UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-09645

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

50606 Ameriprise Financial Center Minneapolis, Minnesota					55474
(Address of principal executive offices)					(Zip code)

Christopher O. Petersen, Esq. 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:	February 28

Date of reporting period:		August 31, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Dear Shareholders,

A return to volatility

Volatility returned to the financial markets in the second quarter of 2013, as uncertainty about the global economy, monetary policy and the impact of the sequester's spending cuts weighed on investors. Households advanced their spending but also allocated less to savings. Labor markets continued to crank out jobs at a steady pace, slowly reducing unemployment. Housing activity remained strong and retail sales were higher despite no real increase in income. The single weak spot was in the manufacturing sector, where activity slowed. While the consumer has weathered the domestic drag well, business has been closer to the global slowdown and effects of sequestration. Businesses remain very cautious, keeping inventories and staffs lean, and are planning for but not yet confident enough to make capital expenditures.

Against this backdrop, equities outperformed fixed income during the second quarter of 2013. Small-cap stocks outperformed large- and mid-cap stocks, and growth outperformed value except for in the large-cap sector. Outside the United States, foreign stock markets generally lost ground, with the most significant losses sustained by emerging markets.

Columbia Management to begin delivering summary prospectuses

Each Columbia fund is required to update its prospectus on an annual basis. Beginning with June 2013 prospectus updates, shareholders of Columbia retail mutual funds will start to receive a summary prospectus, rather than the full length (statutory) mutual fund prospectus they have received in the past.

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Each fund's statutory prospectus will contain additional information about the fund and its risks. Both the statutory and summary prospectus will be updated each year, and will be available at columbiamanagement.com. Shareholders may request a printed version of a statutory prospectus at no cost by calling 800.345.6611 or sending an email to serviceinquiries@columbiamanagement.com.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

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

Performance Summary

> Columbia Convertible Securities Fund (the Fund) Class A shares returned 8.54% excluding sales charges for the six-month period that ended August 31, 2013.

> The Fund slightly underperformed its benchmark, the Bank of America Merrill Lynch (BofAML) All Convertibles All Qualities Index, which returned 8.65% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	09/25/87
Excluding sales charges			8.54		18.32		7.18		6.76
Including sales charges			2.28		11.52		5.93		6.13
Class B	07/15/98
Excluding sales charges			8.10		17.41		6.38		5.95
Including sales charges			3.10		12.41		6.07		5.95
Class C	10/21/96
Excluding sales charges			8.17		17.42		6.39		5.95
Including sales charges			7.17		16.42		6.39		5.95
Class I*	09/27/10		8.74		18.82		7.42		6.87
Class R*	11/16/11		8.35		17.97		6.80		6.34
Class R4*	11/08/12		8.67		18.61		7.24		6.78
Class R5*	11/08/12		8.74		18.72		7.26		6.79
Class W*	11/16/11		8.55		18.34		7.07		6.61
Class Z	05/21/99		8.66		18.58		7.47		7.02
BofAML All Convertibles All Qualities Index			8.65		18.78		8.40		7.10

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 columbiamanagement.com or calling 800.345.6611.

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

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

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

Top Ten Holdings (%) (at August 31, 2013)
Gilead Sciences, Inc., 1.625% 05/01/16					3.7
General Motors Co., 4.750%					3.2
Micron Technology, Inc., 2.125% 02/15/33					2.0
EMC Corp., 1.750% 12/01/13					1.7
Bank of America Corp., 7.250%					1.6
Intel Corp., 3.250% 08/01/39					1.4
Health Care REIT, Inc., 6.500%					1.3
Jarden Corp., 1.875% 09/15/18					1.3
Salesforce.com, Inc., 0.250% 04/01/18					1.2
Chesapeake Energy Corp., 5.000%					1.1

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					2.8
Financials					0.4
Information Technology					1.0
Utilities					1.4
Convertible Bonds					72.1
Convertible Preferred Stocks					24.8
Consumer Discretionary					4.7
Consumer Staples					1.9
Energy					3.9
Financials					7.3
Health Care					1.0
Industrials					2.0
Utilities					4.0
Money Market Funds					0.3
Total					100.0

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

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,085.40		1,019.35		5.96		5.77		1.14
Class B		1,000.00		1,000.00		1,081.00		1,015.54		9.91		9.60		1.90
Class C		1,000.00		1,000.00		1,081.70		1,015.54		9.92		9.60		1.90
Class I		1,000.00		1,000.00		1,087.40		1,021.51		3.72		3.60		0.71
Class R		1,000.00		1,000.00		1,083.50		1,018.05		7.31		7.08		1.40
Class R4		1,000.00		1,000.00		1,086.70		1,020.61		4.66		4.51		0.89
Class R5		1,000.00		1,000.00		1,087.40		1,021.51		3.72		3.60		0.71
Class W		1,000.00		1,000.00		1,085.50		1,019.30		6.01		5.82		1.15
Class Z		1,000.00		1,000.00		1,086.60		1,020.56		4.71		4.56		0.90

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

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

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

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to reimburse certain expenses until June 30, 2014, unless sooner terminated at the sole discretion of the Fund's Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 0.66% for Class I. Any amounts waived will not be reimbursed by the Fund. This change was effective July 1, 2013. If this change had been in place for the entire six month period ended August 31, 2013, the actual expenses paid would have been $3.45 and the hypothetical expenses paid would have been $3.35 for Class I.

Other share classes may have had expense waiver changes; however, the changes were not considered material.

Common Stocks 2.8%

Issuer	Shares		Value ($)
Financials 0.4%
Real Estate Investment Trusts (REITs) 0.4%
Digital Realty Trust, Inc.		40,000		2,224,000
Total Financials				2,224,000
Health Care 1.0%
Health Care Providers & Services 1.0%
WellPoint, Inc.		72,000		6,130,080
Total Health Care				6,130,080
Information Technology 1.4%
Semiconductors & Semiconductor Equipment 1.4%
Microchip Technology, Inc.		80,000		3,104,800
Xilinx, Inc.		125,000		5,427,500
Total				8,532,300
Total Information Technology				8,532,300
Total Common Stocks (Cost: $17,857,374)				16,886,380
Convertible Preferred Stocks 24.6%
Consumer Discretionary 4.7%
Automobiles 3.1%
General Motors Co., 4.750%		390,000		18,977,400
Internet & Catalog Retail 1.1%
priceline.com, Inc., 1.000%^(a)		7,184		6,228,511
Media 0.5%
Interpublic Group of Companies, Inc. (The), 5.250%		2,400		3,081,000
Total Consumer Discretionary				28,286,911
Consumer Staples 1.9%
Food Products 1.9%
Bunge Ltd., 4.875%		57,000		5,973,600
Post Holdings, Inc., 3.750%^(a)		52,500		5,594,820
Total				11,568,420
Total Consumer Staples				11,568,420
Energy 3.8%
Energy Equipment & Services 0.8%
Hornbeck Offshore Services, 0.000%^(a)(h)		91,750		4,836,509

Convertible Preferred Stocks (continued)

Issuer	Shares		Value ($)
Oil, Gas & Consumable Fuels 3.0%
Chesapeake Energy Corp., 5.000%		73,100		6,569,863
Chesapeake Energy Corp., 5.750%^(a)		5,500		6,056,875
Energy XXI Bermuda Ltd., 5.625%		10,000		3,002,120
Penn Virginia Corp., 6.000%		27,065		2,691,901
Total				18,320,759
Total Energy				23,157,268
Financials 7.3%
Diversified Financial Services 2.6%
AMG Capital Trust II, 5.150%		110,000		6,290,625
Bank of America Corp., 7.250%		9,000		9,709,650
Total				16,000,275
Insurance 1.0%
MetLife, Inc., 5.000%		105,000		5,723,550
Real Estate Investment Trusts (REITs) 3.7%
Alexandria Real Estate Equities, Inc., 7.000%		215,000		5,388,437
Health Care REIT, Inc., 6.500%		135,000		7,744,950
Weyerhaeuser Co., 6.375%		117,600		6,253,968
iStar Financial, Inc., 4.500%		58,000		3,019,248
Total				22,406,603
Total Financials				44,130,428
Health Care 1.0%
Biotechnology 0.5%
Vertex Pharmaceuticals, 0.500%^(a)		41,250		3,070,198
Health Care Equipment & Supplies 0.5%
Alere, Inc., 3.000%		11,300		3,017,609
Total Health Care				6,087,807
Industrials 2.0%
Aerospace & Defense 0.9%
United Technologies Corp., 7.500%		91,000		5,652,010
Road & Rail 1.1%
2010 Swift Mandatory Common Exchange Security Trust, 6.000%^(a)		215,000		3,211,563
Genesee & Wyoming, Inc., 5.000%		26,650		3,231,046
Total				6,442,609
Total Industrials				12,094,619

Convertible Preferred Stocks (continued)

Issuer			Shares		Value ($)
Utilities 3.9%
Electric Utilities 2.0%
NextEra Energy, Inc., 5.599%				110,000		6,082,670
PPL Corp., 8.750%				110,000		5,883,900
Total						11,966,570
Multi-Utilities 1.9%
CenterPoint Energy, Inc., 3.547%^(b)				125,000		5,898,438
Dominion Resources, Inc. 04/01/16	6.125	%		58,696		3,006,996
07/01/16	6.000	%		58,696		3,005,235
Total						11,910,669
Total Utilities						23,877,239
Total Convertible Preferred Stocks (Cost: $138,149,236)						149,202,692

Convertible Bonds 71.3%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Airlines 1.4%
AirTran Holdings, Inc. Senior Unsecured 11/01/16		5.250	%		2,950,000		4,141,062
U.S. Airways Group, Inc. Senior Unsecured 05/15/14		7.250	%		455,000		1,608,425
United Airlines, Inc. Senior Unsecured 01/15/15		4.500	%		1,835,000		2,936,000
Total							8,685,487
Automotive 1.5%
Navistar International Corp. Senior Subordinated Notes 10/15/14		3.000	%		5,700,000		5,700,000
TRW Automotive, Inc. 12/01/15		3.500	%		1,400,000		3,307,640
Total							9,007,640
Banking 1.3%
Colony Financial, Inc. Senior Unsecured 04/15/23		5.000	%		2,141,000		2,151,705

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Walter Investment Management Corp. Senior Subordinated Notes 11/01/19		4.500	%		5,550,000		5,612,437
Total							7,764,142
Brokerage 0.6%
FXCM, Inc. Senior Unsecured^(a)06/15/18		2.250	%		3,332,000		3,824,736
Building Materials 0.9%
Cemex SAB de CV Subordinated Notes 03/15/15		4.875	%		4,800,000		5,658,000
Chemicals —%
ShengdaTech, Inc. Senior Notes^(a)(c)(d)(e)12/15/15		6.500	%		2,430,000		24,300
Consumer Cyclical Services 1.1%
MasTec, Inc. 12/15/14		4.250	%		1,615,000		3,375,350
Outerwall, Inc. Senior Unsecured 09/01/14		4.000	%		2,020,000		3,096,913
Total							6,472,263
Consumer Products 1.2%
Jarden Corp.^(a)09/15/18		1.875	%		6,650,000		7,497,210
Diversified Manufacturing 0.7%
GT Advanced Technologies, Inc. Senior Unsecured 10/01/17		3.000	%		3,650,000		3,944,281
Electric 1.2%
Covanta Holding Corp. Senior Unsecured 06/01/14		3.250	%		3,050,000		4,125,125
SunPower Corp. Senior Unsecured^(a)06/01/18		0.750	%		3,140,000		3,287,140
Total							7,412,265
Gaming 1.1%
MGM Resorts International 04/15/15		4.250	%		5,450,000		6,478,688

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Health Care 4.7%
HeartWare International, Inc. Senior Unsecured 12/15/17		3.500	%		4,000,000		4,482,500
Hologic, Inc. Senior Unsecured^(b)12/15/37		2.000	%		5,190,000		5,939,306
Insulet Corp. Senior Unsecured 06/15/16		3.750	%		3,580,000		4,865,864
Molina Healthcare, Inc. Senior Notes^(a)01/15/20		1.125	%		3,804,000		3,922,000
Omnicare, Inc. 04/01/42		3.750	%		4,630,000		6,415,189
Teleflex, Inc. Senior Subordinated Notes 08/01/17		3.875	%		2,330,000		3,130,938
Total							28,755,797
Home Construction 2.7%
KB Home 02/01/19		1.375	%		5,500,000		5,231,875
Lennar Corp.^(a)11/15/21		3.250	%		3,500,000		5,372,500
Meritage Homes Corp. 09/15/32		1.875	%		5,300,000		5,545,125
Total							16,149,500
Independent Energy 1.6%
Endeavour International Corp. 07/15/16		5.500	%		3,450,000		2,708,250
Newpark Resources, Inc. Senior Unsecured 10/01/17		4.000	%		2,300,000		2,938,710
Stone Energy Corp. 03/01/17		1.750	%		4,200,000		4,247,250
Total							9,894,210
Lodging 0.5%
Home Inns & Hotels Management, Inc. Senior Unsecured 12/15/15		2.000	%		400,000		373,000
Home Inns & Hotels Management, Inc.^(a)Senior Unsecured 12/15/15		2.000	%		3,020,000		2,816,150
Total							3,189,150

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Media Non-Cable 0.5%
Liberty Interactive LLC Senior Unsecured^(a)03/30/43		0.750	%		3,000,000		3,264,750
Metals 3.1%
Horsehead Holding Corp. Senior Unsecured 07/01/17		3.800	%		2,670,000		2,827,637
Jaguar Mining, Inc. Senior Unsecured 03/31/16		5.500	%		3,500,000		770,000
James River Coal Co.^(a)06/01/18		10.000	%		5,352,000		2,742,900
Molycorp, Inc. Senior Unsecured 09/01/17		6.000	%		3,330,000		2,524,207
Royal Gold, Inc. Senior Unsecured 06/15/19		2.875	%		3,800,000		3,761,103
United States Steel Corp. Senior Unsecured 04/01/19		2.750	%		5,710,000		5,888,437
Total							18,514,284
Non-Captive Consumer 0.8%
DFC Global Corp. Senior Unsecured^(a)04/15/17		3.250	%		5,100,000		4,693,173
Non-Captive Diversified 0.7%
Air Lease Corp. Senior Unsecured 12/01/18		3.875	%		3,500,000		4,355,313
Oil Field Services 1.3%
Cobalt International Energy, Inc. Senior Unsecured 12/01/19		2.625	%		5,000,000		5,163,500
Vantage Drilling Co. Senior Unsecured^(a)07/15/43		5.500	%		2,812,000		2,955,412
Total							8,118,912
Other Financial Institutions 2.0%
Ares Capital Corp. Senior Unsecured^(a)01/15/19		4.375	%		6,100,000		5,990,962

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Forest City Enterprises, Inc. Senior Unsecured^(a)08/15/20		3.625	%		6,050,000		5,957,435
Total							11,948,397
Other Industry 0.9%
General Cable Corp. Subordinated Notes^(b)11/15/29		4.500	%		2,500,000		2,739,063
WESCO International, Inc. 09/15/29		6.000	%		1,000,000		2,658,125
Total							5,397,188
Pharmaceuticals 11.3%
Akorn, Inc. Senior Unsecured 06/01/16		3.500	%		1,620,000		3,396,937
Corsicanto Ltd. 01/15/32		3.500	%		4,000,000		4,354,400
Cubist Pharmaceuticals, Inc. Senior Unsecured 11/01/17		2.500	%		1,345,000		3,006,916
Dendreon Corp. Senior Unsecured 01/15/16		2.875	%		10,020,000		6,563,100
Gilead Sciences, Inc. Senior Unsecured 05/01/16		1.625	%		8,320,000		22,070,131
InterMune, Inc. Senior Unsecured 09/15/18		2.500	%		6,500,000		5,752,500
Mylan, Inc. 09/15/15		3.750	%		1,750,000		4,704,219
Pacira Pharmaceuticals, Inc. Senior Unsecured^(a)02/01/19		3.250	%		1,900,000		3,089,267
Regeneron Pharmaceuticals, Inc. Senior Unsecured 10/01/16		1.875	%		1,500,000		4,324,290
Salix Pharmaceuticals Ltd. Senior Notes 03/15/19		1.500	%		5,000,000		6,150,000
Supernus Pharmaceuticals, Inc. Senior Secured^(a)05/01/19		7.500	%		1,455,000		1,870,039
Theravance, Inc. Subordinated Notes 01/15/23		2.125	%		2,190,000		3,209,094
Total							68,490,893

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Property & Casualty 1.5%
MGIC Investment Corp. Senior Unsecured 04/01/20		2.000	%		3,806,000		4,785,284
Radian Group, Inc. Senior Unsecured 03/01/19		2.250	%		3,100,000		4,433,000
Total							9,218,284
Railroads 0.8%
Greenbrier Companies, Inc. Senior Unsecured 04/01/18		3.500	%		4,500,000		4,671,563
REITs 3.0%
American Realty Capital Properties, Inc. Senior Unsecured 08/01/18		3.000	%		6,240,000		6,008,246
SL Green Operating Partnership LP^(a)10/15/17		3.000	%		4,800,000		5,739,000
Starwood Property Trust, Inc. Senior Unsecured 01/15/19		4.000	%		6,180,000		6,434,925
Total							18,182,171
Retailers 0.9%
priceline.com, Inc. Senior Unsecured 03/15/15		1.250	%		1,800,000		5,570,496
Technology 20.2%
Bottomline Technologies de, Inc. Senior Unsecured 12/01/17		1.500	%		2,840,000		3,226,183
Ciena Corp. Senior Unsecured^(a)10/15/18		3.750	%		4,800,000		6,110,448
Concur Technologies, Inc. Senior Unsecured^(a)06/15/18		0.500	%		4,758,000		5,272,816
Cornerstone OnDemand, Inc. Senior Unsecured^(a)07/01/18		1.500	%		3,140,000		3,678,730
Dealertrack Technologies, Inc. 03/15/17		1.500	%		4,750,000		5,848,437
EMC Corp. Senior Unsecured 12/01/13		1.750	%		6,500,000		10,436,562

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Equinix, Inc. Subordinated Notes 06/15/16		4.750	%		2,375,000		5,075,078
Intel Corp. 08/01/39		3.250	%		7,000,000		8,400,000
Ixia Senior Notes 12/15/15		3.000	%		2,700,000		3,002,063
Mentor Graphics Corp. 04/01/31		4.000	%		4,740,000		6,022,762
Micron Technology, Inc. Senior Unsecured^(a)02/15/33		2.125	%		8,850,000		12,253,710
Move, Inc. Senior Unsecured^(a)09/01/18		2.750	%		3,170,000		3,370,978
Novellus Systems, Inc. 05/15/41		2.625	%		3,000,000		4,422,750
Nuance Communications, Inc. Senior Unsecured 11/01/31		2.750	%		5,450,000		5,610,094
ON Semiconductor Corp. 12/15/26		2.625	%		5,250,000		5,686,406
Powerwave Technologies, Inc. Subordinated Notes^(d)10/01/27		3.875	%		1,900,000		9,500
Rambus, Inc. Senior Unsecured^(a)08/15/18		1.125	%		3,072,000		2,991,876
Salesforce.com, Inc. Senior Unsecured 01/15/15		0.750	%		1,730,000		3,979,000
Salesforce.com, Inc.^(a)Senior Unsecured 04/01/18		0.250	%		6,950,000		7,245,375
SanDisk Corp. Senior Unsecured 08/15/17		1.500	%		3,380,000		4,267,250
Shutterfly, Inc. Senior Unsecured^(a)05/15/18		0.250	%		2,855,000		3,028,213
Spansion LLC^(a)09/01/20		2.000	%		3,150,000		3,056,760
Take-Two Interactive Software, Inc. Senior Unsecured 07/01/18		1.000	%		4,470,000		4,841,569

Convertible Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
TiVo, Inc. Senior Unsecured^(a)03/15/16		4.000	%		3,900,000		5,009,063
Total							122,845,623
Textile 0.8%
Iconix Brand Group, Inc. Senior Subordinated Notes^(a)03/15/18		1.500	%		3,807,000		4,603,729
Tobacco 0.7%
Vector Group Ltd. Senior Unsecured^(b)01/15/19		2.500	%		3,900,000		4,529,850
Transportation Services 1.6%
DryShips, Inc. Senior Unsecured 12/01/14		5.000	%		3,790,000		3,600,500
Wabash National Corp. Senior Unsecured 05/01/18		3.375	%		2,400,000		2,982,672
XPO Logistics, Inc. Senior Unsecured 10/01/17		4.500	%		2,120,000		3,090,833
Total							9,674,005
Wireless 0.7%
SBA Communications Corp. Senior Unsecured 10/01/14		4.000	%		1,695,000		4,234,322
Total Convertible Bonds (Cost: $389,375,425)							433,070,622

Money Market Funds 0.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.097%^(f)(g)		1,802,504		1,802,504
Total Money Market Funds (Cost: $1,802,504)				1,802,504
Total Investments (Cost: $547,184,539)				600,962,198
Other Assets & Liabilities, Net				6,298,831
Net Assets				607,261,029

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2013, the value of these securities amounted to $148,667,148 or 24.48% of net assets.

(b) Variable rate security.

(c) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2013 was $24,300, representing less than 0.01% of net assets. Information concerning such security holdings at August 31, 2013 is as follows:

Security Description				Acquisition Dates				Cost ($)
ShengdaTech, Inc. Senior Notes 12/15/15 6.5000%				12/10/10 - 12/21/10					2,434,408

(d) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2013, the value of these securities amounted to $33,800, which represents 0.01% of net assets.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2013, the value of these securities amounted to $24,300, which represents less than 0.01% of net assets.

(f) The rate shown is the seven-day current annualized yield at August 31, 2013.

(g) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended August 31, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					7,891,361				116,125,000				(122,213,857	)			1,802,504				7,144				1,802,504

(h) Zero coupon bond.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

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

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

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

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

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

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

Fair Value Measurements (continued)

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models 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 carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are 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.

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Financials		2,224,000		—		—		2,224,000
Health Care		6,130,080		—		—		6,130,080
Information Technology		8,532,300		—		—		8,532,300
Convertible Preferred Stocks
Consumer Discretionary		18,977,400		9,309,511		—		28,286,911
Consumer Staples		—		11,568,420		—		11,568,420
Energy		—		23,157,268		—		23,157,268
Financials		29,432,118		14,698,310		—		44,130,428
Health Care		3,017,609		3,070,198		—		6,087,807
Industrials		8,883,056		3,211,563		—		12,094,619
Utilities		11,896,131		11,981,108		—		23,877,239
Total Equity Securities		89,092,694		76,996,378		—		166,089,072
Bonds
Convertible Bonds		—		—				—
Chemicals		—		—		24,300		24,300
All other industries		—		433,046,322		—		433,046,322
Total Bonds		—		433,046,322		24,300		433,070,622
Mutual Funds
Money Market Funds		1,802,504		—		—		1,802,504
Total Mutual Funds		1,802,504		—		—		1,802,504
Total		90,895,198		510,042,700		24,300		600,962,198

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

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

Fair Value Measurements (continued)

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

	Convertible Bonds ($)
Balance as of February 28, 2013		24,300
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of August 31, 2013		24,300

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Convertible Bonds classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the estimated earnings of the respective company and market multiples derived from a set of comparable companies. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $545,382,035)	$	599,159,694
Affiliated issuers (identified cost $1,802,504)		1,802,504
Total investments (identified cost $547,184,539)		600,962,198
Receivable for:
Investments sold		3,072,262
Capital shares sold		565,102
Dividends		398,293
Interest		3,107,453
Reclaims		3,578
Expense reimbursement due from Investment Manager		3,960
Prepaid expenses		27,566
Total assets		608,140,412
Liabilities
Disbursements in excess of cash		17,844
Payable for:
Capital shares purchased		597,991
Investment management fees		12,550
Distribution and/or service fees		2,441
Transfer agent fees		85,210
Administration fees		986
Compensation of board members		97,528
Other expenses		64,833
Total liabilities		879,383
Net assets applicable to outstanding capital stock	$	607,261,029
Represented by
Paid-in capital	$	581,956,849
Undistributed net investment income		1,962,333
Accumulated net realized loss		(30,435,812	)
Unrealized appreciation (depreciation) on:
Investments		53,777,659
Total — representing net assets applicable to outstanding capital stock	$	607,261,029

Class A
Net assets	$	236,693,965
Shares outstanding		14,064,696
Net asset value per share	$	16.83
Maximum offering price per share^(a)	$	17.86
Class B
Net assets	$	949,283
Shares outstanding		57,472
Net asset value per share	$	16.52
Class C
Net assets	$	20,637,116
Shares outstanding		1,230,141
Net asset value per share	$	16.78
Class I
Net assets	$	186,566,884
Shares outstanding		11,057,291
Net asset value per share	$	16.87
Class R
Net assets	$	2,150,687
Shares outstanding		127,906
Net asset value per share	$	16.81
Class R4
Net assets	$	59,104
Shares outstanding		3,486
Net asset value per share^(b)	$	16.96
Class R5
Net assets	$	714,467
Shares outstanding		42,129
Net asset value per share	$	16.96
Class W
Net assets	$	28,205,421
Shares outstanding		1,678,320
Net asset value per share	$	16.81
Class Z
Net assets	$	131,284,102
Shares outstanding		7,789,772
Net asset value per share	$	16.85

(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.

Net investment income
Income:
Dividends — unaffiliated issuers	$	3,501,897
Dividends — affiliated issuers		7,144
Interest		6,215,042
Foreign taxes withheld		169
Total income		9,724,252
Expenses:
Investment management fees		2,255,440
Distribution and/or service fees
Class A		290,882
Class B		5,469
Class C		95,473
Class R		5,232
Class W		35,555
Transfer agent fees
Class A		293,660
Class B		1,378
Class C		24,098
Class R		2,641
Class R4		48
Class R5		42
Class W		35,901
Class Z		160,642
Administration fees		177,352
Compensation of board members		21,725
Custodian fees		4,030
Printing and postage fees		47,063
Registration fees		34,820
Professional fees		17,134
Other		13,374
Total expenses		3,521,959
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(577,823	)
Expense reductions		(1,710	)
Total net expenses		2,942,426
Net investment income		6,781,826
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		15,786,659
Net realized gain		15,786,659
Net change in unrealized appreciation (depreciation) on:
Investments		25,540,595
Net change in unrealized appreciation (depreciation)		25,540,595
Net realized and unrealized gain		41,327,254
Net increase in net assets resulting from operations	$	48,109,080

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income	$	6,781,826		$	15,821,784
Net realized gain		15,786,659			13,379,194
Net change in unrealized appreciation (depreciation)		25,540,595			10,548,141
Net increase in net assets resulting from operations		48,109,080			39,749,119
Distributions to shareholders
Net investment income
Class A		(2,480,954	)		(5,824,316	)
Class B		(8,297	)		(48,373	)
Class C		(138,968	)		(426,422	)
Class I		(2,431,608	)		(5,875,875	)
Class R		(20,115	)		(55,704	)
Class R4		(326	)		(22	)
Class R5		(66	)		(23	)
Class W		(307,093	)		(748,268	)
Class Z		(1,521,287	)		(4,072,063	)
Total distributions to shareholders		(6,908,714	)		(17,051,066	)
Increase (decrease) in net assets from capital stock activity		5,038,151			(31,063,283	)
Total increase (decrease) in net assets		46,238,517			(8,365,230	)
Net assets at beginning of period		561,022,512			569,387,742
Net assets at end of period	$	607,261,029		$	561,022,512
Undistributed net investment income	$	1,962,333		$	2,089,221

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		3,544,138			59,175,750			2,978,867			45,049,079
Distributions reinvested		82,546			1,330,992			182,375			2,677,479
Redemptions		(3,097,339	)		(51,554,459	)		(2,882,841	)		(42,782,310	)
Net increase		529,345			8,952,283			278,401			4,944,248
Class B shares
Subscriptions		1,760			28,748			9,141			138,620
Distributions reinvested		324			5,141			1,563			22,517
Redemptions^(b)		(31,328	)		(499,709	)		(134,684	)		(1,961,789	)
Net decrease		(29,244	)		(465,820	)		(123,980	)		(1,800,652	)
Class C shares
Subscriptions		189,206			3,146,446			124,220			1,848,364
Distributions reinvested		4,314			69,506			13,916			203,668
Redemptions		(90,301	)		(1,483,525	)		(357,837	)		(5,295,639	)
Net increase (decrease)		103,219			1,732,427			(219,701	)		(3,243,607	)
Class I shares
Subscriptions		120,449			1,974,153			638,685			9,415,136
Distributions reinvested		150,571			2,431,568			399,546			5,875,783
Redemptions		(687,746	)		(11,537,624	)		(1,957,488	)		(28,708,271	)
Net decrease		(416,726	)		(7,131,903	)		(919,257	)		(13,417,352	)
Class R shares
Subscriptions		19,439			319,328			34,136			502,970
Distributions reinvested		284			4,572			828			12,150
Redemptions		(12,686	)		(209,812	)		(52,085	)		(772,004	)
Net increase (decrease)		7,037			114,088			(17,121	)		(256,884	)
Class R4 shares
Subscriptions		3,299			53,982			169			2,500
Distributions reinvested		18			292			—			—
Net increase		3,317			54,274			169			2,500
Class R5 shares
Subscriptions		42,207			724,050			169			2,500
Distributions reinvested		2			30			—			—
Redemptions		(249	)		(4,227	)		—			—
Net increase		41,960			719,853			169			2,500

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		251,013			4,132,707			704,883			10,370,297
Distributions reinvested		19,070			307,061			50,873			748,185
Redemptions		(292,911	)		(4,885,700	)		(978,875	)		(14,393,032	)
Net decrease		(22,828	)		(445,932	)		(223,119	)		(3,274,550	)
Class Z shares
Subscriptions		1,456,366			24,134,888			3,470,807			51,631,561
Distributions reinvested		31,561			509,074			86,361			1,266,808
Redemptions		(1,397,355	)		(23,135,081	)		(4,543,771	)		(66,917,855	)
Net increase (decrease)		90,572			1,508,881			(986,603	)		(14,019,486	)
Total net increase (decrease)		306,652			5,038,151			(2,211,042	)		(31,063,283	)

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

(b) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.68		$	14.99		$	15.55		$	12.92		$	9.93		$	14.90
Income from investment operations:
Net investment income		0.17			0.41			0.42			0.45			0.34			0.29
Net realized and unrealized gain (loss)		1.16			0.73			(0.56	)		2.67			2.99			(4.73	)
Total from investment operations		1.33			1.14			(0.14	)		3.12			3.33			(4.44	)
Less distributions to shareholders:
Net investment income		(0.18	)		(0.45	)		(0.42	)		(0.49	)		(0.34	)		(0.30	)
Net realized gains		—			—			—			—			—			(0.23	)
Total distributions to shareholders		(0.18	)		(0.45	)		(0.42	)		(0.49	)		(0.34	)		(0.53	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.83		$	15.68		$	14.99		$	15.55		$	12.92		$	9.93
Total return		8.54	%		7.84	%		(0.75	%)		24.72	%		33.91	%		(30.64	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.36	%^(d)		1.39	%		1.27	%		1.31	%^(e)		1.24	%		1.24	%^(e)
Total net expenses^(f)		1.14	%^(d)(g)		1.15	%^(g)		1.12	%^(g)		1.15	%^(e)(g)		1.20	%^(g)		1.21	%^(e)(g)
Net investment income		2.10	%^(d)		2.80	%		2.86	%		3.27	%		2.88	%		2.33	%
Supplemental data
Net assets, end of period (in thousands)	$	236,694		$	212,252		$	198,721		$	224,608		$	191,414		$	154,987
Portfolio turnover		36	%		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.40		$	14.72		$	15.28		$	12.70		$	9.77		$	14.66
Income from investment operations:
Net investment income		0.11			0.30			0.30			0.35			0.24			0.19
Net realized and unrealized gain (loss)		1.13			0.72			(0.55	)		2.62			2.94			(4.65	)
Total from investment operations		1.24			1.02			(0.25	)		2.97			3.18			(4.46	)
Less distributions to shareholders:
Net investment income		(0.12	)		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.20	)
Net realized gains		—			—			—			—			—			(0.23	)
Total distributions to shareholders		(0.12	)		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.43	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.52		$	15.40		$	14.72		$	15.28		$	12.70		$	9.77
Total return		8.10	%		7.10	%		(1.53	%)		23.83	%		32.86	%		(31.14	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.11	%^(d)		2.13	%		2.04	%		2.06	%^(e)		1.99	%		1.99	%^(e)
Total net expenses^(f)		1.90	%^(d)(g)		1.89	%^(g)		1.88	%^(g)		1.90	%^(e)(g)		1.95	%^(g)		1.96	%^(e)(g)
Net investment income		1.34	%^(d)		2.07	%		2.04	%		2.61	%		2.10	%		1.53	%
Supplemental data
Net assets, end of period (in thousands)	$	949		$	1,335		$	3,102		$	12,089		$	24,126		$	31,792
Portfolio turnover		36	%		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.63		$	14.95		$	15.51		$	12.88		$	9.91		$	14.86
Income from investment operations:
Net investment income		0.11			0.30			0.31			0.35			0.25			0.20
Net realized and unrealized gain (loss)		1.16			0.72			(0.56	)		2.67			2.97			(4.72	)
Total from investment operations		1.27			1.02			(0.25	)		3.02			3.22			(4.52	)
Less distributions to shareholders:
Net investment income		(0.12	)		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.20	)
Net realized gains		—			—			—			—			—			(0.23	)
Total distributions to shareholders		(0.12	)		(0.34	)		(0.31	)		(0.39	)		(0.25	)		(0.43	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.78		$	15.63		$	14.95		$	15.51		$	12.88		$	9.91
Total return		8.17	%		6.99	%		(1.51	%)		23.88	%		32.80	%		(31.13	%)
Ratios to average net assets^(b)(c)
Total gross expenses		2.11	%^(d)		2.14	%		2.02	%		2.06	%^(e)		1.99	%		1.99	%^(e)
Total net expenses^(f)		1.90	%^(d)(g)		1.90	%^(g)		1.87	%^(g)		1.90	%^(e)(g)		1.95	%^(g)		1.96	%^(e)(g)
Net investment income		1.35	%^(d)		2.05	%		2.10	%		2.53	%		2.12	%		1.54	%
Supplemental data
Net assets, end of period (in thousands)	$	20,637		$	17,617		$	20,127		$	21,717		$	20,103		$	18,239
Portfolio turnover		36	%		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Annualized.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	15.72		$	15.02		$	15.58		$	13.69
Income from investment operations:
Net investment income		0.21			0.48			0.47			0.17
Net realized and unrealized gain (loss)		1.15			0.72			(0.57	)		1.86
Total from investment operations		1.36			1.20			(0.10	)		2.03
Less distributions to shareholders:
Net investment income		(0.21	)		(0.50	)		(0.46	)		(0.14	)
Total distributions to shareholders		(0.21	)		(0.50	)		(0.46	)		(0.14	)
Net asset value, end of period	$	16.87		$	15.72		$	15.02		$	15.58
Total return		8.74	%		8.29	%		(0.43	%)		14.92	%
Ratios to average net assets^(b)
Total gross expenses		0.86	%^(c)		0.89	%		0.84	%		0.90	%^(c)
Total net expenses^(d)		0.71	%^(c)		0.74	%		0.77	%		0.86	%^(c)(e)
Net investment income		2.54	%^(c)		3.21	%		3.28	%		2.63	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	186,567		$	180,374		$	186,160		$	82,875
Portfolio turnover		36	%		71	%		66	%		118	%

Notes to Financial Highlights

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

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

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

Class R	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	15.67		$	14.99		$	13.80
Income from investment operations:
Net investment income		0.15			0.38			0.11
Net realized and unrealized gain		1.15			0.72			1.20	^(b)
Total from investment operations		1.30			1.10			1.31
Less distributions to shareholders:
Net investment income		(0.16	)		(0.42	)		(0.12	)
Total distributions to shareholders		(0.16	)		(0.42	)		(0.12	)
Net asset value, end of period	$	16.81		$	15.67		$	14.99
Total return		8.35	%		7.55	%		9.57	%
Ratios to average net assets^(c)
Total gross expenses		1.61	%^(d)		1.64	%		1.28	%^(d)
Total net expenses^(e)		1.40	%^(d)(f)		1.40	%^(f)		1.20	%^(d)
Net investment income		1.85	%^(d)		2.56	%		2.64	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	2,151		$	1,894		$	2,068
Portfolio turnover		36	%		71	%		66	%

Notes to Financial Highlights

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

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

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

(d) Annualized.

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

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

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	15.80		$	14.75
Income from investment operations:
Net investment income		0.19			0.14
Net realized and unrealized gain		1.17			1.04
Total from investment operations		1.36			1.18
Less distributions to shareholders:
Net investment income		(0.20	)		(0.13	)
Total distributions to shareholders		(0.20	)		(0.13	)
Net asset value, end of period	$	16.96		$	15.80
Total return		8.67	%		8.05	%
Ratios to average net assets^(b)
Total gross expenses		1.11	%^(c)		1.24	%^(c)
Total net expenses^(d)		0.89	%^(c)(e)		0.92	%^(c)
Net investment income		2.30	%^(c)		2.96	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	59		$	3
Portfolio turnover		36	%		71	%

Notes to Financial Highlights

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	15.80		$	14.75
Income from investment operations:
Net investment income		0.19			0.14
Net realized and unrealized gain		1.18			1.04
Total from investment operations		1.37			1.18
Less distributions to shareholders:
Net investment income		(0.21	)		(0.13	)
Total distributions to shareholders		(0.21	)		(0.13	)
Net asset value, end of period	$	16.96		$	15.80
Total return		8.74	%		8.08	%
Ratios to average net assets^(b)
Total gross expenses		0.92	%^(c)		1.01	%^(c)
Total net expenses^(d)		0.71	%^(c)		0.79	%^(c)
Net investment income		2.23	%^(c)		3.09	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	714		$	3
Portfolio turnover		36	%		71	%

Notes to Financial Highlights

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

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

Class W	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	15.66		$	14.98		$	13.80
Income from investment operations:
Net investment income		0.17			0.42			0.14
Net realized and unrealized gain		1.16			0.72			1.17	^(b)
Total from investment operations		1.33			1.14			1.31
Less distributions to shareholders:
Net investment income		(0.18	)		(0.46	)		(0.13	)
Total distributions to shareholders		(0.18	)		(0.46	)		(0.13	)
Net asset value, end of period	$	16.81		$	15.66		$	14.98
Total return		8.55	%		7.87	%		9.56	%
Ratios to average net assets^(c)
Total gross expenses		1.36	%^(d)		1.39	%		0.85	%^(d)
Total net expenses^(e)		1.15	%^(d)(f)		1.15	%^(f)		0.77	%^(d)
Net investment income		2.10	%^(d)		2.83	%		3.44	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	28,205		$	26,640		$	28,830
Portfolio turnover		36	%		71	%		66	%

Notes to Financial Highlights

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

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.70		$	15.01		$	15.58		$	12.93		$	9.94		$	14.91
Income from investment operations:
Net investment income		0.20			0.45			0.45			0.49			0.37			0.33
Net realized and unrealized gain (loss)		1.15			0.73			(0.57	)		2.68			2.99			(4.73	)
Total from investment operations		1.35			1.18			(0.12	)		3.17			3.36			(4.40	)
Less distributions to shareholders:
Net investment income		(0.20	)		(0.49	)		(0.45	)		(0.52	)		(0.37	)		(0.34	)
Net realized gains		—			—			—			—			—			(0.23	)
Total distributions to shareholders		(0.20	)		(0.49	)		(0.45	)		(0.52	)		(0.37	)		(0.57	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.85		$	15.70		$	15.01		$	15.58		$	12.93		$	9.94
Total return		8.66	%		8.10	%		(0.56	%)		25.17	%		34.20	%		(30.43	%)
Ratios to average net assets^(b)(c)
Total gross expenses		1.11	%^(d)		1.14	%		1.02	%		1.06	%^(e)		0.99	%		0.99	%^(e)
Total net expenses^(f)		0.90	%^(d)(g)		0.90	%^(g)		0.87	%^(g)		0.90	%^(e)(g)		0.95	%^(g)		0.96	%^(e)(g)
Net investment income		2.35	%^(d)		3.06	%		3.08	%		3.52	%		3.12	%		2.56	%
Supplemental data
Net assets, end of period (in thousands)	$	131,284		$	120,906		$	130,380		$	166,597		$	198,457		$	190,168
Portfolio turnover		36	%		71	%		66	%		118	%		117	%		92	%

Notes to Financial Highlights

(a) Rounds to zero.

(d) Annualized.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R4, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

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

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

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

Class I shares are not subject to sales charges and are 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 eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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 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 available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

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

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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

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

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

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

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Equity-Linked Notes

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

Security Transactions

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

Income Recognition

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

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

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on

the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

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

Investment Management Fees

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company's expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended August 31, 2013, other expenses paid to this company were $1,643.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred

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

Transfer Agent Fees

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

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

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

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class' initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2013, these minimum account balance fees reduced total expenses by $1,710.

Distribution and Service Fees

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

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Fund and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares of the Fund.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $67,831 for Class A, $213 for Class B, $160 for Class C, shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the

periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.10	%		1.17	%
Class B		1.85			1.92
Class C		1.85			1.92
Class I		0.66			0.74
Class R		1.35			1.42
Class R4		0.85			0.92
Class R5		0.71			0.79
Class W		1.10			1.17
Class Z		0.85			0.92

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

Note 4. Federal Tax Information

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

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $547,185,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	73,345,000
Unrealized depreciation		(19,568,000	)
Net unrealized appreciation/depreciation	$	53,777,000

The following capital loss carryforward, determined as of February 28, 2013 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount
2017	$	6,555,090
2018		39,523,679
Total	$	46,078,769

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $214,716,106 and $208,335,076, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 32.2% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 44.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A.

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

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Subsequent Events

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

Note 10. Information Regarding Pending and Settled Legal Proceedings

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

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 15-17, 2013 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the recent globalization initiative, which fosters increased worldwide investment support of global products, continued investment in upgrading technology (such as the implementation of new systems and hardware), the hiring of a Chief Interest Rate Strategist as part of Columbia Management's fixed income team and the addition of Columbia Management investment personnel to the Asset Allocation, Quantitative and Technology teams. The Independent Trustees noted the information they received concerning Columbia Management's ability to retain its key portfolio management personnel. In this regard, the Independent Trustees took into account their comprehensive discussions with Columbia Management's Chief Investment Officer (the CIO), observing the organizational depth of Columbia Management and the capabilities of its investment personnel. The Independent Trustees also recalled the information the CIO provided them identifying the strengths and areas for enhancement of each Columbia Management investment team, as well as the discussion with the CIO regarding the investment personnel talent being infused to enhance support for certain Funds. The Independent Trustees also observed the materials demonstrating the strength and depth of Columbia Management's equity and fixed income research departments.

addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity's ability to carry out its responsibilities under the IMS Agreement and the Fund's other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Management and its affiliates were in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund's investment performance met expectations.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Fund

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that 2012 profitability approximates 2011 profitability and that, as was the case in 2011, 2012 profitability remained generally in line with (and, in many cases, lower than) the reported profitability of other asset management firms. Further, the Board considered the Independent Consultant's report that concluded that Columbia Management's profitability, particularly in comparison to industry competitors, was reasonable and not excessive. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Large Cap Core Fund (the Fund) Class A shares returned 9.01% excluding sales charges for the six-month period that ended August 31, 2013.

> The Fund slightly outperformed its benchmark, the S&P 500 Index, which returned 8.95% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	08/02/99
Excluding sales charges			9.01		18.03		6.41		6.65
Including sales charges			2.73		11.28		5.16		6.02
Class B	08/02/99
Excluding sales charges			8.59		17.11		5.63		5.85
Including sales charges			3.99		12.33		5.30		5.85
Class C	08/02/99
Excluding sales charges			8.60		17.12		5.61		5.84
Including sales charges			7.68		16.17		5.61		5.84
Class I*	09/27/10		9.26		18.47		6.78		6.96
Class R5*	11/08/12		9.20		18.38		6.68		6.92
Class W*	09/27/10		9.02		17.98		6.44		6.68
Class Z	10/02/98		9.17		18.32		6.67		6.91
S&P 500 Index			8.95		18.70		7.32		7.12

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.

Top Ten Holdings (%) (at August 31, 2013)
Johnson & Johnson					4.0
JPMorgan Chase & Co.					3.5
Chevron Corp.					3.4
Google, Inc., Class A					3.3
PepsiCo, Inc.					3.2
ACE Ltd.					2.9
Citigroup, Inc.					2.9
Oracle Corp.					2.7
Cardinal Health, Inc.					2.5
McDonald's Corp.					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.

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					97.6
Consumer Discretionary					14.0
Consumer Staples					9.5
Energy					10.5
Financials					15.7
Health Care					15.8
Industrials					8.4
Information Technology					18.9
Materials					2.5
Telecommunication Services					2.3
Money Market Funds					2.4
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,090.10		1,019.10		6.24		6.02		1.19
Class B		1,000.00		1,000.00		1,085.90		1,015.34		10.14		9.80		1.94
Class C		1,000.00		1,000.00		1,086.00		1,015.34		10.14		9.80		1.94
Class I		1,000.00		1,000.00		1,092.60		1,021.06		4.20		4.05		0.80
Class R5		1,000.00		1,000.00		1,092.00		1,020.96		4.30		4.15		0.82
Class W		1,000.00		1,000.00		1,090.20		1,019.10		6.24		6.02		1.19
Class Z		1,000.00		1,000.00		1,091.70		1,020.36		4.93		4.76		0.94

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.

Common Stocks 97.6%

Issuer	Shares		Value ($)
Consumer Discretionary 14.0%
Auto Components 1.1%
Delphi Automotive PLC		104,360		5,741,887
Automobiles 1.0%
General Motors Co.^(a)		152,360		5,192,429
Hotels, Restaurants & Leisure 4.7%
McDonald's Corp.		138,382		13,057,726
Starwood Hotels & Resorts Worldwide, Inc.		114,730		7,335,836
Wynn Resorts Ltd.		36,424		5,137,241
Total				25,530,803
Household Durables 1.3%
Lennar Corp., Class A		59,550		1,894,286
Mohawk Industries, Inc.^(a)		44,400		5,216,556
Total				7,110,842
Media 3.2%
DISH Network Corp., Class A		125,893		5,660,149
Viacom, Inc., Class B		146,988		11,694,365
Total				17,354,514
Multiline Retail 1.6%
Kohl's Corp.		171,840		8,817,110
Specialty Retail 1.1%
Gap, Inc. (The)		145,483		5,883,333
Total Consumer Discretionary				75,630,918
Consumer Staples 9.5%
Beverages 6.3%
Coca-Cola Enterprises, Inc.		241,490		9,031,726
Diageo PLC, ADR		65,350		8,017,138
PepsiCo, Inc.		210,090		16,750,476
Total				33,799,340
Food Products 1.5%
ConAgra Foods, Inc.		244,400		8,265,608
Personal Products 1.7%
Estee Lauder Companies, Inc. (The), Class A		142,700		9,326,872
Total Consumer Staples				51,391,820

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 10.5%
Energy Equipment & Services 1.7%
Halliburton Co.		189,934		9,116,832
Oil, Gas & Consumable Fuels 8.8%
Anadarko Petroleum Corp.		80,120		7,324,570
Chevron Corp.		150,435		18,116,887
ConocoPhillips		169,350		11,227,905
EOG Resources, Inc.		46,177		7,252,098
Valero Energy Corp.		107,900		3,833,687
Total				47,755,147
Total Energy				56,871,979
Financials 15.7%
Capital Markets 1.6%
Invesco Ltd.		291,130		8,838,707
Consumer Finance 1.8%
Capital One Financial Corp.		151,613		9,786,619
Diversified Financial Services 6.2%
Citigroup, Inc.		313,220		15,137,923
JPMorgan Chase & Co.		363,851		18,385,391
Total				33,523,314
Insurance 4.5%
ACE Ltd.		173,230		15,195,735
Prudential Financial, Inc.		121,836		9,123,080
Total				24,318,815
Real Estate Investment Trusts (REITs) 1.6%
Simon Property Group, Inc.		59,090		8,605,277
Total Financials				85,072,732
Health Care 15.8%
Biotechnology 2.7%
Ariad Pharmaceuticals, Inc.^(a)		75,740		1,408,764
Gilead Sciences, Inc.^(a)		175,120		10,554,482
Vertex Pharmaceuticals, Inc.^(a)		32,932		2,474,840
Total				14,438,086
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		307,260		10,240,976
Zimmer Holdings, Inc.		110,624		8,749,252
Total				18,990,228

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 5.7%
Aetna, Inc.		136,810		8,672,386
Cardinal Health, Inc.		264,880		13,318,166
Express Scripts Holding Co.^(a)		138,970		8,877,404
Total				30,867,956
Pharmaceuticals 3.9%
Johnson & Johnson		247,307		21,369,798
Total Health Care				85,666,068
Industrials 8.4%
Aerospace & Defense 3.5%
Boeing Co. (The)		101,667		10,565,234
Honeywell International, Inc.		107,452		8,549,956
Total				19,115,190
Electrical Equipment 1.5%
Eaton Corp. PLC		129,031		8,170,243
Machinery 1.4%
Ingersoll-Rand PLC		128,260		7,585,296
Road & Rail 2.0%
Union Pacific Corp.		70,410		10,810,752
Total Industrials				45,681,481
Information Technology 18.9%
Communications Equipment 2.4%
Cisco Systems, Inc.		542,680		12,649,871
Computers & Peripherals 4.2%
Apple, Inc.		21,960		10,695,618
EMC Corp.		468,349		12,074,037
Total				22,769,655
Internet Software & Services 3.2%
Google, Inc., Class A^(a)		20,634		17,474,935
IT Services 2.4%
Accenture PLC, Class A		177,214		12,803,711
Semiconductors & Semiconductor Equipment 2.3%
Avago Technologies Ltd.		136,099		5,241,172
KLA-Tencor Corp.		130,940		7,221,341
Total				12,462,513

Common Stocks (continued)

Issuer	Shares		Value ($)
Software 4.4%
Autodesk, Inc.^(a)		79,770		2,931,548
Citrix Systems, Inc.^(a)		38,130		2,698,460
Oracle Corp.		445,270		14,186,302
Salesforce.com, Inc.^(a)		81,270		3,992,795
Total				23,809,105
Total Information Technology				101,969,790
Materials 2.5%
Chemicals 2.5%
LyondellBasell Industries NV, Class A		79,602		5,584,080
Monsanto Co.		79,620		7,794,002
Total				13,378,082
Total Materials				13,378,082
Telecommunication Services 2.3%
Wireless Telecommunication Services 2.3%
SBA Communications Corp., Class A^(a)		115,040		8,628,000
Vodafone Group PLC, ADR		111,000		3,590,850
Total				12,218,850
Total Telecommunication Services				12,218,850
Total Common Stocks (Cost: $464,399,139)				527,881,720
Money Market Funds 2.4%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.097%^(b)(c)		13,106,334		13,106,334
Total Money Market Funds (Cost: $13,106,334)				13,106,334

Total Investments (Cost: $477,505,473)	540,988,054
Other Assets & Liabilities, Net	(49,457	)
Net Assets	540,938,597

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at August 31, 2013.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended August 31, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds from Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					11,840,690				87,269,495				(86,003,851)				13,106,334				8,052				13,106,334

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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

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

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 following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		75,630,918		—		—		75,630,918
Consumer Staples		51,391,820		—		—		51,391,820
Energy		56,871,979		—		—		56,871,979
Financials		85,072,732		—		—		85,072,732
Health Care		85,666,068		—		—		85,666,068
Industrials		45,681,481		—		—		45,681,481
Information Technology		101,969,790		—		—		101,969,790
Materials		13,378,082		—		—		13,378,082
Telecommunication Services		12,218,850		—		—		12,218,850
Total Equity Securities		527,881,720		—		—		527,881,720
Mutual Funds
Money Market Funds		13,106,334		—		—		13,106,334
Total Mutual Funds		13,106,334		—		—		13,106,334
Total		540,988,054		—		—		540,988,054

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $464,399,139)	$	527,881,720
Affiliated issuers (identified cost $13,106,334)		13,106,334
Total investments (identified cost $477,505,473)		540,988,054
Receivable for:
Investments sold		13,244,093
Capital shares sold		59,874
Dividends		992,222
Reclaims		3,832
Expense reimbursement due from Investment Manager		778
Prepaid expenses		42,865
Trustees' deferred compensation plan		10,005
Total assets		555,341,723
Liabilities
Payable for:
Investments purchased		13,180,833
Capital shares purchased		967,383
Investment management fees		10,519
Distribution and/or service fees		954
Transfer agent fees		75,113
Administration fees		888
Compensation of board members		118,937
Other expenses		38,494
Trustees' deferred compensation plan		10,005
Total liabilities		14,403,126
Net assets applicable to outstanding capital stock	$	540,938,597
Represented by
Paid-in capital	$	375,523,535
Undistributed net investment income		3,230,967
Accumulated net realized gain		98,702,195
Unrealized appreciation (depreciation) on:
Investments		63,482,581
Foreign currency translations		(681	)
Total — representing net assets applicable to outstanding capital stock	$	540,938,597

Class A
Net assets	$	122,563,517
Shares outstanding		8,670,526
Net asset value per share	$	14.14
Maximum offering price per share^(a)	$	15.00
Class B
Net assets	$	596,779
Shares outstanding		44,276
Net asset value per share	$	13.48
Class C
Net assets	$	3,444,168
Shares outstanding		255,673
Net asset value per share	$	13.47
Class I
Net assets	$	131,294,590
Shares outstanding		9,311,651
Net asset value per share	$	14.10
Class R5
Net assets	$	2,476
Shares outstanding		173
Net asset value per share	$	14.31
Class W
Net assets	$	2,994
Shares outstanding		212
Net asset value per share^(b)	$	14.13
Class Z
Net assets	$	283,034,073
Shares outstanding		20,092,224
Net asset value per share	$	14.09

(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.

Net investment income
Income:
Dividends — unaffiliated issuers	$	6,329,637
Dividends — affiliated issuers		8,052
Foreign taxes withheld		(6,806	)
Total income		6,330,883
Expenses:
Investment management fees		2,134,941
Distribution and/or service fees
Class A		156,756
Class B		3,302
Class C		18,723
Class W		4
Transfer agent fees
Class A		122,520
Class B		645
Class C		3,658
Class R5		1
Class W		3
Class Z		336,010
Administration fees		179,778
Compensation of board members		25,371
Custodian fees		5,163
Printing and postage fees		30,050
Registration fees		24,890
Professional fees		19,892
Other		23,655
Total expenses		3,085,362
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(128,419	)
Expense reductions		(4,440	)
Total net expenses		2,952,503
Net investment income		3,378,380
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		99,582,702
Net realized gain		99,582,702
Net change in unrealized appreciation (depreciation) on:
Investments		(47,859,385	)
Foreign currency translations		47
Net change in unrealized appreciation (depreciation)		(47,859,338	)
Net realized and unrealized gain		51,723,364
Net increase in net assets resulting from operations	$	55,101,744

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income	$	3,378,380		$	7,330,040
Net realized gain		99,582,702			163,876,960
Net change in unrealized appreciation (depreciation)		(47,859,338	)		(78,364,643	)
Net increase in net assets resulting from operations		55,101,744			92,842,357
Distribution to shareholders
Net investment income
Class A		(147,857	)		(1,076,421	)
Class B		(46	)		(1,354	)
Class C		(294	)		(5,754	)
Class I		(235,910	)		(1,584,826	)
Class R5		(5	)		(27	)
Class W		(4	)		(29	)
Class Z		(497,422	)		(5,353,527	)
Net realized gains
Class A		(17,938,485	)		(4,007,588	)
Class B		(91,920	)		(23,331	)
Class C		(584,831	)		(101,913	)
Class I		(19,067,785	)		(4,219,734	)
Class R5		(406	)		(88	)
Class W		(498	)		(108	)
Class Z		(45,514,398	)		(15,036,075	)
Total distributions to shareholders		(84,079,861	)		(31,410,775	)
Increase (decrease) in net assets from capital stock activity		(56,229,984	)		(506,304,449	)
Total decrease in net assets		(85,208,101	)		(444,872,867	)
Net assets at beginning of period		626,146,698			1,071,019,565
Net assets at end of period	$	540,938,597		$	626,146,698
Undistributed net investment income	$	3,230,967		$	734,125

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		1,059,545			14,741,700			476,836			6,902,383
Distributions reinvested		318,333			4,367,535			88,054			1,257,399
Redemptions		(623,397	)		(9,512,690	)		(1,125,296	)		(16,403,955	)
Net increase (decrease)		754,481			9,596,545			(560,406	)		(8,244,173	)
Class B shares
Subscriptions		8,794			126,331			3,698			52,520
Distributions reinvested		3,610			47,295			1,002			13,798
Redemptions^(b)		(15,966	)		(242,533	)		(16,725	)		(232,219	)
Net decrease		(3,562	)		(68,907	)		(12,025	)		(165,901	)
Class C shares
Subscriptions		47,484			685,955			61,098			857,831
Distributions reinvested		33,383			436,984			5,707			78,565
Redemptions		(60,064	)		(845,561	)		(27,016	)		(370,894	)
Net increase		20,803			277,378			39,789			565,502
Class I shares
Subscriptions		49,445			723,826			603,974			8,378,312
Distributions reinvested		1,412,084			19,303,190			408,241			5,804,411
Redemptions		(612,147	)		(9,425,447	)		(1,296,672	)		(18,797,963	)
Net increase (decrease)		849,382			10,601,569			(284,457	)		(4,615,240	)
Class R5 shares
Subscriptions		—			—			173			2,500
Net increase		—			—			173			2,500
Class Z shares
Subscriptions		679,233			9,668,431			2,410,751			34,663,296
Distributions reinvested		1,022,559			13,968,159			292,445			4,153,989
Redemptions		(6,256,213	)		(100,273,159	)		(36,835,629	)		(532,664,422	)
Net decrease		(4,554,421	)		(76,636,569	)		(34,132,433	)		(493,847,137	)
Total net decrease		(2,933,317	)		(56,229,984	)		(34,949,359	)		(506,304,449	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.21		$	14.09		$	13.73		$	11.48		$	7.95		$	13.66
Income from investment operations:
Net investment income		0.07			0.10			0.10			0.05			0.08			0.13
Net realized and unrealized gain (loss)		1.23			1.66			0.36			2.26			3.57			(5.49	)
Total from investment operations		1.30			1.76			0.46			2.31			3.65			(5.36	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.13	)		(0.10	)		(0.06	)		(0.12	)		(0.10	)
Net realized gains		(2.35	)		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(2.37	)		(0.64	)		(0.10	)		(0.06	)		(0.12	)		(0.35	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	14.14		$	15.21		$	14.09		$	13.73		$	11.48		$	7.95
Total return		9.01	%		12.83	%		3.45	%		20.16	%		45.99	%		(40.12	%)
Ratios to average net assets^(b)
Total gross expenses		1.25	%^(c)		1.23	%		1.21	%^(d)		1.20	%^(d)		1.18	%^(d)		1.15	%^(d)
Total net expenses^(e)		1.19	%^(c)(f)		1.19	%^(f)		1.16	%^(d)(f)		1.20	%^(d)(f)		1.18	%^(d)(f)		1.15	%^(d)(f)
Net investment income		0.90	%^(c)		0.70	%		0.77	%		0.38	%		0.78	%		1.10	%
Supplemental data
Net assets, end of period (in thousands)	$	122,564		$	120,365		$	119,434		$	130,039		$	131,652		$	95,714
Portfolio turnover		110	%		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.64		$	13.59		$	13.25		$	11.11		$	7.71		$	13.23
Income from investment operations:
Net investment income (loss)		0.01			(0.01	)		(0.00	)^(a)		(0.04	)		0.00	^(a)		0.03
Net realized and unrealized gain (loss)		1.18			1.60			0.36			2.18			3.44			(5.28	)
Total from investment operations		1.19			1.59			0.36			2.14			3.44			(5.25	)
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		(0.03	)		(0.02	)		—			(0.04	)		(0.02	)
Net realized gains		(2.35	)		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(2.35	)		(0.54	)		(0.02	)		—			(0.04	)		(0.27	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	13.48		$	14.64		$	13.59		$	13.25		$	11.11		$	7.71
Total return		8.59	%		11.93	%		2.72	%		19.26	%		44.74	%		(40.51	%)
Ratios to average net assets^(b)
Total gross expenses		2.00	%^(c)		1.98	%		1.96	%^(d)		1.95	%^(d)		1.93	%^(d)		1.90	%^(d)
Total net expenses^(e)		1.94	%^(c)(f)		1.94	%^(f)		1.91	%^(d)(f)		1.95	%^(d)(f)		1.93	%^(d)(f)		1.90	%^(d)(f)
Net investment income (loss)		0.15	%^(c)		(0.05	%)		(0.04	%)		(0.36	%)		0.04	%		0.28	%
Supplemental data
Net assets, end of period (in thousands)	$	597		$	700		$	813		$	1,653		$	2,696		$	3,300
Portfolio turnover		110	%		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.63		$	13.58		$	13.25		$	11.11		$	7.70		$	13.23
Income from investment operations:
Net investment income (loss)		0.01			(0.01	)		0.00	^(a)		(0.04	)		0.00	^(a)		0.04
Net realized and unrealized gain (loss)		1.18			1.60			0.35			2.18			3.45			(5.30	)
Total from investment operations		1.19			1.59			0.35			2.14			3.45			(5.26	)
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		(0.03	)		(0.02	)		—			(0.04	)		(0.02	)
Net realized gains		(2.35	)		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(2.35	)		(0.54	)		(0.02	)		—			(0.04	)		(0.27	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	13.47		$	14.63		$	13.58		$	13.25		$	11.11		$	7.70
Total return		8.60	%		11.94	%		2.64	%		19.26	%		44.93	%		(40.58	%)
Ratios to average net assets^(b)
Total gross expenses		2.00	%^(c)		1.98	%		1.96	%^(d)		1.95	%^(d)		1.93	%^(d)		1.90	%^(d)
Total net expenses^(e)		1.94	%^(c)(f)		1.94	%^(f)		1.91	%^(d)(f)		1.95	%^(d)(f)		1.93	%^(d)(f)		1.90	%^(d)(f)
Net investment income (loss)		0.15	%^(c)		(0.04	%)		0.02	%		(0.36	%)		0.03	%		0.39	%
Supplemental data
Net assets, end of period (in thousands)	$	3,444		$	3,436		$	2,649		$	2,612		$	2,449		$	1,559
Portfolio turnover		110	%		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	15.15		$	14.04		$	13.69		$	11.78
Income from investment operations:
Net investment income		0.10			0.16			0.15			0.04
Net realized and unrealized gain		1.23			1.65			0.36			1.96
Total from investment operations		1.33			1.81			0.51			2.00
Less distributions to shareholders:
Net investment income		(0.03	)		(0.19	)		(0.16	)		(0.09	)
Net realized gains		(2.35	)		(0.51	)		—			—
Total distributions to shareholders		(2.38	)		(0.70	)		(0.16	)		(0.09	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—
Net asset value, end of period	$	14.10		$	15.15		$	14.04		$	13.69
Total return		9.26	%		13.24	%		3.82	%		16.99	%
Ratios to average net assets^(c)
Total gross expenses		0.81	%^(d)		0.79	%		0.76	%^(e)		0.79	%^(d)(e)
Total net expenses^(f)		0.80	%^(d)		0.79	%		0.76	%^(e)(g)		0.79	%^(d)(e)(g)
Net investment income		1.29	%^(d)		1.11	%		1.18	%		0.64	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	131,295		$	128,241		$	122,828		$	135,677
Portfolio turnover		110	%		147	%		197	%		171	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Class R5	Six months ended August 31, 2013 (Unaudited)			Year Ended Februay 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	15.35		$	14.45
Income from investment operations:
Net investment income		0.10			0.06
Net realized and unrealized gain		1.24			1.51
Total from investment operations		1.34			1.57
Less distributions to shareholders:
Net investment income		(0.03	)		(0.16	)
Net realized gains		(2.35	)		(0.51	)
Total distributions to shareholders		(2.38	)		(0.67	)
Net asset value, end of period	$	14.31		$	15.35
Total return		9.20	%		11.15	%
Ratios to average net assets^(b)
Total gross expenses		0.82	%^(c)		0.79	%^(c)
Total net expenses^(d)		0.82	%^(c)		0.79	%^(c)
Net investment income		1.26	%^(c)		1.37	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3
Portfolio turnover		110	%		147	%

Notes to Financial Highlights

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

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

Class W	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	15.20		$	14.09		$	13.73		$	11.80
Income from investment operations:
Net investment income		0.07			0.10			0.11			0.03
Net realized and unrealized gain		1.23			1.66			0.36			1.95
Total from investment operations		1.30			1.76			0.47			1.98
Less distributions to shareholders:
Net investment income		(0.02	)		(0.14	)		(0.11	)		(0.05	)
Net realized gains		(2.35	)		(0.51	)		—			—
Total distributions to shareholders		(2.37	)		(0.65	)		(0.11	)		(0.05	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—
Net asset value, end of period	$	14.13		$	15.20		$	14.09		$	13.73
Total return		9.02	%		12.78	%		3.48	%		16.77	%
Ratios to average net assets^(c)
Total gross expenses		1.21	%^(d)		1.20	%		1.18	%^(e)		1.16	%^(d)(e)
Total net expenses^(f)		1.19	%^(d)(g)		1.17	%^(g)		1.14	%^(e)(g)		1.16	%^(d)(e)(g)
Net investment income		0.89	%^(d)		0.72	%		0.81	%		0.50	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	3
Portfolio turnover		110	%		147	%		197	%		171	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.15		$	14.04		$	13.69		$	11.45		$	7.93		$	13.66
Income from investment operations:
Net investment income		0.09			0.13			0.13			0.08			0.11			0.16
Net realized and unrealized gain (loss)		1.22			1.66			0.36			2.25			3.55			(5.48	)
Total from investment operations		1.31			1.79			0.49			2.33			3.66			(5.32	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.17	)		(0.14	)		(0.09	)		(0.14	)		(0.16	)
Net realized gains		(2.35	)		(0.51	)		—			—			—			(0.25	)
Total distributions to shareholders		(2.37	)		(0.68	)		(0.14	)		(0.09	)		(0.14	)		(0.41	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	14.09		$	15.15		$	14.04		$	13.69		$	11.45		$	7.93
Total return		9.17	%		13.08	%		3.65	%		20.40	%		46.30	%		(39.95	%)
Ratios to average net assets^(b)
Total gross expenses		1.00	%^(c)		0.98	%		0.95	%^(d)		0.95	%^(d)		0.93	%^(d)		0.90	%^(d)
Total net expenses^(e)		0.94	%^(c)(f)		0.93	%^(f)		0.91	%^(d)(f)		0.95	%^(d)(f)		0.93	%^(d)(f)		0.90	%^(d)(f)
Net investment income		1.13	%^(c)		0.90	%		0.99	%		0.64	%		1.03	%		1.35	%
Supplemental data
Net assets, end of period (in thousands)	$	283,034		$	373,397		$	825,292		$	974,320		$	988,640		$	712,304
Portfolio turnover		110	%		147	%		197	%		171	%		165	%		156	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

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

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

Class 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 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 available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on 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

Income Recognition

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

Determination of Class Net Asset Value

Federal Income Tax Status

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.

Distributions to Shareholders

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

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Administration Fees

average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

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

Transfer Agent Fees

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain

out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

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

Distribution and Service Fees

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

The Fund may pay a distribution fee up to 0.25% of the Fund's average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the Fund's average daily

net assets attributable to Class W shares, provided, however, that the aggregate fee shall not exceed 0.25% of the Fund's average daily net assets attributable to Class W shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $19,167 for Class A, $338 for Class B and $46 for Class C shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.18	%		1.20	%
Class B		1.93			1.95
Class C		1.93			1.95
Class I		0.78			0.82
Class R5		0.83			0.87
Class W		1.18			1.20
Class Z		0.93			0.95

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, 2013, the cost of investments for federal income tax purposes was approximately $477,505,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	69,783,000
Unrealized depreciation		(6,300,000	)
Net unrealized appreciation	$	63,483,000

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $654,834,390 and $802,115,599, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 52.0% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 24.2% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A.

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Nature, Extent and Quality of Services Provided by Columbia Management

Investment Performance

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Fund

The Board reviewed comparative fees and the costs of services to be provided under the IMS Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to Columbia Management's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by Columbia Management and discussed differences in how the products are managed and operated, noting no unreasonable differences in the levels of contractual fees.

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio. Based on its review, the Board concluded that the Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Marsico 21st Century Fund (the Fund) Class A shares returned 14.36% excluding sales charges for the six-month period that ended August 31, 2013.

> The Fund outperformed its benchmark, the Russell 3000 Index, which returned 9.42% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	04/10/00
Excluding sales charges			14.36		21.79		3.33		7.47
Including sales charges			7.80		14.79		2.11		6.84
Class B	04/10/00
Excluding sales charges			13.94		20.93		2.57		6.68
Including sales charges			8.94		15.93		2.20		6.68
Class C	04/10/00
Excluding sales charges			13.87		20.95		2.57		6.67
Including sales charges			12.87		19.95		2.57		6.67
Class R*	01/23/06		14.17		21.48		3.07		7.20
Class R4*	11/08/12		14.52		22.07		3.38		7.50
Class Z	04/10/00		14.48		22.15		3.60		7.73
Russell 3000 Index			9.42		20.32		7.63		7.60

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

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Top Ten Holdings (%) (at August 31, 2013)
Gilead Sciences, Inc.					4.7
Monsanto Co.					3.9
Biogen Idec, Inc.					3.7
Citigroup, Inc.					3.3
Google, Inc., Class A					3.2
Mastercard, Inc., Class A					3.0
Genesee & Wyoming, Inc., Class A					3.0
Walt Disney Co. (The)					2.9
Schlumberger Ltd.					2.8
IHS, Inc., Class A					2.8

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					99.9
Consumer Discretionary					29.2
Consumer Staples					6.3
Energy					3.6
Financials					7.7
Health Care					12.7
Industrials					17.1
Information Technology					15.6
Materials					7.7
Money Market Funds					0.1
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,143.60		1,018.90		6.61		6.23		1.23
Class B		1,000.00		1,000.00		1,139.40		1,015.14		10.62		10.00		1.98
Class C		1,000.00		1,000.00		1,138.70		1,015.14		10.62		10.00		1.98
Class R		1,000.00		1,000.00		1,141.70		1,017.65		7.95		7.49		1.48
Class R4		1,000.00		1,000.00		1,145.20		1,020.10		5.32		5.01		0.99
Class Z		1,000.00		1,000.00		1,144.80		1,020.16		5.27		4.96		0.98

Common Stocks 99.8%

Issuer	Shares		Value ($)
Consumer Discretionary 29.2%
Auto Components 1.1%
BorgWarner, Inc.		113,895		10,999,979
Automobiles 1.4%
Tesla Motors, Inc.^(a)		83,117		14,046,773
Distributors 1.5%
LKQ Corp.^(a)		526,655		15,399,392
Diversified Consumer Services 0.3%
Bright Horizons Family Solutions, Inc.^(a)		70,831		2,578,957
Hotels, Restaurants & Leisure 6.1%
Chipotle Mexican Grill, Inc.^(a)		25,047		10,223,434
Domino's Pizza, Inc.		123,719		7,601,295
Dunkin' Brands Group, Inc.		410,576		17,691,720
Wynn Resorts Ltd.		189,153		26,678,139
Total				62,194,588
Media 4.8%
Liberty Global PLC, Series C^(a)		266,340		19,583,980
Walt Disney Co. (The)		485,650		29,542,090
Total				49,126,070
Multiline Retail 1.5%
Dollar Tree, Inc.^(a)		290,431		15,305,714
Specialty Retail 7.6%
Monro Muffler Brake, Inc.		228,211		10,102,901
Ross Stores, Inc.		385,173		25,906,736
Sally Beauty Holdings, Inc.^(a)		471,279		12,314,520
Tractor Supply Co.		150,675		18,438,100
Ulta Salon Cosmetics & Fragrance, Inc.^(a)		103,016		10,223,308
Total				76,985,565
Textiles, Apparel & Luxury Goods 4.9%
Cie Financiere Richemont SA, Class A		100,126		9,512,750
lululemon athletica, Inc.^(a)		264,268		18,720,745
Michael Kors Holdings Ltd.^(a)		290,077		21,491,805
Total				49,725,300
Total Consumer Discretionary				296,362,338
Consumer Staples 6.3%
Beverages 2.3%
Constellation Brands, Inc., Class A^(a)		428,456		23,243,738

Common Stocks (continued)

Issuer	Shares		Value ($)
Food Products 4.0%
Green Mountain Coffee Roasters, Inc.^(a)		237,474		20,496,381
Mondelez International, Inc., Class A		664,501		20,380,245
Total				40,876,626
Total Consumer Staples				64,120,364
Energy 3.6%
Energy Equipment & Services 3.6%
Dresser-Rand Group, Inc.^(a)		127,890		7,793,617
Schlumberger Ltd.		354,709		28,710,146
Total				36,503,763
Total Energy				36,503,763
Financials 7.7%
Capital Markets 1.4%
Morgan Stanley		561,797		14,471,891
Commercial Banks 1.5%
City National Corp.		232,543		15,224,590
Diversified Financial Services 4.8%
Citigroup, Inc.		684,215		33,068,111
IntercontinentalExchange, Inc.^(a)		83,655		15,036,986
Total				48,105,097
Total Financials				77,801,578
Health Care 12.6%
Biotechnology 11.6%
Alkermes PLC^(a)		461,152		14,641,576
Biogen Idec, Inc.^(a)		177,478		37,806,364
BioMarin Pharmaceutical, Inc.^(a)		157,888		10,336,927
Gilead Sciences, Inc.^(a)		794,115		47,861,311
Incyte Corp., Ltd.^(a)		225,082		7,628,029
Total				118,274,207
Health Care Providers & Services 1.0%
Envision Healthcare Holdings, Inc.^(a)		389,553		10,221,871
Total Health Care				128,496,078
Industrials 17.1%
Aerospace & Defense 4.2%
B/E Aerospace, Inc.^(a)		335,157		22,854,356
Precision Castparts Corp.		94,295		19,918,876
Total				42,773,232

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies 0.5%
Copart, Inc.^(a)		160,711		5,105,788
Machinery 1.2%
Cummins, Inc.		101,783		12,539,665
Professional Services 4.7%
IHS, Inc., Class A^(a)		263,264		28,208,738
Verisk Analytics, Inc., Class A^(a)		310,484		19,305,895
Total				47,514,633
Road & Rail 3.0%
Genesee & Wyoming, Inc., Class A^(a)		353,431		30,600,056
Trading Companies & Distributors 3.5%
United Rentals, Inc.^(a)		277,230		15,183,887
WW Grainger, Inc.		81,662		20,199,096
Total				35,382,983
Total Industrials				173,916,357
Information Technology 15.6%
Internet Software & Services 7.0%
Facebook, Inc., Class A^(a)		137,165		5,662,171
Google, Inc., Class A^(a)		37,697		31,925,589
LinkedIn Corp., Class A^(a)		24,802		5,953,472
VeriSign, Inc.^(a)		273,554		13,127,857
Yahoo!, Inc.^(a)		506,884		13,746,694
Total				70,415,783
IT Services 4.8%
FleetCor Technologies, Inc.^(a)		174,798		18,023,422
Mastercard, Inc., Class A		50,775		30,773,712
Total				48,797,134

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 1.6%
ASML Holding NV		186,936		16,274,648
Software 2.2%
Salesforce.com, Inc.^(a)		457,090		22,456,832
Total Information Technology				157,944,397
Materials 7.7%
Chemicals 7.7%
Ecolab, Inc.		140,268		12,813,482
Monsanto Co.		401,139		39,267,497
Sherwin-Williams Co. (The)		149,591		25,789,488
Total				77,870,467
Total Materials				77,870,467
Total Common Stocks (Cost: $776,269,671)				1,013,015,342

Money Market Funds 0.1%

Columbia Short-Term Cash Fund, 0.097%^(b)(c)	1,351,881	1,351,881
Total Money Market Funds (Cost: $1,351,881)		1,351,881
Total Investments (Cost: $777,621,552)		1,014,367,223
Other Assets & Liabilities, Net		817,775
Net Assets		1,015,184,998

Fair Value Measurements

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

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		286,849,588		9,512,750		—		296,362,338
Consumer Staples		64,120,364		—		—		64,120,364
Energy		36,503,763		—		—		36,503,763
Financials		77,801,578		—		—		77,801,578
Health Care		128,496,078		—		—		128,496,078
Industrials		173,916,357		—		—		173,916,357
Information Technology		157,944,397		—		—		157,944,397
Materials		77,870,467		—		—		77,870,467
Total Equity Securities		1,003,502,592		9,512,750		—		1,013,015,342
Mutual Funds
Money Market Funds		1,351,881		—		—		1,351,881
Total Mutual Funds		1,351,881		—		—		1,351,881
Total		1,004,854,473		9,512,750		—		1,014,367,223

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

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $776,269,671)	$	1,013,015,342
Affiliated issuers (identified cost $1,351,881)		1,351,881
Total investments (identified cost $777,621,552)		1,014,367,223
Receivable for:
Investments sold		4,883,036
Capital shares sold		395,990
Dividends		480,525
Reclaims		18,126
Prepaid expenses		86,924
Total assets		1,020,231,824
Liabilities
Payable for:
Investments purchased		3,020,207
Capital shares purchased		1,638,834
Investment management fees		19,184
Distribution and/or service fees		11,693
Transfer agent fees		141,970
Administration fees		1,603
Compensation of board members		100,207
Other expenses		113,128
Total liabilities		5,046,826
Net assets applicable to outstanding capital stock	$	1,015,184,998
Represented by
Paid-in capital	$	2,549,662,065
Excess of distributions over net investment income		(5,564,179	)
Accumulated net realized loss		(1,765,655,049	)
Unrealized appreciation (depreciation) on:
Investments		236,745,671
Foreign currency translations		(3,510	)
Total — representing net assets applicable to outstanding capital stock	$	1,015,184,998

Class A
Net assets	$	508,847,106
Shares outstanding		31,459,949
Net asset value per share	$	16.17
Maximum offering price per share^(a)	$	17.16
Class B
Net assets	$	49,041,823
Shares outstanding		3,316,493
Net asset value per share	$	14.79
Class C
Net assets	$	237,594,468
Shares outstanding		16,070,257
Net asset value per share	$	14.78
Class R
Net assets	$	21,609,392
Shares outstanding		1,354,427
Net asset value per share	$	15.95
Class R4
Net assets	$	194,646
Shares outstanding		11,529
Net asset value per share	$	16.88
Class Z
Net assets	$	197,897,563
Shares outstanding		11,920,726
Net asset value per share	$	16.60

(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%.

Net investment income
Income:
Dividends — unaffiliated issuers	$	4,607,861
Dividends — affiliated issuers		6,603
Foreign taxes withheld		(14,552	)
Total income		4,599,912
Expenses:
Investment management fees		3,569,651
Distribution and/or service fees
Class A		658,369
Class B		257,873
Class C		1,200,792
Class R		57,228
Transfer agent fees
Class A		533,673
Class B		52,243
Class C		243,356
Class R		23,191
Class R4		158
Class Z		203,575
Administration fees		298,183
Compensation of board members		27,588
Custodian fees		8,055
Printing and postage fees		101,072
Registration fees		18,006
Professional fees		18,794
Line of credit interest expense		892
Other		29,647
Total expenses		7,302,346
Expense reductions		(1,600	)
Total net expenses		7,300,746
Net investment loss		(2,700,834	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		133,301,198
Foreign currency translations		10,396
Net realized gain		133,311,594
Net change in unrealized appreciation (depreciation) on:
Investments		8,529,747
Foreign currency translations		220
Net change in unrealized appreciation (depreciation)		8,529,967
Net realized and unrealized gain		141,841,561
Net increase in net assets resulting from operations	$	139,140,727

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment loss	$	(2,700,834	)	$	(1,080,297	)
Net realized gain		133,311,594			231,173,098
Net change in unrealized appreciation (depreciation)		8,529,967			(161,140,333	)
Net increase in net assets resulting from operations		139,140,727			68,952,468
Distributions to shareholders
Net investment income
Class A		—			(121,266	)
Class R4		—			(7	)
Class Z		—			(499,317	)
Total distributions to shareholders		—			(620,590	)
Increase (decrease) in net assets from capital stock activity		(162,607,547	)		(736,286,595	)
Total decrease in net assets		(23,466,820	)		(667,954,717	)
Net assets at beginning of period		1,038,651,818			1,706,606,535
Net assets at end of period	$	1,015,184,998		$	1,038,651,818
Excess of distributions over net investment income	$	(5,564,179	)	$	(2,863,345	)

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		1,113,464			17,177,574			2,935,350			39,345,751
Distributions reinvested		—			—			8,190			107,943
Redemptions		(6,876,850	)		(105,713,878	)		(26,997,107	)		(361,326,434	)
Net decrease		(5,763,386	)		(88,536,304	)		(24,053,567	)		(321,872,740	)
Class B shares
Subscriptions		5,264			74,311			12,672			159,307
Redemptions^(b)		(758,503	)		(10,633,308	)		(1,878,016	)		(23,192,865	)
Net decrease		(753,239	)		(10,558,997	)		(1,865,344	)		(23,033,558	)
Class C shares
Subscriptions		156,404			2,219,474			355,966			4,406,138
Redemptions		(2,300,564	)		(32,213,232	)		(10,071,680	)		(124,268,382	)
Net decrease		(2,144,160	)		(29,993,758	)		(9,715,714	)		(119,862,244	)
Class R shares
Subscriptions		132,444			2,008,363			306,394			4,070,405
Redemptions		(407,084	)		(6,224,649	)		(975,144	)		(12,901,929	)
Net decrease		(274,640	)		(4,216,286	)		(668,750	)		(8,831,524	)
Class R4 shares
Subscriptions		11,595			175,484			188			2,500
Redemptions		(254	)		(4,107	)		—			—
Net increase		11,341			171,377			188			2,500
Class Z shares
Subscriptions		867,153			13,759,521			2,756,504			37,933,107
Distributions reinvested		—			—			29,952			404,045
Redemptions		(2,756,539	)		(43,233,100	)		(22,117,135	)		(301,026,181	)
Net decrease		(1,889,386	)		(29,473,579	)		(19,330,679	)		(262,689,029	)
Total net decrease		(10,813,470	)		(162,607,547	)		(55,633,866	)		(736,286,595	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.14		$	13.25		$	14.22		$	11.63		$	7.31		$	14.55
Income from investment operations:
Net investment income (loss)		(0.03	)		0.01			(0.03	)		(0.06	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		2.06			0.88			(0.94	)		2.65			4.35			(7.25	)
Total from investment operations		2.03			0.89			(0.97	)		2.59			4.32			(7.24	)
Less distributions to shareholders:
Net investment income		—			(0.00	)^(a)		—			—			—			—
Total distributions to shareholders		—			(0.00	)^(a)		—			—			—			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(a)
Net asset value, end of period	$	16.17		$	14.14		$	13.25		$	14.22		$	11.63		$	7.31
Total return		14.36	%		6.74	%		(6.82	%)		22.27	%^(b)		59.10	%		(49.76	%)
Ratios to average net assets^(c)
Total gross expenses		1.23	%^(d)(e)		1.36	%^(d)		1.37	%^(d)		1.31	%		1.31	%		1.29	%
Total net expenses^(f)		1.23	%^(d)(e)(g)		1.35	%^(d)(g)		1.37	%^(d)(g)		1.31	%^(g)		1.30	%^(g)		1.25	%^(g)
Net investment income (loss)		(0.35	%)^(e)		0.06	%		(0.23	%)		(0.47	%)		(0.35	%)		0.12	%
Supplemental data
Net assets, end of period (in thousands)	$	508,847		$	526,471		$	811,890		$	1,711,839		$	1,993,000		$	1,967,386
Portfolio turnover		49	%		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

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

(e) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.98		$	12.25		$	13.25		$	10.91		$	6.92		$	13.86
Income from investment operations:
Net investment loss		(0.08	)		(0.08	)		(0.12	)		(0.14	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss)		1.89			0.81			(0.88	)		2.48			4.09			(6.87	)
Total from investment operations		1.81			0.73			(1.00	)		2.34			3.99			(6.94	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(a)
Net asset value, end of period	$	14.79		$	12.98		$	12.25		$	13.25		$	10.91		$	6.92
Total return		13.94	%		5.96	%		(7.55	%)		21.45	%^(b)		57.66	%		(50.07	%)
Ratios to average net assets^(c)
Total gross expenses		1.98	%^(d)(e)		2.10	%^(d)		2.12	%^(d)		2.06	%		2.06	%		2.04	%
Total net expenses^(f)		1.98	%^(d)(e)(g)		2.10	%^(d)(g)		2.12	%^(d)(g)		2.06	%^(g)		2.05	%^(g)		2.00	%^(g)
Net investment loss		(1.10	%)^(e)		(0.67	%)		(0.97	%)		(1.21	%)		(1.10	%)		(0.63	%)
Supplemental data
Net assets, end of period (in thousands)	$	49,042		$	52,823		$	72,692		$	110,427		$	117,307		$	95,889
Portfolio turnover		49	%		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

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

(e) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.98		$	12.25		$	13.25		$	10.91		$	6.91		$	13.86
Income from investment operations:
Net investment loss		(0.08	)		(0.08	)		(0.12	)		(0.14	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss)		1.88			0.81			(0.88	)		2.48			4.10			(6.88	)
Total from investment operations		1.80			0.73			(1.00	)		2.34			4.00			(6.95	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(a)
Net asset value, end of period	$	14.78		$	12.98		$	12.25		$	13.25		$	10.91		$	6.91
Total return		13.87	%		5.96	%		(7.55	%)		21.45	%^(b)		57.89	%		(50.14	%)
Ratios to average net assets^(c)
Total gross expenses		1.98	%^(d)(e)		2.10	%^(d)		2.12	%^(d)		2.06	%		2.06	%		2.04	%
Total net expenses^(f)		1.98	%^(d)(e)(g)		2.10	%^(d)(g)		2.12	%^(d)(g)		2.06	%^(g)		2.05	%^(g)		2.00	%^(g)
Net investment loss		(1.10	%)^(e)		(0.68	%)		(0.97	%)		(1.22	%)		(1.10	%)		(0.63	%)
Supplemental data
Net assets, end of period (in thousands)	$	237,594		$	236,373		$	342,021		$	586,725		$	660,457		$	622,098
Portfolio turnover		49	%		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

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

(e) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.97		$	13.12		$	14.11		$	11.57		$	7.29		$	14.55
Income from investment operations:
Net investment loss		(0.05	)		(0.02	)		(0.06	)		(0.09	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		2.03			0.87			(0.93	)		2.63			4.34			(7.24	)
Total from investment operations		1.98			0.85			(0.99	)		2.54			4.28			(7.26	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(a)
Net asset value, end of period	$	15.95		$	13.97		$	13.12		$	14.11		$	11.57		$	7.29
Total return		14.17	%		6.48	%		(7.02	%)		21.95	%^(b)		58.71	%		(49.90	%)
Ratios to average net assets^(c)
Total gross expenses		1.48	%^(d)(e)		1.61	%^(d)		1.62	%^(d)		1.56	%		1.56	%		1.54	%
Total net expenses^(f)		1.48	%^(d)(e)(g)		1.60	%^(d)(g)		1.62	%^(d)(g)		1.56	%^(g)		1.55	%^(g)		1.50	%^(g)
Net investment loss		(0.60	%)^(e)		(0.17	%)		(0.46	%)		(0.71	%)		(0.59	%)		(0.13	%)
Supplemental data
Net assets, end of period (in thousands)	$	21,609		$	22,756		$	30,137		$	40,468		$	41,627		$	42,429
Portfolio turnover		49	%		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

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

(e) Annualized.

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

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

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	14.74		$	13.29
Income from investment operations:
Net investment income		(0.00	)^(b)		0.01
Net realized and unrealized gain		2.14			1.48
Total from investment operations		2.14			1.49
Less distributions to shareholders:
Net investment income		—			(0.04	)
Total distributions to shareholders		—			(0.04	)
Net asset value, end of period	$	16.88		$	14.74
Total return		14.52	%		11.20	%
Ratios to average net assets^(c)
Total gross expenses		0.99	%^(d)(e)		1.02	%^(d)(e)
Total net expenses^(f)		0.99	%^(d)(e)(g)		1.02	%^(d)(e)
Net investment income (loss)		(0.01	%)^(d)		0.28	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	195		$	3
Portfolio turnover		49	%		65	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.50		$	13.57		$	14.54		$	11.86		$	7.44		$	14.76
Income from investment operations:
Net investment income (loss)		(0.01	)		0.04			0.01			(0.03	)		(0.01	)		0.05
Net realized and unrealized gain (loss)		2.11			0.92			(0.98	)		2.71			4.43			(7.37	)
Total from investment operations		2.10			0.96			(0.97	)		2.68			4.42			(7.32	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		—			—			(0.00	)^(a)		—
Total distributions to shareholders		—			(0.03	)		—			—			(0.00	)^(a)		—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(a)
Net asset value, end of period	$	16.60		$	14.50		$	13.57		$	14.54		$	11.86		$	7.44
Total return		14.48	%		7.09	%		(6.67	%)		22.60	%^(b)		59.42	%		(49.59	%)
Ratios to average net assets^(c)
Total gross expenses		0.98	%^(d)(e)		1.11	%^(d)		1.12	%^(d)		1.06	%		1.06	%		1.04	%
Total net expenses^(f)		0.98	%^(d)(e)(g)		1.10	%^(d)(g)		1.12	%^(d)(g)		1.06	%^(g)		1.05	%^(g)		1.00	%^(g)
Net investment income (loss)		(0.10	%)^(e)		0.27	%		0.04	%		(0.20	%)		(0.10	%)		0.37	%
Supplemental data
Net assets, end of period (in thousands)	$	197,898		$	200,226		$	449,867		$	1,245,671		$	1,008,937		$	870,875
Portfolio turnover		49	%		65	%		104	%		87	%		119	%		152	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less than 0.01% on total return.

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

(e) Annualized.

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

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

Note 1. Organization

Columbia Marsico 21st Century Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class R, Class R4 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

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

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended August 31, 2013 was 0.68% of the Fund's average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Marsico Capital Management, LLC (Marsico) to subadvise the assets of the Fund. The Investment Manager compensates Marsico to manage the investment of the Fund's assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

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

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

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.20
Class R	0.20
Class R4	0.20
Class Z	0.20

Distribution and Service Fees

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $52,404 for Class A, $21,552 for Class B and $1,690 for Class C shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.29	%		1.31	%
Class B		2.04			2.06
Class C		2.04			2.06
Class R		1.54			1.56
Class R4		1.04			1.06
Class Z		1.04			1.06

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $777,622,000 and the

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

Unrealized appreciation	$	239,117,000
Unrealized depreciation		(2,372,000	)
Net unrealized appreciation	$	236,745,000

Year of Expiration	Amount
2017	$	362,781,815
2018		1,526,982,692
Total	$	1,889,764,507

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

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. The Fund has elected to treat late year ordinary losses of $2,781,701 at February 28, 2013 as arising on March 1, 2013.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $500,239,983 and $666,502,097, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 16.5% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 16.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

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

For the six months ended August 31, 2013, the average daily loan balance outstanding on days when borrowing existed was $3,828,571 at a weighted average interest rate of 1.20%. Interest expense incurred by the Fund is recorded as interest expense in the Statement of Operations.

Note 9. Significant Risks

Consumer Discretionary Risk

The Fund's portfolio managers may invest significantly in issuers operating in the consumer discretionary sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Note 10. Subsequent Events

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 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Marsico 21st Century Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Marsico Capital Management, LLC (the Subadviser), the Subadviser has provided portfolio management and related services for the Fund.

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its April 15-17, 2013 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Management and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.

With respect to Columbia Management, the Board specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the recent globalization initiative, which fosters increased worldwide investment support of global products, continued investment in upgrading technology (such as the implementation of new systems and hardware), the hiring of a Chief Interest Rate Strategist as part of Columbia Management's fixed income team and the addition of Columbia Management investment personnel to the Asset Allocation, Quantitative and Technology teams. The Board took into account the information it received and reviewed concerning Columbia Management's ongoing oversight and monitoring of the subadvisers, observing the broad scope of services provided by Columbia Management to each subadvised Fund, including, among other noted services, investment, risk and compliance oversight. The Board also took into account the Subadviser oversight structure and the Columbia Management team dedicated thereto. The Board also noted the information it received concerning Columbia Management's ability to retain its key portfolio management personnel. In this regard, the Board took into account its comprehensive discussions with Columbia Management's Chief Investment Officer (the CIO), observing the organizational depth of Columbia Management and the capabilities of its investment personnel. The Board also recalled the information the CIO provided it identifying the strengths and areas for enhancement of each Columbia Management investment team, as well as the discussion with the CIO regarding the investment personnel talent being infused to enhance support for certain Funds. The

Board also observed the materials demonstrating the strength and depth of Columbia Management's equity and fixed income research departments.

In connection with the Board's evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2012 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund's Administrative Services Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of Columbia Management and its affiliates and their ability to carry out their responsibilities under the IMS Agreement and the Fund's other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. In addition, the Board discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser was in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that performance was appropriate in light of the particular management style involved and the particular market environment.

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management's process for selecting and monitoring the Subadviser. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser. The Board took into account management's view that the Fund's relative underperformance reflected the interrelationship of market conditions with the particular investment strategies employed by the Marsico team. The Board observed that the Subadviser was subject to Columbia Management's ongoing heightened scrutiny of its performance.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management, its Affiliates and the Subadviser from their Relationships with the Fund

The Board reviewed comparative fees and the costs of services to be provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to Columbia Management's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by Columbia Management and discussed differences in how the products are managed and operated, noting no unreasonable differences in the levels of contractual fees.

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund's investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Marsico Growth Fund (the Fund) Class A shares returned 10.23% excluding sales charges for the six-month period that ended August 31, 2013.

> The Fund outperformed its benchmark, the S&P 500 Index, which returned 8.95% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	12/31/97
Excluding sales charges			10.23		17.43		6.32		6.37
Including sales charges			3.87		10.67		5.07		5.74
Class B	12/31/97
Excluding sales charges			9.81		16.53		5.52		5.57
Including sales charges			4.81		11.53		5.20		5.57
Class C	12/31/97
Excluding sales charges			9.84		16.50		5.53		5.57
Including sales charges			8.84		15.50		5.53		5.57
Class I*	09/27/10		10.47		17.86		6.62		6.52
Class R*	01/23/06		10.07		17.12		6.05		6.08
Class R4*	11/08/12		10.33		17.62		6.35		6.39
Class R5*	11/08/12		10.43		17.77		6.38		6.40
Class W*	09/27/10		10.23		17.37		6.32		6.37
Class Z	12/31/97		10.33		17.64		6.58		6.63
S&P 500 Index			8.95		18.70		7.32		7.12

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

The 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.

Top Ten Holdings (%) (at August 31, 2013)
Gilead Sciences, Inc.					5.3
Biogen Idec, Inc.					4.2
Monsanto Co.					4.2
Google, Inc., Class A					4.2
Citigroup, Inc.					4.0
American International Group, Inc.					3.5
Schlumberger Ltd.					3.4
Union Pacific Corp.					3.3
Sherwin-Williams Co. (The)					3.3
Visa, Inc., Class A					3.2

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					95.2
Consumer Discretionary					26.0
Consumer Staples					1.7
Energy					3.2
Financials					10.8
Health Care					13.4
Industrials					14.3
Information Technology					18.7
Materials					7.1
Money Market Funds					4.8
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,102.30		1,019.15		6.22		5.97		1.18
Class B		1,000.00		1,000.00		1,098.10		1,015.39		10.15		9.75		1.93
Class C		1,000.00		1,000.00		1,098.40		1,015.39		10.15		9.75		1.93
Class I		1,000.00		1,000.00		1,104.70		1,021.56		3.69		3.55		0.70
Class R		1,000.00		1,000.00		1,100.70		1,017.90		7.53		7.23		1.43
Class R4		1,000.00		1,000.00		1,103.30		1,020.36		4.96		4.76		0.94
Class R5		1,000.00		1,000.00		1,104.30		1,021.11		4.17		4.00		0.79
Class W		1,000.00		1,000.00		1,102.30		1,019.25		6.11		5.87		1.16
Class Z		1,000.00		1,000.00		1,103.30		1,020.41		4.90		4.71		0.93

Common Stocks 95.7%

Issuer	Shares		Value ($)
Consumer Discretionary 26.1%
Hotels, Restaurants & Leisure 7.8%
Chipotle Mexican Grill, Inc.^(a)		26,793		10,936,099
Starbucks Corp.		534,234		37,674,182
Starwood Hotels & Resorts Worldwide, Inc.		780,431		49,900,758
Wynn Resorts Ltd.		362,956		51,191,314
Total				149,702,353
Internet & Catalog Retail 3.3%
Amazon.com, Inc.^(a)		66,511		18,688,260
priceline.com, Inc.^(a)		47,994		45,043,809
Total				63,732,069
Media 7.5%
CBS Corp., Class B Non Voting		1,003,006		51,253,607
Comcast Corp., Class A		504,930		21,252,504
Liberty Global PLC, Class A^(a)		370,009		28,742,299
Walt Disney Co. (The)		683,140		41,555,406
Total				142,803,816
Specialty Retail 5.3%
AutoZone, Inc.^(a)		34,625		14,540,423
Home Depot, Inc. (The)		518,901		38,652,935
TJX Companies, Inc.		899,065		47,398,707
Total				100,592,065
Textiles, Apparel & Luxury Goods 2.2%
lululemon athletica, Inc.^(a)		594,005		42,079,314
Total Consumer Discretionary				498,909,617
Consumer Staples 1.7%
Food Products 1.7%
Green Mountain Coffee Roasters, Inc.^(a)		370,335		31,963,614
Total Consumer Staples				31,963,614
Energy 3.2%
Energy Equipment & Services 3.2%
Schlumberger Ltd.		764,208		61,854,996
Total Energy				61,854,996
Financials 10.8%
Commercial Banks 2.5%
Wells Fargo & Co.		1,169,885		48,058,876

Common Stocks (continued)

Issuer	Shares		Value ($)
Consumer Finance 1.0%
American Express Co.		280,007		20,135,303
Diversified Financial Services 3.9%
Citigroup, Inc.		1,524,845		73,695,759
Insurance 3.4%
American International Group, Inc.^(a)		1,394,151		64,772,255
Total Financials				206,662,193
Health Care 13.5%
Biotechnology 10.0%
Biogen Idec, Inc.^(a)		362,775		77,278,331
Celgene Corp.^(a)		116,798		16,349,384
Gilead Sciences, Inc.^(a)		1,618,142		97,525,418
Total				191,153,133
Health Care Providers & Services 1.0%
UnitedHealth Group, Inc.		273,787		19,641,479
Pharmaceuticals 2.5%
Bristol-Myers Squibb Co.		1,130,185		47,117,413
Total Health Care				257,912,025
Industrials 14.4%
Aerospace & Defense 4.4%
B/E Aerospace, Inc.^(a)		26,449		1,803,557
Lockheed Martin Corp.		349,752		42,816,640
Precision Castparts Corp.		28,238		5,964,995
Rolls-Royce Holdings PLC		1,966,570		33,889,250
Total				84,474,442
Machinery 3.1%
Cummins, Inc.		474,013		58,398,402
Road & Rail 5.7%
Canadian Pacific Railway Ltd.		405,217		47,827,762
Union Pacific Corp.		392,122		60,206,412
Total				108,034,174
Trading Companies & Distributors 1.2%
United Rentals, Inc.^(a)		426,023		23,333,280
Total Industrials				274,240,298

Common Stocks (continued)

Issuer	Shares		Value ($)
Information Technology 18.8%
Communications Equipment 1.0%
Cisco Systems, Inc.		800,377		18,656,788
Internet Software & Services 8.3%
eBay, Inc.^(a)		565,968		28,292,740
Facebook, Inc., Class A^(a)		321,651		13,277,753
Google, Inc., Class A^(a)		89,601		75,883,087
LinkedIn Corp., Class A^(a)		85,817		20,599,513
Yahoo!, Inc.^(a)		717,440		19,456,973
Total				157,510,066
IT Services 5.5%
Accenture PLC, Class A		464,889		33,588,230
FleetCor Technologies, Inc.^(a)		133,201		13,734,355
Visa, Inc., Class A		335,192		58,464,189
Total				105,786,774
Semiconductors & Semiconductor Equipment 4.0%
ASML Holding NV		631,998		55,021,746
Texas Instruments, Inc.		556,420		21,255,244
Total				76,276,990
Total Information Technology				358,230,618

investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		498,909,617		—		—		498,909,617
Consumer Staples		31,963,614		—		—		31,963,614
Energy		61,854,996		—		—		61,854,996
Financials		206,662,193		—		—		206,662,193
Health Care		257,912,025		—		—		257,912,025
Industrials		240,351,048		33,889,250		—		274,240,298
Information Technology		358,230,618		—		—		358,230,618
Materials		136,619,002		—		—		136,619,002
Total Equity Securities		1,792,503,113		33,889,250		—		1,826,392,363
Mutual Funds
Money Market Funds		91,975,670		—		—		91,975,670
Total Mutual Funds		91,975,670		—		—		91,975,670
Total		1,884,478,783		33,889,250		—		1,918,368,033

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,371,282,614)	$	1,826,392,363
Affiliated issuers (identified cost $91,975,670)		91,975,670
Total investments (identified cost $1,463,258,284)		1,918,368,033
Receivable for:
Investments sold		10,635,574
Capital shares sold		1,106,748
Dividends		1,910,310
Prepaid expenses		92,957
Total assets		1,932,113,622
Liabilities
Payable for:
Investments purchased		18,598,427
Capital shares purchased		3,520,371
Investment management fees		33,927
Distribution and/or service fees		12,461
Transfer agent fees		250,546
Administration fees		2,839
Compensation of board members		197,013
Other expenses		229,067
Total liabilities		22,844,651
Net assets applicable to outstanding capital stock	$	1,909,268,971
Represented by
Paid-in capital	$	1,231,759,386
Excess of distributions over net investment income		(859,741	)
Accumulated net realized gain		223,259,577
Unrealized appreciation (depreciation) on:
Investments		455,109,749
Total — representing net assets applicable to outstanding capital stock	$	1,909,268,971

Class A
Net assets	$	585,579,195
Shares outstanding		23,558,505
Net asset value per share	$	24.86
Maximum offering price per share^(a)	$	26.38
Class B
Net assets	$	13,383,168
Shares outstanding		603,735
Net asset value per share	$	22.17
Class C
Net assets	$	282,119,898
Shares outstanding		12,708,416
Net asset value per share	$	22.20
Class I
Net assets	$	3,478
Shares outstanding		137
Net asset value per share^(b)	$	25.44
Class R
Net assets	$	20,024,080
Shares outstanding		818,594
Net asset value per share	$	24.46
Class R4
Net assets	$	21,650,047
Shares outstanding		841,951
Net asset value per share	$	25.71
Class R5
Net assets	$	1,358,799
Shares outstanding		52,827
Net asset value per share	$	25.72
Class W
Net assets	$	3,457
Shares outstanding		139
Net asset value per share^(b)	$	24.86
Class Z
Net assets	$	985,146,849
Shares outstanding		38,824,196
Net asset value per share	$	25.37

(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.

Net investment income
Income:
Dividends — unaffiliated issuers	$	11,798,123
Dividends — affiliated issuers		29,841
Foreign taxes withheld		(384,991	)
Total income		11,442,973
Expenses:
Investment management fees		6,736,757
Distribution and/or service fees
Class A		757,894
Class B		81,487
Class C		1,436,080
Class R		50,519
Class W		4
Transfer agent fees
Class A		623,577
Class B		16,725
Class C		295,463
Class R		20,787
Class R4		20,345
Class R5		153
Class W		4
Class Z		1,194,091
Administration fees		565,875
Compensation of board members		49,987
Custodian fees		13,055
Printing and postage fees		156,198
Registration fees		33,953
Professional fees		25,500
Line of credit interest expense		2,648
Other		59,987
Total expenses		12,141,089
Expense reductions		(2,461	)
Total net expenses		12,138,628
Net investment loss		(695,655	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		225,745,803
Foreign currency translations		3,862
Net realized gain		225,749,665
Net change in unrealized appreciation (depreciation) on:
Investments		(11,512,266	)
Net change in unrealized appreciation (depreciation)		(11,512,266	)
Net realized and unrealized gain		214,237,399
Net increase in net assets resulting from operations	$	213,541,744

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income (loss)	$	(695,655	)	$	7,125,170
Net realized gain		225,749,665			611,483,128
Net change in unrealized appreciation (depreciation)		(11,512,266	)		(474,435,054	)
Net increase in net assets resulting from operations		213,541,744			144,173,244
Distributions to shareholders
Net investment income
Class A		—			(1,780,654	)
Class I		(1	)		(30	)
Class R		—			(4,564	)
Class R4		(754	)		(12	)
Class R5		(152	)		(13	)
Class W		—			(10	)
Class Z		(6,430	)		(10,566,047	)
Net realized gains
Class A		(27,970,920	)		—
Class B		(799,666	)		—
Class C		(14,690,235	)		—
Class I		(164	)		—
Class R		(941,212	)		—
Class R4		(980,451	)		—
Class R5		(35,393	)		—
Class W		(166	)		—
Class Z		(48,047,185	)		—
Total distributions to shareholders		(93,472,729	)		(12,351,330	)
Increase (decrease) in net assets from capital stock activity		(356,974,596	)		(1,201,164,689	)
Total decrease in net assets		(236,905,581	)		(1,069,342,775	)
Net assets at beginning of period		2,146,174,552			3,215,517,327
Net assets at end of period	$	1,909,268,971		$	2,146,174,552
Excess of distributions over net investment income	$	(859,741	)	$	(156,749	)

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		1,612,237			40,623,524			2,514,851			56,427,371
Distributions reinvested		980,827			23,265,212			67,517			1,489,735
Redemptions		(4,104,222	)		(103,004,401	)		(10,263,560	)		(230,701,898	)
Net decrease		(1,511,158	)		(39,115,665	)		(7,681,192	)		(172,784,792	)
Class B shares
Subscriptions		20,415			439,922			14,345			292,426
Distributions reinvested		20,034			424,310			—			—
Redemptions^(b)		(311,668	)		(7,015,305	)		(482,875	)		(9,839,116	)
Net decrease		(271,219	)		(6,151,073	)		(468,530	)		(9,546,690	)
Class C shares
Subscriptions		585,520			12,846,700			529,146			10,734,279
Distributions reinvested		353,430			7,496,242			—			—
Redemptions		(1,175,855	)		(26,545,341	)		(3,968,353	)		(80,319,452	)
Net decrease		(236,905	)		(6,202,399	)		(3,439,207	)		(69,585,173	)
Class R shares
Subscriptions		87,814			2,167,051			225,764			4,962,159
Distributions reinvested		37,129			866,962			187			4,065
Redemptions		(142,534	)		(3,543,277	)		(354,540	)		(7,840,576	)
Net decrease		(17,591	)		(509,264	)		(128,589	)		(2,874,352	)
Class R4 shares
Subscriptions		909,593			22,845,198			2,686			65,383
Distributions reinvested		39,995			981,070			—			—
Redemptions		(110,323	)		(2,893,685	)		—			—
Net increase		839,265			20,932,583			2,686			65,383
Class R5 shares
Subscriptions		52,463			1,358,261			113			2,500
Distributions reinvested		1,444			35,409			—			—
Redemptions		(1,193	)		(29,242	)		—			—
Net increase		52,714			1,364,428			113			2,500
Class Z shares
Subscriptions		4,784,821			122,199,115			20,275,822			465,764,921
Distributions reinvested		1,515,195			36,667,728			346,104			7,778,747
Redemptions		(18,775,818	)		(486,160,049	)		(62,160,960	)		(1,419,985,233	)
Net decrease		(12,475,802	)		(327,293,206	)		(41,539,034	)		(946,441,565	)
Total net decrease		(13,620,696	)		(356,974,596	)		(53,253,753	)		(1,201,164,689	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	23.69		$	22.25		$	21.19		$	16.75		$	11.30		$	20.26
Income from investment operations:
Net investment income (loss)		(0.01	)		0.05			0.02			(0.01	)		0.03			0.06
Net realized and unrealized gain (loss)		2.38			1.45			1.04			4.45			5.50			(9.01	)
Total from investment operations		2.37			1.50			1.06			4.44			5.53			(8.95	)
Less distributions to shareholders:
Net investment income		—			(0.06	)		—			—			(0.08	)		(0.01	)
Net realized gains		(1.20	)		—			—			—			—			—
Total distributions to shareholders		(1.20	)		(0.06	)		—			—			(0.08	)		(0.01	)
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	24.86		$	23.69		$	22.25		$	21.19		$	16.75		$	11.30
Total return		10.23	%		6.78	%		5.00	%		26.51	%		49.09	%		(44.21	%)
Ratios to average net assets^(d)
Total gross expenses		1.18	%^(e)(f)		1.36	%		1.33	%^(f)		1.30	%^(f)		1.28	%^(f)		1.26	%
Total net expenses^(g)		1.18	%^(e)(f)(h)		1.26	%^(h)		1.28	%^(f)(h)		1.30	%^(f)(h)		1.28	%^(f)(h)		1.24	%^(h)
Net investment income (loss)		(0.10	%)^(e)		0.24	%		0.08	%		(0.05	%)		0.23	%		0.36	%
Supplemental data
Net assets, end of period (in thousands)	$	585,579		$	593,794		$	728,788		$	1,021,724		$	1,569,860		$	1,383,438
Portfolio turnover		52	%		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

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

(e) Annualized.

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

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

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	21.33		$	20.13		$	19.31		$	15.38		$	10.42		$	18.83
Income from investment operations:
Net investment loss		(0.10	)		(0.10	)		(0.13	)		(0.13	)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		2.14			1.30			0.95			4.06			5.07			(8.35	)
Total from investment operations		2.04			1.20			0.82			3.93			5.00			(8.41	)
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.04	)		—
Net realized gains		(1.20	)		—			—			—			—			—
Total distributions to shareholders		(1.20	)		—			—			—			(0.04	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	22.17		$	21.33		$	20.13		$	19.31		$	15.38		$	10.42
Total return		9.81	%		5.96	%		4.25	%		25.55	%		48.10	%		(44.66	%)
Ratios to average net assets^(d)
Total gross expenses		1.93	%^(e)(f)		2.10	%		2.09	%^(f)		2.05	%^(f)		2.03	%^(f)		2.01	%
Total net expenses^(g)		1.93	%^(e)(f)(h)		2.01	%^(h)		2.03	%^(f)(h)		2.05	%^(f)(h)		2.03	%^(f)(h)		1.99	%^(h)
Net investment loss		(0.85	%)^(e)		(0.52	%)		(0.68	%)		(0.78	%)		(0.52	%)		(0.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	13,383		$	18,659		$	27,041		$	41,675		$	47,847		$	44,407
Portfolio turnover		52	%		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

(e) Annualized.

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

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

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	21.35		$	20.15		$	19.34		$	15.40		$	10.44		$	18.86
Income from investment operations:
Net investment loss		(0.10	)		(0.10	)		(0.13	)		(0.13	)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		2.15			1.30			0.94			4.07			5.07			(8.36	)
Total from investment operations		2.05			1.20			0.81			3.94			5.00			(8.42	)
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.04	)		—
Net realized gains		(1.20	)		—			—			—			—			—
Total distributions to shareholders		(1.20	)		—			—			—			(0.04	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	22.20		$	21.35		$	20.15		$	19.34		$	15.40		$	10.44
Total return		9.84	%		5.96	%		4.19	%		25.58	%		48.00	%		(44.64	%)
Ratios to average net assets^(d)
Total gross expenses		1.93	%^(e)(f)		2.10	%		2.09	%^(f)		2.05	%^(f)		2.03	%^(f)		2.01	%
Total net expenses^(g)		1.93	%^(e)(f)(h)		2.01	%^(h)		2.03	%^(f)(h)		2.05	%^(f)(h)		2.03	%^(f)(h)		1.99	%^(h)
Net investment loss		(0.85	%)^(e)		(0.51	%)		(0.67	%)		(0.78	%)		(0.52	%)		(0.39	%)
Supplemental data
Net assets, end of period (in thousands)	$	282,120		$	276,437		$	330,213		$	390,384		$	399,082		$	384,025
Portfolio turnover		52	%		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

(e) Annualized.

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

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

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	24.17		$	22.77		$	21.55		$	18.29
Income from investment operations:
Net investment income		0.05			0.15			0.13			0.01
Net realized and unrealized gain		2.42			1.47			1.09			3.29
Total from investment operations		2.47			1.62			1.22			3.30
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.22	)		—			(0.04	)
Net realized gains		(1.20	)		—			—			—
Total distributions to shareholders		(1.20	)		(0.22	)		—			(0.04	)
Net asset value, end of period	$	25.44		$	24.17		$	22.77		$	21.55
Total return		10.47	%		7.20	%		5.66	%		18.05	%
Ratios to average net assets^(c)
Total gross expenses		0.70	%^(d)(e)		0.87	%		0.89	%^(e)		0.88	%^(d)(e)
Total net expenses^(f)		0.70	%^(d)(e)		0.87	%		0.88	%^(e)(g)		0.88	%^(d)(e)(g)
Net investment income		0.37	%^(d)		0.65	%		0.64	%		0.06	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	11,201
Portfolio turnover		52	%		90	%		65	%		67	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	(Unaudited)			2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	23.36		$	21.94		$	20.94		$	16.60		$	11.20		$	20.13
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.00	)^(c)		(0.03	)		(0.05	)		(0.00	)^(c)		0.02
Net realized and unrealized gain (loss)		2.34			1.43			1.03			4.39			5.45			(8.95	)
Total from investment operations		2.30			1.43			1.00			4.34			5.45			(8.93	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		—			—			(0.05	)		—
Net realized gains		(1.20	)		—			—			—			—			—
Total distributions to shareholders		(1.20	)		(0.01	)		—			—			(0.05	)		—
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	24.46		$	23.36		$	21.94		$	20.94		$	16.60		$	11.20
Total return		10.07	%		6.50	%		4.78	%		26.14	%		48.79	%		(44.36	%)
Ratios to average net assets^(d)
Total gross expenses		1.43	%^(e)(f)		1.61	%		1.58	%^(f)		1.55	%^(f)		1.53	%^(f)		1.51	%
Total net expenses^(g)		1.43	%^(e)(f)(h)		1.51	%^(h)		1.53	%^(f)(h)		1.55	%^(f)(h)		1.53	%^(f)(h)		1.49	%^(h)
Net investment income (loss)		(0.35	%)^(e)		(0.00	)^(c)		(0.16	%)		(0.27	%)		(0.02	%)		0.15	%
Supplemental data
Net assets, end of period (in thousands)	$	20,024		$	19,530		$	21,166		$	20,548		$	14,848		$	9,941
Portfolio turnover		52	%		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

(e) Annualized.

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

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

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	24.44		$	22.14
Income from investment operations:
Net investment income		0.02			0.08
Net realized and unrealized gain		2.45			2.32
Total from investment operations		2.47			2.40
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.10	)
Net realized gains		(1.20	)		—
Total distributions to shareholders		(1.20	)		(0.10	)
Net asset value, end of period	$	25.71		$	24.44
Total return		10.33	%		10.89	%
Ratios to average net assets^(c)
Total gross expenses		0.94	%^(d)(e)		1.01	%^(d)
Total net expenses^(f)		0.94	%^(d)(e)(g)		1.00	%^(d)
Net investment income		0.19	%^(d)		1.11	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	21,650		$	66
Portfolio turnover		52	%		90	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	24.43		$	22.14
Income from investment operations:
Net investment income		0.04			0.09
Net realized and unrealized gain		2.45			2.32
Total from investment operations		2.49			2.41
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.12	)
Net realized gains		(1.20	)		—
Total distributions to shareholders		(1.20	)		(0.12	)
Net asset value, end of period	$	25.72		$	24.43
Total return		10.43	%		10.92	%
Ratios to average net assets^(c)
Total gross expenses		0.79	%^(d)(e)		0.89	%^(d)
Total net expenses^(f)		0.79	%^(d)(e)		0.89	%^(d)
Net investment income		0.29	%^(d)		1.22	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,359		$	3
Portfolio turnover		52	%		90	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

Class W	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	23.69		$	22.26		$	21.20		$	17.98
Income from investment operations:
Net investment income (loss)		(0.01	)		0.06			0.02			0.01
Net realized and unrealized gain		2.38			1.44			1.04			3.21
Total from investment operations		2.37			1.50			1.06			3.22
Less distributions to shareholders:
Net investment income		—			(0.07	)		—			—
Net realized gains		(1.20	)		—			—			—
Total distributions to shareholders		(1.20	)		(0.07	)		—			—
Net asset value, end of period	$	24.86		$	23.69		$	22.26		$	21.20
Total return		10.23	%		6.76	%		5.00	%		17.91	%
Ratios to average net assets^(b)
Total gross expenses		1.16	%^(c)(d)		1.35	%		1.29	%^(d)		1.28	%^(c)(d)
Total net expenses^(e)		1.16	%^(c)(d)		1.26	%		1.26	%^(d)(f)		1.28	%^(c)(d)(f)
Net investment income (loss)		(0.09	%)^(c)		0.25	%		0.11	%		0.17	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	3
Portfolio turnover		52	%		90	%		65	%		67	%

Notes to Financial Highlights

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

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

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

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

	Year Ended August 31, 2013
	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009^(a)(b)
Per share data
Net asset value, beginning of period	$	24.13		$	22.71		$	21.57		$	17.02		$	11.47		$	20.63
Income from investment operations:
Net investment income		0.02			0.10			0.07			0.04			0.07			0.11
Net realized and unrealized gain (loss)		2.42			1.48			1.07			4.52			5.60			(9.17	)
Total from investment operations		2.44			1.58			1.14			4.56			5.67			(9.06	)
Less distributions to shareholders:
Net investment income		(0.00	)^(c)		(0.16	)		—			(0.01	)		(0.12	)		(0.10	)
Net realized gains		(1.20	)		—			—			—			—			—
Total distributions to shareholders		(1.20	)		(0.16	)		—			(0.01	)		(0.12	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			0.00	^(c)		0.00	^(c)		—
Net asset value, end of period	$	25.37		$	24.13		$	22.71		$	21.57		$	17.02		$	11.47
Total return		10.33	%		7.02	%		5.29	%		26.81	%		49.55	%		(44.09	%)
Ratios to average net assets^(d)
Total gross expenses		0.93	%^(e)(f)		1.10	%		1.08	%^(f)		1.05	%^(f)		1.03	%^(f)		1.01	%
Total net expenses^(g)		0.93	%^(e)(f)(h)		1.02	%^(h)		1.03	%^(f)(h)		1.05	%^(f)(h)		1.03	%^(f)(h)		0.99	%^(h)
Net investment income		0.16	%^(e)		0.43	%		0.34	%		0.24	%		0.48	%		0.63	%
Supplemental data
Net assets, end of period (in thousands)	$	985,147		$	1,237,679		$	2,108,304		$	2,063,751		$	1,676,013		$	1,329,782
Portfolio turnover		52	%		90	%		65	%		67	%		69	%		21	%⁽ⁱ⁾
Turnover of Columbia Marsico Growth Master Portfolio		—			—			—			—			—			54	%

Notes to Financial Highlights

(a) The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund's proportionate share of the income and expenses of Columbia Marsico Growth Master Portfolio.

(b) Effective November 10, 2008, the Fund converted to a stand-alone fund. Prior to November 10, 2008, the Fund operated in a master-feeder structure.

(e) Annualized.

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

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

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

(i) Amount represents results after the Fund's conversion to a stand-alone structure on November 10, 2008.

Note 1. Organization

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

Fund Shares

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

Class I shares are not subject to sales charges and are 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 eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Subadvisory Agreement

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and

accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.05% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

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

Distribution and Service Fees

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75%, 0.50% and 0.25% of

the average daily net assets attributable to Class B, Class C, Class R and Class W shares of the Fund.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $107,210 for Class A, $4,903 for Class B and $4,311 for Class C shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.24	%		1.25	%
Class B		1.99			2.00
Class C		1.99			2.00
Class I		0.84			0.87
Class R		1.49			1.50
Class R4		0.99			1.00
Class R5		0.89			0.92
Class W		1.24			1.25
Class Z		0.99			1.00

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $1,463,258,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	468,609,000
Unrealized depreciation		(13,499,000	)
Net unrealized appreciation	$	455,110,000

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,055,215,200 and $1,570,305,719, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, three unaffiliated shareholder accounts owned an aggregate of 62.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the six months ended August 31, 2013, the average daily loan balance outstanding on days when borrowing existed was $13,316,667 at a weighted average interest rate of 1.19%. Interest expense incurred by the Fund is recorded as interest expense in the Statement of Operations.

Note 9. Significant Risks

Consumer Discretionary Risk

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Marsico Growth Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Marsico Capital Management, LLC (the Subadviser), the Subadviser has provided portfolio management and related services for the Fund.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser was in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed the Fund's performance was appropriate in light of the particular management style involved and the particular market environment.

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management's process for selecting and monitoring the Subadviser. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser. The Board observed that management was exploring ways in which to improve the performance of the Fund. The Board took into account management's view that the Fund's relative underperformance reflected the interrelationship of market conditions with the particular investment strategies employed by the Marsico team. The Board observed that the Subadviser was subject to Columbia Management's ongoing heightened scrutiny of its performance.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management, its Affiliates and the Subadviser from their Relationships with the Fund

among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to Columbia Management's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by Columbia Management and discussed differences in how the products are managed and operated, noting no unreasonable differences in the levels of contractual fees.

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund's investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

Economies of Scale to be Realized

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Mid Cap Index Fund (the Fund) Class A shares returned 7.95% for the six months ended August 31, 2013.

> The Fund underperformed its benchmark, the S&P MidCap 400 Index, which returned 8.18% for the same period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	05/31/00		7.95		23.10		8.98		9.72
Class I*	09/27/10		8.11		23.46		9.27		10.00
Class R5*	11/08/12		8.07		23.47		9.26		10.00
Class Z	03/31/00		8.02		23.38		9.25		9.99
S&P MidCap 400 Index			8.18		23.71		9.43		10.11

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

The S&P MidCap 400 Index is a market-value weighted index that tracks the performance of 400 mid-cap U.S. companies.

Top Ten Holdings (%) (at August 31, 2013)
Vertex Pharmaceuticals, Inc.					1.3
Green Mountain Coffee Roasters, Inc.					0.8
AMETEK, Inc.					0.8
Alliance Data Systems Corp.					0.7
Affiliated Managers Group, Inc.					0.7
HollyFrontier Corp.					0.7
Henry Schein, Inc.					0.6
LKQ Corp.					0.6
Equinix, Inc.					0.6
Tractor Supply Co.					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.

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					98.6
Consumer Discretionary					13.4
Consumer Staples					4.2
Energy					5.4
Financials					22.2
Health Care					9.7
Industrials					16.2
Information Technology					15.2
Materials					6.8
Telecommunication Services					0.5
Utilities					5.0
Money Market Funds					1.4
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 — August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,079.50		1,022.81		2.35		2.28		0.45
Class I		1,000.00		1,000.00		1,081.10		1,024.07		1.04		1.01		0.20
Class R5		1,000.00		1,000.00		1,080.70		1,024.07		1.04		1.01		0.20
Class Z		1,000.00		1,000.00		1,080.20		1,024.07		1.04		1.01		0.20

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.

Common Stocks 98.7%

Issuer	Shares		Value ($)
Consumer Discretionary 13.4%
Auto Components 0.2%
Gentex Corp.		332,283		7,486,336
Automobiles 0.2%
Thor Industries, Inc.		101,884		5,219,517
Distributors 0.6%
LKQ Corp.^(a)		691,037		20,205,922
Diversified Consumer Services 0.9%
Apollo Group, Inc., Class A^(a)		231,930		4,306,940
DeVry, Inc.		130,978		3,930,650
Matthews International Corp., Class A		63,896		2,357,762
Regis Corp.		131,110		2,068,916
Service Corp. International		489,851		8,856,506
Sotheby's		158,012		7,285,933
Total				28,806,707
Hotels, Restaurants & Leisure 1.7%
Bally Technologies, Inc.^(a)		89,388		6,447,556
Bob Evans Farms, Inc.		64,519		3,163,367
Brinker International, Inc.		163,259		6,528,727
Cheesecake Factory, Inc. (The)		114,765		4,793,734
Domino's Pizza, Inc.		130,180		7,998,259
International Speedway Corp., Class A		59,089		1,831,168
Life Time Fitness, Inc.^(a)		91,649		4,581,534
Panera Bread Co., Class A^(a)		64,831		10,633,581
Scientific Games Corp., Class A^(a)		121,967		1,742,908
Wendy's Co. (The)		655,438		4,955,111
WMS Industries, Inc.^(a)		126,877		3,260,739
Total				55,936,684
Household Durables 2.1%
Jarden Corp.^(a)		233,881		10,045,189
KB Home		189,586		3,039,063
MDC Holdings, Inc.		90,478		2,518,003
Mohawk Industries, Inc.^(a)		140,911		16,555,633
NVR, Inc.^(a)		10,080		8,626,565
Tempur Sealy International, Inc.^(a)		139,664		5,378,461
Toll Brothers, Inc.^(a)		348,716		10,674,197
Tupperware Brands Corp.		122,400		9,886,248
Total				66,723,359

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet & Catalog Retail 0.1%
HSN, Inc.		82,759		4,457,400
Leisure Equipment & Products 0.5%
Polaris Industries, Inc.		147,944		16,156,964
Media 1.3%
AMC Networks, Inc., Class A^(a)		133,644		8,283,255
Cinemark Holdings, Inc.		235,443		6,938,505
DreamWorks Animation SKG, Inc., Class A^(a)		164,600		4,658,180
John Wiley & Sons, Inc., Class A		107,024		4,687,651
Lamar Advertising Co., Class A^(a)		128,729		5,415,629
Meredith Corp.		83,388		3,586,518
New York Times Co. (The), Class A^(a)		282,519		3,150,087
Scholastic Corp.		61,268		1,808,019
Valassis Communications, Inc.		89,849		2,475,340
Total				41,003,184
Multiline Retail 0.3%
Big Lots, Inc.^(a)		134,730		4,772,137
Saks, Inc.^(a)		232,856		3,709,396
Total				8,481,533
Specialty Retail 4.2%
Aaron's, Inc.		163,149		4,416,443
Advance Auto Parts, Inc.		169,245		13,551,447
Aeropostale, Inc.^(a)		181,592		1,476,343
American Eagle Outfitters, Inc.		405,754		5,871,260
ANN, Inc.^(a)		109,088		3,785,354
Ascena Retail Group, Inc.^(a)		294,699		4,809,488
Barnes & Noble, Inc.^(a)		87,310		1,193,528
Cabela's, Inc.^(a)		107,570		7,049,062
Chico's FAS, Inc.		375,438		5,856,833
CST Brands, Inc.^(a)		139,590		4,117,905
Dick's Sporting Goods, Inc.		231,850		10,760,158
Foot Locker, Inc.		347,427		11,187,149
Guess?, Inc.		141,378		4,312,029
Murphy USA, Inc.^(a)		104,870		3,874,947
Office Depot, Inc.^(a)		662,062		2,774,040
Rent-A-Center, Inc.		123,547		4,634,248
Signet Jewelers Ltd.		187,165		12,427,756

Common Stocks (continued)

Issuer	Shares		Value ($)
Tractor Supply Co.		161,505		19,763,367
Williams-Sonoma, Inc.		198,958		11,223,221
Total				133,084,578
Textiles, Apparel & Luxury Goods 1.3%
Carter's, Inc.		117,922		8,683,776
Deckers Outdoor Corp.^(a)		79,732		4,682,661
Hanesbrands, Inc.		228,050		13,564,414
Under Armour, Inc., Class A^(a)		179,930		13,070,115
Total				40,000,966
Total Consumer Discretionary				427,563,150
Consumer Staples 4.2%
Food & Staples Retailing 0.5%
Harris Teeter Supermarkets, Inc.		114,467		5,626,053
SUPERVALU, Inc.^(a)		464,201		3,328,321
United Natural Foods, Inc.^(a)		114,121		6,919,156
Total				15,873,530
Food Products 2.6%
Dean Foods Co.^(a)		216,005		4,138,656
Flowers Foods, Inc.		398,281		8,280,262
Green Mountain Coffee Roasters, Inc.^(a)		286,560		24,732,993
Hillshire Brands Co.		284,819		9,202,502
Ingredion, Inc.		179,286		11,284,261
Lancaster Colony Corp.		44,885		3,311,166
Post Holdings, Inc.^(a)		75,611		3,228,590
Smithfield Foods, Inc.^(a)		289,406		9,703,783
Tootsie Roll Industries, Inc.		48,420		1,452,116
WhiteWave Foods Co., Class A^(a)		400,390		7,655,457
Total				82,989,786
Household Products 1.0%
Church & Dwight Co., Inc.		319,801		18,980,189
Energizer Holdings, Inc.		144,033		14,234,782
Total				33,214,971
Tobacco 0.1%
Universal Corp.		54,015		2,647,815
Total Consumer Staples				134,726,102
Energy 5.4%
Energy Equipment & Services 2.9%
Atwood Oceanics, Inc.^(a)		132,495		7,377,322

Common Stocks (continued)

Issuer	Shares		Value ($)
CARBO Ceramics, Inc.		45,514		3,713,487
Dresser-Rand Group, Inc.^(a)		176,266		10,741,650
Dril-Quip, Inc.^(a)		84,540		8,623,925
Helix Energy Solutions Group, Inc.^(a)		227,998		5,706,790
Oceaneering International, Inc.		250,386		19,424,946
Oil States International, Inc.^(a)		127,198		11,348,606
Patterson-UTI Energy, Inc.		338,863		6,638,326
Superior Energy Services, Inc.^(a)		369,309		9,070,229
Tidewater, Inc.		114,517		6,179,337
Unit Corp.^(a)		101,098		4,655,563
Total				93,480,181
Oil, Gas & Consumable Fuels 2.5%
Alpha Natural Resources, Inc.^(a)		512,250		3,114,480
Arch Coal, Inc.		491,182		2,195,584
Bill Barrett Corp.^(a)		112,881		2,430,328
Cimarex Energy Co.		200,060		16,767,029
Energen Corp.		167,135		11,082,722
HollyFrontier Corp.		470,540		20,929,619
Rosetta Resources, Inc.^(a)		141,372		6,578,039
SM Energy Co.		153,379		10,478,853
World Fuel Services Corp.		168,060		6,411,489
Total				79,988,143
Total Energy				173,468,324
Financials 22.3%
Capital Markets 2.5%
Affiliated Managers Group, Inc.^(a)		122,047		21,275,233
Apollo Investment Corp.		520,102		4,103,605
Eaton Vance Corp.		280,962		10,831,085
Federated Investors, Inc., Class B		218,260		5,927,941
Greenhill & Co., Inc.		60,666		2,874,961
Janus Capital Group, Inc.		439,380		3,673,217
Raymond James Financial, Inc.		261,766		10,949,672
SEI Investments Co.		311,205		9,261,461
Waddell & Reed Financial, Inc., Class A		198,866		9,469,999
Total				78,367,174
Commercial Banks 4.5%
Associated Banc-Corp.		388,119		6,190,498
BancorpSouth, Inc.		193,840		3,756,619
Bank of Hawaii Corp.		103,776		5,344,464

Common Stocks (continued)

Issuer	Shares		Value ($)
Cathay General Bancorp		169,735		3,737,565
City National Corp.		110,277		7,219,835
Commerce Bancshares, Inc.		178,371		7,703,843
Cullen/Frost Bankers, Inc.		138,869		9,837,480
East West Bancorp, Inc.		315,137		9,211,455
First Horizon National Corp.		558,240		6,174,134
First Niagara Financial Group, Inc.		819,109		8,273,001
FirstMerit Corp.		383,556		8,116,045
Fulton Financial Corp.		451,615		5,460,025
Hancock Holding Co.		196,441		6,315,578
International Bancshares Corp.		125,952		2,760,868
Prosperity Bancshares, Inc.		108,805		6,506,539
Signature Bank^(a)		109,371		9,594,024
SVB Financial Group^(a)		104,327		8,638,276
Synovus Financial Corp.		2,262,135		7,216,211
TCF Financial Corp.		379,089		5,326,200
Trustmark Corp.		155,430		3,863,990
Valley National Bancorp		461,091		4,652,408
Webster Financial Corp.		208,875		5,526,833
Westamerica Bancorporation		62,443		2,939,192
Total				144,365,083
Diversified Financial Services 0.6%
CBOE Holdings, Inc.		201,968		9,268,312
MSCI, Inc.^(a)		279,377		10,479,431
Total				19,747,743
Insurance 4.8%
Alleghany Corp.^(a)		38,988		15,091,865
American Financial Group, Inc.		174,787		9,006,774
Arthur J Gallagher & Co.		293,338		12,126,593
Aspen Insurance Holdings Ltd.		157,634		5,607,041
Brown & Brown, Inc.		273,323		8,511,278
Everest Re Group Ltd.		115,650		15,838,267
Fidelity National Financial, Inc., Class A		494,615		11,727,322
First American Financial Corp.		250,355		5,232,420
Hanover Insurance Group, Inc. (The)		101,850		5,425,550
HCC Insurance Holdings, Inc.		232,348		9,805,086
Kemper Corp.		124,921		4,241,068
Mercury General Corp.		83,891		3,681,137
Old Republic International Corp.		558,656		7,932,915
Primerica, Inc.		106,825		3,966,412

Common Stocks (continued)

Issuer	Shares		Value ($)
Protective Life Corp.		181,545		7,586,766
Reinsurance Group of America, Inc.		167,779		10,873,757
StanCorp Financial Group, Inc.		102,448		5,360,079
WR Berkley Corp.		255,003		10,485,723
Total				152,500,053
Real Estate Investment Trusts (REITs) 8.8%
Alexandria Real Estate Equities, Inc.		163,001		10,052,272
American Campus Communities, Inc.		242,473		8,076,776
BioMed Realty Trust, Inc.		431,165		7,937,748
BRE Properties, Inc.		178,358		8,559,400
Camden Property Trust		196,337		12,131,663
Corporate Office Properties Trust		198,491		4,521,625
Corrections Corp. of America		266,625		8,782,628
Duke Realty Corp.		744,409		10,860,927
Equity One, Inc.		143,305		3,046,664
Essex Property Trust, Inc.		87,938		12,602,395
Extra Space Storage, Inc.		239,805		9,887,160
Federal Realty Investment Trust		150,993		14,693,129
Highwoods Properties, Inc.		206,494		6,975,367
Home Properties, Inc.		129,797		7,489,287
Hospitality Properties Trust		323,383		8,737,809
Kilroy Realty Corp.		174,375		8,507,756
Liberty Property Trust		326,871		11,309,737
Mack-Cali Realty Corp.		193,298		4,175,237
National Retail Properties, Inc.		273,918		8,390,108
Omega Healthcare Investors, Inc.		268,800		7,633,920
Potlatch Corp.		93,707		3,613,342
Rayonier, Inc.		291,655		16,111,022
Realty Income Corp.		454,130		17,938,135
Regency Centers Corp.		211,998		10,080,505
Senior Housing Properties Trust		435,245		9,901,824
SL Green Realty Corp.		211,977		18,482,275
Taubman Centers, Inc.		147,569		9,947,626
UDR, Inc.		580,277		13,108,457
Weingarten Realty Investors		259,347		7,445,852
Total				281,000,646
Real Estate Management & Development 0.4%
Alexander & Baldwin, Inc.^(a)		99,626		3,583,547
Jones Lang LaSalle, Inc.		102,048		8,392,428
Total				11,975,975

Common Stocks (continued)

Issuer	Shares		Value ($)
Thrifts & Mortgage Finance 0.7%
Astoria Financial Corp.		189,935		2,336,200
New York Community Bancorp, Inc.		1,020,234		14,946,428
Washington Federal, Inc.		241,119		5,036,976
Total				22,319,604
Total Financials				710,276,278
Health Care 9.7%
Biotechnology 1.5%
United Therapeutics Corp.^(a)		106,898		7,580,137
Vertex Pharmaceuticals, Inc.^(a)		538,369		40,458,430
Total				48,038,567
Health Care Equipment & Supplies 2.5%
Cooper Companies, Inc. (The)		112,602		14,706,947
Hill-Rom Holdings, Inc.		138,304		4,721,699
Hologic, Inc.^(a)		623,226		13,299,643
IDEXX Laboratories, Inc.^(a)		125,206		11,746,827
Masimo Corp.		118,777		2,938,543
ResMed, Inc.		329,697		15,574,886
STERIS Corp.		136,408		5,577,723
Teleflex, Inc.		95,137		7,333,160
Thoratec Corp.^(a)		132,670		4,740,299
Total				80,639,727
Health Care Providers & Services 3.2%
CHS/Community Health Systems, Inc.		218,129		8,563,745
Health Management Associates, Inc., Class A^(a)		600,148		7,717,903
Health Net, Inc.^(a)		183,624		5,541,772
Henry Schein, Inc.^(a)		201,640		20,375,722
LifePoint Hospitals, Inc.^(a)		109,667		4,960,238
Mednax, Inc.^(a)		115,751		11,270,675
Omnicare, Inc.		242,817		13,201,960
Owens & Minor, Inc.		146,550		4,998,821
Universal Health Services, Inc., Class B		206,418		13,984,819
VCA Antech, Inc.^(a)		204,892		5,591,503
WellCare Health Plans, Inc.^(a)		100,586		6,404,311
Total				102,611,469

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Technology 0.4%
Allscripts-Misys Healthcare Solutions, Inc.^(a)		410,223		5,964,643
HMS Holdings Corp.^(a)		202,961		5,071,995
Total				11,036,638
Life Sciences Tools & Services 1.3%
Bio-Rad Laboratories, Inc., Class A^(a)		46,871		5,343,763
Charles River Laboratories International, Inc.^(a)		113,468		5,225,201
Covance, Inc.^(a)		129,322		10,480,255
Mettler-Toledo International, Inc.^(a)		69,861		15,385,488
Techne Corp.		80,131		6,210,954
Total				42,645,661
Pharmaceuticals 0.8%
Endo Health Solutions, Inc.^(a)		259,752		10,673,210
Mallinckrodt PLC^(a)		136,100		5,940,765
Salix Pharmaceuticals Ltd.^(a)		120,590		8,072,294
Total				24,686,269
Total Health Care				309,658,331
Industrials 16.2%
Aerospace & Defense 1.6%
Alliant Techsystems, Inc.		74,477		7,206,395
B/E Aerospace, Inc.^(a)		242,374		16,527,483
Esterline Technologies Corp.^(a)		72,393		5,522,862
Exelis, Inc.		435,385		6,404,513
Huntington Ingalls Industries, Inc.		116,049		7,348,223
Triumph Group, Inc.		119,392		8,592,642
Total				51,602,118
Air Freight & Logistics 0.1%
UTi Worldwide, Inc.		241,885		3,993,521
Airlines 0.4%
Alaska Air Group, Inc.		162,558		9,204,034
JetBlue Airways Corp.^(a)		522,326		3,212,305
Total				12,416,339
Building Products 0.7%
Fortune Brands Home & Security, Inc.		381,881		14,068,496
Lennox International, Inc.		106,122		7,285,275
Total				21,353,771

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies 1.7%
Brink's Co. (The)		110,983		2,866,691
Clean Harbors, Inc.^(a)		124,680		7,085,564
Copart, Inc.^(a)		246,754		7,839,375
Deluxe Corp.		117,712		4,631,967
Herman Miller, Inc.		135,099		3,440,971
HNI Corp.		105,195		3,521,929
Mine Safety Appliances Co.		72,206		3,475,275
Rollins, Inc.		152,336		3,770,316
RR Donnelley & Sons Co.		419,788		7,002,064
Waste Connections, Inc.		285,614		12,098,609
Total				55,732,761
Construction & Engineering 0.9%
AECOM Technology Corp.^(a)		238,558		6,949,194
Granite Construction, Inc.		82,462		2,335,324
KBR, Inc.		342,067		10,214,121
URS Corp.		175,641		8,697,742
Total				28,196,381
Electrical Equipment 1.7%
Acuity Brands, Inc.		99,132		8,475,786
AMETEK, Inc.		563,584		24,189,025
General Cable Corp.		115,150		3,515,530
Hubbell, Inc., Class B		123,625		12,530,630
Regal-Beloit Corp.		104,114		6,632,062
Total				55,343,033
Industrial Conglomerates 0.3%
Carlisle Companies, Inc.		147,254		9,807,116
Machinery 5.2%
AGCO Corp.		225,201		12,737,369
CLARCOR, Inc.		114,978		6,158,222
Crane Co.		112,425		6,454,319
Donaldson Co., Inc.		312,865		11,025,363
Graco, Inc.		141,772		9,851,736
Harsco Corp.		186,674		4,392,439
IDEX Corp.		190,303		11,298,289
ITT Corp.		208,052		6,834,508
Kennametal, Inc.		182,216		7,747,824
Lincoln Electric Holdings, Inc.		191,955		12,002,946
Nordson Corp.		130,776		8,716,220
Oshkosh Corp.^(a)		203,620		9,146,610

Common Stocks (continued)

Issuer	Shares		Value ($)
SPX Corp.		108,293		8,018,014
Terex Corp.^(a)		257,335		7,462,715
Timken Co.		184,695		10,354,002
Trinity Industries, Inc.		183,293		7,738,631
Valmont Industries, Inc.		54,481		7,352,756
Wabtec Corp.		222,620		13,027,722
Woodward, Inc.		140,027		5,399,441
Total				165,719,126
Marine 0.4%
Kirby Corp.^(a)		131,338		10,563,516
Matson, Inc.		98,775		2,630,378
Total				13,193,894
Professional Services 1.0%
Corporate Executive Board Co. (The)		77,788		5,043,774
FTI Consulting, Inc.^(a)		93,283		3,119,384
Manpowergroup, Inc.		178,497		11,575,530
Towers Watson & Co.		130,640		10,745,140
Total				30,483,828
Road & Rail 1.2%
Con-way, Inc.		130,383		5,423,933
Genesee & Wyoming, Inc., Class A^(a)		114,594		9,921,549
JB Hunt Transport Services, Inc.		209,530		15,086,160
Landstar System, Inc.		107,748		5,888,428
Werner Enterprises, Inc.		103,434		2,383,119
Total				38,703,189
Trading Companies & Distributors 1.0%
GATX Corp.		108,308		4,902,020
MSC Industrial Direct Co., Inc., Class A		108,390		8,237,640
United Rentals, Inc.^(a)		218,080		11,944,242
Watsco, Inc.		68,703		6,169,529
Total				31,253,431
Total Industrials				517,798,508
Information Technology 15.2%
Communications Equipment 0.8%
ADTRAN, Inc.		137,176		3,308,685
Ciena Corp.^(a)		234,952		4,680,244
InterDigital, Inc.		95,234		3,384,616
Plantronics, Inc.		100,169		4,327,301
Polycom, Inc.^(a)		399,250		3,964,553

Common Stocks (continued)

Issuer	Shares		Value ($)
Riverbed Technology, Inc.^(a)		378,191		5,839,269
Total				25,504,668
Computers & Peripherals 1.0%
3D Systems Corp.^(a)		214,500		11,025,300
Diebold, Inc.		147,312		4,165,983
Lexmark International, Inc., Class A		145,830		4,981,553
NCR Corp.^(a)		380,460		13,536,767
Total				33,709,603
Electronic Equipment, Instruments & Components 2.0%
Arrow Electronics, Inc.^(a)		242,226		11,244,131
Avnet, Inc.^(a)		317,160		12,229,690
Ingram Micro, Inc., Class A^(a)		352,536		7,791,046
Itron, Inc.^(a)		91,483		3,426,953
National Instruments Corp.		220,156		6,109,329
Tech Data Corp.^(a)		87,384		4,295,797
Trimble Navigation Ltd.^(a)		591,968		14,947,192
Vishay Intertechnology, Inc.^(a)		305,738		3,745,290
Total				63,789,428
Internet Software & Services 1.3%
AOL, Inc.		179,240		5,902,373
Equinix, Inc.^(a)		114,217		19,844,062
Monster Worldwide, Inc.^(a)		269,693		1,213,618
Rackspace Hosting, Inc.^(a)		255,696		11,460,295
ValueClick, Inc.^(a)		165,795		3,508,222
Total				41,928,570
IT Services 3.4%
Acxiom Corp.^(a)		171,053		4,255,799
Alliance Data Systems Corp.^(a)		113,829		22,276,335
Broadridge Financial Solutions, Inc.		280,542		8,348,930
Convergys Corp.		243,134		4,286,452
CoreLogic, Inc.^(a)		220,997		5,679,623
DST Systems, Inc.		69,097		4,931,453
Gartner, Inc.^(a)		216,957		12,576,997
Global Payments, Inc.		179,057		8,532,066
Jack Henry & Associates, Inc.		199,278		9,943,972
Lender Processing Services, Inc.		196,556		6,270,136
Mantech International Corp., Class A		54,971		1,563,925
NeuStar, Inc., Class A^(a)		152,275		7,695,979
VeriFone Systems, Inc.^(a)		251,156		4,977,912

Common Stocks (continued)

Issuer	Shares		Value ($)
WEX, Inc.^(a)		89,787		7,185,654
Total				108,525,233
Office Electronics 0.2%
Zebra Technologies Corp., Class A^(a)		117,845		5,373,732
Semiconductors & Semiconductor Equipment 2.1%
Atmel Corp.^(a)		991,934		7,201,441
Cree, Inc.^(a)		272,898		15,143,110
Cypress Semiconductor Corp.		313,060		3,543,839
Fairchild Semiconductor International, Inc.^(a)		294,403		3,594,661
Integrated Device Technology, Inc.^(a)		341,431		2,973,864
International Rectifier Corp.^(a)		160,717		3,837,922
Intersil Corp., Class A		294,326		3,052,160
RF Micro Devices, Inc.^(a)		650,879		3,228,360
Semtech Corp.^(a)		156,201		4,642,294
Silicon Laboratories, Inc.^(a)		90,372		3,496,493
Skyworks Solutions, Inc.^(a)		442,464		11,220,887
SunEdison, Inc.^(a)		536,461		3,948,353
Total				65,883,384
Software 4.4%
ACI Worldwide, Inc.^(a)		92,216		4,488,153
Advent Software, Inc.		92,832		2,505,536
ANSYS, Inc.^(a)		215,703		18,114,738
Cadence Design Systems, Inc.^(a)		654,913		8,821,678
CommVault Systems, Inc.^(a)		100,035		8,385,934
Compuware Corp.		493,917		5,270,094
Concur Technologies, Inc.^(a)		105,945		10,352,945
Factset Research Systems, Inc.		93,644		9,584,463
Fair Isaac Corp.		83,012		4,157,241
Informatica Corp.^(a)		250,114		8,946,578
Mentor Graphics Corp.		219,397		4,861,837
MICROS Systems, Inc.^(a)		182,032		8,901,365
PTC, Inc.^(a)		276,670		7,212,787
Rovi Corp.^(a)		239,227		4,289,340
SolarWinds, Inc.^(a)		142,693		5,201,160
Solera Holdings, Inc.		159,440		8,230,293
Synopsys, Inc.^(a)		355,846		12,902,976
TIBCO Software, Inc.^(a)		360,761		8,131,553
Total				140,358,671
Total Information Technology				485,073,289

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 6.8%
Chemicals 2.7%
Albemarle Corp.		188,319		11,745,456
Ashland, Inc.		170,070		14,831,805
Cabot Corp.		138,829		5,551,772
Cytec Industries, Inc.		84,371		6,309,263
Intrepid Potash, Inc.		124,483		1,548,569
Minerals Technologies, Inc.		80,675		3,581,970
NewMarket Corp.		24,673		6,764,843
Olin Corp.		185,823		4,292,511
RPM International, Inc.		306,651		10,420,001
Scotts Miracle-Gro Co., Class A		89,957		4,741,633
Sensient Technologies Corp.		115,810		4,801,483
Valspar Corp. (The)		189,134		11,756,569
Total				86,345,875
Construction Materials 0.5%
Eagle Materials, Inc.		108,830		6,982,533
Martin Marietta Materials, Inc.		106,279		10,208,098
Total				17,190,631
Containers & Packaging 1.8%
AptarGroup, Inc.		154,352		9,077,441
Greif, Inc., Class A		70,413		3,793,148
Packaging Corp. of America		227,009		12,040,558
Rock Tenn Co., Class A		166,472		18,496,704
Silgan Holdings, Inc.		104,745		4,941,869
Sonoco Products Co.		234,266		8,721,723
Total				57,071,443
Metals & Mining 1.5%
Carpenter Technology Corp.		102,482		5,510,457
Commercial Metals Co.		270,482		4,024,772
Compass Minerals International, Inc.		77,074		5,682,666
Reliance Steel & Aluminum Co.		177,481		11,836,208
Royal Gold, Inc.		150,525		8,734,966
Steel Dynamics, Inc.		510,049		7,783,348
Worthington Industries, Inc.		123,410		4,113,255
Total				47,685,672

Common Stocks (continued)

Issuer	Shares		Value ($)
Paper & Forest Products 0.3%
Domtar Corp.		77,783		5,133,678
Louisiana-Pacific Corp.^(a)		322,507		4,824,705
Total				9,958,383
Total Materials				218,252,004
Telecommunication Services 0.5%
Diversified Telecommunication Services 0.3%
tw telecom, Inc.^(a)		347,881		9,956,354
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		232,605		6,440,833
Total Telecommunication Services				16,397,187
Utilities 5.0%
Electric Utilities 2.1%
Cleco Corp.		139,879		6,316,936
Great Plains Energy, Inc.		355,736		7,797,733
Hawaiian Electric Industries, Inc.		228,046		5,703,430
IDACORP, Inc.		116,249		5,564,840
NV Energy, Inc.		544,875		12,777,319
OGE Energy Corp.		458,758		16,152,869
PNM Resources, Inc.		184,340		4,038,889
Westar Energy, Inc.		293,641		9,135,172
Total				67,487,188
Gas Utilities 1.5%
Atmos Energy Corp.		209,547		8,455,221
National Fuel Gas Co.		193,355		12,622,214
Questar Corp.		405,112		8,880,055
UGI Corp.		263,454		10,327,397
WGL Holdings, Inc.		119,655		4,994,400
Total				45,279,287
Multi-Utilities 1.1%
Alliant Energy Corp.		256,698		12,734,788
Black Hills Corp.		102,852		4,938,953
MDU Resources Group, Inc.		436,996		11,667,793
Vectren Corp.		190,400		6,207,040
Total				35,548,574

Investments in Derivatives

Futures Contracts Outstanding at August 31, 2013

At August 31, 2013, $1,845,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

S&P Mid Cap 400 E-Mini

359

42,466,110

September 2013

860,692

—

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at August 31, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds from Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					115,637,033				504,562,988				(574,988,323)				45,211,698				61,297				45,211,698

Fair Value Measurements

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		427,563,150		—		—		427,563,150
Consumer Staples		134,726,102		—		—		134,726,102
Energy		173,468,324		—		—		173,468,324
Financials		710,276,278		—		—		710,276,278
Health Care		309,658,331		—		—		309,658,331
Industrials		517,798,508		—		—		517,798,508
Information Technology		485,073,289		—		—		485,073,289
Materials		218,252,004		—		—		218,252,004
Telecommunication Services		16,397,187		—		—		16,397,187
Utilities		158,206,649		—		—		158,206,649
Total Equity Securities		3,151,419,822		—		—		3,151,419,822
Mutual Funds
Money Market Funds		45,211,698		—		—		45,211,698
Total Mutual Funds		45,211,698		—		—		45,211,698
Investments in Securities		3,196,631,520		—		—		3,196,631,520
Derivatives
Assets
Futures Contracts		860,692		—		—		860,692
Total		3,197,492,212		—		—		3,197,492,212

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,215,545,396)	$	3,151,419,822
Affiliated issuers (identified cost $45,211,698)		45,211,698
Total investments (identified cost $2,260,757,094)		3,196,631,520
Margin deposits		1,845,000
Receivable for:
Investments sold		1,000,112
Capital shares sold		4,321,159
Dividends		3,660,036
Expense reimbursement due from Investment Manager		17,156
Prepaid expenses		88,259
Total assets		3,207,563,242
Liabilities
Payable for:
Investments purchased		3,873,373
Capital shares purchased		7,218,975
Variation margin		708,464
Investment management fees		8,926
Distribution and/or service fees		5,194
Transfer agent fees		815,041
Administration fees		8,926
Compensation of board members		108,119
Other expenses		121,360
Total liabilities		12,868,378
Net assets applicable to outstanding capital stock	$	3,194,694,864
Represented by
Paid-in capital	$	2,207,794,642
Undistributed net investment income		19,508,113
Accumulated net realized gain		30,656,991
Unrealized appreciation (depreciation) on:
Investments		935,874,426
Futures contracts		860,692
Total — representing net assets applicable to outstanding capital stock	$	3,194,694,864

Net investment income
Income:
Dividends — unaffiliated issuers	$	23,470,089
Dividends — affiliated issuers		61,297
Total income		23,531,386
Expenses:
Investment management fees		1,484,127
Distribution and/or service fees
Class A		865,474
Transfer agent fees
Class A		661,882
Class R5		34,723
Class Z		2,041,242
Administration fees		1,484,127
Compensation of board members		43,756
Custodian fees		14,501
Printing and postage fees		83,208
Registration fees		25,943
Licensing fees		11,782
Professional fees		27,221
Other		35,814
Total expenses		6,813,800
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(2,979,914	)
Expense reductions		(160	)
Total net expenses		3,833,726
Net investment income		19,697,660
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		43,844,457
Futures contracts		12,606,314
Net realized gain		56,450,771
Net change in unrealized appreciation (depreciation) on:
Investments		144,725,666
Futures contracts		(4,314,439	)
Net change in unrealized appreciation (depreciation)		140,411,227
Net realized and unrealized gain		196,861,998
Net increase in net assets resulting from operations	$	216,559,658

	Six months ended August 31, 2013 (Unaudited)			Year ended February 28, 2013^(a)
Operations
Net investment income	$	19,697,660		$	32,733,982
Net realized gain		56,450,771			50,742,834
Net change in unrealized appreciation (depreciation)		140,411,227			176,819,150
Net increase in net assets resulting from operations		216,559,658			260,295,966
Distributions to shareholders
Net investment income
Class A		(250,029	)		(6,065,718	)
Class I		(3	)		(44	)
Class R5		(62,150	)		(36	)
Class Z		(1,535,289	)		(26,090,852	)
Net realized gains
Class A		(6,649,803	)		(22,364,190	)
Class I		(32	)		(133	)
Class R5		(744,987	)		(71	)
Class Z		(19,904,647	)		(80,303,779	)
Total distributions to shareholders		(29,146,940	)		(134,824,823	)
Increase (decrease) in net assets from capital stock activity		400,131,576			(506,077,072	)
Total increase (decrease) in net assets		587,544,294			(380,605,929	)
Net assets at beginning of period		2,607,150,570			2,987,756,499
Net assets at end of period	$	3,194,694,864		$	2,607,150,570
Undistributed net investment income	$	19,508,113		$	1,657,924

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

	Six months ended August 31, 2013 (Unaudited)						Year ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		16,816,927			229,564,763			22,853,756			272,819,581
Distributions reinvested		496,329			6,526,719			2,376,962			27,417,562
Redemptions		(9,097,091	)		(123,887,648	)		(18,508,967	)		(220,888,204	)
Net increase		8,216,165			112,203,834			6,721,751			79,348,939
Class R5 shares
Subscriptions		24,773,522			335,748,225			212			2,500
Distributions reinvested		60,730			807,107			—			—
Redemptions		(795,562	)		(10,980,647	)		—			—
Net increase		24,038,690			325,574,685			212			2,500
Class Z shares
Subscriptions		21,271,732			287,691,822			59,274,784			705,258,535
Distributions reinvested		1,050,184			13,767,908			5,520,124			63,483,810
Redemptions		(25,115,054	)		(339,106,673	)		(119,041,735	)		(1,354,170,856	)
Net decrease		(2,793,138	)		(37,646,943	)		(54,246,827	)		(585,428,511	)
Total net increase (decrease)		29,461,717			400,131,576			(47,524,864	)		(506,077,072	)

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.82		$	11.92		$	12.33		$	9.44		$	5.73		$	10.86
Income from investment operations:
Net investment income		0.08			0.14			0.10			0.09			0.09			0.12
Net realized and unrealized gain (loss)		0.93			1.45			0.10			2.94			3.71			(4.55	)
Total from investment operations		1.01			1.59			0.20			3.03			3.80			(4.43	)
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		(0.15	)		(0.09	)		(0.09	)		(0.09	)		(0.14	)
Net realized gains		(0.13	)		(0.54	)		(0.52	)		(0.05	)		—			(0.56	)
Total distributions to shareholders		(0.13	)		(0.69	)		(0.61	)		(0.14	)		(0.09	)		(0.70	)
Net asset value, end of period	$	13.70		$	12.82		$	11.92		$	12.33		$	9.44		$	5.73
Total return		7.95	%		14.03	%		2.12	%		32.16	%		66.35	%		(42.11	%)
Ratios to average net assets^(b)
Total gross expenses		0.66	%^(c)		0.66	%		0.66	%		0.50	%		0.49	%		0.49	%^(d)
Total net expenses^(e)		0.45	%^(c)(f)		0.45	%^(f)		0.45	%^(f)		0.45	%^(f)		0.43	%^(f)		0.39	%^(d)(f)
Net investment income		1.14	%^(c)		1.18	%		0.83	%		0.83	%		1.10	%		1.36	%
Supplemental data
Net assets, end of period (in thousands)	$	745,523		$	592,450		$	470,550		$	339,724		$	168,264		$	59,374
Portfolio turnover		4	%		20	%		15	%		10	%		15	%		28	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	12.77		$	11.88		$	12.29		$	10.19
Income from investment operations:
Net investment income		0.09			0.17			0.12			0.04
Net realized and unrealized gain		0.94			1.44			0.11			2.22
Total from investment operations		1.03			1.61			0.23			2.26
Less distributions to shareholders:
Net investment income		(0.01	)		(0.18	)		(0.12	)		(0.11	)
Net realized gains		(0.13	)		(0.54	)		(0.52	)		(0.05	)
Total distributions to shareholders		(0.14	)		(0.72	)		(0.64	)		(0.16	)
Net asset value, end of period	$	13.66		$	12.77		$	11.88		$	12.29
Total return		8.11	%		14.34	%		2.40	%		22.27	%
Ratios to average net assets^(b)
Total gross expenses		0.22	%^(c)		0.24	%		0.20	%		0.23	%^(c)
Total net expenses^(d)		0.20	%^(c)		0.15	%		0.19	%		0.19	%^(c)(e)
Net investment income		1.39	%^(c)		1.48	%		1.08	%		0.92	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	3
Portfolio turnover		4	%		20	%		15	%		10	%

Notes to Financial Highlights

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.95		$	11.81
Income from investment operations:
Net investment income		0.09			0.07
Net realized and unrealized gain		0.95			1.57
Total from investment operations		1.04			1.64
Less distributions to shareholders:
Net investment income		(0.01	)		(0.16	)
Net realized gains		(0.13	)		(0.34	)
Total distributions to shareholders		(0.14	)		(0.50	)
Net asset value, end of period	$	13.85		$	12.95
Total return		8.07	%		14.34	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%^(c)		0.21	%^(c)
Total net expenses^(d)		0.20	%^(c)		0.16	%^(c)
Net investment income		1.31	%^(c)		1.82	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	333,043		$	3
Portfolio turnover		4	%		20	%

Notes to Financial Highlights

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.78		$	11.88		$	12.29		$	9.41		$	5.71		$	10.84
Income from investment operations:
Net investment income		0.09			0.16			0.12			0.11			0.11			0.15
Net realized and unrealized gain (loss)		0.93			1.45			0.11			2.93			3.69			(4.55	)
Total from investment operations		1.02			1.61			0.23			3.04			3.80			(4.40	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.17	)		(0.12	)		(0.11	)		(0.10	)		(0.17	)
Net realized gains		(0.13	)		(0.54	)		(0.52	)		(0.05	)		—			(0.56	)
Total distributions to shareholders		(0.14	)		(0.71	)		(0.64	)		(0.16	)		(0.10	)		(0.73	)
Net asset value, end of period	$	13.66		$	12.78		$	11.88		$	12.29		$	9.41		$	5.71
Total return		8.02	%		14.35	%		2.39	%		32.45	%		66.71	%		(41.92	%)
Ratios to average net assets^(a)
Total gross expenses		0.41	%^(b)		0.41	%		0.41	%		0.25	%		0.24	%		0.24	%^(c)
Total net expenses^(d)		0.20	%^(b)(e)		0.20	%^(e)		0.20	%^(e)		0.20	%^(e)		0.18	%^(e)		0.14	%^(c)(e)
Net investment income		1.39	%^(b)		1.39	%		1.07	%		1.08	%		1.36	%		1.59	%
Supplemental data
Net assets, end of period (in thousands)	$	2,116,125		$	2,014,694		$	2,517,203		$	2,479,455		$	1,791,140		$	971,538
Portfolio turnover		4	%		20	%		15	%		10	%		15	%		28	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class I, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

Class A shares have no sales charge.

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

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange

or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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

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

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (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 mark 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 under the contract. A Fund's risk of loss from counterparty credit risk on over-the-counter (OTC) derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal 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 limited to 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 accounts. 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, 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 derivative contract counterparties. An ISDA Master Agreement is an agreement between a Fund and a counterparty that governs OTC 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 OTC derivatives. For OTC derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark 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 OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or the Fund fails to meet the 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 the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative 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 option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. 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; the impact of derivative transactions over the period in the Statement of Operations including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding

derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at August 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		860,692	*

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

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended August 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		12,606,314
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(4,314,439	)

The following table is a summary of the volume of derivative instruments for the six months ended August 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					4,805

Security Transactions

Income Recognition

reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Distributions to Shareholders

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 Compensation Paid to Affiliates

Investment Management Fees

Administration Fees

Other Expenses

Compensation of Board Members

Transfer Agent Fees

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class R5	0.05
Class Z	0.19

Distribution and Service Fees

and shareholder service plans (the Plans) which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Fee Rates Contractual through June 30, 2014
Class A		0.45	%
Class I		0.20
Class R5		0.20
Class Z		0.20

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $2,260,757,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,003,394,000
Unrealized depreciation		(67,519,000	)
Net unrealized appreciation	$	935,875,000

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $554,689,525 and $114,840,039, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 24.3% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Significant Risks

Financial Sector Risk

The Fund's portfolio managers may invest significantly in issuers operating in the financial sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Nature, Extent and Quality of Services Provided by Columbia Management

Investment Performance

Comparative Fees, Costs of Services Provided and the Profits Realized By Columbia Management and its Affiliates from their Relationships with the Fund

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Multi-Advisor International Equity Fund (the Fund) Class A shares returned -0.08% excluding sales charges for the six months ended August 31, 2013.

> The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned 3.71% for the same time period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/03/92
Excluding sales charges			-0.08		11.28		-0.79		5.84
Including sales charges			-5.80		4.92		-1.96		5.22
Class B	06/07/93
Excluding sales charges			-0.46		10.43		-1.54		5.05
Including sales charges			-5.44		5.43		-1.90		5.05
Class C	06/17/92
Excluding sales charges			-0.46		10.45		-1.52		5.05
Including sales charges			-1.46		9.45		-1.52		5.05
Class I*	09/27/10		0.16		11.86		-0.40		6.19
Class K*	03/07/11		-0.08		11.42		-0.64		6.00
Class R*	01/23/06		-0.17		11.09		-1.02		5.59
Class R4*	11/08/12		0.00		11.54		-0.54		6.11
Class R5*	11/08/12		0.16		11.76		-0.50		6.13
Class W*	09/27/10		-0.08		11.28		-0.77		5.87
Class Y*	03/07/11		0.16		11.84		-0.43		6.17
Class Z	12/02/91		0.08		11.62		-0.53		6.12
MSCI EAFE Index (Net)			3.71		18.66		1.62		7.57

The MSCI EAFE (Europe, Australasia, Far East) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, 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.

Top Ten Holdings (%) (at August 31, 2013)
UBS AG, Registered Shares (Switzerland)					2.0
Vodafone Group PLC (United Kingdom)					2.0
Bayer AG, Registered Shares (Germany)					2.0
Novartis AG, Registered Shares (Switzerland)					1.8
Unilever PLC (United Kingdom)					1.8
Allianz SE, Registered Shares (Germany)					1.8
ASML Holding NV (Netherlands)					1.6
Diageo PLC (United Kingdom)					1.6
European Aeronautic Defence and Space Co. NV (France)					1.6
Samsung Electronics Co., Ltd. (South Korea)					1.5

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

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

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

Country Breakdown (%) (at August 31, 2013)
Australia	3.9
Belgium	1.4
Brazil	0.4
Cambodia	0.2
Canada	0.0	^(a)
Chile	0.1
China	4.4
Denmark	1.2
Finland	0.4
France	7.6
Germany	10.6
Hong Kong	2.6
India	1.0
Indonesia	0.6
Japan	14.7
Malaysia	0.3
Malta	0.0	^(a)
Mexico	0.3
Netherlands	6.2
Norway	0.9
Panama	0.1
Peru	0.1
Philippines	1.6
Poland	0.1
Portugal	0.8
Russian Federation	0.3

Country Breakdown (%) (at August 31, 2013) (continued)
Singapore					1.9
South Africa					0.1
South Korea					2.8
Spain					1.7
Sweden					0.5
Switzerland					7.0
Taiwan					1.7
Thailand					1.3
Turkey					0.1
United Kingdom					21.3
United States^(b)					1.8
Total					100.0

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

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Summary of Investments in Securities by Industry (%) (at August 31, 2013)
Aerospace & Defense					1.7
Airlines					1.3
Auto Components					2.1
Automobiles					3.8
Beverages					3.1
Capital Markets					2.6
Chemicals					2.6
Commercial Banks					9.9
Commercial Services & Supplies					0.5
Computers & Peripherals					1.0
Construction & Engineering					0.7
Construction Materials					0.1
Containers & Packaging					0.3
Diversified Consumer Services					0.1
Diversified Financial Services					2.6
Diversified Telecommunication Services					2.4
Electric Utilities					0.2
Electrical Equipment					1.4
Electronic Equipment, Instruments & Components					1.5
Energy Equipment & Services					0.7
Food & Staples Retailing					1.1
Food Products					2.2
Gas Utilities					0.6
Health Care Equipment & Supplies					1.7

Summary of Investments in Securities by Industry (%) (at August 31, 2013) (continued)
Health Care Providers & Services	1.3
Hotels, Restaurants & Leisure	2.5
Household Durables	1.3
Household Products	1.7
Independent Power Producers & Energy Traders	0.2
Industrial Conglomerates	0.5
Insurance	6.3
Internet Software & Services	0.9
IT Services	1.8
Leisure Equipment & Products	0.0	^(a)
Life Sciences Tools & Services	0.3
Machinery	1.4
Media	2.8
Metals & Mining	0.3
Multiline Retail	0.1
Oil, Gas & Consumable Fuels	3.1
Personal Products	0.7
Pharmaceuticals	6.5
Professional Services	1.4
Real Estate Investment Trusts (REITs)	0.5
Real Estate Management & Development	1.6
Road & Rail	0.6
Semiconductors & Semiconductor Equipment	3.9
Software	1.2
Specialty Retail	1.2
Textiles, Apparel & Luxury Goods	2.1
Tobacco	1.0
Trading Companies & Distributors	4.0
Transportation Infrastructure	0.6
Water Utilities	0.3
Wireless Telecommunication Services	3.7
Money Market Funds	1.6
Total	99.6

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

(a) Rounds to zero.

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		999.20		1,017.95		7.12		7.18		1.42
Class B		1,000.00		1,000.00		995.40		1,014.19		10.85		10.96		2.17
Class C		1,000.00		1,000.00		995.40		1,014.19		10.85		10.96		2.17
Class I		1,000.00		1,000.00		1,001.60		1,020.41		4.67		4.71		0.93
Class K		1,000.00		1,000.00		999.20		1,018.85		6.21		6.28		1.24
Class R		1,000.00		1,000.00		998.30		1,016.70		8.37		8.44		1.67
Class R4		1,000.00		1,000.00		1,000.00		1,019.05		6.02		6.07		1.20
Class R5		1,000.00		1,000.00		1,001.60		1,019.85		5.22		5.27		1.04
Class W		1,000.00		1,000.00		999.20		1,017.95		7.12		7.18		1.42
Class Y		1,000.00		1,000.00		1,001.60		1,020.36		4.72		4.76		0.94
Class Z		1,000.00		1,000.00		1,000.80		1,019.20		5.87		5.92		1.17

Common Stocks 96.4%

Issuer	Shares		Value ($)
Australia 3.9%
Amcor Ltd.		288,873		2,672,516
Australia and New Zealand Banking Group Ltd.		235,524		6,183,453
BHP Billiton Ltd.		78,164		2,471,838
Commonwealth Bank of Australia		64,563		4,165,218
Flight Centre Ltd.		57,373		2,387,298
National Australia Bank Ltd.		43,456		1,248,111
Suncorp Group Ltd.		201,033		2,195,970
Telstra Corp., Ltd.		1,003,190		4,365,267
Wesfarmers Ltd.		78,058		2,814,948
Westfield Retail Trust		616,115		1,594,841
Westpac Banking Corp.		115,851		3,216,008
Total				33,315,468
Belgium 1.4%
Anheuser-Busch InBev NV		127,240		11,835,575
Brazil 0.4%
Arezzo Industria e Comercio SA		23,600		329,675
Banco Bradesco SA, ADR		32,934		382,693
Companhia de Bebidas das Americas, ADR		18,108		629,796
Cosan Ltd., Class A		12,383		165,684
Hypermarcas SA		51,800		351,275
Linx SA		21,800		351,311
Mills Estruturas e Servicos de Engenharia SA		39,700		491,685
Qualicorp SA^(a)		30,500		235,722
Ultrapar Participacoes SA		24,800		541,433
Total				3,479,274
Cambodia 0.2%
NagaCorp Ltd.		1,806,000		1,501,134
Canada —%
Pacific Rubiales Energy Corp.		18,499		350,029
Chile 0.1%
SACI Falabella		51,021		504,860
China 4.4%
Anhui Conch Cement Co., Ltd., Class H		100,000		321,569
Anton Oilfield Services Group Ltd.		236,000		149,921
Baidu, Inc., ADR^(a)		6,533		885,418

Common Stocks (continued)

Issuer	Shares		Value ($)
China Communications Construction Co., Ltd., Class H		3,638,000		2,774,204
China Milk Products Group Ltd.^(a)(b)(c)		7,426,000		232,863
China Mobile Ltd., ADR		44,357		2,393,947
China Overseas Land & Investment Ltd.		178,000		528,224
China Petroleum & Chemical Corp., Class H		3,164,200		2,278,478
China Vanke Co., Ltd., Class B		1,370,770		2,745,577
CIMC Enric Holdings Ltd.		1,034,000		1,076,723
CNOOC Ltd.		1,303,000		2,576,411
ENN Energy Holdings Ltd.		126,000		624,349
Guangdong Investment Ltd.		3,232,000		2,672,253
Haier Electronics Group Co., Ltd.		74,000		129,233
Haitong Securities Co., Ltd., Class H		1,050,800		1,514,709
Industrial & Commercial Bank of China Ltd., Class H		6,783,000		4,435,443
Lenovo Group Ltd.		250,000		241,087
Luthai Textile Co., Ltd., Class B		859,667		1,009,220
New Oriental Education & Technology Group, ADR		66,518		1,412,177
SINA Corp.^(a)		1,905		147,485
Tencent Holdings Ltd.		50,600		2,363,136
Want Want China Holdings Ltd.		335,000		495,295
Wasion Group Holdings Ltd.		2,340,000		1,441,150
WuXi PharmaTech (Cayman), Inc. ADR^(a)		100,481		2,411,544
Zhuzhou CSR Times Electric Co., Ltd., Class H		824,000		2,587,556
Total				37,447,972
Denmark 1.2%
Novo Nordisk A/S, Class B		62,651		10,467,271
Finland 0.4%
KONE OYJ, Class B		44,769		3,662,558
France 7.6%
Air Liquide SA		29,134		3,831,627
AtoS		79,366		5,895,047
BNP Paribas SA		131,449		8,237,387
Edenred		133,747		4,005,534
Essilor International SA		55,946		6,040,243
European Aeronautic Defence and Space Co. NV		226,778		13,069,340

Common Stocks (continued)

Issuer	Shares		Value ($)
L'Oreal SA		36,612		6,109,016
Legrand SA		175,674		8,909,890
Publicis Groupe SA		123,536		9,195,442
Total				65,293,526
Germany 9.0%
Allianz SE, Registered Shares		103,365		14,808,778
Bayer AG, Registered Shares		147,696		16,404,811
Brenntag AG		74,172		11,273,383
Continental AG		49,286		7,438,855
Fresenius Medical Care AG & Co. KGaA		162,833		10,585,017
Merck KGaA		45,835		6,963,421
SAP AG		129,415		9,566,342
Total				77,040,607
Hong Kong 2.6%
AIA Group Ltd.		442,400		1,936,402
BOC Hong Kong Holdings Ltd.		422,000		1,327,041
Cheung Kong Holdings Ltd.		147,000		2,091,362
Galaxy Entertainment Group Ltd.^(a)		434,000		2,629,503
Hutchison Whampoa Ltd.		163,000		1,884,163
Link REIT (The)		548,000		2,503,648
Sands China Ltd.		921,600		5,281,695
Television Broadcasts Ltd.		210,100		1,372,896
Wharf Holdings Ltd.		380,000		3,109,898
Total				22,136,608
India 1.0%
Asian Paints Ltd.		175,710		1,120,539
Eicher Motors Ltd.		5,145		248,396
Havells India Ltd		24,638		224,421
HCL Technologies Ltd.		26,319		413,572
HDFC Bank Ltd., ADR		47,308		1,370,986
ICICI Bank Ltd., ADR		19,679		512,048
ITC Ltd.		358,963		1,677,714
Just Dial Ltd.^(a)		15,485		158,987
Lupin Ltd.		29,222		352,476
Motherson Sumi Systems Ltd.		192,956		567,091
Tata Motors Ltd.		457,885		2,054,595
Total				8,700,825

Common Stocks (continued)

Issuer	Shares		Value ($)
Indonesia 0.6%
PT AKR Corporindo Tbk		705,000		255,818
PT Bank Rakyat Indonesia Persero Tbk		1,648,000		992,497
PT Bank Tabungan Pensiunan Nasional Tbk^(a)		672,500		240,013
PT Gudang Garam Tbk		69,000		239,001
PT Nippon Indosari Corpindo Tbk		1,315,500		793,430
PT Perusahaan Gas Negara Persero Tbk		4,624,500		2,280,986
PT Sumber Alfaria Trijaya Tbk		5,595,000		292,047
PT Telekomunikasi Tbk		1,077,500		216,437
Total				5,310,229
Japan 14.6%
Aoyama Trading Co., Ltd.		78,000		1,919,764
Astellas Pharma, Inc.		57,700		2,935,655
Central Japan Railway Co.		43,400		4,941,227
Century Tokyo Leasing Corp.		79,400		2,139,244
Chiyoda Co., Ltd.		48,000		1,049,119
Daiichikosho Co., Ltd.		139,900		3,760,592
Denso Corp.		92,300		4,192,903
Enplas Corp.		36,100		2,647,772
Fast Retailing Co., Ltd.		3,100		998,039
Fuji Heavy Industries Ltd.		216,000		5,200,086
Hino Motors Ltd.		199,000		2,578,024
Hitachi Ltd.		299,000		1,788,643
Hoshizaki Electric Co., Ltd.		74,000		2,451,307
ITOCHU Corp.		486,000		5,471,013
Japan Tobacco, Inc.		205,500		6,940,732
Kakaku.com, Inc.		192,800		3,526,584
Kanamoto Co., Ltd.		66,000		1,520,148
Komatsu Ltd.		25,500		553,832
Lawson, Inc.		37,700		2,831,302
Mitsubishi UFJ Financial Group, Inc.		1,482,200		8,637,974
Mitsui & Co., Ltd.		161,400		2,231,981
MS&AD Insurance Group Holdings, Inc.		69,300		1,736,146
Nippon Telegraph & Telephone Corp.		63,400		3,216,391
Olympus Corp.^(a)		69,800		2,004,742
Omron Corp.		40,800		1,271,271
ORIX Corp.		413,380		5,632,689
Otsuka Holdings Co., Ltd.		102,400		3,163,681

Common Stocks (continued)

Issuer	Shares		Value ($)
Pigeon Corp.		38,500		1,765,460
Raito Kogyo Co., Ltd.		202,000		1,381,254
Resorttrust, Inc.		59,000		1,885,272
Shin-Etsu Chemical Co., Ltd.		34,100		2,040,644
SoftBank Corp.		49,900		3,113,069
Sumitomo Mitsui Financial Group, Inc.		186,700		8,206,560
Tadano Ltd.		64,000		889,112
Temp Holdings Co., Ltd.		65,300		1,409,168
Tokyo Gas Co., Ltd.		512,000		2,649,748
Tokyo Tatemono Co., Ltd.		141,000		1,191,015
Totetsu Kogyo Co., Ltd		77,300		1,482,945
Toyota Motor Corp.		199,400		11,994,197
Tsuruha Holdings, Inc.		24,600		2,216,740
Total				125,566,045
Malaysia 0.3%
CIMB Group Holdings Bhd		175,500		388,186
Tenaga Nasional Bhd		662,400		1,759,284
Total				2,147,470
Malta —%
BGP Holdings PLC^(b)(c)		2,232,232		3
Mexico 0.3%
Alfa SAB de CV, Class A		325,100		806,606
Cemex SAB de CV, ADR^(a)		33,589		377,540
Grupo Financiero Banorte SAB de CV, Class O		157,600		970,418
Grupo Financiero Santander Mexico SAB de CV, ADR, Class B		42,840		584,338
Total				2,738,902
Netherlands 6.2%
Aegon NV		1,055,798		7,529,554
ASML Holding NV		150,825		13,218,093
Gemalto NV		65,384		7,524,133
ING Groep NV-CVA^(a)		946,063		10,271,741
Reed Elsevier NV		519,107		9,375,252
Ziggo NV		135,324		5,366,423
Total				53,285,196
Norway 0.9%
DNB ASA		498,528		7,738,778

Common Stocks (continued)

Issuer	Shares		Value ($)
Panama 0.1%
Copa Holdings SA, Class A		4,144		541,952
Peru 0.1%
Credicorp Ltd.		6,386		774,239
Philippines 1.6%
Aboitiz Power Corp.		2,774,800		2,019,055
GT Capital Holdings, Inc.		202,890		3,514,096
LT Group, Inc.		2,922,000		1,268,708
Metropolitan Bank & Trust		1,369,888		2,493,732
Philippine Long Distance Telephone Co.		34,100		2,182,652
Security Bank Corp.		438,240		1,153,271
Vista Land & Lifescapes, Inc.		8,559,300		1,033,547
Total				13,665,061
Poland 0.1%
Eurocash SA		38,401		616,640
Portugal 0.8%
Galp Energia SGPS SA		413,051		6,952,149
Russian Federation 0.3%
Gazprom OAO, ADR		30,369		238,700
Lukoil OAO, ADR		11,140		643,948
Magnit OJSC, GDR^(d)		8,058		447,219
Mail.ru Group Ltd., GDR^(d)		14,793		482,991
Mobile Telesystems OJSC, ADR		27,955		591,528
QIWI PLC, ADR		4,759		141,818
Sberbank of Russia		149,439		400,497
Total				2,946,701
Singapore 1.9%
DBS Group Holdings Ltd.		273,000		3,371,949
Hutchison Port Holdings Trust		3,806,000		2,810,152
Keppel REIT		13,600		12,754
Keppel Corp., Ltd.		170,000		1,343,209
Singapore Technologies Engineering Ltd.		549,000		1,700,574
Super Group Ltd.		513,000		1,741,963
Venture Corp., Ltd.		367,000		2,184,374
Wing Tai Holdings Ltd.		1,689,000		2,784,622
Total				15,949,597

Common Stocks (continued)

Issuer	Shares		Value ($)
South Africa 0.1%
AVI Ltd.		81,068		433,666
Clicks Group Ltd.		33,926		180,923
Life Healthcare Group Holdings Ltd.		67,172		231,279
Total				845,868
South Korea 2.8%
Hotel Shilla Co., Ltd.		35,924		2,168,355
Hyundai Motor Co.		20,025		4,465,462
Kia Motors Corp.		6,155		370,301
LG Chem Ltd.		1,090		280,407
NAVER Corp.		654		263,093
NHN Entertainment Corp.^(a)		1		90
Samsung Electronics Co., Ltd.		10,250		12,566,607
Samsung SDI Co., Ltd.		3,524		533,153
SK Hynix, Inc.^(a)		25,590		646,740
SK Telecom Co., Ltd.		12,988		2,586,482
Suprema, Inc.^(a)		17,464		347,944
Total				24,228,634
Spain 1.7%
Amadeus IT Holding SA, Class A		258,889		8,362,406
Inditex SA		47,275		6,257,472
Total				14,619,878
Sweden 0.6%
Nordea Bank AB		402,558		4,686,240
Switzerland 6.9%
Cie Financiere Richemont SA, Class A, Registered Shares		94,305		8,959,710
Novartis AG, Registered Shares		212,745		15,513,728
SGS SA, Registered Shares		2,068		4,709,648
Swatch Group AG (The), Registered Shares		74,747		7,487,152
Syngenta AG, Registered Shares		15,425		6,047,654
UBS AG, Registered Shares		865,611		16,764,265
Total				59,482,157
Taiwan 1.7%
Airtac International Group		41,730		274,143
Delta Electronics, Inc.		379,000		1,706,265
Far EasTone Telecommunications Co., Ltd.		847,000		2,137,517

Common Stocks (continued)

Issuer	Shares		Value ($)
Giant Manufacturing Co., Ltd.		23,000		154,143
Gigabyte Technology Co., Ltd.		1,344,000		1,209,690
Hermes Microvision, Inc.		45,000		1,208,399
MediaTek, Inc.		34,000		414,992
St. Shine Optical Co., Ltd.		51,000		1,381,695
Taiwan Semiconductor Manufacturing Co., Ltd.		161,049		533,938
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		292,882		4,850,126
Tong Hsing Electronic Industries Ltd.		72,000		371,198
TPK Holding Co., Ltd.		37,000		390,353
Total				14,632,459
Thailand 1.3%
Advanced Information Service PCL, Foreign Registered Shares		294,900		2,188,820
Bangkok Bank PCL, Foreign Registered Shares		476,200		2,666,796
Bangkok Expressway PCL, Foreign Registered Shares		1,892,800		1,992,494
Kasikornbank PCL, Foreign Registered Shares		118,100		580,368
PTT Global Chemical PCL, Foreign Registered Shares		205,000		437,167
PTT PCL, Foreign Registered Shares		253,200		2,564,585
Robinson Department Store PCL, Foreign Registered Shares		227,700		323,433
Total				10,753,663
Turkey 0.1%
Arcelik AS		117,277		584,201
Tofas Turk Otomobil Fabrikasi AS		51,315		263,234
Turkiye Halk Bankasi AS		55,192		348,982
Total				1,196,417
United Kingdom 21.2%
Barclays PLC		1,455,127		6,389,573
BG Group PLC		554,021		10,534,612
BT Group PLC		1,551,869		7,823,244
Diageo PLC		429,021		13,124,219
easyJet PLC		322,076		6,154,166
Experian PLC		336,960		5,900,714
GKN PLC		1,213,728		6,169,401
HSBC Holdings PLC, ADR		60,195		3,155,422

Common Stocks (continued)

Issuer	Shares		Value ($)
Intercontinental Hotels Group PLC		212,227		5,929,856
International Consolidated Airlines Group SA^(a)		1,102,185		4,890,166
John Wood Group PLC		494,739		6,175,746
Johnson Matthey PLC		188,745		8,309,874
Legal & General Group PLC		3,510,067		10,161,084
Lonmin PLC^(a)		31,569		166,532
Persimmon PLC		605,800		10,317,506
Prudential PLC		579,639		9,683,316
Reckitt Benckiser Group PLC		114,113		7,754,476
Schroders PLC		103,159		3,697,690
Smith & Nephew PLC		453,411		5,269,884
St. James's Place PLC		652,734		6,003,503
Travis Perkins PLC		205,089		5,005,768
Unilever PLC		395,071		15,055,023
Vodafone Group PLC		5,156,340		16,480,989
Wolseley PLC		153,080		7,733,637
Total				181,886,401
United States —%
Cognizant Technology Solutions Corp., Class A^(a)		4,416		323,693
Total Common Stocks (Cost: $700,762,499)				826,624,079

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

Barclays Capital

September 17, 2013

40,020,270
(USD)

43,734,000
(AUD)

—

(1,127,984

)

Barclays Capital

September 17, 2013

5,592,214
(USD)

5,229,000
(CHF)

28,197

—

Barclays Capital

September 17, 2013

6,107,585
(USD)

5,677,000
(CHF)

—

(5,639

)

Barclays Capital

September 17, 2013

8,748,910
(USD)

5,716,000
(GBP)

108,286

—

Barclays Capital

September 17, 2013

4,743,379
(USD)

17,033,000
(ILS)

—

(55,418

)

Barclays Capital

September 17, 2013

28,687,358
(USD)

2,856,515,000
(JPY)

407,504

—

Barclays Capital

September 17, 2013

9,507,092
(USD)

56,407,000
(NOK)

—

(294,469

)

Barclays Capital

September 17, 2013

1,905,142
(USD)

2,399,000
(NZD)

—

(52,827

)

Barclays Capital

September 17, 2013

25,643,592
(USD)

167,068,000
(SEK)

—

(442,085

)

Credit Suisse

September 27, 2013

36,638,000
(CHF)

39,236,223
(USD)

—

(147,238

)

HSBC Securities (USA), Inc.

September 27, 2013

74,539,000
(EUR)

99,107,050
(USD)

585,197

—

UBS Securities LLC

September 27, 2013

38,385,000
(GBP)

60,007,951
(USD)

533,297

—

Deutsche Bank

September 27, 2013

61,255,254
(USD)

361,121,000
(NOK)

—

(2,297,319

)

Goldman, Sachs & Co.

September 27, 2013

99,949,108
(USD)

128,000,000
(NZD)

—

(1,184,777

)

J.P. Morgan Securities, Inc.

September 27, 2013

39,637,814
(USD)

259,122,000
(SEK)

—

(559,133

)

Total

3,313,190

(6,306,912

)

Futures Contracts Outstanding at August 31, 2013

At August 31, 2013, $666,700 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

E-Mini MSCI EAFE Index

113

9,558,105

September 2013

—

(62,427

)

(a) Non-income producing.

(b) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2013 was $232,866, representing 0.03% of net assets. Information concerning such security holdings at August 31, 2013 is as follows:

Security Description	Acquisition Dates	Cost ($)
BGP Holdings PLC	02/04/09 - 05/14/09		—
China Milk Products Group Ltd.	09/11/06 - 07/02/09		4,479,619

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2013, the value of these securities amounted to $232,866, which represents 0.03% of net assets.

(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2013, the value of these securities amounted to $930,210 or 0.11% of net assets.

(e) The rate shown is the seven-day current annualized yield at August 31, 2013.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended August 31, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					24,514,286				367,972,138				(378,381,426	)			14,104,998				14,539				14,104,998

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

SEK Swedish Krona

THB Thailand Baht

TWD Taiwan Dollar

USD US Dollar

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		2,246,713			127,392,413			—		129,639,126
Consumer Staples		981,071			78,634,098			232,863		79,848,032
Energy		1,701,094			31,470,603			—		33,171,697
Financials		7,750,142			192,292,751			3		200,042,896
Health Care		2,647,266			81,313,902			—		83,961,168
Industrials		1,840,243			117,396,668			—		119,236,911
Information Technology		6,699,851			81,278,050			—		87,977,901
Materials		377,540			27,700,369			—		28,077,909
Telecommunication Services		2,985,475			49,677,290			—		52,662,765
Utilities		—			12,005,674			—		12,005,674
Preferred Stocks
Consumer Discretionary		—			8,009,407			—		8,009,407
Consumer Staples		—			5,145,037			—		5,145,037
Exchange-Traded Funds		862,831			—			—		862,831
Total Equity Securities		28,092,226			812,316,262			232,866		840,641,354
Mutual Funds
Money Market Funds		14,104,998			—			—		14,104,998
Total Mutual Funds		14,104,998			—			—		14,104,998
Investments in Securities		42,197,224			812,316,262			232,866		854,746,352
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			3,313,190			—		3,313,190
Liabilities
Forward Foreign Currency Exchange Contracts		—			(6,306,912	)		—		(6,306,912	)
Futures Contracts		(62,427	)		—			—		(62,427	)
Total		42,134,797			809,322,540			232,866		851,690,203

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Fair Value Measurements (continued)

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

	Common Stocks ($)
Balance as of February 28, 2013		239,861
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)^(a)		(6,995	)
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of August 31, 2013		232,866

(a) Change in unrealized appreciation (depreciation) relating to securities held at August 31, 2013 was $(6,995).

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company's capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $710,065,143)	$	840,641,354
Affiliated issuers (identified cost $14,104,998)		14,104,998
Total investments (identified cost $724,170,141)		854,746,352
Foreign currency (identified cost $3,838,069)		3,837,981
Margin deposits		666,700
Unrealized appreciation on forward foreign currency exchange contracts		3,313,190
Receivable for:
Investments sold		42,059,880
Capital shares sold		657,981
Dividends		2,537,244
Reclaims		2,519,514
Prepaid expenses		64,283
Trustees' deferred compensation plan		88,214
Total assets		910,491,339
Liabilities
Disbursements in excess of cash		1,283,321
Unrealized depreciation on forward foreign currency exchange contracts		6,306,912
Payable for:
Investments purchased		42,404,003
Capital shares purchased		1,787,452
Variation margin		107,350
Investment management fees		18,331
Distribution and/or service fees		4,550
Transfer agent fees		120,408
Administration fees		1,852
Plan administration fees		27
Compensation of board members		151,382
Other expenses		167,660
Trustees' deferred compensation plan		88,214
Total liabilities		52,441,462
Net assets applicable to outstanding capital stock	$	858,049,877
Represented by
Paid-in capital	$	1,673,745,537
Excess of distributions over net investment income		(6,801,054	)
Accumulated net realized loss		(936,300,535	)
Unrealized appreciation (depreciation) on:
Investments		130,576,211
Foreign currency translations		(114,133	)
Forward foreign currency exchange contracts		(2,993,722	)
Futures contracts		(62,427	)
Total — representing net assets applicable to outstanding capital stock	$	858,049,877

Class A
Net assets	$	290,581,872
Shares outstanding		24,191,670
Net asset value per share	$	12.01
Maximum offering price per share^(a)	$	12.74
Class B
Net assets	$	4,587,834
Shares outstanding		422,711
Net asset value per share	$	10.85
Class C
Net assets	$	11,676,237
Shares outstanding		1,089,203
Net asset value per share	$	10.72
Class I
Net assets	$	16,244
Shares outstanding		1,329
Net asset value per share	$	12.22
Class K
Net assets	$	121,886
Shares outstanding		9,995
Net asset value per share	$	12.19
Class R
Net assets	$	1,698,942
Shares outstanding		141,719
Net asset value per share	$	11.99
Class R4
Net assets	$	2,640
Shares outstanding		215
Net asset value per share^(b)	$	12.27
Class R5
Net assets	$	2,871
Shares outstanding		234
Net asset value per share^(b)	$	12.28
Class W
Net assets	$	298,317,730
Shares outstanding		24,835,451
Net asset value per share	$	12.01
Class Y
Net assets	$	13,554,480
Shares outstanding		1,108,530
Net asset value per share	$	12.23
Class Z
Net assets	$	237,489,141
Shares outstanding		19,469,607
Net asset value per share	$	12.20

(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.

Net investment income
Income:
Dividends — unaffiliated issuers	$	17,336,826
Dividends — affiliated issuers		14,539
Interest		116
Foreign taxes withheld		(1,993,720	)
Total income		15,357,761
Expenses:
Investment management fees		3,624,361
Distribution and/or service fees
Class A		385,941
Class B		29,616
Class C		62,288
Class R		4,351
Class W		365,049
Transfer agent fees
Class A		357,918
Class B		6,882
Class C		14,442
Class K		31
Class R		2,016
Class R4		3
Class R5		1
Class W		338,113
Class Z		328,504
Administration fees		366,046
Plan administration fees
Class K		156
Compensation of board members		31,836
Custodian fees		168,963
Printing and postage fees		116,655
Registration fees		41,592
Professional fees		46,614
Other		30,194
Total expenses		6,321,572
Expense reductions		(28,943	)
Total net expenses		6,292,629
Net investment income		9,065,132
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		77,783,045
Foreign currency translations		(1,162,603	)
Forward foreign currency exchange contracts		(15,828,972	)
Futures contracts		205,405
Net realized gain		60,996,875
Net change in unrealized appreciation (depreciation) on:
Investments		(69,149,401	)
Foreign currency translations		(15,451	)
Forward foreign currency exchange contracts		1,286,081
Futures contracts		(38,039	)
Net change in unrealized appreciation (depreciation)		(67,916,810	)
Net realized and unrealized loss		(6,919,935	)
Net increase in net assets resulting from operations	$	2,145,197

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income	$	9,065,132		$	19,732,163
Net realized gain		60,996,875			51,486,181
Net change in unrealized appreciation (depreciation)		(67,916,810	)		(26,672,600	)
Net increase in net assets resulting from operations		2,145,197			44,545,744
Distributions to shareholders
Net investment income

Class A	—	(10,520,289	)
Class B	—	(158,488	)
Class C	—	(288,442	)
Class I	—	(865,193	)
Class K	—	(4,228	)
Class R	—	(51,789	)
Class R4	—	(63	)
Class R5	—	(66	)
Class W	—	(7,739,183	)
Class Y	—	(582,398	)
Class Z	—	(15,239,279	)

Total distributions to shareholders		—			(35,449,418	)
Increase (decrease) in net assets from capital stock activity		(89,615,948	)		(867,104,937	)
Total decrease in net assets		(87,470,751	)		(858,008,611	)
Net assets at beginning of period		945,520,628			1,803,529,239
Net assets at end of period	$	858,049,877		$	945,520,628
Excess of distributions over net investment income	$	(6,801,054	)	$	(15,866,186	)

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		357,925			4,414,733			933,505			10,410,498
Distributions reinvested		—			—			844,169			9,680,587
Redemptions		(2,218,701	)		(27,299,732	)		(6,272,359	)		(71,262,677	)
Net decrease		(1,860,776	)		(22,884,999	)		(4,494,685	)		(51,171,592	)
Class B shares
Subscriptions		530			5,799			9,795			103,220
Distributions reinvested		—			—			14,419			153,043
Redemptions^(b)		(179,946	)		(2,012,807	)		(544,662	)		(5,422,078	)
Net decrease		(179,416	)		(2,007,008	)		(520,448	)		(5,165,815	)
Class C shares
Subscriptions		27,358			301,366			76,374			777,986
Distributions reinvested		—			—			23,574			248,324
Redemptions		(109,772	)		(1,198,773	)		(373,898	)		(3,818,948	)
Net decrease		(82,414	)		(897,407	)		(273,950	)		(2,792,638	)
Class I shares
Subscriptions		614,977			7,738,494			627,455			7,357,646
Distributions reinvested		—			—			74,414			864,547
Redemptions		(2,598,020	)		(32,648,086	)		(5,317,888	)		(62,865,286	)
Net decrease		(1,983,043	)		(24,909,592	)		(4,616,019	)		(54,643,093	)
Class K shares
Distributions reinvested		—			—			340			3,942
Redemptions		—			—			(1,721	)		(20,487	)
Net decrease		—			—			(1,381	)		(16,545	)
Class R shares
Subscriptions		12,519			153,771			31,951			364,188
Distributions reinvested		—			—			4,361			50,297
Redemptions		(10,071	)		(123,871	)		(60,128	)		(675,540	)
Net increase (decrease)		2,448			29,900			(23,816	)		(261,055	)
Class R4 shares
Subscriptions		—			—			215			2,500
Net increase		—			—			215			2,500
Class R5 shares
Subscriptions		19			234			215			2,500
Net increase		19			234			215			2,500

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		4,872,323			59,952,796			8,691,812			99,042,100
Distributions reinvested		—			—			674,478			7,738,983
Redemptions		(2,505,477	)		(30,836,140	)		(6,833,955	)		(76,787,419	)
Net increase		2,366,846			29,116,656			2,532,335			29,993,664
Class Y shares
Subscriptions		—			—			196,703			2,220,001
Redemptions		(119,142	)		(1,500,000	)		(43,554	)		(512,026	)
Net increase (decrease)		(119,142	)		(1,500,000	)		153,149			1,707,975
Class Z shares
Subscriptions		219,206			2,754,712			2,335,364			26,575,742
Distributions reinvested		—			—			341,514			3,855,315
Redemptions		(5,511,810	)		(69,318,444	)		(70,124,076	)		(815,191,895	)
Net decrease		(5,292,604	)		(66,563,732	)		(67,447,198	)		(784,760,838	)
Total net decrease		(7,148,082	)		(89,615,948	)		(74,691,583	)		(867,104,937	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.02		$	11.68		$	12.46		$	10.68		$	7.44		$	15.77
Income from investment operations:
Net investment income		0.11			0.17			0.14			0.14			0.13			0.26
Net realized and unrealized gain (loss)		(0.12	)		0.56			(0.94	)		1.85			3.51			(8.33	)
Total from investment operations		(0.01	)		0.73			(0.80	)		1.99			3.64			(8.07	)
Less distributions to shareholders:
Net investment income		—			(0.39	)		—			(0.21	)		(0.43	)		(0.07	)
Net realized gains		—			—			—			—			—			(0.19	)
Total distributions to shareholders		—			(0.39	)		—			(0.21	)		(0.43	)		(0.26	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	12.01		$	12.02		$	11.68		$	12.46		$	10.68		$	7.44
Total return		(0.08	%)		6.41	%		(6.26	%)^(b)		18.80	%		49.61	%		(51.87	%)
Ratios to average net assets^(c)
Total gross expenses		1.42	%^(d)		1.39	%^(e)		1.36	%		1.33	%^(e)		1.26	%^(e)		1.27	%
Total net expenses^(f)		1.42	%^(d)(g)		1.38	%^(e)(g)		1.32	%^(g)		1.33	%^(e)(g)		1.26	%^(e)(g)		1.27	%^(g)
Net investment income		1.85	%^(d)		1.46	%		1.20	%		1.27	%		1.26	%		2.05	%
Supplemental data
Net assets, end of period (in thousands)	$	290,582		$	313,239		$	356,708		$	24,668		$	24,243		$	16,936
Portfolio turnover		71	%		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.90		$	10.55		$	11.34		$	9.75		$	6.82		$	14.47
Income from investment operations:
Net investment income		0.06			0.09			0.06			0.07			0.06			0.17
Net realized and unrealized gain (loss)		(0.11	)		0.49			(0.87	)		1.66			3.20			(7.63	)
Total from investment operations		(0.05	)		0.58			(0.81	)		1.73			3.26			(7.46	)
Less distributions to shareholders:
Net investment income		—			(0.23	)		—			(0.14	)		(0.36	)		—
Net realized gains		—			—			—			—			—			(0.19	)
Total distributions to shareholders		—			(0.23	)		—			(0.14	)		(0.36	)		(0.19	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	10.85		$	10.90		$	10.55		$	11.34		$	9.75		$	6.82
Total return		(0.46	%)		5.59	%		(6.97	%)^(b)		17.88	%		48.47	%		(52.23	%)
Ratios to average net assets^(c)
Total gross expenses		2.17	%^(d)		2.13	%^(e)		2.11	%		2.08	%^(e)		2.01	%^(e)		2.02	%
Total net expenses^(f)		2.17	%^(d)(g)		2.12	%^(e)(g)		2.06	%^(g)		2.08	%^(e)(g)		2.01	%^(e)(g)		2.02	%^(g)
Net investment income		1.13	%^(d)		0.91	%		0.62	%		0.70	%		0.60	%		1.44	%
Supplemental data
Net assets, end of period (in thousands)	$	4,588		$	6,566		$	11,838		$	784		$	1,190		$	1,098
Portfolio turnover		71	%		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.20%.

(d) Annualized.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.77		$	10.42		$	11.20		$	9.63		$	6.73		$	14.29
Income from investment operations:
Net investment income		0.06			0.07			0.05			0.07			0.05			0.16
Net realized and unrealized gain (loss)		(0.11	)		0.51			(0.85	)		1.64			3.18			(7.53	)
Total from investment operations		(0.05	)		0.58			(0.80	)		1.71			3.23			(7.37	)
Less distributions to shareholders:
Net investment income		—			(0.23	)		—			(0.14	)		(0.36	)		—
Net realized gains		—			—			—			—			—			(0.19	)
Total distributions to shareholders		—			(0.23	)		—			(0.14	)		(0.36	)		(0.19	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	10.72		$	10.77		$	10.42		$	11.20		$	9.63		$	6.73
Total return		(0.46	%)		5.64	%		(6.96	%)^(b)		17.89	%		48.67	%		(52.26	%)
Ratios to average net assets^(c)
Total gross expenses		2.17	%^(d)		2.14	%^(e)		2.10	%		2.08	%^(e)		2.01	%^(e)		2.02	%
Total net expenses^(f)		2.17	%^(d)(g)		2.13	%^(e)(g)		2.07	%^(g)		2.08	%^(e)(g)		2.01	%^(e)(g)		2.02	%^(g)
Net investment income		1.10	%^(d)		0.72	%		0.48	%		0.72	%		0.55	%		1.38	%
Supplemental data
Net assets, end of period (in thousands)	$	11,676		$	12,619		$	15,058		$	1,272		$	1,728		$	1,349
Portfolio turnover		71	%		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	12.20		$	11.89		$	12.62		$	11.64
Income from investment operations:
Net investment income		0.15			0.22			0.22			0.02
Net realized and unrealized gain (loss)		(0.13	)		0.58			(0.97	)		1.21
Total from investment operations		0.02			0.80			(0.75	)		1.23
Less distributions to shareholders:
Net investment income		—			(0.49	)		—			(0.25	)
Total distributions to shareholders		—			(0.49	)		—			(0.25	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(b)
Net asset value, end of period	$	12.22		$	12.20		$	11.89		$	12.62
Total return		0.16	%		6.96	%		(5.78	%)^(c)		10.69	%
Ratios to average net assets^(d)
Total gross expenses		0.93	%^(e)		0.93	%^(f)		0.84	%		0.95	%^(e)(f)
Total net expenses^(g)		0.93	%^(e)		0.93	%^(f)		0.84	%		0.95	%^(e)(f)(h)
Net investment income		2.38	%^(e)		1.90	%		1.87	%		0.32	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	16		$	24,204		$	78,467		$	47,056
Portfolio turnover		71	%		100	%		112	%		92	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(e) Annualized.

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

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

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

Class K	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	12.20		$	11.85		$	12.54
Income from investment operations:
Net investment income		0.13			0.18			0.15
Net realized and unrealized gain (loss)		(0.14	)		0.58			(0.86	)
Total from investment operations		(0.01	)		0.76			(0.71	)
Less distributions to shareholders:
Net investment income		—			(0.41	)		—
Total distributions to shareholders		—			(0.41	)		—
Proceeds from regulatory settlements		—			—			0.02
Net asset value, end of period	$	12.19		$	12.20		$	11.85
Total return		(0.08	%)		6.64	%		(5.50	%)^(b)
Ratios to average net assets^(c)
Total gross expenses		1.24	%^(d)		1.24	%^(e)		1.21	%^(d)
Total net expenses^(f)		1.24	%^(d)		1.24	%^(e)		1.21	%^(d)
Net investment income		2.01	%^(d)		1.61	%		1.33	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	122		$	122		$	135
Portfolio turnover		71	%		100	%		112	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.01		$	11.64		$	12.45		$	10.68		$	7.44		$	15.76
Income from investment operations:
Net investment income		0.10			0.14			0.11			0.13			0.09			0.21
Net realized and unrealized gain (loss)		(0.12	)		0.57			(0.94	)		1.83			3.53			(8.30	)
Total from investment operations		(0.02	)		0.71			(0.83	)		1.96			3.62			(8.09	)
Less distributions to shareholders:
Net investment income		—			(0.34	)		—			(0.19	)		(0.41	)		(0.04	)
Net realized gains		—			—			—			—			—			(0.19	)
Total distributions to shareholders		—			(0.34	)		—			(0.19	)		(0.41	)		(0.23	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	11.99		$	12.01		$	11.64		$	12.45		$	10.68		$	7.44
Total return		(0.17	%)		6.20	%		(6.51	%)^(b)		18.47	%		49.28	%		(52.00	%)
Ratios to average net assets^(c)
Total gross expenses		1.67	%^(d)		1.64	%^(e)		1.62	%		1.58	%^(e)		1.51	%^(e)		1.52	%
Total net expenses^(f)		1.67	%^(d)(g)		1.63	%^(e)(g)		1.57	%^(g)		1.58	%^(e)(g)		1.51	%^(e)(g)		1.52	%^(g)
Net investment income		1.59	%^(d)		1.22	%		0.98	%		1.13	%		0.86	%		1.70	%
Supplemental data
Net assets, end of period (in thousands)	$	1,699		$	1,673		$	1,899		$	287		$	289		$	112
Portfolio turnover		71	%		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

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

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.27		$	11.62
Income from investment operations:
Net investment income		0.13			0.02
Net realized and unrealized gain (loss)		(0.13	)		0.92
Total from investment operations		0.00			0.94
Less distributions to shareholders:
Net investment income		—			(0.29	)
Total distributions to shareholders		—			(0.29	)
Net asset value, end of period	$	12.27		$	12.27
Total return		0.00	%		8.17	%
Ratios to average net assets^(b)
Total gross expenses		1.20	%^(c)		1.25	%^(c)
Total net expenses^(d)		1.20	%^(c)(e)		1.25	%^(c)
Net investment income		2.06	%^(c)		0.55	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		71	%		100	%

Notes to Financial Highlights

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.26		$	11.62
Income from investment operations:
Net investment income		0.14			0.03
Net realized and unrealized gain (loss)		(0.12	)		0.92
Total from investment operations		0.02			0.95
Less distributions to shareholders:
Net investment income		—			(0.31	)
Total distributions to shareholders		—			(0.31	)
Net asset value, end of period	$	12.28		$	12.26
Total return		0.16	%		8.20	%
Ratios to average net assets^(b)
Total gross expenses		1.04	%^(c)		1.05	%^(c)
Total net expenses^(d)		1.04	%^(c)		1.05	%^(c)
Net investment income		2.20	%^(c)		0.75	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		71	%		100	%

Notes to Financial Highlights

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

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

Class W	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	12.02		$	11.68		$	12.46		$	11.48
Income from investment operations:
Net investment income		0.11			0.16			0.12			0.02
Net realized and unrealized gain (loss)		(0.12	)		0.57			(0.92	)		1.17
Total from investment operations		(0.01	)		0.73			(0.80	)		1.19
Less distributions to shareholders:
Net investment income		—			(0.39	)		—			(0.21	)
Total distributions to shareholders		—			(0.39	)		—			(0.21	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(b)
Net asset value, end of period	$	12.01		$	12.02		$	11.68		$	12.46
Total return		(0.08	%)		6.40	%		(6.26	%)^(c)		10.52	%
Ratios to average net assets^(d)
Total gross expenses		1.42	%^(e)		1.40	%^(f)		1.38	%		1.30	%^(e)(f)
Total net expenses^(g)		1.42	%^(e)(h)		1.39	%^(f)(h)		1.33	%^(h)		1.30	%^(e)(f)(h)
Net investment income		1.81	%^(e)		1.42	%		1.06	%		0.33	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	298,318		$	270,144		$	232,777		$	3
Portfolio turnover		71	%		100	%		112	%		92	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(e) Annualized.

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

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

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

Class Y	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	12.21		$	11.89		$	12.55
Income from investment operations:
Net investment income		0.15			0.21			0.18
Net realized and unrealized gain (loss)		(0.13	)		0.59			(0.86	)
Total from investment operations		0.02			0.80			(0.68	)
Less distributions to shareholders:
Net investment income		—			(0.48	)		—
Total distributions to shareholders		—			(0.48	)		—
Proceeds from regulatory settlements		—			—			0.02
Net asset value, end of period	$	12.23		$	12.21		$	11.89
Total return		0.16	%		6.98	%		(5.26	%)^(b)
Ratios to average net assets^(c)
Total gross expenses		0.94	%^(d)		0.95	%^(e)		0.88	%^(d)
Total net expenses^(f)		0.94	%^(d)		0.95	%^(e)		0.88	%^(d)
Net investment income		2.33	%^(d)		1.79	%		1.64	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	13,554		$	14,990		$	12,780
Portfolio turnover		71	%		100	%		112	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.19		$	11.86		$	12.62		$	10.81		$	7.52		$	15.96
Income from investment operations:
Net investment income		0.13			0.23			0.18			0.18			0.17			0.29
Net realized and unrealized gain (loss)		(0.12	)		0.54			(0.96	)		1.87			3.55			(8.43	)
Total from investment operations		0.01			0.77			(0.78	)		2.05			3.72			(8.14	)
Less distributions to shareholders:
Net investment income		—			(0.44	)		—			(0.24	)		(0.46	)		(0.11	)
Net realized gains		—			—			—			—			—			(0.19	)
Total distributions to shareholders		—			(0.44	)		—			(0.24	)		(0.46	)		(0.30	)
Proceeds from regulatory settlements		—			—			0.02			0.00	^(a)		0.03			—
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.00	^(a)		0.00	^(a)
Net asset value, end of period	$	12.20		$	12.19		$	11.86		$	12.62		$	10.81		$	7.52
Total return		0.08	%		6.72	%		(6.02	%)^(b)		19.08	%		50.09	%		(51.76	%)
Ratios to average net assets^(c)
Total gross expenses		1.17	%^(d)		1.13	%^(e)		1.11	%		1.08	%^(e)		1.01	%^(e)		1.02	%
Total net expenses^(f)		1.17	%^(d)(g)		1.12	%^(e)(g)		1.08	%^(g)		1.08	%^(e)(g)		1.01	%^(e)(g)		1.02	%^(g)
Net investment income		2.12	%^(d)		2.00	%		1.53	%		1.58	%		1.59	%		2.28	%
Supplemental data
Net assets, end of period (in thousands)	$	237,489		$	301,958		$	1,093,867		$	1,177,541		$	1,375,538		$	1,155,598
Portfolio turnover		71	%		100	%		112	%		92	%		127	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.19%.

(d) Annualized.

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

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

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

Note 1. Organization

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

Fund Shares

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 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 structure and sales charges, as applicable.

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

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

Class 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 eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

All equity securities and exchange traded funds (ETFs) are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and ETFs are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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

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

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

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

Foreign Currency Transactions and Translations

currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

Derivative Instruments

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, 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 derivative contract counterparties. An ISDA Master Agreement is an agreement between a Fund and a counterparty that governs OTC 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.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to

maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or the Fund fails to meet the 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 the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative 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 OTC agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift investment exposure from one currency to another, 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.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires or is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present 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, 2013:

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)	Gross Amounts Offset in the Statement of Assets and Liabilities ($)	Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)	Financial Instruments ($)^(a)	Cash Collateral Received ($)	Securities Collateral Received ($)	Net Amount ($)^(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts	3,313,190	—	3,313,190	2,118,445	—	—	1,194,745
				Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)	Gross Amounts Offset in the Statement of Assets and Liabilities ($)	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)	Financial Instruments ($)^(c)	Cash Collateral Pledged ($)	Securities Collateral Pledged ($)	Net Amount ($)^(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts	6,306,912	—	6,306,912	2,118,445	—	—	4,188,467

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(b) Represents the net amount due from counterparties in the event of default.

(c) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(d) Represents the net amount due to counterparties in the event of default.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at August 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		3,313,190
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		62,427	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		6,306,912
Total			6,369,339

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended August 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Total ($)
Equity risk					205,405		205,405
Foreign exchange risk		(15,828,972	)		—		(15,828,972	)
Total		(15,828,972	)		205,405		(15,623,567	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		(38,039	)		(38,039	)
Foreign exchange risk		1,286,081		—			1,286,081
Total		1,286,081		(38,039	)		1,248,042

The following table is a summary of the volume of derivative instruments for the six months ended August 31, 2013:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		373
Futures contracts		1,159

Security Transactions

Income Recognition

Expenses

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

Federal Income Tax Status

Foreign Taxes

Distributions to Shareholders

Guarantees and Indemnifications

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 Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisor (see Subadvisory Agreement below) shares the responsibility for the day-to-day portfolio management of the Fund with the Investment Manager. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.79% to 0.62% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended August 31, 2013 was 0.77% of the Fund's average daily net assets.

Subadvisory Agreements

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle) to subadvise a portion of the Fund's assets. The Investment Manager compensates Threadneedle to manage the investment of the Fund's assets. Prior to May 20, 2013, Marsico Capital Management, LLC (Marsico) was a subadviser to the Fund pursuant to a Subadvisory Agreement between the Investment Manager and Marsico. Threadneedle and Marsico each subadvised a portion of the Fund's assets. New investments in the Fund, net of any redemptions, were allocated in accordance with the Investment Manager's determination, subject to the oversight of the Board, of the allocation that was in the best interests of the shareholders. Threadneedle's and Marsico's proportionate share of investments in the Fund varied due to market fluctuations. Prior to May 20, 2013, the Investment Manager also compensated Marsico for its services as subadvisor. Marsico is not currently a subadviser to the Fund.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.05% as the Fund's net assets increase. The annualized effective

administration fee rate for the six months ended August 31, 2013 was 0.08% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Beginning November 1, 2012, Class Y shares are not subject to transfer agent fees for at least twelve months.

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.23	%
Class B	0.23
Class C	0.23
Class K	0.05
Class R	0.23
Class R4	0.25
Class R5	0.05
Class W	0.23
Class Z	0.23

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

Plans, the Fund pays a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B, Class C and Class W shares of the Fund and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class B, Class C, Class R and Class W shares of the Fund.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $42,357 for Class A, $1,073 for Class B and $174 for Class C shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.44	%		1.50	%
Class B		2.19			2.25
Class C		2.19			2.25
Class I		1.01			1.05
Class K		1.31			1.35
Class R		1.69			1.75
Class R4		1.19			1.25
Class R5		1.06			1.10
Class W		1.44			1.50
Class Y		1.01			1.05
Class Z		1.19			1.25

applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $724,170,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	143,637,000
Unrealized depreciation		(13,061,000	)
Net unrealized appreciation	$	130,576,000

Year of Expiration	Amount
2017	$	423,616,657
2018		553,108,969
Total	$	976,725,626

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. The Fund has elected to treat late year ordinary losses of $16,044,394 at February 28, 2013 as arising on March 1, 2013.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $639,849,431 and $733,377,860, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 21.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 38.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Significant Risks

Foreign Securities Risk

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

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

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Multi-Advisor International Equity Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser was in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund's investment performance was appropriate in light of the particular management style involved and the particular market environment.

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management's process for monitoring the Subadviser. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser. The Board observed that management was exploring ways in which to improve the performance of the Fund.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management, its Affiliates and the Subadvisers from their Relationships with the Fund

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe's median expense ratio shown in the reports. Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund's investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

Economies of Scale to be Realized

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Small Cap Index Fund (the Fund) Class A shares returned 12.59% for the six months ended August 31, 2013.

> The Fund underperformed its benchmark, the S&P SmallCap 600 Index, which returned 12.91% for the same period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/96		12.59		26.19		9.14		9.74
Class B*	03/07/11
Excluding sales charges			12.19		25.28		8.32		8.92
Including sales charges			7.19		20.28		8.03		8.92
Class I*	11/16/11		12.73		26.51		9.24		9.79
Class K*	03/07/11		12.61		26.17		9.13		9.73
Class R5*	11/08/12		12.78		26.48		9.19		9.76
Class Z	10/15/96		12.75		26.51		9.40		10.01
S&P SmallCap 600 Index			12.91		26.69		9.51		10.14

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

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

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.

Top Ten Holdings (%) (at August 31, 2013)
Cubist Pharmaceuticals, Inc.					0.7
Gulfport Energy Corp.					0.7
Questcor Pharmaceuticals, Inc.					0.6
Hain Celestial Group, Inc. (The)					0.6
Brunswick Corp.					0.5
AO Smith Corp.					0.5
FEI Co.					0.5
Align Technology, Inc.					0.5
Centene Corp.					0.5
Old Dominion Freight Line, Inc.					0.5

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.

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks	96.8
Consumer Discretionary	15.7
Consumer Staples	4.1
Energy	4.3
Financials	20.4
Health Care	10.8
Industrials	14.4
Information Technology	17.7
Materials	5.5
Telecommunication Services	0.4
Utilities	3.5
Money Market Funds	3.2
Rights	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.

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,125.90		1,022.81		2.40		2.28		0.45
Class B		1,000.00		1,000.00		1,121.90		1,019.05		6.38		6.07		1.20
Class I		1,000.00		1,000.00		1,127.30		1,024.07		1.07		1.01		0.20
Class K		1,000.00		1,000.00		1,126.10		1,022.81		2.40		2.28		0.45
Class R5		1,000.00		1,000.00		1,127.80		1,024.07		1.07		1.01		0.20
Class Z		1,000.00		1,000.00		1,127.50		1,024.07		1.07		1.01		0.20

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.

Common Stocks 96.7%

Issuer	Shares		Value ($)
Consumer Discretionary 15.7%
Auto Components 0.5%
Dorman Products, Inc.		101,175		5,083,032
Drew Industries, Inc.		71,832		3,014,071
Spartan Motors, Inc.		117,141		668,875
Standard Motor Products, Inc.		73,729		2,260,531
Superior Industries International, Inc.		86,694		1,511,943
Total				12,538,452
Automobiles 0.1%
Winnebago Industries, Inc.^(a)		104,755		2,332,894
Distributors 0.4%
Pool Corp.		174,247		9,076,526
VOXX International Corp.^(a)		72,099		876,724
Total				9,953,250
Diversified Consumer Services 1.0%
American Public Education, Inc.^(a)		65,714		2,629,874
Capella Education Co.^(a)		41,648		2,263,569
Career Education Corp.^(a)		190,208		498,345
Corinthian Colleges, Inc.^(a)		292,750		646,978
Hillenbrand, Inc.		234,420		5,804,239
ITT Educational Services, Inc.^(a)		58,425		1,683,224
Lincoln Educational Services Corp.		84,216		429,502
Outerwall, Inc.^(a)		104,743		6,511,872
Strayer Education, Inc.		40,320		1,611,187
Universal Technical Institute, Inc.		79,282		842,768
Total				22,921,558
Hotels, Restaurants & Leisure 3.4%
Biglari Holdings, Inc.^(a)		5,393		2,251,308
BJ's Restaurants, Inc.^(a)		92,517		2,890,231
Boyd Gaming Corp.^(a)		270,078		3,273,345
Buffalo Wild Wings, Inc.^(a)		70,018		7,275,570
CEC Entertainment, Inc.		62,389		2,524,883
Cracker Barrel Old Country Store, Inc.		88,793		8,739,007
DineEquity, Inc.		60,681		4,021,330
Interval Leisure Group, Inc.		145,468		3,142,109
Jack in the Box, Inc.^(a)		166,039		6,556,880
Marcus Corp.		69,818		858,761
Marriott Vacations Worldwide Corp.^(a)		109,497		4,774,069
Monarch Casino & Resort, Inc.^(a)		35,580		668,904

Common Stocks (continued)

Issuer	Shares		Value ($)
Multimedia Games Holdings Co., Inc.^(a)		107,757		4,228,385
Papa John's International, Inc.^(a)		61,008		4,156,475
Pinnacle Entertainment, Inc.^(a)		217,929		5,160,559
Red Robin Gourmet Burgers, Inc.^(a)		48,089		3,119,053
Ruby Tuesday, Inc.^(a)		213,580		1,550,591
Ruth's Hospitality Group, Inc.		133,738		1,580,783
SHFL Entertainment, Inc.^(a)		210,549		4,794,201
Sonic Corp.^(a)		197,043		3,144,806
Texas Roadhouse, Inc.		216,483		5,379,603
Total				80,090,853
Household Durables 1.4%
Blyth, Inc.		39,427		363,911
Ethan Allen Interiors, Inc.		97,107		2,531,579
Helen of Troy Ltd.^(a)		119,083		4,784,755
iRobot Corp.^(a)		99,170		3,239,884
La-Z-Boy, Inc.		195,432		4,154,884
M/I Homes, Inc.^(a)		90,238		1,690,158
Meritage Homes Corp.^(a)		117,401		4,686,648
Ryland Group, Inc. (The)		172,161		5,994,646
Standard Pacific Corp.^(a)		558,347		3,986,598
Universal Electronics, Inc.^(a)		55,969		1,688,025
Total				33,121,088
Internet & Catalog Retail 0.2%
Blue Nile, Inc.^(a)		46,257		1,673,578
Nutrisystem, Inc.		106,862		1,352,873
PetMed Express, Inc.		75,063		1,146,212
Total				4,172,663
Leisure Equipment & Products 0.9%
Arctic Cat, Inc.		49,199		2,641,002
Brunswick Corp.		337,658		12,277,245
Callaway Golf Co.		265,355		1,836,257
JAKKS Pacific, Inc.		78,268		406,211
Sturm Ruger & Co., Inc.		72,115		3,776,662
Total				20,937,377
Media 0.8%
Arbitron, Inc.		99,625		4,688,353
Digital Generation, Inc.^(a)		95,368		1,170,165
EW Scripps Co., Class A^(a)		110,644		1,682,895

Common Stocks (continued)

Issuer	Shares		Value ($)
Harte-Hanks, Inc.		161,750		1,342,525
Live Nation Entertainment, Inc.^(a)		537,955		9,069,921
Total				17,953,859
Multiline Retail 0.2%
Fred's, Inc., Class A		126,114		1,971,162
Tuesday Morning Corp.^(a)		159,877		1,968,086
Total				3,939,248
Specialty Retail 4.4%
Big 5 Sporting Goods Corp.		63,740		1,066,370
Brown Shoe Co., Inc.		152,239		3,413,198
Buckle, Inc. (The)		102,816		5,323,813
Cato Corp. (The), Class A		100,495		2,528,454
Children's Place Retail Stores, Inc. (The)^(a)		83,941		4,463,982
Christopher & Banks Corp.^(a)		135,572		751,069
Finish Line, Inc., Class A (The)		183,812		3,852,700
Francesca's Holdings Corp.^(a)		164,330		3,963,640
Genesco, Inc.^(a)		89,632		5,528,502
Group 1 Automotive, Inc.		80,915		6,208,608
Haverty Furniture Companies, Inc.		74,236		1,797,254
Hibbett Sports, Inc.^(a)		96,993		5,024,237
Jos. A. Bank Clothiers, Inc.^(a)		104,406		4,153,271
Kirkland's, Inc.^(a)		56,124		1,094,979
Lithia Motors, Inc., Class A		78,562		5,155,238
Lumber Liquidators Holdings, Inc.^(a)		102,538		10,194,328
MarineMax, Inc.^(a)		90,109		1,102,934
Men's Wearhouse, Inc. (The)		176,405		6,641,648
Monro Muffler Brake, Inc.		109,711		4,856,906
OfficeMax, Inc.		324,776		3,530,315
PEP Boys-Manny, Moe & Jack (The)^(a)		198,552		2,229,739
Rue21, Inc.^(a)		57,846		2,363,009
Select Comfort Corp.^(a)		207,731		5,130,956
Sonic Automotive, Inc., Class A		128,506		2,800,146
Stage Stores, Inc.		121,902		2,271,034
Stein Mart, Inc.		103,701		1,259,967
Vitamin Shoppe, Inc.^(a)		112,783		4,750,420
Zale Corp.^(a)		98,312		1,229,883
Zumiez, Inc.^(a)		79,978		2,135,413
Total				104,822,013
Textiles, Apparel & Luxury Goods 2.4%
Crocs, Inc.^(a)		328,918		4,427,236

Common Stocks (continued)

Issuer	Shares		Value ($)
Fifth & Pacific Companies, Inc.^(a)		447,769		10,674,813
Iconix Brand Group, Inc.^(a)		212,856		6,985,934
Maidenform Brands, Inc.^(a)		86,916		2,037,311
Movado Group, Inc.		66,683		2,841,363
Oxford Industries, Inc.		53,211		3,301,210
Perry Ellis International, Inc.		43,862		803,552
Quiksilver, Inc.^(a)		469,158		2,322,332
Skechers U.S.A., Inc., Class A^(a)		143,533		4,410,769
Steven Madden Ltd.^(a)		153,513		8,289,702
Wolverine World Wide, Inc.		187,296		10,535,400
Total				56,629,622
Total Consumer Discretionary				369,412,877
Consumer Staples 4.1%
Beverages 0.3%
Boston Beer Co., Inc. (The), Class A^(a)		31,340		6,639,066
Food & Staples Retailing 0.7%
Andersons, Inc. (The)		64,918		4,262,516
Casey's General Stores, Inc.		143,080		9,434,695
Nash Finch Co.		45,822		1,119,431
Spartan Stores, Inc.		81,730		1,680,369
Total				16,497,011
Food Products 2.5%
B&G Foods, Inc.		197,311		6,682,924
Cal-Maine Foods, Inc.		52,178		2,380,882
Calavo Growers, Inc.		47,207		1,168,845
Darling International, Inc.^(a)		441,213		8,925,739
Diamond Foods, Inc.^(a)		83,059		1,719,321
Hain Celestial Group, Inc. (The)^(a)		176,389		14,425,092
J&J Snack Foods Corp.		55,462		4,266,137
Sanderson Farms, Inc.		74,742		4,894,106
Seneca Foods Corp., Class A^(a)		28,893		851,477
Snyders-Lance, Inc.		180,721		4,861,395
TreeHouse Foods, Inc.^(a)		135,285		8,797,584
Total				58,973,502
Household Products 0.2%
Central Garden and Pet Co., Class A^(a)		156,042		976,823
WD-40 Co.		54,279		3,157,952
Total				4,134,775

Common Stocks (continued)

Issuer	Shares		Value ($)
Personal Products 0.4%
Inter Parfums, Inc.		60,809		1,615,695
Medifast, Inc.^(a)		45,359		1,127,625
Prestige Brands Holdings, Inc.^(a)		190,923		6,199,270
Total				8,942,590
Tobacco — %
Alliance One International, Inc.^(a)		307,519		870,279
Total Consumer Staples				96,057,223
Energy 4.3%
Energy Equipment & Services 2.1%
Basic Energy Services, Inc.^(a)		102,446		1,192,471
Bristow Group, Inc.		134,950		8,866,215
C&J Energy Services, Inc.^(a)		167,665		3,442,162
Era Group, Inc.^(a)		71,364		1,771,968
Exterran Holdings, Inc.^(a)		245,195		6,725,699
Geospace Technologies Corp.^(a)		48,190		3,361,734
Gulf Island Fabrication, Inc.		53,967		1,267,685
Hornbeck Offshore Services, Inc.^(a)		120,239		6,550,621
ION Geophysical Corp.^(a)		450,829		2,159,471
Matrix Service Co.^(a)		97,321		1,517,234
Pioneer Energy Services Corp.^(a)		231,558		1,565,332
SEACOR Holdings, Inc.		71,309		5,924,352
Tesco Corp.^(a)		117,770		1,819,547
Tetra Technologies, Inc.^(a)		292,164		3,432,927
Total				49,597,418
Oil, Gas & Consumable Fuels 2.2%
Approach Resources, Inc.^(a)		124,689		2,905,254
Carrizo Oil & Gas, Inc.^(a)		137,185		4,699,958
Cloud Peak Energy, Inc.^(a)		227,039		3,573,594
Comstock Resources, Inc.		167,654		2,447,748
Contango Oil & Gas Co.		47,648		1,708,657
Forest Oil Corp.^(a)		445,440		2,476,646
Gulfport Energy Corp.^(a)		257,055		15,166,245
Northern Oil and Gas, Inc.^(a)		221,430		2,852,019
PDC Energy, Inc.^(a)		129,952		7,456,646
Penn Virginia Corp.^(a)		204,510		983,693
Petroquest Energy, Inc.^(a)		211,720		889,224
Stone Energy Corp.^(a)		186,525		5,110,785

Common Stocks (continued)

Issuer	Shares		Value ($)
Swift Energy Co.^(a)		161,852		1,825,691
Total				52,096,160
Total Energy				101,693,578
Financials 20.3%
Capital Markets 1.9%
Calamos Asset Management, Inc., Class A		76,422		758,106
Evercore Partners, Inc., Class A		108,920		4,856,743
Financial Engines, Inc.		158,828		8,489,356
HFF, Inc., Class A		122,347		2,813,981
Investment Technology Group, Inc.^(a)		138,908		2,361,436
Piper Jaffray Companies^(a)		55,468		1,803,265
Prospect Capital Corp.		842,602		9,327,604
Stifel Financial Corp.^(a)		220,685		8,831,814
SWS Group, Inc.^(a)		105,739		555,130
Virtus Investment Partners, Inc.^(a)		21,602		3,765,228
Total				43,562,663
Commercial Banks 6.8%
Bank of the Ozarks, Inc.		112,176		5,090,547
Banner Corp.		65,263		2,235,910
BBCN Bancorp, Inc.		294,822		3,938,822
Boston Private Financial Holdings, Inc.		295,135		3,016,280
Cardinal Financial Corp.		113,000		1,857,720
City Holding Co.		58,455		2,387,887
Columbia Banking System, Inc.		190,475		4,419,020
Community Bank System, Inc.		149,325		4,963,563
CVB Financial Corp.		329,089		4,192,594
First BanCorp^(a)		370,759		2,369,150
First Commonwealth Financial Corp.		365,437		2,678,653
First Financial Bancorp		215,950		3,239,250
First Financial Bankshares, Inc.		111,826		6,429,966
First Midwest Bancorp, Inc.		280,227		4,211,812
FNB Corp.		541,328		6,533,829
Glacier Bancorp, Inc.		268,862		6,345,143
Hanmi Financial Corp.		117,920		1,925,634
Home Bancshares, Inc.		172,120		4,375,290
Independent Bank Corp.		85,416		3,033,122
MB Financial, Inc.		204,555		5,520,940
National Penn Bancshares, Inc.		440,156		4,419,166
NBT Bancorp, Inc.		163,485		3,501,849

Common Stocks (continued)

Issuer	Shares		Value ($)
Old National Bancorp		378,381		4,971,926
PacWest Bancorp		146,829		4,882,064
Pinnacle Financial Partners, Inc.^(a)		123,323		3,446,878
PrivateBancorp, Inc.		234,708		5,121,329
S&T Bancorp, Inc.		110,937		2,493,864
Simmons First National Corp., Class A		61,632		1,492,111
Sterling Bancorp		115,551		1,466,342
Susquehanna Bancshares, Inc.		696,033		8,776,976
Taylor Capital Group, Inc.^(a)		54,290		1,148,776
Texas Capital Bancshares, Inc.^(a)		152,224		6,710,034
Tompkins Financial Corp.		43,163		1,873,274
UMB Financial Corp.		121,062		7,231,033
Umpqua Holdings Corp.		417,933		6,787,232
United Bankshares, Inc.		171,313		4,757,362
United Community Banks, Inc.^(a)		172,535		2,515,560
ViewPoint Financial Group, Inc.		134,203		2,669,298
Wilshire Bancorp, Inc.		231,545		1,882,461
Wintrust Financial Corp.		148,161		5,873,102
Total				160,785,769
Consumer Finance 1.3%
Cash America International, Inc.		106,505		4,556,284
Encore Capital Group, Inc.^(a)		86,795		3,720,902
Ezcorp, Inc., Class A^(a)		177,969		3,021,913
First Cash Financial Services, Inc.^(a)		100,223		5,539,325
Portfolio Recovery Associates, Inc.^(a)		189,294		10,040,154
World Acceptance Corp.^(a)		46,055		3,945,532
Total				30,824,110
Diversified Financial Services 0.4%
Interactive Brokers Group, Inc., Class A		160,365		2,690,925
MarkeTaxess Holdings, Inc.		139,999		7,106,349
Total				9,797,274
Insurance 2.0%
AMERISAFE, Inc.		68,645		2,237,141
eHealth, Inc.^(a)		68,673		1,900,182
Employers Holdings, Inc.		115,531		3,062,727
Horace Mann Educators Corp.		148,147		3,905,155
Infinity Property & Casualty Corp.		43,014		2,602,777
Meadowbrook Insurance Group, Inc.		175,045		1,046,769
Navigators Group, Inc. (The)^(a)		39,556		2,164,900

Common Stocks (continued)

Issuer	Shares		Value ($)
ProAssurance Corp.		230,751		10,877,602
RLI Corp.		63,558		4,963,244
Safety Insurance Group, Inc.		47,862		2,399,801
Selective Insurance Group, Inc.		207,284		4,753,022
Stewart Information Services Corp.		77,000		2,355,430
Tower Group International Ltd.		145,781		2,059,885
United Fire Group, Inc.		81,160		2,328,480
Total				46,657,115
Real Estate Investment Trusts (REITs) 7.1%
Acadia Realty Trust		205,587		4,796,345
Agree Realty Corp.		46,960		1,272,616
Associated Estates Realty Corp.		188,020		2,589,035
Cedar Realty Trust, Inc.		205,126		1,001,015
Colonial Properties Trust		309,523		6,837,363
Coresite Realty Corp.		79,820		2,428,923
Cousins Properties, Inc.		626,481		6,220,956
DiamondRock Hospitality Co.		729,578		7,069,611
EastGroup Properties, Inc.		112,937		6,347,059
EPR Properties		175,590		8,600,398
Franklin Street Properties Corp.		325,365		3,962,946
Geo Group, Inc. (The)		267,252		8,340,935
Getty Realty Corp.		99,736		1,821,179
Government Properties Income Trust		204,055		4,770,806
Healthcare Realty Trust, Inc.		356,417		8,015,818
Inland Real Estate Corp.		322,949		3,168,130
Kite Realty Group Trust		320,963		1,851,956
LaSalle Hotel Properties		356,622		9,461,182
Lexington Realty Trust		687,104		8,052,859
LTC Properties, Inc.		127,711		4,524,801
Medical Properties Trust, Inc.		597,374		6,899,670
Mid-America Apartment Communities, Inc.		159,482		9,833,660
Parkway Properties, Inc.		156,576		2,560,018
Pennsylvania Real Estate Investment Trust		233,364		4,328,902
Post Properties, Inc.		203,759		9,216,019
PS Business Parks, Inc.		67,225		4,885,241
Sabra Health Care REIT, Inc.		139,361		3,081,272
Saul Centers, Inc.		48,017		2,084,418
Sovran Self Storage, Inc.		117,237		7,769,296
Tanger Factory Outlet Centers		352,434		10,872,589

Common Stocks (continued)

Issuer	Shares		Value ($)
Universal Health Realty Income Trust		47,366		1,899,850
Urstadt Biddle Properties, Inc., Class A		96,021		1,875,290
Total				166,440,158
Real Estate Management & Development 0.1%
Forestar Group, Inc.^(a)		129,526		2,585,339
Thrifts & Mortgage Finance 0.7%
Bank Mutual Corp.		161,151		957,237
Brookline Bancorp, Inc.		260,439		2,356,973
Dime Community Bancshares, Inc.		108,949		1,734,468
Northwest Bancshares, Inc.		349,901		4,667,679
Oritani Financial Corp.		145,653		2,259,078
Provident Financial Services, Inc.		200,491		3,243,945
TrustCo Bank Corp.		351,645		2,053,607
Total				17,272,987
Total Financials				477,925,415
Health Care 10.8%
Biotechnology 1.1%
Acorda Therapeutics, Inc.^(a)		151,425		5,116,651
Arqule, Inc.^(a)		219,740		613,075
Cubist Pharmaceuticals, Inc.^(a)		243,404		15,422,077
Emergent Biosolutions, Inc.^(a)		95,734		1,683,004
Momenta Pharmaceuticals, Inc.^(a)		170,566		2,403,275
Spectrum Pharmaceuticals, Inc.		205,440		1,573,670
Total				26,811,752
Health Care Equipment & Supplies 3.4%
Abaxis, Inc.		77,549		3,038,370
ABIOMED, Inc.^(a)		131,579		3,098,685
Align Technology, Inc.^(a)		267,906		11,667,306
Analogic Corp.		45,730		3,413,287
Cantel Medical Corp.		121,125		3,137,138
CONMED Corp.		103,518		3,218,375
CryoLife, Inc.		93,315		566,422
Cyberonics, Inc.^(a)		88,723		4,513,339
Cynosure Inc., Class A^(a)		68,956		1,582,540
Greatbatch, Inc.^(a)		89,222		3,030,871
Haemonetics Corp.^(a)		190,662		7,597,881
ICU Medical, Inc.^(a)		47,889		3,423,106
Integra LifeSciences Holdings Corp.^(a)		75,429		3,065,435
Invacare Corp.		108,722		1,631,917

Common Stocks (continued)

Issuer	Shares		Value ($)
Meridian Bioscience, Inc.		154,785		3,481,115
Merit Medical Systems, Inc.^(a)		149,313		1,911,206
Natus Medical, Inc.^(a)		113,430		1,491,605
Neogen Corp.^(a)		83,943		4,541,316
NuVasive, Inc.^(a)		165,101		3,883,176
SurModics, Inc.^(a)		44,924		889,495
Symmetry Medical, Inc.^(a)		139,145		1,092,288
West Pharmaceutical Services, Inc.		129,096		9,546,649
Total				79,821,522
Health Care Providers & Services 3.1%
Air Methods Corp.		130,620		5,344,970
Almost Family, Inc.		31,084		586,555
Amedisys, Inc.^(a)		117,449		1,913,244
AMN Healthcare Services, Inc.^(a)		171,850		2,337,160
Amsurg Corp.^(a)		119,424		4,453,321
Bio-Reference Labs, Inc.^(a)		90,870		2,628,869
Centene Corp.^(a)		203,144		11,609,680
Chemed Corp.		70,428		4,904,606
Corvel Corp.^(a)		44,188		1,455,553
Cross Country Healthcare, Inc.^(a)		115,351		651,733
Ensign Group, Inc. (The)		66,054		2,552,987
Gentiva Health Services, Inc.^(a)		108,697		1,246,755
Hanger, Inc.^(a)		129,409		3,974,150
Healthways, Inc.^(a)		127,656		2,435,677
IPC The Hospitalist Co., Inc.^(a)		62,576		3,218,909
Kindred Healthcare, Inc.		201,713		2,965,181
Landauer, Inc.		35,561		1,688,436
LHC Group, Inc.^(a)		55,155		1,248,158
Magellan Health Services, Inc.^(a)		101,126		5,684,292
Molina Healthcare, Inc.^(a)		108,504		3,622,949
MWI Veterinary Supply, Inc.^(a)		44,920		6,831,434
PharMerica Corp.^(a)		110,854		1,363,504
Total				72,718,123
Health Care Technology 0.8%
Computer Programs & Systems, Inc.		38,876		2,136,625
HealthStream, Inc.^(a)		74,534		2,470,802
Medidata Solutions, Inc.^(a)		85,361		7,634,688
Omnicell, Inc.^(a)		128,160		2,786,199
Quality Systems, Inc.		148,938		3,081,527
Total				18,109,841

Common Stocks (continued)

Issuer	Shares		Value ($)
Life Sciences Tools & Services 0.7%
Affymetrix, Inc.^(a)		265,396		1,478,256
Cambrex Corp.^(a)		112,108		1,528,032
Luminex Corp.^(a)		141,264		2,867,659
PAREXEL International Corp.^(a)		212,208		9,852,817
Total				15,726,764
Pharmaceuticals 1.7%
Akorn, Inc.^(a)		254,669		4,576,402
Hi-Tech Pharmacal Co., Inc.		42,044		1,812,517
Impax Laboratories, Inc.^(a)		242,890		4,950,098
Medicines Co. (The)^(a)		230,422		7,283,639
Questcor Pharmaceuticals, Inc.		218,534		14,571,847
Viropharma, Inc.^(a)		243,793		7,350,359
Total				40,544,862
Total Health Care				253,732,864
Industrials 14.4%
Aerospace & Defense 2.0%
AAR Corp.		148,313		3,721,173
Aerovironment, Inc.^(a)		71,124		1,558,327
American Science & Engineering, Inc.		29,091		1,640,151
Cubic Corp.		74,852		3,758,319
Curtiss-Wright Corp.		174,787		7,299,105
Engility Holdings, Inc.^(a)		64,081		2,156,966
GenCorp, Inc.^(a)		225,832		3,403,288
Moog, Inc., Class A^(a)		169,159		8,593,277
National Presto Industries, Inc.		18,277		1,260,747
Orbital Sciences Corp.^(a)		223,927		3,887,373
Teledyne Technologies, Inc.^(a)		139,480		10,763,672
Total				48,042,398
Air Freight & Logistics 0.6%
Atlas Air Worldwide Holdings, Inc.^(a)		96,415		4,454,373
Forward Air Corp.		112,659		4,149,231
HUB Group, Inc., Class A^(a)		132,107		4,907,775
Total				13,511,379
Airlines 0.3%
Allegiant Travel Co.		56,277		5,318,739
Skywest, Inc.		193,644		2,496,071
Total				7,814,810

Common Stocks (continued)

Issuer	Shares		Value ($)
Building Products 1.3%
AAON, Inc.		104,218		2,430,364
AO Smith Corp.		290,742		12,225,701
Apogee Enterprises, Inc.		107,280		2,993,112
Gibraltar Industries, Inc.^(a)		107,677		1,386,880
Griffon Corp.		167,785		1,850,668
Quanex Building Products Corp.		138,354		2,302,211
Simpson Manufacturing Co., Inc.		150,446		4,704,446
Universal Forest Products, Inc.		73,900		2,766,816
Total				30,660,198
Commercial Services & Supplies 1.8%
ABM Industries, Inc.		190,028		4,589,176
Consolidated Graphics, Inc.^(a)		30,576		1,635,816
G&K Services, Inc., Class A		72,994		3,754,811
Healthcare Services Group, Inc.		255,416		6,183,621
Interface, Inc.		214,924		3,795,558
Mobile Mini, Inc.^(a)		143,094		4,347,196
Tetra Tech, Inc.^(a)		242,369		5,521,166
Unifirst Corp.		56,027		5,371,869
United Stationers, Inc.		151,394		6,016,398
Viad Corp.		75,872		1,712,431
Total				42,928,042
Construction & Engineering 0.8%
Aegion Corp.^(a)		146,043		3,125,320
Comfort Systems U.S.A., Inc.		138,858		2,096,756
Dycom Industries, Inc.^(a)		123,424		3,136,204
EMCOR Group, Inc.		250,529		9,417,385
Orion Marine Group, Inc.^(a)		101,703		998,723
Total				18,774,388
Electrical Equipment 1.4%
AZZ, Inc.		95,090		3,569,679
Brady Corp., Class A		173,601		5,728,833
Encore Wire Corp.		69,429		2,619,556
EnerSys, Inc.		179,629		9,211,375
Franklin Electric Co., Inc.		145,136		5,213,285
II-VI, Inc.^(a)		202,038		3,895,293
Powell Industries, Inc.^(a)		33,915		1,788,338
Vicor Corp.^(a)		67,609		528,026
Total				32,554,385

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 3.5%
Actuant Corp., Class A		273,194		9,758,490
Albany International Corp., Class A		108,647		3,506,039
Astec Industries, Inc.		78,477		2,712,165
Barnes Group, Inc.		174,545		5,458,022
Briggs & Stratton Corp.		179,799		3,432,363
CIRCOR International, Inc.		65,552		3,768,584
EnPro Industries, Inc.^(a)		77,943		4,441,192
ESCO Technologies, Inc.		98,682		3,024,603
Federal Signal Corp.^(a)		233,056		2,719,763
John Bean Technologies Corp.		107,983		2,365,908
Kaydon Corp.		120,182		3,419,178
Lindsay Corp.		47,983		3,647,668
Lydall, Inc.^(a)		63,593		987,599
Mueller Industries, Inc.		104,955		5,619,291
Standex International Corp.		47,413		2,531,380
Tennant Co.		68,685		3,528,348
Titan International, Inc.		199,790		3,244,590
Toro Co. (The)		214,664		11,336,406
Watts Water Technologies, Inc., Class A		105,565		5,469,323
Total				80,970,912
Professional Services 1.3%
CDI Corp.		52,174		707,479
Exponent, Inc.		49,220		3,205,699
Heidrick & Struggles International, Inc.		61,342		923,197
Insperity, Inc.		81,982		2,615,226
Kelly Services, Inc., Class A		101,314		1,843,915
Korn/Ferry International^(a)		181,717		3,218,208
Navigant Consulting, Inc.^(a)		188,277		2,569,981
On Assignment, Inc.^(a)		165,062		4,979,920
Resources Connection, Inc.		152,282		1,863,932
TrueBlue, Inc.^(a)		151,846		3,692,895
Wageworks, Inc.^(a)		107,000		4,466,180
Total				30,086,632
Road & Rail 0.8%
Arkansas Best Corp.		89,250		2,220,540
Heartland Express, Inc.		170,876		2,378,594
Knight Transportation, Inc.		220,769		3,594,119
Old Dominion Freight Line, Inc.^(a)		263,749		11,451,982
Total				19,645,235

Common Stocks (continued)

Issuer	Shares		Value ($)
Trading Companies & Distributors 0.6%
Applied Industrial Technologies, Inc.		157,301		7,490,674
DXP Enterprises, Inc.^(a)		36,590		2,487,388
Kaman Corp.		100,906		3,551,891
Total				13,529,953
Total Industrials				338,518,332
Information Technology 17.7%
Communications Equipment 1.6%
Arris Group, Inc.^(a)		426,914		6,689,742
Bel Fuse, Inc., Class B		38,185		687,330
Black Box Corp.		60,218		1,599,992
CalAmp Corp.^(a)		120,380		1,973,028
Comtech Telecommunications Corp.		61,242		1,467,971
Digi International, Inc.^(a)		96,492		896,411
Harmonic, Inc.^(a)		378,236		2,674,129
Ixia^(a)		202,231		2,936,394
NETGEAR, Inc.^(a)		143,805		4,161,717
Oplink Communications, Inc.^(a)		71,074		1,321,266
PC-Tel, Inc.		64,785		526,054
Procera Networks, Inc.^(a)		76,700		993,265
Symmetricom, Inc.^(a)		152,979		743,478
Viasat, Inc.^(a)		152,965		9,748,459
Total				36,419,236
Computers & Peripherals 0.8%
Avid Technology, Inc.^(a)		113,338		610,892
Electronics for Imaging, Inc.^(a)		173,283		5,073,726
Intermec, Inc.^(a)		209,815		2,070,874
Intevac, Inc.^(a)		88,766		531,709
QLogic Corp.^(a)		332,380		3,519,904
Super Micro Computer, Inc.^(a)		99,332		1,275,423
Synaptics, Inc.^(a)		121,259		4,687,873
Total				17,770,401
Electronic Equipment, Instruments & Components 4.7%
Agilysys, Inc.^(a)		52,884		597,060
Anixter International, Inc.^(a)		100,721		8,416,247
Badger Meter, Inc.		53,613		2,416,874
Belden, Inc.		164,356		9,322,272
Benchmark Electronics, Inc.^(a)		203,866		4,478,936
Checkpoint Systems, Inc.^(a)		153,133		2,246,461

Common Stocks (continued)

Issuer	Shares		Value ($)
Cognex Corp.		150,845		8,595,148
Coherent, Inc.		90,864		5,100,196
CTS Corp.		125,127		1,741,768
Daktronics, Inc.		139,153		1,487,546
DTS, Inc.^(a)		68,168		1,367,450
Electro Scientific Industries, Inc.		93,868		1,031,609
FARO Technologies, Inc.^(a)		63,801		2,368,931
FEI Co.		155,774		12,193,989
Insight Enterprises, Inc.^(a)		162,454		3,104,496
Littelfuse, Inc.		82,517		6,087,279
Measurement Specialties, Inc.^(a)		58,373		2,763,378
Mercury Systems, Inc.^(a)		120,664		1,053,397
Methode Electronics, Inc.		131,421		3,139,648
MTS Systems Corp.		59,016		3,550,993
Newport Corp.^(a)		145,876		2,237,738
OSI Systems, Inc.^(a)		69,952		5,085,510
Park Electrochemical Corp.		72,337		1,927,058
Plexus Corp.^(a)		127,299		4,167,769
Radisys Corp.^(a)		86,517		293,293
Rofin-Sinar Technologies, Inc.^(a)		105,549		2,373,797
Rogers Corp.^(a)		63,721		3,534,604
Scansource, Inc.^(a)		104,075		3,224,243
SYNNEX Corp.^(a)		98,870		4,697,314
TTM Technologies, Inc.^(a)		197,328		1,882,509
Total				110,487,513
Internet Software & Services 2.2%
Blucora, Inc.^(a)		153,004		3,063,140
comScore, Inc.^(a)		121,263		3,454,783
Dealertrack Technologies, Inc.^(a)		162,471		6,432,227
Dice Holdings, Inc.^(a)		187,730		1,563,791
Digital River, Inc.^(a)		131,647		2,274,860
j2 Global, Inc.		161,165		7,935,765
Liquidity Services, Inc.^(a)		92,080		2,729,251
LivePerson, Inc.^(a)		185,037		1,724,545
LogMeIn, Inc.^(a)		81,684		2,433,366
NIC, Inc.		220,315		4,904,212
OpenTable, Inc.^(a)		85,042		6,339,031
Perficient, Inc.^(a)		125,038		2,016,863
QuinStreet, Inc.^(a)		96,029		836,412
Stamps.com, Inc.^(a)		51,900		2,173,572

Common Stocks (continued)

Issuer	Shares		Value ($)
United Online, Inc.		345,318		2,710,746
XO Group, Inc.^(a)		94,952		1,135,626
Total				51,728,190
IT Services 1.9%
CACI International, Inc., Class A^(a)		86,109		5,803,747
Cardtronics, Inc.^(a)		167,448		5,808,771
Ciber, Inc.^(a)		253,414		922,427
CSG Systems International, Inc.		126,762		2,983,977
ExlService Holdings, Inc.^(a)		98,665		2,674,808
Forrester Research, Inc.		49,810		1,642,734
Heartland Payment Systems, Inc.		135,610		5,010,789
Higher One Holdings, Inc.^(a)		123,668		917,617
iGATE Corp.^(a)		114,482		2,673,155
MAXIMUS, Inc.		254,988		9,564,600
Sykes Enterprises, Inc.^(a)		147,518		2,512,231
TeleTech Holdings, Inc.^(a)		81,810		2,001,891
Virtusa Corp.^(a)		76,323		2,008,821
Total				44,525,568
Semiconductors & Semiconductor Equipment 3.7%
Advanced Energy Industries, Inc.^(a)		136,283		2,484,439
ATMI, Inc.^(a)		119,185		2,925,992
Brooks Automation, Inc.		248,204		2,184,195
Cabot Microelectronics Corp.^(a)		86,537		3,125,716
Ceva, Inc.^(a)		82,630		1,498,082
Cirrus Logic, Inc.^(a)		236,575		5,322,938
Cohu, Inc.		85,791		851,905
Diodes, Inc.^(a)		134,037		3,337,521
DSP Group, Inc.^(a)		82,123		521,481
Entropic Communications, Inc.^(a)		334,357		1,397,612
Exar Corp.^(a)		172,447		2,107,302
GT Advanced Technologies, Inc.^(a)		445,302		2,876,651
Hittite Microwave Corp.^(a)		101,327		6,197,159
Kopin Corp.^(a)		230,219		759,723
Kulicke & Soffa Industries, Inc.^(a)		280,780		3,105,427
Micrel, Inc.		176,558		1,624,334
Microsemi Corp.^(a)		346,828		8,927,353
MKS Instruments, Inc.		197,866		4,956,543
Monolithic Power Systems, Inc.		122,178		3,741,090
Nanometrics, Inc.^(a)		78,505		1,121,836
Pericom Semiconductor Corp.^(a)		77,924		547,806

Common Stocks (continued)

Issuer	Shares		Value ($)
Power Integrations, Inc.		108,184		5,638,550
Rubicon Technology, Inc.^(a)		64,056		782,124
Rudolph Technologies, Inc.^(a)		121,910		1,261,769
Sigma Designs, Inc.^(a)		127,525		603,193
Supertex, Inc.		38,687		892,122
Tessera Technologies, Inc.		196,949		3,612,045
TriQuint Semiconductor, Inc.^(a)		609,454		4,595,283
Ultratech, Inc.^(a)		103,624		2,930,487
Veeco Instruments, Inc.^(a)		146,170		5,133,490
Volterra Semiconductor Corp.^(a)		93,368		2,139,995
Total				87,204,163
Software 2.8%
Blackbaud, Inc.		170,395		6,137,628
Bottomline Technologies de, Inc.^(a)		134,257		3,654,476
Ebix, Inc.		119,703		1,361,023
EPIQ Systems, Inc.		120,465		1,475,696
Interactive Intelligence Group, Inc.^(a)		57,195		3,368,786
Manhattan Associates, Inc.^(a)		72,652		6,357,050
MicroStrategy, Inc., Class A^(a)		33,324		3,059,476
Monotype Imaging Holdings, Inc.		142,686		3,674,164
Netscout Systems, Inc.^(a)		132,859		3,300,218
Progress Software Corp.^(a)		205,813		5,034,186
Sourcefire, Inc.^(a)		116,274		8,774,036
Synchronoss Technologies, Inc.^(a)		103,548		3,559,980
Take-Two Interactive Software, Inc.^(a)		342,933		6,296,250
Tangoe, Inc.^(a)		118,380		2,461,120
Tyler Technologies, Inc.^(a)		101,137		7,473,013
VASCO Data Security International, Inc.^(a)		109,088		861,795
Total				66,848,897
Total Information Technology				414,983,968
Materials 5.5%
Chemicals 2.6%
A. Schulman, Inc.		110,308		2,973,904
American Vanguard Corp.		90,816		2,277,665
Balchem Corp.		110,777		5,301,787
Calgon Carbon Corp.^(a)		201,916		3,472,955
Flotek Industries, Inc.^(a)		164,300		3,251,497
H.B. Fuller Co.		187,818		7,003,733

Common Stocks (continued)

Issuer	Shares		Value ($)
Hawkins, Inc.		34,287		1,271,362
Innophos Holdings, Inc.		81,960		4,013,581
Koppers Holdings, Inc.		77,332		2,998,162
Kraton Performance Polymers, Inc.^(a)		121,420		2,252,341
LSB Industries, Inc.^(a)		70,345		2,111,757
OM Group, Inc.^(a)		119,338		3,391,586
PolyOne Corp.		370,912		10,022,042
Quaker Chemical Corp.		49,053		3,255,157
Stepan Co.		65,974		3,723,573
Tredegar Corp.		90,263		2,017,378
Zep, Inc.		84,515		1,189,971
Total				60,528,451
Construction Materials 0.3%
Headwaters, Inc.^(a)		272,813		2,335,279
Texas Industries, Inc.^(a)		78,528		4,609,594
Total				6,944,873
Containers & Packaging 0.1%
Myers Industries, Inc.		114,924		2,132,990
Metals & Mining 1.4%
AK Steel Holding Corp.^(a)		508,820		1,709,635
AM Castle & Co.^(a)		62,656		990,591
AMCOL International Corp.		95,220		3,139,403
Century Aluminum Co.^(a)		191,814		1,498,067
Globe Specialty Metals, Inc.		238,923		3,070,161
Haynes International, Inc.		46,039		2,036,305
Kaiser Aluminum Corp.		61,389		4,243,208
Materion Corp.		76,659		2,253,775
Olympic Steel, Inc.		34,269		890,309
RTI International Metals, Inc.^(a)		113,963		3,529,434
Stillwater Mining Co.^(a)		440,833		5,021,088
SunCoke Energy, Inc.^(a)		261,217		4,108,943
Total				32,490,919
Paper & Forest Products 1.1%
Clearwater Paper Corp.^(a)		82,881		3,950,108
Deltic Timber Corp.		40,815		2,455,022
KapStone Paper and Packaging Corp.		145,459		6,109,278
Neenah Paper, Inc.		59,655		2,183,373
PH Glatfelter Co.		160,209		4,104,555
Schweitzer-Mauduit International, Inc.		117,117		6,707,291

Common Stocks (continued)

Issuer	Shares		Value ($)
Wausau Paper Corp.		173,350		1,901,649
Total				27,411,276
Total Materials				129,508,509
Telecommunication Services 0.4%
Diversified Telecommunication Services 0.3%
Atlantic Tele-Network, Inc.		35,139		1,659,966
Cbeyond, Inc.^(a)		113,392		743,852
Cincinnati Bell, Inc.^(a)		776,164		2,320,730
General Communication, Inc., Class A^(a)		120,172		1,075,539
Lumos Networks Corp.		56,509		890,017
Total				6,690,104
Wireless Telecommunication Services 0.1%
NTELOS Holdings Corp.		56,839		944,664
U.S.A. Mobility, Inc.		80,799		1,140,882
Total				2,085,546
Total Telecommunication Services				8,775,650
Utilities 3.5%
Electric Utilities 1.1%
Allete, Inc.		134,121		6,330,511
El Paso Electric Co.		150,105		5,163,612
UIL Holdings Corp.		189,902		7,170,700
UNS Energy Corp.		154,758		7,077,083
Total				25,741,906
Gas Utilities 1.7%
Laclede Group, Inc. (The)		113,342		5,047,119
New Jersey Resources Corp.		155,943		6,718,024
Northwest Natural Gas Co.		100,595		4,128,419
Piedmont Natural Gas Co., Inc.		282,748		9,121,451
South Jersey Industries, Inc.		119,888		6,924,731

Common Stocks (continued)

Issuer	Shares		Value ($)
Southwest Gas Corp.		172,937		8,089,993
Total				40,029,737
Multi-Utilities 0.5%
Avista Corp.		223,674		5,875,916
NorthWestern Corp.		141,422		5,680,922
Total				11,556,838
Water Utilities 0.2%
American States Water Co.		71,987		3,786,516
Total Utilities				81,114,997
Total Common Stocks (Cost: $1,456,148,102)				2,271,723,413
Rights —%
Information Technology —%
Electronic Equipment, Instruments & Components —%
Gerber Scientific, Inc.^(a)(b)(c)(d)		112,391		—
Total Information Technology				—
Total Rights (Cost: $—)				—
Money Market Funds 3.2%
Columbia Short-Term Cash Fund, 0.097%^(e)(f)		75,208,854		75,208,854
Total Money Market Funds (Cost: $75,208,854)				75,208,854
Total Investments (Cost: $1,531,356,956)				2,346,932,267
Other Assets & Liabilities, Net				2,351,959
Net Assets				2,349,284,226

(a) Non-income producing.

(b) Negligible market value.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2013, the value of these securities amounted to $0, which represents less than 0.01% of net assets.

(d) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at August 31, 2013 was $0, representing less than 0.01% of net assets. Information concerning such security holdings at August 31, 2013 is as follows:

Security Description				Acquisition Dates				Cost ($)
Gerber Scientific, Inc.				08/22/11					—

(e) The rate shown is the seven-day current annualized yield at August 31, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds from Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					53,859,530				223,004,140				(201,654,816	)			75,208,854				39,423				75,208,854

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		369,412,877		—		—		369,412,877
Consumer Staples		96,057,223		—		—		96,057,223
Energy		101,693,578		—		—		101,693,578
Financials		477,925,415		—		—		477,925,415
Health Care		253,732,864		—		—		253,732,864
Industrials		338,518,332		—		—		338,518,332
Information Technology		414,983,968		—		—		414,983,968
Materials		129,508,509		—		—		129,508,509
Telecommunication Services		8,775,650		—		—		8,775,650
Utilities		81,114,997		—		—		81,114,997
Total Equity Securities		2,271,723,413		—		—		2,271,723,413
Mutual Funds
Money Market Funds		75,208,854		—		—		75,208,854
Total Mutual Funds		75,208,854		—		—		75,208,854
Investments in Securities		2,346,932,267		—		—		2,346,932,267
Derivatives
Assets
Futures Contracts		1,313,784		—		—		1,313,784
Total		2,348,246,051		—		—		2,348,246,051

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,456,148,102)	$	2,271,723,413
Affiliated issuers (identified cost $75,208,854)		75,208,854
Total investments (identified cost $1,531,356,956)		2,346,932,267
Margin deposits		3,715,200
Receivable for:
Investments sold		241,296
Capital shares sold		2,398,641
Dividends		1,515,339
Expense reimbursement due from Investment Manager		126
Total assets		2,354,802,869
Liabilities
Disbursements in excess of cash		238,235
Payable for:
Investments purchased		2,193,870
Capital shares purchased		1,830,578
Variation margin		1,105,531
Investment management fees		6,525
Distribution and/or service fees		6,274
Administration fees		6,525
Plan administration fees		2,455
Compensation of board members		126,250
Other expenses		2,400
Total liabilities		5,518,643
Net assets applicable to outstanding capital stock	$	2,349,284,226
Represented by
Paid-in capital	$	1,523,013,467
Undistributed net investment income		10,307,843
Accumulated net realized loss		(926,179	)
Unrealized appreciation (depreciation) on:
Investments		815,575,311
Futures contracts		1,313,784
Total — representing net assets applicable to outstanding capital stock	$	2,349,284,226

Class A
Net assets	$	863,246,057
Shares outstanding		41,219,447
Net asset value per share	$	20.94
Class B
Net assets	$	10,008,034
Shares outstanding		480,762
Net asset value per share	$	20.82
Class I
Net assets	$	3,184
Shares outstanding		152
Net asset value per share^(a)	$	20.97
Class K
Net assets	$	11,304,235
Shares outstanding		538,180
Net asset value per share	$	21.00
Class R5
Net assets	$	25,023,018
Shares outstanding		1,172,544
Net asset value per share	$	21.34
Class Z
Net assets	$	1,439,699,698
Shares outstanding		68,446,299
Net asset value per share	$	21.03

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

Net investment income
Income:
Dividends — unaffiliated issuers	$	13,733,107
Dividends — affiliated issuers		39,423
Total income		13,772,530
Expenses:
Investment management fees		1,105,824
Distribution and/or service fees
Class A		985,586
Class B		58,199
Administration fees		1,105,824
Plan administration fees
Class K		13,411
Compensation of board members		39,416
Other		6,820
Total expenses		3,315,080
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(46,236	)
Expense reductions		(3,677	)
Total net expenses		3,265,167
Net investment income		10,507,363
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		47,357,262
Futures contracts		7,751,884
Net realized gain		55,109,146
Net change in unrealized appreciation (depreciation) on:
Investments		192,715,445
Futures contracts		(2,235,499	)
Net change in unrealized appreciation (depreciation)		190,479,946
Net realized and unrealized gain		245,589,092
Net increase in net assets resulting from operations	$	256,096,455

	Six months ended August 31, 2013 (Unaudited)			Year ended February 28, 2013^(a)
Operations
Net investment income	$	10,507,363		$	29,025,982
Net realized gain		55,109,146			22,513,441
Net change in unrealized appreciation (depreciation)		190,479,946			159,325,516
Net increase in net assets resulting from operations		256,096,455			210,864,939
Distributions to shareholders
Net investment income
Class A		(402,341	)		(8,835,568	)
Class B		—			(92,006	)
Class I		(3	)		(47	)
Class K		(5,386	)		(130,672	)
Class R5		(11,104	)		(43	)
Class Z		(1,201,926	)		(19,265,834	)
Net realized gains
Class A		(16,125,815	)		(29,052,987	)
Class B		(242,845	)		(714,002	)
Class I		(63	)		(133	)
Class K		(215,836	)		(444,667	)
Class R5		(257,234	)		(44	)
Class Z		(27,844,739	)		(54,131,198	)
Total distributions to shareholders		(46,307,292	)		(112,667,201	)
Increase (decrease) in net assets from capital stock activity		154,536,464			(411,521,182	)
Total increase (decrease) in net assets		364,325,627			(313,323,444	)
Net assets at beginning of period		1,984,958,599			2,298,282,043
Net assets at end of period	$	2,349,284,226		$	1,984,958,599
Undistributed net investment income	$	10,307,843		$	1,421,240

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

	Six months ended August 31, 2013 (Unaudited)						Year ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		8,953,259			182,913,505			12,272,612			217,416,726
Distributions reinvested		791,946			15,672,604			2,152,007			36,499,212
Redemptions		(4,742,050	)		(96,286,208	)		(10,363,166	)		(183,280,250	)
Net increase		5,003,155			102,299,901			4,061,453			70,635,688
Class B shares
Subscriptions		11,960			240,434			27,883			494,004
Distributions reinvested		12,315			242,603			47,789			805,040
Redemptions^(b)		(155,561	)		(3,259,161	)		(445,467	)		(7,667,104	)
Net decrease		(131,286	)		(2,776,124	)		(369,795	)		(6,368,060	)
Class K shares
Subscriptions		51,986			1,069,468			79,667			1,426,562
Distributions reinvested		11,142			221,162			33,822			575,180
Redemptions		(38,534	)		(782,073	)		(153,729	)		(2,719,736	)
Net increase (decrease)		24,594			508,557			(40,240	)		(717,994	)
Class R5 shares
Subscriptions		1,413,682			29,224,232			4,186			81,292
Distributions reinvested		13,307			268,276			—			—
Redemptions		(258,631	)		(5,312,758	)		—			—
Net increase		1,168,358			24,179,750			4,186			81,292
Class Z shares
Subscriptions		8,153,740			166,335,899			18,712,233			335,164,984
Distributions reinvested		891,940			17,722,839			2,446,478			41,655,862
Redemptions		(7,523,759	)		(153,734,358	)		(49,712,101	)		(851,972,954	)
Net increase (decrease)		1,521,921			30,324,380			(28,553,390	)		(475,152,108	)
Total net increase (decrease)		7,586,742			154,536,464			(24,897,786	)		(411,521,182	)

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

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

	Six months ended Aug. 31, 2013			Year ended Feb. 28,			Year ended Feb. 29,			Year ended Feb. 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	19.00		$	17.75		$	18.01		$	13.97		$	8.58		$	17.70
Income from investment operations:
Net investment income		0.08			0.24			0.12			0.12			0.08			0.17
Net realized and unrealized gain (loss)		2.29			2.14			0.66			4.14			5.40			(7.25	)
Total from investment operations		2.37			2.38			0.78			4.26			5.48			(7.08	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.25	)		(0.12	)		(0.12	)		(0.09	)		(0.17	)
Net realized gains		(0.42	)		(0.88	)		(0.92	)		(0.10	)		—			(1.87	)
Total distributions to shareholders		(0.43	)		(1.13	)		(1.04	)		(0.22	)		(0.09	)		(2.04	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	20.94		$	19.00		$	17.75		$	18.01		$	13.97		$	8.58
Total return		12.59	%		14.32	%		4.65	%		30.55	%		63.90	%		(42.43	%)
Ratios to average net assets^(b)
Total gross expenses		0.45	%^(c)		0.45	%^(d)		0.45	%		0.45	%		0.45	%		0.45	%^(d)
Total net expenses^(e)		0.45	%^(c)(f)		0.45	%^(d)(f)		0.45	%^(f)		0.45	%		0.45	%		0.45	%^(d)(f)
Net investment income		0.80	%^(c)		1.37	%		0.74	%		0.73	%		0.68	%		1.15	%
Supplemental data
Net assets, end of period (in thousands)	$	863,246		$	687,934		$	570,806		$	183,578		$	96,238		$	33,273
Portfolio turnover		5	%		17	%		20	%		14	%		14	%		35	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class B	Six months ended Aug. 31, 2013 (Unaudited)			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	18.95		$	17.73		$	17.82
Income from investment operations:
Net investment income		0.00	^(b)		0.11			0.00	^(b)
Net realized and unrealized gain		2.29			2.13			0.84
Total from investment operations		2.29			2.24			0.84
Less distributions to shareholders:
Net investment income		—			(0.14	)		(0.01	)
Net realized gains		(0.42	)		(0.88	)		(0.92	)
Total distributions to shareholders		(0.42	)		(1.02	)		(0.93	)
Proceeds from regulatory settlements		—			—			0.00	^(b)
Net asset value, end of period	$	20.82		$	18.95		$	17.73
Total return		12.19	%		13.45	%		4.97	%
Ratios to average net assets^(c)
Total gross expenses		1.20	%^(d)		1.20	%^(e)		1.20	%^(d)
Total net expenses^(f)		1.20	%^(d)(g)		1.20	%^(e)(g)		1.20	%^(d)(g)
Net investment income		0.05	%^(d)		0.61	%		0.01	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	10,008		$	11,596		$	17,410
Portfolio turnover		5	%		17	%		20	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) Rounds to zero.

(d) Annualized.

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

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

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

Class I	Six months ended Aug. 31, 2013 (Unaudited)			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	19.01		$	17.76		$	16.47
Income from investment operations:
Net investment income		0.11			0.29			0.05
Net realized and unrealized gain		2.29			2.14			1.87
Total from investment operations		2.40			2.43			1.92
Less distributions to shareholders:
Net investment income		(0.02	)		(0.30	)		(0.17	)
Net realized gains		(0.42	)		(0.88	)		(0.46	)
Total distributions to shareholders		(0.44	)		(1.18	)		(0.63	)
Proceeds from regulatory settlements		—			—			0.00	^(b)
Net asset value, end of period	$	20.97		$	19.01		$	17.76
Total return		12.73	%		14.63	%		12.03	%
Ratios to average net assets^(c)
Total gross expenses		0.24	%^(d)		0.18	%^(e)		0.17	%^(d)
Total net expenses^(f)		0.20	%^(d)		0.18	%^(e)		0.17	%^(d)
Net investment income		1.05	%^(d)		1.65	%		1.09	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3
Portfolio turnover		5	%		17	%		20	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

Class K	Six months ended Aug. 31, 2013 (Unaudited)			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	19.05		$	17.80		$	17.87
Income from investment operations:
Net investment income		0.08			0.24			0.13
Net realized and unrealized gain		2.30			2.14			0.84
Total from investment operations		2.38			2.38			0.97
Less distributions to shareholders:
Net investment income		(0.01	)		(0.25	)		(0.12	)
Net realized gains		(0.42	)		(0.88	)		(0.92	)
Total distributions to shareholders		(0.43	)		(1.13	)		(1.04	)
Proceeds from regulatory settlements		—			—			0.00	^(b)
Net asset value, end of period	$	21.00		$	19.05		$	17.80
Total return		12.61	%		14.27	%		5.76	%
Ratios to average net assets^(c)
Total gross expenses		0.45	%^(d)		0.45	%^(e)		0.45	%^(d)
Total net expenses^(f)		0.45	%^(d)		0.45	%^(e)		0.45	%^(d)
Net investment income		0.80	%^(d)		1.37	%		0.76	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	11,304		$	9,784		$	9,858
Portfolio turnover		5	%		17	%		20	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) Rounds to zero.

(d) Annualized.

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

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

Class R5	Six months ended Aug. 31, 2013 (Unaudited)			Year ended Feb. 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	19.33		$	17.47
Income from investment operations:
Net investment income		0.11			0.07
Net realized and unrealized gain		2.33			2.40
Total from investment operations		2.44			2.47
Less distributions to shareholders:
Net investment income		(0.01	)		(0.30	)
Net realized gains		(0.42	)		(0.31	)
Total distributions to shareholders		(0.43	)		(0.61	)
Net asset value, end of period	$	21.34		$	19.33
Total return		12.78	%		14.51	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.24	%^(c)(d)
Total net expenses^(e)		0.20	%^(c)		0.20	%^(c)(d)
Net investment income		1.02	%^(c)		1.44	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	25,023		$	81
Portfolio turnover		5	%		17	%

Notes to Financial Highlights

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

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

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

	Six months ended Aug. 31, 2013			Year ended Feb. 28,			Year ended Feb. 29,			Year ended Feb. 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	19.06		$	17.81		$	18.06		$	14.01		$	8.60		$	17.76
Income from investment operations:
Net investment income		0.11			0.29			0.16			0.15			0.12			0.21
Net realized and unrealized gain (loss)		2.29			2.14			0.66			4.15			5.40			(7.27	)
Total from investment operations		2.40			2.43			0.82			4.30			5.52			(7.06	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.30	)		(0.15	)		(0.15	)		(0.11	)		(0.23	)
Net realized gains		(0.42	)		(0.88	)		(0.92	)		(0.10	)		—			(1.87	)
Total distributions to shareholders		(0.43	)		(1.18	)		(1.07	)		(0.25	)		(0.11	)		(2.10	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	21.03		$	19.06		$	17.81		$	18.06		$	14.01		$	8.60
Total return		12.75	%		14.54	%		4.92	%		30.81	%		64.34	%		(42.28	%)
Ratios to average net assets^(b)
Total gross expenses		0.20	%^(c)		0.20	%^(d)		0.20	%		0.20	%		0.20	%		0.20	%^(d)
Total net expenses^(e)		0.20	%^(c)(f)		0.20	%^(d)(f)		0.20	%^(f)		0.20	%		0.20	%		0.20	%^(d)(f)
Net investment income		1.05	%^(c)		1.64	%		0.96	%		0.97	%		0.95	%		1.39	%
Supplemental data
Net assets, end of period (in thousands)	$	1,439,700		$	1,275,562		$	1,700,205		$	1,681,152		$	1,309,989		$	660,059
Portfolio turnover		5	%		17	%		20	%		14	%		14	%		35	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class I, Class K, 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 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 structure and sales charges, as applicable.

Class A shares have no sales charge.

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

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

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good

faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

Derivative Instruments

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

accounts. 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, 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 derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives and foreign 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 financial 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.

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

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at August 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		1,313,784	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended August 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		7,751,884
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(2,235,499	)

The following table is a summary of the volume of derivative instruments for the six months ended August 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					3,403

Security Transactions

Income Recognition

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

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

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Administration Fees

The Investment Manager, from the administration fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, interest, fees and expenses of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution (Rule 12b-1) and/or shareholder servicing and plan administration fees and any extraordinary non-recurring expenses that may arise, including litigation.

Other Expenses

and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended August 31, 2013, other expenses paid to this company were $3,853.

Compensation of Board Members

Transfer Agent Fees

The transfer agent fees are payable by the Investment Manager. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of -pocket expenses.

Plan Administration Fees

Distribution and Service Fees

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $982 for Class B shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Fee Rates Contractual through June 30, 2014
Class A		0.45	%
Class B		1.20
Class I		0.20
Class K		0.45
Class R5		0.20
Class Z		0.20

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $1,531,357,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	881,932,000
Unrealized depreciation		(66,357,000	)
Net unrealized appreciation	$	815,575,000

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $192,279,908 and $100,333,608, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds.

The income earned by the Fund from such investments is included as "Dividends — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 22.4% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account.

Note 8. Line of Credit

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Significant Risks

Financial Sector Risk

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

Investment Performance

Comparative Fees, Costs of Services Provided and the Profits Realized By Columbia Management and its Affiliates from their Relationships with the Fund

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Large Cap Enhanced Core Fund (the Fund) Class A shares returned 9.66% for the six-month period that ended August 31, 2013.

> The Fund outperformed its benchmark, the S&P 500 Index, which returned 8.95% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	07/31/96		9.66		17.88		7.33		7.13
Class I*	09/27/10		9.89		18.34		7.56		7.24
Class R*	01/23/06		9.50		17.65		7.08		6.86
Class Y*	07/15/09		9.88		18.32		7.66		7.30
Class Z	07/31/96		9.94		18.28		7.62		7.41
S&P 500 Index			8.95		18.70		7.32		7.12

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

The 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.

Top Ten Holdings (%) (at August 31, 2013)
Apple, Inc.					4.0
Microsoft Corp.					2.6
JPMorgan Chase & Co.					2.2
Pfizer, Inc.					2.1
Google, Inc., Class A					2.1
Exxon Mobil Corp.					1.9
Chevron Corp.					1.8
Citigroup, Inc.					1.7
AT&T, Inc.					1.7
Cisco Systems, Inc.					1.7

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					98.4
Consumer Discretionary					11.5
Consumer Staples					9.9
Energy					10.1
Financials					15.8
Health Care					13.2
Industrials					10.0
Information Technology					18.2
Materials					3.4
Telecommunication Services					3.0
Utilities					3.3
Money Market Funds					1.6
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,096.60		1,020.66		4.63		4.46		0.88
Class I		1,000.00		1,000.00		1,098.90		1,022.71		2.47		2.38		0.47
Class R		1,000.00		1,000.00		1,095.00		1,019.45		5.88		5.67		1.12
Class Y		1,000.00		1,000.00		1,098.80		1,022.71		2.47		2.38		0.47
Class Z		1,000.00		1,000.00		1,099.40		1,021.96		3.26		3.14		0.62

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.

Common Stocks 98.3%

Issuer	Shares		Value ($)
Consumer Discretionary 11.5%
Auto Components 0.6%
Delphi Automotive PLC		24,300		1,336,986
Diversified Consumer Services 0.1%
H&R Block, Inc.		13,000		362,830
Hotels, Restaurants & Leisure 0.7%
International Game Technology		38,400		725,376
Wynn Resorts Ltd.		6,600		930,864
Total				1,656,240
Household Durables 0.7%
Whirlpool Corp.		12,600		1,620,990
Media 4.0%
Comcast Corp., Class A		86,700		3,649,203
Discovery Communications, Inc., Class A^(a)		27,500		2,131,525
Scripps Networks Interactive, Inc., Class A		12,900		948,537
Time Warner Cable, Inc.		17,600		1,889,360
Washington Post Co. (The), Class B		1,135		640,140
Total				9,258,765
Multiline Retail 0.9%
Macy's, Inc.		46,800		2,079,324
Specialty Retail 3.2%
Gap, Inc. (The)		49,200		1,989,648
Home Depot, Inc. (The)		48,900		3,642,561
Staples, Inc.		111,600		1,552,356
TJX Companies, Inc.		4,200		221,424
Total				7,405,989
Textiles, Apparel & Luxury Goods 1.3%
Nike, Inc., Class B		6,500		408,330
Ralph Lauren Corp.		8,300		1,372,903
VF Corp.		7,100		1,329,191
Total				3,110,424
Total Consumer Discretionary				26,831,548
Consumer Staples 9.9%
Beverages 0.9%
Coca-Cola Co. (The)		18,200		694,876
Coca-Cola Enterprises, Inc.		14,900		557,260
PepsiCo, Inc.		10,700		853,111
Total				2,105,247

Common Stocks (continued)

Issuer	Shares		Value ($)
Food & Staples Retailing 3.6%
CVS Caremark Corp.		49,900		2,896,695
Kroger Co. (The)		58,800		2,152,080
Wal-Mart Stores, Inc.		44,800		3,269,504
Total				8,318,279
Food Products 1.5%
Campbell Soup Co.		15,400		664,972
General Mills, Inc.		15,900		784,188
Tyson Foods, Inc., Class A		70,200		2,032,290
Total				3,481,450
Household Products 0.8%
Kimberly-Clark Corp.		5,400		504,792
Procter & Gamble Co. (The)		19,200		1,495,488
Total				2,000,280
Tobacco 3.1%
Altria Group, Inc.		83,100		2,815,428
Lorillard, Inc.		45,700		1,933,110
Philip Morris International, Inc.		30,300		2,528,232
Total				7,276,770
Total Consumer Staples				23,182,026
Energy 10.1%
Energy Equipment & Services 0.9%
Diamond Offshore Drilling, Inc.		26,000		1,664,780
National Oilwell Varco, Inc.		6,000		445,800
Total				2,110,580
Oil, Gas & Consumable Fuels 9.2%
Anadarko Petroleum Corp.		9,500		868,490
Apache Corp.		15,000		1,285,200
Chevron Corp.		35,100		4,227,093
ConocoPhillips		46,800		3,102,840
Exxon Mobil Corp.		50,400		4,392,864
Marathon Oil Corp.		41,600		1,432,288
Marathon Petroleum Corp.		23,600		1,711,236
Phillips 66		39,600		2,261,160
Valero Energy Corp.		59,100		2,099,823
Total				21,380,994
Total Energy				23,491,574

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 15.8%
Capital Markets 3.4%
BlackRock, Inc.		8,700		2,264,784
Franklin Resources, Inc.		18,200		840,112
Goldman Sachs Group, Inc. (The)		18,900		2,875,257
State Street Corp.		28,900		1,928,208
Total				7,908,361
Commercial Banks 1.8%
Comerica, Inc.		5,500		224,620
Fifth Third Bancorp		107,500		1,966,175
Wells Fargo & Co.		46,700		1,918,436
Total				4,109,231
Consumer Finance 0.9%
SLM Corp.		88,300		2,118,317
Diversified Financial Services 3.8%
Citigroup, Inc.		82,600		3,992,058
JPMorgan Chase & Co.		98,300		4,967,099
Total				8,959,157
Insurance 3.9%
ACE Ltd.		24,800		2,175,456
Aon PLC		8,500		564,230
Berkshire Hathaway, Inc., Class B^(a)		10,800		1,201,176
MetLife, Inc.		60,300		2,785,257
Prudential Financial, Inc.		33,000		2,471,040
Total				9,197,159
Real Estate Investment Trusts (REITs) 2.0%
Host Hotels & Resorts, Inc.		37,900		645,437
Public Storage		13,600		2,076,312
Simon Property Group, Inc.		13,200		1,922,316
Total				4,644,065
Total Financials				36,936,290
Health Care 13.2%
Biotechnology 2.2%
Amgen, Inc.		7,600		827,944
Celgene Corp.^(a)		12,500		1,749,750
Gilead Sciences, Inc.^(a)		41,600		2,507,232
Total				5,084,926

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		25,700		856,581
Becton Dickinson and Co.		21,100		2,054,718
CR Bard, Inc.		4,400		505,428
Medtronic, Inc.		48,100		2,489,175
St. Jude Medical, Inc.		43,800		2,207,958
Total				8,113,860
Health Care Providers & Services 2.1%
AmerisourceBergen Corp.		36,200		2,060,504
McKesson Corp.		18,500		2,246,085
WellPoint, Inc.		7,500		638,550
Total				4,945,139
Pharmaceuticals 5.4%
Bristol-Myers Squibb Co.		33,100		1,379,939
Eli Lilly & Co.		49,800		2,559,720
Johnson & Johnson		22,300		1,926,943
Merck & Co., Inc.		12,400		586,396
Mylan, Inc.^(a)		39,900		1,410,066
Pfizer, Inc.		172,400		4,863,404
Total				12,726,468
Total Health Care				30,870,393
Industrials 9.9%
Aerospace & Defense 2.2%
Boeing Co. (The)		27,800		2,888,976
Raytheon Co.		31,300		2,360,333
Total				5,249,309
Air Freight & Logistics 0.8%
United Parcel Service, Inc., Class B		21,100		1,805,738
Airlines 0.8%
Southwest Airlines Co.		144,100		1,845,921
Electrical Equipment 2.8%
Emerson Electric Co.		41,000		2,475,170
Rockwell Automation, Inc.		21,500		2,090,445
Roper Industries, Inc.		15,500		1,917,350
Total				6,482,965
Industrial Conglomerates 0.9%
General Electric Co.		90,100		2,084,914

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 1.5%
Cummins, Inc.		12,900		1,589,280
Illinois Tool Works, Inc.		27,500		1,965,425
Total				3,554,705
Professional Services 0.3%
Dun & Bradstreet Corp. (The)		7,400		736,152
Road & Rail 0.6%
Union Pacific Corp.		9,600		1,473,984
Total Industrials				23,233,688
Information Technology 18.2%
Communications Equipment 2.5%
Cisco Systems, Inc.		164,800		3,841,488
QUALCOMM, Inc.		30,900		2,048,052
Total				5,889,540
Computers & Peripherals 4.6%
Apple, Inc.		18,800		9,156,540
Seagate Technology PLC		43,400		1,663,088
Total				10,819,628
Internet Software & Services 2.8%
Google, Inc., Class A^(a)		5,700		4,827,330
VeriSign, Inc.^(a)		35,300		1,694,047
Total				6,521,377
IT Services 2.0%
Accenture PLC, Class A		8,400		606,900
International Business Machines Corp.		7,300		1,330,571
Mastercard, Inc., Class A		4,600		2,787,968
Total				4,725,439
Semiconductors & Semiconductor Equipment 1.3%
Broadcom Corp., Class A		77,000		1,945,020
Intel Corp.		10,600		232,988
KLA-Tencor Corp.		14,400		794,160
Total				2,972,168
Software 5.0%
CA, Inc.		70,000		2,047,500
Microsoft Corp.^(b)		179,400		5,991,960
Oracle Corp.		110,900		3,533,274
Total				11,572,734
Total Information Technology				42,500,886

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 3.4%
Chemicals 3.4%
CF Industries Holdings, Inc.		10,500		1,998,570
LyondellBasell Industries NV, Class A		35,000		2,455,250
Mosaic Co. (The)		34,400		1,432,760
PPG Industries, Inc.		13,300		2,077,593
Total				7,964,173
Total Materials				7,964,173
Telecommunication Services 3.0%
Diversified Telecommunication Services 3.0%
AT&T, Inc.		117,200		3,964,876
Verizon Communications, Inc.		62,100		2,942,298
Total				6,907,174
Total Telecommunication Services				6,907,174
Utilities 3.3%
Electric Utilities 0.9%
American Electric Power Co., Inc.		46,300		1,981,640
Independent Power Producers & Energy Traders 0.8%
AES Corp. (The)		153,400		1,949,714
Multi-Utilities 1.6%
Ameren Corp.		54,800		1,852,788
Public Service Enterprise Group, Inc.		60,400		1,958,168
Total				3,810,956
Total Utilities				7,742,310
Total Common Stocks (Cost: $159,081,775)				229,660,062

Money Market Funds 1.6%

Columbia Short-Term Cash Fund, 0.097%^(c)(d)	3,647,418	3,647,418
Total Money Market Funds (Cost: $3,647,418)		3,647,418
Total Investments (Cost: $162,729,193)		233,307,480
Other Assets & Liabilities, Net		331,613
Net Assets		233,639,093

Investments in Derivatives

Futures Contracts Outstanding at August 31, 2013

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

S&P 500 Index

4,078,250

September 2013

124,466

—

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At August 31, 2013, investments in securities included securities valued at $1,018,700 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended August 31, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					7,247,525				64,163,707				(67,763,814	)			3,647,418				3,211				3,647,418

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		26,831,548		—		—		26,831,548
Consumer Staples		23,182,026		—		—		23,182,026
Energy		23,491,574		—		—		23,491,574
Financials		36,936,290		—		—		36,936,290
Health Care		30,870,393		—		—		30,870,393
Industrials		23,233,688		—		—		23,233,688
Information Technology		42,500,886		—		—		42,500,886
Materials		7,964,173		—		—		7,964,173
Telecommunication Services		6,907,174		—		—		6,907,174
Utilities		7,742,310		—		—		7,742,310
Total Equity Securities		229,660,062		—		—		229,660,062
Mutual Funds
Money Market Funds		3,647,418		—		—		3,647,418
Total Mutual Funds		3,647,418		—		—		3,647,418
Investments in Securities		233,307,480		—		—		233,307,480
Derivatives
Assets
Futures Contracts		124,466		—		—		124,466
Total		233,431,946		—		—		233,431,946

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Assets
Investments, at value
Unaffiliated issuers (identified cost $159,081,775)	$	229,660,062
Affiliated issuers (identified cost $3,647,418)		3,647,418
Total investments (identified cost $162,729,193)		233,307,480
Receivable for:
Capital shares sold		44,229
Dividends		618,693
Expense reimbursement due from Investment Manager		1,664
Prepaid expenses		21,994
Total assets		233,994,060
Liabilities
Payable for:
Capital shares purchased		150,312
Variation margin		13,500
Investment management fees		3,788
Distribution and/or service fees		170
Transfer agent fees		40,398
Administration fees		385
Compensation of board members		89,422
Other expenses		56,992
Total liabilities		354,967
Net assets applicable to outstanding capital stock	$	233,639,093
Represented by
Paid-in capital	$	231,312,892
Undistributed net investment income		1,975,951
Accumulated net realized loss		(70,352,503	)
Unrealized appreciation (depreciation) on:
Investments		70,578,287
Futures contracts		124,466
Total — representing net assets applicable to outstanding capital stock	$	233,639,093

Class A
Net assets	$	20,475,170
Shares outstanding		1,244,542
Net asset value per share	$	16.45
Class I
Net assets	$	18,858,432
Shares outstanding		1,147,886
Net asset value per share	$	16.43
Class R
Net assets	$	2,178,650
Shares outstanding		132,678
Net asset value per share	$	16.42
Class Y
Net assets	$	3,112,793
Shares outstanding		189,432
Net asset value per share	$	16.43
Class Z
Net assets	$	189,014,048
Shares outstanding		11,506,807
Net asset value per share	$	16.43

Net investment income
Income:
Dividends — unaffiliated issuers	$	2,935,155
Dividends — affiliated issuers		3,211
Foreign taxes withheld		(2,685	)
Total income		2,935,681
Expenses:
Investment management fees		907,919
Distribution and/or service fees
Class A		22,845
Class R		5,148
Transfer agent fees
Class A		18,908
Class R		2,128
Class Z		214,210
Administration fees		78,949
Compensation of board members		17,981
Custodian fees		5,608
Printing and postage fees		1,143
Registration fees		20,970
Professional fees		15,045
Other		9,432
Total expenses		1,320,286
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(499,030	)
Expense reductions		(120	)
Total net expenses		821,136
Net investment income		2,114,545
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		37,437,626
Futures contracts		98,961
Net realized gain		37,536,587
Net change in unrealized appreciation (depreciation) on:
Investments		(11,757,672	)
Futures contracts		(264,463	)
Net change in unrealized appreciation (depreciation)		(12,022,135	)
Net realized and unrealized gain		25,514,452
Net increase in net assets resulting from operations	$	27,628,997

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013
Operations
Net investment income	$	2,114,545		$	5,015,800
Net realized gain		37,536,587			34,799,465
Net change in unrealized appreciation (depreciation)		(12,022,135	)		(6,534,973	)
Net increase in net assets resulting from operations		27,628,997			33,280,292
Distributions to shareholders
Net investment income
Class A		(49,635	)		(188,669	)
Class I		(117,723	)		(650,071	)
Class R		(4,736	)		(9,708	)
Class Y		(9,928	)		(55,773	)
Class Z		(562,218	)		(4,155,698	)
Total distributions to shareholders		(744,240	)		(5,059,919	)
Increase (decrease) in net assets from capital stock activity		(61,714,889	)		(43,179,736	)
Total decrease in net assets		(34,830,132	)		(14,959,363	)
Net assets at beginning of period		268,469,225			283,428,588
Net assets at end of period	$	233,639,093		$	268,469,225
Undistributed net investment income	$	1,975,951		$	605,646

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		439,235			6,966,468			145,052			2,069,335
Distributions reinvested		2,072			33,005			7,146			100,390
Redemptions		(74,980	)		(1,229,055	)		(181,688	)		(2,565,249	)
Net increase (decrease)		366,327			5,770,418			(29,490	)		(395,524	)
Class I shares
Subscriptions		1,392,732			22,031,611			3,406,324			47,272,503
Distributions reinvested		7,403			117,711			46,353			650,012
Redemptions		(2,667,032	)		(44,597,998	)		(2,013,490	)		(28,588,536	)
Net increase (decrease)		(1,266,897	)		(22,448,676	)		1,439,187			19,333,979
Class R shares
Subscriptions		58,020			900,158			79,167			1,128,386
Distributions reinvested		259			4,120			562			7,914
Redemptions		(11,065	)		(177,375	)		(9,187	)		(133,056	)
Net increase		47,214			726,903			70,542			1,003,244
Class Y shares
Subscriptions		624			9,919			18,945			258,233
Redemptions		(23,003	)		(370,000	)		(29,073	)		(415,740	)
Net decrease		(22,379	)		(360,081	)		(10,128	)		(157,507	)
Class Z shares
Subscriptions		716,611			11,766,819			2,714,857			38,196,210
Distributions reinvested		3,119			49,589			21,699			304,171
Redemptions		(3,524,560	)		(57,219,861	)		(7,107,729	)		(101,464,309	)
Net decrease		(2,804,830	)		(45,403,453	)		(4,371,173	)		(62,963,928	)
Total net decrease		(3,680,565	)		(61,714,889	)		(2,901,062	)		(43,179,736	)

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.04		$	13.67		$	12.81		$	10.73		$	7.24		$	12.91
Income from investment operations:
Net investment income		0.11			0.22			0.17			0.14			0.13			0.18
Net realized and unrealized gain (loss)		1.34			1.36			0.89			2.08			3.52			(5.69	)
Total from investment operations		1.45			1.58			1.06			2.22			3.65			(5.51	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.21	)		(0.20	)		(0.14	)		(0.16	)		(0.16	)
Total distributions to shareholders		(0.04	)		(0.21	)		(0.20	)		(0.14	)		(0.16	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.45		$	15.04		$	13.67		$	12.81		$	10.73		$	7.24
Total return		9.66	%		11.71	%		8.41	%		20.84	%		50.49	%		(42.89	%)
Ratios to average net assets^(b)
Total gross expenses		1.27	%^(c)		1.28	%		1.19	%^(d)		0.96	%^(d)		0.92	%^(d)		0.82	%^(d)
Total net expenses^(e)		0.88	%^(c)(f)		0.89	%^(f)		0.94	%^(d)(f)		0.95	%^(d)(f)		0.89	%^(d)(f)		0.75	%^(d)(f)
Net investment income		1.40	%^(c)		1.53	%		1.33	%		1.22	%		1.39	%		1.63	%
Supplemental data
Net assets, end of period (in thousands)	$	20,475		$	13,209		$	12,404		$	12,213		$	12,348		$	9,291
Portfolio turnover		47	%		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	15.00		$	13.63		$	12.78		$	11.11
Income from investment operations:
Net investment income		0.14			0.28			0.21			0.09
Net realized and unrealized gain		1.34			1.36			0.88			1.75
Total from investment operations		1.48			1.64			1.09			1.84
Less distributions to shareholders:
Net investment income		(0.05	)		(0.27	)		(0.24	)		(0.17	)
Total distributions to shareholders		(0.05	)		(0.27	)		(0.24	)		(0.17	)
Net asset value, end of period	$	16.43		$	15.00		$	13.63		$	12.78
Total return		9.89	%		12.15	%		8.73	%		16.65	%
Ratios to average net assets^(b)
Total gross expenses		0.80	%^(c)		0.84	%		0.74	%^(d)		0.59	%^(c)(d)
Total net expenses^(e)		0.47	%^(c)		0.50	%		0.61	%^(d)		0.57	%^(c)(d)(f)
Net investment income		1.72	%^(c)		2.01	%		1.72	%		1.68	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	18,858		$	36,224		$	13,297		$	7,466
Portfolio turnover		47	%		92	%		67	%		63	%

Notes to Financial Highlights

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

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.03		$	13.65		$	12.80		$	10.72		$	7.24		$	12.90
Income from investment operations:
Net investment income		0.09			0.20			0.14			0.12			0.11			0.16
Net realized and unrealized gain (loss)		1.34			1.36			0.88			2.08			3.51			(5.69	)
Total from investment operations		1.43			1.56			1.02			2.20			3.62			(5.53	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.18	)		(0.17	)		(0.12	)		(0.14	)		(0.13	)
Total distributions to shareholders		(0.04	)		(0.18	)		(0.17	)		(0.12	)		(0.14	)		(0.13	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.42		$	15.03		$	13.65		$	12.80		$	10.72		$	7.24
Total return		9.50	%		11.54	%		8.08	%		20.58	%		50.02	%		(43.01	%)
Ratios to average net assets^(b)
Total gross expenses		1.52	%^(c)		1.53	%		1.44	%^(d)		1.21	%^(d)		1.17	%^(d)		1.07	%^(d)
Total net expenses^(e)		1.12	%^(c)(f)		1.12	%^(f)		1.19	%^(d)(f)		1.20	%^(d)(f)		1.14	%^(d)(f)		1.00	%^(d)(f)
Net investment income		1.15	%^(c)		1.45	%		1.11	%		1.02	%		1.08	%		1.46	%
Supplemental data
Net assets, end of period (in thousands)	$	2,179		$	1,284		$	204		$	175		$	112		$	39
Portfolio turnover		47	%		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Y	(Unaudited)			2013			2012			2011			2010^(a)
Per share data
Net asset value, beginning of period	$	15.00		$	13.63		$	12.78		$	10.70		$	9.10
Income from investment operations
Net investment income		0.14			0.27			0.18			0.17			0.11
Net realized and unrealized gain		1.34			1.36			0.91			2.09			1.64
Total from investment operations		1.48			1.63			1.09			2.26			1.75
Less distributions to shareholders:
Net investment income		(0.05	)		(0.26	)		(0.24	)		(0.18	)		(0.15	)
Total distributions to shareholders		(0.05	)		(0.26	)		(0.24	)		(0.18	)		(0.15	)
Net asset value, end of period	$	16.43		$	15.00		$	13.63		$	12.78		$	10.70
Total return		9.88	%		12.13	%		8.74	%		21.30	%		19.23	%
Ratios to average net assets^(b)
Total gross expenses		0.81	%^(c)		0.83	%		0.74	%^(d)		0.59	%^(d)		0.57	%^(c)(d)
Total net expenses^(e)		0.47	%^(c)		0.52	%		0.60	%^(d)		0.58	%^(d)(f)		0.57	%^(c)(d)(f)
Net investment income		1.76	%^(c)		1.90	%		1.46	%		1.53	%		1.62	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,113		$	3,177		$	3,024		$	31,588		$	60,329
Portfolio turnover		47	%		92	%		67	%		63	%		122	%

Notes to Financial Highlights

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

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.99		$	13.62		$	12.78		$	10.70		$	7.22		$	12.90
Income from investment operations:
Net investment income		0.13			0.25			0.19			0.16			0.16			0.21
Net realized and unrealized gain (loss)		1.36			1.37			0.88			2.09			3.50			(5.68	)
Total from investment operations		1.49			1.62			1.07			2.25			3.66			(5.47	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.25	)		(0.23	)		(0.17	)		(0.18	)		(0.21	)
Total distributions to shareholders		(0.05	)		(0.25	)		(0.23	)		(0.17	)		(0.18	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	16.43		$	14.99		$	13.62		$	12.78		$	10.70		$	7.22
Total return		9.94	%		12.02	%		8.54	%		21.18	%		50.82	%		(42.69	%)
Ratios to average net assets^(b)
Total gross expenses		1.01	%^(c)		1.03	%		0.94	%^(d)		0.71	%^(d)		0.67	%^(d)		0.57	%^(d)
Total net expenses^(e)		0.62	%^(c)(f)		0.64	%^(f)		0.70	%^(d)(f)		0.70	%^(d)(f)		0.64	%^(d)(f)		0.50	%^(d)(f)
Net investment income		1.61	%^(c)		1.77	%		1.54	%		1.46	%		1.65	%		1.86	%
Supplemental data
Net assets, end of period (in thousands)	$	189,014		$	214,575		$	254,500		$	365,205		$	451,824		$	382,637
Portfolio turnover		47	%		92	%		67	%		63	%		122	%		246	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class I, Class R, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

Class A shares have no sales charge.

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 eligible investors.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

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

Derivative Instruments

A derivative instrument may suffer a mark 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 under the contract. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal 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 limited to 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 accounts. 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, potentially resulting in losses to the Fund.

to the counterparty. The Fund also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative 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

Effects of Derivative Transactions in the Financial Statements

including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at August 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		124,466	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended August 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		98,961
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(264,463	)

The following table is a summary of the volume of derivative instruments for the six months ended August 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					378

Security Transactions

Income Recognition

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report

information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

of tax rules and regulations that exist in the markets in which it invests.

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Effective July 1, 2013, the Investment Manager has contractually agreed to waive 0.10% of the Fund's investment management fee through June 30, 2014. Prior to July 1, 2013, the Investment Manager contractually agreed to waive 0.15% of the Fund's investment management fee. The annualized effective investment management fee waiver for the six months ended August 31, 2013 was 0.13% of the Fund's average daily net assets.

The annualized effective investment management fee rate, net of fee waivers, for the six months ended August 31, 2013 was 0.56% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company's expense include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended August 31, 2013, other expenses paid to this company were $1,192.

Compensation of Board Members

Transfer Agent Fees

accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.21	%
Class R	0.21
Class Z	0.21

Distribution and Service Fees

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		0.90	%		0.86	%
Class I		0.49			0.46
Class R		1.15			1.11
Class Y		0.49			0.46
Class Z		0.65			0.61

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $162,729,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	72,558,000
Unrealized depreciation		(1,980,000	)
Net unrealized appreciation	$	70,578,000

Year of Expiration				Amount
2018				$	106,916,233

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $118,611,197 and $175,464,498, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 78.0% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Nature, Extent and Quality of Services Provided by Columbia Management

Investment Performance

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Fund

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Large Cap Index Fund (the Fund) Class A shares returned 8.71% for the six-month period that ended August 31, 2013.

> The Fund slightly underperformed its benchmark, the S&P 500 Index, which returned 8.95% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/10/95		8.71		18.17		6.89		6.71
Class B*	09/23/05
Excluding sales charges			8.29		17.28		6.10		5.92
Including sales charges			3.29		12.28		5.78		5.92
Class I*	11/16/11		8.85		18.48		7.13		6.93
Class R5*	11/08/12		8.86		18.47		7.17		6.98
Class Z	12/15/93		8.82		18.45		7.17		6.98
S&P 500 Index			8.95		18.70		7.32		7.12

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.

Top Ten Holdings (%) (at August 31, 2013)
Apple, Inc.					3.1
Exxon Mobil Corp.					2.7
Microsoft Corp.					1.7
Johnson & Johnson					1.7
General Electric Co.					1.6
Chevron Corp.					1.6
Google, Inc., Class A					1.6
Procter & Gamble Co. (The)					1.5
Berkshire Hathaway, Inc., Class B					1.4
Wells Fargo & Co.					1.4

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					97.8
Consumer Discretionary					12.0
Consumer Staples					10.0
Energy					10.4
Financials					16.0
Health Care					12.6
Industrials					10.1
Information Technology					17.7
Materials					3.4
Telecommunication Services					2.5
Utilities					3.1
Money Market Funds					2.2
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,087.10		1,022.81		2.35		2.28		0.45
Class B		1,000.00		1,000.00		1,082.90		1,019.05		6.27		6.07		1.20
Class I		1,000.00		1,000.00		1,088.50		1,024.07		1.05		1.01		0.20
Class R5		1,000.00		1,000.00		1,088.60		1,024.07		1.05		1.01		0.20
Class Z		1,000.00		1,000.00		1,088.20		1,024.07		1.05		1.01		0.20

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.

Common Stocks 97.6%

Issuer	Shares		Value ($)
Consumer Discretionary 12.0%
Auto Components 0.4%
BorgWarner, Inc.		20,967		2,024,993
Delphi Automotive PLC		52,757		2,902,690
Goodyear Tire & Rubber Co. (The)^(a)		44,550		896,346
Johnson Controls, Inc.		124,288		5,037,393
Total				10,861,422
Automobiles 0.7%
Ford Motor Co.		713,291		11,548,181
General Motors Co.^(a)		139,679		4,760,260
Harley-Davidson, Inc.		40,669		2,439,327
Total				18,747,768
Distributors 0.1%
Genuine Parts Co.		28,118		2,165,367
Diversified Consumer Services 0.1%
H&R Block, Inc.		49,410		1,379,033
Hotels, Restaurants & Leisure 1.7%
Carnival Corp.		80,562		2,907,483
Chipotle Mexican Grill, Inc.^(a)		5,609		2,289,426
Darden Restaurants, Inc.		23,554		1,088,430
International Game Technology		47,248		892,515
Marriott International, Inc., Class A		43,467		1,738,245
McDonald's Corp.		181,906		17,164,650
Starbucks Corp.		135,847		9,579,931
Starwood Hotels & Resorts Worldwide, Inc.		35,302		2,257,210
Wyndham Worldwide Corp.		24,653		1,463,402
Wynn Resorts Ltd.		14,478		2,041,977
Yum! Brands, Inc.		81,620		5,715,032
Total				47,138,301
Household Durables 0.3%
D.R. Horton, Inc.		50,870		908,029
Garmin Ltd.		19,872		810,181
Harman International Industries, Inc.		12,330		789,367
Leggett & Platt, Inc.		25,927		749,809
Lennar Corp., Class A		30,020		954,936
Newell Rubbermaid, Inc.		52,346		1,324,354
PulteGroup, Inc.		61,874		952,241
Whirlpool Corp.		14,364		1,847,929
Total				8,336,846

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet & Catalog Retail 1.2%
Amazon.com, Inc.^(a)		66,081		18,567,439
Expedia, Inc.		16,919		791,133
Netflix, Inc.^(a)		10,187		2,892,191
priceline.com, Inc.^(a)		9,359		8,783,702
TripAdvisor, Inc.^(a)		20,031		1,481,693
Total				32,516,158
Leisure Equipment & Products 0.1%
Hasbro, Inc.		20,892		952,257
Mattel, Inc.		62,670		2,538,135
Total				3,490,392
Media 3.6%
Cablevision Systems Corp., Class A		39,253		695,956
CBS Corp., Class B Non Voting		103,538		5,290,792
Comcast Corp., Class A		477,816		20,111,275
DIRECTV^(a)		101,346		5,896,310
Discovery Communications, Inc., Class A^(a)		44,402		3,441,599
Gannett Co., Inc.		41,530		1,000,458
Interpublic Group of Companies, Inc. (The)		77,730		1,221,916
News Corp., Class A^(a)		90,291		1,417,569
Omnicom Group, Inc.		46,918		2,845,577
Scripps Networks Interactive, Inc., Class A		15,427		1,134,347
Time Warner Cable, Inc.		52,793		5,667,328
Time Warner, Inc.		169,137		10,237,863
Twenty-First Century Fox, Inc.		361,164		11,315,268
Viacom, Inc., Class B		80,946		6,440,064
Walt Disney Co. (The)		326,769		19,877,358
Washington Post Co. (The), Class B		821		463,044
Total				97,056,724
Multiline Retail 0.8%
Dollar General Corp.^(a)		54,651		2,949,515
Dollar Tree, Inc.^(a)		40,613		2,140,305
Family Dollar Stores, Inc.		17,312		1,232,441
JCPenney Co., Inc.^(a)		34,782		434,079
Kohl's Corp.		36,970		1,896,931
Macy's, Inc.		69,611		3,092,817
Nordstrom, Inc.		26,982		1,503,707
Target Corp.		116,433		7,371,373
Total				20,621,168

Common Stocks (continued)

Issuer	Shares		Value ($)
Specialty Retail 2.3%
Abercrombie & Fitch Co., Class A		14,216		501,967
AutoNation, Inc.^(a)		7,044		329,237
AutoZone, Inc.^(a)		6,592		2,768,245
Bed Bath & Beyond, Inc.^(a)		39,661		2,924,602
Best Buy Co., Inc.		48,714		1,753,704
CarMax, Inc.^(a)		40,745		1,937,832
GameStop Corp., Class A		21,592		1,084,134
Gap, Inc. (The)		52,610		2,127,548
Home Depot, Inc. (The)		265,052		19,743,724
L Brands, Inc.		43,581		2,499,806
Lowe's Companies, Inc.		194,583		8,915,793
O'Reilly Automotive, Inc.^(a)		20,044		2,459,599
PetSmart, Inc.		18,746		1,320,281
Ross Stores, Inc.		39,882		2,682,463
Staples, Inc.		120,463		1,675,640
Tiffany & Co.		21,759		1,677,837
TJX Companies, Inc.		130,598		6,885,127
Urban Outfitters, Inc.^(a)		19,995		838,390
Total				62,125,929
Textiles, Apparel & Luxury Goods 0.7%
Coach, Inc.		50,984		2,692,465
Fossil Group, Inc.^(a)		9,581		1,112,737
Nike, Inc., Class B		131,334		8,250,402
PVH Corp.		14,705		1,893,269
Ralph Lauren Corp.		11,050		1,827,780
VF Corp.		15,898		2,976,265
Total				18,752,918
Total Consumer Discretionary				323,192,026
Consumer Staples 10.0%
Beverages 2.2%
Beam, Inc.		29,192		1,828,879
Brown-Forman Corp., Class B		27,519		1,843,498
Coca-Cola Co. (The)		694,969		26,533,916
Coca-Cola Enterprises, Inc.		46,740		1,748,076
Constellation Brands, Inc., Class A^(a)		27,962		1,516,939
Dr. Pepper Snapple Group, Inc.		37,024		1,657,194
Molson Coors Brewing Co., Class B		28,494		1,390,222

Common Stocks (continued)

Issuer	Shares		Value ($)
Monster Beverage Corp.^(a)		26,198		1,503,503
PepsiCo, Inc.		280,587		22,371,202
Total				60,393,429
Food & Staples Retailing 2.3%
Costco Wholesale Corp.		79,233		8,863,796
CVS Caremark Corp.		222,158		12,896,272
Kroger Co. (The)		94,362		3,453,649
Safeway, Inc.		43,746		1,133,021
SYSCO Corp.		107,684		3,448,042
Wal-Mart Stores, Inc.		297,266		21,694,472
Walgreen Co.		156,442		7,520,167
Whole Foods Market, Inc.		62,585		3,301,359
Total				62,310,778
Food Products 1.6%
Archer-Daniels-Midland Co.		119,577		4,210,306
Campbell Soup Co.		32,386		1,398,427
ConAgra Foods, Inc.		75,627		2,557,705
General Mills, Inc.		116,969		5,768,911
Hershey Co. (The)		27,198		2,500,856
Hormel Foods Corp.		24,507		1,015,325
JM Smucker Co. (The)		19,461		2,065,591
Kellogg Co.		46,044		2,795,331
Kraft Foods Group, Inc.		107,863		5,584,068
McCormick & Co., Inc.		23,933		1,619,067
Mead Johnson Nutrition Co.		36,738		2,756,452
Mondelez International, Inc., Class A		323,777		9,930,241
Tyson Foods, Inc., Class A		51,507		1,491,128
Total				43,693,408
Household Products 2.1%
Clorox Co. (The)		23,889		1,975,620
Colgate-Palmolive Co.		159,085		9,190,341
Kimberly-Clark Corp.		69,784		6,523,408
Procter & Gamble Co. (The)		497,295		38,734,308
Total				56,423,677
Personal Products 0.2%
Avon Products, Inc.		78,584		1,553,606
Estee Lauder Companies, Inc. (The), Class A		43,633		2,851,853
Total				4,405,459

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 1.6%
Altria Group, Inc.		364,458		12,347,837
Lorillard, Inc.		68,541		2,899,284
Philip Morris International, Inc.		296,752		24,760,987
Reynolds American, Inc.		57,765		2,751,347
Total				42,759,455
Total Consumer Staples				269,986,206
Energy 10.4%
Energy Equipment & Services 1.8%
Baker Hughes, Inc.		80,167		3,726,964
Cameron International Corp.^(a)		45,006		2,555,891
Diamond Offshore Drilling, Inc.		12,613		807,610
Ensco PLC, Class A		42,270		2,348,521
FMC Technologies, Inc.^(a)		43,036		2,308,020
Halliburton Co.		156,812		7,526,976
Helmerich & Payne, Inc.		19,308		1,217,176
Nabors Industries Ltd.		53,457		823,238
National Oilwell Varco, Inc.		77,527		5,760,256
Noble Corp.		45,955		1,709,526
Rowan Companies PLC, Class A^(a)		22,535		798,190
Schlumberger Ltd.		241,220		19,524,347
Total				49,106,715
Oil, Gas & Consumable Fuels 8.6%
Anadarko Petroleum Corp.		90,989		8,318,214
Apache Corp.		71,100		6,091,848
Cabot Oil & Gas Corp.		76,478		2,992,584
Chesapeake Energy Corp.		94,155		2,430,141
Chevron Corp.		351,815		42,369,081
ConocoPhillips		221,844		14,708,257
CONSOL Energy, Inc.		41,483		1,295,514
Denbury Resources, Inc.^(a)		67,708		1,170,671
Devon Energy Corp.		68,509		3,911,179
EOG Resources, Inc.		49,367		7,753,087
EQT Corp.		27,295		2,339,727
Exxon Mobil Corp.^(b)		806,765		70,317,637
Hess Corp.		54,192		4,056,271
Kinder Morgan Management LLC^(c)		1		48
Kinder Morgan, Inc.		114,637		4,348,182
Marathon Oil Corp.		128,610		4,428,042

Common Stocks (continued)

Issuer	Shares		Value ($)
Marathon Petroleum Corp.		58,930		4,273,014
Murphy Oil Corp.		32,918		2,219,332
Newfield Exploration Co.^(a)		24,575		585,377
Noble Energy, Inc.		65,165		4,003,086
Occidental Petroleum Corp.		146,179		12,894,450
Peabody Energy Corp.		48,922		841,458
Phillips 66		112,355		6,415,471
Pioneer Natural Resources Co.		24,781		4,335,932
QEP Resources, Inc.		32,526		888,610
Range Resources Corp.		29,589		2,218,583
Southwestern Energy Co.^(a)		63,780		2,436,396
Spectra Energy Corp.		121,421		4,020,249
Tesoro Corp.		24,643		1,135,796
Valero Energy Corp.		98,953		3,515,800
Williams Companies, Inc. (The)		123,870		4,489,049
WPX Energy, Inc.^(a)		36,330		677,918
Total				231,481,004
Total Energy				280,587,719
Financials 16.0%
Capital Markets 2.1%
Ameriprise Financial, Inc.^(d)		36,566		3,150,161
Bank of New York Mellon Corp. (The)		210,592		6,263,006
BlackRock, Inc.		22,652		5,896,768
Charles Schwab Corp. (The)		199,730		4,170,362
E*TRADE Financial Corp.^(a)		52,044		730,698
Franklin Resources, Inc.		75,225		3,472,386
Goldman Sachs Group, Inc. (The)		78,201		11,896,718
Invesco Ltd.		80,678		2,449,384
Legg Mason, Inc.		20,229		657,847
Morgan Stanley		248,955		6,413,081
Northern Trust Corp.		39,502		2,167,475
State Street Corp.		82,751		5,521,147
T. Rowe Price Group, Inc.		47,055		3,300,438
Total				56,089,471
Commercial Banks 2.8%
BB&T Corp.		127,317		4,323,685
Comerica, Inc.		33,865		1,383,047
Fifth Third Bancorp		158,698		2,902,586
Huntington Bancshares, Inc.		152,187		1,254,021

Common Stocks (continued)

Issuer	Shares		Value ($)
KeyCorp		167,020		1,949,123
M&T Bank Corp.		22,237		2,520,342
PNC Financial Services Group, Inc. (The)		96,060		6,942,256
Regions Financial Corp.		256,448		2,410,611
SunTrust Banks, Inc.		97,790		3,131,236
U.S. Bancorp		335,605		12,125,409
Wells Fargo & Co.		893,724		36,714,182
Zions Bancorporation		33,431		935,065
Total				76,591,563
Consumer Finance 0.9%
American Express Co.		173,426		12,471,064
Capital One Financial Corp.		105,992		6,841,783
Discover Financial Services		88,984		4,204,494
SLM Corp.		80,599		1,933,570
Total				25,450,911
Diversified Financial Services 3.9%
Bank of America Corp.		1,956,027		27,619,101
Citigroup, Inc.		552,111		26,683,525
CME Group, Inc.		55,736		3,963,387
IntercontinentalExchange, Inc.^(a)		13,204		2,373,419
JPMorgan Chase & Co.		685,797		34,653,322
Leucadia National Corp.		53,534		1,334,603
McGraw Hill Financial, Inc.		49,734		2,902,973
Moody's Corp.		35,186		2,236,422
NASDAQ OMX Group, Inc. (The)		21,358		637,750
NYSE Euronext		44,091		1,843,004
Total				104,247,506
Insurance 4.3%
ACE Ltd.		61,722		5,414,254
Aflac, Inc.		84,594		4,888,687
Allstate Corp. (The)		85,032		4,074,734
American International Group, Inc.^(a)		267,873		12,445,380
Aon PLC		56,089		3,723,188
Assurant, Inc.		13,969		740,916
Berkshire Hathaway, Inc., Class B^(a)		331,000		36,813,820
Chubb Corp. (The)		47,025		3,911,069
Cincinnati Financial Corp.		26,665		1,218,057
Genworth Financial, Inc., Class A^(a)		89,468		1,055,722
Hartford Financial Services Group, Inc.		82,718		2,448,453

Common Stocks (continued)

Issuer	Shares		Value ($)
Lincoln National Corp.		48,711		2,047,810
Loews Corp.		55,754		2,478,823
Marsh & McLennan Companies, Inc.		99,875		4,117,846
MetLife, Inc.		198,683		9,177,168
Principal Financial Group, Inc.		50,045		2,047,841
Progressive Corp. (The)		100,557		2,520,964
Prudential Financial, Inc.		84,553		6,331,329
Torchmark Corp.		16,781		1,156,043
Travelers Companies, Inc. (The)		68,299		5,457,090
Unum Group		48,432		1,430,197
XL Group PLC		52,565		1,553,821
Total				115,053,212
Real Estate Investment Trusts (REITs) 1.9%
American Tower Corp.		71,758		4,986,463
Apartment Investment & Management Co., Class A		26,474		728,829
AvalonBay Communities, Inc.		22,067		2,734,101
Boston Properties, Inc.		27,533		2,822,133
Equity Residential		58,160		3,017,922
HCP, Inc.		82,463		3,358,718
Health Care REIT, Inc.		51,608		3,170,796
Host Hotels & Resorts, Inc.		135,125		2,301,179
Kimco Realty Corp.		74,166		1,485,545
Macerich Co. (The)		24,948		1,404,074
Plum Creek Timber Co., Inc.		29,546		1,309,183
ProLogis, Inc.		90,399		3,185,661
Public Storage		26,193		3,998,885
Simon Property Group, Inc.		56,400		8,213,532
Ventas, Inc.		53,193		3,311,796
Vornado Realty Trust		30,865		2,509,325
Weyerhaeuser Co.		104,571		2,863,154
Total				51,401,296
Real Estate Management & Development —%
CBRE Group, Inc., Class A^(a)		55,100		1,205,037
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		86,254		792,674
People's United Financial, Inc.		61,515		874,744
Total				1,667,418
Total Financials				431,706,414

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 12.6%
Biotechnology 2.2%
Alexion Pharmaceuticals, Inc.^(a)		35,408		3,815,566
Amgen, Inc.		136,078		14,824,337
Biogen Idec, Inc.^(a)		43,070		9,174,772
Celgene Corp.^(a)		75,684		10,594,246
Gilead Sciences, Inc.^(a)		276,766		16,680,687
Regeneron Pharmaceuticals, Inc.^(a)		13,859		3,358,174
Total				58,447,782
Health Care Equipment & Supplies 2.0%
Abbott Laboratories		282,846		9,427,257
Baxter International, Inc.		98,334		6,840,113
Becton Dickinson and Co.		35,246		3,432,256
Boston Scientific Corp.^(a)		244,784		2,589,815
CareFusion Corp.^(a)		39,883		1,429,806
Covidien PLC		85,365		5,070,681
CR Bard, Inc.		13,581		1,560,049
DENTSPLY International, Inc.		25,998		1,091,656
Edwards Lifesciences Corp.^(a)		20,496		1,442,508
Intuitive Surgical, Inc.^(a)		7,287		2,816,571
Medtronic, Inc.		183,504		9,496,332
St. Jude Medical, Inc.		51,414		2,591,780
Stryker Corp.		52,133		3,487,176
Varian Medical Systems, Inc.^(a)		19,673		1,385,963
Zimmer Holdings, Inc.		30,549		2,416,120
Total				55,078,083
Health Care Providers & Services 2.0%
Aetna, Inc.		68,630		4,350,456
AmerisourceBergen Corp.		41,897		2,384,777
Cardinal Health, Inc.		62,021		3,118,416
CIGNA Corp.		51,770		4,073,781
DaVita HealthCare Partners, Inc.^(a)		15,357		1,651,031
Express Scripts Holding Co.^(a)		148,117		9,461,714
Five Star Quality Care, Inc.^(c)(e)		—		1
Humana, Inc.		28,578		2,631,462
Laboratory Corp. of America Holdings^(a)		16,868		1,614,605
McKesson Corp.		41,117		4,992,015
Patterson Companies, Inc.		15,177		605,259
Quest Diagnostics, Inc.		28,673		1,680,811
Tenet Healthcare Corp.^(a)		18,780		733,359

Common Stocks (continued)

Issuer	Shares		Value ($)
UnitedHealth Group, Inc.		185,073		13,277,137
WellPoint, Inc.		54,499		4,640,045
Total				55,214,869
Health Care Technology 0.1%
Cerner Corp.^(a)		53,016		2,441,917
Life Sciences Tools & Services 0.5%
Agilent Technologies, Inc.		62,503		2,915,140
Life Technologies Corp.^(a)		31,262		2,326,205
PerkinElmer, Inc.		20,310		730,551
Thermo Fisher Scientific, Inc.		65,125		5,785,054
Waters Corp.^(a)		15,548		1,536,920
Total				13,293,870
Pharmaceuticals 5.8%
AbbVie, Inc.		287,357		12,244,282
Actavis, Inc.^(a)		23,179		3,133,337
Allergan, Inc.		53,780		4,753,076
Bristol-Myers Squibb Co.		298,030		12,424,871
Eli Lilly & Co.		179,878		9,245,729
Forest Laboratories, Inc.^(a)		42,579		1,810,885
Hospira, Inc.^(a)		30,028		1,171,993
Johnson & Johnson		509,654		44,039,202
Merck & Co., Inc.		547,888		25,909,624
Mylan, Inc.^(a)		69,146		2,443,620
Perrigo Co.		16,039		1,949,540
Pfizer, Inc.		1,210,812		34,157,007
Zoetis, Inc.		90,722		2,644,546
Total				155,927,712
Total Health Care				340,404,233
Industrials 10.1%
Aerospace & Defense 2.6%
Boeing Co. (The)		123,892		12,874,857
General Dynamics Corp.		60,238		5,014,813
Honeywell International, Inc.		142,757		11,359,174
L-3 Communications Holdings, Inc.		16,329		1,474,999
Lockheed Martin Corp.		48,252		5,907,010
Northrop Grumman Corp.		42,670		3,937,161
Precision Castparts Corp.		26,551		5,608,633
Raytheon Co.		58,899		4,441,574
Rockwell Collins, Inc.		24,617		1,742,145

Common Stocks (continued)

Issuer	Shares		Value ($)
Textron, Inc.		50,415		1,358,180
United Technologies Corp.		153,457		15,361,046
Total				69,079,592
Air Freight & Logistics 0.7%
CH Robinson Worldwide, Inc.		29,132		1,656,737
Expeditors International of Washington, Inc.		37,488		1,520,513
FedEx Corp.		53,469		5,740,432
United Parcel Service, Inc., Class B		128,917		11,032,717
Total				19,950,399
Airlines 0.1%
Southwest Airlines Co.		131,056		1,678,827
Building Products —%
Masco Corp.		64,751		1,225,089
Commercial Services & Supplies 0.5%
ADT Corp. (The)		39,697		1,581,131
Cintas Corp.		18,896		902,473
Iron Mountain, Inc.		30,444		785,455
Pitney Bowes, Inc.		36,556		596,594
Republic Services, Inc.		53,846		1,750,533
Stericycle, Inc.^(a)		15,655		1,762,127
Tyco International Ltd.		84,190		2,781,638
Waste Management, Inc.		79,654		3,221,208
Total				13,381,159
Construction & Engineering 0.2%
Fluor Corp.		29,552		1,874,483
Jacobs Engineering Group, Inc.^(a)		23,732		1,383,101
Quanta Services, Inc.^(a)		38,637		1,009,971
Total				4,267,555
Electrical Equipment 0.7%
Eaton Corp. PLC		85,841		5,435,452
Emerson Electric Co.		130,433		7,874,241
Rockwell Automation, Inc.		25,340		2,463,808
Roper Industries, Inc.		17,966		2,222,394
Total				17,995,895
Industrial Conglomerates 2.3%
3M Co.		115,213		13,085,893
Danaher Corp.		105,577		6,917,405
General Electric Co.		1,876,146		43,414,018
Total				63,417,316

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 1.7%
Caterpillar, Inc.		119,296		9,846,692
Cummins, Inc.		32,017		3,944,494
Deere & Co.		70,408		5,888,925
Dover Corp.		31,045		2,640,377
Flowserve Corp.		25,944		1,447,416
Illinois Tool Works, Inc.		75,190		5,373,829
Ingersoll-Rand PLC		50,436		2,982,785
Joy Global, Inc.		19,281		947,083
PACCAR, Inc.		64,180		3,440,690
Pall Corp.		20,244		1,399,670
Parker Hannifin Corp.		27,081		2,706,746
Pentair Ltd.		37,070		2,228,278
Snap-On, Inc.		10,573		989,633
Stanley Black & Decker, Inc.		29,379		2,504,853
Xylem, Inc.		33,620		833,104
Total				47,174,575
Professional Services 0.2%
Dun & Bradstreet Corp. (The)		7,248		721,031
Equifax, Inc.		21,884		1,293,126
Nielsen Holdings NV		38,030		1,312,035
Robert Half International, Inc.		25,319		893,001
Total				4,219,193
Road & Rail 0.9%
CSX Corp.		185,428		4,563,383
Kansas City Southern		19,992		2,107,557
Norfolk Southern Corp.		57,171		4,125,459
Ryder System, Inc.		9,421		523,902
Union Pacific Corp.		84,694		13,003,917
Total				24,324,218
Trading Companies & Distributors 0.2%
Fastenal Co.		48,983		2,154,762
WW Grainger, Inc.		10,852		2,684,242
Total				4,839,004
Total Industrials				271,552,822
Information Technology 17.6%
Communications Equipment 1.9%
Cisco Systems, Inc.		969,694		22,603,567
F5 Networks, Inc.^(a)		14,298		1,192,167

Common Stocks (continued)

Issuer	Shares		Value ($)
Harris Corp.		19,883		1,125,974
JDS Uniphase Corp.^(a)		42,917		550,625
Juniper Networks, Inc.^(a)		91,856		1,736,079
Motorola Solutions, Inc.		49,291		2,760,789
QUALCOMM, Inc.		313,504		20,779,045
Total				50,748,246
Computers & Peripherals 4.2%
Apple, Inc.		170,312		82,950,460
Dell, Inc.		266,298		3,666,923
EMC Corp.		381,183		9,826,898
Hewlett-Packard Co.		349,923		7,817,280
NetApp, Inc.		65,399		2,716,674
SanDisk Corp.		44,150		2,436,197
Seagate Technology PLC		57,901		2,218,766
Western Digital Corp.		38,601		2,393,262
Total				114,026,460
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		28,999		2,197,254
Corning, Inc.		267,645		3,757,736
FLIR Systems, Inc.		25,744		805,272
Jabil Circuit, Inc.		33,459		763,535
Molex, Inc.		25,149		729,824
TE Connectivity Ltd.		75,376		3,693,424
Total				11,947,045
Internet Software & Services 2.2%
Akamai Technologies, Inc.^(a)		32,242		1,482,487
eBay, Inc.^(a)		211,928		10,594,281
Google, Inc., Class A^(a)		48,759		41,293,997
VeriSign, Inc.^(a)		27,352		1,312,622
Yahoo!, Inc.^(a)		172,864		4,688,072
Total				59,371,459
IT Services 3.5%
Accenture PLC, Class A		117,952		8,522,032
Automatic Data Processing, Inc.		88,040		6,264,926
Cognizant Technology Solutions Corp., Class A^(a)		54,726		4,011,416
Computer Sciences Corp.		27,258		1,366,989
Fidelity National Information Services, Inc.		53,183		2,364,516
Fiserv, Inc.^(a)		24,162		2,326,076
International Business Machines Corp.		189,112		34,469,444

Common Stocks (continued)

Issuer	Shares		Value ($)
Mastercard, Inc., Class A		18,970		11,497,338
Paychex, Inc.		58,764		2,272,991
SAIC, Inc.		51,582		777,341
Teradata Corp.^(a)		29,648		1,736,187
Total System Services, Inc.		29,182		807,466
Visa, Inc., Class A		91,956		16,038,965
Western Union Co. (The)		101,084		1,772,003
Total				94,227,690
Office Electronics 0.1%
Xerox Corp.		222,795		2,223,494
Semiconductors & Semiconductor Equipment 1.9%
Advanced Micro Devices, Inc.^(a)		110,193		360,331
Altera Corp.		58,087		2,042,920
Analog Devices, Inc.		55,914		2,587,700
Applied Materials, Inc.		218,022		3,272,510
Broadcom Corp., Class A		95,316		2,407,682
First Solar, Inc.^(a)		12,055		442,660
Intel Corp.		901,955		19,824,971
KLA-Tencor Corp.		30,099		1,659,960
Lam Research Corp.^(a)		29,524		1,377,885
Linear Technology Corp.		42,323		1,622,240
LSI Corp.		99,714		738,881
Microchip Technology, Inc.		35,770		1,388,234
Micron Technology, Inc.^(a)		186,906		2,536,314
NVIDIA Corp.		104,859		1,546,670
Teradyne, Inc.^(a)		34,591		530,972
Texas Instruments, Inc.		201,249		7,687,712
Xilinx, Inc.		47,876		2,078,776
Total				52,106,418
Software 3.4%
Adobe Systems, Inc.^(a)		91,073		4,166,590
Autodesk, Inc.^(a)		40,788		1,498,959
BMC Software, Inc.^(a)		24,033		1,105,518
CA, Inc.		60,099		1,757,896
Citrix Systems, Inc.^(a)		33,952		2,402,783
Electronic Arts, Inc.^(a)		54,911		1,462,829
Intuit, Inc.		50,643		3,217,350
Microsoft Corp.		1,363,727		45,548,482
Oracle Corp.		666,680		21,240,425

Common Stocks (continued)

Issuer	Shares		Value ($)
Red Hat, Inc.^(a)		34,401		1,737,938
Salesforce.com, Inc.^(a)		98,477		4,838,175
Symantec Corp.		126,400		3,237,104
Total				92,214,049
Total Information Technology				476,864,861
Materials 3.3%
Chemicals 2.4%
Air Products & Chemicals, Inc.		37,800		3,860,892
Airgas, Inc.		11,958		1,215,531
CF Industries Holdings, Inc.		10,757		2,047,487
Dow Chemical Co. (The)		219,472		8,208,253
Eastman Chemical Co.		28,127		2,137,652
Ecolab, Inc.		48,338		4,415,676
EI du Pont de Nemours & Co.		167,012		9,456,219
FMC Corp.		24,700		1,645,267
International Flavors & Fragrances, Inc.		14,786		1,168,242
LyondellBasell Industries NV, Class A		68,918		4,834,598
Monsanto Co.		96,862		9,481,821
Mosaic Co. (The)		50,213		2,091,372
PPG Industries, Inc.		25,882		4,043,027
Praxair, Inc.		53,662		6,299,919
Sherwin-Williams Co. (The)		15,536		2,678,406
Sigma-Aldrich Corp.		21,834		1,800,650
Total				65,385,012
Construction Materials 0.1%
Vulcan Materials Co.		23,579		1,127,076
Containers & Packaging 0.2%
Avery Dennison Corp.		18,069		772,630
Ball Corp.		26,992		1,198,985
Bemis Co., Inc.		18,669		742,840
MeadWestvaco Corp.		32,107		1,151,036
Owens-Illinois, Inc.^(a)		29,847		847,356
Sealed Air Corp.		35,534		1,009,166
Total				5,722,013
Metals & Mining 0.5%
Alcoa, Inc.		194,035		1,494,070
Allegheny Technologies, Inc.		19,588		523,195
Cliffs Natural Resources, Inc.		27,778		579,727
Freeport-McMoRan Copper & Gold, Inc.		188,376		5,692,723

Common Stocks (continued)

Issuer	Shares		Value ($)
Newmont Mining Corp.		90,216		2,866,162
Nucor Corp.		57,660		2,622,953
United States Steel Corp.		26,180		468,622
Total				14,247,452
Paper & Forest Products 0.1%
International Paper Co.		80,715		3,810,555
Total Materials				90,292,108
Telecommunication Services 2.5%
Diversified Telecommunication Services 2.3%
AT&T, Inc.		976,165		33,023,662
CenturyLink, Inc.		110,507		3,659,992
Frontier Communications Corp.		181,036		783,886
Verizon Communications, Inc.		519,131		24,596,427
Windstream Holdings, Inc.		107,553		867,952
Total				62,931,919
Wireless Telecommunication Services 0.2%
Crown Castle International Corp.^(a)		53,193		3,692,658
Total Telecommunication Services				66,624,577
Utilities 3.1%
Electric Utilities 1.7%
American Electric Power Co., Inc.		88,190		3,774,532
Duke Energy Corp.		128,052		8,400,211
Edison International		59,116		2,712,833
Entergy Corp.		32,330		2,044,226
Exelon Corp.		155,288		4,734,731
FirstEnergy Corp.		75,882		2,843,299
NextEra Energy, Inc.		77,048		6,191,577
Northeast Utilities		57,086		2,338,814
Pepco Holdings, Inc.		45,104		854,270
Pinnacle West Capital Corp.		19,949		1,082,632
PPL Corp.		114,746		3,522,702
Southern Co. (The)		157,927		6,572,922
Xcel Energy, Inc.		90,221		2,518,970
Total				47,591,719
Gas Utilities 0.1%
AGL Resources, Inc.		21,443		942,420
ONEOK, Inc.		37,397		1,923,701
Total				2,866,121

Common Stocks (continued)

Issuer	Shares		Value ($)
Independent Power Producers & Energy Traders 0.1%
AES Corp. (The)		112,428		1,428,960
NRG Energy, Inc.		58,513		1,535,966
Total				2,964,926
Multi-Utilities 1.2%
Ameren Corp.		44,024		1,488,452
CenterPoint Energy, Inc.		77,754		1,782,899
CMS Energy Corp.		48,216		1,279,171
Consolidated Edison, Inc.		53,144		2,988,287
Dominion Resources, Inc.		104,815		6,115,955
DTE Energy Co.		31,562		2,110,551
Integrys Energy Group, Inc.		14,357		802,844
NiSource, Inc.		56,617		1,656,613
PG&E Corp.		80,229		3,318,272
Public Service Enterprise Group, Inc.		91,805		2,976,318
SCANA Corp.		25,311		1,217,965
Sempra Energy		40,898		3,452,609
TECO Energy, Inc.		37,110		613,428
Wisconsin Energy Corp.		41,500		1,703,160
Total				31,506,524
Total Utilities				84,929,290
Total Common Stocks (Cost: $2,013,152,361)				2,636,140,256

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Ameriprise Financial, Inc.		1,159,328		—		(43,277	)		31,542		1,147,593		38,166		3,150,161
Columbia Short-Term Cash Fund		57,654,389		108,162,849		(105,434,078	)		—		60,383,160		31,598		60,383,160
Total		58,813,717		108,162,849		(105,477,355	)		31,542		61,530,753		69,764		63,533,321

(e) Represents fractional shares.

(f) The rate shown is the seven-day current annualized yield at August 31, 2013.

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		323,192,026			—		—		323,192,026
Consumer Staples		269,986,206			—		—		269,986,206
Energy		280,587,671			48		—		280,587,719
Financials		431,706,414			—		—		431,706,414
Health Care		340,404,232			1		—		340,404,233
Industrials		271,552,822			—		—		271,552,822
Information Technology		476,864,861			—		—		476,864,861
Materials		90,292,108			—		—		90,292,108
Telecommunication Services		66,624,577			—		—		66,624,577
Utilities		84,929,290			—		—		84,929,290
Total Equity Securities		2,636,140,207			49		—		2,636,140,256
Mutual Funds
Money Market Funds		60,383,160			—		—		60,383,160
Total Mutual Funds		60,383,160			—		—		60,383,160
Investments in Securities		2,696,523,367			49		—		2,696,523,416
Derivatives
Liabilities
Futures Contracts		(413,834	)		—		—		(413,834	)
Total		2,696,109,533			49		—		2,696,109,582

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,012,004,768)	$	2,632,990,095
Affiliated issuers (identified cost $61,530,753)		63,533,321
Total investments (identified cost $2,073,535,521)		2,696,523,416
Receivable for:
Capital shares sold		2,074,810
Dividends		5,999,846
Expense reimbursement due from Investment Manager		148
Total assets		2,704,598,220
Liabilities
Payable for:
Capital shares purchased		2,468,139
Variation margin		220,503
Investment management fees		7,429
Distribution and/or service fees		4,394
Administration fees		7,429
Compensation of board members		139,133
Other expenses		3,285
Total liabilities		2,850,312
Net assets applicable to outstanding capital stock	$	2,701,747,908
Represented by
Paid-in capital	$	2,095,374,213
Undistributed net investment income		24,112,025
Accumulated net realized loss		(40,312,391	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		620,985,327
Investments — affiliated issuers		2,002,568
Futures contracts		(413,834	)
Total — representing net assets applicable to outstanding capital stock	$	2,701,747,908

Class A
Net assets	$	639,213,743
Shares outstanding		20,215,499
Net asset value per share	$	31.62
Class B
Net assets	$	242,421
Shares outstanding		7,667
Net asset value per share	$	31.62
Class I
Net assets	$	3,280
Shares outstanding		103
Net asset value per share^(a)	$	31.78
Class R5
Net assets	$	26,662,664
Shares outstanding		829,077
Net asset value per share	$	32.16
Class Z
Net assets	$	2,035,625,800
Shares outstanding		64,066,303
Net asset value per share	$	31.77

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

Net investment income
Income:
Dividends — unaffiliated issuers	$	27,894,267
Dividends — affiliated issuers		69,764
Foreign taxes withheld		(4,285	)
Total income		27,959,746
Expenses:
Investment management fees		1,339,291
Distribution and/or service fees
Class A		755,152
Class B		1,516
Administration fees		1,339,291
Compensation of board members		46,220
Other		8,585
Total expenses		3,490,055
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(54,807	)
Expense reductions		(8,770	)
Total net expenses		3,426,478
Net investment income		24,533,268
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		780,598
Investments — affiliated issuers		31,542
Futures contracts		7,047,002
Net realized gain		7,859,142
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		189,163,655
Investments — affiliated issuers		613,595
Futures contracts		(2,880,662	)
Net change in unrealized appreciation (depreciation)		186,896,588
Net realized and unrealized gain		194,755,730
Net increase in net assets resulting from operations	$	219,288,998

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income	$	24,533,268		$	50,933,486
Net realized gain		7,859,142			747,045,567
Net change in unrealized appreciation (depreciation)		186,896,588			(468,195,514	)
Net increase in net assets resulting from operations		219,288,998			329,783,539
Distributions to shareholders
Net investment income
Class A		(1,485,364	)		(10,203,246	)
Class B		(366	)		(7,896	)
Class I		(9	)		(66	)
Class R5		(9,105	)		(50	)
Class Z		(5,813,465	)		(42,594,114	)
Total distributions to shareholders		(7,308,309	)		(52,805,372	)
Increase (decrease) in net assets from capital stock activity		(15,850,847	)		(1,393,088,952	)
Total increase (decrease) in net assets		196,129,842			(1,116,110,785	)
Net assets at beginning of period		2,505,618,066			3,621,728,851
Net assets at end of period	$	2,701,747,908		$	2,505,618,066
Undistributed net investment income	$	24,112,025		$	6,887,066

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		4,116,706			128,810,511			6,742,663			183,652,453
Distributions reinvested		46,299			1,419,048			360,059			9,790,803
Redemptions		(2,606,188	)		(80,983,012	)		(6,367,900	)		(171,641,000	)
Net increase		1,556,817			49,246,547			734,822			21,802,256
Class B shares
Subscriptions		—			—			1,184			31,844
Distributions reinvested		11			342			212			5,783
Redemptions^(b)		(6,923	)		(212,061	)		(36,162	)		(975,990	)
Net decrease		(6,912	)		(211,719	)		(34,766	)		(938,363	)
Class R5 shares
Subscriptions		868,508			27,606,128			92			2,500
Distributions reinvested		292			9,097			—			—
Redemptions		(39,815	)		(1,288,543	)		—			—
Net increase		828,985			26,326,682			92			2,500
Class Z shares
Subscriptions		4,658,583			145,812,870			17,960,330			489,325,782
Distributions reinvested		142,061			4,374,046			1,139,550			31,077,280
Redemptions		(7,715,162	)		(241,399,273	)		(71,115,547	)		(1,934,358,407	)
Net decrease		(2,914,518	)		(91,212,357	)		(52,015,667	)		(1,413,955,345	)
Total net decrease		(535,628	)		(15,850,847	)		(51,315,519	)		(1,393,088,952	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.16		$	26.35		$	25.62		$	21.30		$	14.14		$	25.64
Income from investment operations:
Net investment income		0.26			0.50			0.42			0.37			0.34			0.45
Net realized and unrealized gain (loss)		2.28			2.88			0.74			4.30			7.15			(11.54	)
Total from investment operations		2.54			3.38			1.16			4.67			7.49			(11.09	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.57	)		(0.43	)		(0.35	)		(0.33	)		(0.41	)
Total distributions to shareholders		(0.08	)		(0.57	)		(0.43	)		(0.35	)		(0.33	)		(0.41	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	31.62		$	29.16		$	26.35		$	25.62		$	21.30		$	14.14
Total return		8.71	%		12.98	%		4.67	%		22.09	%		53.09	%		(43.51	%)
Ratios to average net assets^(b)
Total gross expenses		0.45	%^(c)		0.45	%^(d)		0.45	%		0.45	%		0.45	%^(d)		0.45	%
Total net expenses^(e)		0.45	%^(c)(f)		0.44	%^(d)(f)		0.42	%^(f)		0.39	%		0.39	%^(d)		0.39	%^(f)
Net investment income		1.64	%^(c)		1.85	%		1.72	%		1.64	%		1.75	%		2.09	%
Supplemental data
Net assets, end of period (in thousands)	$	639,214		$	544,128		$	472,381		$	383,538		$	268,091		$	101,119
Portfolio turnover		1	%		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.24		$	26.44		$	25.70		$	21.37		$	14.20		$	25.70
Income from investment operations:
Net investment income		0.14			0.28			0.22			0.20			0.19			0.28
Net realized and unrealized gain (loss)		2.28			2.89			0.76			4.32			7.18			(11.53	)
Total from investment operations		2.42			3.17			0.98			4.52			7.37			(11.25	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.37	)		(0.24	)		(0.19	)		(0.20	)		(0.25	)
Total distributions to shareholders		(0.04	)		(0.37	)		(0.24	)		(0.19	)		(0.20	)		(0.25	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	31.62		$	29.24		$	26.44		$	25.70		$	21.37		$	14.20
Total return		8.29	%		12.08	%		3.90	%		21.22	%		51.94	%		(43.94	%)
Ratios to average net assets^(b)
Total gross expenses		1.20	%^(c)		1.20	%^(d)		1.20	%		1.20	%		1.20	%^(d)		1.20	%
Total net expenses^(e)		1.20	%^(c)(f)		1.18	%^(d)(f)		1.17	%^(f)		1.14	%		1.14	%^(d)		1.14	%^(f)
Net investment income		0.86	%^(c)		1.04	%		0.90	%		0.87	%		1.01	%		1.28	%
Supplemental data
Net assets, end of period (in thousands)	$	242		$	426		$	1,305		$	3,550		$	3,769		$	3,248
Portfolio turnover		1	%		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	29.28		$	26.45		$	24.22
Income from investment operations:
Net investment income		0.30			0.57			0.15
Net realized and unrealized gain		2.29			2.89			2.49
Total from investment operations		2.59			3.46			2.64
Less distributions to shareholders:
Net investment income		(0.09	)		(0.63	)		(0.41	)
Total distributions to shareholders		(0.09	)		(0.63	)		(0.41	)
Net asset value, end of period	$	31.78		$	29.28		$	26.45
Total return		8.85	%		13.28	%		11.08	%
Ratios to average net assets^(b)
Total gross expenses		0.23	%^(c)		0.22	%^(d)		0.15	%^(c)
Total net expenses^(e)		0.20	%^(c)		0.19	%^(d)		0.15	%^(c)
Net investment income		1.88	%^(c)		2.09	%		2.06	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3
Portfolio turnover		1	%		7	%		6	%

Notes to Financial Highlights

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	29.63		$	27.28
Income from investment operations:
Net investment income		0.32			0.21
Net realized and unrealized gain		2.30			2.68
Total from investment operations		2.62			2.89
Less distributions to shareholders:
Net investment income		(0.09	)		(0.54	)
Total distributions to shareholders		(0.09	)		(0.54	)
Net asset value, end of period	$	32.16		$	29.63
Total return		8.86	%		10.73	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.14	%^(c)
Total net expenses^(d)		0.20	%^(c)		0.14	%^(c)
Net investment income		2.02	%^(c)		2.48	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	26,663		$	3
Portfolio turnover		1	%		7	%

Notes to Financial Highlights

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.28		$	26.45		$	25.72		$	21.37		$	14.18		$	25.79
Income from investment operations:
Net investment income		0.30			0.57			0.48			0.43			0.38			0.51
Net realized and unrealized gain (loss)		2.28			2.89			0.74			4.33			7.19			(11.59	)
Total from investment operations		2.58			3.46			1.22			4.76			7.57			(11.08	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.63	)		(0.49	)		(0.41	)		(0.38	)		(0.53	)
Total distributions to shareholders		(0.09	)		(0.63	)		(0.49	)		(0.41	)		(0.38	)		(0.53	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	31.77		$	29.28		$	26.45		$	25.72		$	21.37		$	14.18
Total return		8.82	%		13.28	%		4.91	%		22.44	%		53.49	%		(43.37	%)
Ratios to average net assets^(b)
Total gross expenses		0.20	%^(c)		0.20	%^(d)		0.20	%		0.20	%		0.20	%^(d)		0.20	%
Total net expenses^(e)		0.20	%^(c)(f)		0.19	%^(d)(f)		0.16	%^(f)		0.14	%		0.14	%^(d)		0.14	%^(f)
Net investment income		1.89	%^(c)		2.06	%		1.95	%		1.88	%		2.00	%		2.31	%
Supplemental data
Net assets, end of period (in thousands)	$	2,035,626		$	1,961,058		$	3,148,041		$	3,050,979		$	2,412,760		$	1,359,555
Portfolio turnover		1	%		7	%		6	%		2	%		7	%		5	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class I, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

Class A shares have no sales charge.

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

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

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

Derivative Instruments

A derivative instrument may suffer a mark 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 under the contract. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal 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 limited to 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 accounts. 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, potentially resulting in losses to the Fund.

the Fund would consider terminating the derivative 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

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at August 31, 2013:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Net assets — unrealized depreciation on futures contracts		413,834	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended August 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)
Equity risk		—		7,047,002
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)
Equity risk		—		(2,880,662	)

The following table is a summary of the volume of derivative instruments for the six months ended August 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					549

Security Transactions

Income Recognition

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

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Administration Fees

Other Expenses

and retirement benefits, and certain other expenses. For the six months ended August 31, 2013, other expenses paid to this company were $4,573.

Compensation of Board Members

Transfer Agent Fees

Distribution and Service Fees

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

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Fee Rates Contractual through June 30, 2014
Class A		0.45	%
Class B		1.20
Class I		0.20
Class R5		0.20
Class Z		0.20

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $2,073,536,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	865,598,000
Unrealized depreciation		(242,610,000	)
Net unrealized appreciation	$	622,988,000

Year of Expiration				Amount
2017				$	12,602,870

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $36,388,726 and $33,620,080, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 17.4% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

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

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Nature, Extent and Quality of Services Provided by Columbia Management

Investment Performance

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Fund

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Marsico Focused Equities Fund (the Fund) Class A shares returned 10.32% excluding sales charges for the six-month period that ended August 31, 2013.

> The Fund outperformed its benchmark, the S&P 500 Index, which returned 8.95% for the same six-month period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	12/31/97
Excluding sales charges			10.32		17.57		6.54		6.64
Including sales charges			3.98		10.80		5.28		6.01
Class B	12/31/97
Excluding sales charges			9.85		16.72		5.73		5.84
Including sales charges			4.85		12.12		5.43		5.84
Class C	12/31/97
Excluding sales charges			9.93		16.71		5.75		5.85
Including sales charges			8.93		15.79		5.75		5.85
Class I*	09/27/10		10.60		18.14		6.89		6.82
Class R4*	11/08/12		10.46		17.79		6.58		6.66
Class Z	12/31/97		10.46		17.88		6.80		6.91
S&P 500 Index			8.95		18.70		7.32		7.12

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

The 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.

Top Ten Holdings (%) (at August 31, 2013)
Google, Inc., Class A					7.6
Gilead Sciences, Inc.					6.4
Biogen Idec, Inc.					5.0
Visa, Inc., Class A					5.0
Monsanto Co.					4.9
American International Group, Inc.					4.1
Citigroup, Inc.					4.0
Wynn Resorts Ltd.					3.9
TJX Companies, Inc.					3.6
Schlumberger Ltd.					3.5

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.

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					98.9
Consumer Discretionary					23.1
Consumer Staples					1.7
Energy					3.5
Financials					14.4
Health Care					18.2
Industrials					11.3
Information Technology					18.7
Materials					8.0
Money Market Funds					1.1
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,103.20		1,019.05		6.33		6.07		1.20
Class B		1,000.00		1,000.00		1,098.50		1,015.29		10.26		9.85		1.95
Class C		1,000.00		1,000.00		1,099.30		1,015.24		10.31		9.90		1.96
Class I		1,000.00		1,000.00		1,106.00		1,021.41		3.85		3.70		0.73
Class R4		1,000.00		1,000.00		1,104.60		1,020.21		5.12		4.91		0.97
Class Z		1,000.00		1,000.00		1,104.60		1,020.31		5.01		4.81		0.95

Common Stocks 99.4%

Issuer	Shares		Value ($)
Consumer Discretionary 23.2%
Hotels, Restaurants & Leisure 11.2%
Chipotle Mexican Grill, Inc.^(a)		49,271		20,110,944
Starbucks Corp.		475,430		33,527,324
Starwood Hotels & Resorts Worldwide, Inc.		430,975		27,556,541
Wynn Resorts Ltd.		298,378		42,083,233
Total				123,278,042
Media 2.9%
Walt Disney Co. (The)		531,798		32,349,272
Specialty Retail 7.6%
AutoZone, Inc.^(a)		26,539		11,144,788
Home Depot, Inc. (The)		436,611		32,523,153
TJX Companies, Inc.		744,570		39,253,731
Total				82,921,672
Textiles, Apparel & Luxury Goods 1.5%
lululemon athletica, Inc.^(a)		235,372		16,673,753
Total Consumer Discretionary				255,222,739
Consumer Staples 1.7%
Food Products 1.7%
Green Mountain Coffee Roasters, Inc.^(a)		216,396		18,677,139
Total Consumer Staples				18,677,139
Energy 3.5%
Energy Equipment & Services 3.5%
Schlumberger Ltd.		476,258		38,548,322
Total Energy				38,548,322
Financials 14.5%
Commercial Banks 3.4%
Wells Fargo & Co.		919,658		37,779,551
Consumer Finance 3.0%
American Express Co.		458,175		32,947,364
Diversified Financial Services 4.0%
Citigroup, Inc.		904,789		43,728,452
Insurance 4.1%
American International Group, Inc.^(a)		965,744		44,868,466
Total Financials				159,323,833

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 18.3%
Biotechnology 12.2%
Biogen Idec, Inc.^(a)		257,979		54,954,686
Celgene Corp.^(a)		66,783		9,348,284
Gilead Sciences, Inc.^(a)		1,151,480		69,399,700
Total				133,702,670
Health Care Providers & Services 3.1%
UnitedHealth Group, Inc.		481,139		34,516,912
Pharmaceuticals 3.0%
Bristol-Myers Squibb Co.		789,840		32,928,430
Total Health Care				201,148,012
Industrials 11.4%
Aerospace & Defense 2.5%
Precision Castparts Corp.		16,147		3,410,892
Rolls-Royce Holdings PLC		1,419,127		24,455,346
Total				27,866,238
Machinery 3.1%
Cummins, Inc.		270,970		33,383,504
Road & Rail 5.8%
Canadian Pacific Railway Ltd.		267,205		31,538,206
Union Pacific Corp.		206,670		31,732,112
Total				63,270,318
Total Industrials				124,520,060
Information Technology 18.8%
Communications Equipment 1.5%
Cisco Systems, Inc.		701,521		16,352,455
Internet Software & Services 9.9%
Facebook, Inc., Class A^(a)		619,387		25,568,295
Google, Inc., Class A^(a)		98,116		83,094,441
Total				108,662,736
IT Services 4.9%
Visa, Inc., Class A		310,534		54,163,340
Semiconductors & Semiconductor Equipment 2.5%
ASML Holding NV		316,271		27,534,553
Total Information Technology				206,713,084

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at August 31, 2013.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					43,733,734				527,890,965				(559,395,677	)			12,229,022				18,685				12,229,022

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		255,222,739		—		—		255,222,739
Consumer Staples		18,677,139		—		—		18,677,139
Energy		38,548,322		—		—		38,548,322
Financials		159,323,833		—		—		159,323,833
Health Care		201,148,012		—		—		201,148,012
Industrials		100,064,714		24,455,346		—		124,520,060
Information Technology		206,713,084		—		—		206,713,084
Materials		88,096,287		—		—		88,096,287
Total Equity Securities		1,067,794,130		24,455,346		—		1,092,249,476
Mutual Funds
Money Market Funds		12,229,022		—		—		12,229,022
Total Mutual Funds		12,229,022		—		—		12,229,022
Total		1,080,023,152		24,455,346		—		1,104,478,498

Assets
Investments, at value
Unaffiliated issuers (identified cost $812,811,141)	$	1,092,249,476
Affiliated issuers (identified cost $12,229,022)		12,229,022
Total investments (identified cost $825,040,163)		1,104,478,498
Receivable for:
Investments sold		6,132,436
Capital shares sold		440,284
Dividends		1,018,150
Reclaims		125,995
Prepaid expenses		75,782
Other assets		3,296
Total assets		1,112,274,441
Liabilities
Payable for:
Investments purchased		8,859,503
Capital shares purchased		3,632,168
Investment management fees		20,678
Distribution and/or service fees		10,234
Transfer agent fees		167,590
Administration fees		1,724
Compensation of board members		125,709
Other expenses		129,414
Total liabilities		12,947,020
Net assets applicable to outstanding capital stock	$	1,099,327,421
Represented by
Paid-in capital	$	588,873,525
Excess of distributions over net investment income		(2,443,846	)
Accumulated net realized gain		233,459,407
Unrealized appreciation (depreciation) on:
Investments		279,438,335
Total — representing net assets applicable to outstanding capital stock	$	1,099,327,421

Class A
Net assets	$	539,608,895
Shares outstanding		25,060,517
Net asset value per share	$	21.53
Maximum offering price per share^(a)	$	22.84
Class B
Net assets	$	11,909,915
Shares outstanding		636,772
Net asset value per share	$	18.70
Class C
Net assets	$	224,001,813
Shares outstanding		11,922,262
Net asset value per share	$	18.79
Class I
Net assets	$	2,713
Shares outstanding		121
Net asset value per share^(b)	$	22.35
Class R4
Net assets	$	3,171,327
Shares outstanding		140,763
Net asset value per share	$	22.53
Class Z
Net assets	$	320,632,758
Shares outstanding		14,430,023
Net asset value per share	$	22.22

(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.

Net investment income
Income:
Dividends — unaffiliated issuers	$	9,584,572
Dividends — affiliated issuers		18,685
Foreign taxes withheld		(207,866	)
Total income		9,395,391
Expenses:
Investment management fees		4,975,355
Distribution and/or service fees
Class A		1,110,386
Class B		68,940
Class C		1,165,506
Transfer agent fees
Class A		910,140
Class B		14,129
Class C		239,219
Class R4		1,425
Class Z		374,997
Administration fees		413,246
Compensation of board members		35,733
Custodian fees		7,694
Printing and postage fees		73,501
Registration fees		46,849
Professional fees		22,377
Other		48,126
Total expenses		9,507,623
Expense reductions		(3,952	)
Total net expenses		9,503,671
Net investment loss		(108,280	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		233,677,758
Foreign currency translations		(10,599	)
Net realized gain		233,667,159
Net change in unrealized appreciation (depreciation) on:
Investments		(59,370,473	)
Net change in unrealized appreciation (depreciation)		(59,370,473	)
Net realized and unrealized gain		174,296,686
Net increase in net assets resulting from operations	$	174,188,406

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income (loss)	$	(108,280	)	$	4,819,757
Net realized gain		233,667,159			368,927,579
Net change in unrealized appreciation (depreciation)		(59,370,473	)		(253,060,145	)
Net increase in net assets resulting from operations		174,188,406			120,687,191
Distributions to shareholders
Net investment income
Class A		—			(4,477,020	)
Class I		—			(24	)
Class R4		—			(19	)
Class Z		—			(2,956,813	)
Net realized gains
Class A		(61,800,627	)		(187,615,794	)
Class B		(935,638	)		(3,841,675	)
Class C		(16,220,756	)		(51,321,227	)
Class I		(173	)		(555	)
Class R4		(157,979	)		(339	)
Class Z		(20,676,018	)		(95,628,685	)
Total distributions to shareholders		(99,791,191	)		(345,842,151	)
Increase (decrease) in net assets from capital stock activity		(552,188,950	)		(649,517,051	)
Total decrease in net assets		(477,791,735	)		(874,672,011	)
Net assets at beginning of period		1,577,119,156			2,451,791,167
Net assets at end of period	$	1,099,327,421		$	1,577,119,156
Excess of distributions over net investment income	$	(2,443,846	)	$	(2,335,566	)

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		3,213,364			71,309,145			6,980,940			155,143,861
Distributions reinvested		2,445,010			51,222,952			7,681,988			157,483,656
Redemptions		(25,337,855	)		(564,980,522	)		(16,957,060	)		(388,145,892	)
Net decrease		(19,679,481	)		(442,448,425	)		(2,294,132	)		(75,518,375	)
Class B shares
Subscriptions		26,678			487,316			115,842			2,125,284
Distributions reinvested		22,910			417,657			89,978			1,641,505
Redemptions^(b)		(220,497	)		(4,277,098	)		(483,235	)		(9,837,671	)
Net decrease		(170,909	)		(3,372,125	)		(277,415	)		(6,070,882	)
Class C shares
Subscriptions		644,329			12,076,744			1,743,011			32,705,231
Distributions reinvested		419,526			7,681,527			1,301,180			23,722,704
Redemptions		(1,390,341	)		(27,129,388	)		(2,730,710	)		(54,773,353	)
Net increase (decrease)		(326,486	)		(7,371,117	)		313,481			1,654,582
Class R4 shares
Subscriptions		137,303			3,258,927			110			2,500
Distributions reinvested		7,200			157,823			—			—
Redemptions		(3,850	)		(88,777	)		—			—
Net increase		140,653			3,327,973			110			2,500
Class Z shares
Subscriptions		1,271,763			28,817,330			5,199,659			120,644,765
Distributions reinvested		668,000			14,435,470			3,304,164			70,353,848
Redemptions		(6,355,372	)		(145,578,056	)		(31,257,022	)		(760,583,489	)
Net decrease		(4,415,609	)		(102,325,256	)		(22,753,199	)		(569,584,876	)
Total net decrease		(24,451,832	)		(552,188,950	)		(25,011,155	)		(649,517,051	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	20.84		$	24.18		$	23.53		$	18.99		$	12.76		$	21.59
Income from investment operations:
Net investment income		0.01			0.06			0.02			0.00	^(a)		0.01			0.07
Net realized and unrealized gain (loss)		2.10			1.28			0.95			4.54			6.25			(8.86	)
Total from investment operations		2.11			1.34			0.97			4.54			6.26			(8.79	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.01	)		—			(0.02	)		(0.04	)
Net realized gains		(1.42	)		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(1.42	)		(4.68	)		(0.32	)		—			(0.03	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	21.53		$	20.84		$	24.18		$	23.53		$	18.99		$	12.76
Total return		10.32	%		6.84	%		4.26	%		23.91	%		49.12	%		(40.73	%)
Ratios to average net assets^(b)
Total gross expenses		1.20	%^(c)		1.34	%		1.36	%		1.30	%^(d)		1.31	%^(d)		1.31	%
Total net expenses^(e)		1.20	%^(c)(f)		1.29	%^(f)		1.36	%^(f)		1.30	%^(d)(f)		1.30	%^(d)(f)		1.26	%^(f)
Net investment income		0.05	%^(c)		0.28	%		0.09	%		0.01	%		0.03	%		0.37	%
Supplemental data
Net assets, end of period (in thousands)	$	539,609		$	932,546		$	1,137,240		$	1,370,199		$	1,599,661		$	1,312,382
Portfolio turnover		53	%		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	18.35		$	21.88		$	21.48		$	17.46		$	11.80		$	20.07
Income from investment operations:
Net investment loss		(0.07	)		(0.09	)		(0.15	)		(0.14	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.84			1.13			0.86			4.16			5.77			(8.20	)
Total from investment operations		1.77			1.04			0.71			4.02			5.66			(8.27	)
Less distributions to shareholders:
Net realized gains		(1.42	)		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			—			(0.00	)^(a)		—
Total distributions to shareholders		(1.42	)		(4.57	)		(0.31	)		—			(0.00	)^(a)		—
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	18.70		$	18.35		$	21.88		$	21.48		$	17.46		$	11.80
Total return		9.85	%		6.09	%		3.44	%		23.02	%		48.02	%		(41.21	%)
Ratios to average net assets^(b)
Total gross expenses		1.95	%^(c)		2.09	%		2.12	%		2.05	%^(d)		2.06	%^(d)		2.06	%
Total net expenses^(e)		1.95	%^(c)(f)		2.04	%^(f)		2.12	%^(f)		2.05	%^(d)(f)		2.05	%^(d)(f)		2.01	%^(f)
Net investment loss		(0.70	%)^(c)		(0.46	%)		(0.70	%)		(0.74	%)		(0.72	%)		(0.40	%)
Supplemental data
Net assets, end of period (in thousands)	$	11,910		$	14,818		$	23,745		$	45,196		$	62,935		$	64,937
Portfolio turnover		53	%		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	18.42		$	21.96		$	21.55		$	17.52		$	11.84		$	20.13
Income from investment operations:
Net investment loss		(0.07	)		(0.10	)		(0.14	)		(0.14	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.86			1.13			0.86			4.17			5.79			(8.22	)
Total from investment operations		1.79			1.03			0.72			4.03			5.68			(8.29	)
Less distributions to shareholders:
Net realized gains		(1.42	)		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			—			(0.00	)^(a)		—
Total distributions to shareholders		(1.42	)		(4.57	)		(0.31	)		—			(0.00	)^(a)		—
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	18.79		$	18.42		$	21.96		$	21.55		$	17.52		$	11.84
Total return		9.93	%		6.02	%		3.47	%		23.00	%		48.02	%		(41.18	%)
Ratios to average net assets^(b)
Total gross expenses		1.96	%^(c)		2.09	%		2.11	%		2.05	%^(d)		2.06	%^(d)		2.06	%
Total net expenses^(e)		1.96	%^(c)(f)		2.04	%^(f)		2.11	%^(f)		2.05	%^(d)(f)		2.05	%^(d)(f)		2.01	%^(f)
Net investment loss		(0.71	%)^(c)		(0.47	%)		(0.66	%)		(0.73	%)		(0.72	%)		(0.38	%)
Supplemental data
Net assets, end of period (in thousands)	$	224,002		$	225,678		$	262,048		$	304,857		$	298,344		$	258,191
Portfolio turnover		53	%		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	21.53		$	24.81		$	24.04		$	20.59
Income from investment operations:
Net investment income		0.06			0.17			0.10			0.00	^(b)
Net realized and unrealized gain		2.18			1.32			1.07			3.52
Total from investment operations		2.24			1.49			1.17			3.52
Less distributions to shareholders:
Net investment income		—			(0.20	)		(0.09	)		(0.07	)
Net realized gains		(1.42	)		(4.57	)		(0.31	)		—
Total distributions to shareholders		(1.42	)		(4.77	)		(0.40	)		(0.07	)
Net asset value, end of period	$	22.35		$	21.53		$	24.81		$	24.04
Total return		10.60	%		7.29	%		5.04	%		17.09	%
Ratios to average net assets^(c)
Total gross expenses		0.73	%^(d)		0.88	%		0.91	%		0.89	%^(d)
Total net expenses^(e)		0.73	%^(d)		0.86	%		0.91	%^(f)		0.89	%^(d)(f)
Net investment income		0.52	%^(d)		0.71	%		0.44	%		0.00	%^(b)(d)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	28,852
Portfolio turnover		53	%		76	%		90	%		77	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	21.72		$	22.72
Income from investment operations:
Net investment income		0.01			0.01
Net realized and unrealized gain		2.22			2.25
Total from investment operations		2.23			2.26
Less distributions to shareholders:
Net investment income		—			(0.18	)
Net realized gains		(1.42	)		(3.08	)
Total distributions to shareholders		(1.42	)		(3.26	)
Net asset value, end of period	$	22.53		$	21.72
Total return		10.46	%		10.88	%
Ratios to average net assets^(b)
Total gross expenses		0.97	%^(c)		1.03	%^(c)
Total net expenses^(d)		0.97	%^(c)(e)		0.99	%^(c)
Net investment income		0.10	%^(c)		0.18	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,171		$	2
Portfolio turnover		53	%		76	%

Notes to Financial Highlights

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

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	21.44		$	24.73		$	24.05		$	19.39		$	13.02		$	22.06
Income from investment operations:
Net investment income		0.03			0.13			0.08			0.06			0.05			0.13
Net realized and unrealized gain (loss)		2.17			1.31			0.97			4.64			6.39			(9.07	)
Total from investment operations		2.20			1.44			1.05			4.70			6.44			(8.94	)
Less distributions to shareholders:
Net investment income		—			(0.16	)		(0.06	)		(0.04	)		(0.05	)		(0.10	)
Net realized gains		(1.42	)		(4.57	)		(0.31	)		—			—			—
Tax return of capital		—			—			—			—			(0.02	)		—
Total distributions to shareholders		(1.42	)		(4.73	)		(0.37	)		(0.04	)		(0.07	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	22.22		$	21.44		$	24.73		$	24.05		$	19.39		$	13.02
Total return		10.46	%		7.12	%		4.51	%		24.23	%		49.53	%		(40.60	%)
Ratios to average net assets^(b)
Total gross expenses		0.95	%^(c)		1.09	%		1.11	%		1.05	%^(d)		1.06	%^(d)		1.06	%
Total net expenses^(e)		0.95	%^(c)(f)		1.04	%^(f)		1.11	%^(f)		1.05	%^(d)(f)		1.05	%^(d)(f)		1.01	%^(f)
Net investment income		0.30	%^(c)		0.55	%		0.34	%		0.28	%		0.28	%		0.65	%
Supplemental data
Net assets, end of period (in thousands)	$	320,633		$	404,071		$	1,028,756		$	1,101,015		$	995,452		$	874,565
Portfolio turnover		53	%		76	%		90	%		77	%		77	%		85	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R4 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

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

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

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

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

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Subadvisory Agreement

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended August 31, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

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

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

For the six months ended August 31, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.21
Class R4	0.21
Class Z	0.20

Distribution and Service Fees

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $125,395 for Class A, $2,009 for Class B and $3,139 for Class C shares for the six months ended August 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	July 1, 2013 through June 30, 2014			Prior to July 1, 2013
Class A		1.24	%		1.25	%
Class B		1.99			2.00
Class C		1.99			2.00
Class I		0.84			0.84
Class R4		0.99			1.00
Class Z		0.99			1.00

Note 4. Federal Tax Information

At August 31, 2013, the cost of investments for federal income tax purposes was approximately $825,040,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	291,646,000
Unrealized depreciation		(12,208,000	)
Net unrealized appreciation	$	279,438,000

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. The Fund has elected to treat late year ordinary losses of $2,234,270 at February 28, 2013 as arising on March 1, 2013.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $767,891,976 and $1,413,925,796, respectively, for the six months ended August 31, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At August 31, 2013, one unaffiliated shareholder account owned 34.3% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund had no borrowings during the six months ended August 31, 2013.

Note 9. Significant Risks

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Consumer Discretionary Risk

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

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.

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Marsico Focused Equities Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Marsico Capital Management, LLC (the Subadviser), the Subadviser has provided portfolio management and related services for the Fund.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser was in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed the Fund's underperformance for certain periods, noting that appropriate steps (such as changes to management teams) had been taken or are contemplated to help improve the Fund's performance.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management, its Affiliates and the Subadviser from their Relationships with the Fund

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: (i) the Funds' standardized investment management fee rates, particularly in the context of the current competitive fee landscape, were within a reasonable range; and (ii) the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund's investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

Economies of Scale to be Realized

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Performance Summary

> Columbia Mid Cap Value Fund (the Fund) Class A shares returned 8.63% excluding sales charges for the six months ended August 31, 2013.

> The Fund outperformed its benchmark, the Russell Midcap Value Index, which returned 7.95% for the same period.

Average Annual Total Returns (%) (for period ended August 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	11/20/01
Excluding sales charges			8.63		24.52		7.10		9.37
Including sales charges			2.37		17.34		5.83		8.72
Class B	11/20/01
Excluding sales charges			8.18		23.53		6.31		8.55
Including sales charges			3.18		18.53		6.00		8.55
Class C	11/20/01
Excluding sales charges			8.15		23.52		6.30		8.55
Including sales charges			7.15		22.52		6.30		8.55
Class I*	09/27/10		8.80		25.07		7.38		9.51
Class K*	03/07/11		8.62		24.67		7.18		9.41
Class R*	01/23/06		8.44		24.18		6.83		9.09
Class R4*	11/08/12		8.69		24.77		7.14		9.40
Class R5*	11/08/12		8.83		24.95		7.17		9.41
Class W*	09/27/10		8.56		24.52		7.10		9.37
Class Y*	07/15/09		8.79		25.00		7.38		9.52
Class Z	11/20/01		8.68		24.79		7.38		9.64
Russell Midcap Value Index			7.95		25.37		8.87		10.37

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

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

Top Ten Holdings (%) (at August 31, 2013)
Fifth Third Bancorp					2.2
CIT Group, Inc.					2.0
Dover Corp.					2.0
Noble Energy, Inc.					2.0
Actavis, Inc.					1.8
Eaton Corp. PLC					1.7
Forest Laboratories, Inc.					1.6
DISH Network Corp., Class A					1.6
Hartford Financial Services Group, Inc.					1.6
TD Ameritrade Holding Corp.					1.5

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

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

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

Portfolio Breakdown (%) (at August 31, 2013)
Common Stocks					98.0
Consumer Discretionary					9.6
Consumer Staples					2.4
Energy					10.4
Financials					29.0
Health Care					8.2
Industrials					14.1
Information Technology					9.7
Materials					6.2
Telecommunication Services					1.4
Utilities					7.0
Money Market Funds					2.0
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

March 1, 2013 – August 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,086.30		1,019.20		6.12		5.92		1.17
Class B		1,000.00		1,000.00		1,081.80		1,015.44		10.02		9.70		1.92
Class C		1,000.00		1,000.00		1,081.50		1,015.44		10.02		9.70		1.92
Class I		1,000.00		1,000.00		1,088.00		1,021.41		3.82		3.70		0.73
Class K		1,000.00		1,000.00		1,086.20		1,019.90		5.39		5.22		1.03
Class R		1,000.00		1,000.00		1,084.40		1,017.95		7.42		7.18		1.42
Class R4		1,000.00		1,000.00		1,086.90		1,020.41		4.87		4.71		0.93
Class R5		1,000.00		1,000.00		1,088.30		1,021.16		4.08		3.95		0.78
Class W		1,000.00		1,000.00		1,085.60		1,019.20		6.12		5.92		1.17
Class Y		1,000.00		1,000.00		1,087.90		1,021.41		3.82		3.70		0.73
Class Z		1,000.00		1,000.00		1,086.80		1,020.46		4.81		4.66		0.92

Common Stocks 97.9%

Issuer	Shares		Value ($)
Consumer Discretionary 9.6%
Auto Components 1.0%
TRW Automotive Holdings Corp.^(a)		570,475		39,402,708
Automobiles 1.3%
Harley-Davidson, Inc.		809,911		48,578,462
Hotels, Restaurants & Leisure 1.9%
Royal Caribbean Cruises Ltd.		735,125		26,971,736
Starwood Hotels & Resorts Worldwide, Inc.		699,300		44,713,242
Total				71,684,978
Household Durables 1.3%
D.R. Horton, Inc.		2,649,950		47,301,607
Internet & Catalog Retail 0.9%
Liberty Interactive Corp., Class A^(a)		1,518,925		34,297,327
Media 1.5%
DISH Network Corp., Class A		1,294,148		58,184,894
Multiline Retail 1.0%
Macy's, Inc.		856,475		38,053,184
Specialty Retail 0.7%
Abercrombie & Fitch Co., Class A		755,925		26,691,712
Total Consumer Discretionary				364,194,872
Consumer Staples 2.4%
Food Products 1.7%
Hershey Co. (The)		279,625		25,711,519
JM Smucker Co. (The)		359,990		38,209,338
Total				63,920,857
Personal Products 0.7%
Avon Products, Inc.		1,372,675		27,137,785
Total Consumer Staples				91,058,642
Energy 10.4%
Energy Equipment & Services 4.4%
Cameron International Corp.^(a)		828,050		47,024,960
Frank's International NV^(a)		164,352		4,554,194
Oceaneering International, Inc.		399,900		31,024,242
Superior Energy Services, Inc.^(a)		1,591,925		39,097,678
Weatherford International Ltd.^(a)		2,857,775		42,609,425
Total				164,310,499

Common Stocks (continued)

Issuer	Shares		Value ($)
Oil, Gas & Consumable Fuels 6.0%
Cabot Oil & Gas Corp.		778,950		30,480,313
Cimarex Energy Co.		368,665		30,897,814
Gulfport Energy Corp.^(a)		363,450		21,443,550
Marathon Petroleum Corp.		555,300		40,264,803
Noble Energy, Inc.		1,197,950		73,590,068
Whiting Petroleum Corp.^(a)		615,491		31,063,831
Total				227,740,379
Total Energy				392,050,878
Financials 29.0%
Capital Markets 2.9%
Raymond James Financial, Inc.		1,265,525		52,936,911
TD Ameritrade Holding Corp.		2,190,925		56,241,044
Total				109,177,955
Commercial Banks 9.8%
CIT Group, Inc.^(a)		1,570,525		75,181,032
City National Corp.		595,537		38,989,807
Cullen/Frost Bankers, Inc.		756,375		53,581,605
East West Bancorp, Inc.		1,335,350		39,032,280
Fifth Third Bancorp		4,551,951		83,255,184
SVB Financial Group^(a)		394,602		32,673,046
Zions Bancorporation		1,703,783		47,654,811
Total				370,367,765
Insurance 6.8%
Aon PLC		831,975		55,226,500
Brown & Brown, Inc.		1,266,650		39,443,481
Hartford Financial Services Group, Inc.		1,954,643		57,857,433
Lincoln National Corp.		1,177,750		49,512,610
Principal Financial Group, Inc.		1,359,777		55,642,075
Total				257,682,099
Real Estate Investment Trusts (REITs) 7.5%
Colony Financial, Inc.		860,300		17,008,131
Host Hotels & Resorts, Inc.		2,871,497		48,901,594
Rayonier, Inc.		919,809		50,810,249
SL Green Realty Corp.		473,650		41,297,544
Taubman Centers, Inc.		548,625		36,982,811
UDR, Inc.		1,919,650		43,364,893
Weyerhaeuser Co.		1,632,536		44,698,836
Total				283,064,058

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Management & Development 0.9%
CBRE Group, Inc., Class A^(a)		1,557,561		34,063,859
Thrifts & Mortgage Finance 1.1%
People's United Financial, Inc.		3,058,750		43,495,425
Total Financials				1,097,851,161
Health Care 8.2%
Health Care Equipment & Supplies 3.2%
Cooper Companies, Inc. (The)		223,200		29,152,152
Teleflex, Inc.		523,725		40,368,723
Zimmer Holdings, Inc.		663,150		52,448,534
Total				121,969,409
Pharmaceuticals 5.0%
Actavis, Inc.^(a)		504,665		68,220,615
Forest Laboratories, Inc.^(a)		1,389,675		59,102,878
Jazz Pharmaceuticals PLC^(a)		420,725		36,893,375
Salix Pharmaceuticals Ltd.^(a)		366,225		24,515,101
Total				188,731,969
Total Health Care				310,701,378
Industrials 14.1%
Airlines 0.6%
United Continental Holdings, Inc.^(a)		863,425		24,573,076
Building Products 1.0%
USG Corp.^(a)		1,599,325		37,328,245
Electrical Equipment 2.6%
Babcock & Wilcox Co. (The)		1,187,150		36,789,778
Eaton Corp. PLC		999,496		63,288,087
Total				100,077,865
Industrial Conglomerates 0.8%
Carlisle Companies, Inc.		459,750		30,619,350
Machinery 5.5%
Crane Co.		540,300		31,018,623
Dover Corp.		872,675		74,221,009
Navistar International Corp.^(a)		991,575		33,981,275
PACCAR, Inc.		457,775		24,541,318
Stanley Black & Decker, Inc.		505,458		43,095,349
Total				206,857,574

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 2.4%
Hertz Global Holdings, Inc.^(a)		2,285,875		54,929,576
Ryder System, Inc.		620,375		34,499,054
Total				89,428,630
Trading Companies & Distributors 1.2%
AerCap Holdings NV^(a)		1,500,044		26,910,790
United Rentals, Inc.^(a)		326,725		17,894,728
Total				44,805,518
Total Industrials				533,690,258
Information Technology 9.7%
Communications Equipment 0.5%
F5 Networks, Inc.^(a)		247,250		20,615,705
Computers & Peripherals 0.9%
SanDisk Corp.		643,675		35,517,987
Electronic Equipment, Instruments & Components 1.2%
Arrow Electronics, Inc.^(a)		466,175		21,639,844
FLIR Systems, Inc.		769,850		24,080,908
Total				45,720,752
Office Electronics 1.1%
Xerox Corp.		4,107,500		40,992,850
Semiconductors & Semiconductor Equipment 3.6%
Avago Technologies Ltd.		571,450		22,006,539
KLA-Tencor Corp.		528,225		29,131,609
Maxim Integrated Products, Inc.		681,800		18,984,721
Micron Technology, Inc.^(a)		815,750		11,069,728
NXP Semiconductor NV^(a)		643,750		23,928,187
Skyworks Solutions, Inc.^(a)		1,152,975		29,239,446
Total				134,360,230
Software 2.4%
Autodesk, Inc.^(a)		900,625		33,097,969
Citrix Systems, Inc.^(a)		569,875		40,330,053
PTC, Inc.^(a)		664,000		17,310,480
Total				90,738,502
Total Information Technology				367,946,026

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 6.1%
Chemicals 2.6%
Celanese Corp., Class A		378,367		18,630,791
International Flavors & Fragrances, Inc.		322,225		25,458,997
Methanex Corp.		495,525		23,036,957
PPG Industries, Inc.		209,450		32,718,185
Total				99,844,930
Containers & Packaging 2.7%
MeadWestvaco Corp.		1,390,675		49,855,699
Packaging Corp. of America		996,825		52,871,598
Total				102,727,297
Metals & Mining 0.8%
Steel Dynamics, Inc.		1,980,550		30,223,193
Total Materials				232,795,420
Telecommunication Services 1.4%
Wireless Telecommunication Services 1.4%
SBA Communications Corp., Class A^(a)		518,150		38,861,250
Telephone & Data Systems, Inc.		489,100		13,543,179
Total				52,404,429
Total Telecommunication Services				52,404,429
Utilities 7.0%
Electric Utilities 3.1%
Great Plains Energy, Inc.		1,290,200		28,281,184
NV Energy, Inc.		1,654,400		38,795,680
Portland General Electric Co.		453,735		13,072,105
PPL Corp.		1,251,175		38,411,073
Total				118,560,042

Common Stocks (continued)

Issuer	Shares		Value ($)
Gas Utilities 0.9%
Questar Corp.		1,623,100		35,578,352
Independent Power Producers & Energy Traders 1.4%
Calpine Corp.^(a)		1,290,725		24,949,714
NRG Energy, Inc.		1,010,075		26,514,469
Total				51,464,183
Multi-Utilities 1.6%
CMS Energy Corp.		941,800		24,985,954
Sempra Energy		395,249		33,366,920
Total				58,352,874
Total Utilities				263,955,451
Total Common Stocks (Cost: $2,790,330,124)				3,706,648,515

Money Market Funds 2.0%

Columbia Short-Term Cash Fund, 0.097%^(b)(c)	75,715,289	75,715,289
Total Money Market Funds (Cost: $75,715,289)		75,715,289
Total Investments (Cost: $2,866,045,413)		3,782,363,804
Other Assets & Liabilities, Net		3,031,961
Net Assets		3,785,395,765

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at August 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		364,194,872		—		—		364,194,872
Consumer Staples		91,058,642		—		—		91,058,642
Energy		392,050,878		—		—		392,050,878
Financials		1,097,851,161		—		—		1,097,851,161
Health Care		310,701,378		—		—		310,701,378
Industrials		533,690,258		—		—		533,690,258
Information Technology		367,946,026		—		—		367,946,026
Materials		232,795,420		—		—		232,795,420
Telecommunication Services		52,404,429		—		—		52,404,429
Utilities		263,955,451		—		—		263,955,451
Total Equity Securities		3,706,648,515		—		—		3,706,648,515
Mutual Funds
Money Market Funds		75,715,289		—		—		75,715,289
Total Mutual Funds		75,715,289		—		—		75,715,289
Total		3,782,363,804		—		—		3,782,363,804

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,790,330,124)	$	3,706,648,515
Affiliated issuers (identified cost $75,715,289)		75,715,289
Total investments (identified cost $2,866,045,413)		3,782,363,804
Receivable for:
Investments sold		16,332,487
Capital shares sold		1,791,544
Dividends		5,000,542
Prepaid expenses		134,759
Other assets		982
Total assets		3,805,624,118
Liabilities
Payable for:
Investments purchased		13,062,498
Capital shares purchased		5,921,711
Investment management fees		68,745
Distribution and/or service fees		12,261
Transfer agent fees		796,170
Administration fees		5,211
Plan administration fees		3
Compensation of board members		129,155
Other expenses		232,599
Total liabilities		20,228,353
Net assets applicable to outstanding capital stock	$	3,785,395,765
Represented by
Paid-in capital	$	2,576,547,230
Undistributed net investment income		2,549,268
Accumulated net realized gain		289,980,876
Unrealized appreciation (depreciation) on:
Investments		916,318,391
Total — representing net assets applicable to outstanding capital stock	$	3,785,395,765

Class A
Net assets	$	1,011,285,527
Shares outstanding		58,468,690
Net asset value per share	$	17.30
Maximum offering price per share^(a)	$	18.36
Class B
Net assets	$	15,298,005
Shares outstanding		912,228
Net asset value per share	$	16.77
Class C
Net assets	$	118,300,913
Shares outstanding		7,028,312
Net asset value per share	$	16.83
Class I
Net assets	$	156,286,398
Shares outstanding		9,033,227
Net asset value per share	$	17.30
Class K
Net assets	$	14,947
Shares outstanding		862
Net asset value per share	$	17.34
Class R
Net assets	$	60,867,808
Shares outstanding		3,524,435
Net asset value per share	$	17.27
Class R4
Net assets	$	69,128,352
Shares outstanding		3,937,907
Net asset value per share	$	17.55
Class R5
Net assets	$	2,909,379
Shares outstanding		165,723
Net asset value per share	$	17.56
Class W
Net assets	$	105,096,010
Shares outstanding		6,074,444
Net asset value per share	$	17.30
Class Y
Net assets	$	7,417,461
Shares outstanding		428,725
Net asset value per share	$	17.30
Class Z
Net assets	$	2,238,790,965
Shares outstanding		129,250,051
Net asset value per share	$	17.32

(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%.

Net investment income
Income:
Dividends — unaffiliated issuers	$	31,148,045
Dividends — affiliated issuers		44,907
Foreign taxes withheld		(28,617	)
Total income		31,164,335
Expenses:
Investment management fees		12,680,806
Distribution and/or service fees
Class A		1,286,596
Class B		81,568
Class C		599,594
Class R		152,371
Class W		112,627
Transfer agent fees
Class A		1,000,567
Class B		15,858
Class C		116,564
Class K		4
Class R		59,243
Class R4		37,420
Class R5		469
Class W		87,534
Class Z		2,266,137
Administration fees		960,036
Plan administration fees
Class K		18
Compensation of board members		57,414
Custodian fees		14,126
Printing and postage fees		221,332
Registration fees		44,102
Professional fees		34,743
Other		54,850
Total expenses		19,883,979
Expense reductions		(10,250	)
Total net expenses		19,873,729
Net investment income		11,290,606
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		299,884,013
Net realized gain		299,884,013
Net change in unrealized appreciation (depreciation) on:
Investments		6,162,530
Net change in unrealized appreciation (depreciation)		6,162,530
Net realized and unrealized gain		306,046,543
Net increase in net assets resulting from operations	$	317,337,149

	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Operations
Net investment income	$	11,290,606		$	33,104,848
Net realized gain		299,884,013			323,437,559
Net change in unrealized appreciation (depreciation)		6,162,530			198,899,713
Net increase in net assets resulting from operations		317,337,149			555,442,120
Distributions to shareholders
Net investment income
Class A		(2,240,073	)		(7,170,777	)
Class B		—			(20,221	)
Class C		(1	)		(129,220	)
Class I		(714,798	)		(1,819,725	)
Class K		(43	)		(108	)
Class R		(59,680	)		(314,169	)
Class R4		(81,891	)		(7	)
Class R5		(4,790	)		(8	)
Class W		(187,372	)		(515,159	)
Class Y		(26,979	)		(9,251	)
Class Z		(7,910,916	)		(22,426,154	)
Net realized gains
Class A		(3,634,394	)		—
Class B		(58,425	)		—
Class C		(433,430	)		—
Class I		(588,441	)		—
Class K		(52	)		—
Class R		(215,528	)		—
Class R4		(202,288	)		—
Class R5		(8,812	)		—
Class W		(313,214	)		—
Class Y		(24,413	)		—
Class Z		(8,157,167	)		—
Total distributions to shareholders		(24,862,707	)		(32,404,799	)
Increase (decrease) in net assets from capital stock activity		(232,977,664	)		(842,012,844	)
Total increase (decrease) in net assets		59,496,778			(318,975,523	)
Net assets at beginning of period		3,725,898,987			4,044,874,510
Net assets at end of period	$	3,785,395,765		$	3,725,898,987
Undistributed net investment income	$	2,549,268		$	2,485,205

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

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		5,102,720			86,707,841			8,635,469			123,597,572
Distributions reinvested		326,860			5,426,499			471,483			6,604,196
Redemptions		(8,838,559	)		(150,025,522	)		(28,860,994	)		(408,951,908	)
Net decrease		(3,408,979	)		(57,891,182	)		(19,754,042	)		(278,750,140	)
Class B shares
Subscriptions		25,632			424,509			18,573			256,399
Distributions reinvested		3,191			51,572			1,294			17,749
Redemptions^(b)		(193,561	)		(3,183,185	)		(624,470	)		(8,597,881	)
Net decrease		(164,738	)		(2,707,104	)		(604,603	)		(8,323,733	)
Class C shares
Subscriptions		287,771			4,762,312			336,505			4,749,574
Distributions reinvested		21,023			340,992			7,236			99,746
Redemptions		(659,270	)		(10,915,992	)		(2,208,566	)		(30,709,256	)
Net decrease		(350,476	)		(5,812,688	)		(1,864,825	)		(25,859,936	)
Class I shares
Subscriptions		17,861			300,037			2,101,736			29,687,470
Distributions reinvested		78,613			1,303,137			129,936			1,819,598
Redemptions		(1,069,009	)		(18,654,044	)		(2,547,087	)		(36,055,306	)
Net decrease		(972,535	)		(17,050,870	)		(315,415	)		(4,548,238	)
Class K shares
Distributions reinvested		1			16			1			18
Net increase		1			16			1			18
Class R shares
Subscriptions		734,362			12,500,425			1,119,132			15,985,362
Distributions reinvested		16,058			266,528			21,819			304,895
Redemptions		(908,664	)		(15,377,408	)		(3,225,643	)		(45,873,020	)
Net decrease		(158,244	)		(2,610,455	)		(2,084,692	)		(29,582,763	)
Class R4 shares
Subscriptions		4,352,836			75,460,449			176			2,500
Distributions reinvested		16,834			284,158			—			—
Redemptions		(431,939	)		(7,627,840	)		—			—
Net increase		3,937,731			68,116,767			176			2,500
Class R5 shares
Subscriptions		168,078			2,818,887			175			2,500
Distributions reinvested		804			13,579			1			8
Redemptions		(3,335	)		(57,965	)		—			—
Net increase		165,547			2,774,501			176			2,508

	Six Months Ended August 31, 2013 (Unaudited)						Year Ended February 28, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		1,661,962			28,988,554			1,499,020			21,790,489
Distributions reinvested		30,128			500,539			36,737			515,108
Redemptions		(582,906	)		(9,989,061	)		(2,132,169	)		(29,795,402	)
Net increase (decrease)		1,109,184			19,500,032			(596,412	)		(7,489,805	)
Class Y shares
Subscriptions		212,645			3,608,668			324,062			4,836,824
Distributions reinvested		3,086			51,172			625			9,079
Redemptions		(97,435	)		(1,664,842	)		(16,552	)		(254,762	)
Net increase		118,296			1,994,998			308,135			4,591,141
Class Z shares
Subscriptions		7,300,782			123,581,288			39,469,984			550,791,418
Distributions reinvested		783,888			13,021,282			1,267,831			17,779,812
Redemptions		(22,077,458	)		(375,894,249	)		(74,156,868	)		(1,060,625,626	)
Net decrease		(13,992,788	)		(239,291,679	)		(33,419,053	)		(492,054,396	)
Total net decrease		(13,717,001	)		(232,977,664	)		(58,330,554	)		(842,012,844	)

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	16.02		$	13.91		$	14.24		$	11.18		$	6.87		$	13.12
Income from investment operations:
Net investment income		0.04			0.11			0.07			0.13	^(a)		0.07			0.11
Net realized and unrealized gain (loss)		1.34			2.10			(0.33	)		3.07			4.32			(6.25	)
Total from investment operations		1.38			2.21			(0.26	)		3.20			4.39			(6.14	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.10	)		(0.07	)		(0.14	)		(0.07	)		(0.10	)
Net realized gains		(0.06	)		—			—			—			—			—
Tax return of capital		—			—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.10	)		(0.10	)		(0.07	)		(0.14	)		(0.08	)		(0.11	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	17.30		$	16.02		$	13.91		$	14.24		$	11.18		$	6.87
Total return		8.63	%		16.03	%		(1.75	%)		28.87	%		64.09	%		(47.05	%)
Ratios to average net assets^(c)
Total gross expenses		1.17	%^(d)		1.19	%		1.18	%		1.13	%		1.17	%		1.17	%
Total net expenses^(e)		1.17	%^(d)(f)		1.19	%^(f)		1.18	%^(f)		1.13	%^(f)		1.17	%^(f)		1.17	%^(f)
Net investment income		0.44	%^(d)		0.75	%		0.59	%		1.05	%		0.71	%		0.97	%
Supplemental data
Net assets, end of period (in thousands)	$	1,011,286		$	991,510		$	1,135,303		$	1,511,519		$	1,441,388		$	966,440
Portfolio turnover		28	%		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.56		$	13.52		$	13.89		$	10.94		$	6.73		$	12.86
Income from investment operations:
Net investment income (loss)		(0.03	)		0.00	^(a)		(0.02	)		0.03	^(b)		0.00	^(a)		0.02
Net realized and unrealized gain (loss)		1.30			2.06			(0.34	)		3.01			4.23			(6.11	)
Total from investment operations		1.27			2.06			(0.36	)		3.04			4.23			(6.09	)
Less distributions to shareholders:
Net investment income		—			(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.03	)
Net realized gains		(0.06	)		—			—			—			—			—
Tax return of capital		—			—			—			—			(0.00	)^(a)		(0.01	)
Total distributions to shareholders		(0.06	)		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.04	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		0.00	^(a)		—
Net asset value, end of period	$	16.77		$	15.56		$	13.52		$	13.89		$	10.94		$	6.73
Total return		8.18	%		15.22	%		(2.55	%)		27.89	%		62.86	%		(47.41	%)
Ratios to average net assets^(c)
Total gross expenses		1.92	%^(d)		1.94	%		1.93	%		1.88	%		1.92	%		1.92	%
Total net expenses^(e)		1.92	%^(d)(f)		1.94	%^(f)		1.93	%^(f)		1.88	%^(f)		1.92	%^(f)		1.92	%^(f)
Net investment income (loss)		(0.30	%)^(d)		0.01	%		(0.19	%)		0.28	%		(0.01	%)		0.18	%
Supplemental data
Net assets, end of period (in thousands)	$	15,298		$	16,759		$	22,740		$	44,651		$	68,110		$	66,254
Portfolio turnover		28	%		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	15.62		$	13.57		$	13.94		$	10.98		$	6.75		$	12.90
Income from investment operations:
Net investment income (loss)		(0.03	)		0.00	^(a)		(0.02	)		0.04	^(b)		(0.00	)^(a)		0.02
Net realized and unrealized gain (loss)		1.30			2.07			(0.34	)		3.01			4.25			(6.13	)
Total from investment operations		1.27			2.07			(0.36	)		3.05			4.25			(6.11	)
Less distributions to shareholders:
Net investment income		—			(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.03	)
Net realized gains		(0.06	)		—			—			—			—			—
Tax return of capital		—			—			—			—			(0.00	)^(a)		(0.01	)
Total distributions to shareholders		(0.06	)		(0.02	)		(0.01	)		(0.09	)		(0.02	)		(0.04	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		0.00	^(a)		—
Net asset value, end of period	$	16.83		$	15.62		$	13.57		$	13.94		$	10.98		$	6.75
Total return		8.15	%		15.24	%		(2.54	%)		27.88	%		62.97	%		(47.42	%)
Ratios to average net assets^(c)
Total gross expenses		1.92	%^(d)		1.94	%		1.93	%		1.88	%		1.92	%		1.92	%
Total net expenses^(e)		1.92	%^(d)(f)		1.94	%^(f)		1.93	%^(f)		1.88	%^(f)		1.92	%^(f)		1.92	%^(f)
Net investment income (loss)		(0.31	%)^(d)		0.00	%^(b)		(0.17	%)		0.30	%		(0.03	%)		0.19	%
Supplemental data
Net assets, end of period (in thousands)	$	118,301		$	115,248		$	125,463		$	173,457		$	181,941		$	144,370
Portfolio turnover		28	%		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(d) Annualized.

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

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

Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	16.03		$	13.91		$	14.24		$	11.68
Income from investment operations:
Net investment income		0.08			0.17			0.13			0.03
Net realized and unrealized gain (loss)		1.32			2.12			(0.33	)		2.58
Total from investment operations		1.40			2.29			(0.20	)		2.61
Less distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.13	)		(0.05	)
Net realized gains		(0.06	)		—			—			—
Total distributions to shareholders		(0.13	)		(0.17	)		(0.13	)		(0.05	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—
Net asset value, end of period	$	17.30		$	16.03		$	13.91		$	14.24
Total return		8.80	%		16.61	%		(1.32	%)		22.40	%
Ratios to average net assets^(c)
Total gross expenses		0.73	%^(d)		0.74	%		0.73	%		0.72	%^(d)
Total net expenses^(e)		0.73	%^(d)		0.74	%		0.73	%		0.72	%^(d)
Net investment income		0.88	%^(d)		1.19	%		1.03	%		0.53	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	156,286		$	160,368		$	143,562		$	150,603
Portfolio turnover		28	%		36	%		39	%		50	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

Class K	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012^(a)
Per share data
Net asset value, beginning of period	$	16.07		$	13.94		$	14.06
Income from investment operations:
Net investment income		0.05			0.13			0.11
Net realized and unrealized gain (loss)		1.33			2.13			(0.15	)
Total from investment operations		1.38			2.26			(0.04	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.13	)		(0.08	)
Net realized gains		(0.06	)		—			—
Total distributions to shareholders		(0.11	)		(0.13	)		(0.08	)
Proceeds from regulatory settlements		—			—			0.00	^(b)
Net asset value, end of period	$	17.34		$	16.07		$	13.94
Total return		8.62	%		16.31	%		(0.23	%)
Ratios to average net assets^(c)
Total gross expenses		1.03	%^(d)		1.04	%		1.05	%^(d)
Total net expenses^(e)		1.03	%^(d)		1.01	%		1.03	%^(d)
Net investment income		0.58	%^(d)		0.93	%		0.86	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	15		$	14		$	12
Portfolio turnover		28	%		36	%		39	%

Notes to Financial Highlights

(a) For the period from March 7, 2011 (commencement of operations) to February 29, 2012.

(b) Rounds to zero.

(d) Annualized.

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	16.00		$	13.89		$	14.23		$	11.18		$	6.87		$	13.11
Income from investment operations:
Net investment income		0.02			0.07			0.01			0.10	^(a)		0.04			0.09
Net realized and unrealized gain (loss)		1.33			2.11			(0.31	)		3.07			4.33			(6.24	)
Total from investment operations		1.35			2.18			(0.30	)		3.17			4.37			(6.15	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.07	)		(0.04	)		(0.12	)		(0.05	)		(0.08	)
Net realized gains		(0.06	)		—			—			—			—			—
Tax return of capital		—			—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.08	)		(0.07	)		(0.04	)		(0.12	)		(0.06	)		(0.09	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	17.27		$	16.00		$	13.89		$	14.23		$	11.18		$	6.87
Total return		8.44	%		15.76	%		(2.04	%)		28.53	%		63.69	%		(47.13	%)
Ratios to average net assets^(c)
Total gross expenses		1.42	%^(d)		1.44	%		1.45	%		1.38	%		1.42	%		1.42	%
Total net expenses^(e)		1.42	%^(d)(f)		1.44	%^(f)		1.43	%^(f)		1.38	%^(f)		1.42	%^(f)		1.42	%^(f)
Net investment income		0.19	%^(d)		0.50	%		0.15	%		0.80	%		0.44	%		0.94	%
Supplemental data
Net assets, end of period (in thousands)	$	60,868		$	58,923		$	80,096		$	337,001		$	276,046		$	145,227
Portfolio turnover		28	%		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Annualized.

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

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

Class R4	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	16.26		$	14.24
Income from investment operations:
Net investment income		0.06			0.06
Net realized and unrealized gain		1.35			2.00
Total from investment operations		1.41			2.06
Less distributions to shareholders:
Net investment income		(0.06	)		(0.04	)
Net realized gains		(0.06	)		—
Total distributions to shareholders		(0.12	)		(0.04	)
Net asset value, end of period	$	17.55		$	16.26
Total return		8.69	%		14.49	%
Ratios to average net assets^(b)
Total gross expenses		0.93	%^(c)		0.85	%^(c)
Total net expenses^(d)		0.93	%^(c)(e)		0.85	%^(c)
Net investment income		0.64	%^(c)		1.19	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	69,128		$	3
Portfolio turnover		28	%		36	%

Notes to Financial Highlights

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

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

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

Class R5	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013^(a)
Per share data
Net asset value, beginning of period	$	16.26		$	14.24
Income from investment operations:
Net investment income		0.07			0.06
Net realized and unrealized gain		1.36			2.00
Total from investment operations		1.43			2.06
Less distributions to shareholders:
Net investment income		(0.07	)		(0.04	)
Net realized gains		(0.06	)		—
Total distributions to shareholders		(0.13	)		(0.04	)
Net asset value, end of period	$	17.56		$	16.26
Total return		8.83	%		14.52	%
Ratios to average net assets^(b)
Total gross expenses		0.78	%^(c)		0.77	%^(c)
Total net expenses^(d)		0.78	%^(c)		0.77	%^(c)
Net investment income		0.80	%^(c)		1.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,909		$	3
Portfolio turnover		28	%		36	%

Notes to Financial Highlights

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

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

Class W	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012			Year Ended February 28, 2011^(a)
Per share data
Net asset value, beginning of period	$	16.03		$	13.91		$	14.24		$	11.69
Income from investment operations:
Net investment income		0.04			0.11			0.09			0.02
Net realized and unrealized gain (loss)		1.33			2.11			(0.35	)		2.57
Total from investment operations		1.37			2.22			(0.26	)		2.59
Less distributions to shareholders:
Net investment income		(0.04	)		(0.10	)		(0.07	)		(0.04	)
Net realized gains		(0.06	)		—			—			—
Total distributions to shareholders		(0.10	)		(0.10	)		(0.07	)		(0.04	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—
Net asset value, end of period	$	17.30		$	16.03		$	13.91		$	14.24
Total return		8.56	%		16.09	%		(1.74	%)		22.17	%
Ratios to average net assets^(c)
Total gross expenses		1.17	%^(d)		1.19	%		1.19	%		1.14	%^(d)
Total net expenses^(e)		1.17	%^(d)(f)		1.19	%^(f)		1.19	%^(f)		1.14	%^(d)(f)
Net investment income		0.45	%^(d)		0.74	%		0.69	%		0.34	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	105,096		$	79,581		$	77,367		$	3
Portfolio turnover		28	%		36	%		39	%		50	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Y	(Unaudited)			2013			2012			2011			2010^(a)
Per share data
Net asset value, beginning of period	$	16.03		$	13.91		$	14.24		$	11.18		$	8.86
Income from investment operations:
Net investment income		0.07			0.18			0.13			0.16	^(b)		0.08
Net realized and unrealized gain (loss)		1.33			2.09			(0.34	)		3.08			2.31
Total from investment operations		1.40			2.27			(0.21	)		3.24			2.39
Less distributions to shareholders:
Net investment income		(0.07	)		(0.15	)		(0.12	)		(0.18	)		(0.06	)
Net realized gains		(0.06	)		—			—			—			—
Tax return of capital		—			—			—			—			(0.01	)
Total distributions to shareholders		(0.13	)		(0.15	)		(0.12	)		(0.18	)		(0.07	)
Proceeds from regulatory settlements		—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	17.30		$	16.03		$	13.91		$	14.24		$	11.18
Total return		8.79	%		16.50	%		(1.40	%)^(d)		29.23	%		27.00	%
Ratios to average net assets^(e)
Total gross expenses		0.73	%^(f)		0.77	%		0.82	%		0.81	%		0.76	%^(f)
Total net expenses^(g)		0.73	%^(f)		0.77	%		0.82	%		0.81	%^(h)		0.76	%^(f)(h)
Net investment income		0.86	%^(f)		1.19	%		0.97	%		1.25	%		1.28	%^(f)
Supplemental data
Net assets, end of period (in thousands)	$	7,417		$	4,975		$	32		$	33		$	13
Portfolio turnover		28	%		36	%		39	%		50	%		56	%

Notes to Financial Highlights

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

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

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

(f) Annualized.

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

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

	Six Months Ended August 31, 2013			Year Ended February 28,			Year Ended February 29,			Year Ended February 28,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	16.05		$	13.93		$	14.26		$	11.20		$	6.88		$	13.13
Income from investment operations:
Net investment income		0.06			0.14			0.11			0.16	^(a)		0.09			0.14
Net realized and unrealized gain (loss)		1.33			2.12			(0.33	)		3.07			4.33			(6.25	)
Total from investment operations		1.39			2.26			(0.22	)		3.23			4.42			(6.11	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.14	)		(0.11	)		(0.17	)		(0.09	)		(0.13	)
Net realized gains		(0.06	)		—			—			—			—			—
Tax return of capital		—			—			—			—			(0.01	)		(0.01	)
Total distributions to shareholders		(0.12	)		(0.14	)		(0.11	)		(0.17	)		(0.10	)		(0.14	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value, end of period	$	17.32		$	16.05		$	13.93		$	14.26		$	11.20		$	6.88
Total return		8.68	%		16.36	%		(1.50	%)		29.14	%		64.55	%		(46.87	%)
Ratios to average net assets^(c)
Total gross expenses		0.92	%^(d)		0.94	%		0.93	%		0.88	%		0.92	%		0.92	%
Total net expenses^(e)		0.92	%^(d)(f)		0.94	%^(f)		0.93	%^(f)		0.88	%^(f)		0.92	%^(f)		0.92	%^(f)
Net investment income		0.69	%^(d)		1.01	%		0.85	%		1.30	%		0.95	%		1.23	%
Supplemental data
Net assets, end of period (in thousands)	$	2,238,791		$	2,298,515		$	2,460,299		$	2,859,249		$	2,419,305		$	1,459,522
Portfolio turnover		28	%		36	%		39	%		50	%		56	%		46	%

Notes to Financial Highlights

(a) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.08 per share.

(b) Rounds to zero.

(d) Annualized.

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

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

Note 1. Organization

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