N-CSRS 1 a11-7185_30ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04367

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

225 Franklin Street, Boston, Massachusetts					02110
(Address of principal executive offices)					(Zip code)

Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)

Registrant’s telephone number, including area code:				1-612-671-1947

Date of fiscal year end:	August 31

Date of reporting period:		February 28, 2011

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

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

Item 1. Reports to Stockholders.

Columbia International Stock Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					9

Statement of Operations					11

Statement of Changes in Net Assets					12

Financial Highlights					14

Notes to Financial Statements					19

Shareholder Meeting Results					28

Important Information About This Report					29

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

President's Message

Dear Shareholder:

The Columbia Management story began over 100 years ago, and today, we are one of the nation's largest dedicated asset managers. The recent acquisition by Ameriprise Financial, Inc. brings together the talents, resources and capabilities of Columbia Management with those of RiverSource Investments, Threadneedle (acquired by Ameriprise in 2003) and Seligman Investments (acquired by Ameriprise in 2008) to build a best-in-class asset management business that we believe is truly greater than its parts.

RiverSource Investments traces its roots to 1894 when its then newly-founded predecessor, Investors Syndicate, offered a face-amount savings certificate that gave small investors the opportunity to build a safe and secure fund for retirement, education or other special needs. A mutual fund pioneer, Investors Syndicate launched Investors Mutual Fund in 1940. In the decades that followed, its mutual fund products and services lineup grew to include a full spectrum of styles and specialties. More than 110 years later, RiverSource continues to be a trusted financial products leader.

Threadneedle, a leader in global asset management and one of Europe's largest asset managers, offers sophisticated international experience from a dedicated U.K. management team. Headquartered in London, it is named for Threadneedle Street in the heart of the city's financial district, where British investors pioneered international and global investing. Threadneedle was acquired in 2003 and today operates as an affiliate of Columbia Management.

Seligman Investments' beginnings date back to the establishment of the investment firm J. & W. Seligman & Co. in 1864. In the years that followed, Seligman played a major role in the geographical expansion and industrial development of the United States. In 1874, President Ulysses S. Grant named Seligman as fiscal agent for the U.S. Navy—an appointment that would last through World War I. Seligman helped finance the westward path of the railroads and the building of the Panama Canal. The firm organized its first investment company in 1929 and began managing its first mutual fund in 1930. In 2008, J. & W. Seligman & Co. Incorporated was acquired and Seligman Investments became an offering brand of RiverSource Investments, LLC.

We are proud of the rich and distinctive history of these firms, the strength and breadth of products and services they offer, and the combined cultures of pioneering spirit and forward thinking. Together we are committed to providing more for our shareholders than ever before.

> A singular focus on our shareholders

Our business is asset management, so investors are our first priority. We dedicate our resources to identifying timely investment opportunities and provide a comprehensive choice of equity, fixed-income and alternative investments to help meet your individual needs.

> First-class research and thought leadership

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.

> A disciplined investment approach

We aren't distracted by passing fads. Our teams adhere to a rigorous investment process that helps ensure the integrity of our products and enables you and your financial advisor to match our solutions to your objectives with confidence.

When you choose Columbia Management, you can be confident that we will take the time to understand your needs and help you and your financial advisor identify the solutions that are right for you. Because at Columbia Management, we don't consider ourselves successful unless you are.

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit www.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 Information – Columbia International Stock Fund

Average annual total return as of 02/28/11 (%)

Share Class	A				B				C				Y		Z
Inception	11/01/02				11/01/02				10/13/03				07/15/09		10/01/92
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		23.86		16.74		23.42		18.42		23.38		22.38		24.15		24.16
1- year		18.74		11.91		17.78		12.78		17.77		16.77		19.08		18.98
5-year		0.27		–0.91		–0.48		–0.77		–0.48		–0.48		0.58		0.54
10-year		2.83		2.22		2.16		2.16		2.21		2.21		3.15		3.13

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares in the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

Performance results reflect any fee waivers or reimbursements of fund expenses by the Investment Manager and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

All results shown assume reinvestment of distributions. Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class Y and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A and Class B shares performance information includes returns of the fund's Class Z shares (the oldest existing fund class) for periods prior to the inception of the newer class shares. The returns for Class C shares include the returns of Class B shares prior to 10/13/03, the date on which Class C shares was initially offered by the fund. The returns shown for Class C shares also include the performance of Class Z shares prior to the inception of Class B shares (11/01/02). Class Z shares returns have not been restated to reflect any differences in expenses, such as distribution and service (Rule 12b-1) fees between Class Z shares and the newer class shares. If differences in expenses had been reflected, the returns for the periods prior to the inception of Class A, Class B, and Class C shares would have been lower. Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003, Class Y shares were initially offered on July 15, 2009 and Class Z shares were initially offered on October 1, 1992.

¹The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of May 27, 2010 the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

²The Morgan Stanley Capital International (MSCI) All Country (AC) World ex U.S. Index (Net) tracks global stock market performance that includes developed and emerging markets but excludes the U.S.

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

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

6-month (cumulative) return as of 02/28/11

				+23.86%

				Class A shares (without sales charge)

				+23.77%

				MSCI EAFE Index (Net)¹

				+22.16%

				MSCI All Country World ex U.S. Index (Net)²

Net asset value per share

as of 02/28/11 ($)
Class A					12.47
Class B					12.01
Class C					12.08
Class Y					12.59
Class Z					12.61

Distributions declared per share

09/01/10 – 02/28/11 ($)
Class A					0.16
Class B					0.10
Class C					0.10
Class Y					0.22
Class Z					0.20

Understanding Your Expenses – Columbia International Stock Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period 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. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. 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 this period.

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 costs of investing in the fund with other funds. To do so, compare the 5% 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 and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

09/01/10 – 02/28/11

	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		1,238.60		1,017.85		7.77		7.00		1.40
Class B		1,000.00		1,000.00		1,234.20		1,014.13		11.91		10.74		2.15
Class C		1,000.00		1,000.00		1,233.80		1,014.13		11.91		10.74		2.15
Class Y		1,000.00		1,000.00		1,241.50		1,019.64		5.78		5.21		1.04
Class Z		1,000.00		1,000.00		1,241.60		1,019.09		6.39		5.76		1.15

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

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses for all share classes except for Class Y, account value at the end of the period would have been reduced for these share classes.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds. If these transaction costs were included, your costs would have been higher.

Investment Portfolio – Columbia International Stock Fund

February 28, 2011 (Unaudited)

Common Stocks – 96.6%
	Shares		Value ($)
Consumer Discretionary – 10.3%
Auto Components – 0.9%
Exedy Corp.		34,800		1,153,397
NHK Spring Co., Ltd.		220,000		2,585,325
Auto Components Total				3,738,722
Automobiles – 1.3%
Nissan Motor Co., Ltd.		514,900		5,290,648
Automobiles Total				5,290,648
Hotels, Restaurants & Leisure – 0.4%
OPAP SA		86,035		1,796,294
Hotels, Restaurants & Leisure Total				1,796,294
Household Durables – 3.2%
Arnest One Corp.		246,800		3,121,036
Forbo Holding AG, Registered Shares		4,133		2,753,554
Foster Electric Co., Ltd.		133,900		3,618,154
SEB SA		35,181		3,460,017
Household Durables Total				12,952,761
Internet & Catalog Retail – 0.5%
DeNA Co., Ltd.		48,129		1,867,969
Internet & Catalog Retail Total				1,867,969
Specialty Retail – 1.8%
EDION Corp.		191,300		1,984,412
Game Group PLC		1,908,175		1,892,234
USS Co., Ltd.		44,190		3,585,854
Specialty Retail Total				7,462,500
Textiles, Apparel & Luxury Goods – 2.2%
Adidas AG		59,888		3,842,873
LG Fashion Corp.		102,800		2,568,193
Youngone Corp.		231,910		2,476,448
Textiles, Apparel & Luxury Goods Total				8,887,514
Consumer Discretionary Total				41,996,408
Consumer Staples – 7.7%
Beverages – 1.5%
Carlsberg A/S, Class B		40,867		4,349,162
Cott Corp. (a)		211,499		1,768,132
Beverages Total				6,117,294
Food & Staples Retailing – 2.5%
George Weston Ltd.		35,100		2,459,944
Koninklijke Ahold NV		288,063		3,867,002
Seven & I Holdings Co., Ltd.		146,400		4,086,493
Food & Staples Retailing Total				10,413,439
Food Products – 3.4%
Balrampur Chini Mills Ltd. (a)		935,623		1,373,923
China Milk Products Group Ltd. (a)(b)		7,540,000		415,002

	Shares		Value ($)
Marine Harvest ASA		3,517,492		4,129,765
Nestle SA, Registered Shares		72,687		4,115,097
Parmalat SpA		1,225,464		3,754,195
Food Products Total				13,787,982
Household Products – 0.3%
Mcbride PLC		506,405		1,185,461
Household Products Total				1,185,461
Consumer Staples Total				31,504,176
Energy – 9.5%
Energy Equipment & Services – 2.8%
Core Laboratories NV		22,032		2,277,007
Noble Corp. (c)		87,673		3,919,860
Shinko Plantech Co., Ltd.		308,400		3,311,431
Tecnicas Reunidas SA		32,247		1,854,061
Energy Equipment & Services Total				11,362,359
Oil, Gas & Consumable Fuels – 6.7%
AWE Ltd. (a)		1,783,405		3,015,639
BP PLC		421,387		3,388,830
Japan Petroleum Exploration Co.		69,100		3,400,392
Rosneft Oil Co., GDR		364,332		3,439,294
Royal Dutch Shell PLC, Class B		189,402		6,769,207
Total SA		76,166		4,667,725
Yanzhou Coal Mining Co., Ltd., Class H		842,000		2,529,554
Oil, Gas & Consumable Fuels Total				27,210,641
Energy Total				38,573,000
Financials – 21.9%
Capital Markets – 2.7%
Credit Suisse Group AG, Registered Shares		80,994		3,746,768
ICAP PLC		320,662		2,713,282
Intermediate Capital Group PLC		601,580		3,143,157
Tokai Tokyo Financial Holdings, Inc.		334,000		1,238,793
Capital Markets Total				10,842,000
Commercial Banks – 9.6%
Australia & New Zealand Banking Group Ltd.		245,441		6,066,155
Banco Bilbao Vizcaya Argentaria SA		322,678		3,983,470
Banco Santander SA		545,998		6,732,075
Bank of China Ltd., Class H		4,030,000		2,126,497
BNP Paribas		66,844		5,219,017
HSBC Holdings PLC		391,280		4,312,649
Indian Bank		255,555		1,161,614
Sumitomo Mitsui Financial Group, Inc.		168,000		6,357,405
Svenska Handelsbanken AB, Class A		100,501		3,392,559
Commercial Banks Total				39,351,441

See Accompanying Notes to Financial Statements.

Columbia International Stock Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Diversified Financial Services – 1.1%
ING Groep NV (a)		350,856		4,399,595
Diversified Financial Services Total				4,399,595
Insurance – 5.3%
Allianz SE, Registered Shares		22,217		3,200,731
Axis Capital Holdings Ltd.		83,940		3,048,701
Hartford Financial Services Group, Inc.		75,873		2,245,841
Legal & General Group PLC		1,523,305		2,941,914
Sampo Oyj, Class A		152,907		4,732,820
Zurich Financial Services AG, Registered Shares		18,976		5,508,371
Insurance Total				21,678,378
Real Estate Investment Trusts (REITs) – 0.8%
Japan Retail Fund Investment Corp.		1,953		3,361,481
Real Estate Investment Trusts (REITs) Total				3,361,481
Real Estate Management & Development – 2.4%
Hongkong Land Holdings Ltd.		509,000		3,500,624
Huaku Development Co., Ltd.		1,362,466		4,060,465
Swire Pacific Ltd., Class A		150,300		2,109,284
Real Estate Management & Development Total				9,670,373
Financials Total				89,303,268
Health Care – 7.5%
Biotechnology – 0.6%
Amgen, Inc. (a)		46,871		2,405,888
Biotechnology Total				2,405,888
Health Care Providers & Services – 1.0%
Miraca Holdings, Inc.		104,700		4,050,728
Health Care Providers & Services Total				4,050,728
Pharmaceuticals – 5.9%
AstraZeneca PLC, ADR		114,824		5,645,896
GlaxoSmithKline PLC		174,199		3,344,431
Novartis AG, Registered Shares		42,084		2,359,893
Roche Holding AG, Genusschein Shares		39,050		5,888,392
Sanofi-Aventis SA		66,375		4,579,709
Santen Pharmaceutical Co., Ltd.		60,600		2,370,530
Pharmaceuticals Total				24,188,851
Health Care Total				30,645,467
Industrials – 11.5%
Aerospace & Defense – 1.6%
BAE Systems PLC		719,631		3,847,693
MTU Aero Engines Holding AG		41,454		2,763,833
Aerospace & Defense Total				6,611,526

	Shares		Value ($)
Airlines – 0.3%
Turk Hava Yollari A.O. (a)		468,235		1,312,083
Airlines Total				1,312,083
Commercial Services & Supplies – 0.6%
Aeon Delight Co., Ltd.		139,000		2,565,893
Commercial Services & Supplies Total				2,565,893
Construction & Engineering – 1.2%
CTCI Corp.		2,423,000		2,701,185
Maire Tecnimont SpA		479,767		1,966,302
Construction & Engineering Total				4,667,487
Electrical Equipment – 2.3%
Mitsubishi Electric Corp.		383,000		4,550,983
Schneider Electric SA		28,165		4,660,068
Electrical Equipment Total				9,211,051
Industrial Conglomerates – 1.6%
DCC PLC		100,457		3,223,046
Tyco International Ltd.		70,951		3,216,918
Industrial Conglomerates Total				6,439,964
Machinery – 0.8%
Scania AB, Class B		145,338		3,240,136
Machinery Total				3,240,136
Professional Services – 0.7%
Atkins WS PLC		267,964		3,036,239
Professional Services Total				3,036,239
Trading Companies & Distributors – 2.4%
ITOCHU Corp.		295,700		3,075,006
Kloeckner & Co., SE (a)		98,297		3,194,438
Mitsui & Co., Ltd.		186,000		3,400,071
Trading Companies & Distributors Total				9,669,515
Industrials Total				46,753,894
Information Technology – 6.2%
Electronic Equipment, Instruments & Components – 3.0%
FUJIFILM Holdings Corp.		92,200		3,246,182
Halma PLC		477,829		2,613,872
Hitachi Ltd.		399,000		2,428,480
Murata Manufacturing Co., Ltd.		54,700		4,077,815
Electronic Equipment, Instruments & Components Total				12,366,349
Semiconductors & Semiconductor Equipment – 2.0%
Advanced Micro Devices, Inc. (a)		196,522		1,809,968
Hanwha SolarOne Co., Ltd., ADR (a)		199,121		1,702,484
Macronix International		3,188,000		2,330,108
Samsung Electronics Co., Ltd.		2,732		2,240,649
Semiconductors & Semiconductor Equipment Total				8,083,209

See Accompanying Notes to Financial Statements.

Columbia International Stock Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Software – 1.2%
Autonomy Corp. PLC (a)		76,234		2,036,165
Nintendo Co., Ltd.		9,300		2,734,992
Software Total				4,771,157
Information Technology Total				25,220,715
Materials – 10.5%
Chemicals – 3.6%
BASF SE		95,208		7,917,095
Clariant AG, Registered Shares (a)		231,575		3,818,458
Hitachi Chemical Co., Ltd.		132,000		3,068,187
Chemicals Total				14,803,740
Metals & Mining – 5.8%
Aurubis AG		57,548		3,062,973
BHP Billiton PLC		201,191		7,959,149
Centerra Gold, Inc.		119,730		2,302,050
Eastern Platinum Ltd. (a)		1,233,500		1,955,216
First Quantum Minerals Ltd.		25,175		3,277,893
Freeport-McMoRan Copper & Gold, Inc.		57,720		3,056,274
OneSteel Ltd.		667,248		1,850,284
Metals & Mining Total				23,463,839
Paper & Forest Products – 1.1%
Svenska Cellulosa AB, Class B		267,359		4,419,680
Paper & Forest Products Total				4,419,680
Materials Total				42,687,259
Telecommunication Services – 6.8%
Diversified Telecommunication Services – 2.7%
Bezeq Israeli Telecommunication Corp., Ltd.		888,151		2,413,820
Tele2 AB, Class B		184,324		4,205,320
Telefonica SA		73,704		1,871,424
Telenor ASA		141,164		2,340,466
Diversified Telecommunication Services Total				10,831,030
Wireless Telecommunication Services – 4.1%
Advanced Info Service PCL, Foreign Registered Shares		636,600		1,655,264
Freenet AG		320,115		3,692,969
NTT DoCoMo, Inc.		1,081		2,030,740
Softbank Corp.		128,500		5,283,159
Vivo Participacoes SA, ADR		63,285		2,329,521
Vodafone Group PLC		608,715		1,724,797
Wireless Telecommunication Services Total				16,716,450
Telecommunication Services Total				27,547,480

	Shares		Value ($)
Utilities – 4.7%
Electric Utilities – 1.8%
Enel SpA		422,550		2,517,816
Fortum Oyj		157,436		4,877,348
Electric Utilities Total				7,395,164
Gas Utilities – 0.4%
PT Perusahaan Gas Negara Tbk		4,403,500		1,780,909
Gas Utilities Total				1,780,909
Independent Power Producers & Energy Traders – 0.9%
International Power PLC		701,400		3,811,789
Independent Power Producers & Energy Traders Total				3,811,789
Multi-Utilities – 1.6%
AGL Energy Ltd.		212,265		3,149,024
RWE AG		46,433		3,133,919
Multi-Utilities Total				6,282,943
Utilities Total				19,270,805
Total Common Stocks (cost of $315,028,640)				393,502,472
Investment Company – 1.7%
iShares MSCI EAFE Index Fund		109,612		6,746,619
Total Investment Company (cost of $6,723,984)				6,746,619
Preferred Stock – 1.0%
Consumer Staples – 1.0%
Household Products – 1.0%
Henkel AG & Co., KGaA.		71,234		4,291,750
Household Products Total				4,291,750
Consumer Staples Total				4,291,750
Total Preferred Stock (cost of $3,515,841)				4,291,750

See Accompanying Notes to Financial Statements.

Columbia International Stock Fund

February 28, 2011 (Unaudited)

Short-Term Obligation – 0.3%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.080%, collateralized by a U.S. Treasury obligation maturing 05/15/20, market value $1,149,400 (repurchase proceeds $1,122,002)		1,122,000		1,122,000
Total Short-Term Obligation (cost of $1,122,000)				1,122,000
Total Investments – 99.6% (cost of $326,390,465) (d)				405,662,841
Other Assets & Liabilities, Net – 0.4%				1,675,239
Net Assets – 100.0%				407,338,080

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2011, the value of this security amounted to $415,002, which represents 0.1% of net assets.

(d) Cost for federal income tax purposes is $326,390,465.

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. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements – Security Valuation.

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

The following table is a summary of the inputs used to value the Fund's investments as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—	$	41,996,408	$	—	$	41,996,408
Consumer Staples		4,228,076		26,861,098		415,002		31,504,176
Energy		9,636,161		28,936,839		—		38,573,000
Financials		5,294,542		84,008,726		—		89,303,268
Health Care		8,051,784		22,593,683		—		30,645,467
Industrials		3,216,918		43,536,976		—		46,753,894
Information Technology		3,512,452		21,708,263		—		25,220,715
Materials		10,591,433		32,095,826		—		42,687,259
Telecommunication Services		2,329,521		25,217,959		—		27,547,480
Utilities		—		19,270,805		—		19,270,805
Total Common Stocks		46,860,887		346,226,583		415,002		393,502,472
Total Investment Company		6,746,619		—		—		6,746,619
Total Preferred Stock		—		4,291,750		—		4,291,750
Total Short-Term Obligation		—		1,122,000		—		1,122,000
Total Investments		53,607,506		351,640,333		415,002		405,662,841

See Accompanying Notes to Financial Statements.

Columbia International Stock Fund

February 28, 2011 (Unaudited)

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total Value of Written Call Option Contracts	$	(50,808	)	$	—		$	—	$	(50,808	)
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		—			1,036,550			—		1,036,550
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		—			(452,519	)		—		(452,519	)
Total	$	53,556,698		$	352,224,364		$	415,002	$	406,196,064

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

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 its correlation 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.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

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, models utilized by the third party statistical pricing service, and the position of the security within the respective company's capital structure.

The following table reconciles asset balances for the six months ending February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities				Balance as of August 31, 2010				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers into Level 3				Transfers out of Level 3				Balance as of February 28, 2011
Common Stocks Consumer Staples				$	389,377			$	—			$	25,625			$	—			$	—			$	—			$	—			$	415,002

The change in unrealized appreciation attributable to securities owned at February 28, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $25,625. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

At February 28, 2011, the Fund held the following written call option contracts:

Risk Exposure/Type

Equity Risk
Written Call Options

Name of Issuer				Strike Price				Number of Contracts				Expiration Date				Premium				Value
Noble Corp.				$	45.0				438			03/19/11				$	27,155			$	(50,808	)

For the six months ended February 28, 2011, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at August 31, 2010		6,072		$	31,015
Options written		12,742			514,113
Options terminated in closing purchase transactions		(3,529	)		(261,146	)
Options exercised		(7,717	)		(60,322	)
Options expired		(7,130	)		(196,505	)
Options outstanding at February 28, 2011		438		$	27,155

See Accompanying Notes to Financial Statements.

Columbia International Stock Fund

February 28, 2011 (Unaudited)

Forward foreign currency exchange contracts outstanding on February 28, 2011 are:

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation
JPMorgan Chase Bank N.A.	AUD	$	20,966,821	$	20,733,193	04/28/11	$	233,628
JPMorgan Chase Bank N.A.	EUR		14,504,261		14,324,675	04/28/11		179,586
JPMorgan Chase Bank N.A.	GBP		22,900,119		22,727,280	04/28/11		172,839
JPMorgan Chase Bank N.A.	SGD		7,048,999		7,031,557	04/28/11		17,442
							$	603,495
Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank N.A.	CAD	$	12,236,196	$	12,009,888	04/28/11	$	(226,308	)
JPMorgan Chase Bank N.A.	DKK		2,486,188		2,456,766	04/28/11		(29,422	)
JPMorgan Chase Bank N.A.	JPY		1,594,167		1,594,917	04/28/11		750
JPMorgan Chase Bank N.A.	KRW		6,901,563		7,032,871	04/28/11		131,308
JPMorgan Chase Bank N.A.	NOK		2,964,010		2,885,842	04/28/11		(78,168	)
JPMorgan Chase Bank N.A.	SEK		4,204,547		4,106,286	04/28/11		(98,261	)
JPMorgan Chase Bank N.A.	THB		2,088,502		2,068,142	04/28/11		(20,360	)
JPMorgan Chase Bank N.A.	TWD		8,807,391		9,108,388	04/28/11		300,997
							$	(19,464	)

The Fund was invested in the following countries at
February 28, 2011.

Summary of Securities By Country	Value		% of Total Investments
Japan	$	87,845,556		21.7
United Kingdom		60,366,766		14.9
Germany		35,100,581		8.6
Switzerland		28,190,532		6.9
United States*		27,572,069		6.8
France		22,586,535		5.6
Sweden		15,257,696		3.8
Spain		14,441,030		3.6
Australia		14,081,102		3.5
Canada		11,763,235		2.9
Netherlands		10,543,604		2.6
Finland		9,610,167		2.4
Taiwan		9,091,758		2.2
Italy		8,238,313		2.0
Korea, Republic of		7,285,289		1.8
China		6,773,537		1.7
Norway		6,470,231		1.6
Hong Kong		5,609,909		1.4
Denmark		4,349,163		1.1
Russia		3,439,294		0.8
Ireland		3,223,046		0.8
India		2,535,537		0.6
Israel		2,413,820		0.6
Brazil		2,329,521		0.6
Greece		1,796,294		0.4
Indonesia		1,780,909		0.4
Thailand		1,655,264		0.4
Turkey		1,312,083		0.3
	$	405,662,841		100.0

* Includes short-term obligation and investment company.

Certain securities are listed by country of underlying exposure but may trade predominantly on another exchange.

Acronym				Name
ADR				American Depositary Receipt
AUD				Australian Dollar
CAD				Canadian Dollar
DKK				Danish Krone
EUR				Euro
GBP				Pound Sterling
GDR				Global Depositary Receipt
JPY				Japanese Yen
KRW				South Korean Won
NOK				Norwegian Krone
SEK				Swedish Krona
SGD				Singapore Dollar
THB				Thailand Baht
TWD				New Taiwan Dollar

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia International Stock Fund

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at identified cost		326,390,465
	Investments, at value		405,662,841
	Cash		12,705
	Foreign currency (cost of $1,248,960)		1,250,976
	Unrealized appreciation on forward foreign currency exchange contracts		1,036,550
	Receivable for:
	Fund shares sold		12,111
	Dividends		793,385
	Interest		2
	Foreign tax reclaims		334,689
	Expense reimbursement due from Investment Manager		24,567
	Trustees' deferred compensation plan		120,335
	Prepaid expenses		1,629
	Total Assets		409,249,790
Liabilities	Written options, at value (premium of $27,155)		50,808
	Unrealized depreciation on forward foreign currency exchange contracts		452,519
	Payable for:
	Fund shares repurchased		614,053
	Investment advisory fee		274,080
	Pricing and bookkeeping fees		16,139
	Transfer agent fee		60,056
	Trustees' fees		3,085
	Custody fee		33,529
	Distribution and service fees		38,472
	Chief compliance officer expenses		168
	Reports to shareholders		57,973
	Interest payable		404
	Trustees' deferred compensation plan		120,335
	Other liabilities		190,089
	Total Liabilities		1,911,710
	Net Assets		407,338,080
Net Assets Consist of	Paid-in capital		556,998,628
	Overdistributed net investment income		(6,640,381	)
	Accumulated net realized loss		(222,876,363	)
	Net unrealized appreciation (depreciation) on:
	Investments		79,272,376
	Foreign currency translations		607,473
	Written options		(23,653	)
	Net Assets		407,338,080

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia International Stock Fund

February 28, 2011 (Unaudited)

Class A	Net assets	$	140,175,915
	Shares outstanding		11,239,152
	Net asset value per share	$	12.47	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($12.47/0.9425)	$	13.23	(b)
Class B	Net assets	$	3,776,027
	Shares outstanding		314,315
	Net asset value and offering price per share	$	12.01	(a)
Class C	Net assets	$	11,132,605
	Shares outstanding		921,271
	Net asset value and offering price per share	$	12.08	(a)
Class Y	Net assets	$	17,578,195
	Shares outstanding		1,396,085
	Net asset value and offering price per share	$	12.59
Class Z	Net assets	$	234,675,338
	Shares outstanding		18,617,638
	Net asset value and offering price per share	$	12.61

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia International Stock Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($)
Investment Income	Dividends		5,213,191
	Interest		430
	Foreign taxes withheld		(237,260	)
	Total Investment Income		4,976,361
Expenses	Investment advisory fee		1,805,918
	Distribution fee:
	Class B		14,839
	Class C		40,816
	Service fee:
	Class A		169,651
	Class B		4,946
	Class C		13,605
	Transfer agent fee: Class A, Class B, Class C, Class Z		247,392
	Transfer agent fees: Class Y		24
	Pricing and bookkeeping fees		62,744
	Trustees' fees		18,174
	Custody fee		101,038
	Chief compliance officer expenses		581
	Other expenses		174,205
	Expenses before interest expense		2,653,933
	Interest expense		2,727
	Total Expenses		2,656,660
	Fees waived or expenses reimbursed by Investment Manager		(30,148	)
	Expense reductions		—	*
	Net Expenses		2,626,512
	Net Investment Income		2,349,849
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Written Options
	Net realized gain on:
	Investments		3,793,022
	Foreign currency transactions and forward foreign currency exchange contracts		1,500,155
	Written options		136,512
	Net realized gain		5,429,689
	Net change in unrealized appreciation (depreciation) on:
	Investments		81,842,494
	Foreign currency translations and forward foreign currency exchange contracts		264,994
	Written options		64,327
	Net change in unrealized appreciation (depreciation)		82,171,815
	Net Gain		87,601,504
	Net Increase Resulting from Operations		89,951,353

* Rounds to less than $1.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia International Stock Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment income		2,349,849			8,158,043
	Net realized gain on investments, futures contracts, written options, foreign currency transactions and forward foreign currency exchange contracts		5,429,689			10,870,143
	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and written options		82,171,815			(41,268,800	)
	Net increase (decrease) resulting from operations		89,951,353			(22,240,614	)
Distributions to Shareholders	From net investment income:
	Class A		(1,894,747	)		(4,501,763	)
	Class B		(34,778	)		(131,339	)
	Class C		(98,432	)		(269,778	)
	Class Y		(307,770	)		(1,059,827	)
	Class Z		(4,079,749	)		(11,584,228	)
	Total distributions to shareholders		(6,415,476	)		(17,546,935	)
	Net Capital Stock Transactions		(82,112,603	)		(124,829,289	)
	Redemption fees		—			6,287
	Increase from regulatory settlements		188,339			322,140
	Total increase (decrease) in net assets		1,611,613			(164,288,411	)
Net Assets	Beginning of period		405,726,467			570,014,878
	End of period		407,338,080			405,726,467
	Overdistributed net investment income at end of period		(6,640,381	)		(2,574,754	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia International Stock Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		159,644			1,888,969			347,905			3,851,300
Distributions reinvested		134,034			1,562,856			363,963			4,014,516
Redemptions		(1,055,909	)		(12,479,938	)		(2,228,143	)		(24,386,379	)
Net decrease		(762,231	)		(9,028,113	)		(1,516,275	)		(16,520,563	)
Class B
Subscriptions		9,941			113,106			30,573			331,497
Distributions reinvested		2,269			25,509			10,460			111,606
Redemptions		(86,635	)		(988,566	)		(248,327	)		(2,639,874	)
Net decrease		(74,425	)		(849,951	)		(207,294	)		(2,196,771	)
Class C
Subscriptions		18,799			210,447			44,958			491,010
Distributions reinvested		6,641			75,117			19,792			212,370
Redemptions		(85,404	)		(992,054	)		(253,394	)		(2,732,776	)
Net decrease		(59,964	)		(706,490	)		(188,644	)		(2,029,396	)
Class Y
Subscriptions		—			—			328,119			3,677,237
Distributions reinvested		19			226			36			397
Redemptions		(98,671	)		(1,150,000	)		(1,561,104	)		(17,682,667	)
Net decrease		(98,652	)		(1,149,774	)		(1,232,949	)		(14,005,033	)
Class Z
Subscriptions		261,989			3,105,326			2,591,068			28,737,156
Distributions reinvested		108,633			1,278,613			258,384			2,880,935
Redemptions		(6,360,004	)		(74,762,214	)		(10,951,066	)		(121,695,617	)
Net decrease		(5,989,382	)		(70,378,275	)		(8,101,614	)		(90,077,526	)

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia International Stock Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.21		$	11.15		$	14.02		$	19.93		$	18.89		$	15.76
Income from Investment Operations:
Net investment income (a)		0.06			0.16			0.22			0.37	(b)		0.26			0.26
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency, foreign capital gains tax and written options		2.36			(0.76	)		(2.81	)		(3.43	)		3.04			3.17
Total from investment operations		2.42			(0.60	)		(2.59	)		(3.06	)		3.30			3.43
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.34	)		—			(0.64	)		(0.29	)		(0.13	)
From net realized gains		—			—			(0.42	)		(2.21	)		(1.97	)		(0.17	)
Total distributions to shareholders		(0.16	)		(0.34	)		(0.42	)		(2.85	)		(2.26	)		(0.30	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)
Increase from regulatory settlements		—	(c)		—	(c)		0.14			—			—			—
Net Asset Value, End of Period	$	12.47		$	10.21		$	11.15		$	14.02		$	19.93		$	18.89
Total return (d)(e)		23.86	%(f)		(5.57	)%		(16.59	)%		(17.74	)%		18.46	%(g)		21.98	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.40	%(i)		1.40	%		1.41	%		1.23	%		1.24	%		1.19	%
Interest expense (j)		—	%(i)		—	%		—	%		—	%		—	%		—	%
Net expenses (h)		1.40	%(i)		1.40	%		1.41	%		1.23	%		1.24	%		1.19	%
Waiver/Reimbursement		0.02	%(i)		0.05	%		0.06	%		0.09	%		0.10	%		0.08	%
Net investment income (h)		1.01	%(i)		1.49	%		2.37	%		2.17	%		1.33	%		1.49	%
Portfolio turnover rate		27	%(f)		75	%		118	%		63	%		65	%		95	%
Net assets, end of period (000s)	$	140,176		$	122,502		$	150,743		$	218,484		$	297,149		$	277,295

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(d) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Not annualized.

(g) Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia International Stock Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.82		$	10.72		$	13.61		$	19.40		$	18.44		$	15.37
Income from Investment Operations:
Net investment income (a)		0.01			0.07			0.14			0.20	(b)		0.09			0.11
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency, foreign capital gains tax and written options		2.28			(0.72	)		(2.73	)		(3.29	)		2.99			3.14
Total from investment operations		2.29			(0.65	)		(2.59	)		(3.09	)		3.08			3.25
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.25	)		—			(0.49	)		(0.15	)		(0.01	)
From net realized gains		—			—			(0.42	)		(2.21	)		(1.97	)		(0.17	)
Total distributions to shareholders		(0.10	)		(0.25	)		(0.42	)		(2.70	)		(2.12	)		(0.18	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)
Increase from regulatory settlements		—	(c)		—	(c)		0.12			—			—			—
Net Asset Value, End of Period	$	12.01		$	9.82		$	10.72		$	13.61		$	19.40		$	18.44
Total return (d)(e)		23.42	%(f)		(6.29	)%		(17.26	)%		(18.31	)%		17.54	%(g)		21.30	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.15	%(i)		2.15	%		2.16	%		1.98	%		1.99	%		1.94	%
Interest expense (j)		—	%(i)		—	%		—	%		—	%		—	%		—	%
Net expenses (h)		2.15	%(i)		2.15	%		2.16	%		1.98	%		1.99	%		1.94	%
Waiver/Reimbursement		0.02	%(i)		0.05	%		0.06	%		0.09	%		0.10	%		0.08	%
Net investment income (h)		0.24	%(i)		0.66	%		1.57	%		1.18	%		0.49	%		0.62	%
Portfolio turnover rate		27	%(f)		75	%		118	%		63	%		65	%		95	%
Net assets, end of period (000s)	$	3,776		$	3,818		$	6,392		$	13,580		$	29,925		$	42,585

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(d) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Not annualized.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia International Stock Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.88		$	10.78		$	13.68		$	19.49		$	18.51		$	15.43
Income from Investment Operations:
Net investment income (a)		0.01			0.08			0.15			0.23	(b)		0.11			0.13
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency, foreign capital gains tax and written options		2.29			(0.73	)		(2.76	)		(3.34	)		2.99			3.13
Total from investment operations		2.30			(0.65	)		(2.61	)		(3.11	)		3.10			3.26
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.25	)		—			(0.49	)		(0.15	)		(0.01	)
From net realized gains		—			—			(0.42	)		(2.21	)		(1.97	)		(0.17	)
Total distributions to shareholders		(0.10	)		(0.25	)		(0.42	)		(2.70	)		(2.12	)		(0.18	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)
Increase from regulatory settlements		—	(c)		—	(c)		0.13			—			—			—
Net Asset Value, End of Period	$	12.08		$	9.88		$	10.78		$	13.68		$	19.49		$	18.51
Total return (d)(e)		23.38	%(f)		(6.25	)%		(17.24	)%		(18.33	)%		17.59	%(g)		21.28	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.15	%(i)		2.15	%		2.16	%		1.98	%		1.99	%		1.94	%
Interest expense (j)		—	%(i)		—	%		—	%		—	%		—	%		—	%
Net expenses (h)		2.15	%(i)		2.15	%		2.16	%		1.98	%		1.99	%		1.94	%
Waiver/Reimbursement		0.02	%(i)		0.05	%		0.06	%		0.09	%		0.10	%		0.08	%
Net investment income (h)		0.26	%(i)		0.72	%		1.63	%		1.38	%		0.57	%		0.75	%
Portfolio turnover rate		27	%(f)		75	%		118	%		63	%		65	%		95	%
Net assets, end of period (000s)	$	11,133		$	9,691		$	12,615		$	19,946		$	29,144		$	27,806

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(d) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Not annualized.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia International Stock Fund

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	(Unaudited) Six Months Ended February 28, 2011			Year Ended August 31, 2010			Period Ended August 31, 2009 (a)
Net Asset Value, Beginning of Period	$	10.33		$	11.30		$	10.06
Income from Investment Operations:
Net investment income (b)		0.08			0.18			0.03
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency and written options		2.40			(0.75	)		1.21
Total from investment operations		2.48			(0.57	)		1.24
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.40	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)
Increase from regulatory settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	12.59		$	10.33		$	11.30
Total return (d)		24.15	%(e)		(5.31	)%		12.33	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.04	%(g)		1.03	%		0.99	%(g)
Interest expense (h)		—	%(g)		—	%		—	%(g)
Net expenses (f)		1.04	%(g)		1.03	%		0.99	%(g)
Net investment income (f)		1.37	%(g)		1.59	%		2.05	%(g)
Portfolio turnover rate		27	%(e)		75	%		118	%(e)
Net assets, end of period (000s)	$	17,578		$	15,444		$	30,818

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia International Stock Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.33		$	11.30		$	14.15		$	20.09		$	19.03		$	15.85
Income from Investment Operations:
Net investment income (a)		0.07			0.19			0.24			0.40	(b)		0.31			0.29
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency, foreign capital gains tax and written options		2.41			(0.78	)		(2.80	)		(3.44	)		3.06			3.23
Total from investment operations		2.48			(0.59	)		(2.56	)		(3.04	)		3.37			3.52
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.38	)		—			(0.69	)		(0.34	)		(0.17	)
From net realized gains		—			—			(0.42	)		(2.21	)		(1.97	)		(0.17	)
Total distributions to shareholders		(0.20	)		(0.38	)		(0.42	)		(2.90	)		(2.31	)		(0.34	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)		—	(a)(c)
Increase from regulatory settlements		—	(c)		—	(c)		0.13			—			—			—
Net Asset Value, End of Period	$	12.61		$	10.33		$	11.30		$	14.15		$	20.09		$	19.03
Total return (d)(e)		24.16	%(f)		(5.48	)%		(16.29	)%		(17.52	)%		18.73	%(g)		22.45	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.15	%(i)		1.15	%		1.16	%		0.98	%		0.99	%		0.94	%
Interest expense (j)		—	%(i)		—	%		—	%		—	%		—	%		—	%
Net expenses (h)		1.15	%(i)		1.15	%		1.16	%		0.98	%		0.99	%		0.94	%
Waiver/Reimbursement		0.02	%(i)		0.05	%		0.06	%		0.09	%		0.10	%		0.08	%
Net investment income (h)		1.24	%(i)		1.71	%		2.60	%		2.32	%		1.55	%		1.63	%
Portfolio turnover rate		27	%(f)		75	%		118	%		63	%		65	%		95	%
Net assets, end of period (000s)	$	234,675		$	254,272		$	369,448		$	636,992		$	1,011,212		$	1,005,878

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Not annualized.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia International Stock Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the 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 1.00% 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.

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 other certain other funds within the Columbia Family of Funds. Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires the Investment Manager 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

Equity securities and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, 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 closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

Columbia International Stock Fund, February 28, 2011 (Unaudited)

customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

Investments for which market quotations are not readily available, or that have quotations which the Investment Manager believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security 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, the Investment Manager 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 value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities quoted 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 on the Statement of Operations.

Derivative Instruments

The Fund may use derivative instruments including options and forward contracts in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks, among others:

Equity Risk: Equity risk relates to change in value of equity securities such as common stocks due to general market conditions such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign-currency-denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

The following notes provide more detailed information about each derivative type held by the Fund:

Forward Foreign Currency Exchange Contracts—The Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another. The Fund used forward contracts in order to achieve a representative weighted mix of major currencies in its benchmarks and/or to recover an underweight country exposure in their portfolios.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum

Columbia International Stock Fund, February 28, 2011 (Unaudited)

potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

During the six month period ended February 28, 2011, the Fund entered into 85 forward foreign currency exchange contracts.

Options—The Fund had written covered call options to decrease the Fund's exposure to equity risk and to increase return on instruments. Written covered call options become more profitable as the price of the underlying instruments depreciates relative to the strike price.

Writing put options tends to increase the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund identifies within its portfolio of investments cash or liquid portfolio securities equal to the amount of the written options contract commitment.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

During the six month period ended February 28, 2011, the Fund entered into 438 written options contracts.

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the value of the Fund's derivative instruments as of February 28, 2011.

Fair Value of Derivative Instruments

Statement of Assets and Liabilities

Asset

Fair Value

Liability

Fair Value

Unrealized Appreciation on Forward Foreign
Currency Exchange Contracts

1,036,550

Unrealized Depreciation on Forward
Foreign Currency Exchange Contracts

452,519

Written Options

50,808

Columbia International Stock Fund, February 28, 2011 (Unaudited)

The effect of derivative instruments on the Fund's the Statement of Operations for the six month period ended February 28, 2011:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Forward Foreign Currency Exchange Contracts	Foreign Exchange Rate Risk	$	1,566,560		$	240,714
Written Options	Equity Risk		136,512			64,327
Purchased Options	Equity Risk		(642,488	)		—

Repurchase Agreements

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

Security Transactions

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

Income Recognition

Interest income is recorded on the accrual basis.

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

The Fund receives information regarding the character of distributions received from real estate investment trusts (REITs) on an annual basis. Distributions received from REITs are allocated among dividend income, capital gain and return of capital based upon such information or based on management's estimates if actual information has not yet been reported. Management's estimates are subsequently adjusted when the actual character of the distributions are disclosed by the REITs which could result in a proportionate increase in returns of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost 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 series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a specific class of shares are charged to that share class. Expenses directly attributable to the Fund are charged to the Fund.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a 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.

Columbia International Stock Fund, February 28, 2011 (Unaudited)

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, 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.

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, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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.

Indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.87	%
$500 million to $1 billion		0.82	%
$1 billion to $1.5 billion		0.77	%
$1.5 billion to $3 billion		0.72	%
$3 billion to $6 billion		0.70	%
Over $6 billion		0.68	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.87% of the Fund's average daily net assets.

Administration Fee

The Investment Manager provides administrative and other services to the Fund under an Administrative Services Agreement (Administrative Agreement), including services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. The Investment Manager does not receive a fee for its services under the Administrative Agreement.

Pricing and Bookkeeping Fees

The Fund entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street and the Investment Manager pursuant to which State Street provides financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month.

Columbia International Stock Fund, February 28, 2011 (Unaudited)

The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The Transfer Agent receives monthly account-based service fees that vary by class and are based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class as a percentage of each class' average daily net assets was as follows:

Class A				Class B				Class C				Class Y				Class Z
	0.12	%			0.12	%			0.12	%			0.00	%*			0.12	%

* Rounds to less than 0.01%.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the six month period ended February 28, 2011, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $1,720 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $112, $720 and $201, respectively.

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares only.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

The Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 1.15% of the Fund's average daily net assets on an annualized basis. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

All officers of the Fund are employees of the Investment Manager or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Note 4. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are

Columbia International Stock Fund, February 28, 2011 (Unaudited)

recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six month period ended February 28, 2011, these custody credits reduced total expenses by less than $1 for the Fund.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $109,741,239 and $195,521,873, respectively, for the six month period ended February 28, 2011.

Note 6. Regulatory Settlements

During the six month period ended February 28, 2011, and the year ended August 31, 2010, the Fund received payments totaling $188,339 and $322,140, respectively, resulting from certain regulatory settlements in which the Fund had participated during the respective periods. The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Redemption Fees

Effective March 1, 2010, the Fund no longer assesses a 2.00% redemption fee on the proceeds from Fund shares that are redeemed within 60 days of purchase. The redemption fee was designed to offset brokerage commissions and other costs associated with short term trading of fund shares. The redemption fees, which were retained by the Fund, were accounted for as an addition to paid-in capital and were allocated to each class based on the relative net assets at the time of the redemption.

Note 8. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 38.9% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Effective October 14, 2010, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $2,086,667 at a weighted average interest rate of 1.488%.

Note 10. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

				August 31, 2010
Ordinary Income*				$	17,546,935

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes, and excluding any unrealized appreciation and depreciation from changes in the value of other assets and liabilities resulting from changes in exchange rates, were:

Unrealized appreciation	$	97,913,342
Unrealized depreciation		(18,640,966	)
Net unrealized appreciation	$	79,272,376

The following capital loss carryforwards, determined as of August 31, 2010, may be available to reduce taxable income arising

Columbia International Stock Fund, February 28, 2011 (Unaudited)

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

Year of Expiration	Capital Loss Carryforwards
2017	$	59,458,342
2018		165,754,669
Total	$	225,213,011

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions 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). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 11. Significant Risks and Contingencies

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 12. Subsequent Events

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

At a Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund approved a proposal to reorganize the Fund into Columbia Multi-Advisor International Equity Fund. The reorganization is expected to occur on or about April 8, 2011.

Note 13. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the

Columbia International Stock Fund, February 28, 2011 (Unaudited)

Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Fund will transfer its assets to Columbia Multi-Advisor International Equity Fund (the "Buying Fund") in exchange for shares of the Buying Fund and the assumption by the Buying Fund of all of the liabilities of the Fund (the "Reorganization"). The proposal was approved as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	234,974,542				5,298,480				3,151,701				0

The Reorganization was effective on April 11, 2011.

Important Information About This Report

The fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of Columbia International Stock Fund.

A description of the policies and procedures that the fund uses to determine how to vote proxies and a copy of the fund's voting records are available (i) at www.columbiamanagement.com, (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia International Stock Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. Read the prospectus carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

C-1630 A (04/11)

Columbia Mid Cap Growth Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					7

Statement of Operations					9

Statement of Changes in Net Assets					10

Financial Highlights					12

Notes to Financial Statements					21

Board Consideration and Approval of Advisory Agreements					29

Summary of Management Fee Evaluation by Independent Fee Consultant					33

Important Information About This Report					37

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Mid Cap Growth Fund

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I		R
Inception	11/01/02				11/01/02				10/13/03				09/27/10		01/23/06
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		36.25		28.44		35.76		30.76		35.77		34.77		n/a		36.09
1-year		37.34		29.46		36.34		31.34		36.28		35.28		n/a		36.98
5-year		6.49		5.23		5.69		5.37		5.70		5.70		n/a		6.22
10-year/Life		4.95		4.33		4.30		4.30		4.32		4.32		21.78		4.82

Share class	T				W		Y		Z
Inception	11/01/02				09/27/10		07/15/09		11/20/85
Sales charge	without		with		without		without		without
6-month (cumulative)		36.22		28.40		n/a		36.44		36.44
1-year		37.24		29.37		n/a		37.77		37.70
5-year		6.43		5.17		n/a		6.78		6.75
10-year/Life		4.94		4.32		21.57		5.23		5.21

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A and T shares, the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class I, Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with distribution (Rule 12b-1) fees. Class I, Class R, Class W, Class Y and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

Class A, Class B, Class C, Class R, Class T and Class Y are newer classes of shares. Class A, Class B, Class T and Class Y shares performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C shares performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. Class R shares performance information includes returns of Class A shares for the period from November 1, 2002 through January 22, 2006, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for Class A, Class B, Class C, Class R and Class T shares for periods during which Class Z shares returns are included would have been lower, since the newer classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003, Class I and Class W shares were initially offered on September 27, 2010, Class R shares were initially offered on January 23, 2006, Class T shares were initially offered on November 1, 2002, Class Y shares were initially offered on July 15, 2009 and Class Z shares were initially offered on November 20, 1985.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

¹The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index.

²The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

Summary

6-month (cumulative) return as of 02/28/11

				+36.25%

				Class A shares (without sales charge)

				+35.62%

				Russell Midcap Growth Index¹

				+32.54%

				Russell Midcap Index²

Net asset value per share

as of 02/28/11 ($)
Class A					27.55
Class B					25.70
Class C					25.77
Class I					28.29
Class R					27.19
Class T					27.53
Class W					27.56
Class Y					28.27
Class Z					28.27

Understanding Your Expenses – Columbia Mid Cap Growth Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 – 02/28/11

	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		1,362.50			1,018.79		7.09			6.06		1.21
Class B		1,000.00		1,000.00		1,357.60			1,015.08		11.46			9.79		1.96
Class C		1,000.00		1,000.00		1,357.70			1,015.08		11.46			9.79		1.96
Class I		1,000.00		1,000.00		1,061.50	*		1,020.73		3.57	*		4.11		0.82
Class R		1,000.00		1,000.00		1,360.90			1,017.55		8.55			7.30		1.46
Class T		1,000.00		1,000.00		1,362.20			1,018.55		7.38			6.31		1.26
Class W		1,000.00		1,000.00		1,060.80	*		1,018.79		5.26	*		6.06		1.21
Class Y		1,000.00		1,000.00		1,364.40			1,020.53		5.04			4.31		0.86
Class Z		1,000.00		1,000.00		1,364.40			1,020.03		5.63			4.81		0.96

*For the period September 27, 2010 through February 28, 2011. Class I and Class W shares commenced operations on September 27, 2010.

Investment Portfolio – Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Common Stocks – 95.3%
	Shares		Value ($)
Consumer Discretionary – 19.6%
Auto Components – 4.0%
Autoliv, Inc.		149,150		11,169,843
Cooper Tire & Rubber Co.		418,570		9,819,652
Gentex Corp.		490,310		14,846,587
Goodyear Tire & Rubber Co. (a)		776,150		11,005,807
Lear Corp.		156,780		16,587,324
Auto Components Total				63,429,213
Automobiles – 0.5%
Harley-Davidson, Inc.		193,630		7,903,977
Automobiles Total				7,903,977
Diversified Consumer Services – 0.3%
Grand Canyon Education, Inc. (a)		289,094		4,648,632
Diversified Consumer Services Total				4,648,632
Hotels, Restaurants & Leisure – 2.7%
Bally Technologies, Inc. (a)		243,720		9,414,904
Panera Bread Co., Class A (a)		70,200		8,195,850
Royal Caribbean Cruises Ltd. (a)		179,470		7,858,991
Starwood Hotels & Resorts Worldwide, Inc.		145,240		8,874,164
Wynn Resorts Ltd.		72,860		8,956,680
Hotels, Restaurants & Leisure Total				43,300,589
Household Durables – 2.0%
Tempur-Pedic International, Inc. (a)		480,455		22,552,558
Whirlpool Corp.		124,155		10,242,787
Household Durables Total				32,795,345
Internet & Catalog Retail – 1.7%
NetFlix, Inc. (a)		28,494		5,888,855
priceline.com, Inc. (a)		45,945		20,853,517
Internet & Catalog Retail Total				26,742,372
Media – 1.9%
CBS Corp., Class B		385,530		9,198,746
Cinemark Holdings, Inc.		606,910		12,186,752
Lamar Advertising Co., Class A (a)		219,305		8,502,455
Media Total				29,887,953
Multiline Retail – 1.3%
Big Lots, Inc. (a)		240,225		9,856,432
Nordstrom, Inc.		258,460		11,697,899
Multiline Retail Total				21,554,331
Specialty Retail – 2.2%
CarMax, Inc. (a)		228,000		8,064,360
Dick's Sporting Goods, Inc. (a)		266,605		9,901,710
Tiffany & Co.		118,280		7,280,134
TJX Companies, Inc.		215,150		10,729,530
Specialty Retail Total				35,975,734

	Shares		Value ($)
Textiles, Apparel & Luxury Goods – 3.0%
Coach, Inc.		283,270		15,557,188
Fossil, Inc. (a)		110,910		8,511,233
Lululemon Athletica, Inc. (a)		197,255		15,305,016
Warnaco Group, Inc. (a)		147,670		8,669,706
Textiles, Apparel & Luxury Goods Total				48,043,143
Consumer Discretionary Total				314,281,289
Consumer Staples – 4.4%
Food & Staples Retailing – 0.8%
Whole Foods Market, Inc.		226,940		13,289,606
Food & Staples Retailing Total				13,289,606
Food Products – 1.8%
Green Mountain Coffee Roasters, Inc. (a)		295,380		12,045,597
H.J. Heinz Co.		141,620		7,112,156
Mead Johnson Nutrition Co.		157,260		9,412,011
Food Products Total				28,569,764
Personal Products – 1.8%
Estée Lauder Companies, Inc., Class A		92,020		8,687,608
Herbalife Ltd.		255,880		20,063,551
Personal Products Total				28,751,159
Consumer Staples Total				70,610,529
Energy – 7.3%
Energy Equipment & Services – 3.2%
Cameron International Corp. (a)		391,915		23,173,934
McDermott International, Inc. (a)		532,660		12,224,547
Tidewater, Inc.		144,400		8,983,124
Weatherford International Ltd. (a)		324,200		7,839,156
Energy Equipment & Services Total				52,220,761
Oil, Gas & Consumable Fuels – 4.1%
Concho Resources, Inc. (a)		185,051		19,711,632
Consol Energy, Inc.		163,900		8,311,369
Continental Resources, Inc. (a)		157,880		10,977,396
Denbury Resources, Inc. (a)		397,790		9,638,452
Range Resources Corp.		162,070		8,800,401
Southwestern Energy Co. (a)		204,295		8,065,567
Oil, Gas & Consumable Fuels Total				65,504,817
Energy Total				117,725,578
Financials – 6.3%
Capital Markets – 2.5%
Affiliated Managers Group, Inc. (a)		228,980		24,443,615
T. Rowe Price Group, Inc.		227,785		15,257,039
Capital Markets Total				39,700,654

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Consumer Finance – 0.6%
Discover Financial Services		459,445		9,992,929
Consumer Finance Total				9,992,929
Diversified Financial Services – 2.0%
IntercontinentalExchange, Inc. (a)		73,580		9,432,956
Moody's Corp.		474,515		15,137,029
MSCI, Inc., Class A (a)		226,940		8,056,370
Diversified Financial Services Total				32,626,355
Real Estate Management & Development – 0.6%
Jones Lang LaSalle, Inc.		89,510		8,809,574
Real Estate Management & Development Total				8,809,574
Thrifts & Mortgage Finance – 0.6%
BankUnited, Inc. (a)		318,569		9,031,431
Thrifts & Mortgage Finance Total				9,031,431
Financials Total				100,160,943
Health Care – 13.8%
Biotechnology – 2.3%
Alexion Pharmaceuticals, Inc. (a)		134,851		12,983,454
Dendreon Corp. (a)		329,555		11,069,753
Human Genome Sciences, Inc. (a)		334,270		8,366,778
Onyx Pharmaceuticals, Inc. (a)		124,309		4,380,649
Biotechnology Total				36,800,634
Health Care Equipment & Supplies – 1.0%
Gen-Probe, Inc. (a)		100,945		6,347,421
Intuitive Surgical, Inc. (a)		29,565		9,695,842
Health Care Equipment & Supplies Total				16,043,263
Health Care Providers & Services – 4.5%
AmerisourceBergen Corp.		457,580		17,346,858
Brookdale Senior Living, Inc. (a)		428,770		11,529,625
CIGNA Corp.		273,000		11,485,110
Express Scripts, Inc. (a)		269,985		15,178,557
Laboratory Corp. of America Holdings (a)		182,815		16,477,116
Health Care Providers & Services Total				72,017,266
Health Care Technology – 0.8%
Cerner Corp. (a)		132,140		13,273,463
Health Care Technology Total				13,273,463
Life Sciences Tools & Services – 3.4%
Agilent Technologies, Inc. (a)		372,665		15,681,743
ICON PLC, ADR (a)		522,424		10,391,013
Illumina, Inc. (a)		184,010		12,770,294
Life Technologies Corp. (a)		308,920		16,487,061
Life Sciences Tools & Services Total				55,330,111
Pharmaceuticals – 1.8%
Hospira, Inc. (a)		223,870		11,831,529

	Shares		Value ($)
Watson Pharmaceuticals, Inc. (a)		301,445		16,877,906
Pharmaceuticals Total				28,709,435
Health Care Total				222,174,172
Industrials – 13.2%
Aerospace & Defense – 1.1%
BE Aerospace, Inc. (a)		199,915		6,741,134
Precision Castparts Corp.		73,838		10,466,536
Aerospace & Defense Total				17,207,670
Air Freight & Logistics – 1.7%
Atlas Air Worldwide Holdings, Inc. (a)		153,510		10,481,663
C.H. Robinson Worldwide, Inc.		124,450		9,008,935
Expeditors International of Washington, Inc.		161,530		7,721,134
Air Freight & Logistics Total				27,211,732
Airlines – 0.4%
United Continental Holdings, Inc. (a)		287,630		6,914,625
Airlines Total				6,914,625
Commercial Services & Supplies – 0.5%
Stericycle, Inc. (a)		90,185		7,793,788
Commercial Services & Supplies Total				7,793,788
Electrical Equipment – 2.3%
AMETEK, Inc.		363,305		15,240,645
Regal-Beloit Corp.		134,088		9,781,719
Sensata Technologies Holding NV (a)		370,800		12,273,480
Electrical Equipment Total				37,295,844
Machinery – 4.0%
AGCO Corp. (a)		169,640		9,292,879
Cummins, Inc.		230,905		23,349,114
Joy Global, Inc.		134,940		13,140,457
Navistar International Corp. (a)		130,180		8,068,556
Pall Corp.		184,715		10,041,108
Machinery Total				63,892,114
Professional Services – 1.2%
IHS, Inc., Class A (a)		146,345		12,249,077
Manpower, Inc.		113,960		7,236,460
Professional Services Total				19,485,537
Road & Rail – 1.4%
Hertz Global Holdings, Inc. (a)		534,310		8,126,855
Kansas City Southern (a)		262,795		14,148,883
Road & Rail Total				22,275,738

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Trading Companies & Distributors – 0.6%
Fastenal Co.		153,600		9,543,168
Trading Companies & Distributors Total				9,543,168
Industrials Total				211,620,216
Information Technology – 21.4%
Communications Equipment – 1.6%
Acme Packet, Inc. (a)		113,550		8,543,502
JDS Uniphase Corp. (a)		331,170		8,169,964
Riverbed Technology, Inc. (a)		222,290		9,178,354
Communications Equipment Total				25,891,820
Computers & Peripherals – 1.2%
NetApp, Inc. (a)		370,815		19,156,303
Computers & Peripherals Total				19,156,303
Internet Software & Services – 1.6%
Akamai Technologies, Inc. (a)		196,000		7,355,880
LogMeIn, Inc. (a)		198,440		7,122,012
WebMD Health Corp. (a)		187,640		10,883,120
Internet Software & Services Total				25,361,012
IT Services – 4.3%
Alliance Data Systems Corp. (a)		287,255		22,618,459
Cognizant Technology Solutions Corp., Class A (a)		145,960		11,219,945
Teradata Corp. (a)		229,190		10,959,866
VeriFone Systems, Inc. (a)		297,565		13,521,353
Western Union Co.		534,720		11,758,493
IT Services Total				70,078,116
Semiconductors & Semiconductor Equipment – 3.6%
Altera Corp.		239,800		10,038,028
Atmel Corp. (a)		1,685,660		24,745,489
Linear Technology Corp.		256,830		8,876,045
Skyworks Solutions, Inc. (a)		391,310		14,063,681
Semiconductors & Semiconductor Equipment Total				57,723,243
Software – 9.1%
Autodesk, Inc. (a)		281,835		11,851,162
Citrix Systems, Inc. (a)		231,205		16,221,343
Concur Technologies, Inc. (a)		240,720		12,524,661
Electronic Arts, Inc. (a)		624,050		11,732,140
Intuit, Inc. (a)		215,875		11,350,707
Red Hat, Inc. (a)		531,760		21,951,053
Rovi Corp. (a)		437,324		24,236,496
Salesforce.com, Inc. (a)		114,000		15,078,780
Solera Holdings, Inc.		157,270		8,033,352
TIBCO Software, Inc. (a)		526,445		12,961,076
Software Total				145,940,770
Information Technology Total				344,151,264

	Shares		Value ($)
Materials – 8.7%
Chemicals – 3.7%
Cabot Corp.		265,111		11,468,702
Celanese Corp., Series A		281,405		11,664,237
CF Industries Holdings, Inc.		197,310		27,875,957
Solutia, Inc. (a)		389,320		9,036,117
Chemicals Total				60,045,013
Containers & Packaging – 1.0%
Crown Holdings, Inc. (a)		418,570		16,106,574
Containers & Packaging Total				16,106,574
Metals & Mining – 4.0%
Agnico-Eagle Mines Ltd.		182,125		12,812,493
Cliffs Natural Resources, Inc.		234,500		22,762,915
HudBay Minerals, Inc.		576,960		10,006,460
Steel Dynamics, Inc.		494,480		9,128,101
Walter Energy, Inc.		75,615		9,150,171
Metals & Mining Total				63,860,140
Materials Total				140,011,727
Utilities – 0.6%
Electric Utilities – 0.6%
ITC Holdings Corp.		138,580		9,499,659
Electric Utilities Total				9,499,659
Utilities Total				9,499,659
Total Common Stocks (cost of $1,123,037,815)				1,530,235,377
Short-Term Obligation – 3.6%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/2011 due 03/01/11 at 0.080%, collateralized by U.S. Treasury obligations with various maturities to 05/15/20, market value $58,082,706 (repurchase proceeds $56,914,127)		56,941,000		56,941,000
Total Short-Term Obligation (cost of $56,941,000)				56,941,000
Total Investments – 98.9% (cost of $1,179,978,815) (b)				1,587,176,377
Other Assets & Liabilities, Net – 1.1%				18,430,915
Net Assets – 100.0%				1,605,607,292

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $1,179,978,815.

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 as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,530,235,377	$	—	$	—	$	1,530,235,377
Total Short-Term Obligation		—		56,941,000		—		56,941,000
Total Investments	$	1,530,235,377	$	56,941,000	$	—	$	1,587,176,377

The Fund's assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

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

At February 28, 2011, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		21.4
Consumer Discretionary		19.6
Health Care		13.8
Industrials		13.2
Materials		8.7
Energy		7.3
Financials		6.3
Consumer Staples		4.4
Utilities		0.6
		95.3
Short-Term Obligation		3.6
Other Assets & Liabilities, Net		1.1
		100.0
Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at identified cost		1,179,978,815
	Investments, at value		1,587,176,377
	Cash		826
	Receivable for:
	Investments sold		8,357,677
	Fund shares sold		24,846,410
	Dividends		598,377
	Interest		127
	Trustees' deferred compensation plan		90,553
	Prepaid expenses		3,394
	Total Assets		1,621,073,741
Liabilities	Payable for:
	Investments purchased		13,160,393
	Fund shares repurchased		872,938
	Investment advisory fee		906,486
	Pricing and bookkeeping fees		11,897
	Transfer agent fee		281,072
	Trustees' fees		34,048
	Custody fee		9,111
	Distribution and service fees		55,793
	Chief compliance officer expenses		77
	Trustees' deferred compensation plan		90,553
	Other liabilities		44,081
	Total Liabilities		15,466,449
	Net Assets		1,605,607,292
Net Assets Consist of	Paid-in capital		1,200,516,467
	Overdistributed net investment income		(2,933,900	)
	Accumulated net realized gain		827,163
	Net unrealized appreciation on investments		407,197,562
	Net Assets		1,605,607,292

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Class A	Net assets	$	107,361,274
	Shares outstanding		3,896,736
	Net asset value per share	$	27.55	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($27.55/0.9425)	$	29.23	(b)
Class B	Net assets	$	6,736,825
	Shares outstanding		262,179
	Net asset value and offering price per share	$	25.70	(a)
Class C	Net assets	$	15,353,634
	Shares outstanding		595,832
	Net asset value and offering price per share	$	25.77	(a)
Class I (c)	Net assets	$	148,617,924
	Shares outstanding		5,253,090
	Net asset value, offering and redemption price per share	$	28.29
Class R	Net assets	$	8,666,476
	Shares outstanding		318,715
	Net asset value and offering price per share	$	27.19
Class T	Net assets	$	25,257,037
	Shares outstanding		917,468
	Net asset value per share	$	27.53	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($27.53/0.9425)	$	29.21	(b)
Class W (c)	Net assets	$	52,271,513
	Shares outstanding		1,896,676
	Net asset value, offering and redemption price per share	$	27.56
Class Y	Net assets	$	34,550
	Shares outstanding		1,222
	Net asset value and offering price per share	$	28.27
Class Z	Net assets	$	1,241,308,059
	Shares outstanding		43,916,650
	Net asset value and offering price per share	$	28.27

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Mid Cap Growth Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($) (a)
Investment Income	Dividends		3,978,893
	Interest		18,994
	Foreign taxes withheld		(5,118	)
	Total Investment Income		3,992,769
Expenses	Investment advisory fee		5,198,180
	Distribution fee:
	Class B		23,891
	Class C		48,244
	Class R		16,814
	Service fee:
	Class A		106,881
	Class B		7,964
	Class C		16,081
	Class W		31,139
	Shareholder services fee – Class T		34,588
	Transfer agent fee:
	Class A, Class B, Class C, Class R, Class T, Class W, Class Z		945,530
	Transfer agent fee – Class Y		24
	Pricing and bookkeeping fees		71,913
	Trustees' fees		36,432
	Custody fee		22,398
	Chief compliance officer expenses		793
	Other expenses		228,000
	Expenses before interest expense		6,788,872
	Interest expense		1,093
	Total Expenses		6,789,965
	Expense reductions		(83	)
	Net Expenses		6,789,882
	Net Investment Loss		(2,797,113	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
	Net realized gain (loss) on:
	Investments		150,771,141
	Foreign currency transactions		(1,581	)
	Net realized gain		150,769,560
	Net change in unrealized appreciation (depreciation)		253,568,299
	Net Gain		404,337,859
	Net Increase Resulting from Operations		401,540,746

(a) Class I and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Mid Cap Growth Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment loss		(2,797,113	)		(3,133,701	)
	Net realized gain on investments and foreign currency transactions		150,769,560			182,181,452
	Net change in unrealized appreciation (depreciation)		253,568,299			(18,392,381	)
	Net increase resulting from operations		401,540,746			160,655,370
Distributions to Shareholders	From net investment income:
	Class Y		—			(2,922	)
	Class Z		—			(477,929	)
	Total distributions to shareholders		—			(480,851	)
	Net Capital Stock Transactions		111,196,478			(119,131,646	)
	Increase from regulatory settlements		10,040			—
	Total increase in net assets		512,747,264			41,042,873
Net Assets	Beginning of period		1,092,860,028			1,051,817,155
	End of period		1,605,607,292			1,092,860,028
	Overdistributed net investment income at end of period		(2,933,900	)		(136,787	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Mid Cap Growth Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011 (a)(b)						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,155,226			29,578,853			921,409			18,728,421
Redemptions		(478,913	)		(12,060,953	)		(765,185	)		(15,343,264	)
Net increase		676,313			17,517,900			156,224			3,385,157
Class B
Subscriptions		28,935			673,458			52,543			990,084
Redemptions		(61,615	)		(1,423,686	)		(259,463	)		(4,972,238	)
Net decrease		(32,680	)		(750,228	)		(206,920	)		(3,982,154	)
Class C
Subscriptions		128,005			2,994,916			88,723			1,682,301
Redemptions		(51,491	)		(1,200,686	)		(116,905	)		(2,240,947	)
Net increase (decrease)		76,514			1,794,230			(28,182	)		(558,646	)
Class I
Subscriptions		5,502,134			149,051,955			—			—
Redemptions		(249,044	)		(6,774,195	)		—			—
Net increase		5,253,090			142,277,760			—			—
Class R
Subscriptions		122,877			3,105,008			134,520			2,673,501
Redemptions		(60,000	)		(1,460,704	)		(101,174	)		(1,964,246	)
Net increase		62,877			1,644,304			33,346			709,255
Class T
Subscriptions		1,466			37,111			6,928			141,759
Redemptions		(52,880	)		(1,277,478	)		(109,861	)		(2,227,593	)
Net decrease		(51,414	)		(1,240,367	)		(102,933	)		(2,085,834	)
Class W
Subscriptions		2,044,525			50,341,217			—			—
Redemptions		(147,849	)		(3,915,843	)		—			—
Net increase		1,896,676			46,425,374			—			—
Class Y
Subscriptions		603			14,552			61,701			1,321,278
Distributions reinvested		—			—			1			20
Redemptions		(48,270	)		(1,099,580	)		(183,395	)		(3,698,530	)
Net decrease		(47,667	)		(1,085,028	)		(121,693	)		(2,377,232	)
Class Z
Subscriptions		3,137,925			79,860,574			4,308,947			88,875,986
Distributions reinvested		—			—			13,416			266,166
Redemptions		(6,836,998	)		(175,248,041	)		(9,802,292	)		(203,364,344	)
Net decrease		(3,699,073	)		(95,387,467	)		(5,479,929	)		(114,222,192	)

(a) Class I and Class W shares commenced operations on September 27, 2010.

(b) Class I and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	20.22		$	17.58		$	23.47		$	27.51		$	24.01		$	22.16
Income from Investment Operations:
Net investment loss (a)		(0.08	)		(0.10	)		(0.03	)		(0.12	)		(0.01	)(b)		(0.10	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		7.41			2.74			(5.37	)		(0.06	)		4.97			2.26
Total from investment operations		7.33			2.64			(5.40	)		(0.18	)		4.96			2.16
Less Distributions to Shareholders:
From net realized gains		—			—			(0.49	)		(3.86	)		(1.46	)		(0.31	)
Increase from regulatory settlements		—	(c)		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	27.55		$	20.22		$	17.58		$	23.47		$	27.51		$	24.01
Total return (d)		36.25	%(e)		15.02	%		(22.38	)%		(2.21	)%		21.24	%		9.76	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.21	%(h)		1.23	%		1.26	%		1.18	%		1.17	%		1.21	%
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		1.21	%(h)		1.23	%		1.26	%		1.18	%		1.17	%		1.21	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment loss (g)		(0.63	)%(h)		(0.49	)%		(0.20	)%		(0.48	)%		(0.05	)%		(0.43	)%
Portfolio turnover rate		71	%(e)		137	%		160	%		149	%		171	%		67	%
Net assets, end of period (000s)	$	107,361		$	65,123		$	53,881		$	63,337		$	49,614		$	12,654

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(e) Not annualized.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	18.93		$	16.59		$	22.35		$	26.47		$	23.32		$	21.69
Income from Investment Operations:
Net investment loss (a)		(0.16	)		(0.23	)		(0.14	)		(0.30	)		(0.20	)(b)		(0.28	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		6.93			2.57			(5.13	)		(0.04	)		4.81			2.22
Total from investment operations		6.77			2.34			(5.27	)		(0.34	)		4.61			1.94
Less Distributions to Shareholders:
From net realized gains		—			—			(0.49	)		(3.78	)		(1.46	)		(0.31	)
Increase from regulatory settlements		—	(c)		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	25.70		$	18.93		$	16.59		$	22.35		$	26.47		$	23.32
Total return (d)		35.76	%(e)		14.10	%		(22.93	)%		(2.92	)%		20.33	%		8.95	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.96	%(h)		1.98	%		2.01	%		1.93	%		1.92	%		1.96	%
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		1.96	%(h)		1.98	%		2.01	%		1.93	%		1.92	%		1.96	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment loss (g)		(1.38	)%(h)		(1.24	)%		(0.95	)%		(1.23	)%		(0.79	)%		(1.19	)%
Portfolio turnover rate		71	%(e)		137	%		160	%		149	%		171	%		67	%
Net assets, end of period (000s)	$	6,737		$	5,582		$	8,322		$	15,829		$	19,472		$	7,452

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e) Not annualized.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	18.98		$	16.63		$	22.41		$	26.53		$	23.37		$	21.74
Income from Investment Operations:
Net investment loss (a)		(0.16	)		(0.24	)		(0.14	)		(0.30	)		(0.21	)(b)		(0.28	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		6.95			2.59			(5.15	)		(0.04	)		4.83			2.22
Total from investment operations		6.79			2.35			(5.29	)		(0.34	)		4.62			1.94
Less Distributions to Shareholders:
From net realized gains		—			—			(0.49	)		(3.78	)		(1.46	)		(0.31	)
Increase from regulatory settlements		—	(c)		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	25.77		$	18.98		$	16.63		$	22.41		$	26.53		$	23.37
Total return (d)		35.77	%(e)		14.13	%		(22.96	)%		(2.91	)%		20.33	%		8.93	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.96	%(h)		1.98	%		2.01	%		1.93	%		1.92	%		1.96	%
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		1.96	%(h)		1.98	%		2.01	%		1.93	%		1.92	%		1.96	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment loss (g)		(1.37	)%(h)		(1.24	)%		(0.95	)%		(1.23	)%		(0.81	)%		(1.16	)%
Portfolio turnover rate		71	%(e)		137	%		160	%		149	%		171	%		67	%
Net assets, end of period (000s)	$	15,354		$	9,858		$	9,106		$	13,540		$	8,237		$	2,454

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e) Not annualized.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout the period is as follows:

Class I Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	23.23
Income from Investment Operations:
Net investment loss (b)		(0.02	)
Net realized and unrealized gain on investments and foreign currency		5.08
Total from investment operations		5.06
Increase from regulatory settlements (c)		—
Net Asset Value, End of Period	$	28.29
Total return (d)(e)		21.78	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.82	%
Net investment loss (f)(g)		(0.20	)%
Portfolio turnover rate (e)		71	%
Net assets, end of period (000s)	$	148,618

(a) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,												Period Ended August 31,
Class R Shares	2011			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	19.98		$	17.42		$	23.32		$	27.39		$	23.97		$	24.44
Income from Investment Operations:
Net investment loss (b)		(0.03	)		(0.15	)		(0.07	)		(0.18	)		(0.15	)(c)		(0.10	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		7.24			2.71			(5.34	)		(0.06	)		5.03			(0.37	)
Total from investment operations		7.21			2.56			(5.41	)		(0.24	)		4.88			(0.47	)
Less Distributions to Shareholders:
From net realized gains		—			—			(0.49	)		(3.83	)		(1.46	)		—
Increase from regulatory settlements		—	(d)		—			—	(d)		—			—			—
Net Asset Value, End of Period	$	27.19		$	19.98		$	17.42		$	23.32		$	27.39		$	23.97
Total return (e)		36.09	%(f)		14.70	%		(22.57	)%		(2.44	)%		20.93	%		(1.92	)%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.46	%(h)		1.48	%		1.51	%		1.43	%		1.42	%		1.47	%(h)
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		1.46	%(h)		1.48	%		1.51	%		1.43	%		1.42	%		1.47	%(h)
Net investment loss (g)		(0.88	)%(h)		(0.73	)%		(0.45	)%		(0.74	)%		(0.57	)%		(0.66	)%(h)
Portfolio turnover rate		71	%(f)		137	%		160	%		149	%		171	%		67	%(f)
Net assets, end of period (000s)	$	8,666		$	5,112		$	3,876		$	1,800		$	908		$	57

(a) Class R shares were initially offered on January 23, 2006. Total return reflects activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(c) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d) Rounds to less than $0.01 per share.

(e) Total return at net asset value assuming all distributions reinvested.

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class T Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	20.21		$	17.58		$	23.48		$	27.53		$	24.04		$	22.20
Income from Investment Operations:
Net investment loss (a)		(0.28	)		(0.11	)		(0.04	)		(0.14	)		(0.03	)(b)		(0.12	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		7.60			2.74			(5.37	)		(0.06	)		4.98			2.27
Total from investment operations		7.32			2.63			(5.41	)		(0.20	)		4.95			2.15
Less Distributions to Shareholders:
From net realized gains		—			—			(0.49	)		(3.85	)		(1.46	)		(0.31	)
Increase from regulatory settlements		—	(c)		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	27.53		$	20.21		$	17.58		$	23.48		$	27.53		$	24.04
Total return (d)		36.22	%(e)		14.96	%		(22.41	)%		(2.27	)%		21.17	%		9.70	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.26	%(h)		1.28	%		1.31	%		1.23	%		1.22	%		1.26	%
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		1.26	%(h)		1.28	%		1.31	%		1.23	%		1.22	%		1.26	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment loss (g)		(0.68	)%(h)		(0.54	)%		(0.25	)%		(0.53	)%		(0.10	)%		(0.50	)%
Portfolio turnover rate		71	%(e)		137	%		160	%		149	%		171	%		67	%
Net assets, end of period (000s)	$	25,257		$	19,582		$	18,847		$	26,801		$	29,282		$	27,101

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(d) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(e) Not annualized.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout the period is as follows:

Class W Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	22.67
Income from Investment Operations:
Net investment loss (b)		(0.07	)
Net realized and unrealized gain on investments and foreign currency		4.96
Total from investment operations		4.89
Increase from regulatory settlements (c)		—
Net Asset Value, End of Period	$	27.56
Total Return (d)(e)		21.57	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.21	%
Net investment loss (f)(g)		(0.61	)%
Portfolio turnover rate (e)		71	%
Net assets, end of period (000s)	$	52,272

(a) Class W shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	(Unaudited) Six Months Ended February 28, 2011			Year Ended August 31, 2010			Period Ended August 31, 2009 (a)
Net Asset Value, Beginning of Period	$	20.72		$	17.98		$	16.18
Income from Investment Operations:
Net investment income (loss) (b)		(0.01	)		(0.03	)		0.01
Net realized and unrealized gain on investments, foreign currency and written options		7.56			2.80			1.79
Total from investment operations		7.55			2.77			1.80
Less Distributions to Shareholders:
From net investment income		—			(0.03	)		—
Increase from regulatory settlements		—	(c)		—			—
Net Asset Value, End of Period	$	28.27		$	20.72		$	17.98
Total Return (d)		36.44	%(e)		15.43	%		11.12	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.86	%(g)		0.84	%		0.86	%(g)
Interest expense		—	%(g)(h)		—	%(h)		—
Net expenses (f)		0.86	%(g)		0.84	%		0.86	%(g)
Net investment income (loss) (f)		(0.10	)%(g)		(0.13	)%		0.31	%(g)
Portfolio turnover rate		71	%(e)		137	%		160	%(e)
Net assets, end of period (000s)	$	35		$	1,013		$	3,067

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Growth Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	20.72		$	17.98		$	23.92		$	27.93		$	24.35		$	22.41
Income from Investment Operations:
Net investment income (loss) (a)		(0.05	)		(0.05	)		0.01			(0.06	)		0.05	(b)		(0.05	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		7.60			2.80			(5.46	)		(0.07	)		5.04			2.30
Total from investment operations		7.55			2.75			(5.45	)		(0.13	)		5.09			2.25
Less Distributions to Shareholders:
From net investment income		—			(0.01	)		—			—			(0.05	)		—
From net realized gains		—			—			(0.49	)		(3.88	)		(1.46	)		(0.31	)
Total distributions to shareholders		—			(0.01	)		(0.49	)		(3.88	)		(1.51	)		(0.31	)
Increase from regulatory settlements		—	(c)		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	28.27		$	20.72		$	17.98		$	23.92		$	27.93		$	24.35
Total return (d)		36.44	%(e)		15.29	%		(22.16	)%		(1.97	)%		21.49	%		10.06	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.96	%(h)		0.98	%		1.01	%		0.93	%		0.92	%		0.96	%
Interest expense		—	%(h)(i)		—	%(i)		—			—	%(i)		—	%(i)		—
Net expenses (g)		0.96	%(h)		0.98	%		1.01	%		0.93	%		0.92	%		0.96	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (loss) (g)		(0.38	)%(h)		(0.24	)%		0.05	%		(0.23	)%		0.20	%		(0.20	)%
Portfolio turnover rate		71	%(e)		137	%		160	%		149	%		171	%		67	%
Net assets, end of period (000s)	$	1,241,308		$	986,590		$	954,718		$	1,286,857		$	1,452,707		$	807,089

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.07 per share.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Mid Cap Growth Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks significant capital appreciation by investing, under normal market conditions, at least 80% of its total net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initial purchase, equal to or less than the largest stock in the Russell Midcap Index.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I, Class R, Class T, Class W, Class Y and Class Z shares. On December 10, 2010, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial) exchanged Class Z shares valued at $61,683,112 for Class I shares. The Fund is also authorized to issue Class R5 shares; however, this share class is not currently offered for sale. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

The Fund 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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

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

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% CDSC if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18 months after purchase. Class T shares are available only to certain investors, as described in the Fund's prospectus.

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 W shares became effective September 27, 2010.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Repurchase Agreements

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

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded on the ex-date.

The Fund receives information regarding the character of distributions received from real estate investment trusts (REITs) on an annual basis. Distributions received from REITs are allocated among dividend income, capital gain and return of capital based upon such information or based on management's estimates if actual information has not yet been reported. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate increase in returns of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Distributions to Shareholders

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.82	%
$500 million to $1 billion		0.75	%
$1 billion to $1.5 billion		0.72	%
Over $1.5 billion		0.67	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.77% of the Fund's average daily net assets.

In September 2010, the Board of Trustees approved an amended Investment Management Services Agreement (IMSA) with the Investment Manager that reduces the management fee rates payable to the Investment Manager at all asset levels. Effective April 1, 2011, the Investment Manager will receive a monthly management fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.760	%
$500 million to $1 billion		0.715	%
$1 billion to $1.5 billion		0.670	%
Over $1.5 billion		0.620	%

Administration Fee

The Investment Manager provides administrative and other services to the Fund under an Administrative Services Agreement (Administrative Agreement), including services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. Prior to April 1, 2011, the Investment Manager did not receive a fee for its services under the Administrative Agreement.

In connection with the IMSA approved by the Board of Trustees, effective April 1, 2011, the Fund will pay a monthly administration fee to the Investment Manager based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.060	%
$500 million to $1 billion		0.055	%
$1 billion to $3 billion		0.050	%
$3 billion to $12 billion		0.040	%
Over $12 billion		0.030	%

Pricing and Bookkeeping Fees

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

Transfer Agent Fee

The Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Class I shares do not pay transfer agent fees. For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class, with the exception of Class I shares, as a percentage of the average daily net assets was as follows:

Class A				Class B				Class C				Class R				Class T				Class W				Class Y				Class Z
	0.14	%			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%			0.03	%			0.14	%

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A and Class T shares and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B, Class C and Class T shares were as follows:

Front-End Sales Charge				CDSC
Class A		Class T		Class A		Class B		Class C		Class T
$	8,936	$	6	$	106	$	3,926	$	877		–

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require payments based on the average daily net assets of the applicable class of the Fund at the following annual rates:

Distribution Fee
Class A ⁽¹⁾			Class B			Class C			Class R			Class W ⁽²⁾
	0.10	%		0.75	%		0.75	%		0.50	%		0.25	%

Service Fee
Class A ⁽¹⁾			Class B			Class C			Class W ⁽²⁾
	0.25	%		0.25	%		0.25	%		0.25	%

¹The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limits such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

²The Fund may pay a distribution fee of up to 0.25% of the Fund's average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class W shares, provided, however, that the aggregate fee shall not exceed 0.25% of the Fund's average daily net assets attributable to Class W shares.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. For the six month period ended February 28, 2011, the shareholder services fee was 0.30% of the Fund's average daily net assets attributable to Class T shares.

Expense Limits and Fee Reimbursements

Effective September 27, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 1.30%, 2.05%, 2.05%, 0.95%, 1.55%, 1.35%, 1.30%, 1.05% and 1.05% of the Fund's average net assets attributable to Class A, Class B, Class C, Class I, Class R, Class T, Class W, Class Y and Class Z shares, respectively.

Prior to September 27, 2010, the Investment Manager voluntarily reimbursed a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 1.05% annually of the Fund's average daily net assets.

Effective April 1, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through December 31, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.35%, 2.10%, 2.10%, 0.99%, 1.60%, 1.40%, 1.35%, 1.10% and 1.10% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class T, Class W, Class Y and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that my be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six month period ended February 28, 2011, these custody credits reduced total expenses by $83 for the Fund.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $998,141,172 and $933,896,698, respectively, for the six month period ended February 28, 2011.

Note 6. Regulatory Settlements

During the six month period ended February 28, 2011, the Fund received payments totaling $10,040 resulting from certain regulatory settlements with third parties in which the Fund had participated. The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 33.6% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

Note 8. Line of Credit

For the six month period ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $6,575,000 at a weighted average interest rate of 1.498%

Note 9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

				August 31, 2010
Ordinary Income*				$	480,851

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	414,900,767
Unrealized depreciation		(7,703,205	)
Net unrealized appreciation	$	407,197,562

The following capital loss carryforwards, determined as of August 31, 2010, 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	Capital Loss Carryforwards
2017	$	106,558,441
2018		37,531,162
Total	$	144,089,603

Note 10. Significant Risks and Contingencies

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Note 11. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below and in Note 3 (above), there were no items requiring adjustment of the financial statements or additional disclosure.

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

and not jointly, permits collective borrowings up to $300 million. The borrowers shall have the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility shall at no time exceed $500 million. Participation in such increase by any existing lender shall be at such lender's sole discretion. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. 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 0.10% per annum.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions,

Columbia Mid Cap Growth Fund, February 28, 2011 (Unaudited)

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.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia Mid Cap Growth Fund, the Advisory Agreement will decrease contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds' former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the "Committee") of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia Funds Complex"). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management projected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds' other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust (the "Independent Trustees") requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approval of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the "Fee Consultant") appointed by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management Advisors, LLC, the Affected Funds' previous adviser, with the New York Attorney General ("NYAG") to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the "NYAG Settlement"). Under the NYAG Settlement, the Fee Consultant's role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms' length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved

the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The trustees considered all materials that they, their legal counsel or Columbia Management believed reasonably necessary to evaluate and to determine whether to approve the Advisory Agreements. The factors considered by the Committee and the trustees in recommending approval and approving the Advisory Agreement for each Affected Fund included the following:

• The expected benefits of continuing to retain Columbia Management as the Affected Funds' investment manager;

• The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

• The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund's total expense ratio;

• The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Mid Cap Growth Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

• That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

• The expected impact on expenses for certain Affected Funds of proposed mergers; and

• The expected benefits of further integrating the Combined Fund Complex by:

o Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

o Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management's personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management's investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party's methodology for identifying each Fund's peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of

other considerations, to warrant approval of the Affected Fund's Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund's investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund's investment strategy; (iii) that the Affected Fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia Mid Cap Growth Fund's performance was in the third quintile (where the best performance would be in the first quintile) for the one-year period and in the second quintile for the three- and five-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions regarding each of the Advisory Agreements, that the performance of each Affected Fund and Columbia Management was sufficient, in light of other considerations, to warrant the approval of the Advisory Agreement pertaining to that Affected Fund.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Mid Cap Growth Fund would decrease the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund's current investment management services agreement. The trustees reviewed and considered information that they had previously received in connection with the most recent approval of Columbia Mid Cap Growth Fund's current investment management services agreement with Columbia Management.

After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the advisory fee rates under the Advisory Agreements and anticipated total expenses of each Affected Fund supported the approval of the Advisory Agreements.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund's proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

The trustees also considered the compensation directly or indirectly received by Columbia Management and its affiliates in connection with their relationships with the Affected Funds. The trustees reviewed information provided by management as to the projected profitability to Columbia Management and its affiliates of their relationships with each Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fees, and the related profitability to Columbia Management and its affiliates of their relationships with the Affected Fund, supported the approval of the Advisory Agreement pertaining to that Affected Fund.

Economies of Scale

arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected "fall-out" or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management's affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds' distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds' securities transactions, and reviewed information about Columbia Management's practices with respect to allocating portfolio brokerage and the use of "soft" commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management's profitability would be somewhat lower without these benefits.

In their deliberations, the trustees did not identify any single item that was paramount or controlling and individual trustees may have attributed different weights to various factors. The trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Affected Fund.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel and the Fee Consultant, the trustees, including the Independent Trustees, approved each Advisory Agreement.

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

Prepared Pursuant to the February 9, 2005
Assurance of Discontinuance among the
Office of Attorney General of New York State,
Columbia Management Advisors, LLC, and
Columbia Management Distributors, Inc.

September 21, 2010

I. Overview

On February 9, 2005, Columbia Management Advisors, LLC ("CMA") and Columbia Management Distributors, Inc.¹ ("CMD") agreed to the New York Attorney General's Assurance of Discontinuance ("AOD"). Among other things, the AOD stipulates that CMA may manage or advise a Columbia Fund ("Columbia Fund" and, together with some or all of such funds, the "Columbia Funds") only if the Independent Members of the Columbia Fund's Board of Trustees appoint a Senior Officer or retain an Independent Fee Consultant ("IFC") who is to manage the process by which proposed management fees are negotiated. The AOD further stipulates that the Senior Officer or IFC is to prepare a written annual evaluation of the fee negotiation process.

With effect from January 1, 2007, the Independent Members of the Board of Trustees for certain Columbia Funds known collectively as the "Atlantic Funds" (together with the other members of that Board, the "Trustees") retained me as IFC for the Atlantic Funds.² In this capacity, I have prepared this written evaluation of the fee negotiation process. As has been the case with my previous reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report.

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the "Bank") pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia's long-term asset management business, including management of the Atlantic Funds (the "Transaction"). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and the shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC ("CMIA"). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by, for example, proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, sub-transfer agency, custody, and pricing/bookkeeping fees paid by the Funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

² I have no material relationship with Bank of America, CMG or Ameriprise Financial, Inc. ("Ameriprise"), aside from serving as IFC, and I am aware of no material relationship with any of their affiliates. I retained John Rea, an independent economic consultant, to assist me with this report.

³ CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

1. Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a "Fee Change Fund").

2. In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm's length and reasonable and consistent with the AOD.

3. There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a "Fee Increase Fund"). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

4. The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA's proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5. Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund—High Yield Opportunity Fund—would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

6. CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to a contractual expense limitation calculated as the median of the relevant fund's Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

7. CMIA reviewed differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels reflecting CMIA's reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

8. CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds' investment adviser), historical profitability data was judged to have little relevance.

9. CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Mid Cap Growth Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1635 A (04/11)

Columbia Small Cap Growth Fund I

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					8

Statement of Operations					10

Statement of Changes in Net Assets					11

Financial Highlights					13

Notes to Financial Statements					20

Board Consideration and Approval of Advisory Agreements					28

Summary of Management Fee Evaluation by Independent Fee Consultant					32

Important Information About This Report					37

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Small Cap Growth Fund I

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I		R		Y		Z
Inception	11/01/05				11/01/05				11/01/05				09/27/10		09/27/10		07/15/09		10/01/96
Sales charge	without		with		without		with		without		with		without		without		without		without
6-month (cumulative)		39.70		31.65		39.14		34.14		39.14		38.14		n/a		n/a		39.92		39.86
1-year		37.08		29.22		36.04		31.04		36.04		35.04		n/a		n/a		37.61		37.43
5-year		6.47		5.22		5.67		5.34		5.67		5.67		n/a		n/a		6.78		6.73
10-year/Life		6.65		6.02		6.23		6.23		6.23		6.23		24.27		23.94		6.81		6.79

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class I, Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R shares are sold at net asset value with a distribution (Rule 12b-1) fee. Class I, Class R, Class Y and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B, Class C and Class Y are newer classes of shares. Class A, Class B and Class Y shares performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of Class A, Class B, and Class C shares would have been lower, since these classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A, Class B and Class C shares were initially offered on November 1, 2005, Class I and Class R shares were initially offered on September 27, 2010. Class Y shares were initially offered on July 15, 2009 and Class Z shares were initially offered on October 1, 1996.

¹The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

²The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

Summary

6-month (cumulative) return as of 02/28/11

				+39.70%

				Class A shares (without sales charge)

				+40.76%

				Russell 2000 Growth Index¹

				+37.55%

				Russell 2000 Index²

Net asset value per share

as of 02/28/11 ($)
Class A					32.90
Class B					31.78
Class C					31.78
Class I					33.38
Class R					32.87
Class Y					33.37
Class Z					33.30

Understanding Your Expenses – Columbia Small Cap Growth Fund I

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 – 02/28/11

	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		1,397.00			1,018.25		7.85			6.61		1.32
Class B		1,000.00		1,000.00		1,391.40			1,014.53		12.27			10.34		2.07
Class C		1,000.00		1,000.00		1,391.40			1,014.53		12.27			10.34		2.07
Class I		1,000.00		1,000.00		1,020.33	*		1,054.00		4.51	*		3.90		0.90
Class R		1,000.00		1,000.00		1,017.36	*		1,053.20		7.50	*		6.50		1.50
Class Y		1,000.00		1,000.00		1,399.20			1,020.33		5.35			4.51		0.90
Class Z		1,000.00		1,000.00		1,398.60			1,019.49		6.36			5.36		1.07

*For the period September 27, 2010 through February 28, 2011. Class I and Class R shares commenced operations on September 27, 2010.

Investment Portfolio – Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Common Stocks – 96.7%
	Shares		Value ($)
Consumer Discretionary – 18.1%
Auto Components – 1.9%
Cooper Tire & Rubber Co.		327,605		7,685,613
Tenneco, Inc. (a)		411,800		16,422,584
Auto Components Total				24,108,197
Diversified Consumer Services – 1.6%
Capella Education Co. (a)		133,136		7,677,953
Coinstar, Inc. (a)		186,900		7,976,892
Grand Canyon Education, Inc. (a)		269,321		4,330,682
Diversified Consumer Services Total				19,985,527
Hotels, Restaurants & Leisure – 1.2%
BJ's Restaurants, Inc. (a)		251,910		9,056,164
Summit Hotel Properties, Inc. (a)		654,041		6,376,900
Hotels, Restaurants & Leisure Total				15,433,064
Household Durables – 3.3%
SodaStream International Ltd. (a)		307,500		13,600,725
Tempur-Pedic International, Inc. (a)		613,865		28,814,823
Household Durables Total				42,415,548
Internet & Catalog Retail – 0.7%
Shutterfly, Inc. (a)		221,002		9,436,785
Internet & Catalog Retail Total				9,436,785
Leisure Equipment & Products – 0.5%
Polaris Industries, Inc.		91,055		6,870,100
Leisure Equipment & Products Total				6,870,100
Media – 1.6%
Cinemark Holdings, Inc.		458,600		9,208,688
Imax Corp. (a)		256,145		6,790,404
Knology, Inc. (a)		284,182		3,955,813
Media Total				19,954,905
Multiline Retail – 0.4%
Gordmans Stores, Inc. (a)		365,358		5,473,063
Multiline Retail Total				5,473,063
Specialty Retail – 3.0%
Body Central Corp. (a)		551,847		9,414,510
Pier 1 Imports, Inc. (a)		625,075		6,300,756
Rue21, Inc. (a)		195,800		6,856,916
Vitamin Shoppe, Inc. (a)		448,515		15,603,837
Specialty Retail Total				38,176,019
Textiles, Apparel & Luxury Goods – 3.9%
CROCS, Inc. (a)		847,355		14,955,816
Deckers Outdoor Corp. (a)		143,655		12,673,244

	Shares		Value ($)
Lululemon Athletica, Inc. (a)		192,330		14,922,885
Warnaco Group, Inc. (a)		116,130		6,817,992
Textiles, Apparel & Luxury Goods Total				49,369,937
Consumer Discretionary Total				231,223,145
Consumer Staples – 2.0%
Food & Staples Retailing – 0.5%
Casey's General Stores, Inc.		163,500		6,714,945
Food & Staples Retailing Total				6,714,945
Food Products – 0.7%
Diamond Foods, Inc.		180,200		9,181,190
Food Products Total				9,181,190
Personal Products – 0.8%
Elizabeth Arden, Inc. (a)		330,511		9,614,565
Personal Products Total				9,614,565
Consumer Staples Total				25,510,700
Energy – 7.6%
Energy Equipment & Services – 1.9%
Complete Production Services, Inc. (a)		369,035		10,631,898
Dril-Quip, Inc. (a)		73,845		5,663,912
Hercules Offshore, Inc. (a)		1,482,400		7,323,056
Energy Equipment & Services Total				23,618,866
Oil, Gas & Consumable Fuels – 5.7%
BPZ Resources, Inc. (a)		1,333,900		8,670,350
Brigham Exploration Co. (a)		217,200		7,945,176
Carrizo Oil & Gas, Inc. (a)		176,500		6,569,330
Energy XXI Bermuda Ltd. (a)		301,107		10,382,169
McMoRan Exploration Co. (a)		357,447		6,255,323
Oasis Petroleum, Inc. (a)		246,195		8,498,651
Resolute Energy Corp. (a)		433,970		7,867,876
Rosetta Resources, Inc. (a)		158,992		7,211,877
World Fuel Services Corp.		232,265		9,625,062
Oil, Gas & Consumable Fuels Total				73,025,814
Energy Total				96,644,680
Financials – 5.7%
Capital Markets – 0.5%
Stifel Financial Corp. (a)		97,540		6,997,519
Capital Markets Total				6,997,519

See Accompanying Notes to Financial Statements.

Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Commercial Banks – 1.8%
Center Financial Corp. (a)		942,180		7,509,175
Pacific Continental Corp.		74,199		747,184
Signature Bank (a)		283,050		14,687,464
Commercial Banks Total				22,943,823
Consumer Finance – 1.2%
Dollar Financial Corp. (a)		63,529		1,358,885
EZCORP, Inc., Class A (a)		283,855		8,140,962
Netspend Holdings, Inc. (a)		437,838		5,740,056
Consumer Finance Total				15,239,903
Diversified Financial Services – 1.3%
Gain Capital Holdings, Inc. (a)		730,832		5,656,640
Portfolio Recovery Associates, Inc. (a)		124,900		10,410,415
Diversified Financial Services Total				16,067,055
Real Estate Investment Trusts (REITs) – 0.9%
FelCor Lodging Trust, Inc. (a)		678,255		5,134,390
Tanger Factory Outlet Centers		257,790		6,870,104
Real Estate Investment Trusts (REITs) Total				12,004,494
Financials Total				73,252,794
Health Care – 15.9%
Biotechnology – 3.4%
Acorda Therapeutics, Inc. (a)		140,865		2,953,939
Alexion Pharmaceuticals, Inc. (a)		57,985		5,582,796
Amarin Corp. PLC, ADR (a)		574,200		4,438,566
Ardea Biosciences, Inc. (a)		258,013		6,839,924
Cubist Pharmaceuticals, Inc. (a)		214,770		4,709,906
Halozyme Therapeutics, Inc. (a)		491,452		3,395,933
Ironwood Pharmaceuticals, Inc. (a)		354,355		4,333,762
Momenta Pharmaceuticals, Inc. (a)		263,595		3,658,699
Onyx Pharmaceuticals, Inc. (a)		208,159		7,335,523
Biotechnology Total				43,249,048
Health Care Equipment & Supplies – 3.9%
Align Technology, Inc. (a)		496,524		10,352,526
DexCom, Inc. (a)		339,313		4,964,149
ICU Medical, Inc. (a)		135,595		5,693,634
Insulet Corp. (a)		331,689		5,870,895
Masimo Corp.		414,124		12,481,697
NuVasive, Inc. (a)		390,760		10,445,015
Health Care Equipment & Supplies Total				49,807,916
Health Care Providers & Services – 4.1%
Brookdale Senior Living, Inc. (a)		411,190		11,056,899
Catalyst Health Solutions, Inc. (a)		168,087		7,599,213

	Shares		Value ($)
HMS Holdings Corp. (a)		169,371		12,797,673
IPC The Hospitalist Co., Inc. (a)		356,200		14,532,960
PSS World Medical, Inc. (a)		258,551		6,727,497
Health Care Providers & Services Total				52,714,242
Health Care Technology – 0.7%
Omnicell, Inc. (a)		618,538		8,313,151
Health Care Technology Total				8,313,151
Life Sciences Tools & Services – 1.1%
Fluidigm Corp. (a)		456,062		6,444,156
ICON PLC, ADR (a)		400,989		7,975,671
Life Sciences Tools & Services Total				14,419,827
Pharmaceuticals – 2.7%
Auxilium Pharmaceuticals, Inc. (a)		180,490		4,055,610
Impax Laboratories, Inc. (a)		703,490		14,484,859
MAP Pharmaceuticals, Inc. (a)		320,005		5,161,681
Salix Pharmaceuticals Ltd. (a)		313,970		10,467,760
Pharmaceuticals Total				34,169,910
Health Care Total				202,674,094
Industrials – 14.5%
Aerospace & Defense – 1.7%
Global Defense Technology & Systems, Inc. (a)		124,911		2,042,295
Hexcel Corp. (a)		580,600		10,770,130
LMI Aerospace, Inc. (a)		519,619		9,332,357
Aerospace & Defense Total				22,144,782
Air Freight & Logistics – 0.7%
Atlas Air Worldwide Holdings, Inc. (a)		121,951		8,326,814
Air Freight & Logistics Total				8,326,814
Commercial Services & Supplies – 0.7%
Tetra Tech, Inc. (a)		384,005		9,024,118
Commercial Services & Supplies Total				9,024,118
Construction & Engineering – 0.9%
Great Lakes Dredge & Dock Corp.		786,755		6,191,762
Sterling Construction Co., Inc. (a)		406,173		5,320,866
Construction & Engineering Total				11,512,628
Electrical Equipment – 0.6%
Regal-Beloit Corp.		101,642		7,414,784
Electrical Equipment Total				7,414,784

See Accompanying Notes to Financial Statements.

Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Machinery – 5.2%
ArvinMeritor, Inc. (a)		836,790		14,995,277
Chart Industries, Inc. (a)		161,000		7,307,790
Columbus McKinnon Corp. (a)		324,950		5,611,887
Lindsay Corp.		153,725		10,854,522
Robbins & Myers, Inc.		255,850		10,906,885
Tennant Co.		207,915		8,451,745
Trinity Industries, Inc.		252,900		7,877,835
Machinery Total				66,005,941
Professional Services – 2.5%
Advisory Board Co. (a)		165,147		8,448,921
Corporate Executive Board Co.		236,600		9,480,562
CoStar Group, Inc. (a)		112,300		6,364,041
Korn/Ferry International (a)		361,012		8,252,734
Professional Services Total				32,546,258
Road & Rail – 1.4%
Dollar Thrifty Automotive Group, Inc. (a)		112,388		5,968,927
Genesee & Wyoming, Inc., Class A (a)		135,490		7,057,674
Roadrunner Transportation Systems, Inc. (a)		386,779		5,449,716
Road & Rail Total				18,476,317
Trading Companies & Distributors – 0.8%
TAL International Group, Inc.		284,922		9,938,079
Trading Companies & Distributors Total				9,938,079
Industrials Total				185,389,721
Information Technology – 27.0%
Communications Equipment – 3.1%
Acme Packet, Inc. (a)		90,600		6,816,744
ADTRAN, Inc.		141,100		6,417,228
Aruba Networks, Inc. (a)		508,095		15,471,493
Riverbed Technology, Inc. (a)		255,200		10,537,208
Communications Equipment Total				39,242,673
Electronic Equipment, Instruments & Components – 1.9%
DTS, Inc. (a)		361,855		16,410,124
Universal Display Corp. (a)		199,000		8,375,910
Electronic Equipment, Instruments & Components Total				24,786,034

	Shares		Value ($)
Internet Software & Services – 5.5%
Ancestry.com, Inc. (a)		198,730		6,530,268
Dice Holdings, Inc. (a)		568,971		7,811,972
IntraLinks Holdings, Inc. (a)		596,221		16,807,470
KIT Digital, Inc. (a)		345,549		4,495,592
LogMeIn, Inc. (a)		297,985		10,694,682
OpenTable, Inc. (a)		109,100		9,695,717
RightNow Technologies, Inc. (a)		234,600		6,261,474
Vocus, Inc. (a)		338,853		8,234,128
Internet Software & Services Total				70,531,303
IT Services – 3.2%
ExlService Holdings, Inc. (a)		309,469		6,876,401
VeriFone Systems, Inc. (a)		550,160		24,999,271
Wright Express Corp. (a)		179,719		9,165,669
IT Services Total				41,041,341
Semiconductors & Semiconductor Equipment – 3.8%
Cirrus Logic, Inc. (a)		327,300		7,642,455
Cymer, Inc. (a)		170,600		8,632,360
Entropic Communications, Inc. (a)		683,200		6,326,432
MIPS Technologies, Inc. (a)		533,800		6,496,346
Nanometrics, Inc. (a)		333,200		6,004,264
Semtech Corp. (a)		283,400		6,710,912
Volterra Semiconductor Corp. (a)		240,515		6,068,193
Semiconductors & Semiconductor Equipment Total				47,880,962
Software – 9.5%
BroadSoft, Inc. (a)		182,192		6,431,378
Concur Technologies, Inc. (a)		243,138		12,650,470
Fortinet, Inc. (a)		407,365		16,636,787
Kenexa Corp. (a)		388,000		8,997,720
Netscout Systems, Inc. (a)		256,265		6,404,062
Parametric Technology Corp. (a)		402,000		9,527,400
RealPage, Inc. (a)		329,738		8,177,502
SuccessFactors, Inc. (a)		572,314		20,551,796
TIBCO Software, Inc. (a)		989,175		24,353,488
VanceInfo Technologies, Inc., ADR (a)		229,235		7,610,602
Software Total				121,341,205
Information Technology Total				344,823,518
Materials – 5.9%
Chemicals – 1.1%
Solutia, Inc. (a)		620,235		14,395,655
Chemicals Total				14,395,655

See Accompanying Notes to Financial Statements.

Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Metals & Mining – 4.8%
Coeur d'Alene Mines Corp. (a)		295,600		9,314,356
Globe Specialty Metals, Inc.		331,700		7,725,293
HudBay Minerals, Inc.		637,329		11,053,465
Stillwater Mining Co. (a)		815,616		19,468,754
Thompson Creek Metals Co., Inc. (a)		972,775		12,821,174
Metals & Mining Total				60,383,042
Materials Total				74,778,697
Total Common Stocks (cost of $930,056,807)				1,234,297,349
Short-Term Obligation – 3.7%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.080%, collateralized by a U.S. Treasury obligation maturing 02/28/18, market value $48,730,125 (repurchase proceeds $47,770,106)		47,770,000		47,770,000
Total Short-Term Obligation (cost of $47,770,000)				47,770,000
Total Investments – 100.4% (cost of $977,826,807) (b)				1,282,067,349
Other Assets & Liabilities, Net – (0.4)%				(5,620,917	)
Net Assets – 100.0%				1,276,446,432

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $977,826,807.

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 as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,234,297,349	$	—	$	—	$	1,234,297,349
Total Short-Term Obligation		—		47,770,000		—		47,770,000
Total Investments	$	1,234,297,349	$	47,770,000	$	—	$	1,282,067,349

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

See Accompanying Notes to Financial Statements.

Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

At February 28, 2011, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		27.0
Consumer Discretionary		18.1
Health Care		15.9
Industrials		14.5
Energy		7.6
Materials		5.9
Financials		5.7
Consumer Staples		2.0
		96.7
Short-Term Obligation		3.7
Other Assets & Liabilities, Net		(0.4	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at identified cost		977,826,807
	Investments, at value		1,282,067,349
	Cash		239
	Receivable for:
	Investments sold		11,011,057
	Fund shares sold		19,223,357
	Dividends		32,684
	Interest		106
	Trustees' deferred compensation plan		36,499
	Prepaid expenses		2,556
	Total Assets		1,312,373,847
Liabilities	Expense reimbursement due to Investment Manager		214
	Payable for:
	Investments purchased		33,591,172
	Fund shares repurchased		1,017,081
	Investment advisory fee		789,959
	Pricing and bookkeeping fees		11,249
	Transfer agent fee		420,606
	Custody fee		3,241
	Distribution and service fees		35,828
	Chief compliance officer expenses		77
	Trustees' deferred compensation plan		36,499
	Other liabilities		21,489
	Total Liabilities		35,927,415
	Net Assets		1,276,446,432
Net Assets Consist of	Paid-in capital		909,619,840
	Accumulated net investment loss		(4,374,810	)
	Accumulated net realized gain		66,960,860
	Net unrealized appreciation on investments		304,240,542
	Net Assets		1,276,446,432

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Class A	Net assets	$	100,815,822
	Shares outstanding		3,064,745
	Net asset value per share	$	32.90	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($32.90/0.9425)	$	34.91	(b)
Class B	Net assets	$	2,799,714
	Shares outstanding		88,086
	Net asset value and offering price per share	$	31.78	(a)
Class C	Net assets	$	19,621,798
	Shares outstanding		617,398
	Net asset value and offering price per share	$	31.78	(a)
Class I (c)	Net assets	$	85,872,526
	Shares outstanding		2,572,299
	Net asset value, offering and redemption price per share	$	33.38
Class R (c)	Net assets	$	3,098
	Shares outstanding		94
	Net asset value, offering and redemption price per share	$	32.87	(d)
Class Y	Net assets	$	13,439,437
	Shares outstanding		402,692
	Net asset value and offering price per share	$	33.37
Class Z	Net assets	$	1,053,894,037
	Shares outstanding		31,652,368
	Net asset value and offering price per share	$	33.30

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

(d) Net assets value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Small Cap Growth Fund I

For the Six Months Ended February 28, 2011 (Unaudited)

		($) (a)
Investment Income	Dividends		1,440,100
	Interest		17,290
	Total Investment Income		1,457,390
Expenses	Investment advisory fee		4,362,909
	Distribution fee:
	Class B		9,470
	Class C		64,854
	Class R		6
	Service fee:
	Class A		104,524
	Class B		3,157
	Class C		21,618
	Transfer agent fee:
	Class A, Class B, Class C, Class R, Class Z		899,679
	Transfer agent fee—Class Y		25
	Pricing and bookkeeping fees		71,405
	Trustees' fees		19,414
	Custody fee		18,543
	Chief compliance officer expenses		681
	Other expenses		173,666
	Total Expenses		5,749,951
	Expense reductions		(153	)
	Net Expenses		5,749,798
	Net Investment Loss		(4,292,408	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
	Net realized gain (loss) on:
	Investments		96,278,604
	Foreign currency transactions		(517	)
	Net realized gain		96,278,087
	Net change in unrealized appreciation (depreciation) on investments		233,545,485
	Net Gain		329,823,572
	Net Increase Resulting from Operations		325,531,164

(a) Class I and Class R shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Small Cap Growth Fund I

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment loss		(4,292,408	)		(6,786,914	)
	Net realized gain on investments, foreign currency transactions and written options		96,278,087			101,767,394
	Net change in unrealized appreciation (depreciation) on investments		233,545,485			(18,161,392	)
	Net increase resulting from operations		325,531,164			76,819,088
	Net Capital Stock Transactions		160,471,881			122,791,006
	Total increase in net assets		486,003,045			199,610,094
Net Assets	Beginning of period		790,443,387			590,833,293
	End of period		1,276,446,432			790,443,387
	Accumulated net investment loss, at end of period		(4,374,810	)		(82,402	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Small Cap Growth Fund I

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011 (a)(b)						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		793,084			23,416,633			1,113,991			27,211,950
Redemptions		(371,671	)		(10,994,331	)		(1,082,435	)		(26,475,220	)
Net increase		421,413			12,422,302			31,556			736,730
Class B
Subscriptions		6,802			197,466			13,063			300,178
Redemptions		(13,067	)		(359,069	)		(47,461	)		(1,127,943	)
Net decrease		(6,265	)		(161,603	)		(34,398	)		(827,765	)
Class C
Subscriptions		74,466			2,125,137			219,503			5,185,730
Redemptions		(65,506	)		(1,873,011	)		(107,156	)		(2,548,963	)
Net increase		8,960			252,126			112,347			2,636,767
Class I
Subscriptions		2,710,913			87,741,510			—			—
Redemptions		(138,614	)		(4,403,150	)		—			—
Net increase		2,572,299			83,338,360			—			—
Class R
Subscriptions		94			2,500			—			—
Net increase		94			2,500			—			—
Class Y
Redemptions		(172,167	)		(5,700,000	)		(102,318	)		(2,700,000	)
Net decrease		(172,167	)		(5,700,000	)		(102,318	)		(2,700,000	)
Class Z
Subscriptions		5,733,396			173,590,241			11,380,057			276,508,206
Redemptions		(3,412,662	)		(103,272,045	)		(6,309,766	)		(153,562,932	)
Net increase		2,320,734			70,318,196			5,070,291			122,945,274

(a) Class I and Class R shares commenced operations on September 27, 2010.

(b) Class I and Class R shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,												Period Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	23.55		$	20.82		$	27.82		$	31.69		$	30.29		$	27.47
Income from Investment Operations:
Net investment loss (b)		(0.15	)		(0.26	)		(0.19	)		(0.24	)		(0.25	)		(0.30	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		9.50			2.99			(6.81	)		0.17			6.38			4.01
Total from investment operations		9.35			2.73			(7.00	)		(0.07	)		6.13			3.71
Less Distributions to Shareholders:
From net realized gains		—			—			—			(3.80	)		(4.73	)		(0.89	)
Net Asset Value, End of Period	$	32.90		$	23.55		$	20.82		$	27.82		$	31.69		$	30.29
Total return (c)		39.70	%(d)		13.11	%		(25.16	)%(e)		(1.34	)%(f)		21.96	%		13.73	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.32	%(h)		1.32	%		1.37	%		1.37	%		1.40	%		1.46	%(h)
Interest expense		—			—	%(i)		—			—			—	%(i)		—	%(h)(i)
Net expenses (g)		1.32	%(h)		1.32	%		1.37	%		1.37	%		1.40	%		1.46	%(h)
Waiver/Reimbursement		—			—			0.03	%		—			—			—
Net investment loss (g)		(1.04	)%(h)		(1.10	)%		(1.01	)%		(0.82	)%		(0.82	)%		(1.15	)%(h)
Portfolio turnover rate		60	%(d)		144	%		149	%		165	%		151	%		109	%(d)
Net assets, end of period (000s)	$	100,816		$	62,261		$	54,384		$	44,184		$	18,430		$	2,836

(a) Class A shares were initially offered on November 1, 2005.

(b) Per share data was calculated using the average shares outstanding during the period.

(c) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,												Period Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	22.84		$	20.35		$	27.39		$	31.26		$	30.14		$	27.47
Income from Investment Operations:
Net investment loss (b)		(0.25	)		(0.43	)		(0.32	)		(0.45	)		(0.48	)		(0.50	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		9.19			2.92			(6.72	)		0.14			6.33			4.06
Total from investment operations		8.94			2.49			(7.04	)		(0.31	)		5.85			3.56
Less Distributions to Shareholders:
From net realized gains		—			—			—			(3.56	)		(4.73	)		(0.89	)
Net Asset Value, End of Period	$	31.78		$	22.84		$	20.35		$	27.39		$	31.26		$	30.14
Total return (c)		39.14	%(d)		12.24	%		(25.70	)%(e)		(2.10	)%(f)		21.05	%		13.17	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		2.07	%(h)		2.07	%		2.12	%		2.12	%		2.15	%		2.21	%(h)
Interest expense		—			—	%(i)		—			—			—	%(i)		—	%(h)(i)
Net expenses (g)		2.07	%(h)		2.07	%		2.12	%		2.12	%		2.15	%		2.21	%(h)
Waiver/Reimbursement		—			—			0.03	%		—			—			—
Net investment loss (g)		(1.79	)%(h)		(1.84	)%		(1.75	)%		(1.57	)%		(1.57	)%		(1.92	)%(h)
Portfolio turnover rate		60	%(d)		144	%		149	%		165	%		151	%		109	%(d)
Net assets, end of period (000s)	$	2,800		$	2,155		$	2,620		$	2,812		$	1,254		$	521

(a) Class B shares were initially offered on November 1, 2005.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,												Period Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	22.84		$	20.35		$	27.37		$	31.25		$	30.14		$	27.47
Income from Investment Operations:
Net investment loss (b)		(0.25	)		(0.44	)		(0.32	)		(0.44	)		(0.48	)		(0.49	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		9.19			2.93			(6.70	)		0.12			6.32			4.05
Total from investment operations		8.94			2.49			(7.02	)		(0.32	)		5.84			3.56
Less Distributions to Shareholders:
From net realized gains		—			—			—			(3.56	)		(4.73	)		(0.89	)
Net Asset Value, End of Period	$	31.78		$	22.84		$	20.35		$	27.37		$	31.25		$	30.14
Total return (c)		39.14	%(d)		12.24	%		(25.65	)%(e)		(2.14	)%(f)		21.02	%		13.17	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		2.07	%(h)		2.07	%		2.12	%		2.12	%		2.15	%		2.21	%(h)
Interest expense		—			—	%(i)		—			—			—	%(i)		—	%(h)(i)
Net expenses (g)		2.07	%(h)		2.07	%		2.12	%		2.12	%		2.15	%		2.21	%(h)
Waiver/Reimbursement		—			—			0.03	%		—			—			—
Net investment loss (g)		(1.79	)%(h)		(1.85	)%		(1.75	)%		(1.57	)%		(1.56	)%		(1.92	)%(h)
Portfolio turnover rate		60	%(d)		144	%		149	%		165	%		151	%		109	%(d)
Net assets, end of period (000s)	$	19,622		$	13,897		$	10,093		$	8,382		$	2,303		$	427

(a) Class C shares were initially offered on November 1, 2005.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout the period is as follows:

Class I Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	26.86
Income from Investment Operations:
Net investment loss (b)		(0.10	)
Net realized and unrealized gain on investments and foreign currency		6.62
Total from investment operations		6.52
Net Asset Value, End of Period	$	33.38
Total return (c)(d)		24.27	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.90	%
Net investment loss (e)(f)		(0.72	)%
Portfolio turnover rate (d)		60	%
Net assets, end of period (000s)	$	85,873

(a) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Annualized.

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout the period is as follows:

Class R Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	26.52
Income from Investment Operations:
Net investment loss (b)		(0.15	)
Net realized and unrealized gain on investments and foreign currency		6.50
Total from investment operations		6.35
Net Asset Value, End of Period	$	32.87
Total return (c)(d)		23.94	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.50	%
Net investment loss (e)(f)		(1.21	)%
Portfolio turnover rate (d)		60	%
Net assets, end of period (000s)	$	3

(a) Class R shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Annualized.

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	(Unaudited) Six Months Ended February 28, 2011			Year Ended August 31, 2010			Period Ended August 31, 2009 (a)
Net Asset Value, Beginning of Period	$	23.85		$	21.00		$	19.21
Income from Investment Operations:
Net investment loss (b)		(0.09	)		(0.17	)		(0.03	)
Net realized and unrealized gain on investments, foreign currency and written options		9.61			3.02			1.82
Total from investment operations		9.52			2.85			1.79
Net Asset Value, End of Period	$	33.37		$	23.85		$	21.00
Total return (c)		39.92	%(d)		13.57	%		9.32	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		0.90	%(f)		0.93	%		1.03	%(f)
Interest expense		—			—	%(g)		—
Net expenses (e)		0.90	%(f)		0.93	%		1.03	%(f)
Net investment loss (e)		(0.60	)%(f)		(0.70	)%		(0.96	)%(f)
Portfolio turnover rate		60	%(d)		144	%		149	%(d)
Net assets, end of period (000s)	$	13,439		$	13,708		$	14,222

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Growth Fund I

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	23.81		$	21.00		$	27.99		$	31.86		$	30.36		$	27.80
Income from Investment Operations:
Net investment loss (a)		(0.12	)		(0.21	)		(0.14	)		(0.17	)		(0.18	)		(0.29	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		9.61			3.02			(6.85	)		0.18			6.41			3.74
Total from investment operations		9.49			2.81			(6.99	)		0.01			6.23			3.45
Less Distributions to Shareholders:
From net investment income		—			—			—			—			—	(b)		—
From net realized gains		—			—			—			(3.88	)		(4.73	)		(0.89	)
Total distributions to shareholders		—			—			—			(3.88	)		(4.73	)		(0.89	)
Net Asset Value, End of Period	$	33.30		$	23.81		$	21.00		$	27.99		$	31.86		$	30.36
Total return (c)		39.86	%(d)		13.38	%		(24.97	)%(e)		(1.09	)%(f)		22.28	%		12.64	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.07	%(h)		1.07	%		1.12	%		1.12	%		1.15	%		1.20	%
Interest expense		—			—	%(i)		—			—			—	%(i)		—	%(i)
Net expenses (g)		1.07	%(h)		1.07	%		1.12	%		1.12	%		1.15	%		1.20	%
Waiver/Reimbursement		—			—			0.03	%		—			—			—	%(i)
Net investment loss (g)		(0.79	)%(h)		(0.85	)%		(0.76	)%		(0.57	)%		(0.59	)%		(0.96	)%
Portfolio turnover rate		60	%(d)		144	%		149	%		165	%		151	%		109	%
Net assets, end of period (000s)	$	1,053,894		$	698,422		$	509,514		$	354,145		$	220,887		$	193,493

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Small Cap Growth Fund I

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initial purchase, equal to or less than the largest stock in the Standard & Poor's SmallCap 600 Index.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I, Class R, Class Y and Class Z shares. On December 10, 2010, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial) exchanged Class Z shares valued at $13,562,263 for Class I shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

The Fund 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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

Class R shares are not subject to sales charges and are available only to qualifying institutional investors. Class R shares became effective September 27, 2010.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE). The values of such securities used in computing

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Foreign Currency Transactions and Translations

Derivative Instruments

The Fund may use derivative instruments including options in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks, among others:

The following notes provide more detailed information about the derivative type held by the Fund:

Options—The Fund had purchased put options to decrease the Fund's exposure to equity risk and to increase return on underlying instruments. Purchased put options become more profitable as the price of the underlying instruments depreciates relative to the strike price.

The Fund may purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

During the six month period ended February 28, 2011, the Fund did not enter into any purchased put options contracts.

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

Effects of Derivative Transactions in the Financial Statements

The effect of derivative instruments on the Fund's the Statement of Operations for the six month period ended February 28, 2011:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Purchased Put Options	Equity Risk	$	(731,368	)	$	(282,392	)

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded on the ex-date.

The Fund receives information regarding the character of distributions received from real estate investment trusts (REITs) on an annual basis. Distributions received from REITs are allocated among dividend income, capital gain and return of capital based upon such information or based on the Investment Manager's estimates if actual information has not yet been reported. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate increase in returns of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held, or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.87	%
$500 million to $1 billion		0.82	%
Over $1 billion		0.77	%

The annualized effective management fee rate for the six month period ended February 28, 2011, was 0.84% of the Fund's average daily net assets.

In September 2010, the Board of Trustees approved an amended Investment Management Services Agreement (IMSA) with the Investment Manager that reduces the management fee rates payable to the Investment Manager at all asset levels. Effective March 1, 2011, the Investment Manager will receive a monthly management fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.790	%
$500 million to $1 billion		0.745	%
Over $1 billion		0.700	%

Administration Fee

The Investment Manager provides administrative and other services to the Fund, under an Administrative Services Agreement (Administrative Agreement), including services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. Prior to March 1, 2011, the Investment Manager did not receive a fee for its services under the Administrative Agreement.

In connection with the IMSA approved by the Board of Trustees, effective March 1, 2011, the Fund will pay a monthly administration fee to the Investment Manager based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.080	%
$500 million to $1 billion		0.075	%
$1 billion to $3 billion		0.070	%
$3 billion to $12 billion		0.060	%
Over $12 billion		0.050	%

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

Pricing and Bookkeeping Fees

Transfer Agent Fee

The Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class, with the exception of Class I shares, as a percentage of the average daily net assets was as follows:

Class A				Class B				Class C				Class R				Class Y				Class Z
	0.18	%			0.18	%			0.18	%			0.00	%*			0.00	%*			0.18	%

* Rounds to less than 0.01%.

Class I shares do not pay transfer agent fees.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $9,359 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $12, $1,970 and $427, respectively.

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder liaison services), but currently limit such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.35%, 2.10%, 2.10%, 1.00%, 1.60%, 1.10% and 1.10% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class Y and Class Z shares, respectively.

Prior to September 27, 2010, the Investment Manager voluntarily reimbursed a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 1.10% annually of the Fund's average daily net assets.

Effective March 1, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through December 31, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.31%, 2.06%, 2.06%, 0.93%, 1.56%, 1.06% and 1.06% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class Y and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that my be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $734,959,894 and $601,368,821, respectively, for the six month period ended February 28, 2011.

Note 6. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 40.7% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 7. Line of Credit

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

Note 8. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

	August 31, 2010
Ordinary Income*	$	—
Long-Term Capital Gains		—

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	320,993,965
Unrealized depreciation		(16,753,423	)
Net unrealized appreciation	$	304,240,542

Year of Expiration				Capital Loss Carryforwards
2017				$	26,761,735

Note 9. Significant Risks and Contingencies

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Foreign Securities Risk

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than noted in Note 3 (above), there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Small Cap Growth Fund I, February 28, 2011 (Unaudited)

with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia Small Cap Growth Fund I, the Advisory Agreement will decrease contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

the Advisory Agreement for each Affected Fund, subject to shareholder approval.

• The expected benefits of continuing to retain Columbia Management as the Affected Funds' investment manager;

• The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

• The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Small Cap Growth Fund I so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

• That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

• The expected impact on expenses for certain Affected Funds of proposed mergers; and

• The expected benefits of further integrating the Combined Fund Complex by:

Nature, Extent and Quality of Services Provided under the Advisory Agreements

Investment Performance

The trustees noted that, through February 28, 2010, Columbia Small Cap Growth Fund I's performance was in the fourth quintile (where the best performance would be in the first quintile) for the one-year period and in the first quintile for the three-year period of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Small Cap Growth Fund I would decrease the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund's current investment management services agreement. The trustees reviewed and considered information that they had previously received in connection with the most recent approval of Columbia Small Cap Growth Fund I's current investment management services agreement with Columbia Management.

Costs of Services Provided and Profitability

Economies of Scale

Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

September 21, 2010

I. Overview

A. Role of the Independent Fee Consultant

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

³ CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

5. Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund – High Yield Opportunity Fund – would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

This page intentionally left blank.

Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Small Cap Growth Fund I
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1645 A (04/11)

Columbia Technology Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					6

Statement of Operations					8

Statement of Changes in Net Assets					9

Financial Highlights					11

Notes to Financial Statements					15

Shareholder Meeting Results					22

Important Information About This Report					25

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Technology Fund

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				Z
Inception	11/01/02				11/01/02				10/13/03				11/09/00
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		32.23		24.68		31.69		26.69		31.62		30.62		32.40
1-year		38.07		30.15		36.95		31.95		37.03		36.03		38.45
5-year		3.31		2.09		2.54		2.17		2.53		2.53		3.56
10-year		6.57		5.93		5.89		5.89		5.91		5.91		6.82

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B and Class C are newer classes of shares. Class A and Class B shares performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C shares performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer classes of shares would have been lower, since the newer classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003 and Class Z shares were initially offered on November 9, 2000.

¹The Merrill Lynch 100 Technology Index is an equally-weighted index of 100 leading technology stocks.

Summary

6-month (cumulative) return as of 02/28/11

				+32.23%

				Class A shares (without sales charge)

				+35.84%

				Merrill Lynch 100 Technology Index¹

Net asset value per share

as of 02/28/11 ($)

Class A					11.57
Class B					10.97
Class C					10.99
Class Z					11.81

Understanding Your Expenses – Columbia Technology Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 - 02/28/11

	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		1,322.30		1,017.80		8.12		7.05		1.41
Class B		1,000.00		1,000.00		1,316.90		1,014.08		12.41		10.79		2.16
Class C		1,000.00		1,000.00		1,316.20		1,014.08		12.40		10.79		2.16
Class Z		1,000.00		1,000.00		1,324.00		1,019.04		6.68		5.81		1.16

Investment Portfolio – Columbia Technology Fund

February 28, 2011 (Unaudited)

Common Stocks – 98.7%
	Shares		Value ($)
Consumer Discretionary – 7.4%
Internet & Catalog Retail – 7.4%
Amazon.com, Inc. (a)		65,780		11,399,016
NetFlix, Inc. (a)		7,940		1,640,960
priceline.com, Inc. (a)		17,250		7,829,430
Internet & Catalog Retail Total				20,869,406
Consumer Discretionary Total				20,869,406
Financials – 0.3%
Consumer Finance – 0.3%
Netspend Holdings, Inc. (a)		74,200		972,762
Consumer Finance Total				972,762
Financials Total				972,762
Health Care – 2.3%
Health Care Technology – 1.1%
Cerner Corp. (a)		31,210		3,135,045
Health Care Technology Total				3,135,045
Life Sciences Tools & Services – 1.2%
Agilent Technologies, Inc. (a)		82,690		3,479,595
Life Sciences Tools & Services Total				3,479,595
Health Care Total				6,614,640
Industrials – 0.8%
Electrical Equipment – 0.8%
Sensata Technologies Holding NV (a)		66,970		2,216,707
Electrical Equipment Total				2,216,707
Industrials Total				2,216,707
Information Technology – 86.9%
Communications Equipment – 8.4%
Acme Packet, Inc. (a)		61,520		4,628,765
Aruba Networks, Inc. (a)		121,030		3,685,363
QUALCOMM, Inc.		198,140		11,805,181
Riverbed Technology, Inc. (a)		91,430		3,775,145
Communications Equipment Total				23,894,454
Computers & Peripherals – 13.5%
Apple, Inc. (a)		61,724		21,801,534
EMC Corp. (a)		455,650		12,398,237
NetApp, Inc. (a)		80,870		4,177,744
Computers & Peripherals Total				38,377,515
Electronic Equipment, Instruments & Components – 2.3%
Corning, Inc.		134,640		3,104,798
DTS, Inc. (a)		37,170		1,685,660
Universal Display Corp. (a)		39,200		1,649,928
Electronic Equipment, Instruments & Components Total				6,440,386

	Shares		Value ($)
Internet Software & Services – 7.4%
Akamai Technologies, Inc. (a)		34,600		1,298,538
Baidu, Inc., ADR (a)		41,720		5,054,795
Google, Inc., Class A (a)		9,380		5,753,692
KIT Digital, Inc. (a)		86,956		1,131,298
LogMeIn, Inc. (a)		31,980		1,147,762
NetEase.com, Inc., ADR (a)		32,630		1,522,189
OpenTable, Inc. (a)		22,710		2,018,238
Sina Corp. (a)		35,490		2,898,468
Internet Software & Services Total				20,824,980
IT Services – 8.1%
Accenture PLC, Class A		80,710		4,154,951
Alliance Data Systems Corp. (a)		21,880		1,722,831
Cognizant Technology Solutions Corp., Class A (a)		98,870		7,600,137
International Business Machines Corp.		18,400		2,978,592
Teradata Corp. (a)		96,240		4,602,197
VeriFone Systems, Inc. (a)		44,820		2,036,621
IT Services Total				23,095,329
Semiconductors & Semiconductor Equipment – 16.0%
Altera Corp.		31,460		1,316,916
ARM Holdings PLC		117,600		3,559,752
ASML Holding N.V., N.Y. Registered Shares		65,330		2,848,388
Atmel Corp. (a)		599,470		8,800,220
Broadcom Corp., Class A		124,380		5,126,944
Entropic Communications, Inc. (a)		154,473		1,430,420
Intel Corp.		72,200		1,550,134
KLA-Tencor Corp.		74,410		3,632,696
Lam Research Corp. (a)		55,060		3,022,794
Linear Technology Corp.		83,100		2,871,936
Skyworks Solutions, Inc. (a)		184,610		6,634,883
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		261,450		3,213,220
Xilinx, Inc.		45,230		1,503,897
Semiconductors & Semiconductor Equipment Total				45,512,200
Software – 31.2%
ANSYS, Inc. (a)		60,250		3,393,280
Autodesk, Inc. (a)		145,080		6,100,614
Check Point Software Technologies Ltd. (a)		69,542		3,465,973
Citrix Systems, Inc. (a)		111,090		7,794,075
Concur Technologies, Inc. (a)		107,030		5,568,771
Electronic Arts, Inc. (a)		543,620		10,220,056
Fortinet, Inc. (a)		90,770		3,707,047
Intuit, Inc. (a)		47,690		2,507,540
Microsoft Corp.		306,210		8,139,062

See Accompanying Notes to Financial Statements.

Columbia Technology Fund

February 28, 2011 (Unaudited)

Common Stocks – 98.7% (continued)
	Shares		Value ($)
Oracle Corp.		100,040		3,291,316
RealPage, Inc. (a)		36,224		898,355
Red Hat, Inc. (a)		170,610		7,042,781
Rovi Corp. (a)		140,397		7,780,802
Salesforce.com, Inc. (a)		15,730		2,080,607
SuccessFactors, Inc. (a)		76,341		2,741,405
Symantec Corp. (a)		243,440		4,389,223
TIBCO Software, Inc. (a)		139,152		3,425,922
VMware, Inc., Class A (a)		73,410		6,140,747
Software Total				88,687,576
Information Technology Total				246,832,440
Telecommunication Services – 1.0%
Wireless Telecommunication Services – 1.0%
America Movil SAB de CV, Series L, ADR		24,880		1,428,609
SBA Communications Corp., Class A (a)		36,210		1,524,079
Wireless Telecommunication Services Total				2,952,688
Telecommunication Services Total				2,952,688
Total Common Stocks (cost of $208,271,921)				280,458,643
Short-Term Obligation – 3.1%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.080%, collateralized by a U.S. Treasury obligation maturing 02/28/18, market value $9,004,750 (repurchase proceeds $8,825,020)		8,825,000		8,825,000
Total Short-Term Obligation (cost of $8,825,000)				8,825,000
Total Investments – 101.8% (cost of $217,096,921) (b)				289,283,643
Other Assets & Liabilities, Net – (1.8)%				(5,212,209	)
Net Assets – 100.0%				284,071,434

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $217,096,921.

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 as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	280,458,643	$	–	$	–	$	280,458,643
Total Short-Term Obligation		–		8,825,000		–		8,825,000
Total Investments	$	280,458,643	$	8,825,000	$	–	$	289,283,643

See Accompanying Notes to Financial Statements.

Columbia Technology Fund

February 28, 2011 (Unaudited)

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

At February 28, 2011, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		86.9
Consumer Discretionary		7.4
Health Care		2.3
Telecommunication Services		1.0
Industrials		0.8
Financials		0.3
		98.7
Short-Term Obligation		3.1
Other Assets & Liabilities, Net		(1.8	)
		100.0
Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Technology Fund

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at identified cost		217,096,921
	Investments, at value		289,283,643
	Cash		821
	Receivable for:
	Investments sold		191,760
	Fund shares sold		380,394
	Dividends		177,280
	Interest		20
	Expense reimbursement due from Investment Manager		13,487
	Trustees' deferred compensation plan		27,872
	Prepaid expenses		932
	Total Assets		290,076,209
Liabilities	Payable for:
	Investments purchased		4,798,625
	Fund shares repurchased		748,966
	Investment advisory fee		192,122
	Pricing and bookkeeping fees		5,683
	Transfer agent fee		133,792
	Trustees' fees		2,852
	Custody fee		7,389
	Distribution and service fees		42,590
	Chief compliance officer expenses		163
	Interest fee		289
	Trustees' deferred compensation plan		27,872
	Other liabilities		44,432
	Total Liabilities		6,004,775
	Net Assets		284,071,434
Net Assets Consist of	Paid-in capital		285,500,023
	Accumulated net investment loss		(1,213,381	)
	Accumulated net realized loss		(72,401,930	)
	Net unrealized appreciation on investments		72,186,722
	Net Assets		284,071,434

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Technology Fund

February 28, 2011 (Unaudited)

Class A	Net assets	$	88,337,517
	Shares outstanding		7,633,066
	Net asset value per share	$	11.57	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($11.57/0.9425)	$	12.28	(b)
Class B	Net assets	$	7,375,222
	Shares outstanding		672,089
	Net asset value and offering price per share	$	10.97	(a)
Class C	Net assets	$	26,150,805
	Shares outstanding		2,378,683
	Net asset value and offering price per share	$	10.99	(a)
Class Z	Net assets	$	162,207,890
	Shares outstanding		13,737,296
	Net asset value, offering and redemption price per share	$	11.81

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Technology Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($)
Investment Income	Dividends		711,574
	Interest		2,630
	Foreign taxes withheld		(1,888	)
	Total Investment Income		712,316
Expenses	Investment advisory fee		1,196,688
	Distribution fee:
	Class B		27,376
	Class C		90,677
	Service fee:
	Class A		108,382
	Class B		9,125
	Class C		30,226
	Transfer agent fee		227,560
	Pricing and bookkeeping fees		39,886
	Trustees' fees		14,785
	Custody fee		7,383
	Chief compliance officer expenses		530
	Other expenses		114,236
	Expenses before interest expense		1,866,854
	Interest expense		1,447
	Total Expenses		1,868,301
	Net Investment Loss		(1,155,985	)
Net Realized and Unrealized Gain on Investments
	Net realized gain on investments		47,308,242
	Net change in unrealized appreciation (depreciation) on investments		28,506,937
	Net Gain		75,815,179
	Net Increase Resulting from Operations		74,659,194

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Technology Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment loss		(1,155,985	)		(2,863,950	)
	Net realized gain on investments and foreign currency transactions		47,308,242			47,020,506
	Net change in unrealized appreciation (depreciation) on investments		28,506,937			(2,502,005	)
	Net increase resulting from operations		74,659,194			41,654,551
	Net Capital Stock Transactions		(41,920,910	)		(57,946,529	)
	Total increase (decrease) in net assets		32,738,284			(16,291,978	)
Net Assets	Beginning of period		251,333,150			267,625,128
	End of period		284,071,434			251,333,150
	Accumulated net investment loss at end of period		(1,213,381	)		(57,396	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Technology Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,628,722			17,363,094			3,128,923			27,120,284
Redemptions		(2,219,694	)		(24,198,810	)		(5,637,671	)		(48,352,597	)
Net decrease		(590,972	)		(6,835,716	)		(2,508,748	)		(21,232,313	)
Class B
Subscriptions		8,984			89,602			61,443			509,325
Redemptions		(114,489	)		(1,160,161	)		(187,574	)		(1,540,306	)
Net decrease		(105,505	)		(1,070,559	)		(126,131	)		(1,030,981	)
Class C
Subscriptions		217,621			2,299,701			239,855			1,981,609
Redemptions		(348,016	)		(3,520,919	)		(1,086,153	)		(8,871,786	)
Net decrease		(130,395	)		(1,221,218	)		(846,298	)		(6,890,177	)
Class Z
Subscriptions		1,660,121			18,251,073			6,141,161			53,385,962
Redemptions		(4,954,049	)		(51,044,490	)		(9,294,164	)		(82,179,020	)
Net decrease		(3,293,928	)		(32,793,417	)		(3,153,003	)		(28,793,058	)

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Technology Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.75		$	7.58		$	9.72		$	11.62		$	9.33		$	8.77
Income from Investment Operations:
Net investment loss (a)		(0.05	)		(0.09	)		(0.05	)		(0.07	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and written options		2.87			1.26			(2.09	)		(1.22	)		2.39			1.21
Total from investment operations		2.82			1.17			(2.14	)		(1.29	)		2.29			1.12
Less Distributions to Shareholders:
From net realized gains		—			—			—			(0.61	)		—			(0.56	)
Net Asset Value, End of Period	$	11.57		$	8.75		$	7.58		$	9.72		$	11.62		$	9.33
Total return (b)		32.23	%(c)		15.44	%(d)		(22.02	)%(d)		(12.13	)%		24.54	%		12.78	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.41	%(f)		1.45	%		1.46	%		1.36	%		1.46	%		1.45	%
Interest expense		—	%(f)(g)		—	%(g)		—			—			—	%(g)		—	%(g)
Net expenses (e)		1.41	%(f)		1.45	%		1.46	%		1.36	%		1.46	%		1.45	%
Waiver/Reimbursement		—			0.02	%		0.07	%		—			—			—	%(g)
Net investment loss (e)		(0.90	)%(f)		(1.10	)%		(0.80	)%		(0.69	)%		(0.96	)%		(0.95	)%
Portfolio turnover rate		100	%(c)		189	%		284	%		263	%		210	%		350	%
Net assets, end of period (000s)	$	88,338		$	71,989		$	81,321		$	137,181		$	109,541		$	75,996

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Technology Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.33		$	7.26		$	9.39		$	11.25		$	9.10		$	8.57
Income from Investment Operations:
Net investment loss (a)		(0.08	)		(0.15	)		(0.10	)		(0.15	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and written options		2.72			1.22			(2.03	)		(1.19	)		2.32			1.19
Total from investment operations		2.64			1.07			(2.13	)		(1.34	)		2.15			1.03
Less Distributions to Shareholders:
From net realized gains		—			—			—			(0.52	)		—			(0.50	)
Net Asset Value, End of Period	$	10.97		$	8.33		$	7.26		$	9.39		$	11.25		$	9.10
Total return (b)		31.69	%(c)		14.74	%(d)		(22.68	)%(d)		(12.80	)%		23.63	%		11.98	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.16	%(f)		2.20	%		2.21	%		2.11	%		2.21	%		2.20	%
Interest expense		—	%(f)(g)		—	%(g)		—			—			—	%(g)		—	%(g)
Net expenses (e)		2.16	%(f)		2.20	%		2.21	%		2.11	%		2.21	%		2.20	%
Waiver/Reimbursement		—			0.02	%		0.07	%		—			—			—	%(g)
Net investment loss (e)		(1.65	)%(f)		(1.85	)%		(1.55	)%		(1.43	)%		(1.70	)%		(1.70	)%
Portfolio turnover rate		100	%(c)		189	%		284	%		263	%		210	%		350	%
Net assets, end of period (000s)	$	7,375		$	6,478		$	6,562		$	10,812		$	10,580		$	7,823

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Technology Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.35		$	7.27		$	9.41		$	11.27		$	9.12		$	8.59
Income from Investment Operations:
Net investment loss (a)		(0.08	)		(0.15	)		(0.10	)		(0.15	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and written options		2.72			1.23			(2.04	)		(1.19	)		2.32			1.19
Total from investment operations		2.64			1.08			(2.14	)		(1.34	)		2.15			1.03
Less Distributions to Shareholders:
From net realized gains		—			—			—			(0.52	)		—			(0.50	)
Net Asset Value, End of Period	$	10.99		$	8.35		$	7.27		$	9.41		$	11.27		$	9.12
Total return (b)		31.62	%(c)		14.86	%(d)		(22.74	)%(d)		(12.78	)%		23.57	%		11.95	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.16	%(f)		2.20	%		2.21	%		2.11	%		2.21	%		2.20	%
Interest expense		—	%(f)(g)		—	%(g)		—			—			—	%(g)		—	%(g)
Net expenses (e)		2.16	%(f)		2.20	%		2.21	%		2.11	%		2.21	%		2.20	%
Waiver/Reimbursement		—			0.02	%		0.07	%		—			—			—	%(g)
Net investment loss (e)		(1.65	)%(f)		(1.85	)%		(1.55	)%		(1.45	)%		(1.70	)%		(1.70	)%
Portfolio turnover rate		100	%(c)		189	%		284	%		263	%		210	%		350	%
Net assets, end of period (000s)	$	26,151		$	20,941		$	24,410		$	44,466		$	36,325		$	21,018

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Technology Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.92		$	7.70		$	9.86		$	11.78		$	9.43		$	8.86
Income from Investment Operations:
Net investment loss (a)		(0.03	)		(0.07	)		(0.04	)		(0.05	)		(0.08	)		(0.07	)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and written options		2.92			1.29			(2.12	)		(1.23	)		2.43			1.22
Total from investment operations		2.89			1.22			(2.16	)		(1.28	)		2.35			1.15
Less Distributions to Shareholders:
From net realized gains		—			—			—			(0.64	)		—			(0.58	)
Net Asset Value, End of Period	$	11.81		$	8.92		$	7.70		$	9.86		$	11.78		$	9.43
Total return (b)		32.40	%(c)		15.84	%(d)		(21.91	)%(d)		(11.93	)%		24.92	%		13.01	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.16	%(f)		1.20	%		1.21	%		1.11	%		1.21	%		1.20	%
Interest expense		—	%(f)(g)		—	%(g)		—			—			—	%(g)		—	%(g)
Net expenses (e)		1.16	%(f)		1.20	%		1.21	%		1.11	%		1.21	%		1.20	%
Waiver/Reimbursement		—			0.02	%		0.07	%		—			—			—	%(g)
Net investment loss (e)		(0.65	)%(f)		(0.85	)%		(0.54	)%		(0.45	)%		(0.70	)%		(0.71	)%
Portfolio turnover rate		100	%(c)		189	%		284	%		263	%		210	%		350	%
Net assets, end of period (000s)	$	162,208		$	151,924		$	155,332		$	208,883		$	137,420		$	70,767

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Technology Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its total net assets (plus any borrowings for investment purposes) in stocks of technology companies that may benefit from technological improvements, advancements or developments.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Columbia Technology Fund, February 28, 2011 (Unaudited)

Foreign Currency Transactions and Translations

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded on the ex-date.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Columbia Technology Fund, February 28, 2011 (Unaudited)

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.87	%
$500 million to $1 billion		0.82	%
Over $1 billion		0.77	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.87% of the Fund's average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and 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 asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class was 0.17% of the Fund's average daily net assets.

Columbia Technology Fund, February 28, 2011 (Unaudited)

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $8,464 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $4, $12,663 and $572, respectively.

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

The Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 1.20% of the Fund's average daily net assets on an annualized basis. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $267,636,468 and $295,600,730, respectively, for the six month period ended February 28, 2011.

Note 6. Shareholder Concentration

As of February 28, 2011, two shareholder accounts owned 22.9% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Columbia Technology Fund, February 28, 2011 (Unaudited)

Note 7. Line of Credit

For the six month period ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $4,387,500 at a weighted average interest rate of 1.49%.

Note 8. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

				August 31, 2010
Ordinary Income*				$	—

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	75,635,561
Unrealized depreciation		(3,448,839	)
Net unrealized appreciation	$	72,186,722

Year of Expiration	Capital Loss Carryforwards
2017	$	89,694,106
2018		29,378,123
Total	$	119,072,229

Note 9. Significant Risks and Contingencies

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Foreign Securities Risk

Columbia Technology Fund, February 28, 2011 (Unaudited)

Note 10. Subsequent Events

Effective on March 28, 2011, the Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent). This credit facility replaced the credit facility provided by State Street. The credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $300 million. The borrowers shall have the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility shall at no time exceed $500 million. Participation in such increase by any existing lender shall be at such lender's sole discretion. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. 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 0.10% per annum.

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Technology Fund, February 28, 2011 (Unaudited)

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.

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Fund would transfer its assets to Columbia Seligman Global Technology Fund (the "Buying Fund") in exchange for shares of the Buying Fund and the assumption by the Buying Fund of all of the liabilities of the Fund (the "Reorganization"). The proposal was not approved as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	116,233,895				3,131,234				2,949,859				0

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Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Technology Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1650 A (04/11)

Columbia Balanced Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					17

Statement of Operations					19

Statement of Changes in Net Assets					20

Financial Highlights					22

Notes to Financial Statements					27

Board Consideration and Approval of Advisory Agreements					35

Summary of Management Fee Evaluation by Independent Fee Consultant					39

Shareholder Meeting Results					41

Important Information About This Report					45

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Balanced Fund

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				R		Z
Inception	11/01/02				11/01/02				10/13/03				09/27/10		10/01/91
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		18.72		11.90		18.28		13.28		18.28		17.28		n/a		18.84
1- year		16.93		10.21		16.05		11.05		16.05		15.05		n/a		17.24
5-year		6.43		5.18		5.62		5.30		5.62		5.62		n/a		6.68
10-year/Life		4.47		3.85		3.81		3.81		3.81		3.81		11.72		4.71

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares, the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year, and eliminated thereafter for Class B shares and 1.00% for Class C shares in the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class R shares are sold at net asset value with a distribution (Rule 12b-1) fee. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B and Class C are newer classes of shares. Class A and Class B share performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C share performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer classes of shares would have been lower, since the newer classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003, Class R shares were initially offered on September 27, 2010, and Class Z shares were initially offered on October 1, 1991.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

²The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Summary

6-month (cumulative) return as of 02/28/11

				+18.72%

				Class A shares (without sales charge)

				+27.73%

				S&P 500 Index¹

				–0.83%

				Barclays Capital Aggregate Bond Index²

Net asset value per share

as of 02/28/11 ($)
Class A					27.41
Class B					27.35
Class C					27.35
Class R					27.40
Class Z					27.38

Distributions declared per share

09/01/10 – 02/28/11 ($)
Class A					0.22
Class B					0.13
Class C					0.13
Class R					0.10
Class Z					0.25

Understanding Your Expenses – Columbia Balanced Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 – 02/28/11

	Account value at the beginning of the period ($)				Account value at the end of the period ($)					Expenses paid during the period ($)					Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,187.20			1,020.03		5.21			4.81		0.96
Class B		1,000.00		1,000.00		1,182.80			1,016.31		9.25			8.55		1.71
Class C		1,000.00		1,000.00		1,182.80			1,016.31		9.25			8.55		1.71
Class R		1,000.00		1,000.00		1,035.90	*		1,018.78		5.21	*		6.07		1.21
Class Z		1,000.00		1,000.00		1,188.40			1,021.27		3.85			3.56		0.71

*For the period September 27, 2010 through February 28, 2011. Class R shares commenced operations on September 27, 2010.

Investment Portfolio – Columbia Balanced Fund

February 28, 2011 (Unaudited)

Common Stocks – 64.3%
	Shares		Value ($)
Consumer Discretionary – 5.2%
Auto Components – 0.9%
Johnson Controls, Inc.		83,596		3,410,717
Auto Components Total				3,410,717
Automobiles – 0.9%
General Motors Co. (a)		99,816		3,346,830
Automobiles Total				3,346,830
Hotels, Restaurants & Leisure – 0.3%
Carnival Corp.		32,756		1,397,699
Hotels, Restaurants & Leisure Total				1,397,699
Media – 1.2%
Comcast Corp., Class A		176,870		4,556,171
Media Total				4,556,171
Multiline Retail – 1.9%
Kohl's Corp.		48,673		2,622,988
Target Corp.		87,753		4,611,420
Multiline Retail Total				7,234,408
Consumer Discretionary Total				19,945,825
Consumer Staples – 4.8%
Beverages – 0.6%
PepsiCo, Inc.		35,939		2,279,251
Beverages Total				2,279,251
Food & Staples Retailing – 0.6%
CVS Caremark Corp.		70,920		2,344,615
Food & Staples Retailing Total				2,344,615
Food Products – 0.7%
Kraft Foods, Inc., Class A		82,415		2,624,094
Food Products Total				2,624,094
Personal Products – 1.1%
Avon Products, Inc.		101,710		2,828,555
Herbalife Ltd.		21,814		1,710,436
Personal Products Total				4,538,991
Tobacco – 1.8%
Philip Morris International, Inc.		110,588		6,942,715
Tobacco Total				6,942,715
Consumer Staples Total				18,729,666
Energy – 9.9%
Energy Equipment & Services – 1.5%
Baker Hughes, Inc.		13,765		978,003
Halliburton Co.		66,208		3,107,803
Schlumberger Ltd.		17,456		1,630,740
Energy Equipment & Services Total				5,716,546

	Shares		Value ($)
Oil, Gas & Consumable Fuels – 8.4%
Alpha Natural Resources, Inc. (a)		31,490		1,707,388
Apache Corp.		33,657		4,194,335
Chevron Corp.		53,918		5,593,993
ConocoPhillips		54,607		4,252,247
Devon Energy Corp.		24,919		2,278,593
Exxon Mobil Corp.		90,030		7,700,266
Imperial Oil Ltd.		24,437		1,269,258
Petroleo Brasileiro SA, ADR		76,712		2,697,961
Suncor Energy, Inc.		60,499		2,844,663
Oil, Gas & Consumable Fuels Total				32,538,704
Energy Total				38,255,250
Financials – 12.5%
Capital Markets – 4.7%
BlackRock, Inc., Class A		20,332		4,147,524
Goldman Sachs Group, Inc.		41,215		6,750,193
Invesco Ltd.		123,073		3,303,279
State Street Corp.		88,326		3,949,939
Capital Markets Total				18,150,935
Commercial Banks – 1.3%
Wells Fargo & Co.		154,470		4,983,202
Commercial Banks Total				4,983,202
Consumer Finance – 1.3%
American Express Co.		113,124		4,928,813
Consumer Finance Total				4,928,813
Diversified Financial Services – 4.1%
Bank of America Corp.		272,675		3,896,526
Citigroup, Inc. (a)		838,952		3,926,295
JPMorgan Chase & Co.		171,891		8,025,591
Diversified Financial Services Total				15,848,412
Insurance – 1.1%
MetLife, Inc.		89,571		4,242,083
Insurance Total				4,242,083
Financials Total				48,153,445
Health Care – 5.6%
Biotechnology – 0.6%
Celgene Corp. (a)		45,139		2,396,881
Biotechnology Total				2,396,881
Health Care Equipment & Supplies – 0.7%
Baxter International, Inc.		53,291		2,832,417
Health Care Equipment & Supplies Total				2,832,417

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Health Care Providers & Services – 1.5%
Cardinal Health, Inc.		48,521		2,020,414
Medco Health Solutions, Inc. (a)		29,650		1,827,626
WellPoint, Inc. (a)		30,929		2,055,851
Health Care Providers & Services Total				5,903,891
Life Sciences Tools & Services – 1.3%
Thermo Fisher Scientific, Inc. (a)		85,493		4,772,219
Life Sciences Tools & Services Total				4,772,219
Pharmaceuticals – 1.5%
Abbott Laboratories		52,784		2,538,910
Pfizer, Inc.		173,260		3,333,523
Pharmaceuticals Total				5,872,433
Health Care Total				21,777,841
Industrials – 8.1%
Aerospace & Defense – 1.8%
Honeywell International, Inc.		57,040		3,303,186
United Technologies Corp.		46,470		3,882,104
Aerospace & Defense Total				7,185,290
Air Freight & Logistics – 0.9%
FedEx Corp.		38,125		3,432,013
Air Freight & Logistics Total				3,432,013
Electrical Equipment – 0.2%
Sensata Technologies Holding N.V.		23,544		779,306
Electrical Equipment Total				779,306
Industrial Conglomerates – 1.6%
General Electric Co.		167,765		3,509,644
Tyco International Ltd.		57,656		2,614,123
Industrial Conglomerates Total				6,123,767
Machinery – 1.0%
Illinois Tool Works, Inc.		71,805		3,884,650
Machinery Total				3,884,650
Professional Services – 1.4%
Nielsen Holdings NV (a)		210,729		5,603,284
Professional Services Total				5,603,284
Road & Rail – 1.2%
Union Pacific Corp.		47,022		4,486,369
Road & Rail Total				4,486,369
Industrials Total				31,494,679
Information Technology – 14.0%
Communications Equipment – 1.1%
QUALCOMM, Inc.		73,336		4,369,359
Communications Equipment Total				4,369,359

	Shares		Value ($)
Computers & Peripherals – 3.4%
Apple, Inc. (a)		25,009		8,833,429
EMC Corp. (a)		159,539		4,341,056
Computers & Peripherals Total				13,174,485
Electronic Equipment, Instruments & Components – 1.4%
Corning, Inc.		64,665		1,491,175
Tyco Electronics Ltd.		111,638		4,023,433
Electronic Equipment, Instruments & Components Total				5,514,608
Internet Software & Services – 2.8%
eBay, Inc. (a)		136,790		4,583,149
Google, Inc., Class A (a)		9,872		6,055,485
Internet Software & Services Total				10,638,634
IT Services – 3.1%
International Business Machines Corp.		44,842		7,259,023
MasterCard, Inc., Class A		18,951		4,558,853
IT Services Total				11,817,876
Semiconductors & Semiconductor Equipment – 0.9%
Advanced Micro Devices, Inc. (a)		160,328		1,476,621
Atmel Corp. (a)		51,592		757,371
Micron Technology, Inc. (a)		100,662		1,120,368
Semiconductors & Semiconductor Equipment Total				3,354,360
Software – 1.3%
AsiaInfo-Linkage, Inc. (a)		25,721		523,422
Microsoft Corp.		172,345		4,580,930
Software Total				5,104,352
Information Technology Total				53,973,674
Materials – 3.6%
Chemicals – 2.8%
Air Products & Chemicals, Inc.		33,482		3,080,344
Celanese Corp., Series A		60,033		2,488,368
Chemtura Corp. (a)		76,546		1,245,404
Rockwood Holdings, Inc. (a)		10,975		510,886
Syngenta AG, ADR		53,863		3,626,057
Chemicals Total				10,951,059
Metals & Mining – 0.8%
Freeport-McMoRan Copper & Gold, Inc.		28,405		1,504,044
Vale SA, ADR		43,225		1,479,592
Metals & Mining Total				2,983,636
Materials Total				13,934,695

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Telecommunication Services – 0.6%
Wireless Telecommunication Services – 0.6%
MetroPCS Communications, Inc. (a)		85,085		1,225,224
Millicom International Cellular SA		12,179		1,066,880
Wireless Telecommunication Services Total				2,292,104
Telecommunication Services Total				2,292,104
Total Common Stocks (cost of $188,453,162)				248,557,179
Corporate Fixed-Income Bonds & Notes – 12.4%
	Par ($)
Basic Materials – 0.4%
Chemicals – 0.2%
CF Industries, Inc.
6.875% 05/01/18		35,000		38,587
7.125% 05/01/20		17,000		19,040
Chemtura Corp.
7.875% 09/01/18 (b)		8,000		8,540
Dow Chemical Co.
7.375% 11/01/29		275,000		332,841
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.875% 02/01/18		65,000		69,794
9.000% 11/15/20 (b)		10,000		10,638
Lyondell Chemical Co.
8.000% 11/01/17 (b)		48,000		54,120
Momentive Performance Materials, Inc.
9.000% 01/15/21 (b)		15,000		15,956
Nalco Co.
6.625% 01/15/19 (b)		30,000		31,013
NOVA Chemicals Corp.
8.625% 11/01/19		55,000		60,775
Rain CII Carbon LLC & CII Carbon Corp.
8.000% 12/01/18 (b)		20,000		21,400
Chemicals Total				662,704
Forest Products & Paper – 0.0%
Cascades, Inc.
7.750% 12/15/17		10,000		10,462
7.875% 01/15/20		40,000		41,750
Verso Paper Holdings LLC/Verso Paper, Inc.
8.750% 02/01/19 (b)		10,000		10,450
Forest Products & Paper Total				62,662
Iron/Steel – 0.1%
Arcelormittal
5.500% 03/01/21 (c)		400,000		397,428
United States Steel Corp.
7.000% 02/01/18		40,000		41,700
7.375% 04/01/20		6,000		6,330
Iron/Steel Total				445,458

	Par ($)		Value ($)
Metals & Mining – 0.1%
FMG Resources August 2006 Pty Ltd.
6.375% 02/01/16 (b)		15,000		15,225
7.000% 11/01/15 (b)		34,000		35,425
Noranda Aluminum Acquisition Corp.
PIK,
5.193% 05/15/15 (05/15/11)		40,000		36,688
Novelis, Inc.
8.375% 12/15/17 (b)		20,000		22,050
8.750% 12/15/20 (b)		25,000		27,563
Vale Overseas Ltd.
6.250% 01/23/17		295,000		332,569
Metals & Mining Total				469,520
Basic Materials Total				1,640,344
Communications – 2.0%
Advertising – 0.0%
Interpublic Group of Companies, Inc.
10.000% 07/15/17		40,000		47,300
inVentiv Health, Inc.
10.000% 08/15/18 (b)		33,000		33,825
Visant Corp.
10.000% 10/01/17		17,000		18,403
Advertising Total				99,528
Media – 0.8%
Belo Corp.
8.000% 11/15/16		55,000		60,019
Cablevision Systems Corp.
8.625% 09/15/17		50,000		56,000
CCO Holdings LLC/CCO Holdings Capital Corp.
7.000% 01/15/19		15,000		15,263
8.125% 04/30/20		62,000		66,960
Cequel Communications Holdings I LLC & Cequel Capital Corp.
8.625% 11/15/17 (b)		35,000		37,012
Clear Channel Communications, Inc.
9.000% 03/01/21 (b)		60,000		60,975
Clear Channel Worldwide Holdings, Inc.
9.250% 12/15/17		45,000		50,062
DIRECTV Holdings LLC
3.550% 03/15/15		430,000		438,655
DISH DBS Corp.
7.875% 09/01/19		73,000		79,114
Entravision Communications Corp.
8.750% 08/01/17		45,000		48,600
Gray Television, Inc.
10.500% 06/29/15		25,000		26,563
Insight Communications
9.375% 07/15/18 (b)		15,000		16,575
NBC Universal Media, LLC.
5.950% 04/01/41 (b)		450,000		443,163

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
News America, Inc.
6.550% 03/15/33		275,000		291,134
RR Donnelley & Sons Co.
6.125% 01/15/17		350,000		358,184
Salem Communications Corp.
9.625% 12/15/16		33,000		36,217
Sinclair Television Group, Inc.
9.250% 11/01/17 (b)		64,000		71,840
Sirius XM Radio, Inc.
8.750% 04/01/15 (b)		25,000		27,688
TCM Sub LLC
3.550% 01/15/15 (b)		400,000		411,149
Time Warner, Inc.
6.200% 03/15/40		360,000		366,837
Univision Communications, Inc.
7.875% 11/01/20 (b)		30,000		32,175
8.500% 05/15/21 (b)		40,000		41,600
XM Satellite Radio, Inc.
7.625% 11/01/18 (b)		51,000		53,932
Media Total				3,089,717
Telecommunication Services – 1.2%
America Movil SAB de CV
5.625% 11/15/17		370,000		403,782
AT&T, Inc.
4.950% 01/15/13		400,000		428,078
5.350% 09/01/40 (b)		246,000		223,231
Avaya, Inc.
7.000% 04/01/19 (b)		25,000		24,750
Cincinnati Bell, Inc.
8.250% 10/15/17		30,000		30,300
8.375% 10/15/20		10,000		9,875
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000% 12/01/15 (b)		31,000		33,325
12.000% 12/01/17 (b)		22,000		23,760
CommScope, Inc.
8.250% 01/15/19 (b)		15,000		15,563
Cricket Communications, Inc.
7.750% 05/15/16		40,000		42,300
Frontier Communications Corp.
8.500% 04/15/20		35,000		38,850
Integra Telecom Holdings, Inc.
10.750% 04/15/16 (b)		13,000		14,105
Intelsat Jackson Holdings SA
7.250% 10/15/20 (b)		60,000		61,650
ITC Deltacom, Inc.
10.500% 04/01/16		19,000		20,853
Level 3 Financing, Inc.
8.750% 02/15/17		45,000		44,212
9.250% 11/01/14		25,000		25,813
MetroPCS Wireless, Inc.
6.625% 11/15/20		20,000		19,475
7.875% 09/01/18		30,000		31,500

	Par ($)		Value ($)
Nextel Communications, Inc.
7.375% 08/01/15		14,000		14,035
Nielsen Finance LLC/Nielsen Finance Co.
7.750% 10/15/18 (b)		52,000		56,160
NII Capital Corp.
10.000% 08/15/16		7,000		7,928
PAETEC Holding Corp.
8.875% 06/30/17		45,000		48,825
9.500% 07/15/15		2,000		2,108
9.875% 12/01/18 (b)		20,000		21,550
Sprint Capital Corp.
6.875% 11/15/28		25,000		22,531
6.900% 05/01/19		30,000		30,262
Sprint Nextel Corp.
8.375% 08/15/17		112,000		124,180
Telecom Italia Capital SA
5.250% 10/01/15		500,000		508,389
Telefonica Emisiones SAU
4.949% 01/15/15		570,000		599,899
tw telecom holdings, Inc.
8.000% 03/01/18		18,000		19,305
United States Cellular Corp.
6.700% 12/15/33		325,000		316,815
Verizon New York, Inc.
7.375% 04/01/32		480,000		541,533
Vodafone Group PLC
5.750% 03/15/16		460,000		513,312
West Corp.
7.875% 01/15/19 (b)		40,000		41,300
Wind Acquisition Finance SA
11.750% 07/15/17 (b)		65,000		74,587
11.750% 07/15/17 (b)(d)(e)		65,000		—
Windstream Corp.
7.875% 11/01/17		45,000		48,881
8.125% 09/01/18		25,000		26,750
Telecommunication Services Total				4,509,772
Communications Total				7,699,017
Consumer Cyclical – 0.4%
Auto Manufacturers – 0.0%
Oshkosh Corp.
8.500% 03/01/20		37,000		41,717
Auto Manufacturers Total				41,717
Auto Parts & Equipment – 0.0%
Accuride Corp.
9.500% 08/01/18		7,000		7,805
Dana Holding Corp.
6.500% 02/15/19		5,000		5,038
6.750% 02/15/21		44,000		44,715

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Lear Corp.
7.875% 03/15/18		45,000		49,500
8.125% 03/15/20		20,000		22,300
Pinafore LLC/Pinafore, Inc.
9.000% 10/01/18 (b)		5,000		5,562
Tenneco Automotive, Inc. 7.750% 08/15/18		4,000		4,305
Auto Parts & Equipment Total				139,225
Distribution/Wholesale – 0.0%
McJunkin Red Man Corp.
9.500% 12/15/16 (b)		20,000		19,600
Distribution/Wholesale Total				19,600
Entertainment – 0.1%
AMC Entertainment, Inc.
8.750% 06/01/19		25,000		26,844
9.750% 12/01/20 (b)		15,000		16,088
Boyd Gaming Corp.
9.125% 12/01/18 (b)		60,000		63,300
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.
9.125% 08/01/18 (b)		10,000		10,900
Pinnacle Entertainment, Inc.
8.750% 05/15/20		17,000		18,126
Regal Entertainment Group
9.125% 08/15/18		25,000		26,687
Shingle Springs Tribal Gaming Authority
9.375% 06/15/15 (b)		65,000		44,200
Speedway Motorsports, Inc.
8.750% 06/01/16		55,000		59,950
Tunica-Biloxi Gaming Authority
9.000% 11/15/15 (b)		6,000		5,955
Entertainment Total				272,050
Home Builders – 0.0%
K Hovnanian Enterprises, Inc.
10.625% 10/15/16		15,000		16,256
11.875% 10/15/15		20,000		19,700
Home Builders Total				35,956
Home Furnishings – 0.0%
Norcraft Companies LP/Norcraft Finance Corp.
10.500% 12/15/15		50,000		53,625
Sealy Mattress Co.
10.875% 04/15/16 (b)		35,000		39,725
Home Furnishings Total				93,350
Lodging – 0.1%
MGM Resorts International
9.000% 03/15/20 (b)		45,000		49,612
11.375% 03/01/18		40,000		45,400
Seminole Indian Tribe of Florida
7.750% 10/01/17 (b)		55,000		58,369

	Par ($)		Value ($)
Seneca Gaming Corp.
8.250% 12/01/18 (b)		16,000		16,560
Starwood Hotels & Resorts Worldwide, Inc.
7.150% 12/01/19		30,000		33,000
Wyndham Worldwide Corp.
6.000% 12/01/16		75,000		79,862
Lodging Total				282,803
Office Furnishings – 0.0%
Interface, Inc.
7.625% 12/01/18 (b)		6,000		6,353
Office Furnishings Total				6,353
Retail – 0.2%
CVS Pass-Through Trust
7.507% 01/10/32 (b)		343,344		397,163
Michaels Stores, Inc.
11.375% 11/01/16		10,000		10,925
NBTY, Inc.
9.000% 10/01/18 (b)		5,000		5,425
QVC, Inc.
7.500% 10/01/19 (b)		75,000		80,250
Rite Aid Corp.
8.000% 08/15/20		28,000		30,275
Toys R Us - Delaware, Inc.
7.375% 09/01/16 (b)		25,000		26,562
Toys R Us, Inc.
7.875% 04/15/13		20,000		21,400
Retail Total				572,000
Consumer Cyclical Total				1,463,054
Consumer Non-Cyclical – 1.5%
Beverages – 0.3%
Anheuser-Busch InBev Worldwide, Inc.
2.500% 03/26/13		375,000		382,985
Bottling Group LLC
6.950% 03/15/14		300,000		346,353
Cott Beverages, Inc.
8.125% 09/01/18		9,000		9,686
8.375% 11/15/17		20,000		21,550
Miller Brewing Co.
5.500% 08/15/13 (b)		340,000		371,817
Beverages Total				1,132,391
Commercial Services – 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
8.250% 01/15/19		20,000		21,225
Brickman Group Holdings, Inc.
9.125% 11/01/18 (b)		2,000		2,125
Cardtronics, Inc.
8.250% 09/01/18		20,000		21,600

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Garda World Security Corp.
9.750% 03/15/17 (b)		10,000		10,775
Hertz Corp.
7.375% 01/15/21 (b)		25,000		26,063
7.500% 10/15/18 (b)		15,000		15,825
Interactive Data Corp.
10.250% 08/01/18 (b)		35,000		39,200
RSC Equipment Rental, Inc./RSC Holdings III LLC
8.250% 02/01/21 (b)		10,000		10,550
10.000% 07/15/17 (b)		35,000		40,162
United Rentals North America, Inc.
8.375% 09/15/20		40,000		42,350
9.250% 12/15/19		71,000		80,762
10.875% 06/15/16		9,000		10,463
Commercial Services Total				321,100
Food – 0.2%
Dean Foods Co.
9.750% 12/15/18 (b)		12,000		12,450
Kraft Foods, Inc.
5.375% 02/10/20		410,000		436,144
Kroger Co.
5.400% 07/15/40		300,000		283,955
Michael Foods, Inc.
9.750% 07/15/18 (b)		16,000		17,440
U.S. Foodservice
PIK,
10.250% 06/30/15 (b)		18,000		18,540
Food Total				768,529
Healthcare Products – 0.1%
Hanger Orthopedic Group, Inc.
7.125% 11/15/18		22,000		22,605
Hospira, Inc.
6.050% 03/30/17		300,000		335,108
Healthcare Products Total				357,713
Healthcare Services – 0.4%
American Renal Holdings
8.375% 05/15/18		5,000		5,231
Apria Healthcare Group, Inc.
11.250% 11/01/14		45,000		48,712
Capella Healthcare, Inc.
9.250% 07/01/17 (b)		5,000		5,400
HCA, Inc.
7.250% 09/15/20		104,000		112,190
7.875% 02/15/20		19,000		20,876
Healthsouth Corp.
8.125% 02/15/20		35,000		37,887
LifePoint Hospitals, Inc.
6.625% 10/01/20 (b)		8,000		8,190
McKesson Corp.
3.250% 03/01/16		450,000		452,029

	Par ($)		Value ($)
Multiplan, Inc.
9.875% 09/01/18 (b)		14,000		15,068
Radiation Therapy Services, Inc.
9.875% 04/15/17		11,000		11,330
Radnet Management, Inc.
10.375% 04/01/18		5,000		5,013
Roche Holdings, Inc.
6.000% 03/01/19 (b)		500,000		571,153
Tenet Healthcare Corp.
8.875% 07/01/19		30,000		34,125
UnitedHealth Group, Inc.
4.875% 03/15/15		425,000		459,421
Vanguard Health Holding Co. II, LLC/Vanguard Holding Co. II, Inc.
7.750% 02/01/19 (b)		5,000		5,063
8.000% 02/01/18		40,000		41,100
Healthcare Services Total				1,832,788
Household Products/Wares – 0.1%
Central Garden & Pet Co.
8.250% 03/01/18		30,000		31,500
Jarden Corp.
8.000% 05/01/16		45,000		49,275
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Lux
6.875% 02/15/21 (b)		15,000		15,113
7.125% 04/15/19 (b)		39,000		39,975
7.750% 10/15/16 (b)		18,000		19,350
8.250% 02/15/21 (b)		23,000		23,172
9.000% 04/15/19 (b)		20,000		20,850
Spectrum Brands Holdings, Inc.
9.500% 06/15/18 (b)		42,000		47,040
Household Products/Wares Total				246,275
Pharmaceuticals – 0.3%
ConvaTec Inc.
10.500% 12/15/18 (b)		35,000		37,362
Express Scripts, Inc.
6.250% 06/15/14		335,000		374,193
Giant Funding Corp.
8.250% 02/01/18 (b)		23,000		23,690
Mylan, Inc.
6.000% 11/15/18 (b)		20,000		20,475
Valeant Pharmaceuticals International
6.750% 10/01/17 (b)		10,000		10,350
7.000% 10/01/20 (b)		10,000		10,338
Warner Chilcott Co., LLC/Warner Chilcott Finance LLC
7.750% 09/15/18 (b)		27,000		28,417
Wyeth
5.500% 02/01/14		595,000		660,063
Pharmaceuticals Total				1,164,888
Consumer Non-Cyclical Total				5,823,684

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Energy – 1.3%
Coal – 0.1%
Arch Coal, Inc.
7.250% 10/01/20		2,000		2,135
8.750% 08/01/16		110,000		122,787
Consol Energy, Inc.
8.000% 04/01/17 (b)		15,000		16,388
8.250% 04/01/20 (b)		60,000		66,150
Coal Total				207,460
Oil & Gas – 0.6%
Anadarko Petroleum Corp.
6.200% 03/15/40		325,000		318,142
Berry Petroleum Co.
6.750% 11/01/20		5,000		5,163
8.250% 11/01/16		5,000		5,281
Brigham Exploration Co.
8.750% 10/01/18 (b)		30,000		33,225
Canadian Natural Resources Ltd.
5.700% 05/15/17		300,000		335,135
Carrizo Oil & Gas, Inc.
8.625% 10/15/18 (b)		30,000		31,950
Chaparral Energy, Inc.
8.250% 09/01/21 (b)		20,000		20,350
9.875% 10/01/20 (b)		9,000		10,013
Chesapeake Energy Corp.
6.125% 02/15/21		15,000		15,300
6.625% 08/15/20		66,000		69,630
Comstock Resources, Inc.
7.750% 04/01/19 (c)		6,000		6,000
8.375% 10/15/17		3,000		3,109
Concho Resources, Inc./Midland TX
7.000% 01/15/21		15,000		15,712
8.625% 10/01/17		45,000		49,612
Continental Resources, Inc.
7.125% 04/01/21		32,000		34,080
EXCO Resources, Inc.
7.500% 09/15/18		40,000		39,900
Forest Oil Corp.
7.250% 06/15/19		45,000		46,575
Goodrich Petroleum Corp.
8.875% 03/15/19 (b)		15,000		14,962
Hilcorp Energy I LP/Hilcorp Finance Co.
7.750% 11/01/15 (b)		45,000		46,800
Laredo Petroleum, Inc.
9.500% 02/15/19 (b)		42,000		43,995
Nexen, Inc.
5.875% 03/10/35		300,000		272,963
Oasis Petroleum, Inc.
7.250% 02/01/19 (b)		10,000		10,200

	Par ($)		Value ($)
PetroHawk Energy Corp.
7.250% 08/15/18 (b)		15,000		15,544
7.250% 08/15/18		15,000		15,525
7.875% 06/01/15		140,000		148,400
10.500% 08/01/14		30,000		34,425
Petroleos Mexicanos
5.500% 01/21/21		335,000		335,000
QEP Resources, Inc.
6.875% 03/01/21		20,000		20,950
Quicksilver Resources, Inc.
8.250% 08/01/15		10,000		10,300
Range Resources Corp.
6.750% 08/01/20		20,000		21,100
7.500% 05/15/16		110,000		114,950
Talisman Energy, Inc.
6.250% 02/01/38		235,000		247,978
United Refining Co.
10.500% 02/28/18 (b)(c)		25,000		24,750
Venoco, Inc.
8.875% 02/15/19 (b)		5,000		5,075
Oil & Gas Total				2,422,094
Oil & Gas Services – 0.1%
Aquilex Holdings LLC/Aquilex Finance Corp.
11.125% 12/15/16		12,000		12,630
Offshore Group Investments Ltd.
11.500% 08/01/15 (b)		40,000		44,692
Trinidad Drilling Ltd.
7.875% 01/15/19 (b)		15,000		15,797
Weatherford International Ltd.
5.150% 03/15/13		5,000		5,282
6.750% 09/15/40		345,000		366,905
Oil & Gas Services Total				445,306
Pipelines – 0.5%
El Paso Corp.
6.500% 09/15/20 (b)		40,000		43,000
6.875% 06/15/14		185,000		202,163
7.750% 01/15/32		40,000		42,352
Energy Transfer Equity LP
7.500% 10/15/20		30,000		32,438
Enterprise Products Operating LLC
5.950% 02/01/41		350,000		340,429
Plains All American Pipeline LP/PAA Finance Corp.
5.000% 02/01/21		450,000		451,354
Regency Energy Partners LP/Regency Energy Finance Corp.
6.875% 12/01/18		6,000		6,255
9.375% 06/01/16		95,000		106,281
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (f)(g)		245,000		249,016

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Williams Partners LP/Williams Partners Finance Corp.
7.250% 02/01/17		270,000		315,219
Pipelines Total				1,788,507
Energy Total				4,863,367
Financials – 4.7%
Banks – 2.9%
Ally Financial, Inc.
6.250% 12/01/17 (b)		25,000		26,094
7.500% 09/15/20 (b)		20,000		21,850
8.000% 03/15/20		91,000		102,489
ANZ National International Ltd./New Zealand
1.304% 12/20/13 (03/20/11) (b)(f)(g)		550,000		550,600
Barclays Bank PLC
6.750% 05/22/19		575,000		646,564
Bear Stearns Companies LLC
7.250% 02/01/18		775,000		913,086
BNP Paribas
3.600% 02/23/16		600,000		603,643
Capital One Financial Corp.
5.500% 06/01/15		475,000		516,475
CIT Group, Inc.
7.000% 05/01/17		140,000		141,050
Citigroup Funding, Inc.
2.000% 03/30/12 (h)		750,000		761,996
Citigroup, Inc.
6.125% 05/15/18		950,000		1,041,739
Commonwealth Bank of Australia
3.750% 10/15/14 (b)		550,000		573,156
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.500% 01/11/21		675,000		676,214
Goldman Sachs Group, Inc.
5.950% 01/18/18		600,000		651,378
Keycorp
6.500% 05/14/13		390,000		427,153
Lloyds TSB Bank PLC
4.875% 01/21/16		450,000		457,974
Merrill Lynch & Co., Inc.
6.875% 04/25/18		675,000		759,379
Morgan Stanley
6.625% 04/01/18		550,000		607,992
Royal Bank of Scotland PLC
6.125% 01/11/21		625,000		635,153
Santander US Debt SA Unipersonal
2.991% 10/07/13 (b)		500,000		487,817
Wachovia Corp.
4.875% 02/15/14		625,000		662,623
Banks Total				11,264,425

	Par ($)		Value ($)
Diversified Financial Services – 0.7%
American General Finance Corp.
6.900% 12/15/17		24,000		21,480
E*Trade Financial Corp.
7.375% 09/15/13		5,000		5,013
7.875% 12/01/15		30,000		30,150
PIK,
12.500% 11/30/17		20,000		23,700
ERAC USA Finance LLC
6.375% 10/15/17 (b)		400,000		452,129
Ford Motor Credit Co., LLC
8.000% 12/15/16		90,000		101,940
General Electric Capital Corp.
2.250% 03/12/12 (h)		750,000		763,996
5.500% 01/08/20		1,000,000		1,063,678
International Lease Finance Corp.
8.250% 12/15/20		15,000		16,687
8.750% 03/15/17 (b)		22,000		25,135
8.875% 09/01/17		25,000		28,625
SLM Corp.
6.250% 01/25/16		22,000		22,550
8.000% 03/25/20		10,000		10,612
Woodside Finance Ltd.
4.500% 11/10/14 (b)		325,000		342,998
Diversified Financial Services Total				2,908,693
Insurance – 0.8%
Chubb Corp.
5.750% 05/15/18		390,000		437,159
CNA Financial Corp.
7.350% 11/15/19		325,000		370,581
ING Groep NV
5.775% 12/29/49 (f)		60,000		53,400
Lincoln National Corp.
8.750% 07/01/19		250,000		314,944
MetLife, Inc.
6.817% 08/15/18		510,000		598,544
Prudential Financial, Inc.
6.100% 06/15/17		475,000		530,772
Transatlantic Holdings, Inc.
8.000% 11/30/39		310,000		329,649
Travelers Cos., Inc.
5.800% 05/15/18		390,000		432,094
Insurance Total				3,067,143
Real Estate – 0.0%
Realogy Corp.
7.875% 02/15/19 (b)		6,000		6,015
Real Estate Total				6,015
Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
8.250% 08/15/19		250,000		301,410

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Kimco Realty Corp.
4.300% 02/01/18		275,000		277,428
Simon Property Group LP
6.750% 02/01/40		380,000		445,874
Real Estate Investment Trusts (REITs) Total				1,024,712
Financials Total				18,270,988
Industrials – 0.7%
Aerospace & Defense – 0.2%
Kratos Defense & Security Solutions, Inc.
10.000% 06/01/17		25,000		28,188
L-3 Communications Corp.
4.950% 02/15/21		425,000		431,195
TransDigm, Inc.
7.750% 12/15/18 (b)		20,000		21,550
United Technologies Corp.
5.375% 12/15/17		315,000		355,152
Aerospace & Defense Total				836,085
Building Materials – 0.0%
Associated Materials LLC
9.125% 11/01/17 (b)		9,000		9,731
Gibraltar Industries, Inc.
8.000% 12/01/15		10,000		10,225
Interline Brands, Inc.
7.000% 11/15/18		9,000		9,338
Nortek, Inc.
11.000% 12/01/13		10,000		10,650
Building Materials Total				39,944
Electrical Components & Equipment – 0.0%
WireCo WorldGroup
9.500% 05/15/17 (b)		40,000		42,600
Electrical Components & Equipment Total				42,600
Environmental Control – 0.0%
Darling International, Inc.
8.500% 12/15/18 (b)		5,000		5,394
Environmental Control Total				5,394
Machinery-Diversified – 0.0%
Case New Holland, Inc.
7.875% 12/01/17 (b)		39,000		43,583
Columbus McKinnon Corp.
7.875% 02/01/19 (b)		6,000		6,240
CPM Holdings, Inc.
10.625% 09/01/14 (b)		2,000		2,165
Manitowoc Co., Inc.
8.500% 11/01/20		45,000		48,937
Machinery-Diversified Total				100,925

	Par ($)		Value ($)
Miscellaneous Manufacturing – 0.2%
Amsted Industries, Inc.
8.125% 03/15/18 (b)		35,000		37,538
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		235,000		283,184
Polypore International, Inc.
7.500% 11/15/17 (b)		30,000		31,050
SPX Corp.
6.875% 09/01/17 (b)		15,000		16,125
Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19		390,000		469,043
Miscellaneous Manufacturing Total				836,940
Packaging & Containers – 0.1%
Graphic Packaging International, Inc.
7.875% 10/01/18		7,000		7,560
9.500% 06/15/17		75,000		83,250
Greif, Inc.
7.750% 08/01/19		55,000		60,637
Packaging & Containers Total				151,447
Transportation – 0.2%
AMGH Merger Sub, Inc.
9.250% 11/01/18 (b)		19,000		20,235
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		275,000		296,445
Canadian Pacific Railway Co.
4.450% 03/15/23		340,000		329,696
Transportation Total				646,376
Industrials Total				2,659,711
Information Technology – 0.0%
IT Services – 0.0%
First Data Corp.
8.250% 01/15/21 (b)		12,000		11,940
8.875% 08/15/20 (b)		25,000		27,375
9.875% 09/24/15		17,000		17,170
12.625% 01/15/21 (b)		57,000		59,708
PIK,
10.550% 09/24/15		1,000		1,018
IT Services Total				117,211
Information Technology Total				117,211
Technology – 0.2%
Computers – 0.0%
Sungard Data Systems, Inc.
7.375% 11/15/18 (b)		35,000		36,137
Computers Total				36,137
Networking Products – 0.1%
Cisco Systems, Inc.
4.950% 02/15/19		325,000		349,482
Networking Products Total				349,482

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Semiconductors – 0.0%
Amkor Technology, Inc.
7.375% 05/01/18		12,000		12,585
Freescale Semiconductor, Inc.
9.250% 04/15/18 (b)		15,000		16,725
NXP BV/NXP Funding LLC
9.750% 08/01/18 (b)		45,000		51,525
Semiconductors Total				80,835
Software – 0.1%
Oracle Corp.
6.500% 04/15/38		300,000		338,774
Software Total				338,774
Technology Total				805,228
Utilities – 1.2%
Electric – 1.0%
Calpine Corp.
7.500% 02/15/21 (b)		35,000		35,787
Commonwealth Edison Co.
6.150% 09/15/17		300,000		340,705
Consolidated Edison Co. of New York, Inc.
5.850% 03/15/36		325,000		344,940
Dominion Resources, Inc.
5.200% 08/15/19		335,000		357,045
DTE Energy Co.
6.375% 04/15/33		340,000		353,348
Edison Mission Energy
7.000% 05/15/17		30,000		24,375
Energy Future Holdings Corp.
10.250% 01/15/20 (b)		30,000		31,240
Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.
10.000% 12/01/20		15,000		15,658
GenOn Energy, Inc.
9.500% 10/15/18 (b)		14,000		14,665
Nevada Power Co.
6.500% 08/01/18		435,000		500,995
NiSource Finance Corp.
6.400% 03/15/18		435,000		488,387
NRG Energy, Inc.
7.375% 01/15/17		80,000		84,300
Ohio Edison Co.
6.875% 07/15/36		325,000		355,038
Pacific Gas & Electric Co.
5.800% 03/01/37		325,000		335,201
Progress Energy, Inc.
7.750% 03/01/31		250,000		312,419
Electric Total				3,594,103

	Par ($)		Value ($)
Gas – 0.2%
Atmos Energy Corp.
6.350% 06/15/17		425,000		475,320
Sempra Energy
6.500% 06/01/16		305,000		349,479
Gas Total				824,799
Utilities Total				4,418,902
Total Corporate Fixed-Income Bonds & Notes (cost of $46,299,779)				47,761,506
Mortgage-Backed Securities – 9.3%
Federal Home Loan Mortgage Corp.
4.500% 10/01/39		903,624		921,353
4.500% 01/01/40		1,336,583		1,362,807
4.500% 06/01/40		2,649,261		2,701,241
4.500% 07/01/40		428,488		436,896
4.500% 09/01/40		1,517,677		1,547,454
4.500% 10/01/40		285,066		290,659
5.000% 04/01/38		706,253		739,674
5.000% 12/01/38		159,611		167,164
5.000% 05/01/39		1,250,000		1,309,933
5.000% 10/01/39		728,967		763,462
5.000% 01/01/40		967,832		1,013,632
5.000% 04/01/40		1,216,319		1,273,877
5.000% 08/01/40		914,551		957,829
5.500% 12/01/18		511,785		554,680
5.500% 07/01/19		148,676		161,137
5.500% 07/01/21		91,143		98,269
5.500% 08/01/21		8,442		9,103
5.500% 12/01/36		378,813		405,829
5.500% 02/01/38		102,766		109,805
5.500% 05/01/38		1,250,000		1,335,631
5.500% 12/01/38		801,047		855,922
5.500% 01/01/39		843,508		902,083
6.000% 03/01/17		28,259		30,852
6.000% 04/01/17		182,047		198,756
6.000% 05/01/17		87,438		95,464
6.000% 08/01/17		66,699		72,820
6.000% 06/01/37		973,744		1,059,164
6.000% 12/01/37		21,588		23,482
6.000% 01/01/38		857,006		932,186
6.000% 08/01/38		135,552		147,443
6.000% 09/01/38		855,529		930,579
6.000% 01/01/39		15,631		17,002
6.500% 08/01/32		68,038		77,092
6.500% 03/01/38		212,395		237,231
TBA:
4.500% 03/01/41 (c)		1,600,000		1,629,250
5.000% 03/01/41 (c)		1,550,000		1,621,446
6.000% 02/01/41 (c)		600,000		651,447

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
Federal National Mortgage Association
4.000% 03/25/24		667,528		699,707
4.000% 01/01/25		1,377,661		1,417,922
4.500% 05/01/40		1,385,057		1,413,531
5.000% 05/01/37		846,927		889,519
5.000% 03/01/38		486,049		509,505
5.000% 08/01/39		1,099,856		1,152,934
5.000% 05/01/40		689,275		722,538
5.500% 03/01/37		905,668		971,107
5.500% 06/01/37		623,951		668,254
5.500% 09/01/37		903,976		968,162
5.518% 07/01/32 (03/01/11) (f)(g)		198,830		209,825
6.500% 03/01/37		145,426		162,916
6.500% 08/01/37		103,310		115,444
Government National Mortgage Association
4.500% 02/15/39		105,969		109,657
6.000% 12/15/37		308,306		339,994
7.000% 10/15/31		42,978		49,698
7.000% 04/15/32		33,887		39,121
7.000% 05/15/32		70,235		81,083
Total Mortgage-Backed Securities (cost of $35,787,748)				36,163,571
Government & Agency Obligations – 5.0%
Foreign Government Obligations – 0.8%
Province of Ontario
5.450% 04/27/16		800,000		906,072
Province of Quebec
4.625% 05/14/18		1,050,000		1,134,313
Svensk Exportkredit AB
5.125% 03/01/17		775,000		857,748
Foreign Government Obligations Total				2,898,133
U.S. Government Agencies – 0.5%
Federal Home Loan Mortgage Corp.
3.750% 03/27/19		660,000		680,641
Federal National Mortgage Association
0.750% 12/18/13		1,400,000		1,379,822
U.S. Government Agencies Total				2,060,463
U.S. Government Obligations – 3.7%
U.S. Treasury Bonds
4.500% 02/15/36		2,850,000		2,887,851
5.375% 02/15/31 (i)		2,107,000		2,421,733
U.S. Treasury Inflation Indexed Note
3.000% 07/15/12		950,773		1,016,659

	Par ($)		Value ($)
U.S. Treasury Notes
0.875% 02/29/12		1,250,000		1,257,175
2.000% 01/31/16		2,300,000		2,289,038
2.375% 10/31/14		3,000,000		3,092,814
3.625% 02/15/21		1,400,000		1,424,719
U.S. Government Obligations Total				14,389,989
Total Government & Agency Obligations (cost of $19,000,049)				19,348,585
Commercial Mortgage-Backed Securities – 4.1%
Bear Stearns Commercial Mortgage Securities
5.133% 10/12/42 (03/01/11) (f)(g)		923,527		969,866
5.742% 09/11/42 (03/01/11) (f)(g)		750,000		816,812
Credit Suisse Mortgage Capital Certificates
5.659% 03/15/39 (03/01/11) (f)(g)		660,000		689,425
CS First Boston Mortgage Securities Corp.
4.429% 12/15/36		318,714		323,355
5.065% 08/15/38 (03/01/11) (f)(g)		374,255		388,600
GE Capital Commercial Mortgage Corp.
4.706% 05/10/43		510,570		510,467
4.819% 01/10/38		550,000		576,300
Greenwich Capital Commercial Funding Corp.
5.117% 04/10/37		579,302		585,842
5.190% 04/10/37 (03/01/11) (f)(g)		600,000		631,554
JPMorgan Chase Commercial Mortgage Securities Corp.
4.134% 10/15/37		211,073		219,200
4.659% 07/15/42		390,096		407,262
4.824% 10/15/42 (03/01/11) (f)(g)		339,634		355,840
5.201% 08/12/37 (03/01/11) (f)(g)		956,888		1,001,228
5.440% 06/12/47		820,000		871,394
5.447% 06/12/47		791,000		818,802
5.857% 10/12/35		1,290,180		1,302,652
LB-UBS Commercial Mortgage Trust
5.279% 11/15/38		469,120		473,484
5.403% 02/15/40		820,000		872,105
5.642% 12/15/25		532,617		534,152
Morgan Stanley Capital I
4.500% 06/15/40		127,158		127,286
5.325% 12/15/43		820,000		864,265
5.380% 04/15/49		392,357		399,566
Morgan Stanley Dean Witter Capital I
4.390% 09/15/37		201,047		202,013
6.390% 10/15/35		552,477		565,104

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

Commercial Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
Nationslink Funding Corp.
7.104% 01/22/26		284,339		309,861
Wachovia Bank Commercial Mortgage Trust
4.390% 02/15/41		389,614		392,871
5.037% 03/15/42		805,458		841,660
Total Commercial Mortgage-Backed Securities (cost of $15,311,757)				16,050,966
Collateralized Mortgage Obligations – 1.8%
Agency – 1.7%
Federal Home Loan Mortgage Corp.
4.000% 10/15/18		1,900,000		2,006,014
5.000% 08/15/32		370,000		392,487
5.000% 05/15/33		700,000		743,526
Federal National Mortgage Association
5.500% 01/25/33		371,395		384,381
Government National Mortgage Association
2.159% 01/16/33		846,145		853,470
2.210% 12/29/11 (c)		725,000		725,906
2.210% 06/16/20 (c)		1,050,000		1,057,341
4.000% 05/16/39		220,267		229,094
Agency Total				6,392,219
Non-Agency – 0.1%
SACO I, Inc.
(j) 09/25/24 (03/01/11) (d)(f)(g)		6,104		2,014
Structured Asset Securities Corp.
5.500% 05/25/33		267,124		274,498
5.500% 07/25/33		169,086		173,200
Non-Agency Total				449,712
Total Collateralized Mortgage Obligations (cost of $6,642,684)				6,841,931
Asset-Backed Securities – 0.8%
Capital Auto Receivables Asset Trust
5.300% 05/15/14		388,155		397,344
Chrysler Financial Auto Securitization Trust
0.910% 08/08/13		550,000		548,443
Cityscape Home Equity Loan Trust
7.410% 05/25/28		18,519		18,620
First Alliance Mortgage Loan Trust
7.340% 06/20/27		44,168		43,286
Franklin Auto Trust
5.360% 05/20/16		916,000		933,457
IMC Home Equity Loan Trust
7.520% 08/20/28		492,255		495,628
Keycorp Student Loan Trust
0.633% 12/27/29 (03/28/11) (f)(g)		632,226		616,950
Total Asset-Backed Securities (cost of $3,060,421)				3,053,728

	Par ($)		Value ($)
Municipal Bond – 0.2%
Illinois – 0.2%
IL State
Series 2011, 4.511% 03/01/15 (c)		650,000		651,677
Illinois Total				651,677
Total Municipal Bond (cost of $650,000)				651,677
Short-Term Obligation – 2.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by a U.S. Government Agency obligation maturing 01/15/14, market value $10,821,213 (repurchase proceeds $10,606,027)		10,606,000		10,606,000
Total Short-Term Obligation (cost of $10,606,000)				10,606,000
Total Investments – 100.6% (cost of $325,811,600) (k)				389,035,143
Other Assets & Liabilities, Net – (0.6)%				(2,486,007	)
Net Assets – 100.0%				386,549,136

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, these securities, which are not illiquid, amounted to $7,833,870, which represents 2.0% of net assets.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2011, the value of these securities amounted to $2,014, which represents 0.0% of net assets.

(e) Security has no value.

(f) The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

(g) Parenthetical date represents the effective maturity date for the security.

(h) Security is guaranteed by the Federal Deposit Insurance Corporation.

(i) A portion of this security with a market value of $114,937 is pledged as collateral for open futures contracts.

(j) Zero coupon bond.

(k) Cost for federal income tax purposes is $326,028,211.

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

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 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 as of February 28, 2011:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	248,557,179		$	—	$	—	$	248,557,179
Total Corporate Fixed-Income Bonds & Notes		—			47,761,506		—		47,761,506
Total Mortgage-Backed Securities		651,447			35,512,124		—		36,163,571
Government & Agency Obligations
Foreign Government Obligations		—			2,898,133		—		2,898,133
U.S. Government Agencies		—			2,060,463		—		2,060,463
U.S. Government Obligations		14,389,989			—		—		14,389,989
Total Government & Agency Obligations		14,389,989			4,958,596		—		19,348,585
Total Commercial Mortgage-Backed Securities		—			16,050,966		—		16,050,966
Collateralized Mortgage Obligations
Agency		—			6,392,219		—		6,392,219
Non-Agency		—			447,698		2,014		449,712
Total Collateralized Mortgage Obligations		—			6,839,917		2,014		6,841,931
Total Asset-Backed Securities		—			3,053,728		—		3,053,728
Total Municipal Bond		—			651,677		—		651,677
Total Short-Term Obligation		—			10,606,000		—		10,606,000
Total Investments		263,598,615			125,434,514		2,014		389,035,143
Unrealized Depreciation on Futures Contracts		(38,255	)		—		—		(38,255	)
Total	$	263,560,360		$	125,434,514	$	2,014	$	388,996,888

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.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.

Certain corporate fixed-income bonds & notes and collateralized mortgage obligations classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities and observed yields on securities management deemed comparable.

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

See Accompanying Notes to Financial Statements.

Columbia Balanced Fund

February 28, 2011 (Unaudited)

The following table reconciles asset balances for the six months ended February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of August 31, 2010		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2011
Collateralized Mortgage Obligations Non-Agency	$	2,041	$	9	$	3	$	41	$	—	$	(80	)	$	—	$	—	$	2,014
Corporate Fixed-Income Bonds & Notes Communication		—		—		—		—		—		—			—		—		—
	$	2,041	$	9	$	3	$	41	$	—	$	(80	)	$	—	$	—	$	2,014

The change in unrealized appreciation attributed to securities owned at February 28, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $41. This amount is included in net changes in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

At February 28, 2011 the Fund held the following open short futures contracts:

Risk Exposure/Type				Number of Contracts				Value				Aggregate Face Value				Expiration Date				Unrealized Depreciation
Interest Rate Risk 5-Year U.S. Treasury Notes					40			$	4,677,500			$	4,639,245			Jun-2011				$	(38,255	)

At February 28, 2011, the asset allocation of the Fund was as follows:

Asset Allocation	% of Net Assets
Common Stocks		64.3
Corporate Fixed-Income Bonds & Notes		12.4
Mortgage-Backed Securities		9.3
Government & Agency Obligations		5.0
Commercial Mortgage-Backed Securities		4.1
Collateralized Mortgage Obligations		1.8
Asset-Backed Securities		0.8
Municipal Bond		0.2
		97.9
Short-Term Obligation		2.7
Other Assets & Liabilities, Net		(0.6	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

PIK				Payment-In-Kind

TBA				To Be Announced

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Balanced Fund

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at identified cost		325,811,600
	Investments, at value		389,035,143
	Cash		1,711,792
	Receivable for:
	Investments sold		2,754,319
	Fund shares sold		1,080,597
	Dividends		412,035
	Interest		1,002,835
	Foreign tax reclaims		1,063
	Trustees' deferred compensation plan		32,361
	Prepaid expenses		832
	Total Assets		396,030,977
Liabilities	Payable for:
	Investments purchased		1,990,210
	Investments purchased on a delayed delivery basis		6,918,828
	Fund shares repurchased		244,966
	Futures variation margin		7,500
	Investment advisory fee		148,912
	Pricing and bookkeeping fees		3,287
	Transfer agent fee		78,451
	Trustees' fees		2,190
	Custody fee		3,315
	Distribution and service fees		49,599
	Chief compliance officer expenses		154
	Trustees' deferred compensation plan		32,361
	Other liabilities		2,068
	Total Liabilities		9,481,841
	Net Assets		386,549,136
Net Assets Consist of	Paid-in capital		321,406,197
	Undistributed net investment income		419,703
	Accumulated net realized gain		1,537,948
	Net unrealized appreciation (depreciation) on:
	Investments		63,223,543
	Futures contracts		(38,255	)
	Net Assets		386,549,136

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Balanced Fund

February 28, 2011 (Unaudited)

Class A	Net assets	$	101,534,958
	Shares outstanding		3,704,030
	Net asset value per share	$	27.41	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($27.41/0.9425)	$	29.08	(b)
Class B	Net assets	$	6,987,462
	Shares outstanding		255,447
	Net asset value and offering price per share	$	27.35	(a)
Class C	Net assets	$	34,309,664
	Shares outstanding		1,254,240
	Net asset value and offering price per share	$	27.35	(a)
Class R (c)	Net assets	$	2,793
	Shares outstanding		102
	Net asset value, offering and redemption price per share	$	27.40	(d)
Class Z	Net assets	$	243,714,259
	Shares outstanding		8,900,170
	Net asset value, offering and redemption price per share	$	27.38

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

(d) Net asset value rounds to $27.40 per share due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Balanced Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($) (a)
Investment Income	Dividends		1,760,335
	Interest		2,378,657
	Foreign taxes withheld		(12,864	)
	Total Investment Income		4,126,128
Expenses	Investment advisory fee		882,981
	Distribution fee:
	Class B		26,035
	Class C		111,541
	Class R		6
	Service fee:
	Class A		105,243
	Class B		8,678
	Class C		37,180
	Transfer agent fee		166,441
	Pricing and bookkeeping fees		54,796
	Trustees' fees		14,856
	Custody fee		20,338
	Chief compliance officer expenses		563
	Other expenses		112,108
	Total Expenses		1,540,766
	Expense reductions		(259	)
	Net Expenses		1,540,507
	Net Investment Income		2,585,621
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency
	Net realized gain (loss) on:
	Investments		9,866,002
	Foreign currency transactions		181
	Futures contracts		(16,396	)
	Net realized gain		9,849,787
	Net change in unrealized appreciation (depreciation) on:
	Investments		46,729,378
	Futures contracts		(3,027	)
	Net change in unrealized appreciation (depreciation)		46,726,351
	Net Gain		56,576,138
	Net Increase Resulting from Operations		59,161,759

(a) Class R shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Balanced Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)(a)(b)			Year Ended August 31, 2010 ($)
Operations	Net investment income		2,585,621			4,439,536
	Net realized gain on investments, futures contracts and foreign currency transactions		9,849,787			10,754,736
	Net change in unrealized appreciation (depreciation) on investments and futures contracts		46,726,351			(4,858,186	)
	Net increase resulting from operations		59,161,759			10,336,086
Distributions to Shareholders	From net investment income:
	Class A		(690,465	)		(525,553	)
	Class B		(35,491	)		(59,886	)
	Class C		(145,155	)		(136,210	)
	Class R		(10	)		—
	Class Z		(2,244,541	)		(3,796,805	)
	Total distributions to shareholders		(3,115,662	)		(4,518,454	)
	Net Capital Stock Transactions		25,720,632			69,045,371
	Increase from regulatory settlements		—			119
	Total increase in net assets		81,766,729			74,863,122
Net Assets	Beginning of period		304,782,407			229,919,285
	End of period		386,549,136			304,782,407
	Undistributed net investment income at end of period		419,703			949,744

(a) Class R shares commenced operations on September 27, 2010.

(b) Class R shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Balanced Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,271,266			32,857,179			2,433,066			58,521,147
Distributions reinvested		23,632			596,247			19,569			463,355
Redemptions		(386,487	)		(10,079,651	)		(509,844	)		(12,154,454	)
Net increase		908,411			23,373,775			1,942,791			46,830,048
Class B
Subscriptions		31,013			800,024			87,910			2,093,131
Distributions reinvested		988			24,858			2,295			54,129
Redemptions		(64,090	)		(1,655,637	)		(112,053	)		(2,684,099	)
Net decrease		(32,089	)		(830,755	)		(21,848	)		(536,839	)
Class C
Subscriptions		246,422			6,426,610			725,311			17,383,404
Distributions reinvested		4,380			110,397			4,642			109,653
Redemptions		(92,009	)		(2,385,245	)		(125,817	)		(3,002,620	)
Net increase		158,793			4,151,762			604,136			14,490,437
Class R (a)(b)
Subscriptions		102			2,511			—			—
Net increase		102			2,511			—			—
Class Z
Subscriptions		1,414,599			36,936,528			2,249,164			54,009,281
Distributions reinvested		73,085			1,838,287			133,969			3,167,162
Redemptions		(1,507,215	)		(39,751,476	)		(2,058,405	)		(48,914,718	)
Net increase (decrease)		(19,531	)		(976,661	)		324,728			8,261,725

(a) Class R shares commenced operations on September 27, 2010.

(b) Class R shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Balanced Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	23.29		$	22.46		$	24.03		$	24.77		$	22.51		$	21.75
Income from Investment Operations:
Net investment income (a)		0.18			0.35			0.47			0.53			0.48			0.38
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		4.16			0.85			(1.52	)		(0.56	)		2.26			0.78
Total from investment operations		4.34			1.20			(1.05	)		(0.03	)		2.74			1.16
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.37	)		(0.52	)		(0.56	)		(0.48	)		(0.40	)
From net realized gains		—			—			—			(0.15	)		—			—
Total distributions to shareholders		(0.22	)		(0.37	)		(0.52	)		(0.71	)		(0.48	)		(0.40	)
Increase from regulatory settlements		—			—	(b)		—			—			—			—
Net Asset Value, End of Period	$	27.41		$	23.29		$	22.46		$	24.03		$	24.77		$	22.51
Total return (c)		18.72	%(d)		5.33	%		(4.03	)%		(0.22	)%		12.26	%		5.40	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.96	%(g)		1.02	%		1.04	%		0.99	%		1.02	%		0.98	%
Interest expense		—			—			—			—			—			—	%(h)
Net expenses (f)		0.96	%(g)		1.02	%		1.04	%		0.99	%		1.02	%		0.98	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (f)		1.37	%(g)		1.47	%		2.33	%		2.14	%		1.98	%		1.71	%
Portfolio turnover rate		41	%(d)		89	%		102	%		94	%		78	%		59	%
Net assets, end of period (000s)	$	101,535		$	65,112		$	19,152		$	10,712		$	6,582		$	4,137

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(c) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Balanced Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	23.24		$	22.41		$	23.99		$	24.73		$	22.47		$	21.72
Income from Investment Operations:
Net investment income (a)		0.08			0.17			0.32			0.34			0.29			0.21
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		4.16			0.85			(1.53	)		(0.56	)		2.27			0.78
Total from investment operations		4.24			1.02			(1.21	)		(0.22	)		2.56			0.99
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.19	)		(0.37	)		(0.37	)		(0.30	)		(0.24	)
From net realized gains		—			—			—			(0.15	)		—			—
Total distributions to shareholders		(0.13	)		(0.19	)		(0.37	)		(0.52	)		(0.30	)		(0.24	)
Increase from regulatory settlements		—			—	(b)		—			—			—			—
Net Asset Value, End of Period	$	27.35		$	23.24		$	22.41		$	23.99		$	24.73		$	22.47
Total return (c)		18.28	%(d)		4.56	%		(4.82	)%		(0.97	)%		11.45	%		4.57	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.71	%(g)		1.77	%		1.79	%		1.74	%		1.77	%		1.73	%
Interest expense		—			—			—			—			—			—	%(h)
Net expenses (f)		1.71	%(g)		1.77	%		1.79	%		1.74	%		1.77	%		1.73	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (f)		0.63	%(g)		0.73	%		1.63	%		1.37	%		1.20	%		0.95	%
Portfolio turnover rate		41	%(d)		89	%		102	%		94	%		78	%		59	%
Net assets, end of period (000s)	$	6,987		$	6,683		$	6,934		$	7,551		$	6,955		$	7,213

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Balanced Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	23.24		$	22.42		$	23.99		$	24.73		$	22.48		$	21.72
Income from Investment Operations:
Net investment income (a)		0.08			0.17			0.31			0.34			0.29			0.21
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		4.16			0.84			(1.51	)		(0.56	)		2.26			0.79
Total from investment operations		4.24			1.01			(1.20	)		(0.22	)		2.55			1.00
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.19	)		(0.37	)		(0.37	)		(0.30	)		(0.24	)
From net realized gains		—			—			—			(0.15	)		—			—
Total distributions to shareholders		(0.13	)		(0.19	)		(0.37	)		(0.52	)		(0.30	)		(0.24	)
Increase from regulatory settlements		—			—	(b)		—			—			—			—
Net Asset Value, End of Period	$	27.35		$	23.24		$	22.42		$	23.99		$	24.73		$	22.48
Total return (c)		18.28	%(d)		4.51	%		(4.77	)%		(0.97	)%		11.40	%		4.62	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.71	%(g)		1.77	%		1.79	%		1.74	%		1.77	%		1.73	%
Interest expense		—			—			—			—			—			—	%(h)
Net expenses (f)		1.71	%(g)		1.77	%		1.79	%		1.74	%		1.77	%		1.73	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (f)		0.63	%(g)		0.71	%		1.57	%		1.39	%		1.20	%		0.98	%
Portfolio turnover rate		41	%(d)		89	%		102	%		94	%		78	%		59	%
Net assets, end of period (000s)	$	34,310		$	25,462		$	11,014		$	3,209		$	1,887		$	1,491

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Balanced Fund

Selected data for a share outstanding throughout the period is as follows:

Class R Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	24.62
Income from Investment Operations:
Net investment income (b)		0.13
Net realized and unrealized gain on investments, foreign currency and futures contracts		2.75
Total from investment operations		2.88
Less Distributions to Shareholders:
From net investment income		(0.10	)
Net Asset Value, End of Period	$	27.40
Total return (c)(d)		11.72	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.21	%
Net investment income (e)(f)		1.22	%
Portfolio turnover rate (d)		41	%
Net assets, end of period (000s)	$	3

(a) Class R shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

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

(f) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Balanced Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	23.27		$	22.43		$	24.02		$	24.75		$	22.50		$	21.74
Income from Investment Operations:
Net investment income (a)		0.21			0.41			0.52			0.58			0.53			0.43
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		4.15			0.86			(1.54	)		(0.54	)		2.26			0.79
Total from investment operations		4.36			1.27			(1.02	)		0.04			2.79			1.22
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.43	)		(0.57	)		(0.62	)		(0.54	)		(0.46	)
From net realized gains		—			—			—			(0.15	)		—			—
Total distributions to shareholders		(0.25	)		(0.43	)		(0.57	)		(0.77	)		(0.54	)		(0.46	)
Increase from regulatory settlements		—			—	(b)		—			—			—			—
Net Asset Value, End of Period	$	27.38		$	23.27		$	22.43		$	24.02		$	24.75		$	22.50
Total return (c)		18.84	%(d)		5.64	%		(3.87	)%		0.07	%		12.49	%		5.66	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.71	%(g)		0.77	%		0.79	%		0.74	%		0.77	%		0.73	%
Interest expense		—			—			—			—			—			—	%(h)
Net expenses (f)		0.71	%(g)		0.77	%		0.79	%		0.74	%		0.77	%		0.73	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (f)		1.63	%(g)		1.73	%		2.62	%		2.35	%		2.19	%		1.94	%
Portfolio turnover rate		41	%(d)		89	%		102	%		94	%		78	%		59	%
Net assets, end of period (000s)	$	243,714		$	207,526		$	192,819		$	176,113		$	196,615		$	226,694

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Balanced Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks high total return by investing in common stocks and debt securities.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class R and Class Z shares. The Fund is also authorized to issue Class R4 and Class R5 shares; however, these share classes are not currently offered for sale. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

The Fund 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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class R shares are not subject to sales charges and are available to qualifying institutional investors. Class R shares became effective September 27, 2010.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

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 Trust's Board of Trustees, 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.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Columbia Balanced Fund, February 28, 2011 (Unaudited)

Foreign Currency Transactions and Translations

Derivative Instruments

The Fund may use derivative instruments including futures contracts in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks, among others:

Interest Rate Risk: Interest rate risk relates to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities generally will decline in value upon an increase in general interest rates and their value generally will increase upon a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The following notes provide more detailed information about the derivative type held by the Fund:

Futures Contracts—The Fund entered into interest rate futures contracts to manage its exposure to the securities markets and/or to movements in interest rates.

The use of futures contracts involves certain risks, which include, among others: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, and (3) an inaccurate prediction of the future direction of interest rates by the Fund's Investment Manager.

Upon entering into a futures contract, the Fund identifies within its portfolio of investments cash or securities in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and 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 on the Statement of Assets and Liabilities.

During the six month period ended February 28, 2011, the Fund entered into 40 futures contracts.

Columbia Balanced Fund, February 28, 2011 (Unaudited)

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the value of the Fund's derivative instruments as of February 28, 2011.

Fair Value of Derivative Instruments

Statement of Assets and Liabilities

Asset

Fair Value

Liability

Fair Value

Futures variation margin

—

Futures variation margin

7,500

* Includes only the current day's variation margin.

The effect of derivative instruments on the Statement of Operations for the six month period ended February 28, 2011:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate	$	(16,396	)	$	(3,027	)

Repurchase Agreements

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 identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Treasury Inflation Protected Securities

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

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis. Market premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any.

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

Columbia Balanced Fund, February 28, 2011 (Unaudited)

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

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

Distributions to Shareholders

Distributions from net investment income are declared and paid quarterly. 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.

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. Prior to March 1, 2011, the management fee was based on the annual rate of 0.50% of the Fund's average daily net assets.

In September 2010, the Board of Trustees approved an amended Investment Management Services Agreement (IMSA) with the Investment Manager that increases the management fee rates payable to the Investment Manager at certain asset levels. The IMSA was approved by the Fund's shareholders at a Special Meeting of Shareholders held on February 15, 2011. The IMSA, which is effective March 1, 2011, revises the management fee rates as follows:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.660	%
$500 million to $1 billion		0.615	%
$1 billion to $1.5 billion		0.570	%
$1.5 billion to $3 billion		0.520	%
$3 billion to $6 billion		0.510	%
Over $6 billion		0.490	%

Columbia Balanced Fund, February 28, 2011 (Unaudited)

Administration Fee

The Investment Manager provides administrative and other services to the Fund under an Administrative Services Agreement (Administrative Agreement), including services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. Prior to March 1, 2011, the Investment Manager did not receive a fee for its services under the Administrative Agreement.

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.060	%
$500 million to $1 billion		0.055	%
$1 billion to $3 billion		0.050	%
$3 billion to $12 billion		0.040	%
Over $12 billion		0.030	%

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and 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 asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class was 0.09% of the Fund's average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $36,648 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $12, $3,440 and $4,288, respectively.

Columbia Balanced Fund, February 28, 2011 (Unaudited)

Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

Effective September 27, 2010, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses so that the Fund's ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.20%, 1.95%, 1.95%, 1.45% and 0.95% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class R and Class Z shares, respectively.

Prior to September 27, 2010, the Investment Manager voluntarily reimbursed a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 0.95% annually of the Fund's average daily net assets.

Effective March 1, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through December 31, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.11%, 1.86%, 1.86%, 1.36% and 0.86% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class R and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that may be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $162,421,672 and $139,255,266, respectively, for the six month period ended February 28, 2011, of which $31,294,529 and $25,923,144, respectively, were U.S. Government securities.

Note 6. Regulatory Settlements

During the year ended August 31, 2010, the Fund received payments totaling $119 resulting from certain regulatory settlements with third parties in which the Fund had participated. The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Columbia Balanced Fund, February 28, 2011 (Unaudited)

Note 7. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 10.4% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Note 9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

				August 31, 2010
Ordinary Income*				$	4,518,454

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes, were:

Unrealized appreciation	$	64,261,433
Unrealized depreciation		(1,254,501	)
Net unrealized appreciation	$	63,006,932

Year of Expiration	Capital Loss Carryforwards
2017	$	5,778,904
2018		1,414,302
Total	$	7,193,206

Note 10. Subsequent Events

Columbia Balanced Fund, February 28, 2011 (Unaudited)

lender's sole discretion. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. 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 0.10% per annum.

Note 11. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia Balanced Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

• The expected benefits of continuing to retain Columbia Management as the Affected Funds' investment manager;

• The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

• The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Balanced Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

• That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

• The expected impact on expenses for certain Affected Funds of proposed mergers; and

• The expected benefits of further integrating the Combined Fund Complex by:

Nature, Extent and Quality of Services Provided under the Advisory Agreements

Investment Performance

The trustees noted that, through February 28, 2010, Columbia Balanced Fund's performance was in the third quintile (where the best performance would be in the first quintile) for the one-year period, in the first quintile for the three- and five-year periods, and in the second quintile for the ten-year period of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Balanced Fund would increase the contractual investment advisory fee rates payable by that Fund at certain asset levels and would be otherwise identical to that Fund's current investment management services agreement. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to the Advisory Agreement and other proposed contractual changes, including the contractual expense limitations described above, Columbia Balanced Fund's contractual management fees would have been in the fourth quintile (where the lowest fees and expenses would be in the first quintile) and total net expenses would have been in the second quintile of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

Costs of Services Provided and Profitability

Economies of Scale

through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

September 21, 2010

I. Overview

A. Role of the Independent Fee Consultant

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

³ CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered a proposal to approve a proposed amendment to the Investment Management Services Agreement with Columbia Management Investment Advisers, LLC. The proposal was approved as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	158,254,062				24,131,414				9,165,706				0

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Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Balanced Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1390 A (04/11)

Columbia Oregon Intermediate Municipal Bond Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					11

Statement of Operations					12

Statement of Changes in Net Assets					13

Financial Highlights					15

Notes to Financial Statements					19

Board Consideration and Approval of Advisory Agreements					25

Summary of Management Fee Evaluation by Independent Fee Consultant					29

Important Information About This Report					33

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Oregon Intermediate Municipal Bond Fund

Average annual total return as of 02/28/11 (%)

Share class

Inception

11/01/02

10/13/03

07/02/84

Sales charge

without

with

without

with

without

with

without

6-month
(cumulative)

–2.96

–6.14

–3.32

–6.18

–3.15

–4.10

–2.84

1-year

1.29

–1.97

0.54

–2.40

0.89

–0.09

1.54

5-year

3.35

2.68

2.59

2.94

3.62

10-year

4.07

3.56

3.43

3.69

4.31

The "with sales charge" returns include the maximum initial sales charge of 3.25% for Class A shares and the applicable contingent deferred sales charge of 3.00% in the first year, declining to 1.00% in the fourth year, and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

The 10-year Class A average annual returns with sales charge as of February 28, 2011 include the previous sales charge of 4.75%. The Class A 6-month cumulative returns, the 1-year and 5-year annual returns with sales charge as of February 28, 2011 include the new sales charge of 3.25%. This change was effective beginning August 22, 2005.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B and Class C are newer classes of shares. Class A and Class B share performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C share performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer classes of shares would have been lower, since the newer classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A shares and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003 and Class Z shares were initially offered on July 2, 1984.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.

Summary

6-month (cumulative) return as of 02/28/11

				–2.96%

				Class A shares (without sales charge)

				–2.43%

				Barclays Capital 3-15 Year Blend Municipal Bond Index¹

Net asset value per share

as of 02/28/11 ($)
Class A					12.07
Class B					12.07
Class C					12.07
Class Z					12.07

Distributions declared per share

09/01/10 – 02/28/11 ($)
Class A					0.23
Class B					0.18
Class C					0.20
Class Z					0.24

A portion of the fund's income may be subject to the alternative minimum tax. The fund may at times purchase tax-exempt securities at a discount. Some or all of this discount may be included in the fund's ordinary income, and is taxable when distributed. Distributions include $0.02 per share of taxable realized gains.

Understanding Your Expenses – Columbia Oregon Intermediate Municipal Bond Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 – 02/28/11

	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		970.40		1,020.83		3.91		4.01		0.80
Class B		1,000.00		1,000.00		966.80		1,017.11		7.56		7.75		1.55
Class C		1,000.00		1,000.00		968.50		1,018.84		5.86		6.01		1.20
Class Z		1,000.00		1,000.00		971.60		1,022.07		2.69		2.76		0.55

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Investment Portfolio – Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds – 97.4%
	Par ($)		Value ($)
Education – 3.7%
Education – 3.7%
OR Economic Development Revenue
Broadway Housing LLC, Series 2008 A, 6.250% 04/01/23		3,250,000		3,625,278
OR Facilities Authority
Linfield College, Series 2005 A, 5.000% 10/01/20		1,825,000		1,873,052
OR Forest Grove
Pacific University, Series 2009, 6.000% 05/01/30		1,500,000		1,504,995
OR Health Sciences University
Series 1996 A, Insured: NPFGC: (a) 07/01/14		2,550,000		2,303,925
(a) 07/01/21		12,515,000		7,256,698
Education Total				16,563,948
Education Total				16,563,948
Health Care – 10.2%
Continuing Care Retirement – 0.6%
OR Albany Hospital Facility Authority
Mennonite Home Albany, Series 2004 PJ-A: 4.750% 10/01/11		660,000		655,987
5.000% 10/01/12		680,000		671,126
OR Multnomah County Hospital Facilities Authority
Terwilliger Plaza, Inc., Series 2006 A, 5.250% 12/01/26		1,400,000		1,228,962
Continuing Care Retirement Total				2,556,075
Hospitals – 9.6%
OR Clackamas County Hospital Facility Authority
Legacy Health System, Series 2001: 5.250% 05/01/21		4,890,000		4,928,386
5.750% 05/01/12		2,000,000		2,033,740
5.750% 05/01/16		1,500,000		1,520,565
OR Deschutes County Hospital Facilities Authority
Cascade Healthcare Community, Series 2008, 7.375% 01/01/23		2,000,000		2,328,820

	Par ($)		Value ($)
OR Facilities Authority
Legacy Health Systems, Series 2010 A: 5.000% 03/15/15		1,000,000		1,073,460
5.000% 03/15/16		1,500,000		1,603,395
Peacehealth, Series 2009 A: 5.000% 11/01/17		4,450,000		4,967,446
5.000% 11/01/19		3,695,000		4,025,592
Samaritan Health Services, Series 2010 A: 5.000% 10/01/22		3,450,000		3,503,717
5.000% 10/01/23		2,000,000		2,012,020
OR Multnomah County Hospital Facilities Authority
Adventist Health System, Series 2009 A, 5.000% 09/01/21		3,685,000		3,845,813
Providence Health System, Series 2004, 5.250% 10/01/16		2,970,000		3,240,805
OR Salem Hospital Facility Authority
Series 2006 A, 5.000% 08/15/27		3,500,000		3,363,255
Series 2008 A: 5.250% 08/15/18		2,500,000		2,698,225
5.750% 08/15/15		785,000		869,984
OR Umatilla County Hospital Facility Authority
Catholic Health Initiatives, Series 2000 A, 5.750% 12/01/20		285,000		286,100
Hospitals Total				42,301,323
Health Care Total				44,857,398
Housing – 4.3%
Assisted Living/Senior – 0.4%
OR Clackamas County Hospital Facility Authority
Robison Jewish Home, Series 2005: 5.000% 10/01/19		1,000,000		877,290
5.125% 10/01/24		1,000,000		820,540
Assisted Living/Senior Total				1,697,830

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Multi-Family – 2.4%
OR Clackamas County Housing Authority
Multi-Family Housing, Easton Ridge, Series 1996 A: 5.800% 12/01/16		1,375,000		1,374,931
5.900% 12/01/26		1,750,000		1,621,218
OR Forest Grove Student Housing
Oak Tree Foundation, Series 2007, 5.500% 03/01/37		4,000,000		3,359,120
OR Portland Housing
Series 2005 A, 5.000% 04/01/25		1,565,000		1,607,881
PR Commonwealth of Puerto Rico Housing Finance Authority
Series 2008, 5.000% 12/01/13		2,455,000		2,645,655
Multi-Family Total				10,608,805
Single-Family – 1.5%
OR Housing & Community Services Department
Mortgage Single Family Program: Series 2001 J, 5.150% 07/01/24		1,095,000		1,095,252
Series 2001 Q: 4.700% 07/01/15		355,000		357,052
4.900% 07/01/17		345,000		346,304
Series 2008 G, 5.200% 07/01/28		4,845,000		4,872,326
Single-Family Total				6,670,934
Housing Total				18,977,569
Other – 15.4%
Other – 0.6%
OR Health, Housing, Educational & Cultural Facilities Authority
Goodwill Industries Lane County, Series 1998 A, 6.650% 11/15/22 (b)		2,940,000		2,656,025
Other Total				2,656,025
Refunded/Escrowed (c) – 14.8%
OR Benton & Linn Counties
School District No. 509J, Corvallis, Series 2003, Pre-refunded 06/01/13, Insured: AGMC 5.000% 06/01/17		2,665,000		2,916,416

	Par ($)		Value ($)
OR Board of Higher Education
Lottery Education, Series 1999 A, Pre-refunded 04/01/11, Insured: AGMC 5.000% 04/01/14		2,705,000		2,716,577
Series 2001 A, Pre-refunded 08/01/11, 5.250% 08/01/14		1,225,000		1,250,554
OR Clackamas Community College District
Series 2001, Pre-refunded 06/15/11, Insured: FGIC 5.250% 06/15/15		1,390,000		1,410,294
OR Clackamas County
School District No. 108, Series 2001, Pre-refunded 06/15/11, Insured: AGMC 5.375% 06/15/15		1,055,000		1,070,804
School District No. 7J, Lake Oswego, Series 2001, Pre-refunded 06/01/11: 5.375% 06/01/16		1,295,000		1,311,861
5.375% 06/01/17		2,535,000		2,568,006
OR Coos County
School District No. 13, North Bend, Series 2002, Pre-refunded 06/15/12, Insured: AGMC 5.500% 06/15/15		1,765,000		1,878,525
OR Department of Transportation
Highway User Tax, Series 2002 A, Pre-refunded 11/15/12, 5.500% 11/15/16		2,500,000		2,709,650
OR Deschutes County Hospital Facilities Authority
Cascade Health Services, Inc., Series 2002, Pre-refunded 01/01/12: 5.500% 01/01/22		2,000,000		2,082,820
5.600% 01/01/27		5,550,000		5,784,487
5.600% 01/01/32		2,000,000		2,084,500

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
OR Deschutes County
School District No. 1, Series 2001 A, Pre-refunded 06/15/11, Insured: AGMC 5.500% 06/15/18		1,000,000		1,015,350
OR Jackson County
School District No. 4, Phoenix-Talent, Series 2001, Pre-refunded 06/15/11, Insured: AGMC 5.500% 06/15/16		1,000,000		1,015,350
School District No. 9, Eagle Point, Series 2000, Pre-refunded 06/15/11, 5.625% 06/15/15		1,920,000		1,950,182
OR Linn County Community
School District No. 9, Lebanon, Series 2001, Pre-refunded 06/15/13, Insured: FGIC 5.550% 06/15/21		2,000,000		2,220,360
School District No. 9, Series 2001, Pre-refunded 06/15/13, Insured: FGIC 5.250% 06/15/15		405,000		446,760
OR Multnomah County
School District No. 7, Reynolds, Series 2000, Pre-refunded 06/15/11, 5.625% 06/15/17		1,000,000		1,015,470
OR Multnomah-Clackamas Counties
Centennial School District No. 28-302, Series 2001, Pre-refunded 06/15/11, Insured: FGIC: 5.375% 06/15/16		2,055,000		2,085,784
5.375% 06/15/17		2,280,000		2,314,154
5.375% 06/15/18		2,490,000		2,527,300
OR North Clackamas Parks & Recreation District Facilities
Series 1993, Escrowed to Maturity, 5.700% 04/01/13		1,250,000		1,313,875

	Par ($)		Value ($)
OR Portland Community College District
Series 2001 A, Pre-refunded 06/01/11: 5.375% 06/01/14		1,925,000		1,950,064
5.375% 06/01/16		2,705,000		2,740,219
5.375% 06/01/17		2,540,000		2,573,071
OR Washington & Clackamas Counties
School District No. 23J, Tigard, Series 2002, Pre-refunded 06/15/12, Insured: NPFGC 5.375% 06/15/17		1,500,000		1,594,065
OR Washington County
Series 2001, Pre-refunded 06/01/11, 5.500% 06/01/16		2,785,000		2,821,261
OR Yamhill County
School District No. 029J, Series 2002, Pre-refunded 06/15/12, Insured: NPFGC 5.250% 06/15/16		2,535,000		2,689,863
PR Commonwealth of Puerto Rico Public Finance Corp.
Series 2002 E, Escrowed to Maturity, 6.000% 08/01/26		5,000,000		6,162,250
VI Virgin Islands Public Finance Authority
Series 1989 A, Escrowed to Maturity, 7.300% 10/01/18		1,090,000		1,329,789
Refunded/Escrowed Total				65,549,661
Other Total				68,205,686
Other Revenue – 3.4%
Recreation – 3.4%
OR Board of Higher Education
Lottery Education: Series 2003 A, Insured: AGMC 5.000% 04/01/14		1,830,000		2,002,971
Series 2008, 5.000% 04/01/24		3,130,000		3,350,008
Series 2009 A: 5.000% 04/01/21		5,000,000		5,632,450
5.000% 04/01/27		4,000,000		4,209,040
Recreation Total				15,194,469
Other Revenue Total				15,194,469

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Tax-Backed – 50.2%
Local General Obligations – 33.2%
OR Benton & Linn Counties
School District No. 509J & 509A, Series 2007, Insured: AGMC 5.000% 06/15/20		5,000,000		5,673,850
OR Canyonville South Umpqua Rural Fire District
Series 2001, 5.400% 07/01/31		610,000		506,087
OR Central Community College District
Series 2010, 4.750% 06/15/24		2,580,000		2,773,681
OR Clackamas & Washington Counties
School District No. 3, Series 2009, 5.000% 06/15/24		4,150,000		4,506,236
School District No. 3A, Series 2003, Insured: NPFGC (a) 06/15/17		4,000,000		3,234,480
OR Clackamas Community College District
Series 2001, Insured: NPFGC 5.250% 06/15/15		110,000		111,366
OR Clackamas County
School District No. 108, Estacada, Series 2005, Insured: AGMC 5.500% 06/15/25		2,485,000		2,907,003
School District No. 115, Series 2006 A, Insured: NPFGC (a) 06/15/25		2,250,000		1,080,473
School District No. 12, North Clackamas, Series 2007 B, Insured: AGMC (a) 06/15/22		4,000,000		4,228,760
School District No. 46, Series 2009: 5.000% 06/15/25		4,350,000		4,602,343
5.000% 06/15/26		3,000,000		3,149,340
Series 2007, Insured: NPFGC 4.125% 06/01/27		2,000,000		1,938,760

	Par ($)		Value ($)
OR Columbia County
School District No. 502, Deferred Interest, Series 1999, Insured: NPFGC: (a) 06/01/13		1,685,000		1,610,877
(a) 06/01/14		1,025,000		950,421
OR Columbia Multnomah & Washington Counties
School District No. 1J, Series 2009: 5.000% 06/15/23		1,000,000		1,080,590
5.000% 06/15/24		1,165,000		1,242,263
5.000% 06/15/25		1,275,000		1,346,221
OR Deschutes & Jefferson County
School District No. 02J, Series 2004 B, Insured: NPFGC (a) 06/15/22		2,335,000		1,396,540
OR Deschutes County
Administrative School District No. 1, Series 2007, Insured: NPFGC 4.500% 06/15/20		5,000,000		5,412,950
OR Jackson County
School District No. 009, Series 2005, Insured: NPFGC: 5.500% 06/15/20		1,000,000		1,180,300
5.500% 06/15/21		1,410,000		1,663,208
School District No. 549C, Series 2008: 4.625% 06/15/27		1,500,000		1,533,945
4.625% 06/15/28		1,660,000		1,692,553
OR Jefferson County
School District No. 509J, Madras School District, Series 2002, Insured: NPFGC 5.250% 06/15/18		1,075,000		1,126,815
OR Josephine County
Unit School District, Three Rivers, Series 2005, Insured: NPFGC: 5.000% 12/15/15		1,000,000		1,139,890
5.000% 12/15/16		1,000,000		1,150,290
OR Lane Community College
Series 2009: 4.250% 06/15/17		2,195,000		2,422,446
4.250% 06/15/18		2,000,000		2,198,580

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
OR Lane County
School District No. 19, Springfield, Series 1997, Insured: NPFGC: 6.000% 10/15/12		1,740,000		1,875,407
6.000% 10/15/14		1,310,000		1,490,164
School District No. 4J, Eugene,
Series 2002: 5.000% 07/01/12		1,000,000		1,060,230
5.250% 07/01/13		1,000,000		1,100,810
Series 2009 A: 5.000% 11/01/24		1,000,000		1,083,460
5.000% 11/01/25		1,140,000		1,223,665
OR Linn Benton Community College
Series 2001,
Insured: NPFGC (a) 06/15/13		1,000,000		957,950
OR Linn County
Community School District No. 9, Lebanon, Series 2001, Insured: NPFGC 5.250% 06/15/15		305,000		330,190
OR Madras Aquatic Center District
Series 2005,
5.000% 06/01/22		1,695,000		1,762,478
OR Multnomah-Clackamas Counties
Centennial School
District No. 28JT, Series 2006, Insured: AMBAC (a) 06/01/16		2,260,000		1,827,685
OR Portland Community College District
Series 2005,
Insured: AGMC 5.000% 06/15/16		4,750,000		5,333,632
OR Portland Limited Tax
Series 2001 B:
(a) 06/01/13		1,500,000		1,454,190
(a) 06/01/16		3,500,000		3,076,290
(a) 06/01/18		4,000,000		3,149,000
(a) 06/01/19		4,000,000		2,990,520
(a) 06/01/20		4,000,000		2,825,000
OR Portland
Series 2005,
5.000% 06/01/16		3,075,000		3,450,488
OR Salem-Keizer
School District No. 24J,
Series 2009 A: 4.000% 06/15/15		3,850,000		4,183,833
5.000% 06/15/16		2,500,000		2,852,025

	Par ($)		Value ($)
OR Salem
Series 2009: 5.000% 06/01/19		2,025,000		2,331,848
5.000% 06/01/20		880,000		998,765
5.000% 06/01/26		3,315,000		3,493,513
OR Tri-County Metropolitan Transportation District
Series 2003 A, 5.000% 09/01/15		1,000,000		1,066,380
Series 2005 A, Insured: AGMC 5.000% 09/01/17		4,250,000		4,777,510
Series 2009 A: 4.000% 09/01/18		1,000,000		1,095,360
4.250% 09/01/21		1,815,000		1,937,839
OR Tualatin Hills Park & Recreation District
Series 1998, Insured: NPFGC 5.750% 03/01/14		990,000		1,119,908
OR Umatilla County
School District No. 8R Hermiston, Series 2010, 4.500% 06/15/29		2,360,000		2,417,560
OR Washington & Clackamas Counties
School District No. 23J, Tigard:
Series 2000, (a) 06/15/18		2,700,000		2,053,971
Series 2005, Insured: NPFGC: 5.000% 06/15/19		850,000		981,436
5.000% 06/15/21		6,575,000		7,536,988
OR Washington Clackamas & Yamhill Counties
School District No. 88J, Series 2007 B, Insured: NPFGC 4.500% 06/15/23		8,125,000		8,397,675
OR Washington Multnomah & Yamhill Counties
School District No. 1J: Series 1998, 5.000% 11/01/13		1,100,000		1,210,803
Series 2006, Insured: NPFGC (a) 06/15/25		4,065,000		1,981,362
OR Yamhill County
School District No. 029J, Series 2005, Insured: NPFGC 5.500% 06/15/21		1,000,000		1,163,620
Local General Obligations Total				146,451,823

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Special Non-Property Tax – 5.3%
OR Department of Transportation
Series 2007 A, 5.000% 11/15/16		6,305,000		7,282,653
Series 2009, 4.750% 11/15/27		7,000,000		7,171,780
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2003, Insured: AGMC 4.950% 07/01/26		5,000,000		4,797,150
VI Virgin Islands Public Finance Authority
Series 2010 A, 5.000% 10/01/25		4,410,000		4,338,955
Special Non-Property Tax Total				23,590,538
Special Property Tax – 5.1%
OR Hood River Urban Renewal Agency
Series 1996, 6.250% 12/15/11		190,000		189,983
OR Keizer
Series 2008, 5.200% 06/01/31		4,615,000		4,479,642
OR Portland Airport Way Urban Renewal & Redevelopment
Convention Center, Series 2000 A, Insured: AMBAC: 5.750% 06/15/17		1,500,000		1,512,570
5.750% 06/15/18		2,050,000		2,067,179
Series 2010 B: 5.000% 06/15/25		1,550,000		1,562,509
5.000% 06/15/26		1,440,000		1,439,899
OR Portland River District Urban Renewal & Redevelopment
Series 2003 A, Insured: AMBAC: 5.000% 06/15/17		1,500,000		1,613,340
5.000% 06/15/18		3,070,000		3,257,024
5.000% 06/15/20		2,000,000		2,050,700
OR Redmond Urban Renewal Agency
Downtown Area B, Series 1999: 5.650% 06/01/13		555,000		555,372
5.850% 06/01/19		785,000		785,345
OR Seaside Urban Renewal Agency
Greater Seaside Urban Renewal, Series 2001, 5.250% 06/01/15		1,000,000		994,660

	Par ($)		Value ($)
OR Veneta Urban Renewal Agency
Series 2001: 5.375% 02/15/16		700,000		697,725
5.625% 02/15/21		1,100,000		1,066,186
Special Property Tax Total				22,272,134
State Appropriated – 4.6%
OR Department of Administrative Services
Certificates of Participation: Series 2002 C, Insured: NPFGC: 5.250% 11/01/15		1,000,000		1,048,020
5.250% 11/01/17		5,000,000		5,230,500
Series 2002 E, Insured: AGMC 5.000% 11/01/13		1,470,000		1,566,285
Series 2007 A, Insured NPFGC: 5.000% 05/01/24		2,630,000		2,731,649
5.000% 05/01/25		2,780,000		2,865,680
5.000% 05/01/26		2,800,000		2,868,516
Series 2009 A, 5.000% 05/01/23		3,100,000		3,300,167
PR Commonwealth of Puerto Rico Public Finance Corp.
Series 2004 A, LOC: Government Development Bank for Puerto Rico 5.750% 08/01/27 (02/01/12) (d)(e)		750,000		767,670
State Appropriated Total				20,378,487
State General Obligations – 2.0%
OR Board of Higher Education
Deferred Interest, Series 2001 A, (a) 08/01/17		1,050,000		843,528
Series 1996 A, (a) 08/01/14		490,000		461,394
Series 2001 A: 5.250% 08/01/14		255,000		259,891
5.250% 08/01/16		780,000		794,289
Series 2004 D, 5.000% 08/01/24		3,620,000		3,759,587
OR Elderly & Disabled Housing
Series 2001 B, 4.950% 08/01/20		985,000		985,532
OR State
Series 2002 A, 5.250% 10/15/15		1,735,000		1,848,209
State General Obligations Total				8,952,430
Tax-Backed Total				221,645,412

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Transportation – 0.5%
Ports – 0.5%
OR Port of Morrow
Series 2007: 4.875% 06/01/20		750,000		635,025
5.000% 06/01/25		1,000,000		754,120
OR Port of St. Helens
Series 1999: 5.600% 08/01/14		260,000		254,784
5.750% 08/01/19		425,000		396,997
Ports Total				2,040,926
Transportation Total				2,040,926
Utilities – 9.7%
Independent Power Producers – 0.9%
OR Western Generation Agency
Series 2006 A, 5.000% 01/01/21		3,000,000		2,737,740
Wauna Cogeneration, Series 2006 A, 5.000% 01/01/20		1,000,000		923,750
Independent Power Producers Total				3,661,490
Investor Owned – 0.8%
OR Port of Morrow
Portland General Electric Co., Series 1998, 5.000% 05/01/33 (03/11/20) (d)(e)		3,750,000		3,618,225
Investor Owned Total				3,618,225
Municipal Electric – 4.2%
OR Emerald Peoples Utility District
Series 1996, Insured: NPFGC: 7.350% 11/01/11		2,000,000		2,087,260
7.350% 11/01/12		2,490,000		2,729,165
7.350% 11/01/13		2,675,000		3,048,778
Series 2003 A, Insured: AGMC 5.250% 11/01/20		605,000		653,315
OR Eugene Electric Utilities System
Series 2001 B, Insured: AGMC 5.250% 08/01/13		1,040,000		1,057,888
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2010 DDD, 5.000% 07/01/22		4,500,000		4,516,380
Series 2010, 5.250% 07/01/24		4,600,000		4,543,236
Municipal Electric Total				18,636,022

	Par ($)		Value ($)
Water & Sewer – 3.8%
OR Myrtle Point Water
Series 2000, 6.000% 12/01/20		510,000		510,857
OR Portland Water Systems Revenue
Series 2004 B, 5.000% 10/01/13		730,000		803,423
Series 2006 B, 5.000% 10/01/16		5,330,000		6,141,386
Series 2010 A, 4.000% 03/01/22		5,000,000		5,129,450
OR Portland
Series 2008 A, 5.000% 06/15/17		1,500,000		1,722,930
OR Washington County Housing Authority
Clean Water Services Sewer, Series 2004 Lien, Insured: NPFGC 5.000% 10/01/13		2,310,000		2,541,092
Water & Sewer Total				16,849,138
Utilities Total				42,764,875
Total Municipal Bonds (cost of $421,390,544)				430,250,283
Investment Companies – 0.3%
	Shares
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.110%)		703,232		703,232
Dreyfus Tax-Exempt Cash Management Fund (7 day yield of 0.100%)		507,794		507,794
Total Investment Companies (cost of $1,211,026)				1,211,026
Total Investments – 97.7% (cost of $422,601,570) (f)				431,461,309
Other Assets & Liabilities, Net – 2.3%				10,198,038
Net Assets – 100.0%				441,659,347

Notes to Investment Portfolio:

(a) Zero coupon bond.

(b) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration. At February 28, 2011, the value of this security amounted to $2,656,025, which represents 0.6% of net assets.

Security				Acquisition Date				Acquisition Cost
OR Health, Housing, Educational & Cultural Facilities Authority, Goodwill Industries Lane County, Series 1998 A, 6.650% 11/15/22				06/17/98				$	3,245,000

See Accompanying Notes to Financial Statements.

Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

(c) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(d) The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

(e) Parenthetical date represents the next interest rate reset date for the security.

(f) Cost for federal income tax purposes is $422,501,954.

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 as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	430,250,283	$	—	$	430,250,283
Total Investment Companies		1,211,026		—		—		1,211,026
Total Investments	$	1,211,026	$	430,250,283	$	—	$	431,461,309

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

At February 28, 2011, the Fund held investments in the following sectors:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		50.2
Refunded/Escrowed		14.8
Health Care		10.2
Utilities		9.7
Housing		4.3
Education		3.7
Other Revenue		3.4
Other		0.6
Transportation		0.5
		97.4
Investment Companies		0.3
Other Assets & Liabilities, Net		2.3
		100.0

Acronym				Name
AGMC				Assured Guaranty Municipal Corp.

AMBAC				Ambac Assurance Corp.

FGIC				Financial Guaranty Insurance Co.

LOC				Letter of Credit

NPFGC				National Public Finance Guarantee Corp.

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

		($)
Assets	Investments, at cost		422,601,570
	Investments, at value		431,461,309
	Cash		437
	Receivable for:
	Investments sold		6,314,955
	Fund shares sold		109,897
	Interest		5,219,971
	Expense reimbursement due from Investment Manager		43,294
	Trustees' deferred compensation plan		41,527
	Prepaid expenses		157
	Total Assets		443,191,547
Liabilities	Payable for:
	Fund shares repurchased		717,935
	Distributions		411,418
	Investment advisory fee		168,851
	Pricing and bookkeeping fees		16,194
	Transfer agent fee		122,069
	Trustees' fees		1,974
	Custody fee		4,375
	Distribution and service fees		12,078
	Chief compliance officer expenses		67
	Trustees' deferred compensation plan		41,527
	Other liabilities		35,712
	Total Liabilities		1,532,200
	Net Assets		441,659,347
Net Assets Consist of	Paid-in capital		432,885,365
	Undistributed net investment income		471,483
	Accumulated net realized loss		(557,240	)
	Net unrealized appreciation on investments		8,859,739
	Net Assets		441,659,347
Class A	Net assets	$	23,362,029
	Shares outstanding		1,936,078
	Net asset value per share	$	12.07	(a)
	Maximum sales charge		3.25	%
	Maximum offering price per share ($12.07/0.9675)	$	12.48	(b)
Class B	Net assets	$	223,834
	Shares outstanding		18,551
	Net asset value and offering price per share	$	12.07	(a)
Class C	Net assets	$	15,739,856
	Shares outstanding		1,304,462
	Net asset value and offering price per share	$	12.07	(a)
Class Z	Net assets	$	402,333,628
	Shares outstanding		33,344,186
	Net asset value, offering and redemption price per share	$	12.07

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Oregon Intermediate Municipal Bond Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($)
Investment Income	Interest		9,721,633
Expenses	Investment advisory fee		1,165,130
	Distribution fee:
	Class B		1,225
	Class C		61,666
	Service fee:
	Class A		32,337
	Class B		408
	Class C		20,556
	Transfer agent fee		141,851
	Pricing and bookkeeping fees		71,760
	Trustees' fees		17,653
	Custody fee		9,282
	Chief compliance officer expenses		624
	Other expenses		104,222
	Total Expenses		1,626,714
	Fees waived or expenses reimbursed by Investment Manager		(229,468	)
	Fees waived by distributor—Class C		(28,778	)
	Expense reductions		(2	)
	Net Expenses		1,368,466
	Net Investment Income		8,353,167
Net Realized and Unrealized Gain (Loss) on Investments
	Net realized loss on investments		(526,687	)
	Net change in unrealized appreciation (depreciation) on investments		(22,368,237	)
	Net Loss		(22,894,924	)
	Net Decrease Resulting from Operations		(14,541,757	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Oregon Intermediate Municipal Bond Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment income		8,353,167			16,671,499
	Net realized gain (loss) on investments		(526,687	)		997,849
	Net change in unrealized appreciation (depreciation) on investments		(22,368,237	)		18,044,173
	Net increase (decrease) resulting from operations		(14,541,757	)		35,713,521
Distributions to Shareholders	From net investment income:
	Class A		(435,145	)		(701,103	)
	Class B		(4,233	)		(12,721	)
	Class C		(244,351	)		(419,059	)
	Class Z		(7,662,157	)		(15,520,849	)
	From net realized gains:
	Class A		(47,330	)		—
	Class B		(559	)		—
	Class C		(28,963	)		—
	Class Z		(729,539	)		—
	Total distributions to shareholders		(9,152,277	)		(16,653,732	)
	Net Capital Stock Transactions		(29,855,495	)		32,393,745
	Total increase (decrease) in net assets		(53,549,529	)		51,453,534
Net Assets	Beginning of period		495,208,876			443,755,342
	End of period		441,659,347			495,208,876
	Undistributed net investment income at end of period		471,483			464,202

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Oregon Intermediate
Municipal Bond Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		409,777			5,011,017			1,365,372			16,826,691
Distributions reinvested		21,460			262,230			35,415			437,050
Redemptions		(678,502	)		(8,204,444	)		(491,768	)		(6,052,905	)
Net increase (decrease)		(247,265	)		(2,931,197	)		909,019			11,210,836
Class B
Subscriptions		77			943			1,765			21,655
Distributions reinvested		155			1,906			632			7,786
Redemptions		(13,497	)		(163,322	)		(23,259	)		(285,419	)
Net decrease		(13,265	)		(160,473	)		(20,862	)		(255,978	)
Class C
Subscriptions		166,021			2,040,395			432,297			5,330,213
Distributions reinvested		12,135			148,083			17,321			213,880
Redemptions		(193,653	)		(2,334,945	)		(60,819	)		(750,119	)
Net increase (decrease)		(15,497	)		(146,467	)		388,799			4,793,974
Class Z
Subscriptions		1,106,480			13,586,309			4,601,517			56,748,918
Distributions reinvested		504,102			6,159,104			919,244			11,343,381
Redemptions		(3,819,373	)		(46,362,771	)		(4,174,921	)		(51,447,386	)
Net increase (decrease)		(2,208,791	)		(26,617,358	)		1,345,840			16,644,913

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Oregon Intermediate Municipal Bond Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.67		$	12.17		$	12.07		$	12.02		$	12.24		$	12.45
Income from Investment Operations:
Net investment income (a)		0.21			0.41			0.45			0.46			0.46			0.45
Net realized and unrealized gain (loss) on investments and futures contracts		(0.58	)		0.51			0.09			0.05			(0.23	)		(0.20	)
Total from investment operations		(0.37	)		0.92			0.54			0.51			0.23			0.25
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.42	)		(0.45	)		(0.46	)		(0.45	)		(0.46	)
From net realized gains		(0.02	)		—			—			—			—			—
Total distributions to shareholders		(0.23	)		(0.42	)		(0.45	)		(0.46	)		(0.45	)		(0.46	)
Increase from regulatory settlements		—			—			0.01			—			—			—
Net Asset Value, End of Period	$	12.07		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Total return (b)		(2.96	)%(c)(d)		7.68	%(c)		4.70	%(c)		4.31	%(c)		1.92	%		2.05	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		0.80	%(f)		0.78	%		0.75	%		0.77	%		0.88	%		0.89	%
Waiver/Reimbursement		0.10	%(f)		0.11	%		0.14	%		0.10	%		—			—	%(g)
Net investment income (e)		3.37	%(f)		3.35	%		3.74	%		3.78	%		3.73	%		3.72	%
Portfolio turnover rate		4	%(d)		12	%		8	%		5	%		16	%		2	%
Net assets, end of period (000s)	$	23,362		$	27,661		$	15,507		$	10,210		$	5,519		$	6,507

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(c) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(d) Not annualized.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Oregon Intermediate Municipal Bond Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.67		$	12.17		$	12.07		$	12.02		$	12.24		$	12.45
Income from Investment Operations:
Net investment income (a)		0.16			0.33			0.36			0.37			0.36			0.37
Net realized and unrealized gain (loss) on investments and futures contracts		(0.58	)		0.49			0.09			0.05			(0.22	)		(0.22	)
Total from investment operations		(0.42	)		0.82			0.45			0.42			0.14			0.15
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.32	)		(0.36	)		(0.37	)		(0.36	)		(0.36	)
From net realized gains		(0.02	)		—			—			—			—			—
Total distributions to shareholders		(0.18	)		(0.32	)		(0.36	)		(0.37	)		(0.36	)		(0.36	)
Increase from regulatory settlements		—			—			0.01			—			—			—
Net Asset Value, End of Period	$	12.07		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Total return (b)		(3.32	)%(c)(d)		6.88	%(c)		3.92	%(c)		3.56	%(c)		1.16	%		1.29	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.55	%(f)		1.53	%		1.50	%		1.52	%		1.63	%		1.64	%
Waiver/Reimbursement		0.10	%(f)		0.11	%		0.14	%		0.10	%		—			—	%(g)
Net investment income (e)		2.60	%(f)		2.66	%		3.02	%		3.08	%		2.98	%		3.00	%
Portfolio turnover rate		4	%(d)		12	%		8	%		5	%		16	%		2	%
Net assets, end of period (000s)	$	224		$	403		$	641		$	570		$	842		$	913

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(c) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(d) Not annualized.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Oregon Intermediate Municipal Bond Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.67		$	12.17		$	12.07		$	12.02		$	12.24		$	12.45
Income from Investment Operations:
Net investment income (a)		0.18			0.37			0.40			0.41			0.40			0.41
Net realized and unrealized gain (loss) on investments and futures contracts		(0.58	)		0.50			0.09			0.05			(0.21	)		(0.21	)
Total from investment operations		(0.40	)		0.87			0.49			0.46			0.19			0.20
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.37	)		(0.40	)		(0.41	)		(0.41	)		(0.41	)
From net realized gains		(0.02	)		—			—			—			—			—
Total distributions to shareholders		(0.20	)		(0.37	)		(0.40	)		(0.41	)		(0.41	)		(0.41	)
Increase from regulatory settlements		—			—			0.01			—			—			—
Net Asset Value, End of Period	$	12.07		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Total return (b)(c)		(3.15	)%(d)		7.25	%		4.28	%		3.88	%		1.52	%		1.64	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.20	%(f)		1.18	%		1.15	%		1.17	%		1.28	%		1.29	%
Waiver/Reimbursement		0.45	%(f)		0.46	%		0.49	%		0.45	%		0.35	%		0.35	%
Net investment income (e)		2.98	%(f)		2.96	%		3.34	%		3.36	%		3.33	%		3.33	%
Portfolio turnover rate		4	%(d)		12	%		8	%		5	%		16	%		2	%
Net assets, end of period (000s)	$	15,740		$	16,722		$	11,332		$	7,847		$	1,097		$	616

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(c) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(d) Not annualized.

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

(f) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Oregon Intermediate Municipal Bond Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.67		$	12.17		$	12.07		$	12.02		$	12.24		$	12.45
Income from Investment Operations:
Net investment income (a)		0.22			0.45			0.48			0.49			0.49			0.49
Net realized and unrealized gain (loss) on investments and futures contracts		(0.58	)		0.50			0.09			0.05			(0.23	)		(0.21	)
Total from investment operations		(0.36	)		0.95			0.57			0.54			0.26			0.28
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.45	)		(0.48	)		(0.49	)		(0.48	)		(0.49	)
From net realized gains		(0.02	)		—			—			—			—			—
Total distributions to shareholders		(0.24	)		(0.45	)		(0.48	)		(0.49	)		(0.48	)		(0.49	)
Increase from regulatory settlements		—			—			0.01			—			—			—
Net Asset Value, End of Period	$	12.07		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Total return (b)		(2.84	)%(c)(d)		7.95	%(c)		4.96	%(c)		4.59	%(c)		2.18	%		2.31	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		0.55	%(f)		0.53	%		0.50	%		0.52	%		0.63	%		0.64	%
Waiver/Reimbursement		0.10	%(f)		0.11	%		0.14	%		0.10	%		—			—	%(g)
Net investment income (e)		3.62	%(f)		3.63	%		4.02	%		4.07	%		3.98	%		3.99	%
Portfolio turnover rate		4	%(d)		12	%		8	%		5	%		16	%		2	%
Net assets, end of period (000s)	$	402,334		$	450,422		$	416,275		$	381,162		$	368,292		$	380,653

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Total return at net asset value assuming all distributions reinvested.

(c) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(d) Not annualized.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Oregon Intermediate Municipal Bond Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks a high level of income exempt from federal and Oregon income tax by investing at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities issued by the State of Oregon (and its political subdivisions, agencies, authorities and instrumentalities).

Fund Shares

Class A shares are subject to a maximum front-end sales charge of 3.25% based on the 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 1.00% 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.

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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Significant Accounting Policies

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

Security Valuation

Investments in other open-end investment companies are valued at net asset value.

Delayed Delivery Securities

Columbia Oregon Intermediate Municipal Bond Fund, February 28, 2011 (Unaudited)

investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a 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 for purposes of determining the net asset value of each class. Income and expenses are allocated to each class based on the settled shares method, while realized and unrealized gains (losses) are allocated based on the relative net assets of each class.

Federal Income Tax Status

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

Distributions to Shareholders

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

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. The management fee is based on the annual rate of 0.50% of the Fund's average daily net assets.

Administration Fee

The Investment Manager provides administrative and other services to the Fund, including services related to Fund expenses under an Administrative Services Agreement (Administrative Agreement), the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. The Investment Manager does not receive a fee for its services under the Administrative Agreement.

Pricing and Bookkeeping Fees

The Fund entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street and the Investment Manager pursuant to which State Street provides

Columbia Oregon Intermediate Municipal Bond Fund, February 28, 2011 (Unaudited)

financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and the Investment Manager pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and 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 asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for was 0.06% of the Fund's average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $1,280 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $-, $1,419 and $4,406, respectively.

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

The Distributor has voluntarily agreed to waive a portion of the distribution and service fees for Class C shares so that the combined fees do not exceed the annual rate of 0.65% of the average daily net assets of the Class C shares of the Fund. This arrangement may be modified or terminated by the Distributor at any time.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

Effective September 27, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 0.80%, 1.55%, 1.55% and 0.55% of the Fund's average daily net assets attributable to Class A, Class B, Class C and Class Z shares, respectively.

Prior to September 27, 2010, the Investment Manager voluntarily reimbursed a portion of the Fund's expenses so that the Fund's

Columbia Oregon Intermediate Municipal Bond Fund, February 28, 2011 (Unaudited)

ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 0.55% annually of the Fund's average daily net assets.

Effective March 1, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through December 31, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 0.79%, 1.54%, 1.54% and 0.54% of the Fund's average daily net assets attributable to Class A, Class B, Class C and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that may be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

For the six month period ended February 28, 2011, these custody credits reduced total expenses by $2 for the Fund.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $16,558,811 and $32,572,114, respectively, for the six month period ended February 28, 2011.

Note 6. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 13.4% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 7. Line of Credit

The Funds and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Columbia Oregon Intermediate Municipal Bond Fund, February 28, 2011 (Unaudited)

Note 8. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

	August 31, 2010
Tax-Exempt Income	$	16,606,638
Ordinary Income*		47,094

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	14,557,663
Unrealized depreciation		(5,598,308	)
Net unrealized appreciation	$	8,959,355

Note 9. Significant Risks and Contingencies

Geographic Concentration Risk

The Fund had greater than 5% of its total net assets at February 28, 2011, invested in debt obligations issued by Oregon and its political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of this state's municipal securities than are municipal bond funds that are not concentrated to the same extent in these issuers.

Tax Development Risk

The Fund purchases municipal securities whose interest, in the opinion of bond counsel, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that an issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued. As a shareholder of the Fund, you may be required to file an amended tax return as a result.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Oregon Intermediate Municipal Bond Fund, February 28, 2011 (Unaudited)

presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia Oregon Intermediate Municipal Bond Fund, the Advisory Agreement will decrease contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

the Advisory Agreement for each Affected Fund, subject to shareholder approval.

• The expected benefits of continuing to retain Columbia Management as the Affected Funds' investment manager;

• The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

• The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Oregon Intermediate Municipal Bond Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

• That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

• The expected impact on expenses for certain Affected Funds of proposed mergers; and

• The expected benefits of further integrating the Combined Fund Complex by:

Nature, Extent and Quality of Services Provided under the Advisory Agreements

Investment Performance

The trustees noted that, through February 28, 2010, Columbia Oregon Intermediate Municipal Bond Fund's performance was in the third quintile (where the best performance would be in the first quintile) for the one- and three-year periods and in the second quintile for the five-year period of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Oregon Intermediate Municipal Bond Fund would decrease the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund's current investment management services agreement. The trustees reviewed and considered information that they had previously received in connection with the most recent approval of Columbia Oregon Intermediate Municipal Bond Fund's current investment management services agreement with Columbia Management.

Costs of Services Provided and Profitability

Economies of Scale

Other Benefits to Columbia Management

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA NATIONS BOARD

Prepared Pursuant to the February 9, 2005
Assurance of Discontinuance
among the Office of Attorney General of New York State,
Columbia Management Advisors, LLC, and
Columbia Management Distributors, Inc.

September 21, 2010

I. Overview

With effect from January 1, 2007, the Independent Members of the Board of Trustees for certain Columbia Funds known collectively as the "Nations Funds" (together with the other members of that Board, the "Trustees") retained me as IFC for the Nations Funds.² In this capacity, I have prepared this written evaluation of the fee negotiation process. As has been the case with my previous reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report.

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the "Bank") pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia's long-term asset management business, including management of the Nations Funds (the "Transaction"). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC ("CMIA"). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by for example proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, sub-transfer agency, custody, and pricing/bookkeeping fees paid by the funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

Unless otherwise stated or required by the context, this report covers only the Nations Funds.

³ Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

1. Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a "Fee Change Fund").

3. CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a "Fee Increase Fund"). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

4. The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA's proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

5. CMIA's fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the actual management fees would be in the fourth or fifth quintiles.

6. Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

7. CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to an expense limitation calculated by reference to the median of the relevant fund's Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

8. CMIA reviewed the differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels reflecting CMIA's reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

9. CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds' investment adviser), historical profitability data was judged to have little relevance.

10. CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

This page intentionally left blank.

Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Oregon Intermediate Municipal Bond Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1640 A (04/11)

Columbia Conservative High Yield Fund

Semiannual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information					1

Understanding Your Expenses					2

Investment Portfolio					3

Statement of Assets and Liabilities					13

Statement of Operations					15

Statement of Changes in Net Assets					16

Financial Highlights					18

Notes to Financial Statements					23

Shareholder Meeting Results					30

Important Information About This Report					33

President's Message

Dear Shareholder:

> A singular focus on our shareholders

> First-class research and thought leadership

> A disciplined investment approach

Sincerely,

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 Information – Columbia Conservative High Yield Fund

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				Y		Z
Inception	11/01/02				11/01/02				10/13/03				07/15/09		10/01/93
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		8.39		3.25		7.99		2.99		8.07		7.07		8.56		8.52
1-year		15.13		9.69		14.28		9.28		14.45		13.45		15.52		15.41
5-year		5.86		4.82		5.07		4.76		5.23		5.23		6.16		6.12
10-year		5.46		4.95		4.80		4.80		4.91		4.91		5.71		5.69

The "with sales charge" returns include the maximum initial sales charge of 4.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B, Class C and Class Y are newer classes of shares. Class A, Class B and Class Y share performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C share performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for Class A, Class B, and Class C for periods during which Class Z share returns are included would have been lower, since these classes of shares are subject to distribution and service (Rule 12b-1) fees. Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003, Class Y shares were initially offered on July 15, 2009 and Class Z shares were initially offered on October 1, 1993.

¹The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Summary

6-month (cumulative) return as of 02/28/11

				+8.39%

				Class A shares (without sales charge)

				+7.31%

				JPMorgan Developed BB High Yield Index¹

Net asset value per share

as of 02/28/11 ($)
Class A					8.01
Class B					8.01
Class C					8.01
Class Y					8.01
Class Z					8.01

Distributions declared per share

09/01/10 – 02/28/11 ($)
Class A					0.26
Class B					0.23
Class C					0.24
Class Y					0.28
Class Z					0.27

Understanding Your Expenses – Columbia Conservative High Yield Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

09/01/10 – 02/28/11

	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		1,083.90		1,019.59		5.43		5.26		1.05
Class B		1,000.00		1,000.00		1,079.90		1,015.87		9.28		9.00		1.80
Class C		1,000.00		1,000.00		1,080.70		1,016.61		8.51		8.25		1.65
Class Y		1,000.00		1,000.00		1,085.60		1,021.21		3.72		3.61		0.72
Class Z		1,000.00		1,000.00		1,085.20		1,020.83		4.14		4.01		0.80

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses for Class A, Class B, Class C and Class Z shares, account value at the end of the period for Class A, Class B, Class C and Class Z shares would have been reduced.

Investment Portfolio – Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 94.5%
	Par ($)		Value ($)
Basic Materials – 7.0%
Chemicals – 4.0%
Agricultural Chemicals – 0.9%
CF Industries, Inc. 6.875% 05/01/18		3,295,000		3,632,738
7.125% 05/01/20		1,451,000		1,625,120
				5,257,858
Chemicals-Diversified – 1.5%
Celanese U.S. Holdings LLC 6.625% 10/15/18 (a)		180,000		187,650
Chemtura Corp. 7.875% 09/01/18 (a)		641,000		684,267
Koppers, Inc. 7.875% 12/01/19		895,000		971,075
Lyondell Chemical Co. 8.000% 11/01/17 (a)		3,946,000		4,449,115
NOVA Chemicals Corp. 8.375% 11/01/16		860,000		943,850
8.625% 11/01/19		960,000		1,060,800
				8,296,757
Chemicals-Plastics – 0.8%
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC 8.875% 02/01/18		4,475,000		4,805,031
				4,805,031
Chemicals-Specialty – 0.5%
Nalco Co. 6.625% 01/15/19 (a)		2,780,000		2,873,825
				2,873,825
Petrochemicals – 0.3%
Rain CII Carbon LLC & CII Carbon Corp. 8.000% 12/01/18 (a)		1,705,000		1,824,350
				1,824,350
Chemicals Total				23,057,821
Forest Products & Paper – 0.7%
Paper & Related Products – 0.7%
Cascades, Inc. 7.750% 12/15/17		2,830,000		2,960,887
Verso Paper Holdings LLC/Verso Paper, Inc. 8.750% 02/01/19 (a)		939,000		981,255
				3,942,142
Forest Products & Paper Total				3,942,142
Iron/Steel – 0.7%
Steel-Producers – 0.7%
United States Steel Corp. 7.000% 02/01/18		2,992,000		3,119,160
7.375% 04/01/20		619,000		653,045
				3,772,205
Iron/Steel Total				3,772,205

	Par ($)		Value ($)
Metals & Mining – 1.6%
Diversified Minerals – 0.8%
FMG Resources August 2006 Pty Ltd. 6.375% 02/01/16 (a)		1,365,000		1,385,475
7.000% 11/01/15 (a)		3,016,000		3,142,426
				4,527,901
Metal-Aluminum – 0.8%
Novelis, Inc. 8.375% 12/15/17 (a)		1,970,000		2,171,925
8.750% 12/15/20 (a)		1,970,000		2,171,925
				4,343,850
Metals & Mining Total				8,871,751
Basic Materials Total				39,643,919
Communications – 25.0%
Advertising – 1.7%
Advertising Agencies – 0.8%
Interpublic Group of Companies, Inc. 6.250% 11/15/14		960,000		1,042,800
10.000% 07/15/17		2,865,000		3,387,863
				4,430,663
Advertising Services – 0.9%
inVentiv Health, Inc. 10.000% 08/15/18 (a)		2,625,000		2,690,625
Visant Corp. 7.000% 09/22/16 (04/25/11) (b)(c)		2,324,175		2,351,286
				5,041,911
Advertising Total				9,472,574
Media – 8.3%
Broadcast Services/Programs – 1.4%
Clear Channel Worldwide Holdings, Inc. 9.250% 12/15/17		2,250,000		2,503,125
XM Satellite Radio, Inc. 7.625% 11/01/18 (a)		4,970,000		5,255,775
				7,758,900
Cable TV – 4.0%
Bresnan Broadband Holdings LLC 8.000% 12/15/18 (a)		75,000		79,313
CCO Holdings LLC/CCO Holdings Capital Corp. 7.000% 01/15/19		1,505,000		1,531,338
8.125% 04/30/20		4,813,000		5,198,040
Cequel Communications Holdings I LLC & Cequel Capital Corp. 8.625% 11/15/17 (a)		1,630,000		1,723,725
CSC Holdings LLC 8.625% 02/15/19		4,235,000		4,880,837

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
DISH DBS Corp. 7.875% 09/01/19		5,602,000		6,071,167
Insight Communications 9.375% 07/15/18 (a)		2,780,000		3,071,900
				22,556,320
Multimedia – 0.6%
Entravision Communications Corp. 8.750% 08/01/17		3,310,000		3,574,800
				3,574,800
Radio – 0.8%
Salem Communications Corp. 9.625% 12/15/16		2,700,000		2,963,250
Sirius XM Radio, Inc. 8.750% 04/01/15 (a)		1,710,000		1,893,825
				4,857,075
Television – 1.5%
Belo Corp. 8.000% 11/15/16		2,600,000		2,837,250
Sinclair Television Group, Inc. 9.250% 11/01/17 (a)		2,404,000		2,698,490
Univision Communications, Inc. 7.875% 11/01/20 (a)		2,795,000		2,997,637
				8,533,377
Media Total				47,280,472
Telecommunication Services – 15.0%
Cellular Telecommunications – 6.2%
Cricket Communications, Inc. 7.750% 05/15/16		4,905,000		5,187,037
Digicel Group Ltd. 8.250% 09/01/17 (a)		4,370,000		4,566,650
MetroPCS Wireless, Inc. 6.625% 11/15/20		1,605,000		1,562,869
7.875% 09/01/18		2,900,000		3,045,000
Nextel Communications, Inc. 7.375% 08/01/15		999,000		1,001,497
NII Capital Corp. 10.000% 08/15/16		2,890,000		3,272,925
Sprint Nextel Corp. 8.375% 08/15/17		7,717,000		8,556,224
Wind Acquisition Finance SA 7.250% 02/15/18 (a)		1,830,000		1,903,200
11.750% 07/15/17 (a)(d)(e)		5,474,000		—
11.750% 07/15/17 (a)		5,474,000		6,281,415
				35,376,817
Media – 1.8%
Nielsen Finance LLC/Nielsen Finance Co. 7.750% 10/15/18 (a)		4,704,000		5,080,320
Quebecor Media, Inc. 7.750% 03/15/16		4,905,000		5,101,200
				10,181,520

	Par ($)		Value ($)
Satellite Telecommunications – 0.1%
Intelsat Jackson Holdings SA 7.250% 10/15/20 (a)		410,000		421,275
				421,275
Telecommunication Equipment – 0.6%
Avaya, Inc. 7.000% 04/01/19 (a)		1,940,000		1,920,600
CommScope, Inc. 8.250% 01/15/19 (a)		1,217,000		1,262,638
				3,183,238
Telecommunication Services – 2.5%
Clearwire Communications LLC/ Clearwire Finance, Inc. 12.000% 12/01/15 (a)		2,455,000		2,639,125
ITC Deltacom, Inc. 10.500% 04/01/16		1,512,000		1,659,420
PAETEC Holding Corp. 8.875% 06/30/17		4,020,000		4,361,700
SBA Telecommunications, Inc. 8.250% 08/15/19		3,420,000		3,770,550
West Corp. 7.875% 01/15/19 (a)		1,985,000		2,049,513
				14,480,308
Telephone-Integrated – 3.2%
Cincinnati Bell, Inc. 8.250% 10/15/17		2,925,000		2,954,250
8.375% 10/15/20		918,000		906,525
Frontier Communications Corp. 8.500% 04/15/20		3,525,000		3,912,750
Integra Telecom Holdings, Inc. 10.750% 04/15/16 (a)		1,169,000		1,268,365
Level 3 Financing, Inc. 9.250% 11/01/14		880,000		908,600
Qwest Corp. 7.500% 06/15/23		4,035,000		4,045,087
Sprint Capital Corp. 6.875% 11/15/28		2,365,000		2,131,456
6.900% 05/01/19		1,929,000		1,945,879
				18,072,912
Wireless Equipment – 0.6%
Crown Castle International Corp. 9.000% 01/15/15		3,305,000		3,718,125
				3,718,125
Telecommunication Services Total				85,434,195
Communications Total				142,187,241

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Consumer Cyclical – 11.7%
Auto Manufacturers – 0.3%
Auto-Medium & Heavy Duty Trucks – 0.3%
Oshkosh Corp. 8.250% 03/01/17		733,000		813,630
8.500% 03/01/20		850,000		958,375
				1,772,005
Auto Manufacturers Total				1,772,005
Auto Parts & Equipment – 1.7%
Auto/Truck Parts & Equipment-Original – 1.7%
Accuride Corp. 9.500% 08/01/18		545,000		607,675
Dana Holding Corp. 6.500% 02/15/19		430,000		433,225
6.750% 02/15/21		2,810,000		2,855,663
Lear Corp. 7.875% 03/15/18		1,730,000		1,903,000
8.125% 03/15/20		2,370,000		2,642,550
Pinafore LLC/Pinafore, Inc. 9.000% 10/01/18 (a)		370,000		411,625
Tenneco, Inc. 7.750% 08/15/18		356,000		383,145
				9,236,883
Auto Parts & Equipment Total				9,236,883
Distribution/Wholesale – 0.3%
Distribution/Wholesale – 0.3%
McJunkin Red Man Corp. 9.500% 12/15/16 (a)		1,862,000		1,824,760
				1,824,760
Distribution/Wholesale Total				1,824,760
Entertainment – 2.2%
Casino Services – 0.3%
Tunica-Biloxi Gaming Authority 9.000% 11/15/15 (a)		1,535,000		1,523,487
				1,523,487
Gambling (Non-Hotel) – 1.5%
Boyd Gaming Corp. 9.125% 12/01/18 (a)		3,939,000		4,155,645
Pinnacle Entertainment, Inc. 8.625% 08/01/17		2,515,000		2,760,212
Shingle Springs Tribal Gaming Authority 9.375% 06/15/15 (a)		2,650,000		1,802,000
				8,717,857
Racetracks – 0.1%
Speedway Motorsports, Inc. 6.750% 02/01/19 (a)		740,000		751,100
				751,100

	Par ($)		Value ($)
Theaters – 0.3%
Regal Cinemas Corp. 8.625% 07/15/19		812,000		870,870
Regal Entertainment Group 9.125% 08/15/18		495,000		528,413
				1,399,283
Entertainment Total				12,391,727
Home Builders – 0.2%
Building-Residential/Commercial – 0.2%
K. Hovnanian Enterprises, Inc. 10.625% 10/15/16		1,260,000		1,365,525
				1,365,525
Home Builders Total				1,365,525
Home Furnishings – 0.2%
Home Furnishings – 0.2%
Norcraft Companies LP/Norcraft Finance Corp. 10.500% 12/15/15		1,110,000		1,190,475
				1,190,475
Home Furnishings Total				1,190,475
Lodging – 4.7%
Casino Hotels – 2.2%
MGM Resorts International 9.000% 03/15/20 (a)		1,740,000		1,918,350
11.125% 11/15/17		3,300,000		3,803,250
Penn National Gaming, Inc. 8.750% 08/15/19		3,215,000		3,584,725
Pokagon Gaming Authority 10.375% 06/15/14 (a)		1,885,000		1,965,112
Seneca Gaming Corp. 8.250% 12/01/18 (a)		1,390,000		1,438,650
				12,710,087
Gambling (Non-Hotel) – 1.2%
Seminole Indian Tribe of Florida 6.535% 10/01/20 (a)		540,000		531,911
7.750% 10/01/17 (a)		2,500,000		2,653,125
7.804% 10/01/20 (a)		3,665,000		3,614,643
				6,799,679
Hotels & Motels – 1.3%
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 05/15/18		4,835,000		5,233,888
Wyndham Worldwide Corp. 5.750% 02/01/18		574,000		593,301
6.000% 12/01/16		1,475,000		1,570,612
				7,397,801
Lodging Total				26,907,567

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Office Furnishings – 0.1%
Office Furnishings-Original – 0.1%
Interface, Inc. 7.625% 12/01/18 (a)		469,000		496,554
				496,554
Office Furnishings Total				496,554
Retail – 2.0%
Retail-Apparel/Shoe – 0.8%
Limited Brands, Inc. 8.500% 06/15/19		3,990,000		4,568,550
				4,568,550
Retail-Drug Stores – 0.1%
Rite Aid Corp. 8.000% 08/15/20		660,000		713,625
				713,625
Retail-Mail Order – 0.6%
QVC, Inc. 7.375% 10/15/20 (a)		885,000		938,100
7.500% 10/01/19 (a)		2,435,000		2,605,450
				3,543,550
Retail-Toy Store – 0.4%
Toys R Us - Delaware, Inc. 7.375% 09/01/16 (a)		1,051,000		1,116,687
Toys R Us Property Co. II LLC 8.500% 12/01/17		1,000,000		1,087,500
				2,204,187
Retail-Vitamins/Nutritional Supplements – 0.1%
NBTY, Inc. 9.000% 10/01/18 (a)		220,000		238,700
				238,700
Retail Total				11,268,612
Consumer Cyclical Total				66,454,108
Consumer Non-Cyclical – 13.9%
Beverages – 0.3%
Beverages-Non-Alcoholic – 0.3%
Cott Beverages, Inc. 8.125% 09/01/18		775,000		834,094
8.375% 11/15/17		895,000		964,362
				1,798,456
Beverages Total				1,798,456
Commercial Services – 3.6%
Commercial Services – 0.0%
Brickman Group Holdings, Inc. 9.125% 11/01/18 (a)		164,000		174,250
				174,250

	Par ($)		Value ($)
Commercial Services-Finance – 0.8%
Cardtronics, Inc. 8.250% 09/01/18		1,730,000		1,868,400
Interactive Data Corp. 10.250% 08/01/18 (a)		2,615,000		2,928,800
				4,797,200
Rental Auto/Equipment – 2.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.250% 01/15/19		2,340,000		2,483,325
Hertz Corp. 7.500% 10/15/18 (a)		1,735,000		1,830,425
RSC Equipment Rental, Inc./RSC Holdings III LLC 8.250% 02/01/21 (a)		850,000		896,750
10.000% 07/15/17 (a)		2,225,000		2,553,187
United Rentals North America, Inc. 9.250% 12/15/19		6,020,000		6,847,750
				14,611,437
Security Services – 0.2%
Garda World Security Corp. 9.750% 03/15/17 (a)		765,000		824,288
				824,288
Commercial Services Total				20,407,175
Food – 0.2%
Food-Dairy Products – 0.2%
Dean Foods Co. 9.750% 12/15/18 (a)		941,000		976,288
				976,288
Food Total				976,288
Healthcare Products – 0.2%
Medical Products – 0.2%
Hanger Orthopedic Group, Inc. 7.125% 11/15/18		1,251,000		1,285,402
				1,285,402
Healthcare Products Total				1,285,402
Healthcare Services – 4.4%
Dialysis Centers – 0.3%
Fresenius Medical Care US Finance, Inc. 5.750% 02/15/21 (a)		2,135,000		2,070,950
				2,070,950
Medical Labs & Testing Services – 0.1%
American Renal Holdings 8.375% 05/15/18		375,000		392,344
				392,344
Medical-Hospitals – 3.5%
Capella Healthcare, Inc. 9.250% 07/01/17 (a)		285,000		307,800

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
HCA, Inc. 7.250% 09/15/20		9,933,000		10,715,224
7.875% 02/15/20		3,055,000		3,356,681
LifePoint Hospitals, Inc. 6.625% 10/01/20 (a)		711,000		727,886
Tenet Healthcare Corp. 8.875% 07/01/19		2,040,000		2,320,500
Vanguard Health Holding Co. II, LLC/ Vanguard Holding Co. II, Inc. 7.750% 02/01/19 (a)		190,000		192,375
8.000% 02/01/18		1,000,000		1,027,500
8.000% 02/01/18 (a)		1,200,000		1,233,000
				19,880,966
Physical Therapy/Rehab Centers – 0.5%
Healthsouth Corp. 8.125% 02/15/20		2,440,000		2,641,300
				2,641,300
Healthcare Services Total				24,985,560
Household Products/Wares – 2.9%
Consumer Products-Miscellaneous – 2.9%
Central Garden & Pet Co. 8.250% 03/01/18		700,000		735,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC 6.875% 02/15/21 (a)		1,120,000		1,128,400
7.125% 04/15/19 (a)		7,019,000		7,194,475
7.750% 10/15/16 (a)		3,231,000		3,473,325
Scotts Miracle-Gro Co. 6.625% 12/15/20 (a)		330,000		338,250
Spectrum Brands Holdings, Inc. 9.500% 06/15/18 (a)		3,366,000		3,769,920
				16,639,370
Household Products/Wares Total				16,639,370
Pharmaceuticals – 2.3%
Medical-Drugs – 1.6%
ConvaTec Healthcare E SA 10.500% 12/15/18 (a)		2,644,000		2,822,470
Giant Funding Corp. 8.250% 02/01/18 (a)		1,808,000		1,862,240
Patheon, Inc. 8.625% 04/15/17 (a)		1,440,000		1,504,800
Valeant Pharmaceuticals International 6.750% 10/01/17 (a)		745,000		771,075
7.000% 10/01/20 (a)		2,065,000		2,134,694
				9,095,279
Medical-Generic Drugs – 0.3%
Mylan, Inc. 6.000% 11/15/18 (a)		1,610,000		1,648,238
				1,648,238

	Par ($)		Value ($)
Therapeutics – 0.4%
Warner Chilcott Co., LLC/Warner Chilcott Finance LLC 7.750% 09/15/18 (a)		2,343,000		2,466,007
				2,466,007
Pharmaceuticals Total				13,209,524
Consumer Non-Cyclical Total				79,301,775
Diversified – 0.4%
Diversified Holding Companies – 0.4%
Diversified Operations – 0.4%
Leucadia National Corp. 7.125% 03/15/17		2,325,000		2,441,250
				2,441,250
Diversified Holding Companies Total				2,441,250
Diversified Total				2,441,250
Energy – 13.1%
Coal – 1.0%
Coal – 1.0%
Arch Coal, Inc. 7.250% 10/01/20		188,000		200,690
Consol Energy, Inc. 8.000% 04/01/17 (a)		1,605,000		1,753,463
8.250% 04/01/20 (a)		3,125,000		3,445,312
				5,399,465
Coal Total				5,399,465
Oil & Gas – 8.9%
Oil Companies-Exploration & Production – 8.6%
Anadarko Petroleum Corp. 6.375% 09/15/17		3,320,000		3,690,692
Berry Petroleum Co. 6.750% 11/01/20		545,000		562,713
8.250% 11/01/16		235,000		248,219
10.250% 06/01/14		395,000		458,200
Brigham Exploration Co. 8.750% 10/01/18 (a)		1,295,000		1,434,212
Carrizo Oil & Gas, Inc. 8.625% 10/15/18 (a)		2,952,000		3,143,880
Chaparral Energy, Inc. 8.250% 09/01/21 (a)		1,325,000		1,348,188
9.875% 10/01/20 (a)		644,000		716,450
Chesapeake Energy Corp. 6.125% 02/15/21		3,920,000		3,998,400
6.625% 08/15/20		4,270,000		4,504,850
Comstock Resources, Inc. 7.750% 04/01/19 (f)		456,000		456,000
8.375% 10/15/17		1,310,000		1,357,487

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Concho Resources, Inc./Midland TX 7.000% 01/15/21		1,700,000		1,780,750
8.625% 10/01/17		1,500,000		1,653,750
Continental Resources, Inc. 7.125% 04/01/21		1,296,000		1,380,240
EXCO Resources, Inc. 7.500% 09/15/18		3,355,000		3,346,612
Hilcorp Energy I LP/Hilcorp Finance Co. 7.625% 04/15/21 (a)		2,267,000		2,391,685
7.750% 11/01/15 (a)		2,555,000		2,657,200
Oasis Petroleum, Inc. 7.250% 02/01/19 (a)		852,000		869,040
PetroHawk Energy Corp. 7.250% 08/15/18 (a)		1,201,000		1,244,536
7.250% 08/15/18		1,325,000		1,371,375
QEP Resources, Inc. 6.875% 03/01/21		1,970,000		2,063,575
Quicksilver Resources, Inc. 8.250% 08/01/15		850,000		875,500
Range Resources Corp. 6.750% 08/01/20		1,665,000		1,756,575
7.500% 05/15/16		1,765,000		1,844,425
8.000% 05/15/19		835,000		919,544
Southwestern Energy Co. 7.500% 02/01/18		2,310,000		2,627,625
Venoco, Inc. 8.875% 02/15/19 (a)		351,000		356,265
				49,057,988
Oil Refining & Marketing – 0.3%
United Refining Co. 10.500% 02/28/18 (a)(f)		1,851,000		1,832,490
				1,832,490
Oil & Gas Total				50,890,478
Oil & Gas Services – 1.1%
Oil-Field Services – 1.1%
Aquilex Holdings LLC/Aquilex Finance Corp. 11.125% 12/15/16		966,000		1,016,715
Offshore Group Investments Ltd. 11.500% 08/01/15 (a)		3,420,000		3,821,182
Trinidad Drilling Ltd. 7.875% 01/15/19 (a)		1,348,000		1,419,632
				6,257,529
Oil & Gas Services Total				6,257,529

	Par ($)		Value ($)
Pipelines – 2.1%
Pipelines – 2.1%
El Paso Corp. 6.875% 06/15/14		750,000		819,580
7.250% 06/01/18		3,420,000		3,847,500
7.750% 01/15/32		1,865,000		1,974,655
Energy Transfer Equity LP 7.500% 10/15/20		2,396,000		2,590,675
Regency Energy Partners LP/Regency Energy Finance Corp. 6.875% 12/01/18		1,300,000		1,355,250
9.375% 06/01/16		845,000		945,344
Southern Star Central Corp. 6.750% 03/01/16		545,000		555,900
				12,088,904
Pipelines Total				12,088,904
Energy Total				74,636,376
Financials – 10.2%
Banks – 2.5%
Commercial Banks-Eastern U.S. – 2.1%
CIT Group, Inc. 7.000% 05/01/17		12,045,000		12,135,338
				12,135,338
Diversified Financial Services – 0.4%
Capital One Capital IV 6.745% 02/17/37 (02/17/32) (b)(c)		2,185,000		2,185,000
				2,185,000
Banks Total				14,320,338
Diversified Financial Services – 6.8%
Finance-Auto Loans – 4.1%
Ally Financial, Inc. 6.250% 12/01/17 (a)		2,085,000		2,176,219
7.500% 09/15/20 (a)		1,690,000		1,846,325
8.000% 03/15/20		9,030,000		10,170,037
Ford Motor Credit Co., LLC 5.750% 02/01/21		2,555,000		2,522,365
8.000% 12/15/16		5,635,000		6,382,562
				23,097,508
Finance-Consumer Loans – 0.7%
American General Finance Corp. 6.900% 12/15/17		2,276,000		2,037,020
SLM Corp. 6.250% 01/25/16		1,438,000		1,473,950
8.000% 03/25/20		675,000		716,344
				4,227,314

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Finance-Investment Banker/Broker – 0.9%
E*Trade Financial Corp. 7.375% 09/15/13		555,000		556,387
7.875% 12/01/15		4,835,000		4,859,175
				5,415,562
Finance-Leasing Company – 1.1%
International Lease Finance Corp. 8.250% 12/15/20		1,380,000		1,535,250
8.750% 03/15/17 (a)		1,800,000		2,056,500
8.875% 09/01/17		2,250,000		2,576,250
				6,168,000
Diversified Financial Services Total				38,908,384
Insurance – 0.9%
Multi-Line Insurance – 0.9%
ING Groep NV 5.775% 12/29/49 (12/08/15) (b)(c)		5,595,000		4,979,550
				4,979,550
Insurance Total				4,979,550
Financials Total				58,208,272
Industrials – 7.1%
Aerospace & Defense – 0.7%
Aerospace/Defense – 0.4%
Esterline Technologies Corp. 7.000% 08/01/20		145,000		151,887
Kratos Defense & Security Solutions, Inc. 10.000% 06/01/17		1,900,000		2,142,250
				2,294,137
Aerospace/Defense-Equipment – 0.3%
TransDigm, Inc. 7.750% 12/15/18 (a)		1,769,000		1,906,098
				1,906,098
Aerospace & Defense Total				4,200,235
Building Materials – 0.5%
Building & Construction Products-Miscellaneous – 0.5%
Associated Materials LLC 9.125% 11/01/17 (a)		851,000		920,144
Gibraltar Industries, Inc. 8.000% 12/01/15		1,090,000		1,114,525
Interline Brands, Inc. 7.000% 11/15/18		789,000		818,587
				2,853,256
Building Materials Total				2,853,256

	Par ($)		Value ($)
Electrical Components & Equipment – 0.2%
Wire & Cable Products – 0.2%
WireCo WorldGroup 9.500% 05/15/17 (a)		1,140,000		1,214,100
				1,214,100
Electrical Components & Equipment Total				1,214,100
Environmental Control – 0.6%
Alternative Waste Technology – 0.1%
Darling International, Inc. 8.500% 12/15/18 (a)		345,000		372,169
				372,169
Hazardous Waste Disposal – 0.5%
Clean Harbors, Inc. 7.625% 08/15/16		2,650,000		2,815,625
				2,815,625
Environmental Control Total				3,187,794
Machinery-Diversified – 1.8%
Machinery-Farm – 0.7%
Case New Holland, Inc. 7.875% 12/01/17 (a)		3,372,000		3,768,210
				3,768,210
Machinery-General Industry – 1.0%
CPM Holdings, Inc. 10.625% 09/01/14 (a)		1,183,000		1,280,598
Manitowoc Co., Inc. 7.125% 11/01/13		2,530,000		2,561,625
8.500% 11/01/20		1,975,000		2,147,812
				5,990,035
Machinery-Material Handling – 0.1%
Columbus McKinnon Corp. 7.875% 02/01/19 (a)		556,000		578,240
				578,240
Machinery-Diversified Total				10,336,485
Miscellaneous Manufacturing – 0.7%
Diversified Manufacturing Operators – 0.4%
SPX Corp. 6.875% 09/01/17 (a)		2,131,000		2,290,825
				2,290,825
Filtration/Separate Products – 0.3%
Polypore International, Inc. 7.500% 11/15/17 (a)		1,645,000		1,702,575
				1,702,575
Miscellaneous Manufacturing Total				3,993,400

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Packaging & Containers – 2.1%
Containers-Metal/Glass – 1.5%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (a)		1,340,000		1,427,100
9.125% 10/15/20 (a)		1,220,000		1,338,950
Crown Americas LLC & Crown Americas Capital Corp. II 7.625% 05/15/17		2,210,000		2,408,900
Crown Americas LLC & Crown Americas Capital Corp. III 6.250% 02/01/21 (a)		1,990,000		1,994,975
Greif, Inc. 7.750% 08/01/19		1,362,000		1,501,605
				8,671,530
Containers-Paper/Plastic – 0.6%
Graphic Packaging International, Inc. 7.875% 10/01/18		409,000		441,720
9.500% 06/15/17		2,407,000		2,671,770
				3,113,490
Packaging & Containers Total				11,785,020
Transportation – 0.5%
Transportation-Air Freight – 0.1%
AMGH Merger Sub, Inc. 9.250% 11/01/18 (a)		487,000		518,655
				518,655
Transportation-Railroad – 0.4%
Kansas City Southern de Mexico SA de CV 7.375% 06/01/14		2,500,000		2,606,250
				2,606,250
Transportation Total				3,124,905
Industrials Total				40,695,195
Information Technology – 1.2%
IT Services – 1.2%
Data Processing/Management – 1.2%
First Data Corp. 8.250% 01/15/21 (a)		547,000		544,265
8.875% 08/15/20 (a)		2,250,000		2,463,750
9.875% 09/24/15		1,318,000		1,331,180
12.625% 01/15/21 (a)		2,052,000		2,149,470
PIK, 10.550% 09/24/15		80,000		81,460
				6,570,125
IT Services Total				6,570,125
Information Technology Total				6,570,125

	Par ($)		Value ($)
Technology – 1.1%
Computers – 0.5%
Computer Services – 0.5%
Sungard Data Systems, Inc. 7.375% 11/15/18 (a)		3,050,000		3,149,125
				3,149,125
Computers Total				3,149,125
Semiconductors – 0.6%
Electronic Components-Semiconductors – 0.6%
Amkor Technology, Inc. 7.375% 05/01/18		754,000		790,758
9.250% 06/01/16		1,100,000		1,166,000
Freescale Semiconductor, Inc. 9.250% 04/15/18 (a)		1,215,000		1,354,725
				3,311,483
Semiconductors Total				3,311,483
Technology Total				6,460,608
Utilities – 3.8%
Electric – 3.2%
Electric-Generation – 0.2%
Edison Mission Energy 7.000% 05/15/17		1,405,000		1,141,562
				1,141,562
Electric-Integrated – 1.7%
CMS Energy Corp. 5.050% 02/15/18		1,620,000		1,630,125
6.875% 12/15/15		2,380,000		2,606,048
Energy Future Holdings Corp. 10.250% 01/15/20 (a)(b)		2,075,000		2,160,805
Ipalco Enterprises, Inc. 7.250% 04/01/16 (a)		3,065,000		3,348,513
				9,745,491
Independent Power Producer – 1.3%
Calpine Corp. 7.500% 02/15/21 (a)		3,070,000		3,139,075
NRG Energy, Inc. 7.375% 01/15/17		4,147,000		4,369,901
				7,508,976
Electric Total				18,396,029
Gas – 0.6%
Gas-Distribution – 0.6%
Centerpoint Energy, Inc. 5.950% 02/01/17		3,185,000		3,441,769
				3,441,769
Gas Total				3,441,769
Utilities Total				21,837,798
Total Corporate Fixed-Income Bonds & Notes (cost of $505,699,101)				538,436,667

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Short-Term Obligation – 2.5%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by a U.S. Government Agency obligation maturing 01/15/14, market value $14,197,038 (repurchase proceeds $13,916,035)		13,916,000		13,916,000
Total Short-Term Obligation (cost of $13,916,000)				13,916,000
Total Investments – 97.0% (cost of $519,615,101) (g)				552,352,667
Other Assets & Liabilities, Net – 3.0%				17,276,545
Net Assets – 100.0%				569,629,212

Notes to Investment Portfolio:

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, these securities, which are not illiquid except for the following, amounted to $209,627,342, which represents 36.8% of net assets.

Security				Acquisition Date				Par				Cost				Value
Wind Acquisition Finance SA 11.750% 07/15/17				11/15/10				$	5,474,000			$	—			$	—

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2011, this security had no value.

(e) Security has no value.

(f) Security purchased on a delayed delivery basis.

(g) Cost for federal income tax purposes is $520,096,022.

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 as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Corporate Fixed-Income Bonds & Notes	$	—	$	538,436,667	$	—	$	538,436,667
Total Short-Term Obligation		—		13,916,000		—		13,916,000
Total Investments	$	—	$	552,352,667	$	—	$	552,352,667

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

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

See Accompanying Notes to Financial Statements.

Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

The following table reconciles asset balances for the six months ending February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:

Investments
in Securities

Balance
as of
August 31,
2010

Accrued
Discounts/
Premiums

Realized
Gain/
(Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Purchases

Sales

Transfers
into
Level 3

Transfers
out of
Level 3

Balance
as of
February 28,
2011

Corporate Fixed-Income
Bonds & Notes
Communications

—

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.This amount is included in net changes in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

The change in unrealized appreciation (depreciation) attributable to securities owned at February 28, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $—.

At February 28, 2011, the asset allocation of the fund as follows:

Asset Allocation	% of Net Assets
Communications		25.0
Consumer Non-Cyclical		13.9
Energy		13.1
Consumer Cyclical		11.7
Financials		10.2
Industrials		7.1
Basic Materials		7.0
Utilities		3.8
Information Technology		1.2
Technology		1.1
Diversified		0.4
		94.5
Short-Term Obligation		2.5
Other Assets & Liabilities, Net		3.0
		100.0

Acronym				Name
PIK				Payment-In-Kind

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

		($)
Assets	Total investments, at identified cost		519,615,101
	Total investments, at value		552,352,667
	Cash		762
	Receivable for:
	Investments sold		19,425,060
	Fund shares sold		1,002,790
	Interest		10,494,541
	Foreign tax reclaims		8,844
	Trustees' deferred compensation plan		78,755
	Total Assets		583,363,419
Liabilities	Expense reimbursement due to Investment Manager		9,340
	Payable for:
	Investments purchased		8,557,854
	Investments purchased on a delayed delivery basis		2,273,205
	Fund shares repurchased		825,931
	Distributions		1,423,837
	Investment advisory fee		260,218
	Pricing and bookkeeping fees		13,557
	Transfer agent fee		113,604
	Trustees' fees		49,585
	Custody fee		1,233
	Distribution and service fees		57,457
	Chief compliance officer expenses		5
	Trustees' deferred compensation plan		78,755
	Other liabilities		69,626
	Total Liabilities		13,734,207
	Net Assets		569,629,212
Net Assets Consist of	Paid-in capital		631,943,956
	Accumulated net investment loss		(1,094,451	)
	Accumulated net realized loss		(93,957,859	)
	Net unrealized appreciation (depreciation) on investments		32,737,566
	Net Assets		569,629,212

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Class A	Net assets	$	79,928,435
	Shares outstanding		9,974,984
	Net asset value per share	$	8.01	(a)(b)
	Maximum sales charge		4.75	%
	Maximum offering price per share ($8.01/0.9525)	$	8.41	(c)
Class B	Net assets	$	16,881,610
	Shares outstanding		2,106,798
	Net asset value and offering price per share	$	8.01	(a)(b)
Class C	Net assets	$	31,116,966
	Shares outstanding		3,883,358
	Net asset value and offering price per share	$	8.01	(a)(b)
Class Y	Net assets	$	13,049,754
	Shares outstanding		1,628,565
	Net asset value and offering price per share	$	8.01	(b)
Class Z	Net assets	$	428,652,447
	Shares outstanding		53,495,213
	Net asset value and offering price per share	$	8.01	(b)

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) Redemption price per share is equal to net asset value less any applicable redemption fees.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Conservative High Yield Fund

For the Six Months Ended February 28, 2011 (Unaudited)

		($)
Investment Income	Interest		21,858,680
Expenses	Investment advisory fee		1,696,692
	Distribution fee:
	Class B		80,390
	Class C		116,046
	Service fee:
	Class A		98,349
	Class B		26,797
	Class C		38,682
	Transfer agent fee:
	Class A, Class B, Class C and Class Z		355,980
	Class Y		26
	Pricing and bookkeeping fees		73,460
	Trustees' fees		67,100
	Custody fee		13,988
	Chief compliance officer expenses		502
	Other expenses		216,947
	Total Expenses		2,784,959
	Fees waived or expenses reimbursed by Investment Manager		(142,107	)
	Fees waived by distributor—Class C		(23,209	)
	Expense reductions		(200	)
	Net Expenses		2,619,443
	Net Investment Income		19,239,237
Net Realized and Unrealized Gain (Loss) on Investments
	Net realized gain on investments		28,497,956
	Net change in unrealized appreciation (depreciation)		(500,421	)
	Net Gain		27,997,535
	Net Increase Resulting from Operations		47,236,772

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Conservative High Yield Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment income		19,239,237			43,551,400
	Net realized gain on investments, foreign currency transactions and forward foreign currency exchange contracts		28,497,956			17,908,357
	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward foreign currency exchange contracts		(500,421	)		26,274,267
	Net increase resulting from operations		47,236,772			87,734,024
Distributions to Shareholders	From net investment income:
	Class A		(2,653,362	)		(5,880,290	)
	Class B		(641,775	)		(1,808,226	)
	Class C		(950,770	)		(2,086,523	)
	Class Y		(448,266	)		(1,279,329	)
	Class Z		(14,958,311	)		(33,650,377	)
	Total distributions to shareholders		(19,652,484	)		(44,704,745	)
	Net Capital Stock Transactions		(33,067,717	)		(56,950,067	)
	Increase from regulatory settlements		11,884			8,989
	Total decrease in net assets		(5,471,545	)		(13,911,799	)
Net Assets	Beginning of period		575,100,757			589,012,556
	End of period		569,629,212			575,100,757
	Accumulated net investment loss at end of period		(1,094,451	)		(681,204	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Conservative High Yield Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		2,183,984			17,184,542			3,860,465			28,813,552
Distributions reinvested		208,906			1,649,405			600,682			4,494,058
Redemptions		(2,422,668	)		(19,059,481	)		(5,423,122	)		(40,369,210	)
Net decrease		(29,778	)		(225,534	)		(961,975	)		(7,061,600	)
Class B
Subscriptions		52,049			408,115			102,860			764,206
Distributions reinvested		49,544			390,801			168,353			1,259,538
Redemptions		(1,118,868	)		(8,843,124	)		(1,307,919	)		(9,763,847	)
Net decrease		(1,017,275	)		(8,044,208	)		(1,036,706	)		(7,740,103	)
Class C
Subscriptions		298,089			2,349,149			759,283			5,664,873
Distributions reinvested		77,905			615,069			185,894			1,391,470
Redemptions		(479,776	)		(3,790,744	)		(1,098,381	)		(8,227,442	)
Net decrease		(103,782	)		(826,526	)		(153,204	)		(1,171,099	)
Class Y
Subscriptions		25,039			200,062			461,580			3,470,000
Distributions reinvested		21,193			167,338			42,328			317,398
Redemptions		(221,612	)		(1,721,921	)		(1,289,195	)		(9,746,923	)
Net decrease		(175,380	)		(1,354,521	)		(785,287	)		(5,959,525	)
Class Z
Subscriptions		6,593,579			51,914,487			15,746,735			117,876,079
Distributions reinvested		950,554			7,506,140			2,079,829			15,575,029
Redemptions		(10,400,950	)		(82,037,555	)		(22,624,203	)		(168,468,848	)
Net decrease		(2,856,817	)		(22,616,928	)		(4,797,639	)		(35,017,740	)

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Conservative High Yield Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.64		$	7.10		$	7.61		$	8.12		$	8.27		$	8.62
Income from Investment Operations:
Net investment income (a)		0.26			0.54			0.50			0.51			0.52			0.50
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.37			0.56			(0.50	)		(0.50	)		(0.13	)		(0.32	)
Total from investment operations		0.63			1.10			—			0.01			0.39			0.18
Less Distributions to Shareholders:
From net investment income		(0.26	)		(0.56	)		(0.51	)		(0.52	)		(0.54	)		(0.53	)
Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—
Net Asset Value, End of Period	$	8.01		$	7.64		$	7.10		$	7.61		$	8.12		$	8.27
Total return (c)		8.39	%(d)(e)		15.88	%		0.91	%		0.07	%		4.75	%		2.16	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.05	%(g)		1.05	%		1.07	%		1.07	%		1.03	%		0.97	%
Interest expense		—			—			—	%(h)		—			—	%(h)		—
Net expenses (f)		1.05	%(g)		1.05	%		1.07	%		1.07	%		1.03	%		0.97	%
Waiver/Reimbursement		0.05	%(g)		—			—			—			—			—	%(h)
Net investment income (f)		6.60	%(g)		7.27	%		7.68	%		6.46	%		6.25	%		5.97	%
Portfolio turnover rate		55	%(d)		65	%		67	%		29	%		42	%		31	%
Net assets, end of period (000s)	$	79,928		$	76,440		$	77,820		$	68,496		$	103,769		$	170,575

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(c) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Conservative High Yield Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.64		$	7.10		$	7.61		$	8.12		$	8.27		$	8.62
Income from Investment Operations:
Net investment income (a)		0.23			0.49			0.45			0.45			0.46			0.44
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.37			0.55			(0.50	)		(0.50	)		(0.13	)		(0.32	)
Total from investment operations		0.60			1.04			(0.05	)		(0.05	)		0.33			0.12
Less Distributions to Shareholders:
From net investment income		(0.23	)		(0.50	)		(0.46	)		(0.46	)		(0.48	)		(0.47	)
Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—
Net Asset Value, End of Period	$	8.01		$	7.64		$	7.10		$	7.61		$	8.12		$	8.27
Total return (c)		7.99	%(d)(e)		15.02	%		0.17	%		(0.67	)%		3.97	%		1.40	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.80	%(g)		1.80	%		1.82	%		1.82	%		1.78	%		1.72	%
Interest expense		—			—			—	%(h)		—			—	%(h)		—
Net expenses (f)		1.80	%(g)		1.80	%		1.82	%		1.82	%		1.78	%		1.72	%
Waiver/Reimbursement		0.05	%(g)		—			—			—			—			—	%(h)
Net investment income (f)		5.86	%(g)		6.53	%		6.96	%		5.71	%		5.50	%		5.21	%
Portfolio turnover rate		55	%(d)		65	%		67	%		29	%		42	%		31	%
Net assets, end of period (000s)	$	16,882		$	23,870		$	29,525		$	38,175		$	50,577		$	66,886

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Conservative High Yield Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.64		$	7.10		$	7.61		$	8.12		$	8.27		$	8.62
Income from Investment Operations:
Net investment income (a)		0.23			0.50			0.46			0.47			0.47			0.45
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.38			0.55			(0.50	)		(0.51	)		(0.13	)		(0.32	)
Total from investment operations		0.61			1.05			(0.04	)		(0.04	)		0.34			0.13
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.51	)		(0.47	)		(0.47	)		(0.49	)		(0.48	)
Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—
Net Asset Value, End of Period	$	8.01		$	7.64		$	7.10		$	7.61		$	8.12		$	8.27
Total return (c)(d)		8.07	%(e)		15.19	%		0.31	%		(0.52	)%		4.13	%		1.55	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.65	%(g)		1.65	%		1.67	%		1.67	%		1.63	%		1.57	%
Interest expense		—			—			—	%(h)		—			—	%(h)		—
Net expenses (f)		1.65	%(g)		1.65	%		1.67	%		1.67	%		1.63	%		1.57	%
Waiver/Reimbursement		0.20	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income (f)		6.00	%(g)		6.66	%		7.08	%		5.88	%		5.69	%		5.37	%
Portfolio turnover rate		55	%(e)		65	%		67	%		29	%		42	%		31	%
Net assets, end of period (000s)	$	31,117		$	30,463		$	29,380		$	23,003		$	33,673		$	11,653

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Conservative High Yield Fund

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	(Unaudited) Six Months Ended February 28, 2011			Year Ended August 31, 2010			Period Ended August 31, 2009 (a)
Net Asset Value, Beginning of Period	$	7.64		$	7.10		$	6.81
Income from Investment Operations:
Net investment income (b)		0.27			0.57			0.06
Net realized and unrealized gain on investments, foreign currency and credit default swap contracts		0.38			0.55			0.30
Total from investment operations		0.65			1.12			0.36
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.58	)		(0.07	)
Increase from regulatory settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	8.01		$	7.64		$	7.10
Total return (d)		8.56	%(e)		16.30	%		5.28	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.72	%(g)		0.68	%		0.65	%(g)
Interest expense		—			—			—	%(g)(h)
Net expenses (f)		0.72	%(g)		0.68	%		0.65	%(g)
Net investment income (f)		6.92	%(g)		7.65	%		6.92	%(g)
Portfolio turnover rate		55	%(e)		65	%		67	%(e)
Net assets, end of period (000s)	$	13,050		$	13,783		$	18,373

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Conservative High Yield Fund

Selected data for a share outstanding throughout each period is as follows:

	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.64		$	7.10		$	7.61		$	8.12		$	8.27		$	8.62
Income from Investment Operations:
Net investment income (a)		0.27			0.56			0.52			0.53			0.54			0.52
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.37			0.55			(0.50	)		(0.50	)		(0.13	)		(0.32	)
Total from investment operations		0.64			1.11			0.02			0.03			0.41			0.20
Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.57	)		(0.53	)		(0.54	)		(0.56	)		(0.55	)
Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—
Net Asset Value, End of Period	$	8.01		$	7.64		$	7.10		$	7.61		$	8.12		$	8.27
Total return (c)		8.52	%(d)(e)		16.16	%		1.17	%		0.32	%		5.01	%		2.42	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.80	%		0.82	%		0.82	%		0.78	%		0.72	%
Interest expense		—			—			—	%(h)		—			—	%(h)		—
Net expenses (f)		0.80	%(g)		0.80	%		0.82	%		0.82	%		0.78	%		0.72	%
Waiver/Reimbursement		0.05	%(g)		—			—			—			—			—	%(h)
Net investment income (f)		6.84	%(g)		7.50	%		7.94	%		6.71	%		6.49	%		6.20	%
Portfolio turnover rate		55	%(d)		65	%		67	%		29	%		42	%		31	%
Net assets, end of period (000s)	$	428,652		$	430,545		$	433,915		$	443,043		$	614,168		$	801,811

(a) Per share data was calculated using the average shares outstanding during the period.

(b) Rounds to less than $0.01 per share.

(d) Not annualized.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Conservative High Yield Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks a high level of income, with capital appreciation as a secondary goal, by investing in non-investment-grade, corporate debt securities, commonly referred to as "junk" or "high-yield" bonds.

Fund Shares

The Trust may has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the 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 1.00% 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.

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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

Foreign Currency Transactions and Translations

Repurchase Agreements

Loan Participations and Commitments

The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Delayed Delivery Securities

Security Transactions

Income Recognition

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

Expenses

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a share class, as shown in the Statements of Operations) and realized and unrealized gains (losses) are allocated to each class of the Funds 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

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.60	%
$500 million to $1 billion		0.55	%
$1 billion to $1.5 billion		0.52	%
Over $1.5 billion		0.49	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.59% of the Fund's average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

The Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the six month period ended February 28, 2011, the Fund's annualized effective transfer agent fee rate for each class as a percentage of each class' average daily net assets was as follows:

Class A				Class B				Class C				Class Y				Class Z
	0.13	%			0.13	%			0.13	%			0.00	%*			0.13	%

* Rounds to less than 0.01%.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $4,863 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $-, $1,921 and $375, respectively.

The Fund has adopted shareholder servicing and distribution plans pursuant to Rule 12b-1 under the 1940 Act (the Plans) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

The Distributor has voluntarily agreed to waive a portion of the distribution and service fees for Class C shares so that the combined fees do not exceed the annual rate of 0.85% of the average daily net assets of the Class C shares of the Fund. This arrangement may be modified or terminated by the Distributor at any time.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Reimbursements

The Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.80% of the Fund's average daily net assets on an annualized basis. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $303,488,027 and $340,607,407, respectively, for the six month period ended February 28, 2011.

Note 6. Regulatory Settlements

During the six month period ended February 28, 2011, and the year ended August 31, 2010, the Fund received payments totaling $11,884 and $8,989, respectively, resulting from certain regulatory settlements in which the Fund had participated during the respective periods. The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 29.8% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Note 9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:

				August 31, 2010
Ordinary Income*				$	44,704,745

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	32,962,849
Unrealized depreciation		(706,204	)
Net unrealized appreciation	$	32,256,645

Year of Expiration	Capital Loss Carryforwards
2014	$	975,147
2015		22,859,341
2016		5,603,050
2017		40,533,191
2018		52,301,824
Total	$	122,272,553

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

administrative interpretations (including relevant court decisions). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 10. Significant Risks and Contingencies

High-Yield Securities Risk

Investing in high-yield fixed income securities may involve greater credit risk and considerations not typically associated with investing in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Note 11. Subsequent Events

At a Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund approved a proposal to reorganize the Fund into Columbia Income Opportunities Fund (formerly known as RiverSource Income Opportunities Fund). The reorganization was effective on March 14, 2011.

Note 12. Information Regarding Pending and Settled Legal Proceedings

Columbia Conservative High Yield Fund, February 28, 2011 (Unaudited)

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.

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Fund will transfer its assets to Columbia Income Opportunities Fund (the "Buying Fund") in exchange for shares of the Buying Fund and the assumption by the Buying Fund of all of the liabilities of the Fund (the "Reorganization"). The proposal was approved as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	364,855,681				8,886,361				5,965,799				0

The Reorganization was effective on March 14, 2011.

This page intentionally left blank.

Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

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

Investment Manager

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

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Conservative High Yield Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1625 A (04/11)

LOGO

Columbia Strategic Investor Fund

Semiannual Report for the Period Ended February 28, 2011

LOGO

Table of Contents



Performance Information			1

Understanding Your Expenses			2

Investment Portfolio			3

Statement of Assets and Liabilities			8

Statement of Operations			10

Statement of Changes in Net Assets			11

Financial Highlights			13

Notes to Financial Statements			21

Board Consideration and Approval of Advisory Agreements			28

Summary of Management Fee Evaluation by Independent Fee Consultant			32

Shareholder Meeting Results			35

Important Information About This Report			37

President’s Message

LOGO

Dear Shareholder:

The Columbia Management story began over 100 years ago, and today, we are one of the nation’s largest dedicated asset managers. The recent acquisition by Ameriprise Financial, Inc. brings together the talents, resources and capabilities of Columbia Management with those of RiverSource Investments, Threadneedle (acquired by Ameriprise in 2003) and Seligman Investments (acquired by Ameriprise in 2008) to build a best-in-class asset management business that we believe is truly greater than its parts.

Threadneedle, a leader in global asset management and one of Europe’s largest asset managers, offers sophisticated international experience from a dedicated U.K. management team. Headquartered in London, it is named for Threadneedle Street in the heart of the city’s financial district, where British investors pioneered international and global investing. Threadneedle was acquired in 2003 and today operates as an affiliate of Columbia Management.

Seligman Investments’ beginnings date back to the establishment of the investment firm J. & W. Seligman & Co. in 1864. In the years that followed, Seligman played a major role in the geographical expansion and industrial development of the United States. In 1874, President Ulysses S. Grant named Seligman as fiscal agent for the U.S. Navy — an appointment that would last through World War I. Seligman helped finance the westward path of the railroads and the building of the Panama Canal. The firm organized its first investment company in 1929 and began managing its first mutual fund in 1930. In 2008, J. & W. Seligman & Co. Incorporated was acquired and Seligman Investments became an offering brand of RiverSource Investments, LLC.

A singular focus on our shareholders. Our business is asset management, so investors are our first priority. We dedicate our resources to identifying timely investment opportunities and provide a comprehensive choice of equity, fixed-income and alternative investments to help meet your individual needs.

First-class research and thought leadership. 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.

A disciplined investment approach. We aren’t distracted by passing fads. Our teams adhere to a rigorous investment process that helps ensure the integrity of our products and enables you and your financial advisor to match our solutions to your objectives with confidence.

Sincerely,

LOGO

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 Information – Columbia Strategic Investor Fund


Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I
Inception	11/01/02				11/01/02				10/13/03				09/27/10
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		31.68		24.12		31.14		26.14		31.20		30.20		n/a
1-year		25.20		18.01		24.29		19.29		24.28		23.28		n/a
5-year		4.46		3.23		3.68		3.35		3.68		3.68		n/a
10-year/Life		8.93		8.29		8.24		8.24		8.24		8.24		18.80

Share class

Inception

09/27/10

07/15/09

11/09/00

Sales charge

without

6-month (cumulative)

n/a

31.91

31.79

1-year

n/a

25.75

25.56

5-year

n/a

4.77

4.71

10-year/Life

18.33

18.62

9.19

9.16

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class I shares, Class Y shares and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R shares are sold at net asset value with a distribution (Rule 12b-1) fee and Class W shares are sold at net asset value with a service (Rule 12b-1) fee. Class I shares, Class R shares, Class W shares, Class Y shares and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Class A, Class B, Class C and Class Y are newer classes of shares. Class A and Class B share performance information includes the performance of Class Z shares (the oldest existing share class) for periods prior to their inception. Class C share performance information includes returns of Class B shares for the period from November 1, 2002 through October 12, 2003, and the returns of Class Z shares for periods prior thereto. Class Y share performance information includes the performance of Class Z shares for periods prior to its inception. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses such as distribution and service (Rule 12b-1) fees between Class Z shares and the newer classes of shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of Class A, Class B and Class C shares would have been lower, since these classes of shares are subject to distribution and service (Rule 12b-1) fees.

Class A and Class B shares were initially offered on November 1, 2002, Class C shares were initially offered on October 13, 2003, Class I, Class R and Class W shares were initially offered on September 27, 2010, Class Y shares were initially offered on July 15, 2009 and Class Z shares were initially offered on November 9, 2000.

Summary

6-month (cumulative) return as of 02/28/11



		+31.68% Class A shares (without sales charge)

		+28.65% Russell 1000 Index¹


Net asset value per share

as of 02/28/11 ($)
Class A			20.12
Class B			19.29
Class C			19.30
Class I			20.16
Class R			20.08
Class W			20.13
Class Y			20.16
Class Z			20.17


Distributions declared per share

09/01/10 - 02/28/11 ($)
Class I			0.04
Class Y			0.04
Class Z			0.02

¹	The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies and represents approximately 90% of the U.S. equity market.

Understanding Your Expenses – Columbia Strategic Investor Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

For shareholders who receive their account statements from Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary firm to obtain your account balance.

Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

In the section of the table below titled “Expenses paid during the period,” locate the amount for your share class. You will find this number in the column labeled “Actual.” Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

Analyzing your fund’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period 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. The amount listed in the “Hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund’s actual operating expenses. 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 this period.

Compare with other funds


09/01/10 – 02/28/11

	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		1,316.80			1,018.60		7.18			6.26		1.25
Class B		1,000.00		1,000.00		1,311.40			1,014.88		11.46			9.99		2.00
Class C		1,000.00		1,000.00		1,312.00			1,014.88		11.46			9.99		2.00
Class I		1,000.00		1,000.00		1,053.80	*		1,021.12		3.21	*		3.71		0.74
Class R		1,000.00		1,000.00		1,052.40	*		1,017.80		6.10	*		7.05		1.41
Class W		1,000.00		1,000.00		1,053.40	*		1,019.04		5.02	*		7.06		1.16
Class Y		1,000.00		1,000.00		1,319.10			1,020.68		4.77			4.16		0.83
Class Z		1,000.00		1,000.00		1,317.90			1,019.84		5.75			5.01		1.00

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the fund’s most recent fiscal half-year and divided by 365.

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses for Class A, Class B, Class C, Class R, Class W and Class Z shares, account value at the end of the period for Class A, Class B, Class C, Class R, Class W and Class Z shares would have been reduced.

* For the period September 27, 2010 through February 28, 2011. Class I, Class R and Class W shares commenced operations on September 27, 2010.

Investment Portfolio – Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Common Stocks – 97.9%


	Shares		Value ($)
Consumer Discretionary – 11.4%
Auto Components – 1.6%
Goodyear Tire & Rubber Co. (a)		585,664		8,304,716
Kongsberg Automotive Holding ASA (a)		2,370,256		1,841,115
Nokian Renkaat Oyj		94,102		3,822,962

Auto Components Total				13,968,793

Hotels, Restaurants & Leisure – 1.2%
Bally Technologies, Inc. (a)		89,993		3,476,430
Ctrip.com International Ltd., ADR (a)		131,547		5,100,077
Las Vegas Sands Corp. (a)		52,982		2,471,080

Hotels, Restaurants & Leisure Total				11,047,587

Household Durables – 1.2%
MRV Engenharia e Participações SA		670,500		5,323,539
Whirlpool Corp.		63,656		5,251,620

Household Durables Total				10,575,159

Internet & Catalog Retail – 0.5%
Amazon.com, Inc. (a)		25,002		4,332,597

Internet & Catalog Retail Total				4,332,597

Media – 2.6%
Central European Media Enterprises Ltd., Class A (a)		195,256		3,846,543
Comcast Corp., Class A		371,993		9,582,540
Naspers Ltd., Class N		33,992		1,952,617
News Corp., Class A		441,743		7,673,076

Media Total				23,054,776

Multiline Retail – 1.3%
Kohl’s Corp. (a)		66,300		3,572,907
Target Corp.		148,304		7,793,375

Multiline Retail Total				11,366,282

Specialty Retail – 2.2%
Belle International Holdings Ltd.		3,620,000		6,335,679
Collective Brands, Inc. (a)		289,373		6,597,704
Lowe’s Companies, Inc.		241,803		6,327,985

Specialty Retail Total				19,261,368

Textiles, Apparel & Luxury Goods – 0.8%
Hanesbrands, Inc. (a)		171,664		4,447,814
Ports Design Ltd.		845,000		2,014,529
Trinity Ltd.		1,272,000		1,141,051

Textiles, Apparel & Luxury Goods Total				7,603,394

Consumer Discretionary Total				101,209,956


	Shares		Value ($)
Consumer Staples – 8.8%
Beverages – 2.9%
Carlsberg A/S, Class B		34,079		3,626,767
Constellation Brands, Inc., Class A (a)		224,957		4,571,126
PepsiCo, Inc.		222,014		14,080,128
United Spirits Ltd.		154,970		3,778,519

Beverages Total				26,056,540

Food & Staples Retailing – 2.3%
Casey’s General Stores, Inc.		170,448		7,000,299
CVS Caremark Corp.		299,217		9,892,114
Drogasil SA		396,200		3,024,246

Food & Staples Retailing Total				19,916,659

Food Products – 2.4%
Kellogg Co.		97,193		5,205,657
Kraft Foods, Inc., Class A		322,759		10,276,646
Unilever N.V., N.Y. Registered Shares		201,999		6,108,450

Food Products Total				21,590,753

Personal Products – 0.6%
Avon Products, Inc.		196,281		5,458,575

Personal Products Total				5,458,575

Tobacco – 0.6%
Philip Morris International, Inc.		54,781		3,439,151
PT Gudang Garam Tbk		378,000		1,571,447

Tobacco Total				5,010,598

Consumer Staples Total				78,033,125

Energy – 15.3%
Energy Equipment & Services – 5.7%
Baker Hughes, Inc.		40,770		2,896,709
Cameron International Corp. (a)		110,368		6,526,060
McDermott International, Inc. (a)		185,370		4,254,241
National-Oilwell Varco, Inc.		106,454		8,470,545
Schlumberger Ltd.		139,227		13,006,586
Seadrill Ltd.		94,310		3,606,414
Tenaris SA, ADR		95,283		4,323,943
Weatherford International Ltd. (a)		321,981		7,785,501

Energy Equipment & Services Total				50,869,999

Oil, Gas & Consumable Fuels – 9.6%
Apache Corp.		71,416		8,899,862
Cimarex Energy Co.		71,350		8,285,876
Comstock Resources, Inc. (a)		133,331		3,539,938
Continental Resources, Inc. (a)		38,301		2,663,069
Denbury Resources, Inc. (a)		367,297		8,899,606
EOG Resources, Inc.		64,540		7,248,487

See Accompanying Notes to Financial Statements.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)


	Shares		Value ($)
Energy (continued)
Exxon Mobil Corp.		132,167		11,304,244
Gazprom OAO, ADR		193,326		5,668,318
Hess Corp.		63,005		5,483,325
LUKOIL OAO, ADR		133,643		9,514,045
Peabody Energy Corp.		113,109		7,407,508
Petroleo Brasileiro SA, ADR		98,104		3,907,482
PT Tambang Batubara Bukit Asam Tbk		968,500		2,211,110

Oil, Gas & Consumable Fuels Total				85,032,870

Energy Total				135,902,869

Financials – 15.6%
Capital Markets – 3.4%
Greenhill & Co., Inc.		84,863		6,095,709
Invesco Ltd.		154,599		4,149,437
Morgan Stanley		321,581		9,544,524
SEI Investments Co.		214,548		4,936,750
T. Rowe Price Group, Inc.		53,271		3,568,092
Waddell & Reed Financial, Inc., Class A		52,414		2,116,477

Capital Markets Total				30,410,989

Commercial Banks – 4.5%
HDFC Bank Ltd., ADR		36,797		5,413,207
Itau Unibanco Holding SA, ADR		234,408		5,208,546
PrivateBancorp, Inc.		220,364		3,155,612
PT Bank Central Asia Tbk		3,833,000		2,752,168
TCF Financial Corp.		314,853		5,110,064
Turkiye Garanti Bankasi AS		864,271		3,827,389
Wells Fargo & Co.		432,684		13,958,386

Commercial Banks Total				39,425,372

Consumer Finance – 1.5%
American Express Co.		200,349		8,729,206
Discover Financial Services		205,316		4,465,623

Consumer Finance Total				13,194,829

Diversified Financial Services – 5.5%
Bank of America Corp.		1,041,518		14,883,292
Citigroup, Inc. (a)		2,533,467		11,856,626
JPMorgan Chase & Co.		322,941		15,078,115
NYSE Euronext		195,573		7,236,201

Diversified Financial Services Total				49,054,234

Insurance – 0.7%
Principal Financial Group, Inc.		119,268		4,086,121
Progressive Corp.		118,737		2,473,292

Insurance Total				6,559,413

Financials Total				138,644,837


	Shares		Value ($)
Health Care – 8.7%
Biotechnology – 1.6%
Alexion Pharmaceuticals, Inc. (a)		39,241		3,778,124
Celgene Corp. (a)		162,118		8,608,466
Dendreon Corp. (a)		38,036		1,277,629

Biotechnology Total				13,664,219

Health Care Equipment & Supplies – 1.0%
Insulet Corp. (a)		124,633		2,206,004
Medtronic, Inc.		121,082		4,833,593
NuVasive, Inc. (a)		79,376		2,121,721

Health Care Equipment & Supplies Total				9,161,318

Health Care Providers & Services – 2.1%
Amil Participações SA		321,700		3,286,994
Express Scripts, Inc. (a)		157,601		8,860,328
Fleury SA		200,100		2,651,884
Odontoprev SA		106,800		1,437,865
Oriola-KD Oyj, Class B		505,621		2,483,925

Health Care Providers & Services Total				18,720,996

Life Sciences Tools & Services – 2.0%
Agilent Technologies, Inc. (a)		102,325		4,305,836
Covance, Inc. (a)		45,678		2,577,609
PAREXEL International Corp. (a)		123,596		2,900,798
Sequenom, Inc. (a)		8,819		54,149
Thermo Fisher Scientific, Inc. (a)		59,542		3,323,634
Waters Corp. (a)		55,172		4,582,035

Life Sciences Tools & Services Total				17,744,061

Pharmaceuticals – 2.0%
Allergan, Inc.		64,117		4,755,558
Hospira, Inc. (a)		87,043		4,600,222
Teva Pharmaceutical Industries Ltd., ADR		78,070		3,911,307
Watson Pharmaceuticals, Inc. (a)		79,436		4,447,622

Pharmaceuticals Total				17,714,709

Health Care Total				77,005,303

Industrials – 11.5%
Aerospace & Defense – 0.8%
BE Aerospace, Inc. (a)		111,682		3,765,917
Spirit Aerosystems Holdings, Inc., Class A (a)		141,409		3,675,220

Aerospace & Defense Total				7,441,137

Construction & Engineering – 1.9%
EMCOR Group, Inc. (a)		71,263		2,270,439
Foster Wheeler AG (a)		120,769		4,367,007
Insituform Technologies, Inc., Class A (a)		165,267		4,270,499
Quanta Services, Inc. (a)		249,212		5,684,526

Construction & Engineering Total				16,592,471

See Accompanying Notes to Financial Statements.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)


	Shares		Value ($)
Industrials (continued)
Electrical Equipment – 1.3%
Emerson Electric Co.		108,576		6,477,644
Schneider Electric SA		27,811		4,601,497

Electrical Equipment Total				11,079,141

Industrial Conglomerates – 0.9%
Siemens AG, ADR		58,605		7,878,856

Industrial Conglomerates Total				7,878,856

Machinery – 4.4%
Caterpillar, Inc.		60,140		6,190,210
Cummins, Inc.		38,622		3,905,457
Dover Corp.		65,728		4,223,024
Joy Global, Inc.		43,591		4,244,891
Parker Hannifin Corp.		58,285		5,197,856
SPX Corp.		58,025		4,628,074
Tennant Co.		82,080		3,336,552
Trinity Industries, Inc.		109,619		3,414,632
WABCO Holdings, Inc. (a)		59,734		3,490,258

Machinery Total				38,630,954

Marine – 1.0%
A.P. Moller - Maersk A/S, Class B		929		9,224,662

Marine Total				9,224,662

Professional Services – 0.5%
Manpower, Inc.		64,750		4,111,625

Professional Services Total				4,111,625

Road & Rail – 0.5%
Union Pacific Corp.		49,566		4,729,092

Road & Rail Total				4,729,092

Trading Companies & Distributors – 0.2%
Mills Estruturas e Serviços de Engenharia SA		191,700		2,169,559

Trading Companies & Distributors Total				2,169,559

Industrials Total				101,857,497

Information Technology – 19.1%
Communications Equipment – 1.2%
QUALCOMM, Inc.		176,036		10,488,225

Communications Equipment Total				10,488,225

Computers & Peripherals – 4.5%
Apple, Inc. (a)		66,963		23,652,001
EMC Corp. (a)		251,312		6,838,200
Hewlett-Packard Co.		214,172		9,344,324

Computers & Peripherals Total				39,834,525


	Shares		Value ($)
Electronic Equipment, Instruments & Components – 1.6%
DTS, Inc. (a)		73,733		3,343,791
FLIR Systems, Inc.		68,652		2,217,459
Hollysys Automation Technologies Ltd. (a)		251,594		3,786,490
Tyco Electronics Ltd.		135,041		4,866,878

Electronic Equipment, Instruments & Components Total				14,214,618

Internet Software & Services – 3.6%
Baidu, Inc., ADR (a)		22,606		2,738,943
eBay, Inc. (a)		230,200		7,712,851
Google, Inc., Class A (a)		19,515		11,970,501
GSI Commerce, Inc. (a)		126,632		2,632,679
Opera Software ASA		434,154		2,178,445
Sina Corp. (a)		29,349		2,396,933
Tencent Holdings Ltd.		85,100		2,271,699

Internet Software & Services Total				31,902,051

IT Services – 3.4%
Alliance Data Systems Corp. (a)		68,995		5,432,666
International Business Machines Corp.		96,390		15,603,613
MasterCard, Inc., Class A		36,906		8,878,108

IT Services Total				29,914,387

Semiconductors & Semiconductor Equipment – 2.3%
Advanced Micro Devices, Inc. (a)		656,641		6,047,664
FEI Co. (a)		99,435		3,334,056
Intel Corp.		171,779		3,688,095
Silicon Laboratories, Inc. (a)		43,790		1,988,066
TriQuint Semiconductor, Inc. (a)		167,925		2,392,931
Varian Semiconductor Equipment Associates, Inc. (a)		61,903		2,953,392

Semiconductors & Semiconductor Equipment Total				20,404,204

Software – 2.5%
Microsoft Corp.		200,060		5,317,595
Oracle Corp.		354,982		11,678,908
TIBCO Software, Inc. (a)		108,239		2,664,844
VanceInfo Technologies, Inc., ADR (a)		81,633		2,710,215

Software Total				22,371,562

Information Technology Total				169,129,572

See Accompanying Notes to Financial Statements.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)


	Shares		Value ($)
Materials – 4.3%
Chemicals – 0.8%
Ferro Corp. (a)		421,803		6,715,104

Chemicals Total				6,715,104

Construction Materials – 0.6%
PT Indocement Tunggal Prakarsa Tbk		3,406,000		5,596,382

Construction Materials Total				5,596,382

Metals & Mining – 2.9%
Anglo Platinum Ltd. (a)		27,419		2,666,092
APERAM, N.Y. Registered Shares (a)		6,256		260,875
Eurasian Natural Resources Corp. PLC		531,977		8,341,071
Freeport-McMoRan Copper & Gold, Inc.		112,780		5,971,701
Petropavlovsk PLC		189,534		3,339,974
Thompson Creek Metals Co., Inc. (a)		216,300		2,850,834
Vale SA, ADR		77,585		2,655,735

Metals & Mining Total				26,086,282

Materials Total				38,397,768

Telecommunication Services – 1.3%
Wireless Telecommunication Services – 1.3%
American Tower Corp., Class A (a)		87,312		4,711,355
Millicom International Cellular SA		25,446		2,229,070
Mobile TeleSystems OJSC, ADR		245,096		4,615,158

Wireless Telecommunication Services Total				11,555,583

Telecommunication Services Total				11,555,583

Utilities – 1.9%
Electric Utilities – 0.6%
NV Energy, Inc.		355,008		5,215,068

Electric Utilities Total				5,215,068

Gas Utilities – 0.5%
PT Perusahaan Gas Negara Tbk		11,267,500		4,556,919

Gas Utilities Total				4,556,919

Independent Power Producers & Energy Traders – 0.8%
AES Corp. (a)		583,892		7,222,744

Independent Power Producers & Energy Traders Total				7,222,744

Utilities Total				16,994,731

Total Common Stocks (cost of $654,125,513)				868,731,241

Short-Term Obligation – 1.2%


	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.080%, collateralized by a U.S. Treasury obligation maturing 05/15/20, market value $11,016,794 (repurchase proceeds $10,797,024)		10,797,000		10,797,000

Total Short-Term Obligation (cost of $10,797,000)				10,797,000

Total Investments – 99.1% (cost of $664,922,513) (b)				879,528,241

Other Assets & Liabilities, Net – 0.9%				7,803,393

Net Assets – 100.0%				887,331,634

Notes to Investment Portfolio:

(a)	Non-income producing security.

(b)	Cost for federal income tax purposes is $664,922,513.

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).

See Accompanying Notes to Financial Statements.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

within the hierarchy. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Security Valuation.

The following table is a summary of the inputs used to value the Fund’s investments as of February 28, 2011:


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	84,102,003	$	17,107,953	$	–	$	101,209,956
Consumer Staples		69,056,392		8,976,733		–		78,033,125
Energy		133,691,759		2,211,110		–		135,902,869
Financials		132,065,280		6,579,557		–		138,644,837
Health Care		74,521,378		2,483,925		–		77,005,303
Industrials		88,031,338		13,826,159		–		101,857,497
Information Technology		164,679,428		4,450,144		–		169,129,572
Materials		18,454,249		19,943,519		–		38,397,768
Telecommunication Services		11,555,583		–		–		11,555,583
Utilities		12,437,812		4,556,919		–		16,994,731

Total Common Stocks		788,595,222		80,136,019		–		868,731,241

Total Short-Term Obligation		–		10,797,000		–		10,797,000

Total Investments	$	788,595,222	$	90,933,019	$	–	$	879,528,241

The Fund’s assets assigned to 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.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

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

At February 28, 2011, the Fund held investments in the following sectors:


Sector	% of Net Assets
Information Technology		19.1
Financials		15.6
Energy		15.3
Industrials		11.5
Consumer Discretionary		11.4
Consumer Staples		8.8
Health Care		8.7
Materials		4.3
Utilities		1.9
Telecommunication Services		1.3

		97.9
Short-Term Obligation		1.2
Other Assets & Liabilities, Net		0.9

		100.0

The Fund was invested in the following countries at February 28, 2011:


Summary of Securities by Country	Value		% of Total Investments
United States*	$	674,241,046		76.7
Brazil		29,665,849		3.4
Russia		19,797,521		2.3
Netherlands		19,115,036		2.2
China		17,232,396		2.0
Switzerland		17,019,385		1.9
Indonesia		16,688,026		1.9
Denmark		12,851,430		1.5
United Kingdom		11,681,046		1.3
India		9,191,725		1.0
Germany		7,878,856		0.9
Hong Kong		7,476,730		0.9
Luxembourg		6,553,012		0.7
Finland		6,306,887		0.7
South Africa		4,618,709		0.5
France		4,601,497		0.5
Norway		4,019,560		0.5
Israel		3,911,307		0.4
Turkey		3,827,389		0.4
Canada		2,850,834		0.3

	$	879,528,241		100.0

* Includes short-term obligation.

Certain securities are listed by country of underlying exposure but may trade predominantly on other exchanges.


Acronym		Name
ADR		American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)


		($)
Assets	Investments, at cost		664,922,513

	Investments, at value		879,528,241
	Cash		15,172
	Receivable for:
	Investments sold		30,407,458
	Fund shares sold		360,116
	Dividends		787,476
	Interest		24
	Foreign tax reclaims		66,290
	Expense reimbursement due from Investment Manager		46,331
	Trustees’ deferred compensation plan		106,080
	Prepaid expenses		2,407
	Other assets		126,938

	Total Assets		911,446,533

Liabilities	Payable for:
	Investments purchased		22,500,386
	Fund shares repurchased		419,974
	Investment advisory fee		391,712
	Administration fee		101,600
	Pricing and bookkeeping fees		13,036
	Transfer agent fee		361,099
	Trustees’ fees		2,872
	Custody fee		6,119
	Distribution and service fees		64,992
	Chief compliance officer expenses		91
	Reports to shareholders		107,542
	Trustees’ deferred compensation plan		106,080
	Other liabilities		39,396

	Total Liabilities		24,114,899


	Net Assets		887,331,634

Net Assets Consist of	Paid-in capital		750,056,560
	Overdistributed net investment income		(134,787	)
	Accumulated net realized loss		(77,199,095	)
	Net unrealized appreciation (depreciation) on:
	Investments		214,605,728
	Foreign currency translations		3,228

	Net Assets		887,331,634

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)



Class A	Net assets	$	173,906,457
	Shares outstanding		8,644,633
	Net asset value per share	$	20.12	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($20.12/0.9425)	$	21.35	(b)

Class B	Net assets	$	22,654,008
	Shares outstanding		1,174,256
	Net asset value and offering price per share	$	19.29	(a)

Class C	Net assets	$	18,682,222
	Shares outstanding		968,073
	Net asset value and offering price per share	$	19.30	(a)

Class I (c)	Net assets	$	2,963
	Shares outstanding		147
	Net asset value, offering and redemption price per share	$	20.16

Class R (c)	Net assets	$	2,958
	Shares outstanding		147
	Net asset value, offering and redemption price per share	$	20.08	(d)

Class W (c)	Net assets	$	2,965
	Shares outstanding		147
	Net asset value, offering and redemption price per share	$	20.13	(d)

Class Y	Net assets	$	16,750,617
	Shares outstanding		831,059
	Net asset value, offering and redemption price per share	$	20.16

Class Z	Net assets	$	655,329,444
	Shares outstanding		32,490,213
	Net asset value, offering and redemption price per share	$	20.17

(a)	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b)	On sales of $50,000 or more the offering price is reduced.

(c)	Class I, Class R and Class W shares commenced operations on September 27, 2010.

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

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Strategic Investor Fund

For the Six Months Ended February 28, 2011 (Unaudited)


		($)(a)
Investment Income	Dividends		4,624,006
	Interest		65,517
	Foreign taxes withheld		(119,083	)

	Total Investment Income		4,570,440

Expenses	Investment advisory fee		2,388,259
	Administration fee		617,533
	Distribution fee:
	Class B		82,573
	Class C		67,192
	Class R		6
	Service fee:
	Class A		202,544
	Class B		27,524
	Class C		22,398
	Class W		3
	Transfer agent fee:
	Class A, Class B, Class C, Class R, Class W and Class Z		982,025
	Class Y		24
	Pricing and bookkeeping fees		75,822
	Trustees’ fees		23,803
	Custody fee		47,622
	Chief compliance officer expenses		644
	Other expenses		281,919

	Total Expenses		4,819,891

	Fees waived or expenses reimbursed by Investment Manager		(311,768	)
	Expense reductions		(17	)

	Net Expenses		4,508,106


	Net Investment Income		62,334

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain (loss) on:
	Investments		78,392,565
	Foreign currency transactions		(259,240	)

	Net realized gain		78,133,325

	Net change in unrealized appreciation (depreciation) on:
	Investments		143,224,037
	Foreign currency translations		1,602

	Net change in unrealized appreciation (depreciation)		143,225,639

	Net Gain		221,358,964


	Net Increase Resulting from Operations		221,421,298

(a)	Class I, Class R and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Strategic Investor Fund


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)(a)(b)			Year Ended August 31, 2010 ($)
Operations	Net investment income		62,334			1,259,392
	Net realized gain on investments and foreign currency transactions		78,133,325			77,087,723
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		143,225,639			(33,347,818	)

	Net increase resulting from operations		221,421,298			44,999,297

Distributions to Shareholders	From net investment income:
	Class A		—			(768,250	)
	Class B		—			(19,538	)
	Class C		—			(14,955	)
	Class I		(7	)		—
	Class Y		(29,949	)		(85,917	)
	Class Z		(609,771	)		(3,668,702	)

	Total distributions to shareholders		(639,727	)		(4,557,362	)

	Net Capital Stock Transactions		(45,419,336	)		(112,707,741	)

	Total increase (decrease) in net assets		175,362,235			(72,265,806	)

Net Assets	Beginning of period		711,969,399			784,235,205
	End of period		887,331,634			711,969,399
	Undistributed (overdistributed) net investment income at end of period		(134,787	)		442,606

(a)	Class I, Class R and Class W shares commenced operations on September 27, 2010.

(b)	Class I, Class R and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Strategic Investor Fund


	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		241,029			4,496,757			554,806			8,963,147
Distributions reinvested		—			—			45,698			728,424
Redemptions		(832,402	)		(15,244,860	)		(2,216,849	)		(35,695,825	)

Net decrease		(591,373	)		(10,748,103	)		(1,616,345	)		(26,004,254	)

Class B
Subscriptions		6,190			107,196			19,131			302,196
Distributions reinvested		—			—			1,172			18,085
Redemptions		(182,224	)		(3,220,533	)		(435,858	)		(6,792,331	)

Net decrease		(176,034	)		(3,113,337	)		(415,555	)		(6,472,050	)

Class C
Subscriptions		14,690			261,081			126,097			1,975,759
Distributions reinvested		—			—			825			12,730
Redemptions		(133,634	)		(2,355,170	)		(446,858	)		(6,928,254	)

Net decrease		(118,944	)		(2,094,089	)		(319,936	)		(4,939,765	)

Class I (a)(b)
Subscriptions		147			2,500			—			—

Net increase		147			2,500			—			—

Class R (a)(b)
Subscriptions		147			2,500			—			—

Net increase		147			2,500			—			—

Class W (a)(b)
Subscriptions		156			2,650			—			—
Redemptions		(9	)		(154	)		—			—

Net increase		147			2,496			—			—

Class Y
Subscriptions		226,152			4,155,100			—			—
Distributions reinvested		1,610			29,949			5,371			85,916
Redemptions		(38,272	)		(680,660	)		(21,528	)		(345,100	)

Net increase (decrease)		189,490			3,504,389			(16,157	)		(259,184	)

Class Z
Subscriptions		622,202			11,598,475			1,669,306			27,075,217
Distributions reinvested		31,779			591,714			223,986			3,582,323
Redemptions		(2,448,430	)		(45,165,881	)		(6,625,959	)		(105,690,028	)

Net decrease		(1,794,449	)		(32,975,692	)		(4,732,667	)		(75,032,488	)

(a)	Class I, Class R and Class W shares commenced operations on September 27, 2010.

(b)	Class I, Class R and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	15.28		$	14.62		$	18.01		$	21.48		$	21.22		$	21.21

Income from Investment Operations:
Net investment income (loss) (a)		(0.01	)		—	(b)		0.09			0.06			0.07			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		4.85			0.73			(3.42	)		(1.25	)		2.97			1.54

Total from investment operations		4.84			0.73			(3.33	)		(1.19	)		3.04			1.67

Less Distributions to Shareholders:
From net investment income		—			(0.07	)		(0.06	)		(0.07	)		(0.10	)		(0.14	)
From net realized gains		—			—			—			(2.21	)		(2.68	)		(1.52	)

Total distributions to shareholders		—			(0.07	)		(0.06	)		(2.28	)		(2.78	)		(1.66	)

Increase from regulatory settlements		—			—			—	(b)		—			—			—

Net Asset Value, End of Period	$	20.12		$	15.28		$	14.62		$	18.01		$	21.48		$	21.22
Total return (c)(d)		31.68	%(e)		5.00	%		(18.44	)%		(7.09	)%		16.33	%		8.26	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses		1.25	%(f)(g)		1.25	%(f)		1.24	%(f)		1.22	%(h)		1.23	%(i)		1.24	%(f)
Waiver/Reimbursement		0.08	%(g)		0.18	%		0.23	%		0.03	%		0.02	%		0.01	%
Net investment income (loss)		(0.14	)%(f)(g)		0.01	%(f)		0.70	%(f)		0.30	%(h)		0.36	%(i)		0.65	%(f)
Portfolio turnover rate		34	%(e)		67	%		117	%		88	%		139	%		82	%
Net assets, end of period (000s)	$	173,906		$	141,137		$	158,624		$	225,418		$	255,743		$	170,201

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

(h)	The benefits derived from expense reductions had an impact of 0.04%.

(i)	The benefits derived from expense reductions had an impact of 0.06%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	14.71		$	14.12		$	17.45		$	20.96		$	20.81		$	20.84

Income from Investment Operations:
Net investment loss (a)		(0.08	)		(0.11	)		(0.01	)		(0.09	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.66			0.71			(3.32	)		(1.21	)		2.91			1.51

Total from investment operations		4.58			0.60			(3.33	)		(1.30	)		2.83			1.49

Less Distributions to Shareholders:
From net investment income		—			(0.01	)		—			—			—			—
From net realized gains		—			—			—			(2.21	)		(2.68	)		(1.52	)

Total distributions to shareholders		—			(0.01	)		—			(2.21	)		(2.68	)		(1.52	)

Increase from regulatory settlements		—			—			—	(b)		—			—			—

Net Asset Value, End of Period	$	19.29		$	14.71		$	14.12		$	17.45		$	20.96		$	20.81
Total return (c)(d)		31.14	%(e)		4.26	%		(19.08	)%		(7.77	)%		15.50	%		7.47	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses		2.00	%(f)(g)		2.00	%(f)		1.99	%(f)		1.97	%(h)		1.98	%(i)		1.99	%(f)
Waiver/Reimbursement		0.08	%(g)		0.18	%		0.23	%		0.03	%		0.02	%		0.01	%
Net investment loss		(0.89	)%(f)(g)		(0.74	)%(f)		(0.05	)%(f)		(0.46	)%(h)		(0.39	)%(i)		(0.10	)%(f)
Portfolio turnover rate		34	%(e)		67	%		117	%		88	%		139	%		82	%
Net assets, end of period (000s)	$	22,654		$	19,861		$	24,933		$	42,229		$	53,965		$	51,446

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

(h)	The benefits derived from expense reductions had an impact of 0.04%.

(i)	The benefits derived from expense reductions had an impact of 0.06%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	14.71		$	14.13		$	17.46		$	20.96		$	20.82		$	20.85

Income from Investment Operations:
Net investment loss (a)		(0.08	)		(0.11	)		(0.01	)		(0.09	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.67			0.70			(3.32	)		(1.20	)		2.90			1.51

Total from investment operations		4.59			0.59			(3.33	)		(1.29	)		2.82			1.49

Less Distributions to Shareholders:
From net investment income		—			(0.01	)		—			—			—			—
From net realized gains		—			—			—			(2.21	)		(2.68	)		(1.52	)

Total distributions to shareholders		—			(0.01	)		—			(2.21	)		(2.68	)		(1.52	)

Increase from regulatory settlements		—			—			—	(b)		—			—			—

Net Asset Value, End of Period	$	19.30		$	14.71		$	14.13		$	17.46		$	20.96		$	20.82
Total return (c)(d)		31.20	%(e)		4.18	%		(19.07	)%		(7.72	)%		15.43	%		7.46	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses		2.00	%(f)(g)		2.00	%(f)		1.99	%(f)		1.97	%(h)		1.98	%(i)		1.99	%(f)
Waiver/Reimbursement		0.08	%(g)		0.18	%		0.23	%		0.03	%		0.02	%		0.01	%
Net investment loss		(0.89	)%(f)(g)		(0.74	)%(f)		(0.05	)%(f)		(0.46	)%(h)		(0.40	)%(i)		(0.10	)%(f)
Portfolio turnover rate		34	%(e)		67	%		117	%		88	%		139	%		82	%
Net assets, end of period (000s)	$	18,682		$	15,994		$	19,874		$	34,208		$	44,682		$	43,881

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

(h)	The benefits derived from expense reductions had an impact of 0.04%.

(i)	The benefits derived from expense reductions had an impact of 0.06%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout the period is as follows:


Class I Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	17.01

Income from Investment Operations:
Net investment income (b)		0.03
Net realized and unrealized gain on investments and foreign currency		3.16

Total from investment operations		3.19

Less Distributions to Shareholders:
From net investment income		(0.04	)

Net Asset Value, End of Period	$	20.16
Total return (c)(d)		18.80	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.74	%
Net investment income (e)(f)		0.33	%
Portfolio turnover rate (c)		34	%
Net assets, end of period (000s)	$	3

(a)	Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b)	Per share data was calculated using the average shares outstanding during the period.

(c)	Not annualized.

(d)	Total return at net asset value assuming all distributions reinvested.

(e)	Annualized.

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout the period is as follows:


Class R Shares	(Unaudited) Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	16.97

Income from Investment Operations:
Net investment loss (b)		(0.02	)
Net realized and unrealized gain on investments and foreign currency		3.13

Total from investment operations		3.11

Net Asset Value, End of Period	$	20.08
Total return (c)(d)(e)		18.33	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.41	%
Waiver/Reimbursement (g)		0.07	%
Net investment loss (f)(g)		(0.31	)%
Portfolio turnover rate (e)		34	%
Net assets, end of period (000s)	$	3

(a)	Class R shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b)	Per share data was calculated using the average shares outstanding during the period.

(c)	Total return at net asset value assuming all distributions reinvested.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout the period is as follows:


	(Unaudited) Period Ended February 28,
Class W Shares	2011 (a)
Net Asset Value, Beginning of Period	$	16.97

Income from Investment Operations:
Net investment loss (b)		(0.01	)
Net realized and unrealized gain on investments and foreign currency		3.17

Total from investment operations		3.16

Net Asset Value, End of Period	$	20.13
Total return (c)(d)(e)		18.62	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.16	%
Waiver/Reimbursement (g)		0.07	%
Net investment loss (f)(g)		(0.09	)%
Portfolio turnover rate (e)		34	%
Net assets, end of period (000s)	$	3

(a)	Class W shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b)	Per share data was calculated using the average shares outstanding during the period.

(c)	Total return at net asset value assuming all distributions reinvested.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout each period is as follows:


Class Y Shares	(Unaudited) Six Months Ended February 28, 2011			Year Ended August 31, 2010			Period Ended August 31, 2009 (a)
Net Asset Value, Beginning of Period	$	15.32		$	14.64		$	13.32

Income from Investment Operations:
Net investment income (b)		0.03			0.07			0.02
Net realized and unrealized gain on investments and foreign currency		4.85			0.74			1.30

Total from investment operations		4.88			0.81			1.32

Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.13	)		—

Net Asset Value, End of Period	$	20.16		$	15.32		$	14.64
Total return (c)		31.91	%(d)		5.51	%		9.91	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		0.83	%(f)		0.83	%		0.72	%(f)
Net investment income (e)		0.28	%(f)		0.43	%		0.99	%(f)
Portfolio turnover rate		34	%(d)		67	%		117	%(d)
Net assets, end of period (000s)	$	16,751		$	9,826		$	9,630

(a)	Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b)	Per share data was calculated using the average shares outstanding during the period.

(c)	Total return at net asset value assuming all distributions reinvested.

(d)	Not annualized.

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

(f)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Strategic Investor Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	15.32		$	14.64		$	18.06		$	21.53		$	21.28		$	21.27

Income from Investment Operations:
Net investment income (a)		0.01			0.04			0.12			0.11			0.13			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		4.86			0.74			(3.44	)		(1.25	)		2.96			1.54

Total from investment operations		4.87			0.78			(3.32	)		(1.14	)		3.09			1.72

Less Distributions to Shareholders:
From net investment income		(0.02	)		(0.10	)		(0.10	)		(0.12	)		(0.16	)		(0.19	)
From net realized gains		—			—			—			(2.21	)		(2.68	)		(1.52	)

Total distributions to shareholders		(0.02	)		(0.10	)		(0.10	)		(2.33	)		(2.84	)		(1.71	)

Increase from regulatory settlements		—			—			—	(b)		—			—			—

Net Asset Value, End of Period	$	20.17		$	15.32		$	14.64		$	18.06		$	21.53		$	21.28
Total return (c)(d)		31.79	%(e)		5.31	%		(18.26	)%		(6.85	)%		16.62	%		8.50	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses		1.00	%(f)(g)		1.00	%(f)		0.99	%(f)		0.97	%(h)		0.98	%(i)		0.99	%(f)
Waiver/Reimbursement		0.08	%(g)		0.18	%		0.23	%		0.03	%		0.02	%		0.01	%
Net investment income		0.11	%(f)(g)		0.26	%(f)		0.94	%(f)		0.55	%(h)		0.63	%(i)		0.89	%(f)
Portfolio turnover rate		34	%(e)		67	%		117	%		88	%		139	%		82	%
Net assets, end of period (000s)	$	655,329		$	525,150		$	571,175		$	755,348		$	859,142		$	179,027

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

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

(g)	Annualized.

(h)	The benefits derived from expense reductions had an impact of 0.04%.

(i)	The benefits derived from expense reductions had an impact of 0.06%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks long-term growth of capital by using a “value” approach to investing primarily in common stocks.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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 B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

Class R shares are not subject to sales charges and are available only to qualifying institutional investors. Class R shares became effective September 27, 2010.

Class Y shares are not subject to sales charges and are available only to certain investors, as described in the Fund’s prospectus.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Foreign Currency Transactions and Translations

The values of all assets and liabilities quoted 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.

Repurchase Agreements

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

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust’s organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. The management fee is based on the Fund’s average daily net assets at

the following annual rates:



Average Daily Net Assets		Annual Fee Rate
First $500 million		0.60%
$500 million to $1 billion		0.55%
Over $1 billion		0.50%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.58% of the Fund’s average daily net assets.

In September 2010, the Board of Trustees approved an amended Investment Management Services Agreement (IMSA) with the Investment Manager that increases the management fee rates payable to the Investment Manager at all asset levels. The IMSA was approved by the Fund’s shareholders at a Special Meeting of Shareholders held on February 15, 2011. The IMSA, which is effective March 1, 2011, revises the management fee rates as follows:



Average Daily Net Assets		Annual Fee Rate
First $500 million		0.710%
$500 million to $1 billion		0.665%
$1 billion to $1.5 billion		0.620%
$1.5 billion to $3 billion		0.570%
$3 billion to $6 billion		0.560%
Over $6 billion		0.540%

Administration Fee

The Investment Manager provides administrative and other services to the Fund under an Administrative Services Agreement (Administrative Agreement), including services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street Bank and Trust Company (State Street), as discussed in the Pricing and Bookkeeping Fees note below. The administration fee is based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets	Annual Fee Rates
First $1 billion		0.150	%
Over $1 billion		0.125	%

The annualized effective administration fee rate for the six month period ended February 28, 2011, was 0.15% of the Fund’s average daily net assets.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

In connection with the IMSA approved by the Board of Trustees, effective March 1, 2011, the Fund will pay a reduced monthly administration fee to the Investment Manager based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets	Annual Fee Rate
First $500 million		0.060	%
$500 million to $1 billion		0.055	%
$1 billion to $3 billion		0.050	%
$3 billion to $12 billion		0.040	%
Over $12 billion		0.030	%

Pricing and Bookkeeping Fees

Transfer Agent Fee

The Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Class I shares do not pay transfer agent fees. For the six month period ended February 28, 2011, the Fund’s annualized effective transfer agent fee rate for each class, with the exception of Class I shares, as a percentage of each class’ average daily net assets was as follows:



Class A	Class B	Class C	Class R	Class W	Class Y	Class Z
0.24%	0.24%	0.24%	0.24%	0.24%	0.00%*	0.24%

*	Rounds to less than 0.01%.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the six month period ended February 28, 2011, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund’s shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $4,330 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $335, $8,242 and $798, respectively.


Distribution Fee
Class A	Class B	Class C	Class R	Class W¹
—	0.75%	0.75%	0.50%	0.25%


Service Fee
Class A	Class B	Class C	Class W¹
0.25%	0.25%	0.25%	0.25%

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

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Expense Limits and Fee Waivers

Effective September 27, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed the annual rates of 1.25%, 2.00%, 2.00%, 0.80%, 1.50%, 1.25%, 1.00%, and 1.00% of the Fund’s average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively.

Prior to September 27, 2010, the Investment Manager voluntarily reimbursed a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, did not exceed 1.00% annually of the Fund’s average daily net assets.

Effective March 1, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through December 31, 2012, so that the Fund’s ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 1.26%, 2.01%, 2.01%, 0.83%, 1.51%, 1.26%, 1.01%, and 1.01% of the Fund’s average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that may be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

All officers of the Fund are employees of the Investment Manager or its affiliates and, with the exception of the Fund’s Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund’s expenses for the Chief Compliance Officer will not exceed $15,000 per year.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund’s assets.

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $276,975,707 and $335,221,712, respectively, for the six month period ended February 28, 2011.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund’s borrowing limit set forth in the Fund’s registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Effective October 14, 2010, interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

Note 7. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:


		August 31, 2010
Ordinary Income*		$4,557,362

*	For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	226,846,676
Unrealized depreciation		(12,240,948	)

Net unrealized appreciation	$	214,605,728



Year of Expiration	Capital Loss Carryforwards
2011	$	15,870,696
2017		122,751,575
2018		15,524,758

Total	$	154,147,029

Of the remaining capital loss carryforwards attributable to the Fund, $15,870,696 expiring August 31, 2011 remains from the Fund’s merger with Columbia Young Investor Fund. Utilization of capital losses from Columbia Young Investor Fund could be subject to limitations imposed by the Internal Revenue Code.

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions 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). The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 8. Significant Risks and Contingencies

Foreign Securities Risk

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 3 (above), there were no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information Regarding Pending and Settled Legal Proceedings

Columbia Strategic Investor Fund

February 28, 2011 (Unaudited)

considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the “Board”) unanimously approved new Investment Management Services Agreements (the “Advisory Agreements”) on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an “Affected Fund”) to Columbia Management for investment advisory services. For Columbia Strategic Investor Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds’ former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the “Committee”) of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the “Columbia Funds Complex”). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management projected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds’ other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Trust (the “Independent Trustees”) requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approval of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the “Fee Consultant”) appointed by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management Advisors, LLC, the Affected Funds’ previous adviser, with the New York Attorney General (“NYAG”) to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the “NYAG Settlement”). Under the NYAG Settlement, the Fee Consultant’s role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms’ length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees,

including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The expected benefits of continuing to retain Columbia Management as the Affected Funds’ investment manager;

The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund’s total expense ratio;

For Columbia Strategic Investor Fund, the reduction in the rates payable under its administrative services agreement;

The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Strategic Investor Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of class A shares would not exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

The expected impact on expenses for certain Affected Funds of proposed mergers; and

The expected benefits of further integrating the Combined Fund Complex by:

Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management’s personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management’s investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

(although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund’s Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund’s investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund’s investment strategy; (iii) that the Affected Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia Strategic Investor Fund’s performance was in the second quintile (where the best performance would be in the first quintile) for the one- and five-year periods and in the first quintile for the three- and ten-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Strategic Investor Fund would increase the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund’s current investment management services agreement. In addition, the trustees also considered that, with the proposed fee reductions under the administrative services agreement, the contractual fee rate under both the Advisory Agreement and the proposed administrative services agreement would be lower than the current combined contractual fee rate under those agreements. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to the Advisory Agreement and other proposed contractual changes, including the contractual expense limitations described above, Columbia Strategic Investor Fund’s contractual management fees would have been in the third quintile (where the lowest fees and expenses would be in the first quintile) and total net expenses would have been in the third quintile of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund’s proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management’s investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected “fall-out” or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management’s affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds’ distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds’ securities transactions, and reviewed information about Columbia Management’s practices with respect to allocating portfolio brokerage and the use of “soft” commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management’s profitability would be somewhat lower without these benefits.

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA NATIONS BOARD

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc.

September 21, 2010

I. Overview

On February 9, 2005, Columbia Management Advisors, LLC (“CMA”) and Columbia Management Distributors, Inc.¹ (“CMD”) agreed to the New York Attorney General’s Assurance of Discontinuance (“AOD”). Among other things, the AOD stipulates that CMA may manage or advise a Columbia Fund (“Columbia Fund” and, together with some or all of such funds, the “Columbia Funds”) only if the Independent Members of the Columbia Fund’s Board of Trustees appoint a Senior Officer or retain an Independent Fee Consultant (“IFC”) who is to manage the process by which proposed management fees are negotiated. The AOD further stipulates that the Senior Officer or IFC is to prepare a written annual evaluation of the fee negotiation process.

With effect from January 1, 2007, the Independent Members of the Board of Trustees for certain Columbia Funds known collectively as the “Nations Funds” (together with the other members of that Board, the “Trustees”) retained me as IFC for the Nations Funds.² In this capacity, I have prepared this written evaluation of the fee negotiation process. As has been the case with my previous reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report.

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the “Bank”) pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia’s long-term asset management business, including management of the Nations Funds (the “Transaction”). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC (“CMIA”). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by for example proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, subtransfer agency, custody, and pricing/bookkeeping fees paid by the funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

The AOD charges the IFC with “managing the process by which proposed management fees … to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms’ length and reasonable and consistent with this Assurance of Discontinuance.” The AOD also provides that CMA “may manage or advise a Columbia Fund only if the reasonableness of the

¹	CMA and CMD are subsidiaries of Columbia Management Group, LLC (“CMG”), and are the successors to the entities named in the AOD.

I have no material relationship with Bank of America, CMG or Ameriprise Financial, Inc. (“Ameriprise”), aside from serving as IFC, and I am aware of no material relationship with any of their affiliates. I retained John Rea, an independent economic consultant, to assist me with this report. Unless otherwise stated or required by the context, this report covers only the Nations Funds.

³	Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 (“June Supplemental Materials”) at p. 1.

proposed management fees is determined by the Board of Trustees … using … an annual independent written evaluation prepared by or under the direction of … the Independent Fee Consultant.” Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1.	The nature and quality of the adviser’s services, including the Fund’s performance;

2.	Management fees (including any components thereof) charged by other mutual fund companies for like services;

3.	Possible economies of scale as the Fund grows larger;

4.	Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5.	Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6.	Profit margins of the adviser and its affiliates from supplying such services.

II. Finding

Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a “Fee Change Fund”).

2.	In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm’s length and reasonable and consistent with the AOD.

CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a “Fee Increase Fund”). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA’s proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

CMIA’s fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the actual management fees would be in the fourth or fifth quintiles.

6.	Half of the Fee Increase Funds have had median or betterthan-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the “CMIA Funds”) be subject to an expense limitation calculated by reference to the median of the relevant fund’s Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

CMIA reviewed the differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels

reflecting CMIA’s reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

9.	CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds’ investment adviser), historical profitability data was judged to have little relevance.

10.	CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

Shareholder Meeting Results

Columbia Strategic Investor Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

Important Information About This Report

A description of the policies and procedures that the fund uses to determine how to vote proxies and a copy of the fund’s voting records are available (i) at www.columbiamanagement.com, (ii) on the Securities and Exchange Commission’s website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC’s website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund’s website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Investment Manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

LOGO

Columbia Strategic Investor Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

C-1385 A (04/11)

LOGO

Columbia Federal Securities Fund

Semiannual Report for the Period Ended February 28, 2011

LOGO

Table of Contents



Performance Information			1

Understanding Your Expenses			2

Investment Portfolio			3

Statement of Assets and Liabilities			8

Statement of Operations			10

Statement of Changes in Net Assets			11

Financial Highlights			13

Notes to Financial Statements			17

Shareholder Meeting Results			26

Important Information About This Report			29

President’s Message

LOGO

Dear Shareholder:

Sincerely,

LOGO

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 Information – Columbia Federal Securities Fund

Average annual total return as of 02/28/11 (%)

Share class

Inception

03/30/84

06/08/92

08/01/97

01/11/99

Sales charge

without

with

without

with

without

with

without

6-month (cumulative)

–0.99

–5.69

–1.35

–6.24

–1.28

–2.26

–0.86

1-year

2.87

–2.01

2.11

–2.89

2.26

1.26

3.13

5-year

4.50

3.49

3.72

3.38

3.88

4.76

10-year

4.47

3.97

3.70

3.85

4.73

The “with sales charge” returns include the maximum initial sales charge of 4.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year, and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

Performance results reflect any fee waivers or expense reimbursements of fund expenses by the Investment Manager and/or any of its affiliates. Absent these fee waivers or reimbursement arrangements, performance results would have been lower.

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. 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.

The table does not reflect the deduction of taxes a shareholder may pay on fund distributions or on the redemption of fund shares.

Summary

6-month (cumulative) return as of 02/28/11



		–0.99% Class A shares (without sales charge)

		–1.26% Citigroup Government/Mortgage Index¹


Net asset value per share

as of 02/28/11 ($)
Class A			10.86
Class B			10.86
Class C			10.86
Class Z			10.86


Distributions declared per share

09/01/10 - 02/28/11 ($)
Class A			0.15
Class B			0.11
Class C			0.12
Class Z			0.16

The Citigroup Government/Mortgage Index is a combination of the Citigroup U.S. Government Index and the Citigroup Mortgage Index. The Citigroup U.S. Government Index tracks the performance of the Treasury and government-sponsored indices within the U.S. Broad Investment Grade (BIG) Bond Index. The Citigroup Mortgage Index tracks the performance of the mortgage component of the U.S. BIG Bond Index, comprising 30- and 15-year Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) pass-throughs and FNMA and FHLMC balloon mortgages.

Understanding Your Expenses – Columbia Federal Securities Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary firm to obtain your account balance.

Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period 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. The amount listed in the “Hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund’s actual operating expenses. 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 this period.

Compare with other funds


09/01/10 – 02/28/11

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		990.10		1,020.08		4.69		4.76		0.95
Class B		1,000.00		1,000.00		986.50		1,016.36		8.37		8.50		1.70
Class C		1,000.00		1,000.00		987.20		1,017.11		7.64		7.75		1.55
Class Z		1,000.00		1,000.00		991.40		1,021.32		3.46		3.51		0.70

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the fund’s most recent fiscal half-year and divided by 365.

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Investment Portfolio – Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Mortgage-Backed Securities – 54.2%


	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
1.675% 07/01/19 (03/01/11) (a)(b)		5,391		5,499
2.065% 05/01/18 (03/01/11) (a)(b)		11,803		12,056
3.375% 02/01/18 (03/01/11) (a)(b)		11,830		12,370
4.500% 05/01/40		9,057,063		9,263,070
4.500% 07/01/40		4,489,468		4,591,583
5.000% 07/01/39		9,311,606		9,796,622
5.588% 08/01/37 (03/01/11) (a)(b)		2,451,110		2,611,103
5.618% 06/01/37 (03/01/11) (a)(b)		1,905,126		2,025,415
5.711% 06/01/36 (03/01/11) (a)(b)		2,702,686		2,885,604
6.000% 03/01/38		24,170,748		26,291,085
7.000% 08/01/29		6		7
10.500% 01/01/20		20,846		21,018

TBA:
3.500% 12/01/41 (c)		10,000,000		10,014,060
4.000% 12/01/41 (c)		5,000,000		4,921,875
4.500% 12/01/41 (c)		10,300,000		10,488,294

Federal National Mortgage Association
1.924% 06/01/20 (03/01/11) (a)(b)		12,514		12,918
1.926% 07/01/20 (03/01/11) (a)(b)		4,321		4,377
2.145% 08/01/19 (03/01/11) (a)(b)		17,945		18,332
2.181% 03/01/18 (03/01/11) (a)(b)		58,000		58,757
2.250% 11/01/19 (03/01/11) (a)(b)		2,220		2,225
2.318% 12/01/17 (03/01/11) (a)(b)		9,761		9,818
2.520% 06/25/20		2,397,856		2,379,884
2.574% 08/01/36 (03/01/11) (a)(b)		12,287		12,445
2.625% 06/01/19 (03/01/11) (a)(b)		10,612		10,739
2.962% 07/01/27 (03/01/11) (a)(b)		12,525		12,663
3.380% 10/01/14		2,459,147		2,552,202
4.000% 12/01/40		9,510,136		9,411,850
4.420% 10/01/19		4,342,328		4,482,969
4.430% 10/01/19		4,921,295		5,082,659
4.500% 06/01/25		13,527,297		14,250,016
4.500% 09/01/40		6,183,330		6,329,770
4.500% 12/01/40		13,509,208		13,786,932
4.570% 01/01/20		1,109,713		1,153,240
4.600% 01/01/20		1,823,820		1,897,908
5.000% 11/01/17		11,467,937		12,296,891
5.000% 04/01/35		2,453,044		2,590,206
5.000% 06/01/35		10,086,403		10,650,386
5.000% 06/01/40		11,927,026		12,502,610
5.000% 08/01/40		5,179,951		5,429,930
5.030% 05/01/24		3,545,000		3,625,023
5.197% 12/01/31 (03/01/11) (a)(b)		31,664		33,578
5.497% 10/01/37 (03/01/11) (a)(b)		842,501		898,555
5.500% 09/01/35		11,315,056		12,228,090
5.500% 07/01/36		5,172,272		5,571,853
6.000% 09/01/36 (i)		6,718,744		7,386,869


	Par ($)		Value ($)
6.500% 04/01/11		51		51
6.500% 09/01/25		9,935		11,248
6.500% 11/01/25		86,822		98,298
6.500% 05/01/26		97,290		110,150
6.500% 09/01/28		7,070		8,009
6.500% 12/01/28		12,069		13,672
6.500% 01/01/29		80,794		91,521
6.500% 06/01/29		58,786		66,591
6.500% 10/01/37		4,619,667		5,201,250
6.565% 07/01/16		4,318,955		4,726,217
7.000% 10/01/12		2,389		2,498
7.000% 08/01/23		58,538		66,689
7.000% 10/01/23		21,259		24,220
7.000% 11/01/23		25,078		28,571
7.000% 02/01/27		4,344		4,996
7.500% 11/01/11		49		49
7.500% 01/01/17		20,711		23,463
7.500% 02/01/18		6,450		7,381
8.000% 03/01/13		437		468
8.000% 11/01/15		640		646

TBA:
5.500% 12/01/41 (c)		16,500,000		17,634,375
6.000% 12/01/41 (c)		17,670,000		19,199,551
6.500% 12/01/41 (c)		6,000,000		6,697,500

Government National Mortgage Association
2.625% 08/20/22 (03/01/11) (a)(b)		3,135		3,252
3.375% 05/20/22 (03/01/11) (a)(b)		18,890		19,669
3.375% 06/20/23 (03/01/11) (a)(b)		12,574		13,092
8.000% 11/15/14		4,790		5,223

TBA:
4.000% 12/01/41 (c)		5,000,000		5,002,345
4.500% 12/15/41 (c)		1,650,000		1,703,368

Total Mortgage-Backed Securities (cost of $276,620,541)				278,387,719

Government & Agency Obligations – 35.3%

U.S. Government Agencies – 5.4%
Federal Home Loan Bank
5.375% 03/11/16		8,130,000		9,210,875
5.375% 06/10/16		8,830,000		10,054,253

Federal National Mortgage Association
1.625% 10/26/15 (d)		8,633,000		8,394,876

Small Business Administration
8.200% 10/01/11		10,753		10,924
8.250% 11/01/11		36,999		37,783
9.150% 07/01/11		1,302		1,332

U.S. Government Agencies Total				27,710,043

See Accompanying Notes to Financial Statements.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Government & Agency Obligations (continued)


	Par ($)		Value ($)
U.S. Government Obligations –29.9%
U.S. Treasury Bonds
4.500% 02/15/36 (d)		12,045,000		12,204,970

U.S. Treasury Notes
1.250% 09/30/15 (d)		22,000,000		21,324,534
1.375% 03/15/12		50,306,000		50,856,247
1.750% 07/31/15		480,000		477,677
2.125% 05/31/15 (d)		18,000,000		18,254,520
2.625% 04/30/16		6,747,000		6,885,631
2.625% 08/15/20 (d)		12,160,000		11,430,400
2.750% 02/15/19 (d)		9,928,000		9,732,537
3.125% 09/30/13		7,775,000		8,208,091
3.625% 02/15/20 (d)		7,000,000		7,208,908

U.S. Treasury STRIPS
P.O.,
11/15/21 (d)(e)		10,000,000		6,664,930

U.S. Government Obligations Total				153,248,445

Total Government & Agency Obligations (cost of $181,271,673)				180,958,488

Collateralized Mortgage Obligations – 15.5%

Agency – 4.0%
Federal Home Loan Mortgage Corp.
I.O.:
5.834% 02/15/35 (03/15/11) (a)(b)(f)		6,659,513		835,802
6.434% 03/15/35 (03/15/11) (a)(b)(f)		3,813,103		455,370

Federal National Mortgage Association
I.O.:
1.767% 04/25/34 (03/01/11) (a)(b)(f)		4,550,601		194,295
2.132% 08/25/34 (03/01/11) (a)(b)(f)		8,141,395		307,286
5.739% 06/25/33 (03/25/11) (a)(b)(f)		8,385,200		979,810
5.739% 05/25/34 (03/25/11) (a)(b)(f)		9,295,085		1,211,295
6.000% 04/25/37 (f)		8,959,752		1,853,034
6.439% 04/25/35 (03/25/11) (a)(b)(f)		898,150		141,677
6.439% 07/25/35 (03/25/11) (a)(b)(f)		4,542,289		709,494
6.889% 07/25/36 (03/25/11) (a)(b)(f)		5,329,024		928,664
7.000% 02/25/39 (f)		7,927,928		1,702,546
7.130% 12/15/32 (03/15/11) (a)(b)(f)		20,072,756		3,806,750


	Par ($)		Value ($)
7.289% 02/25/38 (03/25/11) (a)(b)(f)		821,330		155,653
7.339% 01/25/33 (03/25/11) (a)(b)(f)		5,464,351		735,912
7.989% 02/25/31 (03/25/11) (a)(b)(f)		3,783,459		712,126

Government National Mortgage Association
I.O.:
4.000% 09/16/34 (f)		22,522,619		3,075,128
4.000% 08/20/36 (f)		8,596,394		1,406,077
6.335% 01/16/34 (03/16/11) (a)(b)(f)		2,620,823		347,111
7.385% 12/16/25 (03/16/11) (a)(b)(f)		5,064,341		811,184

Vendee Mortgage Trust
I.O.:
0.294% 03/15/29 (03/01/11) (a)(b)(f)		5,033,132		56,434
0.432% 03/15/28 (03/01/11) (a)(b)(f)		4,013,757		67,462

Agency Total				20,493,110

Non-Agency – 11.5%
ASG Resecuritization Trust
3.500% 07/28/37 (g)		3,382,102		3,390,558

Banc of America Funding Corp.
5.500% 02/25/35		1,522,027		1,524,646

BCAP LLC Trust
4.000% 07/26/37 (03/01/11) (a)(b)(g)		3,651,520		3,678,361
5.250% 04/26/37 (03/01/11) (a)(b)(g)		1,242,942		1,259,747

Cendant Mortgage Corp.
4.827% 11/25/18 (03/01/11) (a)(b)		3,281,617		3,350,902

Citigroup Mortgage Loan Trust, Inc.
0.342% 01/25/37 (03/25/11) (a)(b)(g)		5,927,815		5,879,706
2.624% 10/25/33 (03/01/11) (a)(b)(g)		1,445,000		1,170,450
2.763% 09/25/35 (03/01/11) (a)(b)(g)		5,600,980		1,743,305
2.924% 02/25/37 (03/01/11) (a)(b)(g)		710,201		319,590
4.750% 05/25/35 (g)		3,268,189		3,335,850
5.415% 09/25/34 (03/01/11) (a)(b)(g)		2,188,968		985,036
8.355% 12/25/35 (03/01/11) (a)(b)(g)		2,000,000		2,015,000

Countrywide Home Loan Mortgage Pass Through Trust
5.750% 01/25/33		2,476,915		2,560,743

Credit Suisse Mortgage Capital Certificates
2.885% 09/26/34 (03/01/11) (a)(b)(g)		2,500,000		1,261,509
5.000% 02/27/37 (03/01/11) (a)(b)(g)		2,121,432		2,127,518
5.000% 04/27/37 (03/01/11) (a)(b)(g)		1,136,809		1,154,487

Deutsche Mortgage Securities, Inc.
0.391% 04/26/37 (03/28/11) (a)(b)(g)		984,801		970,874
5.500% 04/25/33		1,160,134		1,169,069

GSR Mortgage Loan Trust
4.587% 05/25/34 (03/01/11) (a)(b)		811,758		810,747

See Accompanying Notes to Financial Statements.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Collateralized Mortgage Obligations (continued)


	Par ($)		Value ($)
Non-Agency (continued)
Jefferies & Co., Inc.
5.500% 10/26/35 (g)		2,736,303		2,674,736

JPMorgan Reremic
2.833% 09/26/35 (03/01/11) (a)(b)(g)		1,968,299		1,339,865

MASTR Asset Securitization Trust
5.250% 12/25/33		308,447		309,400

Prime Mortgage Trust
6.878% 02/25/34 (a)		3,865,789		4,204,045

RBSSP Resecuritization Trust
5.500% 10/26/35 (g)		2,358,188		2,407,459
5.917% 03/25/36 (03/01/11) (a)(b)(g)		4,198,345		4,237,574

Tryon Mortgage Funding, Inc.
7.500% 02/20/27		16,713		14,356

Wells Fargo Mortgage Backed Securities Trust
4.739% 06/25/34 (03/01/11) (a)(b)		2,309,429		2,348,336
4.751% 07/25/34 (03/01/11) (a)(b)		247,688		247,720
4.879% 09/25/34 (03/01/11) (a)(b)		2,441,367		2,509,391

Non-Agency Total				59,000,980
Total Collateralized Mortgage Obligations (cost of $77,537,875)				79,494,090

Commercial Mortgage-Backed Securities – 3.2%
Bear Stearns Commercial Mortgage Securities
4.933% 02/13/42 (03/01/11) (a)(b)		1,260,000		1,343,223

Citigroup Commercial Mortgage Trust
4.733% 10/15/41		765,000		811,702

GMAC Commercial Mortgage Securities, Inc.
5.471% 05/10/40 (03/01/11) (a)(b)		815,000		876,123

LB-UBS Commercial Mortgage Trust
5.124% 11/15/32 (03/11/11) (a)(b)		715,000		762,540

Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.560% 12/15/30 (03/01/11) (a)(b)(f)		2,349,506		28,801

Morgan Stanley Capital I
4.970% 12/15/41		2,660,000		2,833,324

Morgan Stanley Reremic Trust
5.804% 08/12/45 (03/01/11) (a)(b)(g)		8,800,000		9,576,087

Wachovia Bank Commercial Mortgage Trust
5.203% 10/15/44 (03/01/11) (a)(b)		265,000		286,453

Total Commercial Mortgage-Backed Securities (cost of $15,421,399)				16,518,253

Asset-Backed Securities – 2.2%


	Par ($)		Value ($)
Entergy Gulf States Reconstruction Funding LLC
5.510% 10/01/13		214,221		222,748

GSAMP Trust
0.372% 06/25/36 (03/25/11) (a)(b)		28,366		28,290

Home Equity Asset Trust
0.542% 11/25/35 (03/25/11) (a)(b)		3,809,584		3,746,905

Massachusetts RRB Special Purpose Trust WMECO-1
6.530% 06/01/15		47,518		50,669

Morgan Stanley ABS Capital I
0.462% 12/25/35 (03/25/11) (a)(b)		618,201		594,465
0.752% 07/25/35 (03/25/11) (a)(b)		2,111,583		2,092,722

Novastar Home Equity Loan
0.372% 06/25/36 (03/25/11) (a)(b)		1,350,415		1,343,261

Sierra Receivables Funding Co.
3.840% 11/20/25 (g)		1,676,850		1,674,782

Small Business Administration
7.600% 01/01/12		14,968		15,337
8.650% 11/01/14		93,213		95,534
8.850% 08/01/11		888		917

Triad Auto Receivables Owner Trust
5.310% 05/13/13		1,582,653		1,596,974

Total Asset-Backed Securities (cost of $11,457,455)				11,462,604


Securities Lending Collateral – 13.3%
	Shares
State Street Navigator Securities Lending Prime Portfolio (7 day yield of 0.293%) (h)		68,043,309		68,043,309

Total Securities Lending Collateral (cost of $68,043,309)				68,043,309

See Accompanying Notes to Financial Statements.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Short-Term Obligation – 2.3%


	Par ($)			Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by a U.S. Government Agency obligation maturing 04/15/14, market value $11,866,906 (repurchase proceeds $11,632,029)		11,632,000			11,632,000

Total Short-Term Obligation (cost of $11,632,000)					11,632,000

Total Investments – 126.0% (cost of $641,984,252) (j)					646,496,463

Obligation to Return Collateral for Securities Loaned – (13.3)%					(68,043,309	)

Other Assets & Liabilities, Net – (12.7)%					(65,154,947	)

Net Assets – 100.0%					513,298,207

Securities Sold Short – (2.0)%

Government & Agency Obligation – (2.0)%
Federal Home Loan Mortgage Corp.
TBA,
6.000% 03/10/41		(9,500,000	)		(10,320,117	)

Government & Agency Obligation Total					(10,320,117	)

Total Securities Sold Short (cost of $10,242,188)					(10,320,117	)

Notes to Investment Portfolio:

(a)	The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

(b)	Parenthetical date represents the effective maturity date for the security.

(c)	Security purchased on a delayed delivery basis.

(d)	All or a portion of this security was on loan at February 28, 2011. The total market value of securities on loan at February 28, 2011 is $66,875,204.

(e)	Principal Only.

(f)	Accrued interest accumulates in the value of this security and is payable at redemption.

(g)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, these securities, which are not illiquid, amounted to $51,202,494, which represents 10.0% of net assets.

(h)	Investment made with cash collateral received from securities lending activity.

(i)	All or a portion of this security has been pledged as collateral for open futures contracts.

(j)	Cost for federal income tax purposes is $641,984,252.

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 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. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Security Valuation.

See Accompanying Notes to Financial Statements.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

The following table is a summary of the inputs used to value the Fund’s investments as of February 28, 2011:


Description	Quoted Prices (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total Mortgage-Backed Securities	$	—		$	278,387,719		$	—	$	278,387,719

Government & Agency Obligations
U.S. Government Agencies		—			27,710,043			—		27,710,043
U.S. Government Obligations		146,583,515			6,664,930			—		153,248,445

Total Government & Agency Obligations		146,583,515			34,374,973			—		180,958,488

Total Collateralized Mortgage Obligations		—			79,494,090			—		79,494,090

Total Commercial Mortgage-Backed Securities		—			16,518,253			—		16,518,253

Total Asset-Backed Securities		—			11,462,604			—		11,462,604

Total Securities Lending Collateral		68,043,309			—			—		68,043,309

Total Short-Term Obligation		—			11,632,000			—		11,632,000

Total Investments		214,626,824			431,869,639			—		646,496,463

Total Securities Sold Short		—			(10,320,117	)		—		(10,320,117	)

Unrealized Appreciation on Futures Contracts		83,280			—			—		83,280

Unrealized Depreciation on Futures Contracts		(4,805	)		—			—		(4,805	)

Total	$	214,705,299		$	421,549,522		$	—	$	636,254,821

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.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

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

At February 28, 2011, the Fund held the following open long futures contracts:


Risk Exposure/ Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date		Unrealized Appreciation
Interest Rate Risk
10-Year U.S. Treasury Notes		263	$	31,309,328	$	31,246,263		Jun-2011	$	63,065
30-Year U.S. Treasury Notes		40		4,813,750		4,793,535		Jun-2011		20,215

									$	83,280

At February 28, 2011, the Fund held the following open short futures contracts:


Risk Exposure/ Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date		Unrealized Depreciation
Interest Rate Risk
5-Year U.S. Treasury Notes		13	$	1,520,188	$	1,515,383		Jun-2011	$	(4,805	)

For the six months ended February 28, 2011, transactions in written option contracts were as follows:


	Number of contracts			Premium received
Options outstanding at August 31, 2010		120		$	51,275
Options written		2,488			1,341,883
Options terminated in closing purchase transactions		(385	)		(156,501	)
Options exercised		—			—
Options expired		(2,223	)		(1,236,657	)

Options outstanding at February 28, 2011		—		$	—

At February 28, 2011, the asset allocation of the Fund is as follows:


Asset Allocation	% of Net Assets
Mortgage-Backed Securities		54.2
Government & Agency Obligations		35.3
Collateralized Mortgage Obligations		15.5
Commercial Mortgage-Backed Securities		3.2
Asset-Backed Securities		2.2

		110.4
Securities Lending Collateral		13.3
Short-Term Obligation		2.3
Obligation to Return Collateral for Securities Loaned		(13.3	)
Other Assets & Liabilities, Net		(12.7	)

		100.0


Acronym		Name
I.O.		Interest Only
P.O.		Principal Only
STRIPS		Separate Trading of Registered Interest and Principal of
		Securities
TBA		To Be Announced

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Federal Securities Fund

February 28, 2011 (Unaudited)


		($)
Assets	Investments, at cost		641,984,252

	Investments at value (including securities on loan of $66,875,204)		646,496,463
	Cash		78,298
	Receivable for:
	Investments sold		29,130,912
	Fund shares sold		190,192
	Interest		3,130,521
	Securities lending income		3,952
	Futures variation margin		33,828
	Expense reimbursement due from Investment Manager		35,890
	Trustees’ deferred compensation plan		109,404
	Prepaid expenses		196

	Total Assets		679,209,656

Liabilities	Collateral on securities loaned		68,043,309
	Securities sold short, at value (proceeds $10,242,188)		10,320,117
	Payable for:
	Investments purchased on delayed delivery basis		85,273,522
	Fund shares repurchased		1,064,195
	Distributions		489,914
	Investment advisory fee		208,752
	Pricing and bookkeeping fees		14,731
	Transfer agent fee		134,983
	Trustees’ fees		32,459
	Custody fee		34,258
	Distribution and service fees		97,813
	Chief compliance officer expenses		230
	Trustees’ deferred compensation plan		109,404
	Interest payable for short sales		14,250
	Other liabilities		73,512

	Total Liabilities		165,911,449


	Net Assets		513,298,207

Net Assets Consist of	Paid-in capital		517,874,731
	Overdistributed net investment income		(1,923,709	)
	Accumulated net realized loss		(7,165,572	)
	Net unrealized appreciation (depreciation) on:
	Investments		4,512,211
	Short sales		(77,929	)
	Futures contracts		78,475

	Net Assets		513,298,207

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Federal Securities Fund

February 28, 2011 (Unaudited)



Class A	Net assets	$	443,862,710
	Shares outstanding		40,873,800
	Net asset value per share	$	10.86	(a)
	Maximum sales charge		4.75	%
	Maximum offering price per share ($10.86/.09525)	$	11.40	(b)

Class B	Net assets	$	7,930,238
	Shares outstanding		730,274
	Net asset value and offering price per share	$	10.86	(a)

Class C	Net assets	$	8,968,121
	Shares outstanding		825,837
	Net asset value and offering price per share	$	10.86	(a)

Class Z	Net assets	$	52,537,138
	Shares outstanding		4,837,946
	Net asset value, offering and redemption price per share	$	10.86

(a)	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b)	On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Federal Securities Fund

For the Six Months Ended February 28, 2011 (Unaudited)


		($)
Investment Income	Interest		8,562,897
	Securities lending income		55,971

	Total Investment Income		8,618,868

Expenses	Investment advisory fee		1,420,597
	Distribution fee:
	Class B		37,564
	Class C		39,562
	Service fee:
	Class A		576,578
	Class B		12,521
	Class C		13,205
	Pricing and bookkeeping fees		70,368
	Transfer agent fee		282,384
	Trustees’ fees		23,092
	Custody fee		46,324
	Chief compliance officer expenses		691
	Other expenses		175,874

	Total Expenses		2,698,760

	Fees waived or expenses reimbursed by Investment Manager		(127,295	)
	Fees waived by distributor – Class C		(7,870	)
	Expense reductions		(207	)

	Net Expenses		2,563,388


	Net Investment Income		6,055,480

Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Put Option Contracts and Short Sales	Net realized gain (loss) on:
	Investments		(422,429	)
	Futures contracts		(1,841,712	)
	Written put option contracts		1,355,041

	Net realized loss		(909,100	)

	Net change in unrealized appreciation (depreciation) on:
	Investments		(10,758,601	)
	Futures contracts		(119,534	)
	Written put option contracts		(4,400	)
	Short sales		(53,672	)

	Net change in unrealized appreciation (depreciation)		(10,936,207	)

	Net Loss		(11,845,307	)


	Net Decrease Resulting from Operations		(5,789,827	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Federal Securities Fund


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment income		6,055,480			13,050,047
	Net realized gain (loss) on investments, futures contracts and written put option contracts		(909,100	)		17,734,364
	Net change in unrealized appreciation (depreciation) on investments, futures contracts, written put option contracts and short sales		(10,936,207	)		5,934,900

	Net increase (decrease) resulting from operations		(5,789,827	)		36,719,311

Distributions to Shareholders	From net investment income:
	Class A		(6,387,025	)		(12,445,957	)
	Class B		(98,911	)		(342,382	)
	Class C		(113,519	)		(237,818	)
	Class Z		(881,681	)		(1,928,869	)

	Total distributions to shareholders		(7,481,136	)		(14,955,026	)

	Net Capital Stock Transactions		(47,274,497	)		(77,136,938	)
	Increase from regulatory settlements		3,608			86,467

	Total decrease in net assets		(60,541,852	)		(55,286,186	)

Net Assets	Beginning of period		573,840,059			629,126,245
	End of period		513,298,207			573,840,059
	Overdistributed net investment income at end of period		(1,923,709	)		(498,053	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Federal Securities Fund


	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		507,811			5,573,105			1,711,781			18,563,421
Distributions reinvested		399,038			4,380,854			828,086			8,984,503
Redemptions		(3,701,180	)		(40,583,548	)		(7,018,040	)		(76,000,707	)

Net decrease		(2,794,331	)		(30,629,589	)		(4,478,173	)		(48,452,783	)

Class B
Subscriptions		12,139			133,743			85,796			930,941
Distributions reinvested		3,976			43,669			22,602			244,732
Redemptions		(403,863	)		(4,431,244	)		(1,429,173	)		(15,466,578	)

Net decrease		(387,748	)		(4,253,832	)		(1,320,775	)		(14,290,905	)

Class C
Subscriptions		56,713			626,953			204,657			2,226,897
Distributions reinvested		5,220			57,307			11,709			126,967
Redemptions		(269,654	)		(2,951,623	)		(508,449	)		(5,497,597	)

Net decrease		(207,721	)		(2,267,363	)		(292,083	)		(3,143,733	)

Class Z
Subscriptions		207,471			2,285,038			1,067,627			11,553,097
Distributions reinvested		18,092			198,646			35,229			382,416
Redemptions		(1,151,738	)		(12,607,397	)		(2,137,976	)		(23,185,030	)

Net decrease		(926,175	)		(10,123,713	)		(1,035,120	)		(11,249,517	)

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Federal Securities Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.12		$	10.72		$	10.47		$	10.30		$	10.38		$	10.73

Income from Investment Operations:
Net investment income (a)		0.12			0.24			0.36			0.46			0.46			0.44
Net realized and unrealized gain (loss) on investments, futures contracts, written options and short sales		(0.23	)		0.43			0.26			0.17			(0.08	)		(0.32	)

Total from investment operations		(0.11	)		0.67			0.62			0.63			0.38			0.12

Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.27	)		(0.37	)		(0.46	)		(0.46	)		(0.46	)
From return of capital		—			—			—			—			—	(b)		(0.01	)

Total distributions to shareholders		(0.15	)		(0.27	)		(0.37	)		(0.46	)		(0.46	)		(0.47	)

Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—

Net Asset Value, End of Period	$	10.86		$	11.12		$	10.72		$	10.47		$	10.30		$	10.38
Total return (c)		(0.99	)%(d)(e)		6.34	%(e)		6.04	%(e)		6.18	%		3.73	%(e)		1.07	%(e)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.95	%(g)		0.95	%		0.96	%		0.98	%		0.95	%		0.97	%
Interest expense		—			—	%(h)		—	%(h)		—			—			—
Net expenses (f)		0.95	%(g)		0.95	%		0.96	%		0.98	%		0.95	%		0.97	%
Waiver/Reimbursement		0.05	%(g)		0.06	%		0.02	%		—			0.02	%		0.01	%
Net investment income (f)		2.24	%(g)		2.19	%		3.39	%		4.33	%		4.43	%		4.24	%
Portfolio turnover rate (i)		227	%(d)		194	%		253	%		135	%		121	%		92	%
Net assets, end of period (000s)	$	443,863		$	485,782		$	515,928		$	549,203		$	589,124		$	665,283

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d)	Not annualized.

(e)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)	The benefits derived from expense reductions had an impact of less than 0.01% except for August 31, 2007 which had a 0.01% impact.

(g)	Annualized.

(h)	Rounds to less than 0.01%.

(i)	Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Federal Securities Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.12		$	10.72		$	10.47		$	10.30		$	10.38		$	10.73

Income from Investment Operations:
Net investment income (a)		0.08			0.16			0.28			0.38			0.38			0.36
Net realized and unrealized gain (loss) on investments, futures contracts, written options and short sales		(0.23	)		0.43			0.26			0.17			(0.08	)		(0.32	)

Total from investment operations		(0.15	)		0.59			0.54			0.55			0.30			0.04

Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.19	)		(0.29	)		(0.38	)		(0.38	)		(0.38	)
From return of capital		—			—			—			—			—	(b)		(0.01	)

Total distributions to shareholders		(0.11	)		(0.19	)		(0.29	)		(0.38	)		(0.38	)		(0.39	)

Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—

Net Asset Value, End of Period	$	10.86		$	11.12		$	10.72		$	10.47		$	10.30		$	10.38
Total return (c)		(1.35	)%(d)(e)		5.56	%(e)		5.25	%(e)		5.39	%		2.96	%(e)		0.32	%(e)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.70	%(g)		1.70	%		1.71	%		1.73	%		1.70	%		1.72	%
Interest expense		—			—	%(h)		—	%(h)		—			—			—
Net expenses (f)		1.70	%(g)		1.70	%		1.71	%		1.73	%		1.70	%		1.72	%
Waiver/Reimbursement		0.05	%(g)		0.06	%		0.02	%		—			0.02	%		0.01	%
Net investment income (f)		1.45	%(g)		1.51	%		2.67	%		3.59	%		3.68	%		3.49	%
Portfolio turnover rate (i)		227	%(d)		194	%		253	%		135	%		121	%		92	%
Net assets, end of period (000s)	$	7,930		$	12,437		$	26,134		$	34,716		$	44,345		$	65,896

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)	Not annualized.

(e)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)	The benefits derived from expense reductions had an impact of less than 0.01% except for August 31, 2007 which had a 0.01% impact.

(g)	Annualized.

(h)	Rounds to less than 0.01%.

(i)	Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Federal Securities Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.12		$	10.72		$	10.47		$	10.30		$	10.38		$	10.73

Income from Investment Operations:
Net investment income (a)		0.09			0.17			0.29			0.39			0.40			0.38
Net realized and unrealized gain (loss) on investments, futures contracts, written options and short sales		(0.23	)		0.44			0.27			0.18			(0.08	)		(0.33	)

Total from investment operations		(0.14	)		0.61			0.56			0.57			0.32			0.05

Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.21	)		(0.31	)		(0.40	)		(0.40	)		(0.39	)
From return of capital		—			—			—			—			—	(b)		(0.01	)

Total distributions to shareholders		(0.12	)		(0.21	)		(0.31	)		(0.40	)		(0.40	)		(0.40	)

Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—

Net Asset Value, End of Period	$	10.86		$	11.12		$	10.72		$	10.47		$	10.30		$	10.38
Total return (c)(d)		(1.28	)%(e)		5.71	%		5.40	%		5.54	%		3.11	%		0.47	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.55	%		1.56	%		1.58	%		1.55	%		1.57	%
Interest expense		—			—	%(h)		—	%(h)		—			—			—
Net expenses (f)		1.55	%(g)		1.55	%		1.56	%		1.58	%		1.55	%		1.57	%
Waiver/Reimbursement		0.20	%(g)		0.21	%		0.17	%		0.15	%		0.17	%		0.16	%
Net investment income (f)		1.62	%(g)		1.61	%		2.76	%		3.73	%		3.83	%		3.65	%
Portfolio turnover rate (i)		227	%(e)		194	%		253	%		135	%		121	%		92	%
Net assets, end of period (000s)	$	8,968		$	11,498		$	14,205		$	8,865		$	7,051		$	8,231

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e)	Not annualized.

(f)	The benefits derived from expense reductions had an impact of less than 0.01% except for August 31, 2007 which had a 0.01% impact.

(g)	Annualized.

(h)	Rounds to less than 0.01%.

(i)	Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Federal Securities Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.12		$	10.72		$	10.47		$	10.30		$	10.38		$	10.73

Income from Investment Operations:
Net investment income (a)		0.14			0.26			0.39			0.48			0.48			0.46
Net realized and unrealized gain (loss) on investments, futures contracts, written options and short sales		(0.24	)		0.44			0.26			0.18			(0.07	)		(0.32	)

Total from investment operations		(0.10	)		0.70			0.65			0.66			0.41			0.14

Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.30	)		(0.40	)		(0.49	)		(0.49	)		(0.48	)
From return of capital		—			—			—			—			—	(b)		(0.01	)

Total distributions to shareholders		(0.16	)		(0.30	)		(0.40	)		(0.49	)		(0.49	)		(0.49	)

Increase from regulatory settlements		—	(b)		—	(b)		—	(b)		—			—			—

Net Asset Value, End of Period	$	10.86		$	11.12		$	10.72		$	10.47		$	10.30		$	10.38
Total return (c)		(0.86	)%(d)(e)		6.61	%(e)		6.31	%(e)		6.45	%		3.99	%(e)		1.33	%(e)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.70	%(g)		0.70	%		0.71	%		0.73	%		0.70	%		0.72	%
Interest expense		—			—	%(h)		—	%(h)		—			—			—
Net expenses (f)		0.70	%(g)		0.70	%		0.71	%		0.73	%		0.70	%		0.72	%
Waiver/Reimbursement		0.05	%(g)		0.06	%		0.02	%		—			0.02	%		0.01	%
Net investment income (f)		2.48	%(g)		2.44	%		3.63	%		4.58	%		4.68	%		4.51	%
Portfolio turnover rate (i)		227	%(d)		194	%		253	%		135	%		121	%		92	%
Net assets, end of period (000s)	$	52,537		$	64,123		$	72,860		$	70,493		$	104,504		$	109,187

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Rounds to less than $0.01 per share.

(c)	Total return at net asset value assuming all distributions reinvested.

(d)	Not annualized.

(e)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f)	The benefits derived from expense reductions had an impact of less than 0.01% except for August 31, 2007 which had an impact of 0.01%.

(g)	Annualized.

(h)	Rounds to less than 0.01%.

(i)	Portfolio turnover excludes dollar roll transactions.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks total return, consisting of current income and capital appreciation.

Fund Shares

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 other certain other funds within the Columbia Family of Funds. Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

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

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

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Derivative Instruments

The Fund may use derivative instruments including futures contracts and options in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks, among others:

The following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts: The Fund entered into interest rate futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

During the six month period ended February 28, 2011, the Fund entered into 316 futures contracts.

Options — The Fund had written put options on futures contracts to its underlying instruments. Written put options become more valuable as the price of the underlying instruments appreciates relative to the strike price.

Writing put options tends to increase the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund identifies within its portfolio of investments cash or liquid portfolio securities equal to the amount of the written options contract commitment.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

During the six month period ended February 28, 2011, the Fund did not enter into any written options contracts.

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the value of the Fund’s derivative instruments as of February 28, 2011.

*	Includes only the current day’s variation margin.

The effect of derivative instruments on the Fund’s the Statement of Operations for the six month period ended February 28, 2011:



	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate	$	(1,841,712	)	$	(119,534	)
Written Options	Equity Risk		1,355,041			(4,400	)
Purchased Options	Equity Risk		(905,906	)		—

Repurchase Agreements

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

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund benefits because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the forward purchase price.

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

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

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued”

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

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 identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Stripped Securities

The Fund may invest in Interest Only (IO) and Principal Only (PO) stripped mortgage-backed securities. These securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an IO security, therefore, the daily interest accrual factor is adjusted each month to reflect the paydown of principal. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that the Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Short Sales

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

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis and includes accretion of discounts, amortization of premiums and paydown gains and losses. Fee income attributable to mortgage dollar roll transactions is recorded on the accrual basis over the term of the transaction. The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities.

Expenses

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a 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 for purposes of determining the net asset value of each class. Income and expenses are allocated to each class based on the settled shares method, while realized and unrealized gains (losses) are allocated based on the relative net assets of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. The management fee is based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets	Annual Fee Rate
First $500 million		0.53%
$500 million to $1 billion		0.48	%
$1 billion to $1.5 billion		0.45%
$1.5 billion to $3 billion		0.42	%
$3 billion to $6 billion		0.41%
Over $6 billion		0.40	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.53% of the Fund’s average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and 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 asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

For the six month period ended February 28, 2011, the Fund’s effective transfer agent fee rate for each class was 0.11% of the Fund’s average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund’s shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $3,009 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $29, $3,257 and $303, respectively.

The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the combined distribution and service fee will not exceed 0.85% annually of the average daily net assets attributable to the Class C shares. This agreement may be modified or terminated by the Distributor at any time.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Waivers

The Investment Manager has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed 0.70% annually of the Fund’s average daily net assets. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in “Trustees’ fee” on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund’s assets.

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $1,383,988,610 and $1,503,493,606, respectively, for the six month period ended February 28, 2011, of which $469,333,386 and $552,319,138, respectively, were U.S. Government securities.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Note 6. Regulatory Settlements

During the six month period ended February 28, 2011, and the year ended August 31, 2010, the Fund received payments totaling $3,608

and $86,467, respectively, resulting from certain regulatory settlements in which the Fund had participated during the respective periods. The payments have been included in “Increase from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Lending of Portfolio Securities

The Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Fund. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. The Fund bears the risk of loss with respect to the investment of collateral.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund’s borrowing limit set forth in the Fund’s registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

For the six month period ended February 28, 2011, the Fund did not borrow under these arrangements.

Note 9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:



Ordinary Income*	$	14,955,026

*	For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	9,959,669
Unrealized depreciation		(5,447,458	)

Net unrealized appreciation	$	4,512,211



Year of Expiration	Capital Loss Carryforward
2015	$	5,900,089

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions 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). The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

Note 10. Significant Risks and Contingencies

Asset-Backed Securities Risk

The value of asset-backed securities may be affected by, among other factors, changes in interest rates, the market’s assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, factors concerning the interests in and structure of the issuer or the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market’s assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Note 11. Subsequent Events

At a Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund approved a proposal to reorganize the Fund into Columbia U.S. Government Mortgage Fund (formerly known as RiverSource U.S. Government Mortgage Fund). The reorganization is expected to occur on or about April 8, 2011.

Note 12. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011 plaintiffs filed a notice of appeal with the Eighth Circuit.

Columbia Federal Securities Fund

February 28, 2011 (Unaudited)

censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

Shareholder Meeting Results

Columbia Federal Securities Fund

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Fund will transfer its assets to Columbia U.S. Government Mortgage Fund (the “Buying Fund”) in exchange for shares of the Buying Fund and the assumption by the Buying Fund of all of the liabilities of the Fund (the “Reorganization”). The proposal was approved as follows:

The Reorganization was effective on April 11, 2011.

[THIS PAGE INTENTIONALLY LEFT BLANK]

Important Information About This Report

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Investment Manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

LOGO

Columbia Federal Securities Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

C-1375 A (4/11)

LOGO

Columbia Greater China Fund

Semiannual Report for the Period Ended February 28, 2011

LOGO

Table of Contents



Performance Information			1

Understanding Your Expenses			2

Investment Portfolio			3

Statement of Assets and Liabilities			7

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			11

Notes to Financial Statements			15

Board Consideration and Approval of Advisory Agreements			22

Summary of Management Fee Evaluation by Independent Fee Consultant			26

Important Information About This Report			29

President’s Message

LOGO

Dear Shareholder:

Sincerely,

LOGO

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 Information – Columbia Greater China Fund


Average annual total return as of 02/28/11 (%)

Share class	A				B				C				Z
Inception	05/16/97				05/16/97				05/16/97				05/16/97
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		12.23		5.78		11.83		6.83		11.83		10.83		12.38
1-year		19.59		12.72		18.73		13.73		18.73		17.73		19.90
5-year		16.14		14.77		15.28		15.05		15.28		15.28		16.44
10-year		13.27		12.60		12.43		12.43		12.42		12.42		13.85

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund’s prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Summary

6-month (cumulative) return as of 02/28/11



		+12.23% Class A shares (without sales charge)

		+7.27% MSCI China Index (Net)¹

		+8.96% Hang Seng Index²


Net asset value per share

as of 02/28/11 ($)
Class A			56.12
Class B			53.92
Class C			54.68
Class Z			58.60


Distributions declared per share

09/01/10 – 02/28/11 ($)
Class A			1.53
Class B			1.36
Class C			1.36
Class Z			1.65

¹	The Morgan Stanley Capital International (MSCI) China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.

²	The Hang Seng Stock Index tracks the performance of approximately 70% of the total market capitalization of the Stock Exchange of Hong Kong.

Understanding Your Expenses – Columbia Greater China Fund

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary firm to obtain your account balance.

Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

Analyzing your fund’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period 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. The amount listed in the “Hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund’s actual operating expenses. 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 this period.

Compare with other funds


09/01/10 – 02/28/11

	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		1,122.30		1,017.01		8.26		7.85		1.57
Class B		1,000.00		1,000.00		1,118.30		1,013.29		12.19		11.58		2.32
Class C		1,000.00		1,000.00		1,118.30		1,013.29		12.19		11.58		2.32
Class Z		1,000.00		1,000.00		1,123.80		1,018.25		6.95		6.61		1.32

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the fund’s most recent fiscal half-year and divided by 365.

Investment Portfolio – Columbia Greater China Fund

February 28, 2011 (Unaudited)

Common Stocks – 99.4%


	Shares		Value ($)
Consumer Discretionary – 13.1%
Automobiles – 1.1%
Great Wall Motor Co., Ltd., Class H		1,703,000		2,664,348

Automobiles Total				2,664,348

Distributors – 1.6%
Li & Fung Ltd.		607,600		3,696,752

Distributors Total				3,696,752

Diversified Consumer Services – 0.6%
New Oriental Education & Technology Group, ADR (a)		15,047		1,453,691

Diversified Consumer Services Total				1,453,691

Hotels, Restaurants & Leisure – 2.3%
7 Days Group Holdings Ltd., ADR (a)		139,991		2,647,230
Ctrip.com International Ltd., ADR (a)		71,199		2,760,385

Hotels, Restaurants & Leisure Total				5,407,615

Internet & Catalog Retail – 0.2%
E-Commerce China Dangdang, Inc., ADR (a)		18,587		473,039

Internet & Catalog Retail Total				473,039

Multiline Retail – 2.5%
Golden Eagle Retail Group Ltd.		1,974,000		4,495,823
Intime Department Store Group Co., Ltd.		977,000		1,340,606

Multiline Retail Total				5,836,429

Specialty Retail – 2.5%
Belle International Holdings Ltd.		2,829,000		4,951,281
SA SA International Holdings Ltd.		1,752,000		886,361

Specialty Retail Total				5,837,642

Textiles, Apparel & Luxury Goods – 2.3%
China Lilang Ltd.		1,904,444		2,403,911
Trinity Ltd.		3,394,598		3,045,133

Textiles, Apparel & Luxury Goods Total				5,449,044

Consumer Discretionary Total				30,818,560

Consumer Staples – 3.4%
Food Products – 3.4%
Shenguan Holdings Group Ltd.		2,152,000		2,667,298
Tingyi Cayman Islands Holding Corp.		928,000		2,096,448
Want Want China Holdings Ltd.		4,219,000		3,170,106

Food Products Total				7,933,852

Consumer Staples Total				7,933,852


	Shares		Value ($)
Energy – 19.3%
Oil, Gas & Consumable Fuels – 19.3%
China Shenhua Energy Co., Ltd., Class H		1,711,500		7,136,073
CNOOC Ltd.		8,836,500		20,152,538
PetroChina Co., Ltd., Class H		8,032,000		10,960,458
Yanzhou Coal Mining Co., Ltd., Class H		2,404,000		7,222,146

Oil, Gas & Consumable Fuels Total				45,471,215

Energy Total				45,471,215

Financials – 30.3%
Commercial Banks – 18.4%
Bank of China Ltd., Class H		19,584,000		10,333,824
China Construction Bank Corp., Class H		9,034,340		7,926,350
China Merchants Bank Co., Ltd., Class H		3,502,090		8,438,546
Industrial & Commercial Bank of China, Class H		21,704,000		16,721,505

Commercial Banks Total				43,420,225

Insurance – 8.3%
China Life Insurance Co., Ltd., Class H		3,465,000		13,206,907
Ping An Insurance Group Co. of China, Ltd., Class H		601,500		6,207,491

Insurance Total				19,414,398

Real Estate Management & Development – 3.6%
China Overseas Land & Investment Ltd.		968,320		1,618,530
China Vanke Co., Ltd., Class B		4,437,110		5,197,387
Guangzhou R&F Properties Co., Ltd., Class H		1,305,200		1,753,936

Real Estate Management & Development Total				8,569,853

Financials Total				71,404,476

Health Care – 1.9%
Health Care Equipment & Supplies – 0.2%
Microport Scientific Corp. (a)		750,000		522,721

Health Care Equipment & Supplies Total				522,721

Health Care Providers & Services – 0.8%
Sinopharm Group Co., Class H		500,030		1,829,012

Health Care Providers & Services Total				1,829,012

See Accompanying Notes to Financial Statements.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

Common Stocks (continued)


	Shares		Value ($)
Health Care (continued)
Pharmaceuticals – 0.9%
China Medical System Holdings Ltd. (a)		780,000		687,752
China Shineway Pharmaceutical Group Ltd.		472,000		1,360,031

Pharmaceuticals Total				2,047,783

Health Care Total				4,399,516

Industrials – 7.7%
Electrical Equipment – 2.5%
Harbin Electric, Inc. (a)		99,652		1,891,395
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,201,000		4,006,944

Electrical Equipment Total				5,898,339

Industrial Conglomerates – 0.5%
Chongqing Machinery & Electric Co., Ltd., Class H		3,858,964		1,241,213

Industrial Conglomerates Total				1,241,213

Machinery – 2.2%
CSR Corp., Ltd, Class H		1,944,707		2,169,773
Sany Heavy Equipment International Holdings Co., Ltd.		2,166,620		3,006,169

Machinery Total				5,175,942

Transportation Infrastructure – 2.5%
China Merchants Holdings International Co., Ltd.		668,000		2,834,806
Sichuan Expressway Co., Ltd., Class H		4,866,000		3,073,487

Transportation Infrastructure Total				5,908,293

Industrials Total				18,223,787

Information Technology – 15.7%
Communications Equipment – 3.0%
O-Net Communications Group Ltd. (a)		9,354,000		7,040,209

Communications Equipment Total				7,040,209

Electronic Equipment, Instruments & Components – 0.5%
China High Precision Automation Group Ltd.		1,478,000		1,143,173

Electronic Equipment, Instruments & Components Total				1,143,173


	Shares		Value ($)
Internet Software & Services – 7.8%
Baidu, Inc., ADR (a)		44,000		5,331,040
Sina Corp. (a)		29,104		2,376,924
Tencent Holdings Ltd.		405,300		10,819,264

Internet Software & Services Total				18,527,228

IT Services – 0.7%
iSoftstone Holdings Ltd., ADR (a)		98,522		1,764,529

IT Services Total				1,764,529

Software – 3.7%
AutoNavi Holdings Ltd., ADR (a)		77,643		1,234,524
Kingdee International Software Group Co., Ltd.		6,794,000		4,109,997
VanceInfo Technologies, Inc., ADR (a)		100,181		3,326,009

Software Total				8,670,530

Information Technology Total				37,145,669

Materials – 1.3%
Chemicals – 1.3%
Huabao International Holdings Ltd.		2,435,000		3,082,169

Chemicals Total				3,082,169

Materials Total				3,082,169

Telecommunication Services – 3.8%
Wireless Telecommunication Services – 3.8%
China Mobile Ltd.		948,000		8,928,880

Wireless Telecommunication Services Total				8,928,880

Telecommunication Services Total				8,928,880

Utilities – 2.9%
Gas Utilities – 2.9%
ENN Energy Holdings Ltd.		2,272,000		6,742,848

Gas Utilities Total				6,742,848

Utilities Total				6,742,848

Total Common Stocks (cost of $118,893,829)				234,150,972

See Accompanying Notes to Financial Statements.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

Short-Term Obligation – 0.9%


	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.080%, collateralized by a U.S. Treasury obligation maturing 02/28/18, market value $2,238,750 (repurchase proceeds $2,194,005)		2,194,000		2,194,000

Total Short-Term Obligation (cost of $2,194,000)				2,194,000

Total Investments – 100.3% (cost of $121,087,829) (b)				236,344,972

Other Assets & Liabilities, Net – (0.3)%				(664,783	)

Net Assets – 100.0%				235,680,189

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $121,087,829.

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 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. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Security Valuation.

The following table is a summary of the inputs used to value the Fund’s investments as of February 28, 2011:


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	7,334,345	$	23,484,215	$	—	$	30,818,560
Consumer Staples		—		7,933,852		—		7,933,852
Energy		—		45,471,215		—		45,471,215
Financials		—		71,404,476		—		71,404,476
Health Care		—		4,399,516		—		4,399,516
Industrials		1,891,395		16,332,392		—		18,223,787
Information Technology		14,033,026		23,112,643		—		37,145,669
Materials		—		3,082,169		—		3,082,169
Telecommunication Services		—		8,928,880		—		8,928,880
Utilities		—		6,742,848		—		6,742,848

Total Common Stocks		23,258,766		210,892,206		—		234,150,972

Total Short-Term Obligation		—		2,194,000		—		2,194,000

Total Investments	$	23,258,766	$	213,086,206	$	—	$	236,344,972

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 its correlation 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.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

See Accompanying Notes to Financial Statements.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

The following table reconciles asset balances for the six month period ended February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:


Investments in Securities	Balance as of August 31, 2010	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Purchases	(Sales)	Transfers into Level 3	Transfers (out of) Level 3	Balance as of February 28, 2011
Common Stocks Financials	$4,918,710	$—	$1,288,781	$—	$—	$—	$(6,207,491)	$—

The change in unrealized depreciation attributable to securities owned at February 28, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $1,288,781. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

Financial Assets were transferred from Level 3 to Level 2 due to management’s determination that reliable and observable market data was now available to, and utilized by, pricing services for the valuation of this security.

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy during the six month period ended February 28, 2011.


Transfers In		Transfers Out
Level 2	Level 3	Level 2	Level 3
$4,918,710	$—	$—	$4,918,710

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

At February 28, 2011, the Fund held investments in the following sectors:


Sector	% of Net Assets
Financials		30.3
Energy		19.3
Information Technology		15.7
Consumer Discretionary		13.1
Industrials		7.7
Telecommunication Services		3.8
Consumer Staples		3.4
Utilities		2.9
Health Care		1.9
Materials		1.3

		99.4
Short-Term Obligation		0.9
Other Assets & Liabilities, Net		(0.3	)

		100.0

The Fund was invested in the following countries at February 28, 2011:


Summary of Securities by Country	Value		% of Total Investments
China	$	226,522,726		95.8
Hong Kong		7,628,246		3.3
United States*		2,194,000		0.9

	$	236,344,972		100.0

* Includes short-term obligation.

Certain securities are listed by country of underlying exposure but may trade predominantly on other exchanges.


Acronym		Name
ADR		American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Greater China Fund

February 28, 2011 (Unaudited)


		($)
Assets	Investments, at cost		121,087,829

	Investments, at value		236,344,972
	Cash		264
	Foreign currency (cost of $101,282)		101,661
	Receivable for:
	Fund shares sold		52,700
	Interest		5
	Trustees’ deferred compensation plan		29,320
	Prepaid expenses		420

	Total Assets		236,529,342

Liabilities	Payable for:
	Fund shares repurchased		392,928
	Investment advisory fee		173,304
	Pricing and bookkeeping fees		5,326
	Transfer agent fee		96,881
	Trustees’ fees		3,589
	Custody fee		46,318
	Distribution and service fees		67,409
	Chief compliance officer expenses		144
	Interest expense		445
	Trustees’ deferred compensation plan		29,320
	Other liabilities		33,489

	Total Liabilities		849,153


	Net Assets		235,680,189

Net Assets Consist of	Paid-in capital		117,013,339
	Overdistributed net investment income		(1,253,648	)
	Accumulated net realized gain		4,662,996
	Net unrealized appreciation (depreciation) on:
	Investments		115,257,143
	Foreign currency translations		359

	Net Assets		235,680,189

Class A	Net assets	$	126,344,274
	Shares outstanding		2,251,203
	Net asset value per share	$	56.12	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($56.12/0.9425)	$	59.54	(b)

Class B	Net assets	$	16,968,922
	Shares outstanding		314,724
	Net asset value and offering price per share	$	53.92	(a)

Class C	Net assets	$	38,250,176
	Shares outstanding		699,555
	Net asset value and offering price per share	$	54.68	(a)

Class Z	Net assets	$	54,116,817
	Shares outstanding		923,486
	Net asset value and offering price per share	$	58.60	(a)

(a)	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b)	On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Greater China Fund

For the Six Months Ended February 28, 2011 (Unaudited)


		($)
Investment Income	Dividends		979,052
	Interest		1,387
	Foreign taxes withheld		(73,672	)

	Total Investment Income		906,767

Expenses	Investment advisory fee		1,190,602
	Distribution fee:
	Class B		67,656
	Class C		150,340
	Service fee:
	Class A		165,537
	Class B		22,552
	Class C		50,113
	Transfer agent fee		196,469
	Pricing and bookkeeping fees		41,357
	Trustees’ fees		12,958
	Custody fee		104,137
	Chief compliance officer expenses		500
	Other expenses		104,423

	Expenses before interest expense		2,106,644
	Interest expense		1,000

	Total Expenses		2,107,644
	Expense reductions		—	(a)

	Net Investment Loss		(1,200,877	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain on:
	Investments		8,084,250
	Foreign currency transactions		26,917

	Net realized gain		8,111,167

	Net change in unrealized appreciation (depreciation) on:
	Investments		20,626,369
	Foreign currency translations		417

	Net change in unrealized appreciation (depreciation)		20,626,786

	Net Gain		28,737,953


	Net Increase Resulting from Operations		27,537,076

(a)	Rounds to less than $1.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Greater China Fund

February 28, 2011 (Unaudited)


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended February 28, 2011 ($)			Year Ended August 31, 2010 ($)
Operations	Net investment income (loss)		(1,200,877	)		488,391
	Net realized gain on investments and foreign currency transactions		8,111,167			17,978,077
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		20,626,786			15,712,707

	Net increase resulting from operations		27,537,076			34,179,175

Distributions to Shareholders	From net investment income:
	Class A		(381,020	)		(609,676	)
	Class Z		(279,079	)		(320,778	)
	From net realized gains:
	Class A		(3,144,373	)		—
	Class B		(437,718	)		—
	Class C		(969,899	)		—
	Class Z		(1,308,109	)		—

	Total distributions to shareholders		(6,520,198	)		(930,454	)

	Net Capital Stock Transactions		(10,316,722	)		(32,242,287	)
	Increase from regulatory settlements		—			148,533
	Redemption fees		—			36,720

	Total increase in net assets		10,700,156			1,191,687

Net Assets	Beginning of period		224,980,033			223,788,346
	End of period		235,680,189			224,980,033
	Undistributed (overdistributed) net investment income at end of period		(1,253,648	)		607,328

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Greater China Fund

February 28, 2011 (Unaudited)


	Capital Stock Activity
	(Unaudited) Six Months Ended February 28, 2011						Year Ended August 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		305,083			17,530,955			533,966			26,896,211
Distributions reinvested		49,959			2,829,702			10,370			519,513
Redemptions		(380,013	)		(21,791,161	)		(1,029,040	)		(50,967,024	)

Net decrease		(24,971	)		(1,430,504	)		(484,704	)		(23,551,300	)

Class B
Subscriptions		4,295			242,528			17,982			856,074
Distributions reinvested		5,200			283,388			—			—
Redemptions		(33,074	)		(1,840,095	)		(96,183	)		(4,609,765	)

Net decrease		(23,579	)		(1,314,179	)		(78,201	)		(3,753,691	)

Class C
Subscriptions		54,893			3,154,970			133,863			6,585,620
Distributions reinvested		11,900			657,586			—			—
Redemptions		(93,270	)		(5,228,365	)		(247,265	)		(11,964,448	)

Net decrease		(26,477	)		(1,415,809	)		(113,402	)		(5,378,828	)

Class Z
Subscriptions		181,559			11,003,281			335,054			17,582,788
Distributions reinvested		15,179			897,229			3,627			189,365
Redemptions		(299,833	)		(18,056,740	)		(335,284	)		(17,330,621	)

Net increase (decrease)		(103,095	)		(6,156,230	)		3,397			441,532

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Greater China Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class A Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	51.35		$	44.30		$	46.54		$	58.78		$	31.90		$	24.68

Income from Investment Operations:
Net investment income (loss) (a)		(0.24	)(b)		0.17			0.34			0.22			0.26			0.26
Net realized and unrealized gain (loss) on investments and foreign currency		6.54			7.06			(2.08	)		(12.02	)		26.86			7.41

Total from investment operations		6.30			7.23			(1.74	)		(11.80	)		27.12			7.67

Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.22	)		—			(0.46	)		(0.24	)		(0.45	)
From net realized gains		(1.36	)		—			(0.54	)		(0.03	)		—			—

Total distributions to shareholders		(1.53	)		(0.22	)		(0.54	)		(0.49	)		(0.24	)		(0.45	)

Increase from regulatory settlements		—			0.03			0.02			—			—			—

Redemption Fees:
Redemption fees added to paid-in-capital		—			0.01	(a)		0.02	(a)		0.05	(a)		—	(a)(c)		—	(a)(c)

Net Asset Value, End of Period	$	56.12		$	51.35		$	44.30		$	46.54		$	58.78		$	31.90
Total return (d)		12.23	%(e)		16.42	%		(3.30	)%		(20.24	)%		85.39	%		31.55	%(f)(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.57	%(i)		1.62	%		1.69	%		1.55	%		1.59	%		1.73	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—	%(j)		—	%(j)		—
Net expenses (h)		1.57	%(i)		1.62	%		1.69	%		1.55	%		1.59	%		1.73	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (loss) (h)		(0.85	)%(i)		0.33	%		0.96	%		0.37	%		0.61	%		0.93	%
Portfolio turnover rate		8	%(e)		23	%		39	%		16	%		36	%		32	%
Net assets, end of period (000s)	$	126,344		$	116,870		$	122,314		$	154,413		$	179,902		$	84,492

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.06 per share.

(c)	Rounds to less than $0.01 per share.

(d)	Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(e)	Not annualized.

(f)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)	Includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by 0.03% and $0.01, respectively.

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

(i)	Annualized.

(j)	Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Greater China Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class B Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	49.42		$	42.77		$	45.29		$	57.29		$	31.14		$	24.11

Income from Investment Operations:
Net investment income (loss) (a)		(0.44	)(b)		(0.20	)		0.07			(0.23	)		(0.06	)		0.05
Net realized and unrealized gain (loss) on investments and foreign currency		6.30			6.81			(2.09	)		(11.73	)		26.22			7.25

Total from investment operations		5.86			6.61			(2.02	)		(11.96	)		26.16			7.30

Less Distributions to Shareholders:
From net investment income		—			—			—			(0.06	)		(0.01	)		(0.27	)
From net realized gains		(1.36	)		—			(0.54	)		(0.03	)		—			—

Total distributions to shareholders		(1.36	)		—			(0.54	)		(0.09	)		(0.01	)		(0.27	)

Increase from regulatory settlements		—			0.03			0.02			—			—			—

Redemption Fees:
Redemption fees added to paid-in-capital		—			0.01	(a)		0.02	(a)		0.05	(a)		—	(a)(c)		—	(a)(c)

Net Asset Value, End of Period	$	53.92		$	49.42		$	42.77		$	45.29		$	57.29		$	31.14
Total return (d)		11.83	%(e)		15.55	%		(4.02	)%		(20.83	)%		84.01	%		30.57	%(f)(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.32	%(i)		2.37	%		2.44	%		2.30	%		2.34	%		2.48	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—	%(j)		—	%(j)		—
Net expenses (h)		2.32	%(i)		2.37	%		2.44	%		2.30	%		2.34	%		2.48	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (loss) (h)		(1.58	)%(i)		(0.42	)%		0.21	%		(0.40	)%		(0.14	)%		0.19	%
Portfolio turnover rate		8	%(e)		23	%		39	%		16	%		36	%		32	%
Net assets, end of period (000s)	$	16,969		$	16,718		$	17,813		$	21,880		$	33,502		$	17,176

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.06 per share.

(c)	Rounds to less than $0.01 per share.

(d)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e)	Not annualized.

(f)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)	Includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by 0.03% and $0.01, respectively.

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

(i)	Annualized.

(j)	Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Greater China Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class C Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	50.10		$	43.36		$	45.89		$	58.05		$	31.56		$	24.43

Income from Investment Operations:
Net investment income (loss) (a)		(0.45	)(b)		(0.21	)		0.09			(0.22	)		(0.07	)		0.05
Net realized and unrealized gain (loss) on investments and foreign currency		6.39			6.91			(2.12	)		(11.90	)		26.57			7.35

Total from investment operations		5.94			6.70			(2.03	)		(12.12	)		26.50			7.40

Less Distributions to Shareholders:
From net investment income		—			—			—			(0.06	)		(0.01	)		(0.27	)
From net realized gains		(1.36	)		—			(0.54	)		(0.03	)		—			—

Total distributions to shareholders		(1.36	)		—			(0.54	)		(0.09	)		(0.01	)		(0.27	)

Increase from regulatory settlements		—			0.03			0.02			—			—			—

Redemption Fees:
Redemption fees added to paid-in-capital		—			0.01	(a)		0.02	(a)		0.05	(a)		—	(a)(c)		—	(a)(c)

Net Asset Value, End of Period	$	54.68		$	50.10		$	43.36		$	45.89		$	58.05		$	31.56
Total return (d)		11.83	%(e)		15.54	%		(3.99	)%		(20.84	)%		83.97	%		30.58	%(f)(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.32	%(i)		2.37	%		2.44	%		2.30	%		2.34	%		2.48	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—	%(j)		—	%(j)		—
Net expenses (h)		2.32	%(i)		2.37	%		2.44	%		2.30	%		2.34	%		2.48	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (loss) (h)		(1.60	)%(i)		(0.43	)%		0.24	%		(0.38	)%		(0.17	)%		0.20	%
Portfolio turnover rate		8	%(e)		23	%		39	%		16	%		36	%		32	%
Net assets, end of period (000s)	$	38,250		$	36,371		$	36,395		$	39,620		$	51,938		$	22,229

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.06 per share.

(c)	Rounds to less than $0.01 per share.

(d)	Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e)	Not annualized.

(f)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)	Includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by 0.03% and $0.01, respectively.

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

(i)	Annualized.

(j)	Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Greater China Fund

Selected data for a share outstanding throughout each period is as follows:


	(Unaudited) Six Months Ended February 28,			Year Ended August 31,
Class Z Shares	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	53.60		$	46.20		$	48.38		$	61.05		$	33.10		$	25.59

Income from Investment Operations:
Net investment income (loss) (a)		(0.18	)(b)		0.30			0.44			0.38			0.37			0.37
Net realized and unrealized gain (loss) on investments and foreign currency		6.83			7.37			(2.12	)		(12.47	)		27.90			7.65

Total from investment operations		6.65			7.67			(1.68	)		(12.09	)		28.27			8.02

Less Distributions to Shareholders:
From net investment income		(0.29	)		(0.31	)		—			(0.60	)		(0.32	)		(0.51	)
From net realized gains		(1.36	)		—			(0.54	)		(0.03	)		—			—

Total distributions to shareholders		(1.65	)		(0.31	)		(0.54	)		(0.63	)		(0.32	)		(0.51	)

Increase from regulatory settlements		—			0.03			0.02			—			—			—

Redemption Fees:
Redemption fees added to paid-in-capital		—			0.01	(a)		0.02	(a)		0.05	(a)		—	(a)(c)		—	(a)(c)

Net Asset Value, End of Period	$	58.60		$	53.60		$	46.20		$	48.38		$	61.05		$	33.10
Total return (d)		12.38	%(e)		16.71	%		(3.05	)%		(20.04	)%		85.88	%		31.86	%(f)(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.32	%(i)		1.37	%		1.44	%		1.30	%		1.34	%		1.48	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—	%(j)		—	%(j)		—
Net expenses (h)		1.32	%(i)		1.37	%		1.44	%		1.30	%		1.34	%		1.48	%
Waiver/Reimbursement		—			—			—			—			—			0.01	%
Net investment income (loss) (h)		(0.58	)%(i)		0.58	%		1.17	%		0.62	%		0.82	%		1.25	%
Portfolio turnover rate		8	%(e)		23	%		39	%		16	%		36	%		32	%
Net assets, end of period (000s)	$	54,117		$	55,021		$	47,266		$	43,170		$	52,903		$	19,821

(a)	Per share data was calculated using the average shares outstanding during the period.

(b)	Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.06 per share.

(c)	Rounds to less than $0.01 per share.

(d)	Total return at net asset value assuming all distributions reinvested.

(e)	Not annualized.

(f)	Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g)	Includes a voluntary reimbursement by the Investment Manager for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by 0.03% and $0.01, respectively.

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

(i)	Annualized.

(j)	Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Greater China Fund

February 28, 2011 (Unaudited)

Note 1. Organization

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

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Shares

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 other certain other funds within the Columbia Family of Funds. Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

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

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

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

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security 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, the Investment Manager 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 value.

Foreign Currency Transactions and Translations

Repurchase Agreements

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

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or taxable income, 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.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment manager of the Fund, and determines which securities will be purchased, held or sold. The management fee is based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets	Annual Fee Rate
First $1 billion		0.95	%
$1 billion to $1.5 billion		0.87	%
$1.5 billion to $3 billion		0.82	%
$3 billion to $6 billion		0.77	%
Over $6 billion		0.72	%

The annualized effective management fee rate for the six month period ended February 28, 2011 was 0.95% of the Fund’s average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Management Investment Services Corp. (the Transfer Agent), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and 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 asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). 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 receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

For the six month period ended February 28, 2011, the Fund’s effective transfer agent fee rate for each class was 0.16% of the Fund’s average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund’s shares. For the six month period ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $13,551 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $30, $9,356 and $2,055, respectively.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Expense Limits and Fee Waivers

The Investment Manager has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed 1.40% annually of the Fund’s average daily net assets. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $18,669,988 and $37,550,482, respectively, for the six month period ended February 28, 2011.

Note 6. Regulatory Settlements

During the year ended August 31, 2010, the Fund received payments totaling $148,533 resulting from certain regulatory settlements with third parties in which the Fund had participated. The payments have been included in “Increase from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Redemption Fees

Columbia Greater China Fund

February 28, 2011 (Unaudited)

retained by the Fund, were accounted for as an addition to paid-in capital and were allocated to each class based on the relative net assets at the time of the redemption.

Note 8. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 14.8% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund’s borrowing limit set forth in the Fund’s registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

For the six month period ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $1,861,538 at a weighted average interest rate of 1.49%

Note 10. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2010 was as follows:


	August 31, 2010
Ordinary Income*	$	930,454

*	For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes and excluding any unrealized appreciation and depreciation from changes in the value of other assets and liabilities resulting from changes in exchange rates, were:



Unrealized appreciation	$	116,124,923
Unrealized depreciation		(867,780	)

Net unrealized appreciation	$	115,257,143

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions 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). The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 11. Significant Risks and Contingencies

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer companies than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Foreign Securities Risk

Columbia Greater China Fund

February 28, 2011 (Unaudited)

Geographic Concentration Risk

Because the Fund’s investments are concentrated in the Greater China region, events within the region will have a greater effect on the Fund than if the Fund were more geographically diversified. In addition, events in any one country within the region may impact the other countries or the region as a whole. Markets in the region can experience significant volatility due to social, regulatory and political uncertainties.

Note 12. Subsequent Events

Note 13. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Columbia Greater China Fund

February 28, 2011 (Unaudited)

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.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the “Board”) unanimously approved new Investment Management Services Agreements (the “Advisory Agreements”) on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an “Affected Fund”) to Columbia Management for investment advisory services. For Columbia Greater China Fund, the Advisory Agreement will decrease contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds’ former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Advisory Agreement for each Affected Fund, subject to shareholder approval.

The expected benefits of continuing to retain Columbia Management as the Affected Funds’ investment manager;

The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Greater China Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of class A shares would not exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

The expected impact on expenses for certain Affected Funds of proposed mergers; and

The expected benefits of further integrating the Combined Fund Complex by:

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management’s personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management’s investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party’s methodology for identifying each Fund’s peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund’s Advisory Agreement. Those factors varied from fund to fund, but

included one or more of the following: (i) that the Affected Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund’s investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund’s investment strategy; (iii) that the Affected Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia Greater China Fund’s performance was in the third quintile (where the best performance would be in the first quintile) for the one-year period and in the second quintile for the three-, five- and ten-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Greater China Fund would decrease the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund’s current investment management services agreement. The trustees reviewed and considered information that they had previously received in connection with the most recent approval of Columbia Greater China Fund’s current investment management services agreement with Columbia Management.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund’s proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

Economies of Scale

limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA NATIONS BOARD

Prepared Pursuant to the February 9, 2005

Assurance of Discontinuance among the Office of Attorney General of New York State,

Columbia Management Advisors, LLC, and

Columbia Management Distributors, Inc.

September 21, 2010

I. Overview

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by for example proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, subtransfer agency, custody, and pricing/bookkeeping fees paid by the funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

¹	CMA and CMD are subsidiaries of Columbia Management Group, LLC (“CMG”), and are the successors to the entities named in the AOD.

²	I have no material relationship with Bank of America, CMG or Ameriprise Financial, Inc. (“Ameriprise”), aside from serving as IFC, and I am aware of no material relationship with any of their affiliates. I retained John Rea, an independent economic consultant, to assist me with this report.

Unless otherwise stated or required by the context, this report covers only the Nations Funds.

³	Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 (“June Supplemental Materials”) at p. 1.

under the direction of … the Independent Fee Consultant.” Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1.	The nature and quality of the adviser’s services, including the Fund’s performance;

2.	Management fees (including any components thereof) charged by other mutual fund companies for like services;

3.	Possible economies of scale as the Fund grows larger;

4.	Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5.	Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6.	Profit margins of the adviser and its affiliates from supplying such services.

II. Finding

2.	In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm’s length and reasonable and consistent with the AOD.

6.	Half of the Fee Increase Funds have had median or betterthan-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

9.	CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds’ investment adviser), historical profitability data was judged to have little relevance.

10.	CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

Important Information About This Report

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street Boston, MA 02110

Investment Manager

Columbia Management Investment Advisers, LLC

225 Franklin Street Boston, MA 02110

LOGO

Columbia Greater China Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

C-1380 A (04/11)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)				Columbia Funds Series Trust I


By (Signature and Title)				/s/ J. Kevin Connaughton
				J. Kevin Connaughton, President


Date				April 21, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)				/s/ J. Kevin Connaughton
				J. Kevin Connaughton, President


Date				April 21, 2011


By (Signature and Title)				/s/ Michael G. Clarke
				Michael G. Clarke, Chief Financial Officer


Date				April 21, 2011

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