

The contractual agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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

78 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

expenses, transaction charges and interest on borrowed money, interest and infrequent and/or unusual 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, 2016, these differences are primarily due to differing treatment for principal and/or interest from fixed income securities, deferral/reversal of wash sale losses, Trustees’ deferred compensation, distributions, foreign currency transactions, derivative investments, tax straddles, swap investments, swap reclassifications, non-deductible expenses, adjustments on certain convertible preferred securities 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	$(1,652,478	)
Accumulated net realized gain	1,652,478

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, 2016  ($)		Year Ended August 31, 2015  ($)
Ordinary income		126,131,357		95,037,479

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

At August 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$78,129,325
Undistributed long-term capital gains	20,281,230
Net unrealized appreciation	152,767,638

At August 31, 2016, the cost of investments for federal income tax purposes was $7,037,284,985 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$169,033,067
Unrealized depreciation	(16,265,429	)
Net unrealized appreciation	152,767,638

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 $17,765,543,574 and $16,542,135,403, respectively, for the year ended August 31, 2016, of which $12,539,817,901 and $13,202,349,481, respectively, were U.S. government securities. 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of

Annual Report 2016 79

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended August 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At August 31, 2016, affiliated shareholders of record owned 100.0% 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.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying securities, commodity, currency or index or other instrument or asset may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

Mortgage- and Other Asset-Backed Securities Risk

The value of any mortgage-backed and other asset-backed securities held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and

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NOTES TO FINANCIAL STATEMENTS (continued)

August 31, 2016

structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage or other asset may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

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

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 Securities and Exchange Commission (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 2016 81

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Active Portfolios^® Multi-Manager Total Return Bond Fund (formerly

known as Active Portfolios^® Multi-Manager Core Plus Bond Fund)

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Active Portfolios^® Multi-Manager Total Return Bond Fund (formerly known as Active Portfolios^® Multi-Manager Core Plus Bond Fund) (the “Fund,” a series of Columbia Funds Series Trust I) at August 31, 2016, 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, 2016 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 21, 2016

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FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations

Qualified Dividend Income	0.55	%
Dividends Received Deduction	0.51	%
Capital Gain Dividend	$21,295,292

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 2016 83

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TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Trustees

Independent Trustees
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007	56	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	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 c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	56	None
William E. Mayer c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1940	Trustee 1991	Partner, Park Avenue Equity Partners (private equity) since February 1999	56	DynaVox Inc. (speech creation); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider) from 2000 to 2012; BlackRock Capital Investment Corporation (investment company); and Premier, Inc. (healthcare)

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TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	56	Director of CIT Bank, CIT Group Inc. (commercial and consumer finance); eBay Inc. (online trading community); Genworth Financial, Inc. (financial and insurance products and services); Paypal Holdings Inc. (payment and data processing services); and Trustee, University of Oklahoma Foundation
Charles R. Nelson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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	56	None
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; 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	56	Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	56	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 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)	56	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Annual Report 2016 85

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

TRUSTEES AND OFFICERS (continued)

Consultant to the Trustees*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Trustee Consultant 2016	Trustee Consultant, Columbia Funds since March 2016; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	56	Board of Governors, Gateway Healthcare since January 2016; Trustee, New Century Portfolios since March 2015; and Director, The Autism Project since March 2015

* J. Kevin Connaughton was appointed consultant to the Trustees effective March 1, 2016. Shareholders of the Funds are expected to be asked to elect Mr. Connaughton as a Trustee at a future shareholder meeting.

Interested Trustee Affiliated with Investment Manager*
Name, Address, Year of Birth	Position Held with the Trust and Length of Service	Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience	Number of Funds in the Columbia Funds Complex Overseen	Other Directorships Held by Trustee During the Past Five Years
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; 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.	184	Trustee to other Columbia Funds since 2001; Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Former Director, Ameriprise Certificate Company, 2006-January 2013

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

The 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 investor.columbiathreadneedleus.com.

86 Annual Report 2016

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TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s 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); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
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); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior 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.
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; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
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.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
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.
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; officer of Columbia Funds and affiliated funds since 2005.

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BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS

On June 10, 2016, 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 Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) and the Subadvisory Agreements between the Investment Manager and Loomis, Sayles & Company, L.P. (Loomis Sayles), PGIM, Inc., the asset management arm of Prudential Financial (Prudential) and TCW Investment Management Company (the Subadvisers) with respect to Active Portfolios^® Multi-Manager Total Return Bond Fund (the Fund), a series of the Trust. On March 9, 2016, the Board and the Independent Trustees of the Trust also unanimously approved, for an initial two-year term, the Subadvisory Agreement, effective May 16, 2016, between the Investment Manager and Prudential. In addition, on March 9, 2016, the Board and the Independent Trustees of the Trust unanimously approved an amendment to the Subadvisory Agreement, effective April 11, 2016, between the Investment Manager and Loomis Sayles, in order to retain Loomis Sayles as a subadviser to the Fund. 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 continuation of the Management Agreement and the Subadvisory Agreements (collectively, the Agreements).

In connection with their deliberations regarding the continuation of the Management Agreement and the Subadvisory Agreements, 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 8, 2016, April 27, 2016 and June 9, 2016 and at Board meetings held on March 9, 2016 and June 10, 2016. In connection with its deliberations regarding the Subadvisory Agreements between the Investment Manager and Loomis Sayles and Prudential (the proposed Subadvisory Agreements), the Board requested and evaluated materials from the Investment Manager and others regarding the Fund and the Subadvisory Agreements, and discussed these materials with representatives of the Investment Manager at Committee and Board meetings held on March 8 and March 9, 2016, respectively. 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, 2016, the Committee recommended that the Board approve the continuation of the Management Agreement and the Subadvisory Agreements. On June 10, 2016, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements 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 recommend for approval or approve the proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements. The information and factors considered by the Committee and the Board in recommending for approval or approving the proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements 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 management 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 through December 31, 2017 so that total operating expenses (excluding certain fees and expenses, such as transaction

88 Annual Report 2016

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BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

• The terms and conditions of the Agreements;

• The subadvisory fees to be charged to the Investment Manager under the Subadvisory Agreements;

• 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 agreements with respect to the provision of distribution and transfer agency services to the Fund;

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

• Information regarding the management fees 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 and the Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services, including an assessment of the Investment Manager’s and the Subadvisers’ compliance systems 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 or to be provided to the Fund by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates under the Agreements and under separate agreements for the provision of transfer agency services, and the resources dedicated or to be dedicated to the Fund and the other Columbia Funds by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Board also considered, among other things, the Subadvisers’ ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including personnel and other resources, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Subadvisers’ investment research capabilities. In addition, the Committee and the Board 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 and the Subadvisers, which included consideration of the Investment Manager’s and the Subadvisers’ 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. The Board also noted that the Board had approved the Subadvisers’ codes of ethics and compliance programs, and that the Chief Compliance Officer of the Funds reports to the Trustees on the Subadvisers’ compliance programs.

The Committee and the Board considered the diligence and selection process undertaken by the Investment Manager to select the Subadvisers, including the Investment Manager’s rationale for recommending approval of the proposed Subadvisory Agreements and the continuation of the Subadvisory Agreements, and the process for monitoring the Subadvisers’ ongoing performance of services for the Fund. As part of these deliberations, the Committee and the

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BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

Board considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board also considered the scope of services provided to the Fund by the Investment Manager that are distinct from and in addition to those provided or to be provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. 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 or to be provided to the Fund under the Agreements supported approval of the proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements.

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 Management Agreement and the Subadvisory Agreements. 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, 2015, the Fund’s performance was in the fifth-sixth 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- and three-year periods.

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. The Board also considered the Subadvisers’ investment performance, including their absolute and risk-adjusted returns, noting that Loomis Sayles and Prudential had delivered strong performance results over the one-, three- and five-year periods for the Loomis Sayles Core Fixed Income Composite and the Prudential Core Plus Fixed Income Composite, respectively. 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, the Investment Manager and the Subadvisers were sufficient, in light of other considerations, to warrant the approval of the proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements.

Investment Management Fee Rates and Other Expenses

The Committee and the Board considered the management fees charged to the Fund under the Management Agreement and the Subadvisory Agreements, as well as the total expenses incurred and to be incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s management fee and its total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent fee consultant. The Committee and the Board noted that, as of December 31, 2015, the Fund’s actual management fee and net total expense ratio are ranked in the fifth and second 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

90 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

purposes of expense comparison. The Committee and the Board also considered the fees that the Subadvisers charge to their other clients, and noted that the Investment Manager pays the fees of the Subadvisers. 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 management 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 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 management 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 management fee rates and expenses of the Fund were sufficient, in light of other considerations, to warrant the approval of the proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements.

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.

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 2015 to profitability levels realized in 2014. 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. In addition, the Committee and the Board considered information provided by the Investment Manager regarding its financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to each Subadviser of its relationship with the Fund.

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 proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements.

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 management 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 management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.

The Committee and the Board noted that the breakpoints, if any, in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. The Committee and the Board noted that absent a

Annual Report 2016 91

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

BOARD CONSIDERATION AND APPROVAL OF MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on a subadviser’s ability to manage assets could potentially have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers may need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.

In considering these 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 proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements.

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’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 proposed Subadvisory Agreements and the continuation of the Management Agreement and the Subadvisory Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and unanimously approved the proposed Subadvisory Agreements and the continuation of the Subadvisory Agreements.

92 Annual Report 2016

ACTIVE PORTFOLIOS^® MULTI-MANAGER TOTAL RETURN BOND FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2016 93

Active Portfolios^® Multi-Manager Total Return Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

ANN101_08_F01_(10/16)

Item 2. Code of Ethics.

(a)The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Douglas A. Hacker, David M. Moffett and Anne-Lee Verville, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert.  Mr. Hacker, Mr. Moffett and Ms. Verville are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the thirteen series of the registrant whose reports to stockholders are included in this annual filing.  One series merged into another series on June 24, 2016 and the fees incurred by this series through its merger date are included in the response to this Item.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	375,000	$	318,500

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	15,100	$	5,600

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.  In fiscal years 2016 and 2015, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports. Fiscal year 2016 also includes Audit-Related Fees for agreed upon procedures for a fund merger and issuance of consent related to N-14 filings.

During the fiscal years ended August 31, 2016 and August 31, 2015, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	93,800	$	83,000

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal year 2016 also includes Tax Fees for agreed-upon procedures related to a fund merger and a final tax return. Fiscal years 2016 and 2015 include Tax Fees for foreign tax filings.

During the fiscal years ended August 31, 2016 and August 31, 2015, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services

to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	0	$	0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	242,500	$	225,000

In fiscal years 2016 and 2015, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s

independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members.  The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service.  The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations.  This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

*****

(e)(2) 100% of the services performed for items (b) through (d) above during 2016 and 2015 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant during the fiscal years ended August 31, 2016 and August 31, 2015 are approximately as follows:

2016		2015
$	351,400	$	313,600

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and

communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)		Columbia Funds Series Trust I
By (Signature and Title)		/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date		October 25, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date		October 25, 2016
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer
Date		October 25, 2016