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 29, 2012

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

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

Item 1. Reports to Stockholders.

Columbia Balanced Fund

Semiannual Report for the Period Ended February 29, 2012

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	3
Portfolio of Investments	4
Statement of Assets and Liabilities	25
Statement of Operations	27
Statement of Changes in Net Assets	28
Financial Highlights	30
Notes to Financial Statements	37
Important Information About This Report	49

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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington's inability to reach a plan for deficit reduction and Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation—which tracks a broad range of consumer expenditures, including food and energy—declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

_g  timely economic analysis and market commentary

_g  quarterly fund commentaries

_gColumbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

*All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Balanced Fund

Average annual total return as of 02/29/12 (%)

Share Class	A*				B*				C*
Inception	11/01/02				11/01/02				10/13/03
Sales charge	without		with		without		with		without		with
6-month (cumulative)		9.60		3.30		9.18		4.18		9.22		8.22
1-year		4.85		–1.18		4.04		–0.96		4.04		3.04
5-year		5.57		4.33		4.77		4.43		4.77		4.77
10-year		5.51		4.88		4.71		4.71		4.73		4.73

Average annual total return as of 02/29/12 (%)

Share Class	R*		R4*		R5*		Z
Inception	09/27/10		03/07/11		03/07/11		10/01/91
Sales charge	without		without		without		without
6-month (cumulative)		9.51		9.68		9.79		9.74
1-year		4.58		4.89		5.14		5.06
5-year		5.29		5.57		5.83		5.81
10-year		5.26		5.54		5.80		5.79

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.

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

All results shown assume reinvestment of distributions. Class R shares are sold at net asset value with a distribution (12b-1) fee. Class R4, Class R5 and Class Z shares are sold at net asset value with no distribution and service (12b-1) fees. Class R, Class R4, Class R5 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.

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

Equity securities are subject to stock market fluctuations that occur in response to economic and business developments.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yield and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Investments in high-yield bonds (sometimes referred to as "junk" bonds) offer the potential for high current income and attractive total return, but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a high-yield bond issuer's ability to make principal and interest payments.

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

²The Barclays 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.

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 02/29/12

	+9.60%
	Class A shares (without sales charge)
	+13.31%
	S&P 500 Index1
	+2.73%
	Barclays Aggregate Bond Index2

Net asset value per share

as of 02/29/12 ($)
Class A	27.47
Class B	27.41
Class C	27.41
Class R	27.46
Class R4	27.44
Class R5	27.43
Class Z	27.43

Distributions declared per share

09/01/11 – 02/29/12 ($)
Class A	1.01
Class B	0.91
Class C	0.91
Class R	0.98
Class R4	1.02
Class R5	1.05
Class Z	1.04

1

Performance Information (continued) – Columbia Balanced Fund

Asset Allocation & Portfolio
Breakdown¹

(at February 29, 2012)
Stocks	61.3	%
Consumer Discretionary	5.6
Consumer Staples	6.3
Energy	7.3
Financials	8.7
Health Care	7.2
Industrials	6.5
Information Technology	17.1
Materials	1.9
Telecommunication Services	0.5
Utilities	0.2
Bonds	32.4	%
Corporate Bonds & Notes	11.2
Residential Mortgage-Backed Securities—Agency	7.3
Residential Mortgage-Backed Securities—Non-Agency	0.1
Commercial Mortgage-Backed Securities—Agency	2.5
Commercial Mortgage-Backed Securities—Non-Agency	2.6
Asset-Backed Securities— Non-Agency	0.7
Inflation-Indexed Bonds	0.2
U.S. Treasury Obligations	1.8
U.S. Government & Agency Obligations	5.1
Foreign Government Obligations	0.8
Municipal Bonds	0.1
Senior Loans	0.0	%*
Consumer Discretionary	0.0	*
Financials	0.0	*
Warrants	0.0	%*
Other2	6.3	%

*Rounds to less than 0.1%.

¹Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

²Includes investments in affiliated money market fund.

Top Ten Holdings¹

(at February 29, 2012)
Apple, Inc.	4.0	%
Federal Home Loan Mortgage Corp.	2.8
Google, Inc., Class A	2.1
eBay, Inc.	2.1
JPMorgan Chase & Co.	1.9
Exxon Mobil Corp.	1.8
General Electric Co.	1.7
Philip Morris International, Inc.	1.7
Chevron Corp.	1.6
Tyco International Ltd.	1.5

¹Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and affiliated money market fund).

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

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

2

Understanding Your Expenses – Columbia Balanced Fund

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

Analyzing your fund's expenses

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

Compare with other funds

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

September 1, 2011 – February 29, 2012

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,096.00		1,019.49		5.63		5.42		1.08
Class B		1,000.00		1,000.00		1,091.80		1,015.61		9.67		9.32		1.86
Class C		1,000.00		1,000.00		1,092.20		1,015.66		9.62		9.27		1.85
Class R		1,000.00		1,000.00		1,095.10		1,018.25		6.93		6.67		1.33
Class R4		1,000.00		1,000.00		1,096.80		1,019.69		5.42		5.22		1.04
Class R5		1,000.00		1,000.00		1,097.90		1,020.93		4.12		3.97		0.79
Class Z		1,000.00		1,000.00		1,097.40		1,020.59		4.48		4.32		0.86

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

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

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

3

Portfolio of Investments – Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 64.1%
CONSUMER DISCRETIONARY 5.9%
Auto Components 1.9%
Delphi Automotive PLC (a)		239,590	$	7,666,880
Johnson Controls, Inc. (b)		415,649		13,562,627
Total				21,229,507
Hotels, Restaurants & Leisure 0.2%
Ctrip.com International Ltd., ADR (a)		67,763		1,854,673
Household Durables 0.3%
Newell Rubbermaid, Inc.		197,715		3,618,185
Media 2.8%
Comcast Corp., Class A		485,889		14,275,419
Discovery Communications, Inc., Class A (a)		142,531		6,649,071
Viacom, Inc., Class B		237,891		11,328,369
Total				32,252,859
Specialty Retail 0.7%
Home Depot, Inc. (The)		172,553		8,208,346
TOTAL CONSUMER DISCRETIONARY				67,163,570
CONSUMER STAPLES 6.6%
Beverages 1.6%
Diageo PLC, ADR (b)		70,231		6,711,274
PepsiCo, Inc.		179,754		11,313,717
Total				18,024,991
Food & Staples Retailing 1.1%
CVS Caremark Corp.		289,266		13,045,897
Food Products 0.9%
Kraft Foods, Inc., Class A		261,182		9,943,199
Household Products 1.1%
Procter & Gamble Co. (The)		188,388		12,719,958
Personal Products 0.2%
Herbalife Ltd.		38,539		2,551,667
Tobacco 1.7%
Philip Morris International, Inc.		228,906		19,118,229
TOTAL CONSUMER STAPLES				75,403,941
ENERGY 7.6%
Energy Equipment & Services 1.9%
Baker Hughes, Inc.		148,519		7,467,536
National Oilwell Varco, Inc.		83,444		6,886,633
Weatherford International Ltd. (a)		439,742		7,027,077
Total				21,381,246
Oil, Gas & Consumable Fuels 5.7%
Apache Corp.		71,015		7,664,649
Chevron Corp.		168,678		18,406,143
ConocoPhillips		154,717		11,843,586
Devon Energy Corp.		101,919		7,471,682
Exxon Mobil Corp. (b)		231,607		20,034,006
Total				65,420,066
TOTAL ENERGY				86,801,312
FINANCIALS 9.1%
Capital Markets 3.3%
BlackRock, Inc.		50,033		9,956,567
Goldman Sachs Group, Inc. (The)		93,841		10,804,853
Invesco Ltd.		337,007		8,347,663
State Street Corp.		201,181		8,495,874
Total				37,604,957

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (cont.)
Commercial Banks 1.3%
Itaú Unibanco Holding SA, ADR (b)		313,840	$	6,606,332
Wells Fargo & Co.		282,146		8,828,348
Total				15,434,680
Diversified Financial Services 2.7%
Citigroup, Inc.		279,275		9,305,443
JPMorgan Chase & Co.		555,921		21,814,340
Total				31,119,783
Insurance 1.8%
Berkshire Hathaway, Inc., Class B (a)		150,523		11,808,530
MetLife, Inc.		223,331		8,609,410
Total				20,417,940
TOTAL FINANCIALS				104,577,360
HEALTH CARE 7.5%
Biotechnology 0.3%
Celgene Corp. (a)(b)		48,989		3,592,118
Health Care Equipment & Supplies 1.0%
Baxter International, Inc. (b)		63,698		3,702,765
Covidien PLC		142,095		7,424,464
Total				11,127,229
Health Care Providers & Services 2.4%
Cardinal Health, Inc.		148,647		6,176,283
CIGNA Corp.		149,486		6,593,827
Express Scripts, Inc. (a)(b)		109,946		5,863,420
Medco Health Solutions, Inc. (a)		35,424		2,394,308
WellPoint, Inc.		106,382		6,981,851
Total				28,009,689
Pharmaceuticals 3.8%
Abbott Laboratories (b)		110,644		6,263,557
Johnson & Johnson (b)		102,161		6,648,638
Merck & Co., Inc.		263,676		10,064,513
Pfizer, Inc.		652,092		13,759,141
Teva Pharmaceutical Industries Ltd., ADR		137,304		6,152,592
Total				42,888,441
TOTAL HEALTH CARE				85,617,477
INDUSTRIALS 6.8%
Aerospace & Defense 2.0%
Honeywell International, Inc.		220,924		13,160,443
United Technologies Corp.		113,065		9,482,761
Total				22,643,204
Air Freight & Logistics 0.3%
FedEx Corp.		41,372		3,723,067
Industrial Conglomerates 3.1%
General Electric Co.		1,008,940		19,220,307
Tyco International Ltd.		324,228		16,801,495
Total				36,021,802
Professional Services 0.9%
Nielsen Holdings NV (a)		352,410		10,392,571
Road & Rail 0.5%
Union Pacific Corp.		47,005		5,182,301
TOTAL INDUSTRIALS				77,962,945

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

4

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY 17.9%
Communications Equipment 1.4%
QUALCOMM, Inc.		257,332	$	16,000,904
Computers & Peripherals 5.1%
Apple, Inc. (a)		81,682		44,307,584
EMC Corp. (a)		340,367		9,424,762
NetApp, Inc. (a)		101,507		4,364,801
Total				58,097,147
Internet Software & Services 4.1%
eBay, Inc. (a)		653,632		23,360,807
Google, Inc., Class A (a)		38,623		23,878,670
Total				47,239,477
IT Services 3.0%
Cognizant Technology Solutions Corp., Class A (a)		96,460		6,843,837
International Business Machines Corp. (b)		71,468		14,059,900
Mastercard, Inc., Class A		30,899		12,977,580
Total				33,881,317
Office Electronics 0.8%
Xerox Corp.		1,065,816		8,771,666
Semiconductors & Semiconductor Equipment 1.4%
Analog Devices, Inc.		112,977		4,429,828
Lam Research Corp. (a)(b)		113,099		4,716,228
Skyworks Solutions, Inc. (a)(b)		267,170		7,205,575
Total				16,351,631
Software 2.1%
Electronic Arts, Inc. (a)		222,951		3,640,790
Microsoft Corp.		469,601		14,905,136
Rovi Corp. (a)		149,393		5,300,463
Total				23,846,389
TOTAL INFORMATION TECHNOLOGY				204,188,531
MATERIALS 1.9%
Chemicals 1.5%
Air Products & Chemicals, Inc. (b)		37,687		3,400,875
Celanese Corp., Class A		89,426		4,253,995
Dow Chemical Co. (The)		95,621		3,204,260
EI du Pont de Nemours & Co.		140,485		7,143,662
Total				18,002,792
Metals & Mining 0.4%
Alcoa, Inc.		426,345		4,335,928
TOTAL MATERIALS				22,338,720
TELECOMMUNICATION SERVICES 0.6%
Wireless Telecommunication Services 0.6%
Vodafone Group PLC, ADR		237,424		6,431,816
TOTAL TELECOMMUNICATION SERVICES				6,431,816
UTILITIES 0.2%
Electric Utilities 0.2%
Exelon Corp. (b)		70,493		2,754,162
TOTAL UTILITIES				2,754,162
Total Common Stocks (Cost: $597,521,066)			$	733,239,834

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes 11.7%
Aerospace & Defense 0.2%
ADS Tactical, Inc. Senior Secured (c)
04/01/18		11.000	%	$	206,000	$	210,120
Huntington Ingalls Industries, Inc.
03/15/18		6.875	%		104,000		109,460
03/15/21		7.125	%		80,000		85,700
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000	%		213,000		229,507
L-3 Communications Corp.
02/15/21		4.950	%		1,100,000		1,150,354
Oshkosh Corp.
03/01/17		8.250	%		36,000		39,060
03/01/20		8.500	%		93,000		101,603
TransDigm, Inc.
12/15/18		7.750	%		67,000		73,700
Total							1,999,504
Automotive 0.1%
Allison Transmission, Inc. (c)
05/15/19		7.125	%		88,000		90,420
Chrysler Group LLC/Co-Issuer, Inc. (b) Secured
06/15/19		8.000	%		96,000		96,720
06/15/21		8.250	%		69,000		69,690
Dana Holding Corp. Senior Unsecured
02/15/19		6.500	%		58,000		62,495
02/15/21		6.750	%		90,000		97,425
Delphi Corp. (c)
05/15/19		5.875	%		95,000		101,175
05/15/21		6.125	%		19,000		20,472
Lear Corp.
03/15/18		7.875	%		84,000		92,715
03/15/20		8.125	%		43,000		48,375
Schaeffler Finance BV Senior Secured (c)
02/15/19		8.500	%		40,000		43,200
Visteon Corp.
04/15/19		6.750	%		236,000		238,360
Total							961,047
Banking 2.1%
BB&T Corp. Senior Unsecured (d)
04/28/14		1.253	%		1,300,000		1,306,491
BNP Paribas SA Bank Guaranteed (b)
02/23/16		3.600	%		1,350,000		1,359,678
Bank of America Corp. Senior Unsecured
01/05/21		5.875	%		840,000		884,119
Barclays Bank PLC Senior Unsecured
05/22/19		6.750	%		775,000		890,233
Bear Stearns Companies LLC (The) Senior Unsecured
02/01/18		7.250	%		1,600,000		1,934,046

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

5

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Banking (cont.)
Capital One Financial Corp. Senior Unsecured
06/01/15		5.500	%	$	911,000	$	984,850
Citigroup, Inc. Senior Unsecured
05/15/18		6.125	%		1,550,000		1,731,283
Goldman Sachs Group, Inc. (The) Senior Unsecured
01/18/18		5.950	%		1,050,000		1,134,730
HSBC Holdings PLC Senior Unsecured
04/05/21		5.100	%		1,500,000		1,641,684
ING Bank NV Senior Unsecured (c)(d)
06/09/14		1.940	%		1,400,000		1,372,141
KeyCorp Senior Unsecured
08/13/15		3.750	%		1,100,000		1,159,144
Lloyds Banking Group PLC (c)(d)
11/29/49		6.267	%		81,000		55,080
Lloyds TSB Bank PLC Bank Guaranteed
01/21/21		6.375	%		1,300,000		1,413,491
Merrill Lynch & Co., Inc. Senior Unsecured
04/25/18		6.875	%		675,000		734,638
Morgan Stanley Senior Unsecured
04/01/18		6.625	%		1,400,000		1,484,372
Royal Bank of Scotland PLC (The) Bank Guaranteed
01/11/21		6.125	%		1,225,000		1,330,981
Santander U.S. Debt SAU (b)(c) Bank Guaranteed
10/07/15		3.781	%		800,000		770,839
Santander U.S. Debt SAU (c) Bank Guaranteed
10/07/13		2.991	%		500,000		494,181
U.S. Bank Subordinated Notes (d)
04/29/20		3.778	%		1,550,000		1,615,201
Wachovia Corp. Subordinated Notes
08/01/14		5.250	%		1,500,000		1,619,390
Total							23,916,572
Brokerage —%
E*Trade Financial Corp. Senior Unsecured
12/01/15		7.875	%		30,000		30,637
Senior Unsecured PIK
11/30/17		12.500	%		128,000		149,120
Total							179,757
Building Materials 0.1%
Building Materials Corp. of America Senior Notes (c)
05/01/21		6.750	%		200,000		217,500
Gibraltar Industries, Inc.
12/01/15		8.000	%		99,000		101,227

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Building Materials (cont.)
Interface, Inc.
12/01/18		7.625	%	$	80,000	$	87,500
Norcraft Companies LP/Finance Corp. Secured
12/15/15		10.500	%		86,000		76,110
Nortek, Inc.
12/01/18		10.000	%		10,000		10,525
04/15/21		8.500	%		55,000		53,213
Total							546,075
Chemicals 0.2%
CF Industries, Inc.
05/01/18		6.875	%		28,000		32,970
05/01/20		7.125	%		58,000		70,905
Celanese U.S. Holdings LLC
06/15/21		5.875	%		9,000		9,810
Dow Chemical Co. (The) Senior Unsecured
11/15/41		5.250	%		800,000		881,374
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18		8.875	%		141,000		145,935
Ineos Finance PLC (c) Senior Secured
05/15/15		9.000	%		146,000		154,030
02/15/19		8.375	%		88,000		93,500
JM Huber Corp. Senior Unsecured (c)
11/01/19		9.875	%		80,000		84,400
Koppers, Inc.
12/01/19		7.875	%		14,000		14,980
LyondellBasell Industries NV (b)(c)
11/15/21		6.000	%		295,000		323,762
MacDermid, Inc. (c)
04/15/17		9.500	%		84,000		88,200
Momentive Performance Materials, Inc.
06/15/14		12.500	%		48,000		51,240
Nova Chemicals Corp. Senior Unsecured
11/01/16		8.375	%		53,000		59,095
11/01/19		8.625	%		57,000		65,408
Polypore International, Inc.
11/15/17		7.500	%		114,000		119,415
Total							2,195,024
Commercial Banks —%
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875	%		46,000		47,150
Construction Machinery 0.1%
CNH Capital LLC (c)
11/01/16		6.250	%		169,000		181,675
Case New Holland, Inc.
12/01/17		7.875	%		151,000		177,425
Columbus McKinnon Corp.
02/01/19		7.875	%		87,000		91,132
Manitowoc Co., Inc. (The)(b)
11/01/20		8.500	%		80,000		89,200

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

6

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Construction Machinery (cont.)
Neff Rental LLC/Finance Corp. Secured (c)
05/15/16		9.625	%	$	84,000	$	82,950
RSC Equipment Rental, Inc./Holdings III LLC
11/15/19		10.250	%		25,000		28,000
Senior Unsecured
02/01/21		8.250	%		38,000		40,280
UR Financing Escrow Corp (c)(e) Secured
07/15/18		5.750	%		55,000		56,237
Senior Unsecured
05/15/20		7.375	%		45,000		46,125
04/15/22		7.625	%		114,000		117,135
United Rentals North America, Inc.
06/15/16		10.875	%		9,000		10,283
12/15/19		9.250	%		162,000		179,415
Xerium Technologies, Inc.
06/15/18		8.875	%		50,000		44,875
Total							1,144,732
Consumer Cyclical Services —%
Goodman Networks, Inc. Senior Secured (c)
07/01/18		12.125	%		71,000		72,242
West Corp.
10/01/18		8.625	%		33,000		36,218
Total							108,460
Consumer Products —%
Central Garden and Pet Co.
03/01/18		8.250	%		74,000		75,480
Jarden Corp.
01/15/20		7.500	%		53,000		57,902
Spectrum Brands Holdings, Inc. Senior Secured
06/15/18		9.500	%		176,000		200,640
Spectrum Brands Holdings, Inc. (c) Senior Secured
06/15/18		9.500	%		36,000		41,040
Total							375,062
Diversified Manufacturing 0.1%
Amsted Industries, Inc. Senior Notes (c)
03/15/18		8.125	%		89,000		95,675
CPM Holdings, Inc. Senior Secured
09/01/14		10.625	%		55,000		59,263
Ingersoll-Rand Global Holding Co., Ltd.
04/15/14		9.500	%		235,000		271,773
Tomkins LLC/Inc. Secured
10/01/18		9.000	%		136,000		150,280
Tyco International Ltd./Finance SA
12/15/19		7.000	%		790,000		982,454
WireCo WorldGroup, Inc. (c)
05/15/17		10.250	%		87,000		89,610
Total							1,649,055

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric 0.9%
AES Corp. (The) Senior Unsecured
06/01/20		8.000	%	$	65,000	$	76,212
AES Corp. (The) (c) Senior Unsecured
07/01/21		7.375	%		116,000		132,240
Arizona Public Service Co. Senior Unsecured
04/01/42		4.500	%		1,000,000		1,022,797
CMS Energy Corp. Senior Unsecured
12/15/15		6.875	%		50,000		55,626
Calpine Corp. Senior Secured (c)
02/15/21		7.500	%		275,000		297,687
Commonwealth Edison Co. 1st Mortgage
09/15/17		6.150	%		1,050,000		1,260,214
DPL, Inc. (c) Senior Unsecured
10/15/16		6.500	%		38,000		41,420
10/15/21		7.250	%		57,000		64,980
DTE Energy Co. Senior Unsecured
05/15/14		7.625	%		600,000		678,310
04/15/33		6.375	%		340,000		406,900
Dominion Resources, Inc. Senior Unsecured
08/15/19		5.200	%		435,000		507,029
Energy Future Holdings Corp. Senior Secured
01/15/20		10.000	%		47,000		50,819
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20		10.000	%		39,000		42,364
GenOn Energy, Inc. Senior Unsecured
10/15/18		9.500	%		36,000		34,380
Indiana Michigan Power Co. Senior Unsecured
03/15/37		6.050	%		700,000		846,159
KCP&L Greater Missouri Operations Co. Senior Unsecured
07/01/12		11.875	%		125,000		129,385
Midwest Generation LLC Pass-Through Certificates (b)
01/02/16		8.560	%		58,040		59,201
Nevada Power Co.
08/01/18		6.500	%		860,000		1,056,963
Ohio Edison Co. Senior Unsecured
07/15/36		6.875	%		750,000		940,306
Pacific Gas & Electric Co. Senior Unsecured
03/01/37		5.800	%		975,000		1,200,735
Progress Energy, Inc. Senior Unsecured
03/01/31		7.750	%		650,000		904,142
Total							9,807,869

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

7

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Entertainment —%
AMC Entertainment, Inc.
06/01/19		8.750	%	$	46,000	$	47,955
Cinemark U.S.A., Inc (b)
06/15/21		7.375	%		14,000		14,945
Regal Cinemas Corp.
07/15/19		8.625	%		25,000		27,312
Speedway Motorsports, Inc.
06/01/16		8.750	%		125,000		137,969
02/01/19		6.750	%		6,000		6,255
Vail Resorts, Inc.
05/01/19		6.500	%		6,000		6,240
Total							240,676
Food and Beverage 0.3%
ARAMARK Holdings Corp. Senior Unsecured PIK (c)
05/01/16		8.625	%		22,000		22,550
Anheuser-Busch InBev Worldwide, Inc. (d)
07/14/14		0.927	%		1,150,000		1,149,974
Bacardi Ltd. (c)
04/01/14		7.450	%		95,000		106,529
Cott Beverages, Inc.
09/01/18		8.125	%		9,000		9,922
Darling International, Inc.
12/15/18		8.500	%		5,000		5,625
Kraft Foods, Inc. Senior Unsecured
02/01/18		6.125	%		550,000		659,318
02/10/20		5.375	%		585,000		682,084
Pinnacle Foods Finance LLC/Corp.
04/01/15		9.250	%		28,000		28,770
SABMiller PLC Senior Unsecured (c)
01/15/14		5.700	%		985,000		1,060,263
Total							3,725,035
Gaming 0.1%
Caesars Entertainment Operating Co., Inc. Secured
04/15/18		12.750	%		88,000		75,680
Senior Secured
06/01/17		11.250	%		128,000		140,160
Caesars Operating Escrow LLC/Corp. Senior Secured (b)(c)
02/15/20		8.500	%		73,000		74,460
Chester Downs & Marina LLC Senior Secured (b)(c)
02/01/20		9.250	%		57,000		59,707
MGM Resorts International Senior Secured
03/15/20		9.000	%		130,000		145,600
MGM Resorts International (b)
03/01/18		11.375	%		93,000		109,740
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19		8.750	%		8,000		8,980
Pinnacle Entertainment, Inc.
06/15/15		7.500	%		11,000		11,330

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Gaming (cont.)
ROC Finance LLC/Corp. Secured (c)
09/01/18		12.125	%	$	114,000	$	125,970
Seminole Indian Tribe of Florida (c)
10/01/17		7.750	%		65,000		70,525
Senior Secured
10/01/20		6.535	%		51,000		49,758
Seneca Gaming Corp. (c)
12/01/18		8.250	%		104,000		106,600
Tunica-Biloxi Gaming Authority Senior Unsecured (c)
11/15/15		9.000	%		25,000		24,313
Total							1,002,823
Gas Distributors 0.1%
Atmos Energy Corp. Senior Unsecured
06/15/17		6.350	%		425,000		501,610
Sempra Energy Senior Unsecured
06/01/16		6.500	%		905,000		1,074,759
Total							1,576,369
Gas Pipelines 0.6%
Copano Energy LLC/Finance Corp.
04/01/21		7.125	%		25,000		26,438
El Paso Corp. Senior Unsecured
06/15/14		6.875	%		18,000		19,482
06/01/18		7.250	%		5,000		5,675
09/15/20		6.500	%		218,000		239,800
01/15/32		7.750	%		88,000		104,781
Energy Transfer Partners LP Senior Unsecured
02/01/42		6.500	%		900,000		998,964
Enterprise Products Operating LLC
02/01/41		5.950	%		750,000		882,459
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250	%		113,000		121,475
Nisource Finance Corp.
09/15/17		5.250	%		1,080,000		1,202,049
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		119,000		131,792
12/01/18		6.875	%		37,000		40,053
07/15/21		6.500	%		97,000		105,487
Southern Natural Gas Co. Senior Unsecured (c)
04/01/17		5.900	%		975,000		1,103,420
Southern Star Central Corp. Senior Unsecured
03/01/16		6.750	%		168,000		170,520
TransCanada PipeLines Ltd. (d)
05/15/67		6.350	%		245,000		251,430
Williams Partners LP/Finance Corp. Senior Unsecured
02/01/17		7.250	%		870,000		1,054,046
Total							6,457,871

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

8

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Health Care 0.5%
American Renal Associates Holdings, Inc. Senior Unsecured
03/01/16		9.750	%	$	10,516	$	11,094
American Renal Holdings Co., Inc. Senior Secured
05/15/18		8.375	%		122,000		130,540
CHS/Community Health Systems, Inc. (b)(c)
11/15/19		8.000	%		86,000		91,375
Cardinal Health, Inc. Senior Unsecured
06/15/15		4.000	%		1,050,000		1,125,960
ConvaTec Healthcare E SA Senior Unsecured (c)
12/15/18		10.500	%		157,000		161,906
Emdeon, Inc. (c)
12/31/19		11.000	%		84,000		94,080
Express Scripts, Inc.
06/15/14		6.250	%		1,032,000		1,136,266
Fresenius Medical Care U.S. Finance II, Inc. (c)
07/31/19		5.625	%		27,000		28,755
01/31/22		5.875	%		35,000		36,925
Fresenius Medical Care U.S. Finance, Inc. (c)
09/15/18		6.500	%		76,000		84,170
02/15/21		5.750	%		62,000		65,255
HCA, Inc.
02/15/22		7.500	%		110,000		119,075
Senior Secured
02/15/20		6.500	%		110,000		117,975
02/15/20		7.875	%		119,000		131,198
09/15/20		7.250	%		235,000		256,150
Hanger Orthopedic Group, Inc.
11/15/18		7.125	%		107,000		113,019
Health Management Associates, Inc. Senior Unsecured (c)
01/15/20		7.375	%		59,000		61,508
Healthsouth Corp.
02/15/20		8.125	%		69,000		75,900
09/15/22		7.750	%		5,000		5,438
Hospira, Inc. Senior Unsecured
03/30/17		6.050	%		750,000		839,036
IASIS Healthcare LLC/Capital Corp.
05/15/19		8.375	%		66,000		63,030
Kinetic Concepts/KCI U.S.A., Inc. (c)
11/01/18		10.500	%		83,000		86,320
11/01/19		12.500	%		64,000		61,600
LifePoint Hospitals, Inc.
10/01/20		6.625	%		8,000		8,600
Multiplan, Inc. (c)
09/01/18		9.875	%		139,000		151,162
Omnicare, Inc.
06/01/20		7.750	%		53,000		59,095
PSS World Medical, Inc. (c)
03/01/22		6.375	%		14,000		14,560
Physio-Control International, Inc. Senior Secured (c)
01/15/19		9.875	%		68,000		71,400
Radnet Management, Inc.
04/01/18		10.375	%		32,000		30,600

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Health Care (cont.)
Rural/Metro Corp. Senior Unsecured (c)
07/15/19		10.125	%	$	44,000	$	41,030
STHI Holding Corp. Secured (c)
03/15/18		8.000	%		46,000		48,990
Tenet Healthcare Corp. Senior Secured
07/01/19		8.875	%		30,000		34,200
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000	%		183,000		192,607
02/01/19		7.750	%		52,000		53,300
Total							5,602,119
Healthcare Insurance 0.1%
AMERIGROUP Corp. Senior Unsecured
11/15/19		7.500	%		41,000		45,100
Cigna Corp. Senior Unsecured (b)
02/15/42		5.375	%		1,100,000		1,184,202
Total							1,229,302
Home Construction —%
KB Home
03/15/20		8.000	%		35,000		35,613
Shea Homes LP/Funding Corp. Senior Secured (c)
05/15/19		8.625	%		71,000		71,710
Total							107,323
Independent Energy 0.8%
Anadarko Petroleum Corp. Senior Unsecured
09/15/16		5.950	%		1,030,000		1,192,455
Antero Resources Finance Corp.
12/01/17		9.375	%		5,000		5,500
Antero Resources Finance Corp. (c)
08/01/19		7.250	%		7,000		7,385
Berry Petroleum Co. Senior Subordinated Notes
11/01/16		8.250	%		5,000		5,213
Senior Unsecured
11/01/20		6.750	%		25,000		26,563
Canadian Natural Resources Ltd. Senior Unsecured
05/15/17		5.700	%		1,000,000		1,196,660
Carrizo Oil & Gas, Inc.
10/15/18		8.625	%		146,000		151,840
Chaparral Energy, Inc.
10/01/20		9.875	%		35,000		39,375
09/01/21		8.250	%		112,000		124,320
Chesapeake Energy Corp. (b)
08/15/20		6.625	%		141,000		146,992
11/15/20		6.875	%		76,000		79,800
02/15/21		6.125	%		117,000		118,609
Concho Resources, Inc.
10/01/17		8.625	%		83,000		93,375
01/15/21		7.000	%		165,000		185,625
01/15/22		6.500	%		19,000		21,090

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

9

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (cont.)
Continental Resources, Inc.
10/01/19		8.250	%	$	1,000	$	1,123
04/01/21		7.125	%		119,000		132,685
Encana Corp. Senior Unsecured
11/15/21		3.900	%		900,000		906,692
Goodrich Petroleum Corp.
03/15/19		8.875	%		36,000		35,280
Hilcorp Energy I LP/Finance Co. Senior Notes (c)
02/15/20		8.000	%		44,000		48,400
Kodiak Oil & Gas Corp. (c)
12/01/19		8.125	%		203,000		217,210
Laredo Petroleum, Inc.
02/15/19		9.500	%		197,000		217,192
MEG Energy Corp. (c)
03/15/21		6.500	%		117,000		125,190
Nexen, Inc. Senior Unsecured
03/10/35		5.875	%		1,025,000		1,106,830
Oasis Petroleum, Inc.
02/01/19		7.250	%		109,000		115,540
11/01/21		6.500	%		104,000		107,120
QEP Resources, Inc. Senior Unsecured
03/01/21		6.875	%		113,000		124,865
QEP Resources, Inc. (e) Senior Unsecured
10/01/22		5.375	%		47,000		47,470
Range Resources Corp.
05/01/18		7.250	%		1,000		1,066
05/15/19		8.000	%		45,000		50,175
08/01/20		6.750	%		20,000		21,900
06/01/21		5.750	%		98,000		104,860
Range Resources Corp. (e)
08/15/22		5.000	%		14,000		14,140
SM Energy Co. Senior Unsecured (c)
11/15/21		6.500	%		43,000		46,440
Southwestern Energy Co. Senior Unsecured (c)(e)
03/15/22		4.100	%		985,000		983,788
Whiting Petroleum Corp.
10/01/18		6.500	%		5,000		5,381
Woodside Finance Ltd. (c)
05/10/21		4.600	%		1,075,000		1,124,350
Total							8,932,499
Integrated Energy 0.1%
Petro-Canada Senior Unsecured
05/15/18		6.050	%		935,000		1,131,810
Life Insurance 0.3%
Lincoln National Corp. Senior Unsecured
07/01/19		8.750	%		750,000		956,209
MetLife, Inc. Senior Unsecured
08/15/18		6.817	%		1,010,000		1,236,014

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Life Insurance (cont.)
Prudential Financial, Inc. Senior Unsecured
06/15/17		6.100	%	$	1,050,000	$	1,217,458
Total							3,409,681
Lodging —%
Starwood Hotels & Resorts Worldwide, Inc. Senior Unsecured
12/01/19		7.150	%		30,000		35,925
Wyndham Worldwide Corp. Senior Unsecured
12/01/16		6.000	%		20,000		22,702
Total							58,627
Media Cable 0.2%
CCO Holdings LLC/Capital Corp.
01/15/19		7.000	%		57,000		61,560
04/30/20		8.125	%		79,000		88,677
01/31/22		6.625	%		38,000		40,565
CSC Holdings LLC (b) Senior Unsecured
02/15/18		7.875	%		35,000		39,550
02/15/19		8.625	%		32,000		37,760
CSC Holdings LLC (c) Senior Unsecured
11/15/21		6.750	%		40,000		43,300
Cablevision Systems Corp. Senior Unsecured
04/15/20		8.000	%		66,000		74,085
DIRECTV Holdings LLC/Financing Co., Inc.
03/01/21		5.000	%		1,100,000		1,222,096
DISH DBS Corp.
09/01/19		7.875	%		152,000		178,600
06/01/21		6.750	%		115,000		127,650
Insight Communications Co., Inc. Senior Unsecured (c)
07/15/18		9.375	%		15,000		17,231
Nara Cable Funding Ltd. Senior Secured (b)(c)
12/01/18		8.875	%		79,000		76,038
Quebecor Media, Inc. Senior Unsecured
03/15/16		7.750	%		86,000		88,580
Videotron Ltee
04/15/18		9.125	%		36,000		39,870
Videotron Ltee (c)(e) Senior Unsecured
07/15/22		5.000	%		38,000		38,000
Total							2,173,562
Media Non-Cable 0.5%
AMC Networks, Inc. (c)
07/15/21		7.750	%		90,000		100,350
Clear Channel Communications, Inc. Senior Secured
03/01/21		9.000	%		49,000		45,080
Clear Channel Worldwide Holdings, Inc.
12/15/17		9.250	%		148,000		162,800
Clear Channel Worldwide Holdings, Inc. (c)(e)
03/15/20		7.625	%		29,000		29,000
03/15/20		7.625	%		202,000		202,000

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

10

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Media Non-Cable (cont.)
Cumulus Media, Inc. (b)(c)
05/01/19		7.750	%	$	14,000	$	13,685
Hughes Satellite Systems Corp.
06/15/21		7.625	%		158,000		171,430
Senior Secured
06/15/19		6.500	%		43,000		45,580
Intelsat Jackson Holdings SA
06/15/16		11.250	%		119,000		125,842
10/15/20		7.250	%		170,000		178,925
Intelsat Luxembourg SA PIK
02/04/17		11.500	%		64,000		65,920
Lamar Media Corp. (c)
02/01/22		5.875	%		69,000		72,019
NBCUniversal Media LLC Senior Unsecured
04/01/41		5.950	%		1,100,000		1,336,324
National CineMedia LLC Senior Unsecured
07/15/21		7.875	%		92,000		97,520
News America, Inc. (b)
03/15/33		6.550	%		1,150,000		1,317,852
Nielsen Finance LLC/Co.
10/15/18		7.750	%		179,000		199,137
Salem Communications Corp. Secured
12/15/16		9.625	%		80,000		88,200
Sinclair Television Group, Inc. Secured (c)
11/01/17		9.250	%		128,000		143,040
TCM Sub LLC (c)
01/15/15		3.550	%		1,140,000		1,203,873
Univision Communications, Inc. (b)(c)
05/15/21		8.500	%		73,000		72,453
Univision Communications, Inc. (c) Senior Secured
05/15/19		6.875	%		76,000		77,520
11/01/20		7.875	%		114,000		121,695
XM Satellite Radio, Inc. (c)
11/01/18		7.625	%		189,000		206,955
Total							6,077,200
Metals 0.3%
Alpha Natural Resources, Inc.
06/01/21		6.250	%		7,000		6,790
Alpha Natural Resources, Inc. (b)
06/01/19		6.000	%		107,000		104,860
ArcelorMittal Senior Unsecured (b)
03/01/21		5.500	%		1,275,000		1,260,153
Arch Coal, Inc. (b)(c)
06/15/21		7.250	%		94,000		93,765
Arch Coal, Inc. (c)
06/15/19		7.000	%		149,000		149,000
Calcipar SA Senior Secured (c)
05/01/18		6.875	%		130,000		128,050
Consol Energy, Inc.
04/01/17		8.000	%		15,000		16,312
04/01/20		8.250	%		143,000		155,870

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Metals (cont.)
FMG Resources August 2006 Proprietary Ltd. (c)
11/01/15		7.000	%	$	163,000	$	172,780
02/01/16		6.375	%		113,000		116,955
02/01/18		6.875	%		13,000		13,715
11/01/19		8.250	%		119,000		130,900
JMC Steel Group Senior Notes (c)
03/15/18		8.250	%		117,000		122,119
Novelis, Inc.
12/15/17		8.375	%		45,000		49,275
12/15/20		8.750	%		10,000		11,150
Peabody Energy Corp. (c)
11/15/18		6.000	%		106,000		111,035
11/15/21		6.250	%		71,000		74,372
Rain CII Carbon LLC/Corp. Senior Secured (c)
12/01/18		8.000	%		83,000		87,980
Vale Overseas Ltd.
01/23/17		6.250	%		795,000		917,969
Total							3,723,050
Non-Captive Consumer —%
SLM Corp. Senior Notes
01/25/16		6.250	%		50,000		52,250
Senior Unsecured
03/25/20		8.000	%		118,000		129,800
01/25/22		7.250	%		92,000		97,175
Springleaf Finance Corp. Senior Unsecured
12/15/17		6.900	%		127,000		98,425
Total							377,650
Non-Captive Diversified 0.5%
Ally Financial, Inc.
02/15/17		5.500	%		13,000		13,167
12/01/17		6.250	%		25,000		25,840
03/15/20		8.000	%		479,000		542,467
09/15/20		7.500	%		71,000		78,189
CIT Group, Inc. (b)(c) Secured
04/01/18		6.625	%		45,000		48,938
CIT Group, Inc. (c) Secured
05/02/17		7.000	%		232,000		232,290
02/15/19		5.500	%		236,000		241,310
Ford Motor Credit Co. LLC Senior Unsecured
01/15/20		8.125	%		176,000		219,463
02/01/21		5.750	%		361,000		403,151
General Electric Capital Corp. Senior Unsecured
10/17/21		4.650	%		3,100,000		3,371,172
International Lease Finance Corp. Senior Unsecured
03/15/17		8.750	%		22,000		24,860
09/01/17		8.875	%		80,000		90,400
05/15/19		6.250	%		121,000		122,677

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

11

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Non-Captive Diversified (cont.)
International Lease Finance Corp. (b) Senior Unsecured
12/15/20		8.250	%	$	208,000	$	231,922
01/15/22		8.625	%		49,000		55,094
Total							5,700,940
Oil Field Services 0.1%
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500	%		122,000		128,405
Green Field Energy Services, Inc. Senior Secured (c)
11/15/16		13.000	%		127,000		125,095
Offshore Group Investments Ltd. Senior Secured
08/01/15		11.500	%		197,000		219,655
Weatherford International Ltd.
03/15/13		5.150	%		5,000		5,173
Weatherford International, Inc.
06/15/37		6.800	%		935,000		1,096,679
Total							1,575,007
Other Industry—%
Interline Brands, Inc.
11/15/18		7.000	%		55,000		58,094
Packaging 0.1%
Ardagh Packaging Finance PLC/MP Holdings U.S.A., Inc. (c)
10/15/20		9.125	%		55,000		56,787
Ardagh Packaging Finance PLC Senior Secured (c)
10/15/17		7.375	%		69,000		74,175
Ball Corp.
09/15/20		6.750	%		40,000		44,500
Ball Corp. (e)
03/15/22		5.000	%		24,000		24,540
Berry Plastics Corp. Secured (b)
01/15/21		9.750	%		49,000		52,430
Crown Americas LLC/Capital Corp. III
02/01/21		6.250	%		49,000		54,268
Greif, Inc. Senior Unsecured
02/01/17		6.750	%		36,000		38,520
08/01/19		7.750	%		55,000		61,875
Reynolds Group Issuer, Inc./LLC (c)
02/15/21		8.250	%		23,000		21,965
Senior Secured
10/15/16		8.750	%		18,000		19,125
04/15/19		7.125	%		19,000		20,093
08/15/19		7.875	%		74,000		81,030
02/15/21		6.875	%		205,000		217,300
Senior Unsecured
08/15/19		9.875	%		168,000		173,670
08/15/19		9.875	%		39,000		40,316
Total							980,594
Paper —%
Cascades, Inc.
12/15/17		7.750	%		33,000		33,825
01/15/20		7.875	%		40,000		40,400

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Paper (cont.)
Graphic Packaging International, Inc.
10/01/18		7.875	%	$	24,000	$	26,760
Verso Paper Holdings LLC/Inc. Senior Secured
07/01/14		11.500	%		18,000		18,360
Verso Paper Holdings LLC/Inc. (b) Secured
02/01/19		8.750	%		19,000		9,405
Total							128,750
Pharmaceuticals 0.2%
Endo Pharmaceuticals Holdings, Inc.
01/15/22		7.250	%		29,000		32,263
Grifols, Inc.
02/01/18		8.250	%		135,000		146,475
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured (b)(c)
12/01/19		9.500	%		30,000		32,812
Mylan, Inc. (c)
11/15/18		6.000	%		75,000		78,469
Roche Holdings, Inc. (c)
03/01/19		6.000	%		1,150,000		1,412,671
Warner Chilcott Co. LLC/Finance
09/15/18		7.750	%		37,000		39,220
Total							1,741,910
Property & Casualty 0.5%
ACE INA Holdings, Inc.
03/15/18		5.800	%		1,000,000		1,206,884
Berkshire Hathaway, Inc. Senior Unsecured (d)
08/15/14		1.203	%		1,250,000		1,265,674
CNA Financial Corp. Senior Unsecured
11/15/19		7.350	%		833,000		972,492
Liberty Mutual Group, Inc. (c)
06/01/21		5.000	%		950,000		948,050
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39		8.000	%		750,000		855,832
Total							5,248,932
Railroads 0.1%
CSX Corp. Senior Unsecured
10/30/20		3.700	%		555,000		574,665
Canadian Pacific Railway Co. Senior Unsecured
03/15/23		4.450	%		1,065,000		1,099,033
Total							1,673,698
REITs 0.3%
Duke Realty LP Senior Unsecured
08/15/19		8.250	%		650,000		808,449
Kimco Realty Corp. Senior Unsecured
02/01/18		4.300	%		775,000		793,860

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

12

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
REITs (cont.)
Simon Property Group LP Senior Unsecured
02/01/40		6.750	%	$	955,000	$	1,281,030
Total							2,883,339
Retailers 0.3%
99 Cents Only Stores (c)
12/15/19		11.000	%		44,000		46,530
AutoNation, Inc.
02/01/20		5.500	%		35,000		36,225
Burlington Coat Factory Warehouse Corp.
02/15/19		10.000	%		50,000		51,313
CVS Caremark Corp. Senior Unsecured
06/01/17		5.750	%		665,000		793,721
CVS Pass-Through Trust Pass-Through Certificates (c)
01/10/32		7.507	%		336,146		406,021
Jo-Ann Stores, Inc. Senior Unsecured (c)
03/15/19		8.125	%		27,000		27,034
Limited Brands, Inc.
04/01/21		6.625	%		113,000		124,300
Senior Notes
02/15/22		5.625	%		80,000		82,400
Macy's Retail Holdings, Inc.
07/15/34		6.700	%		750,000		883,033
Michaels Stores, Inc.
11/01/16		11.375	%		10,000		10,599
QVC, Inc. (c) Senior Secured
10/01/19		7.500	%		54,000		59,805
10/15/20		7.375	%		96,000		106,320
Rite Aid Corp. Senior Unsecured
02/15/27		7.700	%		44,000		38,280
Rite Aid Corp. (b)
06/15/17		9.500	%		81,000		82,215
Senior Secured
08/15/20		8.000	%		104,000		118,560
Rite Aid Corp. (c) Senior Notes
03/15/20		9.250	%		105,000		106,312
Sally Holdings LLC/Capital, Inc. (b)(c)
11/15/19		6.875	%		31,000		33,325
Total							3,005,993
Supermarkets 0.1%
Kroger Co. (The)
07/15/40		5.400	%		800,000		876,272
Technology 0.4%
Amkor Technology, Inc. Senior Unsecured
05/01/18		7.375	%		201,000		217,080
06/01/21		6.625	%		5,000		5,225
Brocade Communications Systems, Inc. Senior Secured
01/15/18		6.625	%		59,000		62,097
01/15/20		6.875	%		27,000		30,173

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Technology (cont.)
CDW LLC/Finance Corp.
04/01/19		8.500	%	$	112,000	$	119,560
Senior Secured
12/15/18		8.000	%		99,000		107,415
CDW LLC/Finance Corp. (c)
04/01/19		8.500	%		59,000		62,982
Cardtronics, Inc.
09/01/18		8.250	%		118,000		130,390
CommScope, Inc. (c)
01/15/19		8.250	%		56,000		58,940
Equinix, Inc. Senior Unsecured
07/15/21		7.000	%		55,000		60,913
First Data Corp.
01/15/21		12.625	%		88,000		92,400
First Data Corp. (b) PIK
09/24/15		10.550	%		38,000		39,140
First Data Corp. (c) Senior Secured
06/15/19		7.375	%		57,000		57,998
08/15/20		8.875	%		78,000		84,435
Freescale Semiconductor, Inc. (b)
08/01/20		10.750	%		28,000		30,940
Freescale Semiconductor, Inc. (c) Senior Secured
04/15/18		9.250	%		78,000		85,800
Hewlett-Packard Co. Senior Unsecured
06/01/21		4.300	%		1,050,000		1,099,959
Interactive Data Corp.
08/01/18		10.250	%		111,000		125,152
NXP BV/Funding LLC Senior Secured (c)
08/01/18		9.750	%		195,000		220,350
Oracle Corp. Senior Unsecured
04/15/38		6.500	%		1,150,000		1,537,501
Total							4,228,450
Transportation Services 0.1%
Avis Budget Car Rental LLC/Finance, Inc.
01/15/19		8.250	%		30,000		31,275
03/15/20		9.750	%		94,000		102,930
CEVA Group PLC (c)
12/01/17		8.375	%		34,000		33,915
ERAC U.S.A. Finance LLC (c)
10/15/37		7.000	%		910,000		1,084,655
Hertz Corp. (The)
10/15/18		7.500	%		112,000		120,820
01/15/21		7.375	%		36,000		38,970
Total							1,412,565
Wireless 0.4%
America Movil SAB de CV
11/15/17		5.625	%		570,000		669,761
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured (c)
05/01/17		7.750	%		75,000		81,750

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

13

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Wireless (cont.)
Cricket Communications, Inc. Senior Secured
05/15/16		7.750	%	$	136,000	$	144,840
Cricket Communications, Inc. (b)
10/15/20		7.750	%		94,000		93,530
MetroPCS Wireless, Inc.
09/01/18		7.875	%		130,000		139,262
11/15/20		6.625	%		12,000		12,360
NII Capital Corp.
08/15/16		10.000	%		7,000		7,980
04/01/21		7.625	%		49,000		50,103
Nextel Communications, Inc.
08/01/15		7.375	%		73,000		72,087
Rogers Communications, Inc.
08/15/18		6.800	%		860,000		1,084,354
SBA Telecommunications, Inc.
08/15/19		8.250	%		167,000		183,700
Sprint Capital Corp.
11/15/28		6.875	%		25,000		19,500
Sprint Nextel Corp. (b) Senior Unsecured
08/15/17		8.375	%		41,000		40,180
Sprint Nextel Corp. (c)
11/15/18		9.000	%		411,000		458,265
Senior Unsecured
11/15/21		11.500	%		71,000		77,479
Sprint Nextel Corp. (c)(e)
03/01/20		7.000	%		42,000		42,683
UPCB Finance VI Ltd. Senior Secured (c)
01/15/22		6.875	%		150,000		155,057
United States Cellular Corp. Senior Unsecured
12/15/33		6.700	%		1,000,000		985,014
Wind Acquisition Finance SA Senior Secured (c)
02/15/18		7.250	%		167,000		163,660
Total							4,481,565
Wirelines 0.9%
AT&T, Inc. Senior Unsecured
02/15/39		6.550	%		1,125,000		1,434,594
Deutsche Telekom International Finance BV
03/23/16		5.750	%		985,000		1,116,703
Embarq Corp. Senior Unsecured
06/01/36		7.995	%		950,000		1,015,104
France Telecom SA Senior Unsecured (b)
09/14/16		2.750	%		1,400,000		1,455,996
Frontier Communications Corp. Senior Unsecured
04/15/15		7.875	%		26,000		27,885
03/15/19		7.125	%		48,000		49,080
04/15/20		8.500	%		28,000		30,310
04/15/22		8.750	%		65,000		70,688
Integra Telecom Holdings, Inc. Senior Secured (c)
04/15/16		10.750	%		24,000		20,880

Issuer	Coupon Rate			Principal Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (cont.)
Level 3 Communications, Inc. Senior Unsecured (b)
02/01/19		11.875	%	$	94,000	$	106,925
Level 3 Financing, Inc.
02/15/17		8.750	%		81,000		84,645
02/01/18		10.000	%		25,000		27,563
04/01/19		9.375	%		131,000		144,755
Level 3 Financing, Inc. (c) Senior Unsecured
07/01/19		8.125	%		25,000		26,188
PAETEC Holding Corp.
12/01/18		9.875	%		143,000		160,160
Senior Secured
06/30/17		8.875	%		87,000		94,830
Telecom Italia Capital SA
07/18/36		7.200	%		1,300,000		1,196,000
Telefonica Emisiones SAU
01/15/15		4.949	%		1,410,000		1,460,436
Tw telecom holdings, inc.
03/01/18		8.000	%		102,000		111,817
Verizon New York, Inc. Senior Unsecured
04/01/32		7.375	%		1,645,000		1,964,758
Windstream Corp.
11/01/17		7.875	%		81,000		91,328
09/01/18		8.125	%		25,000		27,375
Total							10,718,020
Total Corporate Bonds & Notes (Cost: $126,014,846)						$	133,470,033
Residential Mortgage-Backed Securities – Agency 7.8%
Federal Home Loan Mortgage Corp. (d)(f)
08/01/36		2.483	%	$	64,316	$	68,416
12/01/36		6.045	%		52,251		56,636
Federal Home Loan Mortgage Corp. (e)(f)
03/01/42		3.500	%		30,040,000		30,974,058
03/01/42		4.000	%		13,475,000		14,134,011
Federal Home Loan Mortgage Corp. (f)
03/01/17 - 04/01/32		6.000	%		851,050		950,066
05/01/18 - 07/01/19		5.500	%		231,971		251,327
08/01/18 - 05/01/41		5.000	%		5,464,716		5,899,548
06/01/32 - 07/01/32		7.000	%		952,410		1,104,215
05/01/39 - 06/01/41		4.500	%		2,197,967		2,336,468
CMO Series 3774 Class AB
12/15/20		3.500	%		404,573		429,100
CMO Series 3625 Class AJ
03/15/23		4.000	%		2,018,166		2,085,815
CMO Series 3832 Class AC
10/15/18		3.000	%		432,892		448,836
CMO Series 3792 Class QC
06/15/39		2.500	%		553,273		570,875
Federal National Mortgage Association (d)(f)
08/01/34		5.454	%		169,800		182,103
04/01/36		1.941	%		66,595		70,200
08/01/36		4.126	%		51,161		53,262

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

14

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Residential Mortgage-Backed Securities – Agency (continued)
Federal National Mortgage Association (e)(f)
03/01/42		3.500	%	$	4,850,000	$	5,012,172
03/01/42		4.000	%		8,625,000		9,075,117
Federal National Mortgage Association (f)
03/01/17 - 09/01/32		6.500	%		706,959		799,568
09/01/17 - 11/01/32		6.000	%		1,169,122		1,283,337
04/01/18 - 12/01/20		4.500	%		585,940		629,827
12/01/20 - 06/01/40		5.000	%		3,212,808		3,484,113
07/01/23 - 02/01/38		5.500	%		1,782,965		1,948,414
06/01/31 - 08/01/32		7.000	%		650,902		771,956
CMO Series 2010-128 Class MA
04/25/38		4.500	%		2,561,934		2,647,567
CMO Series 2011-3 Class EK
05/25/20		2.750	%		696,986		720,582
CMO Series 2011-38 Class AH
05/25/20		2.750	%		944,992		975,082
Federal National Mortgage Association (f)(g) CMO IO Series 2003-63 Class IP
07/25/33		6.000	%		820,970		150,523
CMO IO Series 2003-71 Class IM
12/25/31		5.500	%		192,025		15,538
CMO IO Series 2004-84 Class GI
12/25/22		5.000	%		50,830		1,589
Federal National Mortgage Association (f)(h)
10/01/40		4.500	%		1,761,161		1,878,191
Government National Mortgage Association (f)
10/15/33		5.500	%		562,258		631,964
Government National Mortgage Association (f)(g) CMO IO Series 2002-70 Class IC
08/20/32		6.000	%		241,366		30,308
Total Residential Mortgage-Backed Securities – Agency (Cost: $88,530,287)						$	89,670,784
Residential Mortgage-Backed Securities – Non-Agency 0.1%
Citigroup Mortgage Loan Trust, Inc. CMO Series 2010-6 Class 1A1 (c)(f)
05/25/35		4.750	%	$	601,518	$	606,544
Structured Asset Securities Corp. (f) CMO Series 2003-14 Class 1A3
05/25/33		5.500	%		180,792		187,210
CMO Series 2003-21 Class 1A3
07/25/33		5.500	%		32,506		32,529
Total Residential Mortgage-Backed Securities – Non-Agency (Cost: $813,803)						$	826,283
Commercial Mortgage-Backed Securities – Agency 2.4%
Federal Home Loan Mortgage Corp. (f) CMO Series 1614 Class MZ
11/15/23		6.500	%	$	44,441	$	50,086
CMO Series 2735 Class OG
08/15/32		5.000	%		293,580		306,363
CMO Series 2872 Class GD
05/15/33		5.000	%		700,000		739,995

Issuer	Coupon Rate			Principal Amount		Value
Commercial Mortgage-Backed Securities – Agency (continued)
Federal Home Loan Mortgage Corp. (f) (cont.) CMO Series 3838 Class AB
11/15/18		3.000	%	$	977,677	$	1,003,641
Federal National Mortgage Association (d)(f) CMO Series 2006-M2 Class A2A
10/25/32		5.271	%		2,800,000		3,101,109
Federal National Mortgage Association (f) CMO Series 2009-14 Class PC
03/25/24		4.000	%		458,853		486,925
Government National Mortgage Association (d)(f) CMO Series 2010-52 Class AE
06/16/36		4.115	%		1,313,906		1,392,345
Government National Mortgage Association (f) CMO Series 2007-13 Class C
06/16/40		5.020	%		821,482		873,829
CMO Series 2009-100 Class AP
05/16/39		4.000	%		180,067		190,738
CMO Series 2010-159 Class A
01/16/33		2.159	%		1,264,307		1,285,021
CMO Series 2010-161 Class AB
05/16/35		2.110	%		339,388		345,237
CMO Series 2011-149 Class A
10/16/46		3.000	%		1,993,150		2,089,748
CMO Series 2011-16 Class A
11/16/34		2.210	%		1,023,202		1,037,661
CMO Series 2011-31 Class A
12/16/35		2.210	%		708,799		722,681
CMO Series 2011-49 Class A
07/16/38		2.450	%		761,709		781,474
CMO Series 2011-64 Class A
08/16/34		2.380	%		4,019,593		4,103,739
CMO Series 2011-64 Class AD
11/16/38		2.700	%		861,802		889,105
CMO Series 2011-78 Class A
08/16/34		2.250	%		3,340,174		3,397,109
CMO Series 2012-25 Class A
11/16/42		2.575	%		3,512,195		3,635,396
CMO Series 2012-9 Class A
05/16/39		3.220	%		998,298		1,048,332
Total Commercial Mortgage-Backed Securities – Agency (Cost: $27,233,778)						$	27,480,534
Commercial Mortgage-Backed Securities – Non-Agency 2.8%
Americold LLC Trust Series 2010-ARTA Class A1 (c)(f)
01/14/29		3.847	%	$	411,294	$	433,860
Banc of America Merrill Lynch Commercial Mortgage, Inc. (f) Series 2005-3 Class A3A
07/10/43		4.621	%		425,000		431,793
Series 2005-3 Class A4
07/10/43		4.668	%		375,000		412,239
Bear Stearns Commercial Mortgage Securities (d)(f) Series 2005-T20 Class AAB
10/12/42		5.129	%		680,498		715,959
Series 2007-T28 Class A4
09/11/42		5.742	%		750,000		875,068

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

15

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Commercial Mortgage-Backed Securities – Non-Agency (continued)
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4 (f)
12/11/49		5.322	%	$	625,000	$	690,492
Commercial Mortgage Pass-Through Certificates (c)(f) Series 2011-THL Class A
06/09/28		3.376	%		1,900,000		1,944,559
Commercial Mortgage Pass-Through Certificates (f) Series 2006-C8 Class AAB
12/10/46		5.291	%		1,189,454		1,276,899
Credit Suisse First Boston Mortgage Securities Corp. (d)(f) Series 2004-C1 Class A4
01/15/37		4.750	%		415,000		437,237
Series 2005-C4 Class AAB
08/15/38		5.065	%		337,863		343,615
Credit Suisse First Boston Mortgage Securities Corp. (f) Series 2003-C5 Class A3
12/15/36		4.429	%		65,172		65,297
Series 2004-C2 Class A1
05/15/36		3.819	%		57,841		58,912
Credit Suisse Mortgage Capital Certificates Series 2006-C2 Class A2 (d)(f)
03/15/39		5.663	%		548,375		561,001
DBUBS Mortgage Trust Series 2011-LC1A Class A3 (c)(f)
11/10/46		5.002	%		150,000		171,586
GE Capital Commercial Mortgage Corp. Series 2003-C1 Class A4 (f)
01/10/38		4.819	%		512,017		525,639
GMAC Commercial Mortgage Securities, Inc. Series 2004-C1 Class A4 (f)
03/10/38		4.908	%		995,000		1,058,196
GS Mortgage Securities Corp. II (c)(f) Series 2011-GC3 Class A1
03/10/44		2.331	%		630,027		640,127
GS Mortgage Securities Corp. II (d)(f) Series 2007-GG10 Class F
08/10/45		5.788	%		575,000		55,775
General Electric Capital Assurance Co. (c)(d)(f) Series 2003-1 Class A4
05/12/35		5.254	%		361,936		386,340
Series 2003-1 Class A5
05/12/35		5.743	%		250,000		302,234
Greenwich Capital Commercial Funding Corp. (d)(f) Series 2005-GG5 Class AAB
04/10/37		5.190	%		526,137		556,769
Greenwich Capital Commercial Funding Corp. (f) Series 2005-GG3 Class AAB
08/10/42		4.619	%		1,456,845		1,502,392
Series 2005-GG5 Class A2
04/10/37		5.117	%		422,649		424,975
Series 2007-GG9 Class A4
03/10/39		5.444	%		2,600,000		2,886,523
JPMorgan Chase Commercial Mortgage Securities Corp. (c)(f) Series 2009-IWST Class A2
12/05/27		5.633	%		300,000		344,879
Series 2010-C1 Class A1
06/15/43		3.853	%		289,672		304,953

Issuer	Coupon Rate			Principal Amount		Value
Commercial Mortgage-Backed Securities – Non-Agency (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. (c)(f) (cont.) Series 2010-C2 Class A3
11/15/43		4.070	%	$	200,000	$	213,674
Series 2010-CNTR Class A2
08/05/32		4.311	%		450,000		474,276
Series 2011-C3 Class A4
02/15/46		4.717	%		450,000		500,184
JPMorgan Chase Commercial Mortgage Securities Corp. (d)(f) Series 2005-CB11 Class ASB
08/12/37		5.201	%		691,885		721,735
Series 2005-LDP3 Class ASB
08/15/42		4.893	%		352,714		372,795
Series 2005-LDP4 Class ASB
10/15/42		4.824	%		251,935		264,159
Series 2005-LDP5 Class A4
12/15/44		5.206	%		600,000		672,236
Series 2006-LDP6 Class ASB
04/15/43		5.490	%		116,019		123,457
JPMorgan Chase Commercial Mortgage Securities Corp. (f) Series 2003-LN1 Class A1
10/15/37		4.134	%		261,340		267,423
Series 2003-ML1A Class A1
03/12/39		3.972	%		81,022		81,302
Series 2004-LN2 Class A1
07/15/41		4.475	%		360,522		364,246
Series 2005-LDP2 Class A3
07/15/42		4.697	%		150,900		152,038
Series 2005-LDP2 Class ASB
07/15/42		4.659	%		280,518		293,694
Series 2007-CB18 Class A3
06/12/47		5.447	%		708,303		745,864
Series 2007-CB18 Class A4
06/12/47		5.440	%		820,000		921,794
LB-UBS Commercial Mortgage Trust (d)(f) Series 2004-C2 Class A3
03/15/29		3.973	%		266,545		271,553
Series 2007-C7 Class A3
09/15/45		5.866	%		550,000		624,436
LB-UBS Commercial Mortgage Trust (f) Series 2007-C1 Class AAB
02/15/40		5.403	%		802,357		853,425
Morgan Stanley Capital I (c)(d)(f) Series 2011-C1 Class A4
09/15/47		5.033	%		300,000		346,200
Morgan Stanley Capital I (f) Series 2006-IQ12 Class AAB
12/15/43		5.325	%		791,858		818,782
Morgan Stanley Reremic Trust (c)(d)(f) Series 2009-GG10 Class A4A
08/12/45		5.788	%		825,000		939,389
Series 2010-GG10 Class A4A
08/15/45		5.788	%		2,325,000		2,647,368
Nationslink Funding Corp. Series 1999-LTL1 Class A3 (f)
01/22/26		7.104	%		222,937		238,444
SACO I, Inc. CMO Series 1995-1 Class A (c)(d)(f)(i)(j)
09/25/24		0.000	%		5,167		1,705

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

16

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
Commercial Mortgage-Backed Securities – Non-Agency (continued)
Wachovia Bank Commercial Mortgage Trust (d)(f) Series 2005- C22 Class AM
12/15/44		5.319	%	$	200,000	$	211,632
Wachovia Bank Commercial Mortgage Trust (f) Series 2005-C17 Class APB
03/15/42		5.037	%		636,033		660,379
Series 2006-C27 Class APB
07/15/45		5.727	%		421,451		431,232
Total Commercial Mortgage-Backed Securities – Non-Agency (Cost: $30,276,364)						$	31,620,741
Asset-Backed Securities – Non-Agency 0.7%
Access Group, Inc. Series 2005-1 Class A1 (d)
06/22/18		0.650	%	$	65,775	$	65,694
Ally Master Owner Trust CMO Series 2011-3 Class A1 (d)
05/15/16		0.879	%		1,275,000		1,270,235
AmeriCredit Automobile Receivables Trust Series 2012-1 Class A2
10/08/15		0.910	%		350,000		350,014
Avis Budget Rental Car Funding AESOP LLC Series 2010-2A Class A (c)
08/20/14		3.630	%		250,000		255,214
Capital Auto Receivables Asset Trust Series 2007-4A Class A4
05/15/14		5.300	%		57,058		57,373
Chrysler Financial Auto Securitization Trust Series 2010-A Class A3
08/08/13		0.910	%		550,000		550,138
Cityscape Home Equity Loan Trust Series 1997-B Class A7 (i)
05/25/28		7.410	%		58,420		29,243
DT Auto Owner Trust Series 2009-1 Class A1 (c)
10/15/15		2.980	%		151,682		151,682
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1 (c)(d)
04/26/37		0.406	%		231,644		227,348
Equifirst Mortgage Loan Trust Series 2003-1 Class IF1 (d)
12/25/32		4.010	%		118,099		114,271
GTP Towers Issuer LLC (c)
02/15/15		4.436	%		200,000		199,815
Hertz Vehicle Financing LLC (c) Series 2009-2A Class A1
03/25/14		4.260	%		550,000		564,684
Series 2009-2A Class A2
03/25/16		5.290	%		500,000		550,035
Series 2010-1A Class A1
02/25/15		2.600	%		300,000		307,147
Keycorp Student Loan Trust Series 1999-A Class A2 (d)
12/27/29		0.904	%		501,121		490,813
SBA Tower Trust (c)
04/15/40		4.254	%		500,000		512,108

Issuer	Coupon Rate			Principal Amount		Value
Asset-Backed Securities – Non-Agency (continued)
SLM Student Loan Trust (c) Series 2012-A Class A2
01/17/45		3.830	%	$	500,000	$	500,040
SLM Student Loan Trust (c)(d) Series 2011-C Class A1
12/15/23		1.649	%		553,606		553,606
SLM Student Loan Trust (d) Series 2006-C Class A2
09/15/20		0.596	%		194,245		193,311
Santander Drive Auto Receivables Trust Series 2010-2 Class A2
08/15/13		0.950	%		204,268		204,427
Series 2012-1 Class B
05/16/16		2.720	%		400,000		406,983
Sierra Receivables Funding Co. LLC (c) Series 2010-1A Class A1
07/20/26		4.480	%		59,440		61,732
Series 2010-2A Class A
11/20/25		3.840	%		125,520		128,162
Series 2010-3A Class A
11/20/25		3.510	%		102,468		104,871
Sierra Receivables Funding Co. LLC (c)(d) Series 2007-2A Class A2 (NPFGC)
09/20/19		1.246	%		253,625		248,949
Total Asset-Backed Securities – Non-Agency (Cost: $8,016,565)						$	8,097,895
Inflation-Indexed Bonds 0.2%
U.S. Treasury Inflation-Indexed Bond
07/15/12		3.000	%	$	979,001	$	1,006,765
07/15/15		1.875	%		893,362		1,001,821
07/15/17		2.625	%		435,540		528,773
Total Inflation-Indexed Bonds (Cost: $2,422,769)						$	2,537,359
U.S. Treasury Obligations 1.8%
U.S. Treasury (b)
03/31/16		2.250	%	$	3,005,000	$	3,197,037
02/15/36		4.500	%		3,736,000		4,750,556
08/15/40		3.875	%		11,396,000		13,210,460
Total U.S. Treasury Obligations (Cost: $18,371,742)						$	21,158,053
U.S. Government & Agency Obligations 5.4%
Federal Home Loan Mortgage Corp.
04/01/17		6.000	%	$	119,963	$	129,571
05/01/17		6.000	%		8,389		9,061
05/01/17		6.000	%		23,007		24,850
05/01/17		6.000	%		32,963		35,603
12/01/17		5.500	%		453,490		493,555
12/01/18		5.500	%		423,895		460,947
07/01/21		5.500	%		58,456		63,383
08/01/21		5.500	%		2,452		2,659
08/01/32		6.500	%		53,281		60,551

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

17

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate			Principal Amount		Value
U.S. Government & Agency Obligations (continued)
Federal Home Loan Mortgage Corp. (cont.)
12/01/36		5.500	%	$	284,499	$	309,361
06/01/37		6.000	%		682,325		751,106
10/01/37		6.000	%		275,055		302,782
12/01/37		6.000	%		15,467		17,026
01/01/38		6.000	%		594,488		654,414
01/01/38		6.000	%		4,533,226		4,990,192
02/01/38		5.500	%		68,279		74,150
03/01/38		6.500	%		161,775		181,524
05/01/38		5.500	%		750,377		814,896
05/01/38		5.500	%		4,659,336		5,059,956
08/01/38		6.000	%		99,276		109,284
09/01/38		6.000	%		620,000		682,499
10/01/38		5.000	%		1,965,692		2,119,876
12/01/38		5.500	%		570,937		620,027
01/01/39		5.500	%		588,901		639,720
01/01/39		6.000	%		8,775		9,659
10/01/39		4.500	%		912,953		970,481
10/01/39		4.500	%		705,635		750,099
10/01/39		6.000	%		171,797		188,900
01/01/40		4.500	%		1,077,947		1,145,872
01/01/40		5.000	%		830,841		895,231
05/01/40		5.500	%		2,058,579		2,236,223
06/01/40		4.500	%		2,046,744		2,175,716
07/01/40		4.500	%		1,240,847		1,319,037
08/01/40		5.000	%		770,827		830,686
09/01/40		4.500	%		4,585,841		4,874,810
10/01/40		4.500	%		207,422		220,493
02/01/41		5.000	%		2,514,233		2,714,586
04/01/41		4.500	%		5,151,886		5,476,523
05/01/41		5.000	%		3,886,325		4,190,551
06/01/41		4.500	%		3,483,247		3,702,738
Federal National Mortgage Association
08/01/18		5.500	%		192,444		211,400
01/01/25		4.000	%		1,011,311		1,071,403
09/01/32		6.500	%		265,374		303,029
12/01/33		6.500	%		558,581		637,086
12/01/34		6.500	%		389,072		443,348
05/01/35		5.500	%		1,632,337		1,782,635
03/01/37		5.500	%		666,471		726,796
03/01/37		6.500	%		107,123		121,286
05/01/37		5.000	%		653,185		705,965
06/01/37		5.500	%		485,331		528,957
08/01/37		6.500	%		80,785		91,163
09/01/37		5.500	%		755,604		823,524
03/01/38		5.000	%		320,436		346,328
08/01/39		5.000	%		846,517		914,654
05/01/40		4.500	%		1,096,489		1,169,352
Government National Mortgage Association
10/15/31		7.000	%		33,992		40,346
04/15/32		7.000	%		31,936		37,995
05/15/32		7.000	%		68,820		81,876
02/15/34		5.000	%		602,008		666,539
12/15/37		6.000	%		230,639		259,496
02/15/39		4.500	%		73,966		80,843
Total U.S. Government & Agency Obligations (Cost: $59,499,181)						$	61,352,619

Issuer	Coupon Rate			Principal Amount		Value
Foreign Government Obligations 0.8%
CANADA 0.7%
Province of Nova Scotia Senior Unsecured
01/26/17		5.125	%	$	2,200,000	$	2,574,931
Province of Ontario Senior Unsecured (b)
12/15/17		3.150	%		2,570,000		2,770,768
Province of Quebec Senior Unsecured (b)
05/14/18		4.625	%		2,150,000		2,506,296
Total							7,851,995
MEXICO 0.1%
Pemex Project Funding Master Trust
01/21/21		5.500	%		1,175,000		1,288,740
Total Foreign Government Obligations (Cost: $8,709,322)						$	9,140,735
Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds 0.2%
State of Illinois Unlimited General Obligation Bonds Taxable Series 2011
03/01/15		4.511	%	$	1,650,000	$	1,737,665
Total Municipal Bonds (Cost: $1,658,998)						$	1,737,665
Borrower	Weighted Average Coupon			Principal Amount		Value
Senior Loans —%
Automotive —%
Schaeffler AG Tranche C2 Term Loan (d)(k)(l)
01/27/17		6.000	%	$	35,000	$	35,102
Brokerage —%
Nuveen Investments, Inc. 2nd Lien Term Loan (d)(k)(l)
03/01/19		8.250	%		79,000		79,691
Gaming —%
Caesars Octavius LLC Tranche B Term Loan (d)(k)
04/25/17		9.250	%		23,000		22,655
ROC Finance LLC Tranche B Term Loan (d)(k)
08/19/17		8.500	%		27,000		27,203
Total							49,858
Media Non-Cable —%
Clear Channel Communications, Inc. Tranche B Term Loan (d)(k)(l)
01/29/16		3.894	%		54,000		44,323
Cumulus Media Holdings, Inc. 2nd Lien Term Loan (d)(k)
03/18/19		7.500	%		149,000		149,496
Total							193,819

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

18

Columbia Balanced Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Borrower	Weighted Average Coupon			Principal Amount		Value
Senior Loans (continued)
Property & Casualty —%
Lonestar Intermediate Super Holdings LLC Term Loan (d)(k)(l)
08/07/19		11.000	%	$	114,000	$	115,539
Total Senior Loans (Cost: $460,005)						$	474,009

Issuer	Shares		Value
Warrants —%
ENERGY —%
Energy Equipment & Services —%
Green Field Energy Services, Inc. (a)		127	$	8,382
TOTAL ENERGY				8,382
Total Warrants (Cost: $5,142)			$	8,382
	Shares		Value
Money Market Funds 6.6%
Columbia Short-Term Cash Fund, 0.166% (m)(n)		75,846,799	$	75,846,799
Total Money Market Funds (Cost: $75,846,799)			$	75,846,799

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 6.0%
Asset-Backed Commercial Paper 0.9%
Atlantic Asset Securitization LLC
03/01/12		0.300	%	$	4,999,708	$	4,999,708
Rhein-Main Securitisation Ltd.
03/21/12		0.700	%		4,997,375		4,997,375
Total							9,997,083
Certificates of Deposit 1.4%
ABM AMRO Bank N.V.
03/21/12		0.310	%		3,999,001		3,999,001
DZ Bank AG
03/12/12		0.250	%		4,000,000		4,000,000

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (cont.)
Hong Kong Shanghai Bank Corp., Ltd.
03/12/12		0.250	%	$	2,000,000	$	2,000,000
Norinchukin Bank
05/21/12		0.470	%		3,000,000		3,000,000
Skandinaviska Enskilda Banken
04/16/12		0.360	%		2,000,000		2,000,000
Standard Chartered Bank PLC
03/05/12		0.630	%		1,000,000		1,000,000
Total							15,999,001
Commercial Paper 0.2%
State Development Bank of NorthRhine-Westphalia
03/13/12		0.240	%		1,999,613		1,999,613
Repurchase Agreements 3.5%
Citigroup Global Markets, Inc. dated 02/29/12, matures 03/01/12, repurchase price $3,000,036 (o)
		0.130	%		10,000,000		10,000,000
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $9,457,040 (o)
		0.160	%		475,425		475,425
Mizuho Securities USA, Inc. dated 02/29/12, matures 03/01/12, repurchase price $15,000,092 (o)
		0.220	%		7,000,000		7,000,000
Nomura Securities dated 02/29/12, matures 03/01/12, repurchase price $10,000,061 (o)
		0.200	%		20,000,000		20,000,000
Pershing LLC dated 02/29/12, matures 03/01/12, repurchase price $5,000,040 (o)
		0.290	%		3,000,000		3,000,000
Total							40,475,425
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $68,471,122)						$	68,471,122
Total Investments (Cost: $1,113,851,789)						$	1,265,132,847
Other Assets & Liabilities, Net							(121,465,312	)
Net Assets						$	1,143,667,535

Investments in Derivatives

Futures Contracts Outstanding at February 29, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value			Expiration Date	Unrealized Appreciation
U.S. Treasury Note, 5-year		(227	)		(27,960,017	)	June 2012	$	33,296

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

19

Columbia Balanced Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At February 29, 2012, security was partially or fully on loan.

(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the value of these securities amounted to $37,531,221 or 3.28% of net assets.

(d)  Variable rate security. The interest rate shown reflects the rate as of February 29, 2012.

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

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

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

(h)  At February 29, 2012, investments in securities included securities valued at $173,733 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

(i)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 29, 2012 was $30,948, representing less than 0.01% of net assets. Information concerning such security holdings at February 29, 2012 was as follows:

Security Description	Acquisition Dates	Cost
Cityscape Home Equity Loan Trust Series 1997-B Class A7 7.410% 05/25/28	03/31/98-05/13/11	$	58,436
SACO I, Inc. CMO Series 1995-1 Class A 0.000% 09/25/24	04/30/99-12/20/02		4,903

(j)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 29, 2012, the value of these securities amounted to $1,705, which represents less than 0.01% of net assets.

(k)  Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate ("LIBOR") and other short-term rates. The interest rate shown reflects the weighted average of the coupon rates in effect as of February 29, 2012. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(l)  Represents a senior loan purchased on a when-issued or delayed delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

(m)  The rate shown is the seven-day current annualized yield at February 29, 2012.

(n)  Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	41,531,683	$	204,283,344	$	(169,968,228	)	$	—	$	75,846,799	$	52,204	$	75,846,799

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

20

Columbia Balanced Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(o)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	4,785,468
Fannie Mae-Aces		529,857
Freddie Mac REMICS		3,838,826
Government National Mortgage Association		1,045,849
Total Market Value of Collateral Securities	$	10,200,000

Credit Suisse Securities (USA) LLC (0.160%)

Security Description	Value
Ginnie Mae I Pool	$	340,358
Ginnie Mae II Pool		144,577
Total Market Value of Collateral Securities	$	484,935

Mizuho Securities USA, Inc. (0.220%)

Security Description	Value
Fannie Mae Pool	$	2,261,478
Freddie Mac Gold Pool		37,001
Freddie Mac REMICS		418,399
Ginnie Mae I Pool		2,801,865
Ginnie Mae II Pool		1,336,484
Government National Mortgage Association		284,773
Total Market Value of Collateral Securities	$	7,140,000

Nomura Securities (0.200%)

Security Description	Value
Ginnie Mae II Pool	$	20,400,000
Total Market Value of Collateral Securities	$	20,400,000

Pershing LLC (0.290%)

Security Description	Value
Fannie Mae Pool	$	489,761
Fannie Mae REMICS		413,015
Fannie Mae-Aces		4,162
Federal Farm Credit Bank		37,011
Federal Home Loan Banks		39,808
Federal Home Loan Mortgage Corp		93,834
Federal National Mortgage Association		115,734
Freddie Mac Gold Pool		198,735
Freddie Mac Non Gold Pool		55,505
Freddie Mac Reference REMIC		13
Freddie Mac REMICS		384,684
Ginnie Mae I Pool		502,006
Ginnie Mae II Pool		447,572
Government National Mortgage Association		160,601
United States Treasury Note/Bond		110,756
United States Treasury Strip Coupon		6,803
Total Market Value of Collateral Securities	$	3,060,000

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

21

Columbia Balanced Fund

February 29, 2012 (Unaudited)

Abbreviation Legend

ADR  American Depositary Receipt

CMO  Collateralized Mortgage Obligation

NPFGC  National Public Finance Guarantee Corporation

PIK  Payment-in-Kind

Fair Value Measurements

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

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

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

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

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

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

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

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

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

22

Columbia Balanced Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary	$	67,163,570	$	—	$	—	$	67,163,570
Consumer Staples		75,403,941		—		—		75,403,941
Energy		86,801,312		—		—		86,801,312
Financials		104,577,360		—		—		104,577,360
Health Care		85,617,477		—		—		85,617,477
Industrials		77,962,945		—		—		77,962,945
Information Technology		204,188,531		—		—		204,188,531
Materials		22,338,720		—		—		22,338,720
Telecommunication Services		6,431,816		—		—		6,431,816
Utilities		2,754,162		—		—		2,754,162
Warrants
Energy		—		8,382		—		8,382
Total Equity Securities		733,239,834		8,382		—		733,248,216
Bonds
Corporate Bonds & Notes
Electric		—		9,748,668		59,201		9,807,869
All Other Industries		—		123,662,164		—		123,662,164
Residential Mortgage-Backed Securities — Agency		—		89,670,784		—		89,670,784
Residential Mortgage-Backed Securities — Non-Agency		—		826,283		—		826,283
Commercial Mortgage-Backed Securities — Agency		—		27,480,534		—		27,480,534
Commercial Mortgage-Backed Securities — Non-Agency		—		31,619,036		1,705		31,620,741
Asset-Backed Securities — Non-Agency		—		8,097,895		—		8,097,895
Inflation-Indexed Bonds		—		2,537,359		—		2,537,359
U.S. Treasury Obligations		21,158,053		—		—		21,158,053
U.S. Government & Agency Obligations		—		61,352,619		—		61,352,619
Foreign Government Obligations		—		9,140,735		—		9,140,735
Municipal Bonds		—		1,737,665		—		1,737,665
Total Bonds		21,158,053		365,873,742		60,906		387,092,701
Other
Senior Loans		—		474,009		—		474,009
Money Market Funds		75,846,799		—		—		75,846,799
Investments of Cash Collateral Received for Securities on Loan		—		68,471,122		—		68,471,122
Total Other		75,846,799		68,945,131		—		144,791,930
Investments in Securities		830,244,686		434,827,255		60,906		1,265,132,847
Derivatives(c)
Assets
Futures Contracts		33,296		—		—		33,296
Total	$	830,277,982	$	434,827,255	$	60,906	$	1,265,166,143

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.

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

Certain Corporate Bonds and Residential Backed Securities classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the utilization of single market quotations from broker dealers, estimated cash flows of the security and observed yields on securities management deemed comparable.

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

(b)  There were no significant transfers between Levels 1 and 2 during the period.

(c)  Derivative instruments are valued at unrealized appreciation (depreciation).

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

23

Columbia Balanced Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

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

	Corporate Bonds & Notes			Commercial Mortgage-Backed Securities — Non-Agency			Total
Balance as of August 31, 2011	$	50,634		$	1,981		$	52,615
Accrued discounts/premiums		(157	)		6			(151	)
Realized gain (loss)		—			31			31
Change in unrealized appreciation (depreciation)*		2,444			523			2,967
Sales		(6,263	)		(836	)		(7,099	)
Purchases		12,543			—			12,543
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of February 29, 2012	$	59,201		$	1,705		$	60,906

*  Change in unrealized appreciation (depreciation) relating to securities held at February 29, 2012 was $2,967, which is comprised of Corporate Bonds & Notes of $2,444 and Commercial Mortgage-Backed Securities-Non-Agency of $523.

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

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

24

Statement of Assets and Liabilities – Columbia Balanced Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $969,533,868)	$	1,120,814,926
Affiliated issuers (identified cost $75,846,799)		75,846,799
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $27,995,697)		27,995,697
Repurchase agreements (identified cost $40,475,425)		40,475,425
Total investments (identified cost $1,113,851,789)		1,265,132,847
Cash		1,511
Receivable for:
Investments sold		4,660,521
Capital shares sold		1,802,439
Dividends		1,608,215
Interest		2,685,957
Reclaims		6,925
Variation margin on futures contracts		49,656
Receivable for equity-linked notes (Note 8)		198,824
Prepaid expense		77,004
Trustees' deferred compensation plan		30,902
Other assets		3,553
Total assets		1,276,258,354
Liabilities
Due upon return of securities on loan		68,471,122
Payable for:
Investments purchased		1,926,255
Investments purchased on a delayed delivery basis		61,104,006
Capital shares purchased		948,735
Investment management fees		19,707
Distribution and service fees		6,981
Transfer agent fees		1,556
Administration fees		1,772
Plan administration fees		11,581
Chief compliance officer expenses		857
Expense reimbursement due to Investment Manager		920
Other expenses		66,424
Trustees' deferred compensation plan		30,903
Total liabilities		132,590,819
Net assets applicable to outstanding capital stock	$	1,143,667,535

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

25

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

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	1,143,959,315
Undistributed net investment income		1,814,672
Accumulated net realized loss		(153,552,330	)
Unrealized appreciation (depreciation) on:
Investments		151,281,058
Foreign currency translations		40
Futures contracts		33,296
Receivables for equity-linked notes		131,484
Total — representing net assets applicable to outstanding capital stock	$	1,143,667,535
*Value of securities on loan	$	87,622,215
Net assets applicable to outstanding shares
Class A	$	730,953,130
Class B	$	14,128,591
Class C	$	58,037,906
Class R	$	755,111
Class R4	$	57,970,751
Class R5	$	14,129
Class Z	$	281,807,917
Shares outstanding
Class A		26,607,308
Class B		515,449
Class C		2,117,304
Class R		27,503
Class R4		2,112,876
Class R5		515
Class Z		10,273,379
Net asset value per share
Class A(a)	$	27.47
Class B	$	27.41
Class C	$	27.41
Class R	$	27.46
Class R4	$	27.44
Class R5	$	27.43
Class Z	$	27.43

^(a)  The maximum offering price per share for Class A is $29.15. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

26

Statement of Operations – Columbia Balanced Fund

Six months ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	6,154,968
Interest		6,230,907
Dividends from affiliates		52,204
Income from securities lending — net		33,561
Foreign taxes withheld		(17,964	)
Total income		12,453,676
Expenses:
Investment management fees		3,278,587
Distribution fees
Class B		51,610
Class C		189,583
Class R		1,575
Service fees
Class A		837,133
Class B		17,203
Class C		63,194
Transfer agent fees
Class A		437,832
Class B		10,676
Class C		36,530
Class R		382
Class R4		10,377
Class R5		3
Class Z		191,807
Administration fees		295,423
Plan administration fees
Class R4		63,593
Compensation of board members		15,159
Custodian fees		31,935
Printing and postage fees		114,947
Registration fees		69,030
Professional fees		33,823
Chief compliance officer expenses		610
Other		13,285
Total expenses		5,764,297
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(206,716	)
Expense reductions		(8,350	)
Total net expenses		5,549,231
Net investment income		6,904,445
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		4,624,417
Foreign currency translations		164
Futures contracts		(156,645	)
Net realized gain		4,467,936
Net change in unrealized appreciation (depreciation) on:
Investments		86,947,591
Foreign currency translations		(388	)
Futures contracts		33,296
Receivables for equity-linked notes (Note 8)		73,327
Net change in unrealized appreciation		87,053,826
Net realized and unrealized gain		91,521,762
Net increase in net assets resulting from operations	$	98,426,207

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

27

Statement of Changes in Net Assets – Columbia Balanced Fund

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011(a)
Operations
Net investment income	$	6,904,445		$	8,840,942
Net realized gain		4,467,936			72,785,885
Net change in unrealized appreciation (depreciation)		87,053,826			(68,061,197	)
Net increase in net assets resulting from operations		98,426,207			13,565,630
Distributions to shareholders from:
Net investment income
Class A		(5,001,160	)		(3,252,467	)
Class B		(50,493	)		(69,139	)
Class C		(178,532	)		(247,527	)
Class R		(3,644	)		(1,076	)
Class R4		(381,559	)		(193,796	)
Class R5		(119	)		(65	)
Class Z		(2,063,629	)		(3,981,481	)
Net realized gains
Class A		(20,711,134	)		—
Class B		(429,546	)		—
Class C		(1,560,825	)		—
Class R		(20,767	)		—
Class R4		(1,557,751	)		—
Class R5		(410	)		—
Class Z		(7,758,803	)		—
Total distributions to shareholders		(39,718,372	)		(7,745,551	)
Increase in net assets from share transactions		85,878,988			688,478,226
Total increase in net assets		144,586,823			694,298,305
Net assets at beginning of period		999,080,712			304,782,407
Net assets at end of period	$	1,143,667,535		$	999,080,712
Undistributed net investment income	$	1,814,672		$	2,589,363

^(a)  Class R shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011. Class R4 and Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

28

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		2,975,847			77,464,819			4,097,494			109,789,727
Fund merger		—			—			20,549,276			561,494,311
Distributions reinvested		892,468			22,750,436			106,954			2,822,636
Redemptions		(2,499,447	)		(64,484,204	)		(2,310,903	)		(61,991,295	)
Net increase		1,368,868			35,731,051			22,442,821			612,115,379
Class B shares
Subscriptions		53,620			1,397,114			85,828			2,280,535
Fund merger		—			—			462,837			12,629,489
Distributions reinvested		16,657			425,031			2,073			53,855
Redemptions(b)		(102,104	)		(2,648,987	)		(290,998	)		(7,827,535	)
Net increase (decrease)		(31,827	)		(826,842	)		259,740			7,136,344
Class C shares
Subscriptions		384,906			10,081,252			665,018			17,720,656
Fund merger		—			—			363,653			9,925,779
Distributions reinvested		57,479			1,466,786			7,365			190,187
Redemptions		(180,763	)		(4,706,739	)		(275,801	)		(7,323,615	)
Net increase		261,622			6,841,299			760,235			20,513,007
Class R shares
Subscriptions		10,288			261,974			20,041			545,671
Fund merger		—			—			1,585			43,293
Distributions reinvested		943			24,065			39			1,036
Redemptions		(1,291	)		(33,869	)		(4,102	)		(110,926	)
Net increase		9,940			252,170			17,563			479,074
Class R4 shares
Subscriptions		286,747			7,473,871			140,928			3,826,921
Fund merger		—			—			2,037,460			55,628,315
Distributions reinvested		76,159			1,939,158			7,266			193,774
Redemptions		(125,292	)		(3,270,469	)		(310,392	)		(8,389,940	)
Net increase		237,614			6,142,560			1,875,262			51,259,070
Class R5 shares
Subscriptions		—			—			92			2,500
Fund merger		—			—			410			11,181
Distributions reinvested		12			313			1			34
Net increase		12			313			503			13,715
Class Z shares
Subscriptions		2,275,484			59,616,424			2,344,111			61,902,997
Distributions reinvested		307,330			7,817,775			123,335			3,182,331
Redemptions		(1,139,272	)		(29,695,762	)		(2,557,310	)		(68,123,691	)
Net increase (decrease)		1,443,542			37,738,437			(89,864	)		(3,038,363	)
Total net increase		3,289,771			85,878,988			25,266,260			688,478,226

^(a)  Class R shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011. Class R4 and Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

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

29

Financial Highlights – Columbia Balanced Fund

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

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period	$	26.06		$	23.29		$	22.46		$	24.03		$	24.77		$	22.51
Income from investment operations:
Net investment income		0.17			0.37			0.35			0.47			0.53			0.48
Net realized and unrealized gain (loss)		2.25			2.79			0.85			(1.52	)		(0.56	)		2.26
Total from investment operations		2.42			3.16			1.20			(1.05	)		(0.03	)		2.74
Less distributions to shareholders from:
Net investment income		(0.20	)		(0.39	)		(0.37	)		(0.52	)		(0.56	)		(0.48	)
Net realized gains		(0.81	)		—			—			—			(0.15	)		—
Total distributions to shareholders		(1.01	)		(0.39	)		(0.37	)		(0.52	)		(0.71	)		(0.48	)
Proceeds from regulatory settlement		—			—			0.00	(a)		—			—			—
Net asset value, end of period	$	27.47		$	26.06		$	23.29		$	22.46		$	24.03		$	24.77
Total return		9.60	%		13.57	%		5.33	%		(4.03	%)		(0.22	%)		12.26	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.13	%(c)		1.10	%		1.02	%		1.04	%		0.99	%		1.02	%
Net expenses after fees waived or expenses reimbursed(d)		1.09	%(c)(e)		1.03	%(e)		1.02	%(e)		1.04	%(e)		0.99	%(e)		1.02	%(e)
Net investment income		1.33	%(c)(e)		1.38	%(e)		1.47	%(e)		2.33	%(e)		2.14	%(e)		1.98	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	730,953		$	657,604		$	65,112		$	19,152		$	10,712		$	6,582
Portfolio turnover		62	%(f)		99	%		89	%		102	%		94	%		78	%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

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

^(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012

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

30

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period	$	26.00		$	23.24		$	22.41		$	23.99		$	24.73		$	22.47
Income from investment operations:
Net investment income		0.07			0.17			0.17			0.32			0.34			0.29
Net realized and unrealized gain (loss)		2.25			2.78			0.85			(1.53	)		(0.56	)		2.27
Total from investment operations		2.32			2.95			1.02			(1.21	)		(0.22	)		2.56
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.19	)		(0.19	)		(0.37	)		(0.37	)		(0.30	)
Net realized gains		(0.81	)		—			—			—			(0.15	)		—
Total distributions to shareholders		(0.91	)		(0.19	)		(0.19	)		(0.37	)		(0.52	)		(0.30	)
Proceeds from regulatory settlement		—			—			0.00	(a)		—			—			—
Net asset value, end of period	$	27.41		$	26.00		$	23.24		$	22.41		$	23.99		$	24.73
Total return		9.18	%		12.71	%		4.56	%		(4.82	%)		(0.97	%)		11.45	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.90	%(c)		1.84	%		1.77	%		1.79	%		1.74	%		1.77	%
Net expenses after fees waived or expenses reimbursed(d)		1.86	%(c)(e)		1.78	%(e)		1.77	%(e)		1.79	%(e)		1.74	%(e)		1.77	%(e)
Net investment income		0.55	%(c)(e)		0.64	%(e)		0.73	%(e)		1.63	%(e)		1.37	%(e)		1.20	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	14,129		$	14,227		$	6,683		$	6,934		$	7,551		$	6,955
Portfolio turnover		62	%(f)		99	%		89	%		102	%		94	%		78	%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

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

^(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012.

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

31

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period	$	25.99		$	23.24		$	22.42		$	23.99		$	24.73		$	22.48
Income from investment operations:
Net investment income		0.07			0.17			0.17			0.31			0.34			0.29
Net realized and unrealized gain (loss)		2.26			2.77			0.84			(1.51	)		(0.56	)		2.26
Total from investment operations		2.33			2.94			1.01			(1.20	)		(0.22	)		2.55
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.19	)		(0.19	)		(0.37	)		(0.37	)		(0.30	)
Net realized gains		(0.81	)		—			—			—			(0.15	)		—
Total distributions to shareholders		(0.91	)		(0.19	)		(0.19	)		(0.37	)		(0.52	)		(0.30	)
Proceeds from regulatory settlement		—			—			0.00	(a)		—			—			—
Net asset value, end of period	$	27.41		$	25.99		$	23.24		$	22.42		$	23.99		$	24.73
Total return		9.22	%		12.67	%		4.51	%		(4.77	%)		(0.97	%)		11.40	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.89	%(c)		1.84	%		1.77	%		1.79	%		1.74	%		1.77	%
Net expenses after fees waived or expenses reimbursed(d)		1.85	%(c)(e)		1.79	%(e)		1.77	%(e)		1.79	%(e)		1.74	%(e)		1.77	%(e)
Net investment income		0.57	%(c)(e)		0.62	%(e)		0.71	%(e)		1.57	%(e)		1.39	%(e)		1.20	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	58,038		$	48,236		$	25,462		$	11,014		$	3,209		$	1,887
Portfolio turnover		62	%(f)		99	%		89	%		102	%		94	%		78	%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

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

^(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012.

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

32

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R
Per share data
Net asset value, beginning of period	$	26.04		$	24.62
Income from investment operations:
Net investment income		0.14			0.30
Net realized and unrealized gain		2.26			1.35
Total from investment operations		2.40			1.65
Less distributions to shareholders from:
Net investment income		(0.17	)		(0.23	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(0.98	)		(0.23	)
Net asset value, end of period	$	27.46		$	26.04
Total return		9.51	%		6.70	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.37	%(c)		1.37	%(c)
Net expenses after fees waived or expenses reimbursed(d)		1.33	%(c)(e)		1.28	%(c)(e)
Net investment income		1.11	%(c)(e)		1.20	%(c)(e)
Supplemental data
Net assets, end of period (in thousands)	$	755		$	457
Portfolio turnover		62	%(f)		99	%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

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

^(c)  Annualized.

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

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

^(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012. .

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

33

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R4
Per share data
Net asset value, beginning of period	$	26.02		$	27.16
Income from investment operations:
Net investment income		0.18			0.18
Net realized and unrealized gain (loss)		2.26			(1.15	)(b)
Total from investment operations		2.44			(0.97	)
Less distributions to shareholders from:
Net investment income		(0.21	)		(0.17	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(1.02	)		(0.17	)
Net asset value, end of period	$	27.44		$	26.02
Total return		9.68	%		(3.59	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.04	%(d)		1.02	%(d)
Net expenses after fees waived or expenses reimbursed(e)		1.04	%(d)		1.02	%(d)(f)
Net investment income		1.38	%(d)		1.40	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	57,971		$	48,799
Portfolio turnover		62	%(g)		99	%

Notes to Financial Highlights

^(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

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

^(d)  Annualized.

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

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

^(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012.

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

34

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R5
Per share data
Net asset value, beginning of period	$	26.02		$	27.16
Income from investment operations:
Net investment income		0.21			0.24
Net realized and unrealized gain (loss)		2.25			(1.18	)(b)
Total from investment operations		2.46			(0.94	)
Less distributions to shareholders from:
Net investment income		(0.24	)		(0.20	)
Net realized gains		(0.81	)		—
Total distributions to shareholders		(1.05	)		(0.20	)
Net asset value, end of period	$	27.43		$	26.02
Total return		9.79	%		(3.46	%)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.79	%(d)		0.75	%(d)
Net expenses after fees waived or expenses reimbursed(e)		0.79	%(d)		0.73	%(d)(f)
Net investment income		1.63	%(d)		1.79	%(d)(f)
Supplemental data
Net assets, end of period (in thousands)	$	14		$	13
Portfolio turnover		62	%(g)		99	%

Notes to Financial Highlights

^(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

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

^(d)  Annualized.

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

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

^(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012.

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

35

Financial Highlights(continued) – Columbia Balanced Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period	$	26.02		$	23.27		$	22.43		$	24.02		$	24.75		$	22.50
Income from investment operations:
Net investment income		0.20			0.43			0.41			0.52			0.58			0.53
Net realized and unrealized gain (loss)		2.25			2.77			0.86			(1.54	)		(0.54	)		2.26
Total from investment operations		2.45			3.20			1.27			(1.02	)		0.04			2.79
Less distributions to shareholders from:
Net investment income		(0.23	)		(0.45	)		(0.43	)		(0.57	)		(0.62	)		(0.54	)
Net realized gains		(0.81	)		—			—			—			(0.15	)		—
Total distributions to shareholders		(1.04	)		(0.45	)		(0.43	)		(0.57	)		(0.77	)		(0.54	)
Proceeds from regulatory settlement		—			—			0.00	(a)		—			—			—
Net asset value, end of period	$	27.43		$	26.02		$	23.27		$	22.43		$	24.02		$	24.75
Total return		9.74	%		13.78	%		5.64	%		(3.87	%)		0.07	%		12.49	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		0.90	%(c)		0.83	%		0.77	%		0.79	%		0.74	%		0.77	%
Net expenses after fees waived or expenses reimbursed(d)		0.86	%(c)(e)		0.78	%(e)		0.77	%(e)		0.79	%(e)		0.74	%(e)		0.77	%(e)
Net investment income		1.56	%(c)(e)		1.62	%(e)		1.73	%(e)		2.62	%(e)		2.35	%(e)		2.19	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	281,808		$	229,744		$	207,526		$	192,819		$	176,113		$	196,615
Portfolio turnover		62	%(f)		99	%		89	%		102	%		94	%		78	%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

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

^(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 29, 2012.

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

36

Notes to Financial Statements – Columbia Balanced Fund
February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class R, Class R4, Class R5 and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean

37

Columbia Balanced Fund, February 29, 2012 (Unaudited)

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

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

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to

38

Columbia Balanced Fund, February 29, 2012 (Unaudited)

monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark and manage exposure to movements in interest rates. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

Fair Values of Derivative Instruments at February 29, 2012

	Asset derivatives				Liability derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Net assets—unrealized appreciation on futures contracts	$	33,296	*	Net assets—unrealized depreciation on futures contracts		—	*

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

39

Columbia Balanced Fund, February 29, 2012 (Unaudited)

Effect of Derivative Instruments in the Statement of Operations for the Year Ended February 29, 2012

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category	Futures Contracts
Interest rate contracts	$	(156,645	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Risk Exposure Category	Futures Contracts
Interest rate contracts	$	33,296

Volume of Derivative Instruments for the Year Ended February 29, 2012

	Contracts Opened
Futures Contracts		630

Repurchase Agreements

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

Delayed Delivery Securities

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

Treasury Inflation Protected Securities

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

Interest Only Securities

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

Security Transactions

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

Income Recognition

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

Interest income is recorded on 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. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by

40

Columbia Balanced Fund, February 29, 2012 (Unaudited)

the REITs which could result in a proportionate increase in return of capital to shareholders.

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.64% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.06% of the Fund's average daily net assets.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. The Trust's eligible Trustees may participate in a Deferred Compensation

41

Columbia Balanced Fund, February 29, 2012 (Unaudited)

Plan (the Plan) which may be terminated at any time. Obligation of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

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

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Total transfer agent fees for Class R4 and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended February 29, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.13	%
Class B	0.15
Class C	0.14
Class R	0.12
Class R4	0.04
Class R5	0.04
Class Z	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $8,350.

In connection with the acquisition of RiverSource Balanced Fund (see Note 10), the fund assumed the assets and obligations of RiverSource Balanced Fund, which together with certain other associated investment companies (together, the Guarantors), have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At February 29, 2012, the Fund's total potential future obligation over the life of the Guaranty is $43,292. The liability remaining at February 29, 2012 for non-recurring charges associated with the lease amounted to $29,951 and is included within other accrued expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at February 29, 2012 is included in other assets in the Statement of Assets and Liabilities at cost of $3,553.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of

42

Columbia Balanced Fund, February 29, 2012 (Unaudited)

0.25% of the Fund's average daily net assets attributable to Class R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $413,932 for Class A, $3,943 for Class B and $4,043 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.11	%
Class B	1.86
Class C	1.86
Class R	1.36
Class R4	1.05
Class R5	0.80
Class Z	0.86

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

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $1,113,852,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	156,111,000
Unrealized depreciation	$	(4,830,000	)
Net unrealized appreciation	$	151,281,000

43

Columbia Balanced Fund, February 29, 2012 (Unaudited)

The following capital loss carryforward, determined as of August 31, 2011, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of expiration	Amount
2015	$	4,597,534
2016		38,666,884
2017		110,564,060
Total	$	153,828,478

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $667,021,620 and $627,843,638, respectively, for the six months ended February 29, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At February 29, 2012, securities valued at $87,622,215 were on loan, secured by U.S. government securities valued at $21,467,411 and by cash collateral of $68,471,123 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses.

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Columbia Balanced Fund, February 29, 2012 (Unaudited)

Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 7. Affiliated Money Market Fund

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

Note 8. Lehman Brothers Holdings Inc. Equity-Linked Notes

In connection with the acquisition of RiverSource Balanced Fund (see Note 10), the Fund holds investments in two equity-linked notes (notes) for which Lehman Brothers Holdings Inc. (Lehman Brothers) is the counterparty. The notes (with an aggregate principal amount of $696,000 million) defaulted as of their respective maturity dates, September 14, 2008 and October 2, 2008. Lehman Brothers filed a Chapter 11 bankruptcy petition on September 15, 2008, and as such, it is likely that the Fund will receive less than the maturity value of the notes, pending the outcome of the bankruptcy proceedings. Based on the bankruptcy proceedings, the Fund recorded receivables aggregating $67,340 based on the estimated amounts recoverable for the notes. The estimates of the amounts recoverable for the notes are periodically adjusted by the Investment Manager based on the observable trading price of Lehman Brothers senior notes, which provide an indication of amounts recoverable through the bankruptcy proceedings. Any changes to the receivable balances resulting from such adjustments are recorded as a change in unrealized appreciation or depreciation in the Statement of Operations. At February 29, 2012, the value of the receivable balances was approximately $198,824, which represented 0.02% of the Fund's net assets.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. The Fund had no borrowings during the six months ended February 29, 2012.

Note 10. Fund Merger

At the close of business on April 8, 2011, the Fund acquired the assets and assumed the identified liabilities of RiverSource Balanced Fund. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $394,712,235 and the combined net assets immediately after the acquisition were $1,034,444,603.

The merger was accomplished by a tax-free exchange of 61,221,026 shares of RiverSource Balanced Fund valued at $639,732,368 (including $115,994,312 of unrealized appreciation).

45

Columbia Balanced Fund, February 29, 2012 (Unaudited)

In exchange for RiverSource Balanced Fund shares, the Fund issued the following number of shares:

	Shares
Class A	20,549,276
Class B	462,837
Class C	363,653
Class R	1,585
Class R4	2,037,460
Class R5	410

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, RiverSource Balanced Fund's cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of RiverSource Balanced Fund that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on September 1, 2010, the Fund's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $15.2 million, $108.9 million, $4.3 million and $128.4 million, respectively.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 mutual funds (currently branded as Columbia) 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 considered and rules in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs' opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth

46

Columbia Balanced Fund, February 29, 2012 (Unaudited)

Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

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

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

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

47

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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 Balanced 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

49

Columbia Balanced Fund

P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1390 C (4/12)

Columbia Mid Cap Growth Fund

Semiannual Report for the Period Ended February 29, 2012

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	3
Portfolio of Investments	4
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	27
Important Information About This Report	37

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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington's inability to reach a plan for deficit reduction and Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation—which tracks a broad range of consumer expenditures, including food and energy—declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

_g  timely economic analysis and market commentary

_gquarterly fund commentaries

_gColumbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

* All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Mid Cap Growth Fund

Average annual total return as of 02/29/12 (%)

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)		8.42		2.19		7.96		2.96		8.03		7.03		8.68
1-year		1.33		–4.49		0.49		–4.36		0.56		–0.41		1.76
5-year		5.34		4.10		4.54		4.20		4.56		4.56		5.66
10-year		6.97		6.34		6.16		6.16		6.22		6.22		7.31

Average annual total return as of 02/29/12 (%)

Share class	R*		R5*		T*				W*		Y*		Z
Inception	01/23/06		03/07/11		11/01/02				09/27/10		07/15/09		11/20/85
Sales charge	without		without		without		with		without		without		without
6-month (cumulative)		8.26		8.64		8.39		2.15		8.41		8.61		8.53
1-year		1.05		1.73		1.26		–4.56		1.33		1.66		1.55
5-year		5.08		5.64		5.29		4.05		5.36		5.65		5.60
10-year		6.75		7.30		6.95		6.32		7.02		7.30		7.28

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A and Class 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.

Performance results reflect any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisors, LLC 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 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 prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

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

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Investments in small- and mid-cap companies may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid.

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.

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
02/29/12

	+8.42%
	Class A shares (without sales charge)
	+12.10%
	Russell Midcap Growth Index1
	+12.11%
	Russell Midcap Index2

Net asset value per share

as of 02/29/12 ($)
Class A	27.02
Class B	24.93
Class C	25.02
Class I	27.89
Class R	26.58
Class R5	27.86
Class T	26.98
Class W	27.03
Class Y	27.84
Class Z	27.81

Distributions declared per share

08/01/11 – 02/29/12 ($)
Class A	0.83
Class B	0.83
Class C	0.83
Class I	0.83
Class R	0.83
Class R5	0.83
Class T	0.83
Class W	0.83
Class Y	0.83
Class Z	0.83

1

Performance Information – Columbia Mid Cap Growth Fund

Portfolio breakdown¹

as of 02/29/12 (%)
Consumer Discretionary	21.4
Consumer Staples	5.6
Energy	10.1
Financials	6.4
Health Care	13.8
Industrials	12.2
Information Technology	20.4
Materials	5.5
Telecommunication Services	0.7
Utilities	0.7
Other2	3.2

¹Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

²Includes investments in affiliated money market fund.

Top 10 holdings¹

as of 02/29/12 (%)
Herbalife Ltd.	1.6
Concho Resources, Inc.	1.5
CF Industries Holdings, Inc.	1.3
Watson Pharmaceuticals, Inc.	1.3
Edwards Lifesciences Corp.	1.3
Electronic Arts, Inc.	1.3
Panera Bread Co., Class A	1.3
Avago Technologies Ltd.	1.2
Tempur-Pedic International, Inc.	1.2
Joy Global, Inc.	1.2

¹Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and affiliated money market fund).

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

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

2

Understanding Your Expenses – Columbia Mid Cap Growth Fund

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

Analyzing your fund's expenses

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

Compare with other funds

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

September 1, 2011 – February 29, 2012

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,084.20		1,018.80		6.32		6.12		1.22
Class B		1,000.00		1,000.00		1,079.60		1,014.92		10.34		10.02		2.00
Class C		1,000.00		1,000.00		1,080.30		1,015.02		10.24		9.92		1.98
Class I		1,000.00		1,000.00		1,086.80		1,020.93		4.10		3.97		0.79
Class R		1,000.00		1,000.00		1,082.60		1,017.50		7.66		7.42		1.48
Class R5		1,000.00		1,000.00		1,086.40		1,020.93		4.10		3.97		0.79
Class T		1,000.00		1,000.00		1,083.90		1,018.50		6.63		6.42		1.28
Class W		1,000.00		1,000.00		1,084.10		1,018.85		6.27		6.07		1.21
Class Y		1,000.00		1,000.00		1,086.10		1,020.49		4.56		4.42		0.88
Class Z		1,000.00		1,000.00		1,085.30		1,020.04		5.03		4.87		0.97

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

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

3

Portfolio of Investments – Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 96.7%
CONSUMER DISCRETIONARY 21.4%
Auto Components 2.3%
BorgWarner, Inc.(a)(b)		149,430	$	12,378,781
Gentex Corp.(a)		702,160		16,606,084
Lear Corp.		451,360		20,405,986
Total				49,390,851
Diversified Consumer Services 0.5%
New Oriental Education & Technology Group, ADR(b)		404,450		10,721,969
Hotels, Restaurants & Leisure 3.7%
Chipotle Mexican Grill, Inc.(a)(b)		54,590		21,302,110
Panera Bread Co., Class A(b)		169,040		26,130,203
Starwood Hotels & Resorts Worldwide, Inc.(a)		298,120		16,068,668
Wynn Resorts Ltd.		128,000		15,173,120
Total				78,674,101
Household Durables 1.7%
D.R. Horton, Inc.(a)		829,980		11,901,913
Tempur-Pedic International, Inc.(a)(b)		309,153		24,423,087
Total				36,325,000
Internet & Catalog Retail 1.5%
priceline.com, Inc.(b)		22,085		13,847,736
TripAdvisor, Inc.(a)(b)		577,860		18,624,428
Total				32,472,164
Leisure Equipment & Products 0.6%
Polaris Industries, Inc.(a)		194,614		12,856,201
Media 2.1%
CBS Corp., Class B Non Voting		522,880		15,634,112
Discovery Communications, Inc., Class A(a)(b)		405,090		18,897,449
DISH Network Corp., Class A		369,130		10,767,522
Total				45,299,083
Multiline Retail 0.8%
Nordstrom, Inc.		333,380		17,875,836
Specialty Retail 5.8%
AutoZone, Inc.(b)		29,140		10,912,347
Bed Bath & Beyond, Inc.(b)		298,740		17,846,728
Dick's Sporting Goods, Inc.(a)		286,665		12,831,125
Limited Brands, Inc.		440,570		20,499,722
O'Reilly Automotive, Inc.(a)(b)		197,710		17,101,915
TJX Companies, Inc.		538,940		19,730,593
Tractor Supply Co.(a)		124,650		10,653,836
Ulta Salon Cosmetics & Fragrance, Inc.(b)		191,880		15,972,091
Total				125,548,357
Textiles, Apparel & Luxury Goods 2.4%
Fossil, Inc.(a)(b)		134,295		16,381,304
Lululemon Athletica, Inc.(b)		165,560		11,095,831
Ralph Lauren Corp.		68,310		11,867,496
Under Armour, Inc., Class A(a)(b)		142,460		12,713,131
Total				52,057,762
TOTAL CONSUMER DISCRETIONARY				461,221,324
CONSUMER STAPLES 5.6%
Beverages 1.3%
Coca-Cola Enterprises, Inc.		372,600		10,768,140
Monster Beverage Corp.(a)(b)		283,060		16,188,201
Total				26,956,341

Issuer	Shares		Value
Common Stocks (continued)
CONSUMER STAPLES (cont.)
Food & Staples Retailing 0.8%
Whole Foods Market, Inc.		208,340	$	16,821,371
Food Products 1.5%
Green Mountain Coffee Roasters, Inc.(a)(b)		127,390		8,276,528
HJ Heinz Co.		220,500		11,622,555
Mead Johnson Nutrition Co.		166,970		12,981,918
Total				32,881,001
Personal Products 2.0%
Estee Lauder Companies, Inc. (The), Class A		187,760		10,991,470
Herbalife Ltd.		489,240		32,392,581
Total				43,384,051
TOTAL CONSUMER STAPLES				120,042,764
ENERGY 10.0%
Energy Equipment & Services 3.6%
Cameron International Corp.(b)		389,459		21,696,761
CARBO Ceramics, Inc.(a)		116,880		10,712,052
Ensco PLC, ADR		185,580		10,819,314
Oil States International, Inc.(a)(b)		155,520		12,631,335
Superior Energy Services, Inc.(b)		365,121		10,712,650
Tidewater, Inc.		188,160		11,195,520
Total				77,767,632
Oil, Gas & Consumable Fuels 6.4%
Alpha Natural Resources, Inc.(b)		616,600		11,444,096
Cabot Oil & Gas Corp.		327,670		11,429,130
Concho Resources, Inc.(b)		285,481		30,500,790
Continental Resources, Inc.(a)(b)		214,980		19,494,387
Denbury Resources, Inc.(b)		584,230		11,632,019
HollyFrontier Corp.		325,010		10,605,076
Peabody Energy Corp.		266,700		9,302,496
Pioneer Natural Resources Co.		94,380		10,347,823
SM Energy Co.		171,260		13,481,587
World Fuel Services Corp.(a)		246,299		10,260,816
Total				138,498,220
TOTAL ENERGY				216,265,852
FINANCIALS 6.4%
Capital Markets 1.0%
Affiliated Managers Group, Inc.(b)		205,038		21,813,993
Commercial Banks 0.5%
Signature Bank(a)(b)		193,280		11,473,100
Diversified Financial Services 1.5%
IntercontinentalExchange, Inc.(b)		103,150		14,230,574
Moody's Corp.(a)		464,905		17,949,982
Total				32,180,556
Real Estate Investment Trusts (REITs) 1.7%
Digital Realty Trust, Inc.(a)		148,750		10,784,375
Home Properties, Inc.(a)		175,070		10,089,284
Plum Creek Timber Co., Inc.(a)		395,200		15,476,033
Total				36,349,692
Real Estate Management & Development 1.2%
CBRE Group, Inc., Class A(b)		635,701		11,652,399
Jones Lang LaSalle, Inc.		158,850		12,931,979
Total				24,584,378

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

4

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Issuer	Shares		Value
Common Stocks (continued)
FINANCIALS (cont.)
Thrifts & Mortgage Finance 0.5%
BankUnited, Inc.		485,795	$	11,187,859
TOTAL FINANCIALS				137,589,578
HEALTH CARE 13.7%
Biotechnology 1.5%
Alexion Pharmaceuticals, Inc.(b)		281,572		23,576,023
Dendreon Corp.(a)(b)		896,065		10,089,692
Total				33,665,715
Health Care Equipment & Supplies 3.1%
CR Bard, Inc.		85,005		7,958,168
Edwards Lifesciences Corp.(a)(b)		375,690		27,474,210
Intuitive Surgical, Inc.(a)(b)		25,515		13,053,984
Varian Medical Systems, Inc.(a)(b)		284,290		18,549,923
Total				67,036,285
Health Care Providers & Services 4.4%
AmerisourceBergen Corp.(a)		489,670		18,289,174
Brookdale Senior Living, Inc.(a)(b)		1,272,660		23,722,382
DaVita, Inc.(a)(b)		187,340		16,214,277
Express Scripts, Inc.(a)(b)		283,745		15,132,121
Laboratory Corp. of America Holdings(a)(b)		230,895		20,755,152
Total				94,113,106
Health Care Technology 0.6%
Cerner Corp.(a)(b)		166,190		12,269,808
Life Sciences Tools & Services 2.3%
Agilent Technologies, Inc.(b)		369,330		16,110,174
Covance, Inc.(a)(b)		327,020		15,608,665
Illumina, Inc.(a)(b)		131,080		6,717,850
Waters Corp.(b)		126,770		11,358,592
Total				49,795,281
Pharmaceuticals 1.8%
Endo Pharmaceuticals Holdings, Inc.(b)		298,890		11,079,852
Watson Pharmaceuticals, Inc.(b)		478,095		27,882,501
Total				38,962,353
TOTAL HEALTH CARE				295,842,548
INDUSTRIALS 12.2%
Air Freight & Logistics 1.0%
Expeditors International of Washington, Inc.		508,010		22,164,476
Commercial Services & Supplies 1.0%
Stericycle, Inc.(a)(b)		250,745		21,757,144
Electrical Equipment 2.8%
AMETEK, Inc.		473,215		22,525,034
Regal-Beloit Corp.(a)		157,998		10,664,865
Rockwell Automation, Inc.		200,190		16,011,196
Sensata Technologies Holding NV(a)(b)		353,270		11,445,948
Total				60,647,043
Machinery 3.4%
Cummins, Inc.		178,945		21,575,399
Gardner Denver, Inc.(a)		203,550		13,979,814
Joy Global, Inc.		279,050		24,266,188
Pall Corp.		199,465		12,656,054
Total				72,477,455
Marine 0.4%
Kirby Corp.(a)(b)		131,838		9,046,723

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (cont.)
Professional Services 1.6%
IHS, Inc., Class A(a)(b)		203,395	$	19,235,065
Verisk Analytics, Inc., Class A(b)		368,970		16,050,195
Total				35,285,260
Road & Rail 1.4%
JB Hunt Transport Services, Inc.(a)		289,260		14,813,005
Kansas City Southern(b)		218,645		15,213,319
Total				30,026,324
Trading Companies & Distributors 0.6%
WW Grainger, Inc.		57,016		11,843,934
TOTAL INDUSTRIALS				263,248,359
INFORMATION TECHNOLOGY 20.4%
Communications Equipment 1.5%
Acme Packet, Inc.(a)(b)		417,000		12,710,160
F5 Networks, Inc.(b)		150,980		18,866,461
Total				31,576,621
Computers & Peripherals 0.6%
SanDisk Corp.(b)		260,390		12,878,889
Electronic Equipment, Instruments & Components 0.6%
Trimble Navigation Ltd.(a)(b)		261,690		13,160,390
Internet Software & Services 0.6%
Rackspace Hosting, Inc.(a)(b)		262,820		13,729,717
IT Services 3.3%
Alliance Data Systems Corp.(a)(b)		153,665		18,648,784
Cognizant Technology Solutions Corp., Class A(b)		151,760		10,767,372
Fiserv, Inc.(b)		183,740		12,181,962
Teradata Corp.(a)(b)		253,360		16,861,108
Western Union Co. (The)		743,640		12,991,391
Total				71,450,617
Semiconductors & Semiconductor Equipment 4.9%
Avago Technologies Ltd.		677,490		25,480,399
KLA-Tencor Corp.		330,950		16,017,980
Linear Technology Corp.		520,820		17,437,054
Microchip Technology, Inc.(a)		292,130		10,537,129
Novellus Systems, Inc.(b)		304,710		14,162,921
ON Semiconductor Corp.(b)		2,392,990		21,704,419
Total				105,339,902
Software 8.9%
Autodesk, Inc.(b)		289,160		10,944,706
Check Point Software Technologies Ltd.(a)(b)		217,095		12,626,245
Citrix Systems, Inc.(b)		213,485		15,955,869
Electronic Arts, Inc.(b)		1,600,980		26,144,003
Fortinet, Inc.(a)(b)		544,598		14,731,376
Informatica Corp.(a)(b)		275,030		13,520,475
Intuit, Inc.		318,890		18,444,598
Nuance Communications, Inc.(b)		750,860		19,462,291
Red Hat, Inc.(b)		209,810		10,377,203
Rovi Corp.(a)(b)		592,994		21,039,427
Solera Holdings, Inc.(a)		225,630		10,830,240
TIBCO Software, Inc.(b)		599,385		17,364,183
Total				191,440,616
TOTAL INFORMATION TECHNOLOGY				439,576,752

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

5

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Issuer	Shares		Value
Common Stocks (continued)
MATERIALS 5.5%
Chemicals 1.8%
Celanese Corp., Class A		234,125	$	11,137,326
CF Industries Holdings, Inc.		150,630		28,017,180
Total				39,154,506
Containers & Packaging 1.5%
Crown Holdings, Inc.(b)		493,090		18,229,537
Rock-Tenn Co., Class A		189,860		13,383,232
Total				31,612,769
Metals & Mining 2.2%
Cliffs Natural Resources, Inc.(a)		155,760		9,887,645
Royal Gold, Inc.		262,670		18,242,432
Silver Wheaton Corp.		488,850		18,757,174
Total				46,887,251
TOTAL MATERIALS				117,654,526
TELECOMMUNICATION SERVICES 0.8%
Wireless Telecommunication Services 0.8%
Crown Castle International Corp.(a)(b)		309,810		16,051,256
TOTAL TELECOMMUNICATION SERVICES				16,051,256
UTILITIES 0.7%
Electric Utilities 0.7%
ITC Holdings Corp.(a)		205,160		15,485,477
TOTAL UTILITIES				15,485,477
Total Common Stocks (Cost: $1,645,678,658)			$	2,082,978,436
	Shares		Value
Money Market Funds 3.2%
Columbia Short-Term Cash Fund, 0.166%(c)(d)		68,394,088		68,394,088
Total Money Market Funds (Cost: $68,394,088)			$	68,394,088

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 20.5%
Asset-Backed Commercial Paper 1.6%
Atlantis One 08/01/12		0.662	%		9,966,634	$	9,966,634
Barton Capital Corporation 03/07/12		0.270	%		19,998,950		19,998,950
KELLS FUNDING, LLC 04/13/12		0.581	%		1,997,003		1,997,003
07/02/12		0.601	%		2,993,550		2,993,550
Total							34,956,137
Certificates of Deposit 10.0%
ABM AMRO Bank N.V. 03/21/12		0.310	%		9,997,503		9,997,503
Bank of Nova Scotia 05/03/12		0.394	%		9,000,000		9,000,000
07/26/12		0.324	%		4,000,000		4,000,000

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (cont.)
Barclays Bank PLC 04/18/12		0.600	%	$	15,000,000	$	15,000,000
Branch Banking & Trust Corporation 07/12/12		0.420	%		10,000,000		10,000,000
Credit Suisse 03/08/12		0.540	%		5,000,000		5,000,000
03/20/12		0.590	%		5,000,000		5,000,000
DZ Bank AG 03/12/12		0.250	%		10,000,000		10,000,000
DnB NOR ASA 03/01/12		0.450	%		3,000,000		3,000,000
03/15/12		0.520	%		10,000,000		10,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts 03/09/12		0.330	%		10,000,000		10,000,000
Hong Kong Shanghai Bank Corp., Ltd. 03/12/12		0.250	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 05/31/12		0.390	%		5,000,064		5,000,064
National Australia Bank 04/30/12		0.394	%		8,000,000		8,000,000
08/16/12		0.343	%		8,000,000		8,000,000
National Bank of Canada 05/08/12		0.410	%		12,000,000		12,000,000
Nordea Bank AB 03/13/12		0.520	%		10,000,000		10,000,000
Norinchukin Bank 05/21/12		0.470	%		12,000,000		12,000,000
Rabobank 04/23/12		0.500	%		10,000,000		10,000,000
Skandinaviska Enskilda Banken 04/16/12		0.360	%		10,000,000		10,000,000
Standard Chartered Bank PLC 04/03/12		0.570	%		20,000,000		20,000,000
Sumitomo Trust & Banking Co., Ltd. 05/29/12		0.370	%		7,000,000		7,000,000
Svenska Handelsbanken 03/01/12		0.460	%		3,000,000		3,000,000
Union Bank of Switzerland 03/02/12		0.530	%		10,000,000		10,000,000
04/09/12		0.590	%		5,000,000		5,000,000
Total							215,997,567
Commercial Paper 4.9%
Australia and New Zealand Bank Group, Ltd. 04/25/12		0.461	%		7,981,293		7,981,293
Development Bank of Singapore Ltd. 08/02/12		0.551	%		9,973,417		9,973,417
ERSTE ABWICKLUNGSANSTALT 04/23/12		0.701	%		1,996,461		1,996,461
Foreningsparbanken (Swedbank) 03/21/12		0.425	%		9,993,625		9,993,625
04/02/12		0.400	%		4,996,611		4,996,611
HSBC Bank PLC 04/13/12		0.481	%		7,980,480		7,980,480
Nordea Bank AB 07/24/12		0.627	%		1,993,681		1,993,681
Skandinaviska Enskilda Banken AB 03/27/12		0.400	%		11,991,867		11,991,867

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

6

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (cont.)
State Development Bank of NorthRhine-Westphalia 03/13/12		0.240	%	$	4,999,033	$	4,999,033
Suncorp Metway Ltd. 04/02/12		0.480	%		9,992,000		9,992,000
04/11/12		0.480	%		7,993,280		7,993,280
Svenska Handelsbank 05/23/12		0.300	%		4,996,458		4,996,458
The Commonwealth Bank of Australia 04/23/12		0.451	%		4,988,438		4,988,438
Toyota Motor Credit Corp. 04/26/12		0.562	%		4,985,689		4,985,689
Westpac Securities NZ Ltd. 04/20/12		0.531	%		9,973,058		9,973,058
Total							104,835,391
Repurchase Agreements 4.0%
Citigroup Global Markets, Inc.(e) dated 02/29/12, matures 03/01/12, repurchase price $10,000,036		0.130	%		10,000,000		10,000,000
repurchase price $5,000,018		0.130	%		5,000,000		5,000,000
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $9,347,892(e)		0.160	%		9,347,851		9,347,851

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
Natixis Financial Products, Inc. dated 02/29/12, matures 03/01/12, repurchase price $25,000,153(e)		0.220	%	$	25,000,000	$	25,000,000
Pershing LLC dated 02/29/12, matures 03/01/12, repurchase price $2,000,016(e)		0.290	%		2,000,000		2,000,000
RBS Securities, Inc. dated 02/29/12, matures 03/01/12, repurchase price $25,000,139(e)		0.200	%		25,000,000		25,000,000
Royal Bank of Canada dated 02/29/12, matures 03/01/12, repurchase price $1,000,053(e)		0.190	%		10,000,000		10,000,000
Total							86,347,851
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $442,136,946)						$	442,136,946
Total Investments (Cost: $2,156,209,692)						$	2,593,509,470
Other Assets & Liabilities, Net							(439,296,167	)
Net Assets						$	2,154,213,303

Notes to Portfolio of Investments

(a)  At February 29, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at February 29, 2012.

(d)  Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	78,257,815	$	578,549,797	$	(588,413,524	)	$	—	$	68,394,088	$	49,239	$	68,394,088

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

7

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	2,392,734
Fannie Mae-Aces		264,929
Freddie Mac REMICS		1,919,413
Government National Mortgage Association		522,924
Total Market Value of Collateral Securities	$	5,100,000

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	4,785,468
Fannie Mae-Aces		529,857
Freddie Mac REMICS		3,838,826
Government National Mortgage Association		1,045,849
Total Market Value of Collateral Securities	$	10,200,000

Credit Suisse Securities (USA) LLC (0.160%)

Security Description	Value
Ginnie Mae I Pool	$	6,692,153
Ginnie Mae II Pool		2,842,677
Total Market Value of Collateral Securities	$	9,534,830

Natixis Financial Products, Inc. (0.220%)

Security Description	Value
Fannie Mae Pool	$	1,257,669
Fannie Mae REMICS		9,366,693
Freddie Mac Gold Pool		1,151,505
Freddie Mac REMICS		5,523,053
Government National Mortgage Association		1,648,624
United States Treasury Note/Bond		6,552,612
Total Market Value of Collateral Securities	$	25,500,156

Pershing LLC (0.290%)

Security Description	Value
Fannie Mae Pool	$	326,507
Fannie Mae REMICS		275,343
Fannie Mae-Aces		2,775
Federal Farm Credit Bank		24,674
Federal Home Loan Banks		26,538
Federal Home Loan Mortgage Corp		62,556
Federal National Mortgage Association		77,156
Freddie Mac Gold Pool		132,490
Freddie Mac Non Gold Pool		37,004
Freddie Mac Reference REMIC		9
Freddie Mac REMICS		256,456
Ginnie Mae I Pool		334,671
Ginnie Mae II Pool		298,381
Government National Mortgage Association		107,067
United States Treasury Note/Bond		73,837
United States Treasury Strip Coupon		4,536
Total Market Value of Collateral Securities	$	2,040,000

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

8

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

RBS Securities, Inc. (0.200%)

Security Description	Value
United States Treasury Note/Bond	$	25,500,095
Total Market Value of Collateral Securities	$	25,500,095

Royal Bank of Canada (0.190%)

Security Description	Value
Fannie Mae Pool	$	7,375,600
Freddie Mac Gold Pool		1,819,540
Freddie Mac Non Gold Pool		1,004,860
Total Market Value of Collateral Securities	$	10,200,000

Abbreviation Legend

ADR  American Depositary Receipt

Fair Value Measurements

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

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

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

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

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

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

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

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

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

9

Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 Quoted Prices in Active Markets for identical Assets(b)		Level 2 Other Significant Observable inputs		Level 3 Significant Unobservable inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary	$	461,221,324	$	—	$	—	$	461,221,324
Consumer Staples		120,042,764		—		—		120,042,764
Energy		216,265,852		—		—		216,265,852
Financials		137,589,578		—		—		137,589,578
Health Care		295,842,548		—		—		295,842,548
Industrials		263,248,359		—		—		263,248,359
Information Technology		439,576,752		—		—		439,576,752
Materials		117,654,526		—		—		117,654,526
Telecommunication Services		16,051,256		—		—		16,051,256
Utilities		15,485,477		—		—		15,485,477
Total Equity Securities		2,082,978,436		—		—		2,082,978,436
Other
Money Market Funds		68,394,088		—		—		68,394,088
Investments of Cash Collateral Received for Securities on Loan		—		442,136,946		—		442,136,946
Total Other		68,394,088		442,136,946		—		510,531,034
Total	$	2,151,372,524	$	442,136,946	$	—	$	2,593,509,470

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.

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

(b)  There were no significant transfers between Levels 1 and 2 during the period.

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

10

Statement of Assets and Liabilities – Columbia Mid Cap Growth Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,645,678,658)	$	2,082,978,436
Affiliated issuers (identified cost $68,394,088)		68,394,088
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $355,789,095)		355,789,095
Repurchase agreements (identified cost $86,347,851)		86,347,851
Total investments (identified cost $2,156,209,692)		2,593,509,470
Cash		5,664
Receivable for:
Investments sold		39,362,001
Capital shares sold		2,430,879
Dividends		1,488,903
Interest		124,759
Prepaid expense		29,926
Trustees' deferred compensation plan		83,134
Other assets		2,199
Total assets		2,637,036,935
Liabilities
Due upon return of securities on loan		442,136,946
Payable for:
Investments purchased		31,124,505
Capital shares purchased		9,046,510
Investment management fees		40,790
Distribution fees		4,975
Transfer agent fees		102,191
Administration fees		3,180
Chief compliance officer expenses		1,700
Other expenses		279,701
Trustees' deferred compensation plan		83,134
Total liabilities		482,823,632
Net assets applicable to outstanding capital stock	$	2,154,213,303

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

11

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

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	1,816,776,830
Undistributed net investment income		50,383
Accumulated net realized loss		(99,913,688	)
Unrealized appreciation (depreciation) on:
Investments		437,299,778
Total — representing net assets applicable to outstanding capital stock	$	2,154,213,303
*Value of securities on loan	$	429,742,830
Net assets applicable to outstanding shares
Class A	$	348,379,153
Class B	$	6,618,945
Class C	$	49,031,986
Class I	$	265,814,951
Class R	$	25,135,091
Class R5	$	2,383,398
Class T	$	22,524,023
Class W	$	72,697,062
Class Y	$	34,581
Class Z	$	1,361,594,113
Shares outstanding
Class A		12,895,372
Class B		265,448
Class C		1,960,055
Class I		9,532,030
Class R		945,614
Class R5		85,534
Class T		834,900
Class W		2,689,545
Class Y		1,242
Class Z		48,957,729
Net asset value per share
Class A‡	$	27.02
Class B	$	24.93
Class C	$	25.02
Class I	$	27.89
Class R	$	26.58
Class R5	$	27.86
Class T‡	$	26.98
Class W	$	27.03
Class Y	$	27.84
Class Z	$	27.81

‡  The maximum offering price per share for Class A is $28.67 and Class T is $28.63. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

12

Statement of Operations – Columbia Mid Cap Growth Fund

Six months ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	9,485,333
Dividends from affiliates		49,239
Income from securities lending — net		595,426
Foreign taxes withheld		(5,104	)
Total income		10,124,894
Expenses:
Investment management fees		6,689,296
Distribution fees
Class B		25,697
Class C		191,476
Class R		64,813
Service fees
Class A		390,587
Class B		8,566
Class C		63,825
Class W		75,645
Shareholder service fee — Class T		31,754
Transfer agent fees
Class A		292,377
Class B		7,464
Class C		51,620
Class R		25,882
Class R5		24
Class T		20,993
Class W		52,976
Class Y		14
Class Z		1,122,505
Administration fees		519,573
Compensation of board members		26,908
Custodian fees		16,503
Printing and postage fees		106,660
Registration fees		100,197
Professional fees		41,767
Chief compliance officer expenses		1,077
Other		42,610
Total expenses		9,970,809
Expense reductions		(20,597	)
Total net expenses		9,950,212
Net investment income		174,682
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(6,307,801	)
Net realized loss		(6,307,801	)
Net change in unrealized appreciation (depreciation) on:
Investments		183,875,249
Net change in unrealized appreciation		183,875,249
Net realized and unrealized gain		177,567,448
Net increase in net assets resulting from operations	$	177,742,130

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

13

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

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011(a)(b)
Operations
Net investment income (loss)	$	174,682		$	(7,190,555	)
Net realized gain (loss)		(6,307,801	)		228,761,872
Net change in unrealized appreciation		183,875,249			44,832,669
Net increase in net assets resulting from operations		177,742,130			266,403,986
Distributions to shareholders from:
Net realized gains
Class A		(10,402,453	)		—
Class B		(244,122	)		—
Class C		(1,847,154	)		—
Class I		(7,452,588	)		—
Class R		(898,218	)		—
Class R5		(68,559	)		—
Class T		(689,253	)		—
Class W		(2,109,978	)		—
Class Y		(1,009	)		—
Class Z		(38,781,757	)		—
Total distributions to shareholders		(62,495,091	)		—
Increase (decrease) in net assets from share transactions		197,916,014			481,749,579
Proceeds from regulatory settlements (Note 6)		26,617			10,040
Total increase in net assets		313,189,670			748,163,605
Net assets at beginning of period		1,841,023,633			1,092,860,028
Net assets at end of period	$	2,154,213,303		$	1,841,023,633
Undistributed (excess of distributions over) net investment income	$	50,383		$	(124,299	)

^(a)  Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

14

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		2,327,855			58,503,317			3,647,092			99,576,606
Fund merger		—			—			6,643,314			188,040,627
Distributions reinvested		362,319			9,010,863			—			—
Redemptions		(1,610,377	)		(40,268,627	)		(1,695,254	)		(44,997,727	)
Net increase		1,079,797			27,245,553			8,595,152			242,619,506
Class B shares
Subscriptions		13,043			301,455			51,449			1,237,545
Fund merger		—			—			133,461			3,520,183
Distributions reinvested		8,783			202,000			—			—
Redemptions(c)		(74,276	)		(1,721,467	)		(161,871	)		(4,006,820	)
Net increase (decrease)		(52,450	)		(1,218,012	)		23,039			750,908
Class C shares
Subscriptions		208,773			4,830,557			301,144			7,466,568
Fund merger		—			—			1,760,249			46,582,851
Distributions reinvested		61,011			1,407,515			—			—
Redemptions		(569,717	)		(13,315,068	)		(320,723	)		(8,063,615	)
Net increase (decrease)		(299,933	)		(7,076,996	)		1,740,670			45,985,804
Class I shares
Subscriptions		4,440,447			112,178,750			7,423,816			202,986,187
Fund merger		—			—			439,540			12,783,049
Distributions reinvested		290,650			7,452,275			—			—
Redemptions		(2,007,634	)		(52,532,028	)		(1,054,789	)		(30,323,681	)
Net increase		2,723,463			67,098,997			6,808,567			185,445,555
Class R shares
Subscriptions		311,834			7,668,383			543,910			14,895,676
Fund merger		—			—			516,247			14,418,085
Distributions reinvested		24,943			610,857			—			—
Redemptions		(423,344	)		(10,474,951	)		(283,814	)		(7,617,881	)
Net increase (decrease)		(86,567	)		(2,195,711	)		776,343			21,695,880
Class R5 shares
Subscriptions		—			—			89			2,501
Fund merger		—			—			82,936			2,410,167
Distributions reinvested		2,673			68,485			—			—
Redemptions		(164	)		(4,325	)		—			—
Net increase		2,509			64,160			83,025			2,412,668
Class T shares
Subscriptions		10,678			266,608			6,079			166,919
Distributions reinvested		22,729			564,595			—			—
Redemptions		(58,806	)		(1,494,876	)		(114,662	)		(3,004,529	)
Net decrease		(25,399	)		(663,673	)		(108,583	)		(2,837,610	)
Class W shares
Subscriptions		1,134,201			28,576,098			2,418,939			60,188,516
Distributions reinvested		84,803			2,109,887			—			—
Redemptions		(281,135	)		(7,074,091	)		(667,263	)		(18,605,407	)
Net increase		937,869			23,611,894			1,751,676			41,583,109
Class Y shares
Subscriptions		—			—			603			14,622
Distributions reinvested		20			511			—			—
Redemptions		—			—			(48,270	)		(1,099,650	)
Net increase (decrease)		20			511			(47,667	)		(1,085,028	)

^(a)  Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

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

15

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		8,672,157			221,337,601			8,437,478			230,632,729
Distributions reinvested		854,749			21,873,025			—			—
Redemptions		(5,900,995	)		(152,161,335	)		(10,721,383	)		(285,453,942	)
Net increase (decrease)		3,625,911			91,049,291			(2,283,905	)		(54,821,213	)
Total net increase		7,905,220			197,916,014			17,338,317			481,749,579

^(a)  Class I and Class W shares are for the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Class R5 shares are for the period from March 7, 2011 (commencement of operations) to August 31, 2011.

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

16

Financial Highlights – Columbia Mid Cap Growth Fund

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

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period	$	25.75		$	20.22		$	17.58		$	23.47		$	27.51		$	24.01
Income from investment operations:
Net investment loss		(0.02	)		(0.17	)		(0.10	)		(0.03	)		(0.12	)		(0.01	)(a)
Net realized and unrealized gain (loss)		2.12			5.70			2.74			(5.37	)		(0.06	)		4.97
Total from investment operations		2.10			5.53			2.64			(5.40	)		(0.18	)		4.96
Less distributions to shareholders from:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.86	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.86	)		(1.46	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	27.02		$	25.75		$	20.22		$	17.58		$	23.47		$	27.51
Total return		8.42	%		27.35	%		15.02	%		(22.38	%)		(2.21	%)		21.24	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.22	%(d)		1.19	%(e)		1.23	%(e)		1.26	%		1.18	%(e)		1.17	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.22	%(d)(g)		1.19	%(e)(g)		1.23	%(e)(g)		1.26	%(g)		1.18	%(e)(g)		1.17	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.22	%(d)		1.19	%		1.23	%		1.26	%		1.18	%		1.17	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.22	%(d)(g)		1.19	%(g)		1.23	%(g)		1.26	%(g)		1.18	%(g)		1.17	%(g)
Net investment loss		(0.16	%)(d)(g)		(0.63	%)(g)		(0.49	%)(g)		(0.20	%)(g)		(0.48	%)(g)		(0.05	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	348,379		$	304,214		$	65,123		$	53,881		$	63,337		$	49,614
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

17

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period	$	23.92		$	18.93		$	16.59		$	22.35		$	26.47		$	23.32
Income from investment operations:
Net investment loss		(0.11	)		(0.34	)		(0.23	)		(0.14	)		(0.30	)		(0.20	)(a)
Net realized and unrealized gain (loss)		1.95			5.33			2.57			(5.13	)		(0.04	)		4.81
Total from investment operations		1.84			4.99			2.34			(5.27	)		(0.34	)		4.61
Less distributions to shareholders from:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.78	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.78	)		(1.46	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	24.93		$	23.92		$	18.93		$	16.59		$	22.35		$	26.47
Total return		7.96	%		26.36	%		14.10	%		(22.93	%)		(2.92	%)		20.33	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.00	%(d)		1.95	%(e)		1.98	%(e)		2.01	%		1.93	%(e)		1.92	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		2.00	%(d)(g)		1.95	%(e)(g)		1.98	%(e)(g)		2.01	%(g)		1.93	%(e)(g)		1.92	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.00	%(d)		1.95	%		1.98	%		2.01	%		1.93	%		1.92	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		2.00	%(d)(g)		1.95	%(g)		1.98	%(g)		2.01	%(g)		1.93	%(g)		1.92	%(g)
Net investment loss		(0.95	%)(d)(g)		(1.39	%)(g)		(1.24	%)(g)		(0.95	%)(g)		(1.23	%)(g)		(0.79	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	6,619		$	7,604		$	5,582		$	8,322		$	15,829		$	19,472
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

18

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period	$	23.99		$	18.98		$	16.63		$	22.41		$	26.53		$	23.37
Income from investment operations:
Net investment loss		(0.11	)		(0.35	)		(0.24	)		(0.14	)		(0.30	)		(0.21	)(a)
Net realized and unrealized gain (loss)		1.97			5.36			2.59			(5.15	)		(0.04	)		4.83
Total from investment operations		1.86			5.01			2.35			(5.29	)		(0.34	)		4.62
Less distributions to shareholders from:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.78	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.78	)		(1.46	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	25.02		$	23.99		$	18.98		$	16.63		$	22.41		$	26.53
Total return		8.03	%		26.40	%		14.13	%		(22.96	%)		(2.91	%)		20.33	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.98	%(d)		1.94	%(e)		1.98	%(e)		2.01	%		1.93	%(e)		1.92	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.98	%(d)(g)		1.94	%(e)(g)		1.98	%(e)(g)		2.01	%(g)		1.93	%(e)(g)		1.92	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.98	%(d)		1.94	%		1.98	%		2.01	%		1.93	%		1.92	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.98	%(d)(g)		1.94	%(g)		1.98	%(g)		2.01	%(g)		1.93	%(g)		1.92	%(g)
Net investment loss		(0.93	%)(d)(g)		(1.39	%)(g)		(1.24	%)(g)		(0.95	%)(g)		(1.23	%)(g)		(0.81	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	49,032		$	54,224		$	9,858		$	9,106		$	13,540		$	8,237
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

19

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class I
Per share data
Net asset value, beginning of period	$	26.49		$	23.23
Income from investment operations:
Net investment income (loss)		0.04			(0.06	)
Net realized and unrealized gain		2.19			3.32
Total from investment operations		2.23			3.26
Less distributions to shareholders from:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)
Net asset value, end of period	$	27.89		$	26.49
Total return		8.68	%		14.03	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.79	%(d)		0.80	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.79	%(d)		0.80	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.79	%(d)		0.80	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.79	%(d)		0.80	%(d)(g)
Net investment income (loss)		0.29	%(d)		(0.22	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	265,815		$	180,383
Portfolio turnover		61	%		138	%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

20

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class R
Per share data
Net asset value, beginning of period	$	25.38		$	19.98		$	17.42		$	23.32		$	27.39		$	23.97
Income from investment operations:
Net investment loss		(0.05	)		(0.23	)		(0.15	)		(0.07	)		(0.18	)		(0.15	)(a)
Net realized and unrealized gain (loss)		2.08			5.63			2.71			(5.34	)		(0.06	)		5.03
Total from investment operations		2.03			5.40			2.56			(5.41	)		(0.24	)		4.88
Less distributions to shareholders from:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.83	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.83	)		(1.46	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	26.58		$	25.38		$	19.98		$	17.42		$	23.32		$	27.39
Total return		8.26	%		27.03	%		14.70	%		(22.57	%)		(2.44	%)		20.93	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.48	%(d)		1.44	%(e)		1.48	%(e)		1.51	%		1.43	%(e)		1.42	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.48	%(d)(g)		1.44	%(e)(g)		1.48	%(e)(g)		1.51	%(g)		1.43	%(e)(g)		1.42	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.48	%(d)		1.44	%		1.48	%		1.51	%		1.43	%		1.42	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.48	%(d)(g)		1.44	%(g)		1.48	%(g)		1.51	%(g)		1.43	%(g)		1.42	%(g)
Net investment loss		(0.43	%)(d)(g)		(0.88	%)(g)		(0.73	%)(g)		(0.45	%)(g)		(0.74	%)(g)		(0.57	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	25,135		$	26,196		$	5,112		$	3,876		$	1,800		$	908
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

21

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R5
Per share data
Net asset value, beginning of period	$	26.47		$	28.05
Income from investment operations:
Net investment income (loss)		0.03			(0.03	)
Net realized and unrealized gain (loss)		2.19			(1.55	)(b)
Total from investment operations		2.22			(1.58	)
Less distributions to shareholders from:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlement		0.00	(c)		—
Net asset value, end of period	$	27.86		$	26.47
Total return		8.64	%		(5.63	%)
Ratios to average net assets(d)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.79	%(e)		0.78	%(e)(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(g)		0.79	%(e)		0.78	%(e)(f)(h)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.79	%(e)		0.78	%(e)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(g)		0.79	%(e)		0.78	%(e)(h)
Net investment income (loss)		0.26	%(e)		(0.24	%)(e)(h)
Supplemental data
Net assets, end of period (in thousands)	$	2,383		$	2,198
Portfolio turnover		61	%		138	%

Notes to Financial Highlights

^(a)  For the period from March 7, 2011 (commencement of operations) to August 31, 2011.

^(b)  The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the period due to timing of repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.

^(c)  Rounds to less than $0.01.

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

^(e)  Annualized.

^(f)  Includes interest expense which rounds to less than 0.01%.

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

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

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

22

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class T
Per share data
Net asset value, beginning of period	$	25.72		$	20.21		$	17.58		$	23.48		$	27.53		$	24.04
Income from investment operations:
Net investment income		(0.03	)		(0.18	)		(0.11	)		(0.04	)		(0.14	)		(0.03	)(a)
Net realized and unrealized gain (loss)		2.12			5.69			2.74			(5.37	)		(0.06	)		4.98
Total from investment operations		2.09			5.51			2.63			(5.41	)		(0.20	)		4.95
Less distributions to shareholders from:
Net realized gains		(0.83	)		—			—			(0.49	)		(3.85	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			—			(0.49	)		(3.85	)		(1.46	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	26.98		$	25.72		$	20.21		$	17.58		$	23.48		$	27.53
Total return		8.39	%		27.26	%		14.96	%		(22.41	%)		(2.27	%)		21.17	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.28	%(d)		1.26	%(e)		1.28	%(e)		1.31	%		1.23	%(e)		1.22	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.28	%(d)(g)		1.26	%(e)(g)		1.28	%(e)(g)		1.31	%(g)		1.23	%(e)(g)		1.22	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.28	%(d)		1.26	%		1.28	%		1.31	%		1.23	%		1.22	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.28	%(d)(g)		1.26	%(g)		1.28	%(g)		1.31	%(g)		1.23	%(g)		1.22	%(g)
Net investment income		(0.24	%)(d)(g)		(0.69	%)(g)		(0.54	%)(g)		(0.25	%)(g)		(0.53	%)(g)		(0.10	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	22,524		$	22,127		$	19,582		$	18,847		$	26,801		$	29,282
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

23

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class W
Per share data
Net asset value, beginning of period	$	25.76		$	22.67
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.16	)
Net realized and unrealized gain		2.12			3.25
Total from investment operations		2.10			3.09
Less distributions to shareholders from:
Net realized gains		(0.83	)		—
Total distributions to shareholders		(0.83	)		—
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)
Net asset value, end of period	$	27.03		$	25.76
Total return		8.41	%		13.63	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.21	%(d)		1.19	%(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.21	%(d)(g)		1.19	%(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.21	%(d)		1.19	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.21	%(d)(g)		1.19	%(d)(g)
Net investment income (loss)		(0.13	%)(d)(g)		(0.63	%)(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	72,697		$	45,119
Portfolio turnover		61	%		138	%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

24

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009(a)
Class Y
Per share data
Net asset value, beginning of period	$	26.46		$	20.72		$	17.98		$	16.18
Income from investment operations:
Net investment income		0.02			(0.04	)		(0.03	)		0.01
Net realized and unrealized gain		2.19			5.78			2.80			1.79
Total from investment operations		2.21			5.74			2.77			1.80
Less distributions to shareholders from:
Net investment income		—			—			(0.03	)		—
Net realized gains		(0.83	)		—			—			—
Total distributions to shareholders		(0.83	)		—			(0.03	)		—
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			—
Net asset value, end of period	$	27.84		$	26.46		$	20.72		$	17.98
Total return		8.61	%		27.70	%		15.43	%		11.12	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.88	%(d)		0.86	%(e)		0.84	%(e)		0.86	%(d)
Net Expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.88	%(d)		0.86	%(e)(g)		0.84	%(e)(g)		0.86	%(d)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.88	%(d)		0.86	%		0.84	%		0.86	%(d)
Net Expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.88	%(d)		0.86	%(g)		0.84	%(g)		0.86	%(d)(g)
Net investment income		0.17	%(d)		(0.15	%)(g)		(0.13	%)(g)		0.31	%(d)(g)
Supplemental data
Net assets, end of period (in thousands)	$	35		$	32		$	1,013		$	3,067
Portfolio turnover		61	%		138	%		137	%		160	%

Notes to Financial Highlights

^(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

25

Financial Highlights(continued) – Columbia Mid Cap Growth Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period	$	26.45		$	20.72		$	17.98		$	23.92		$	27.93		$	24.35
Income from investment operations:
Net investment income (loss)		0.01			(0.10	)		(0.05	)		0.01			(0.06	)		0.05	(a)
Net realized and unrealized gain (loss)		2.18			5.83			2.80			(5.46	)		(0.07	)		5.04
Total from investment operations		2.19			5.73			2.75			(5.45	)		(0.13	)		5.09
Less distributions to shareholders from:
Net investment income		—			—			(0.01	)		—			—			(0.05	)
Net realized gains		(0.83	)		—			—			(0.49	)		(3.88	)		(1.46	)
Total distributions to shareholders		(0.83	)		—			(0.01	)		(0.49	)		(3.88	)		(1.51	)
Proceeds from regulatory settlement		0.00	(b)		0.00	(b)		—			0.00	(b)		—			—
Net asset value, end of period	$	27.81		$	26.45		$	20.72		$	17.98		$	23.92		$	27.93
Total return		8.53	%		27.65	%		15.29	%		(22.16	%)		(1.97	%)		21.49	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.97	%(d)		0.95	%(e)		0.98	%(e)		1.01	%		0.93	%(e)		0.92	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		0.97	%(d)(g)		0.95	%(e)(g)		0.98	%(e)(g)		1.01	%(g)		0.93	%(e)(g)		0.92	%(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.97	%(d)		0.95	%		0.98	%		1.01	%		0.93	%		0.92	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		0.97	%(d)(g)		0.95	%(g)		0.98	%(g)		1.01	%(g)		0.93	%(g)		0.92	%(g)
Net investment income (loss)		0.08	%(d)(g)		(0.39	%)(g)		(0.24	%)(g)		0.05	%(g)		(0.23	%)(g)		0.20	%(g)
Supplemental data
Net assets, end of period (in thousands)	$	1,361,594		$	1,198,927		$	986,590		$	954,718		$	1,286,857		$	1,452,707
Portfolio turnover		61	%		138	%		137	%		160	%		149	%		171	%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

26

Notes to Financial Statements – Columbia Mid Cap Growth Fund
February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R5, Class T, Class W, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 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 W shares are not subject to sales charges and are only available to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

27

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

valued at the mean of the latest quoted bid and asked prices on such exchanges or markets.

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

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

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

28

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

Income Recognition

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

Interest income is recorded on the accrual basis.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in

29

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.76% to 0.62% as the Fund's net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.69% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.05% of the Fund's average daily net assets.

Compensation of Board Members

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

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

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

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

For the six months ended February 29, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.22
Class C	0.20
Class R	0.20
Class R5	0.00	*
Class T	0.20
Class W	0.18
Class Y	0.09
Class Z	0.18

*  Rounds to less than 0.01%.

30

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

In connection with the acquisition of Seligman Capital Fund (see Note 12), the Fund assumed the assets and obligations of Seligman Capital Fund, which together with certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At February 29, 2012, the Fund's total potential future obligation over the life of the Guaranty is $252,797. The liability remaining at February 29, 2012 for non-recurring charges associated with the lease amounted to $168,372 and is included within payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at February 29, 2012 is included in other assets in the Statement of Assets and Liabilities at a cost of $2,199.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $20,597.

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class A, Class B, Class C, Class R, and Class W shares, respectively.

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

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

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. The annualized shareholder services fee for the six months ended February 29, 2012 was 0.30% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $70,119 for Class A, and $59 for Class T shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses

31

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

(excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.35	%
Class B	2.10
Class C	2.10
Class I	0.99
Class R	1.60
Class R5	1.04
Class T	1.40
Class W	1.35
Class Y	1.10
Class Z	1.10

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

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $1,645,679,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	466,350,000
Unrealized depreciation	$	(29,051,000	)
Net unrealized appreciation	$	437,299,000

The following capital loss carryforward, determined as of August 31, 2011 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of expiration		Amount
2015	$	29,526,504
2016		60,299,757
Total	$	89,826,261

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2011, post-October losses of $35,275 attributed to security transactions were deferred to September 1, 2011.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and

32

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,287,695,148 and $1,147,856,722, respectively, for the six months ended February 29, 2012.

Note 6. Regulatory Settlements

During the year ended February 29, 2012, the Fund received $10,040 as a result of a settlement of administrative proceedings brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and /or late trading of mutual funds. This amount represented the Fund's portion of the proceeds from the settlements (the Fund was not a party to the proceeding). The proceeds received by the Fund were recorded as an increase to additional paid in capital. The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets

Note 7. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

At February 29, 2012, securities valued at $429,742,830 were on loan, secured by U.S. government securities valued at $1,445,923 and by cash collateral of $442,136,946 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 8. Affiliated Money Market Fund

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

Note 9. Shareholder Concentration

At February 29, 2012, one unaffiliated shareholder account owned 25.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated

33

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

shareholder accounts owned 14.4% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 11. Fund Merger

At the close of business on April 8, 2011, the Fund acquired the assets and assumed the identified liabilities of Seligman Capital Fund. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $1,652,363,918 and the combined net assets immediately after the acquisition were $1,920,118,880.

The merger was accomplished by a tax-free exchange of 9,970,850 shares of Seligman Capital Fund valued at $267,754,962 (including $54,962,597 of unrealized appreciation).

In exchange for Seligman Capital Fund shares, the Fund issued the following number of shares:

	Shares
Class A		6,643,314
Class B		133,461
Class C		1,760,249
Class I		439,540
Class R		516,247
Class R5		82,936

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Seligman Capital Fund's cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined Fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Seligman Capital Fund that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on March 1, 2011 the Fund's pro-forma net investment loss, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $(8.8) million, $261.9 million, $95.6 million and $348.7 million, respectively.

34

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

Note 12. Significant Risks

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that invests in a wider range of industries.

Note 13. 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 14. 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 mutual funds (currently branded as Columbia) 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 considered and ruled in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs' opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities.

35

Columbia Mid Cap Growth Fund, February 29, 2012 (Unaudited)

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.

36

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 Mid Cap Growth 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

37

Columbia Mid Cap Growth Fund

P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1635 C (4/12)

Columbia Oregon Intermediate Municipal Bond Fund

Semiannual Report for the Period Ended February 29, 2012

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Portfolio of Investments	3
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	19
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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington's inability to reach a plan for deficit reduction and Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation—which tracks a broad range of consumer expenditures, including food and energy—declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

_g  timely economic analysis and market commentary

_g  quarterly fund commentaries

_gColumbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

*All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Oregon Intermediate Municipal Bond Fund

Average annual total return as of 02/29/12 (%)

Share class	A*				B*				C*				Z
Inception	11/01/02				11/01/02				10/13/03				07/02/84
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		4.60		1.20		4.21		1.21		4.39		3.39		4.72
1-year		10.02		6.41		9.18		6.18		9.56		8.56		10.27
5-year		4.61		3.93		3.84		3.84		4.19		4.19		4.87
10-year		4.44		3.94		3.66		3.66		4.04		4.04		4.72

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, 29, 2012 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, 29, 2012 include the new sales charge of 3.25%. This change was effective beginning August 22, 2005.

Performance results reflect any fee waivers or reimbursements of fund expenses by Columbia Management Investment Advisors, LLC 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 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.

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

Tax-exempt investing offers current tax-exempt income, but it also involves special risks. The value of the fund will be affected by interest rate changes and the creditworthiness of issues held in the fund. When interest rates go up, bond prices generally drop and vice versa. Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Any capital gains distributed are taxable to the investor. Single-state municipal bond funds pose additional risks, due to limited geographical diversification.

¹The Barclays 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.

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

Top ten holdings²

(at 02/29/12) (%)
Washington Clackamas & Yamhill Counties School District No. 88J 4.500% 06/15/23	2.0
Washington & Clackamas Countries School District No. 23J Tigard-Tualatin 5.000% 06/15/21	1.8
Oregon Department of Transportation 4.750% 11/15/27	1.8
Port of Portland 5.500% 07/01/27	1.7
Oregon Department of Transportation 5.000% 11/15/16	1.7
City of Portland 5.000% 06/01/23	1.6
Puerto Rico Public Finance Corp. 6.000% 08/01/26	1.6
Oregon Health & Science University 0.000% 07/01/21	1.5
City of Portland Water System 5.000% 10/01/16	1.4
State of Oregon 5.000% 08/01/19	1.4

²Percentages indicated are based upon total investments.

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

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

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 02/29/12

	+4.60%
	Class A shares (without sales charge)
	+4.53%
	Barclays 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 02/29/12 ($)
Class A	12.87
Class B	12.87
Class C	12.87
Class Z	12.87

Distributions declared per share

09/01/11 – 02/29/12 ($)
Class A	0.19
Class B	0.14
Class C	0.16
Class Z	0.20

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.

Top sectors breakdown3
(at 02/29/12) (%)
Local General Obligation	35.4
Hospital	9.5
Special Property Tax	6.5
Water & Sewer	5.4
Special Non Property Tax	5.2

³Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

1

Understanding Your Expenses – Columbia Oregon Intermediate Municipal Bond Fund

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

Analyzing your fund's expenses

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

Compare with other funds

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

September 1, 2011 – February 29, 2012

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,046.00		1,020.93		4.02		3.97		0.79
Class B		1,000.00		1,000.00		1,042.10		1,017.21		7.82		7.72		1.54
Class C		1,000.00		1,000.00		1,043.90		1,018.95		6.05		5.97		1.19
Class Z		1,000.00		1,000.00		1,047.20		1,022.18		2.75		2.72		0.54

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

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

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

2

Portfolio of Investments – Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds 95.9%
Airport 1.6%
Port of Portland Revenue Bonds Passenger Facility Charge Series 2011
07/01/27		5.500	%	$	6,635,000	$	7,828,902
Assisted Living 0.4%
Clackamas County Hospital Facility Authority Refunding Revenue Bonds Robinson Jewish Home Series 2005
10/01/19		5.000	%		1,000,000		949,040
10/01/24		5.125	%		1,000,000		946,810
Total							1,895,850
Higher Education 3.0%
City of Forest Grove Revenue Bonds Campus Improvement-Pacific University Project Series 2009
05/01/30		6.000	%		1,500,000		1,561,095
City of Portland Refunding Revenue Bonds Broadway Project Series 2008A
04/01/23		6.250	%		3,250,000		3,879,005
Oregon Health & Science University Revenue Bonds Capital Appreciation-Independent School District Series 1996A (NPFGC) (a)
07/01/21		0.000	%		9,700,000		7,028,135
Oregon State Facilities Authority Revenue Bonds Linfield College Project Series 2005A
10/01/20		5.000	%		1,825,000		1,970,671
Total							14,438,906
Hospital 9.5%
Deschutes County Hospital Facilities Authority Refunding Revenue Bonds Cascade Health Services, Inc. Series 2008
01/01/23		7.375	%		2,000,000		2,517,520
Multnomah County Hospital Facilities Authority Revenue Bonds Adventist Health West Series 2009A
09/01/21		5.000	%		3,685,000		4,240,330
Providence Health Systems Series 2004
10/01/13		5.250	%		1,045,000		1,126,061
10/01/16		5.250	%		2,970,000		3,270,475
Oregon State Facilities Authority Refunding Revenue Bonds Legacy Health Project Series 2011A
05/01/20		5.250	%		5,000,000		6,055,700

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Hospital (cont.)
Oregon State Facilities Authority Legacy Health Systems Series 2010A
03/15/15		5.000	%	$	1,000,000	$	1,103,080
03/15/16		5.000	%		1,500,000		1,695,060
Peacehealth Series 2009A
11/01/17		5.000	%		4,450,000		5,322,689
11/01/19		5.000	%		3,695,000		4,445,602
Samaritan Health Services Series 2010A
10/01/22		5.000	%		3,450,000		3,934,725
10/01/23		5.000	%		2,000,000		2,255,940
Revenue Bonds Providence Health Services Series 2011C
10/01/14		4.000	%		1,625,000		1,756,658
Salem Hospital Facility Authority Revenue Bonds Salem Hospital Project Series 2006A
08/15/27		5.000	%		3,500,000		3,728,445
Series 2008A
08/15/15		5.750	%		785,000		893,259
08/15/18		5.250	%		2,500,000		2,963,500
Total							45,309,044
Independent Power 0.8%
Western Generation Agency Revenue Bonds Wauna Cogeneration Project Series 2006A
01/01/20		5.000	%		1,000,000		967,200
01/01/21		5.000	%		3,000,000		2,871,780
Total							3,838,980
Investor Owned 0.9%
Port of Morrow Refunding Revenue Bonds Portland General Electric Series 1998A (b)
05/01/33		5.000	%		3,750,000		4,133,662
Local General Obligation 35.2%
Benton & Linn Counties Consolidated School District No. 509J & 509A Unlimited General Obligation Refunding Bonds Series 2007 (AGM)
06/15/20		5.000	%		5,000,000		6,178,050
Canyonville South Umpqua Rural Fire Protection District Unlimited General Obligation Bonds Series 2001
07/01/31		5.400	%		610,000		610,397
Central Oregon Community College District Unlimited General Obligation Bonds Series 2010
06/15/24		4.750	%		2,580,000		3,074,715
City of Portland Limited General Obligation Refunding Bonds Arena Series 2005B
06/01/16		5.000	%		3,075,000		3,510,205

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

3

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Local General Obligation (cont.)
Limited Tax Series 2011A
06/01/23		5.000	%	$	6,140,000	$	7,507,317
City of Portland (a) Limited Tax General Obligation Bonds Series 2001B
06/01/16		0.000	%		3,500,000		3,337,670
06/01/18		0.000	%		4,000,000		3,555,040
06/01/19		0.000	%		4,000,000		3,421,680
06/01/20		0.000	%		4,000,000		3,292,440
City of Salem Limited General Obligation Bonds Series 2009
06/01/26		5.000	%		3,315,000		3,846,428
Unlimited General Obligation Bonds Series 2009
06/01/19		5.000	%		2,025,000		2,513,470
06/01/20		5.000	%		880,000		1,072,051
Clackamas & Washington Counties School District No. 3 Unlimited General Obligation Bonds West Linn-Wilsonville Series 2009
06/15/24		5.000	%		4,150,000		4,903,557
Clackamas & Washington Counties School District No. 3 Unlimited General Obligation Bonds Series 2003A (NPFGC/FGIC) (a)
06/15/17		0.000	%		4,000,000		3,701,160
Clackamas Community College District Unrefunded Unlimited General Obligation Bonds Series 2001 (NPFGC/FGIC)
06/15/15		5.250	%		110,000		111,544
Clackamas County School District No. 108 Estacada Unlimited General Obligation Refunding Bonds Series 2005 (AGM)
06/15/25		5.500	%		2,485,000		3,340,784
Clackamas County School District No. 115 Unlimited General Obligation Bonds Series 2006A (NPFGC) (a)
06/15/25		0.000	%		2,250,000		1,313,190
Clackamas County School District No. 12 North Clackamas Unlimited General Obligation Bonds Series 2007B (AGM)
06/15/22		5.000	%		4,000,000		4,722,440
Clackamas County School District No. 46 Oregon Trail Unlimited General Obligation Bonds Series 2009A
06/15/25		5.000	%		4,350,000		5,080,974
06/15/26		5.000	%		3,000,000		3,483,060
Columbia County School District No. 502 Unlimited General Obligation Bonds Series 1999 (NPFGC/FGIC) (a)
06/01/14		0.000	%		1,025,000		1,005,392
Columbia Gorge Community College District (c) Unlimited General Obligation Refunding Bonds Series 2012
06/15/18		3.000	%		810,000		893,317
06/15/19		2.500	%		1,010,000		1,077,720
06/15/20		3.000	%		805,000		877,490

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Local General Obligation (cont.)
Columbia Multnomah & Washington Counties School District No. 1J Unlimited General Obligation Bonds Scappoose School District Series 2009
06/15/23		5.000	%	$	1,000,000	$	1,179,890
06/15/24		5.000	%		1,165,000		1,367,139
06/15/25		5.000	%		1,275,000		1,489,251
County of Clackamas Limited General Obligation Bonds Series 2007 (NPFGC)
06/01/27		4.125	%		2,000,000		2,135,260
County of Lane Limited General Obligation Bonds Series 2009A
11/01/24		5.000	%		1,000,000		1,199,620
11/01/25		5.000	%		1,140,000		1,363,463
Deschutes & Jefferson Counties School District No. 2J Redmond Unlimited General Obligation Bonds Series 2004B (NPFGC/FGIC) (a)
06/15/22		0.000	%		2,335,000		1,760,730
Deschutes County Administrative School District No. 1 Bend-La Pine Unlimited General Obligation Bonds Series 2007 (NPFGC/FGIC)
06/15/20		4.500	%		5,000,000		5,697,700
Jackson County School District No. 549C Medford Unlimited General Obligation Bonds Series 2008
06/15/27		4.625	%		1,500,000		1,679,430
06/15/28		4.625	%		1,660,000		1,847,846
Jackson County School District No. 9 Eagle Point Unlimited General Obligation Refunding Bonds Series 2005 (NPFGC)
06/15/20		5.500	%		1,000,000		1,277,670
06/15/21		5.500	%		1,410,000		1,819,436
Jefferson County School District No. 509J Unlimited General Obligation Bonds Series 2002 (NPFGC/FGIC)
06/15/18		5.250	%		1,075,000		1,089,448
Josephine County School District Unlimited General Obligation Refunding Bonds Series 2005 (NPFGC/FGIC)
12/15/15		5.000	%		1,000,000		1,162,930
12/15/16		5.000	%		1,000,000		1,199,350
Lane Community College Unlimited General Obligation Bonds Series 2009
06/15/17		4.250	%		2,195,000		2,572,716
06/15/18		4.250	%		2,000,000		2,359,680
Lane County School District No. 19 Springfield Unlimited General Obligation Refunding Bonds Series 1997 (NPFGC/FGIC)
10/15/12		6.000	%		1,740,000		1,798,742
10/15/14		6.000	%		1,310,000		1,479,776

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

4

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Local General Obligation (cont.)
Lane County School District No. 4J Eugene Unlimited General Obligation Refunding Bonds Series 2002
07/01/12		5.000	%	$	1,000,000	$	1,016,390
07/01/13		5.250	%		1,000,000		1,067,070
Linn Benton Community College District Unlimited General Obligation Bonds Series 2001 (NPFGC/FGIC) (a)
06/15/13		0.000	%		1,000,000		986,430
Linn County Community School District No. 9 Lebanon Unrefunded Unlimited General Obligation Bonds Series 2001 (NPFGC/FGIC)
06/15/15		5.250	%		305,000		322,907
Madras Aquatic Center District Unlimited General Obligation Bonds Series 2005
06/01/22		5.000	%		1,695,000		1,821,294
Portland Community College District Unlimited General Obligation Refunding Bonds Series 2005 (AGM)
06/15/16		5.000	%		4,750,000		5,433,050
Salem-Keizer School District No. 24J Unlimited General Obligation Bonds Series 2009A
06/15/15		4.000	%		3,850,000		4,276,888
06/15/16		5.000	%		2,500,000		2,953,275
Unlimited General Obligation Refunding Bonds Marion & Polk Counties Series 2004
06/15/13		5.000	%		2,285,000		2,425,870
Tri-County Metropolitan Transportation District Refunding Revenue Bonds Limited Tax Pledge Series 2005A (AGM)
09/01/17		5.000	%		4,250,000		4,862,170
Series 2003A
09/01/15		5.000	%		1,000,000		1,042,360
Revenue Bonds Series 2009A
09/01/18		4.000	%		1,000,000		1,171,510
09/01/21		4.250	%		1,815,000		2,099,665
Tualatin Hills Park & Recreation District Unlimited General Obligation Refunding Bonds Series 1998 (NPFGC/FGIC)
03/01/14		5.750	%		990,000		1,097,316
Umatilla County School District No. 8R Hermiston Unlimited General Obligation Bonds Series 2010
06/15/29		4.500	%		2,360,000		2,730,662
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin Unlimited General Obligation Refunding Bonds Series 2005 (NPFGC)
06/15/19		5.000	%		850,000		1,054,484
06/15/21		5.000	%		6,575,000		8,245,970
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin Limited General Obligation Bonds Series 2000 (a)
06/15/18		0.000	%		2,700,000		2,324,241

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Local General Obligation (cont.)
Washington Clackamas & Yamhill Counties School District No. 88J Unlimited General Obligation Bonds Sherwood Series 2007B (NPFGC)
06/15/23		4.500	%	$	8,124,999	$	9,016,962
Washington County School District No. 1 West Union Unlimited General Obligation Refunding Bonds Series 1998
11/01/13		5.000	%		1,100,000		1,186,944
Washington County School District No. 1 West Union Unlimited General Obligation Bonds Capital Appreciation-Hillsboro Series 2006 (NPFGC) (a)
06/15/25		0.000	%		4,065,000		2,365,302
Washington County School District No. 15 Forest Grove Unlimited General Obligation Bonds Series 2012A
06/15/24		5.000	%		1,780,000		2,193,814
Yamhill Clackamas & Washington Counties School District No. 29J Newberg Unlimited General Obligation Refunding Bonds Series 2005 (NPFGC/FGIC)
06/15/21		5.500	%		1,000,000		1,276,470
Total							167,881,212
Multi-Family 2.3%
City of Forest Grove Revenue Bonds Oak Tree Foundation Project Series 2007
03/01/37		5.500	%		4,000,000		3,967,760
City of Portland Revenue Bonds Headwaters Apartments Project Series 2005A
04/01/25		5.000	%		1,565,000		1,670,857
Clackamas County Housing Authority Revenue Bonds Senior Lien-Easton Ridge Series 1996A
12/01/16		5.800	%		1,160,000		1,160,603
12/01/26		5.900	%		1,750,000		1,750,140
Puerto Rico Housing Finance Authority Subordinated Revenue Bonds Capital Fund Modernization Series 2008 (d)
12/01/13		5.000	%		2,455,000		2,618,675
Total							11,168,035
Municipal Power 3.3%
City of Eugene Refunding Revenue Bonds Electric Utility System Series 2011A
08/01/28		5.000	%		2,200,000		2,610,388
08/01/29		5.000	%		3,410,000		4,021,277

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

5

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Municipal Power (cont.)
Emerald Peoples Utility District Refunding Revenue Bonds Series 1996 (NPFGC/FGIC)
11/01/12		7.350	%	$	2,490,000	$	2,598,290
11/01/13		7.350	%		2,675,000		2,953,039
Series 2003A (AGM)
11/01/20		5.250	%		605,000		643,696
Puerto Rico Electric Power Authority Refunding Revenue Bonds Series 2010ZZ (d)
07/01/24		5.250	%		2,475,000		2,782,939
Total							15,609,629
Other Bond Issue 0.6%
Oregon State Facilities Authority Revenue Bonds Goodwill Industries Lane County Series 1998A (e)(f)
11/15/22		6.650	%		2,770,000		2,771,025
Ports 0.5%
Port of Morrow Refunding Revenue Bonds Series 2007
06/01/20		4.875	%		750,000		748,687
06/01/25		5.000	%		1,000,000		966,990
Port of St. Helen's Revenue Bonds Series 1999
08/01/14		5.600	%		200,000		200,264
08/01/19		5.750	%		425,000		425,183
Total							2,341,124
Recreation 4.4%
Oregon State Department of Administrative Services Revenue Bonds Series 2008A
04/01/24		5.000	%		3,130,000		3,638,061
Series 2009A
04/01/21		5.000	%		5,000,000		6,066,950
04/01/22		5.000	%		5,000,000		6,006,850
04/01/27		5.000	%		4,000,000		4,667,920
Unrefunded Revenue Bonds Series 2003A (AGM)
04/01/14		5.000	%		380,000		408,542
Total							20,788,323
Refunded / Escrowed 5.1%
Benton & Linn Counties Consolidated School District No. 509J & 509A Prerefunded 06/01/13 Unlimited General Obligation Bonds Series 2003 (AGM)
06/01/17		5.000	%		2,665,000		2,822,182
Coos County School District No. 13 North Bend Prerefunded 06/15/12 Unlimited General Obligation Bonds Series 2002 (AGM)
06/15/15		5.500	%		1,765,000		1,792,799
Linn County Community School District No. 9 Lebanon Prerefunded 06/15/13 Unlimited General Obligation Bonds Series 2001 (FGIC)
06/15/15		5.250	%		405,000		431,175
06/15/21		5.550	%		2,000,000		2,137,280

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Refunded / Escrowed (cont.)
North Clackamas Parks & Recreation District Revenue Bonds Recreational Facilities Series 1993 Escrowed to Maturity
04/01/13		5.700	%	$	855,000	$	880,026
Oregon Department of Transportation Prerefunded 11/15/12 Revenue Bonds Series 2002A
11/15/16		5.500	%		2,500,000		2,594,475
Oregon State Department of Administrative Services Prerefunded 10/01/13 Revenue Bonds Series 2003A (AGM)
04/01/14		5.000	%		1,450,000		1,557,938
Puerto Rico Highway & Transportation Authority Prerefunded 07/01/12 Revenue Bonds Series 2003AA-1 (AGM) (d)
07/01/26		4.950	%		2,060,000		2,092,980
Puerto Rico Public Finance Corp. Unrefunded Revenue Bonds Commonwealth Appropriations Series 2002E Escrowed to Maturity (d)
08/01/26		6.000	%		5,000,000		7,191,650
Virgin Islands Public Finance Authority Revenue Bonds Series 1989A Escrowed to Maturity (d)
10/01/18		7.300	%		980,000		1,199,912
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin Prerefunded 06/15/12 Unlimited General Obligation Bonds Series 2002 (NPFGC)
06/15/17		5.375	%		1,500,000		1,523,070
Total							24,223,487
Retirement Communities 0.4%
Albany Hospital Facility Authority Refunding Revenue Bonds Mennonite Home of Albany Project Series 2004A
10/01/12		5.000	%		680,000		682,516
Multnomah County Hospital Facilities Authority Revenue Bonds Terwilliger Plaza Project Series 2006A
12/01/26		5.250	%		1,400,000		1,426,992
Total							2,109,508
Single Family 2.6%
Oregon State Housing & Community Services Department Revenue Bonds Single Family Mortgage Series 2008G
07/01/28		5.200	%		4,570,000		4,883,730
Single Family Mortgage Program Series 2011A (FHLMC)
07/01/25		5.250	%		2,370,000		2,560,714
Series 2011B
07/01/28		5.250	%		2,000,000		2,230,720
Series 2011J
07/01/24		5.150	%		1,010,000		1,011,172

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

6

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Single Family (cont.)
State of Oregon Housing & Community Services Department Revenue Bonds Single Family Mortgage Program Series 2001Q
07/01/15		4.700	%	$	335,000	$	335,834
07/01/17		4.900	%		330,000		330,700
Series 2010A
07/01/27		5.250	%		815,000		897,274
Total							12,250,144
Special Non Property Tax 5.2%
Oregon Department of Transportation Revenue Bonds Senior Lien Series 2007A
11/15/16		5.000	%		6,305,000		7,578,043
Series 2009A
11/15/27		4.750	%		7,000,000		8,034,600
Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds Series 2003AA-1 (AGM) (d)
07/01/26		4.950	%		2,940,000		3,162,146
Territory of Guam Revenue Bonds Series 2011A (d)
01/01/31		5.000	%		1,100,000		1,216,985
Virgin Islands Public Finance Authority Revenue Bonds Senior Lien-Matching Fund Loan Note Series 2010A (d)
10/01/25		5.000	%		4,410,000		4,762,668
Total							24,754,442
Special Property Tax 6.5%
City of Keizer Special Assessment Bonds Keizer Station Area Series 2008A
06/01/31		5.200	%		4,485,000		4,883,492
City of Portland Refunding Tax Allocation Bonds 2nd Lien-Downtown Series 2011
06/15/18		5.000	%		3,095,000		3,657,764
Senior Lien-Oregon Convention Center Series 2011
06/15/20		5.000	%		4,305,000		5,124,328
Revenue Bonds Series 2003A (AMBAC)
06/15/17		5.000	%		1,500,000		1,582,230
06/15/18		5.000	%		3,070,000		3,210,575
06/15/20		5.000	%		2,000,000		2,094,220
Tax Allocation Bonds Central Eastside Series 2011B
06/15/26		5.000	%		1,580,000		1,724,238
06/15/27		5.000	%		1,370,000		1,486,025
Lents Town Center Series 2010B
06/15/25		5.000	%		1,550,000		1,748,276
06/15/26		5.000	%		1,440,000		1,607,659

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Special Property Tax (cont.)
Redmond Urban Renewal Agency Tax Allocation Bonds Downtown Urban Renewal Area Series 1999B
06/01/13		5.650	%	$	380,000	$	381,193
06/01/19		5.850	%		785,000		786,908
Seaside Urban Renewal Agency Tax Allocation Bonds Greater Seaside Urban Renewal Series 2001
06/01/15		5.250	%		820,000		821,952
Veneta Urban Renewal Agency Revenue Bonds Urban Renewal Series 2001
02/15/16		5.375	%		575,000		576,369
02/15/21		5.625	%		1,100,000		1,101,914
Total							30,787,143
State Appropriated 4.2%
Oregon State Department of Administrative Services Certificate of Participation Series 2002E (AGM)
11/01/13		5.000	%		1,470,000		1,516,011
Series 2007A (NPFGC/FGIC)
05/01/24		5.000	%		2,630,000		2,925,849
05/01/25		5.000	%		2,780,000		3,078,711
05/01/26		5.000	%		2,800,000		3,084,228
Series 2009A
05/01/23		5.000	%		3,100,000		3,602,324
Refunding Certificate of Participation Series 2002C (NPFGC)
11/01/15		5.250	%		1,000,000		1,008,310
11/01/17		5.250	%		5,000,000		5,040,650
Total							20,256,083
State General Obligation 2.8%
State of Oregon Prerefunded 10/15/12 Unlimited General Obligation Bonds Series 2002A
10/15/15		5.250	%		1,735,000		1,790,121
Unlimited General Obligation Refunding Bonds Oregon University System Series 2012A
08/01/19		5.000	%		5,000,000		6,280,700
State Board of Higher Education Series 2004D
08/01/24		5.000	%		3,620,000		3,917,998
State of Oregon (a) Unlimited General Obligation Bonds State Board of Higher Education Series 2001A
08/01/17		0.000	%		1,050,000		978,233
State Higher Board of Education Series 1996A
08/01/14		0.000	%		490,000		482,126
Total							13,449,178

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

7

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Transportation 1.2%
Tri-County Metropolitan Transportation District Revenue Bonds Capital Grant Receipt Series 2011A
10/01/25		5.000	%	$	4,775,000	$	5,695,047
Water & Sewer 5.4%
City of Myrtle Point Water Revenue Bonds Series 2000
12/01/20		6.000	%		510,000		511,091
City of Portland Sewer System Refunding Revenue Bonds 1st Lien Series 2008A
06/15/17		5.000	%		1,500,000		1,820,460
Revenue Bonds First Lien Series 2004A (AGM)
10/01/21		4.250	%		2,500,000		2,688,125
City of Portland Water System Refunding Revenue Bonds 1st Lien Series 2006B
10/01/16		5.000	%		5,330,000		6,391,256
Revenue Bonds Series 2004B
10/01/13		5.000	%		730,000		785,495
City of Woodburn Refunding Revenue Bonds Series 2011A
03/01/18		3.000	%		1,115,000		1,185,535
03/01/19		5.000	%		3,490,000		4,128,949
03/01/22		5.000	%		4,620,000		5,510,043

Issue Description	Coupon Rate			Principal Amount		Value
Municipal Bonds (continued)
Water & Sewer (cont.)
Washington County Clean Water Services Refunding Revenue Bonds Senior Lien Series 2004 (NPFGC)
10/01/13		5.000	%	$	2,310,000	$	2,483,689
Total							25,504,643
Total Municipal Bonds (Cost: $419,305,725)						$	457,034,367
				Shares		Value
Money Market Funds 3.7%
Dreyfus Tax-Exempt Cash Management Fund, 0.010% (g)					9,008,645	$	9,008,645
JPMorgan Tax-Free Money Market Fund, 0.010% (g)					8,635,633		8,635,633
Total Money Market Funds (Cost: $17,644,278)						$	17,644,278
Total Investments (Cost: $436,950,003)						$	474,678,645
Other Assets & Liabilities, Net							1,688,985
Total Net Assets						$	476,367,630

Notes to Portfolio of Investments

(a)  Zero coupon bond.

(b)  Variable rate security. The interest rate shown reflects the rate as of February 29, 2012.

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

(d)  Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At February 29, 2012, the value of these securities amounted to $25,027,955 or 5.25% of net assets.

(e)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 29, 2012 was $2,771,025, representing 0.58% of net assets. Information concerning such security holdings at February 29, 2012 was as follows:

Security Description	Acquisition Dates	Cost
Oregon State Facilities Authority Revenue Bonds Goodwill Industries Lane County Series 1998A 6.650% 11/15/22	06/17/98	$	2,770,000

(f)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2012, the value of these securities amounted to $2,771,025 or 0.58% of net assets.

(g)  The rate shown is the seven-day current annualized yield at February 29, 2012.

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

8

Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)

Abbreviation Legend

AGM  Assured Guaranty Municipal Corporation

AMBAC  Ambac Assurance Corporation

FGIC  Financial Guaranty Insurance Company

FHLMC  Federal Home Loan Mortgage Corporation

NPFGC  National Public Finance Guarantee Corporation

Fair Value Measurements

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

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

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

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Bonds
Municipal Bonds	$	—	$	457,034,367	$	—	$	457,034,367
Total Bonds		—		457,034,367		—		457,034,367
Other
Money Market Funds		17,644,278		—		—		17,644,278
Total Other		17,644,278		—		—		17,644,278
Total	$	17,644,278	$	457,034,367	$	—	$	474,678,645

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.

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

(b)  There were no significant transfers between Levels 1 and 2 during the period.

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

9

Statement of Assets and Liabilities – Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value
(identified cost $436,950,003)	$	474,678,645
Receivable for:
Capital shares sold		998,135
Interest		5,127,860
Expense reimbursement due from Investment Manager		8,986
Prepaid expense		4,567
Trustees' deferred compensation plan		38,583
Total assets		480,856,776
Liabilities
Payable for:
Investments purchased on a delayed delivery basis		2,847,570
Capital shares purchased		397,857
Dividend distributions to shareholders		1,134,525
Investment management fees		5,208
Distribution and service fees		564
Transfer agent fees		28,301
Administration fees		881
Chief compliance officer expenses		444
Other expenses		35,213
Trustees' deferred compensation plan		38,583
Total liabilities		4,489,146
Net assets applicable to outstanding capital stock	$	476,367,630

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

10

Statement of Assets and Liabilities(continued) – Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	438,399,765
Undistributed net investment income		270,431
Accumulated net realized loss		(31,208	)
Unrealized appreciation (depreciation) on:
Investments		37,728,642
Total — representing net assets applicable to outstanding capital stock	$	476,367,630
Net assets applicable to outstanding shares
Class A	$	28,286,601
Class B	$	33,808
Class C	$	20,875,432
Class Z	$	427,171,789
Shares outstanding
Class A		2,197,582
Class B		2,626
Class C		1,621,563
Class Z		33,181,168
Net asset value per share
Class A(a)	$	12.87
Class B	$	12.87
Class C	$	12.87
Class Z	$	12.87

^(a)  The maximum offering price per share for Class A is $13.30. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 3.25%.

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

11

Statement of Operations – Columbia Oregon Intermediate Municipal Bond Fund

Six months ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	987
Interest		8,657,103
Total income		8,658,090
Expenses:
Investment management fees		913,943
Distribution fees
Class B		278
Class C		71,922
Service fees
Class A		34,298
Class B		93
Class C		23,994
Transfer agent fees
Class A		11,985
Class B		32
Class C		8,390
Class Z		179,248
Administration fees		154,743
Compensation of board members		12,850
Custodian fees		3,379
Printing and postage fees		32,891
Registration fees		24,856
Professional fees		29,798
Chief compliance officer expenses		382
Other		10,429
Total expenses		1,513,511
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(150,367	)
Fees waived by distributor — Class C		(33,532	)
Expense reductions		(1,120	)
Total net expenses		1,328,492
Net investment income		7,329,598
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		530,612
Net realized gain		530,612
Net change in unrealized appreciation (depreciation) on:
Investments		13,535,689
Net change in unrealized appreciation		13,535,689
Net realized and unrealized gain		14,066,301
Net increase in net assets resulting from operations	$	21,395,899

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

12

Statement of Changes in Net Assets – Columbia Oregon Intermediate Municipal Bond Fund

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011
Operations
Net investment income	$	7,329,598		$	15,914,153
Net realized gain (loss)		530,612			(591,862	)
Net change in unrealized appreciation (depreciation)		13,535,689			(7,035,023	)
Net increase in net assets resulting from operations		21,395,899			8,287,268
Distributions to shareholders from:
Net investment income
Class A		(413,240	)		(842,891	)
Class B		(843	)		(5,973	)
Class C		(250,244	)		(478,141	)
Class Z		(6,675,934	)		(14,648,157	)
Net realized gains
Class A		—			(47,330	)
Class B		—			(559	)
Class C		—			(28,963	)
Class Z		—			(729,539	)
Total distributions to shareholders		(7,340,261	)		(16,781,553	)
Increase (decrease) in net assets from share transactions		16,773,287			(41,175,886	)
Total increase (decrease) in net assets		30,828,925			(49,670,171	)
Net assets at beginning of period		445,538,705			495,208,876
Net assets at end of period	$	476,367,630		$	445,538,705
Undistributed net investment income	$	270,431		$	281,094

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

13

Statement of Changes in Net Assets(continued) – Columbia Oregon Intermediate Municipal Bond Fund

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		588,662			7,395,448			890,521			10,923,081
Distributions reinvested		25,865			327,379			40,010			489,936
Redemptions		(418,681	)		(5,310,054	)		(1,112,138	)		(13,574,198	)
Net increase (decrease)		195,846			2,412,773			(181,607	)		(2,161,181	)
Class B shares
Subscriptions		17			216			123			1,506
Distributions reinvested		12			151			190			2,323
Redemptions(a)		(3,710	)		(47,606	)		(25,822	)		(314,324	)
Net decrease		(3,681	)		(47,239	)		(25,509	)		(310,495	)
Class C shares
Subscriptions		388,747			4,922,807			389,956			4,799,963
Distributions reinvested		15,598			197,494			21,922			268,239
Redemptions		(229,556	)		(2,905,094	)		(285,063	)		(3,454,496	)
Net increase		174,789			2,215,207			126,815			1,613,706
Class Z shares
Subscriptions		2,182,712			27,621,533			2,186,882			26,859,008
Distributions reinvested		379,344			4,802,742			915,596			11,205,841
Redemptions		(1,599,363	)		(20,231,729	)		(6,436,980	)		(78,382,765	)
Net increase (decrease)		962,693			12,192,546			(3,334,502	)		(40,317,916	)
Total net increase (decrease)		1,329,647			16,773,287			(3,414,803	)		(41,175,886	)

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

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

14

Financial Highlights – Columbia Oregon Intermediate Municipal Bond Fund

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

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period	$	12.49		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Income from investment operations:
Net investment income		0.19			0.40			0.41			0.45			0.46			0.46
Net realized and unrealized gain (loss)		0.38			(0.15	)		0.51			0.09			0.05			(0.23	)
Total from investment operations		0.57			0.25			0.92			0.54			0.51			0.23
Less distributions to shareholders from:
Net investment income		(0.19	)		(0.41	)		(0.42	)		(0.45	)		(0.46	)		(0.45	)
Net realized gains		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.19	)		(0.43	)		(0.42	)		(0.45	)		(0.46	)		(0.45	)
Proceeds from regulatory settlement		—			—			—			0.01			—			—
Net asset value, end of period	$	12.87		$	12.49		$	12.67		$	12.17		$	12.07		$	12.02
Total return		4.60	%		2.07	%		7.68	%		4.70	%		4.31	%		1.92	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed		0.86	%(b)		0.89	%		0.89	%		0.89	%		0.87	%		0.88	%
Net expenses after fees waived or expenses reimbursed(c)		0.79	%(b)(d)		0.80	%(d)		0.78	%(d)		0.75	%(d)		0.77	%(d)		0.88	%(d)
Net investment income		3.00	%(b)(d)		3.28	%(d)		3.35	%(d)		3.74	%(d)		3.78	%(d)		3.73	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	28,287		$	24,998		$	27,661		$	15,507		$	10,210		$	5,519
		6	%		13	%		12	%		8	%		5	%		16	%

Notes to Financial Highlights

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

^(b)  Annualized.

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

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

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

15

Financial Highlights(continued) – Columbia Oregon Intermediate Municipal Bond Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period	$	12.49		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Income from investment operations:
Net investment income		0.14			0.32			0.33			0.36			0.37			0.36
Net realized and unrealized gain (loss)		0.38			(0.17	)		0.49			0.09			0.05			(0.22	)
Total from investment operations		0.52			0.15			0.82			0.45			0.42			0.14
Less distributions to shareholders from:
Net investment income		(0.14	)		(0.31	)		(0.32	)		(0.36	)		(0.37	)		(0.36	)
Net realized gains		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.14	)		(0.33	)		(0.32	)		(0.36	)		(0.37	)		(0.36	)
Proceeds from regulatory settlement		—			—			—			0.01			—			—
Net asset value, end of period	$	12.87		$	12.49		$	12.67		$	12.17		$	12.07		$	12.02
Total return		4.21	%		1.30	%		6.88	%		3.92	%		3.56	%		1.16	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed		1.61	%(b)		1.66	%		1.64	%		1.64	%		1.62	%		1.63	%
Net expenses after fees waived or expenses reimbursed(c)		1.54	%(b)(d)		1.55	%(d)		1.53	%(d)		1.50	%(d)		1.52	%(d)		1.63	%(d)
Net investment income		2.27	%(b)(d)		2.57	%(d)		2.66	%(d)		3.02	%(d)		3.08	%(d)		2.98	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	34		$	79		$	403		$	641		$	570		$	842
Portfolio turnover		6	%		13	%		12	%		8	%		5	%		16	%

Notes to Financial Highlights

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

^(b)  Annualized.

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

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

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

16

Financial Highlights(continued) – Columbia Oregon Intermediate Municipal Bond Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period	$	12.49		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Income from investment operations:
Net investment income		0.16			0.35			0.37			0.40			0.41			0.40
Net realized and unrealized gain (loss)		0.38			(0.15	)		0.50			0.09			0.05			(0.21	)
Total from investment operations		0.54			0.20			0.87			0.49			0.46			0.19
Less distributions to shareholders from:
Net investment income		(0.16	)		(0.36	)		(0.37	)		(0.40	)		(0.41	)		(0.41	)
Net realized gains		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.16	)		(0.38	)		(0.37	)		(0.40	)		(0.41	)		(0.41	)
Proceeds from regulatory settlement		—			—			—			0.01			—			—
Net asset value, end of period	$	12.87		$	12.49		$	12.67		$	12.17		$	12.07		$	12.02
Total return		4.39	%		1.65	%		7.25	%		4.28	%		3.88	%		1.52	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed		1.61	%(b)		1.64	%		1.64	%		1.64	%		1.62	%		1.63	%
Net expenses after fees waived or expenses reimbursed(c)		1.19	%(b)(d)		1.19	%(d)		1.18	%(d)		1.15	%(d)		1.17	%(d)		1.28	%(d)
Net investment income		2.60	%(b)(d)		2.88	%(d)		2.96	%(d)		3.34	%(d)		3.36	%(d)		3.33	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	20,875		$	18,069		$	16,722		$	11,332		$	7,847		$	1,097
Portfolio turnover		6	%		13	%		12	%		8	%		5	%		16	%

Notes to Financial Highlights

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

^(b)  Annualized.

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

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

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

17

Financial Highlights(continued) – Columbia Oregon Intermediate Municipal Bond Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period	$	12.49		$	12.67		$	12.17		$	12.07		$	12.02		$	12.24
Income from investment operations:
Net investment income		0.20			0.43			0.45			0.48			0.49			0.49
Net realized and unrealized gain (loss)		0.38			(0.15	)		0.50			0.09			0.05			(0.23	)
Total from investment operations		0.58			0.28			0.95			0.57			0.54			0.26
Less distributions to shareholders from:
Net investment income		(0.20	)		(0.44	)		(0.45	)		(0.48	)		(0.49	)		(0.48	)
Net realized gains		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.20	)		(0.46	)		(0.45	)		(0.48	)		(0.49	)		(0.48	)
Proceeds from regulatory settlement		—			—			—			0.01			—			—
Net asset value, end of period	$	12.87		$	12.49		$	12.67		$	12.17		$	12.07		$	12.02
Total return		4.72	%		2.31	%		7.95	%		4.96	%		4.59	%		2.18	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed		0.61	%(b)		0.64	%		0.64	%		0.64	%		0.62	%		0.63	%
Net expenses after fees waived or expenses reimbursed(c)		0.54	%(b)(d)		0.55	%(d)		0.53	%(d)		0.50	%(d)		0.52	%(d)		0.63	%(d)
Net investment income		3.26	%(b)(d)		3.53	%(d)		3.63	%(d)		4.02	%(d)		4.07	%(d)		3.98	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	427,172		$	402,393		$	450,422		$	416,275		$	381,162		$	368,292
Portfolio turnover		6	%		13	%		12	%		8	%		5	%		16	%

Notes to Financial Highlights

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

^(b)  Annualized.

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

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

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

18

Notes to Financial Statements – Columbia Oregon Intermediate Municipal Bond Fund

February 29, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 3.25% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 3.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

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

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Delayed Delivery Securities

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

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Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

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. 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.

Expenses

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

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis 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 (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

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Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.40% to 0.27% as the Fund's net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.40% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.07% to 0.04% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.07% of the Fund's average daily net assets.

Compensation of Board Members

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

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

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

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

For the six months ended February 29, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.09	%
Class B	0.09
Class C	0.09
Class Z	0.09

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $1,120.

Distribution and Service Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of

21

Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

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

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 does not exceed 0.65% annually of the average daily net assets attributable to Class C shares. This arrangement may be modified or terminated by the Distributor at any time.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $35,925 for Class A and $995 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.79	%
Class B	1.54
Class C	1.54
Class Z	0.54

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

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $436,950,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	38,076,000
Unrealized depreciation		(348,000	)
Net unrealized apppreciation	$	37,728,000

22

Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

The following capital loss carryforward, determined as of August 31, 2011 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount
2019	$	7,376

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2011, the Fund elected to treat post-October capital losses of $545,500 as arising on September 1, 2011.

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $44,527,499 and $25,133,456, respectively, for the six months ended February 29, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. For the year ended February 29, 2012, the Fund did not participate in securities lending activity.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. The Fund continues to earn and accrue interest and dividends on the securities loaned.

23

Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

Note 7. Affiliated Money Market Fund

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

Note 8. Shareholder Concentration

At February 29, 2012, one unaffiliated shareholder account owned 13.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 10. Significant Risks

Geographic Concentration Risk

Because state-specific tax-exempt funds invest primarily in the municipal securities issued by the state and political sub-divisions of the state, the Fund will be particularly affected by political and economic conditions and developments in the state in which it invests. The Fund may, therefore, have a greater risk than that of a municipal bond fund which is more geographically diversified. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 mutual funds (currently branded as Columbia) 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

24

Columbia Oregon Intermediate Municipal Bond Fund, February 29, 2012 (Unaudited)

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 considered and ruled in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs' opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

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

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

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

25

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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 Oregon Intermediate Municipal Bond 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

29

Columbia Oregon Intermediate Municipal Bond Fund

P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1640 C (4/12)

Columbia Small Cap Growth Fund I

Semiannual Report for the Period Ended February 29, 2012

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Fund Expense Example	2
Portfolio of Investments	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	21
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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington's inability to reach a plan for deficit reduction and Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation—which tracks a broad range of consumer expenditures, including food and energy—declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

_g  timely economic analysis and market commentary

_g  quarterly fund commentaries

_g  Columbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

*All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Small Cap Growth Fund I

Average annual total return as of 02/29/12 (%)

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)		9.88		3.55		9.48		4.52		9.48		8.49		10.11		9.73		10.11		10.01
1-year		–0.01		–5.76		–0.72		–5.21		–0.72		–1.61		0.44		–0.25		0.44		0.26
5-year		4.88		3.64		4.09		3.75		4.09		4.09		5.20		4.63		5.22		5.14
10-year		7.94		7.30		7.14		7.14		7.14		7.14		8.24		7.68		8.25		8.21

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.

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

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 (12b-1) fee. Class I shares, Class R shares, Class Y shares and 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.

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

Risks include stock market fluctuations due to business and economic developments.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Stocks of small-cap companies may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid.

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 10% of the total market capitalization of the Russell 3000 Index.

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

Performance 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 02/29/12

	+9.88%
	Class A shares (without sales charge)
	+12.99%
	Russell 2000 Growth Index1
	+12.40%
	Russell 2000 Index2

Net asset value per share

as of 02/29/12 ($)
Class A	29.84
Class B	28.58
Class C	28.58
Class I	30.32
Class R	29.81
Class Y	30.31
Class Z	30.24

Distributions declared per share

09/01/11 – 02/29/12 ($)
Class A	2.80
Class B	2.73
Class C	2.73
Class I	2.93
Class R	2.73
Class Y	2.93
Class Z	2.88

Portfolio Breakdown¹

as of 02/29/12 (%)

Common Stocks
Consumer Discretionary	16.9
Consumer Staples	3.0
Energy	9.7
Financials	7.4
Health Care	19.8
Industrials	18.7
Information Technology	21.8
Materials	1.0
Utilities	0.6
Warrants
Energy	0.0	*
Other2	1.1

¹Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's composition is subject to change.

²Includes investments in affiliated money market fund.

*rounds to less than 0.1%

1

Fund Expense Example– Columbia Small Cap Growth Fund I

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

Analyzing your fund's expenses

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

Compare with other funds

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

09/01/11 – 02/29/12

	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		1,098.80		1,018.35		6.84		6.57		1.31
Class B		1,000.00		1,000.00		1,094.80		1,014.62		10.73		10.32		2.06
Class C		1,000.00		1,000.00		1,094.80		1,014.62		10.73		10.32		2.06
Class I		1,000.00		1,000.00		1,101.10		1,020.49		4.60		4.42		0.88
Class R		1,000.00		1,000.00		1,097.30		1,017.11		8.13		7.82		1.56
Class Y		1,000.00		1,000.00		1,101.10		1,020.34		4.75		4.57		0.91
Class Z		1,000.00		1,000.00		1,100.10		1,019.59		5.53		5.32		1.06

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

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

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

2

Portfolio of Investments – Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 99.6%
CONSUMER DISCRETIONARY 17.0%
Auto Components 0.7%
Tenneco, Inc. (a)		193,800	$	7,461,300
Diversified Consumer Services 0.7%
Bridgepoint Education, Inc. (a)(b)		163,800		3,990,168
Grand Canyon Education, Inc. (a)(b)		229,900		3,933,589
Total				7,923,757
Hotels, Restaurants & Leisure 2.7%
BJ's Restaurants, Inc. (a)(b)		216,810		10,764,616
Domino's Pizza, Inc. (a)		497,000		19,114,620
Total				29,879,236
Household Durables 1.8%
Tempur-Pedic International, Inc. (a)(b)		168,922		13,344,838
Toll Brothers, Inc. (a)(b)		262,800		6,165,288
Total				19,510,126
Internet & Catalog Retail 0.5%
Shutterfly, Inc. (a)(b)		194,730		5,327,813
Leisure Equipment & Products 1.1%
Arctic Cat, Inc. (a)		153,500		5,645,730
Polaris Industries, Inc.		91,510		6,045,151
Total				11,690,881
Media 2.1%
Cinemark Holdings, Inc.		425,322		8,897,736
Entercom Communications Corp. (a)(b)		182,800		1,279,600
IMAX Corp. (a)		390,100		9,955,352
National CineMedia, Inc.		162,858		2,591,071
Total				22,723,759
Multiline Retail 0.5%
Gordmans Stores, Inc. (a)(b)		336,037		5,097,681
Specialty Retail 5.0%
Asbury Automotive Group, Inc. (a)(b)		287,600		7,457,468
Body Central Corp. (a)(b)		309,847		8,626,140
DSW, Inc., Class A		102,300		5,769,720
hhgregg, Inc. (a)(b)		318,700		3,642,741
Lumber Liquidators Holdings, Inc. (a)		232,400		5,087,236
Pier 1 Imports, Inc. (a)(b)		695,475		11,941,306
Rent-A-Center, Inc. (b)		172,700		6,117,034
Select Comfort Corp. (a)(b)		191,500		5,666,485
Total				54,308,130
Textiles, Apparel & Luxury Goods 1.9%
Crocs, Inc. (a)		475,130		9,336,305
G-III Apparel Group Ltd. (a)(b)		122,500		3,052,700
Gildan Activewear, Inc.		349,600		8,733,008
Total				21,122,013
TOTAL CONSUMER DISCRETIONARY				185,044,696
CONSUMER STAPLES 3.0%
Food Products 0.5%
Post Holdings, Inc. (a)		172,500		5,371,650
Personal Products 2.5%
Elizabeth Arden, Inc. (a)(b)		375,511		13,950,234
Nu Skin Enterprises, Inc., Class A (b)		227,500		13,140,400
Total				27,090,634
TOTAL CONSUMER STAPLES				32,462,284

Issuer	Shares		Value
Common Stocks (continued)
ENERGY 9.7%
Energy Equipment & Services 2.6%
CARBO Ceramics, Inc. (b)		59,800	$	5,480,670
Dril-Quip, Inc. (a)(b)		72,445		5,070,425
Key Energy Services, Inc. (a)(b)		671,100		11,448,966
Superior Energy Services, Inc. (a)		239,372		7,023,175
Total				29,023,236
Oil, Gas & Consumable Fuels 7.1%
Carrizo Oil & Gas, Inc. (a)(b)		212,900		5,997,393
Cheniere Energy, Inc. (a)		225,200		3,387,008
Energy XXI Bermuda Ltd. (a)(b)		443,007		16,581,752
Golar LNG Ltd. (b)		166,600		7,075,502
Kodiak Oil & Gas Corp. (a)		535,790		5,191,805
McMoRan Exploration Co. (a)(b)		408,364		5,717,096
Oasis Petroleum, Inc. (a)		275,595		8,838,332
Resolute Energy Corp. (a)(b)		537,065		5,993,645
Rosetta Resources, Inc. (a)(b)		131,824		6,728,297
Western Refining, Inc. (b)		332,600		6,036,690
World Fuel Services Corp. (b)		129,298		5,386,555
Total				76,934,075
TOTAL ENERGY				105,957,311
FINANCIALS 7.5%
Capital Markets 0.5%
Financial Engines, Inc. (a)(b)		243,366		5,609,586
Commercial Banks 1.6%
Glacier Bancorp, Inc. (b)		229,922		3,172,924
Signature Bank (a)		233,450		13,857,592
Total				17,030,516
Consumer Finance 1.5%
DFC Global Corp. (a)(b)		612,149		10,963,589
First Cash Financial Services, Inc. (a)(b)		132,100		5,582,546
Total				16,546,135
Real Estate Investment Trusts (REITs) 3.9%
DiamondRock Hospitality Co. (b)		652,100		6,494,916
Home Properties, Inc. (b)		192,900		11,116,827
Omega Healthcare Investors, Inc. (b)		378,700		7,714,119
Sabra Health Care REIT, Inc. (b)		385,409		5,503,640
Summit Hotel Properties, Inc. (b)		632,941		5,829,387
Tanger Factory Outlet Centers		199,000		5,826,720
Total				42,485,609
TOTAL FINANCIALS				81,671,846
HEALTH CARE 19.9%
Biotechnology 6.0%
Alkermes PLC (a)(b)		629,600		11,087,256
Amarin Corp. PLC, ADR (a)(b)		906,200		7,023,050
Ardea Biosciences, Inc. (a)		250,113		5,332,409
Ariad Pharmaceuticals, Inc. (a)		493,900		7,082,526
Exact Sciences Corp. (a)		486,700		4,570,113
Idenix Pharmaceuticals, Inc. (a)(b)		674,307		7,936,593
Ironwood Pharmaceuticals, Inc. (a)(b)		342,855		4,590,828
Momenta Pharmaceuticals, Inc. (a)		231,195		3,389,319
Onyx Pharmaceuticals, Inc. (a)(b)		219,859		8,424,997
Rigel Pharmaceuticals, Inc. (a)(b)		637,700		6,377,000
Total				65,814,091

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

3

Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
HEALTH CARE (cont.)
Health Care Equipment & Supplies 4.5%
Align Technology, Inc. (a)(b)		476,924	$	12,214,024
Insulet Corp. (a)(b)		548,389		10,814,231
Masimo Corp. (a)		516,924		11,268,943
NxStage Medical, Inc. (a)(b)		307,000		6,140,000
Volcano Corp. (a)		296,100		8,299,683
Total				48,736,881
Health Care Providers & Services 5.7%
Brookdale Senior Living, Inc. (a)		1,097,690		20,460,942
Catalyst Health Solutions, Inc. (a)(b)		229,106		14,209,154
HMS Holdings Corp. (a)(b)		550,113		17,724,641
IPC The Hospitalist Co., Inc. (a)(b)		253,200		9,208,884
Total				61,603,621
Health Care Technology 0.8%
athenahealth, Inc. (a)		119,800		8,466,266
Omnicell, Inc. (a)(b)		37,502		559,530
Total				9,025,796
Life Sciences Tools & Services 0.5%
ICON PLC, ADR (a)(b)		267,689		5,669,653
Pharmaceuticals 2.4%
Impax Laboratories, Inc. (a)(b)		479,690		11,200,762
MAP Pharmaceuticals, Inc. (a)(b)		309,705		4,970,765
Salix Pharmaceuticals Ltd. (a)(b)		197,095		9,720,725
Total				25,892,252
TOTAL HEALTH CARE				216,742,294
INDUSTRIALS 18.8%
Aerospace & Defense 1.9%
Hexcel Corp. (a)(b)		544,200		13,751,934
LMI Aerospace, Inc. (a)		370,619		7,542,097
Total				21,294,031
Building Products 0.5%
USG Corp. (a)(b)		395,100		5,630,175
Commercial Services & Supplies 1.7%
Portfolio Recovery Associates, Inc. (a)(b)		120,900		8,430,357
Tetra Tech, Inc. (a)		400,105		9,826,579
Total				18,256,936
Construction & Engineering 0.5%
Great Lakes Dredge & Dock Corp.		761,355		5,398,007
Electrical Equipment 1.6%
Acuity Brands, Inc.		135,600		8,432,964
Regal-Beloit Corp. (b)		128,742		8,690,085
Total				17,123,049
Machinery 4.4%
Chart Industries, Inc. (a)(b)		93,354		6,384,480
Lindsay Corp.		177,373		11,633,895
Proto Labs, Inc. (a)		128,509		3,951,652
Tennant Co. (b)		220,529		9,050,510
Trinity Industries, Inc.		210,015		7,300,121
Woodward, Inc.		217,800		9,533,106
Total				47,853,764
Professional Services 3.3%
Acacia Research Corp. (a)(b)		297,900		11,767,050
Advisory Board Co. (The) (a)(b)		110,647		8,955,768

Issuer	Shares		Value
Common Stocks (continued)
INDUSTRIALS (cont.)
Professional Services (cont.)
Corporate Executive Board Co. (The)		147,800	$	6,124,832
CoStar Group, Inc. (a)(b)		151,740		9,101,365
Total				35,949,015
Road & Rail 2.9%
Avis Budget Group, Inc. (a)(b)		541,900		6,990,510
Genesee & Wyoming, Inc., Class A (a)(b)		174,091		10,344,487
Knight Transportation, Inc. (b)		326,200		5,587,806
Roadrunner Transportation Systems, Inc. (a)		485,109		8,659,196
Total				31,581,999
Trading Companies & Distributors 2.0%
TAL International Group, Inc. (b)		220,482		7,946,171
United Rentals, Inc. (a)(b)		197,600		8,235,968
Watsco, Inc. (b)		77,500		5,532,725
Total				21,714,864
TOTAL INDUSTRIALS				204,801,840
INFORMATION TECHNOLOGY 22.1%
Communications Equipment 1.2%
Netgear, Inc. (a)		338,000		12,698,660
Electronic Equipment, Instruments & Components 0.6%
Universal Display Corp. (a)(b)		153,500		6,341,085
Internet Software & Services 3.4%
Ancestry.com, Inc. (a)(b)		247,200		5,631,216
Bankrate, Inc. (a)		227,460		5,422,646
Constant Contact, Inc. (a)		294,200		8,896,608
DealerTrack Holdings, Inc. (a)		232,100		6,463,985
LogMeIn, Inc. (a)(b)		301,885		11,127,481
Total				37,541,936
IT Services 2.8%
Jack Henry & Associates, Inc. (b)		198,900		6,710,886
ServiceSource International, Inc. (a)		889,044		14,935,939
Wright Express Corp. (a)(b)		143,819		8,899,520
Total				30,546,345
Semiconductors & Semiconductor Equipment 5.4%
Cavium, Inc. (a)		158,100		5,648,913
Cirrus Logic, Inc. (a)		156,700		3,694,986
Entegris, Inc. (a)		730,501		6,603,729
Kulicke & Soffa Industries, Inc. (a)		193,400		2,177,684
Mellanox Technologies Ltd. (a)(b)		188,000		7,175,960
Omnivision Technologies, Inc. (a)(b)		572,500		9,371,825
Semtech Corp. (a)(b)		403,500		11,584,485
Volterra Semiconductor Corp. (a)(b)		415,013		12,753,350
Total				59,010,932
Software 8.7%
ACI Worldwide, Inc. (a)(b)		179,800		6,792,844
Aspen Technology, Inc. (a)(b)		760,000		15,625,600
CommVault Systems, Inc. (a)		189,500		9,772,515
Kenexa Corp. (a)		200,800		5,580,232
Monitise PLC (a)		6,638,993		4,066,360
Parametric Technology Corp. (a)		289,400		7,726,980
QLIK Technologies, Inc. (a)		199,500		6,038,865
RealPage, Inc. (a)(b)		291,638		5,783,182
Sourcefire, Inc. (a)(b)		121,600		5,474,432
Synchronoss Technologies, Inc. (a)(b)		269,622		9,021,552

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

4

Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (cont.)
Software (cont.)
Take-Two Interactive Software, Inc. (a)(b)		483,600	$	7,471,620
TIBCO Software, Inc. (a)		375,875		10,889,099
Total				94,243,281
TOTAL INFORMATION TECHNOLOGY				240,382,239
MATERIALS 1.0%
Chemicals 0.6%
Intrepid Potash, Inc. (a)(b)		230,100		5,819,229
Metals & Mining 0.4%
Globe Specialty Metals, Inc. (b)		326,300		4,639,986
TOTAL MATERIALS				10,459,215
UTILITIES 0.6%
Electric Utilities 0.6%
UIL Holdings Corp. (b)		180,200		6,352,050
TOTAL UTILITIES				6,352,050
Total Common Stocks (Cost: $879,134,625)			$	1,083,873,775
Warrants 0.1%
ENERGY 0.1%
Oil, Gas & Consumable Fuels 0.1%
Magnum Hunter Resources Corp. (a)(b)(c)		128,560	$	224,567
TOTAL ENERGY				224,567
Total Warrants (Cost: $110,576)			$	224,567
Money Market Funds 1.1%
Columbia Short-Term Cash Fund, 0.166% (d)(e)		12,191,187	$	12,191,187
Total Money Market Funds (Cost: $12,191,187)			$	12,191,187

Issuer	Effective Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan 25.6%
Asset-Backed Commercial Paper 2.6%
Atlantis One
04/11/12		0.511	%	$	998,711	$	998,711
08/01/12		0.662	%		4,983,317		4,983,317
Kells Funding, LLC
04/13/12		0.581	%		6,989,511		6,989,511
06/04/12		0.491	%		4,993,330		4,993,330
Regency Markets No. 1 LLC
03/19/12		0.200	%		4,999,139		4,999,139
05/15/12		0.380	%		4,995,303		4,995,303
Total							27,959,311

Issuer	Effective Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit 11.0%
ABM AMRO Bank N.V.
03/21/12		0.310	%	$	4,998,752	$	4,998,752
Australia and New Zealand Bank Group, Ltd.
05/16/12		0.470	%		4,000,000		4,000,000
Bank of Nova Scotia
05/03/12		0.394	%		8,000,000		8,000,000
Barclays Bank PLC
04/18/12		0.600	%		7,000,000		7,000,000
DnB NOR ASA
03/15/12		0.520	%		5,000,000		5,000,000
Hong Kong Shanghai Bank Corp., Ltd.
03/12/12		0.250	%		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/31/12		0.390	%		8,000,102		8,000,102
Mizuho Corporate Bank Ltd.
03/07/12		0.200	%		5,000,083		5,000,083
National Australia Bank
04/30/12		0.394	%		6,000,000		6,000,000
08/16/12		0.344	%		6,000,000		6,000,000
National Bank of Canada
05/08/12		0.410	%		8,000,000		8,000,000
Nordea Bank AB
03/13/12		0.520	%		5,000,000		5,000,000
Norinchukin Bank
05/21/12		0.470	%		12,000,000		12,000,000
Rabobank
03/16/12		0.530	%		7,989,297		7,989,297
Standard Chartered Bank PLC
03/30/12		0.625	%		4,992,113		4,992,113
04/03/12		0.570	%		7,500,000		7,500,000
Svenska Handelsbanken
07/26/12		0.590	%		5,000,252		5,000,252
Union Bank of Switzerland
03/02/12		0.530	%		5,000,000		5,000,000
04/09/12		0.590	%		5,000,000		5,000,000
Total							119,480,599
Commercial Paper 7.7%
Australia and New Zealand Bank Group, Ltd.
04/25/12		0.461	%		6,983,632		6,983,632
Development Bank of Singapore Ltd.
08/02/12		0.551	%		5,984,050		5,984,050
Foreningsparbanken (Swedbank)
04/02/12		0.400	%		4,996,611		4,996,611
03/21/12		0.425	%		6,995,537		6,995,537
HSBC Bank PLC
04/13/12		0.481	%		5,985,360		5,985,360
Nordea Bank AB
07/24/12		0.627	%		6,977,882		6,977,882
Skandinaviska Enskilda Banken AB
03/27/12		0.400	%		9,993,222		9,993,222
State Development Bank of NorthRhine-Westphalia
03/13/12		0.240	%		4,999,033		4,999,033
Suncorp Metway Ltd.
04/05/12		0.500	%		9,991,111		9,991,111

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

5

Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Effective Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (cont.)
The Commonwealth Bank of Australia
08/16/12		0.307	%	$	5,000,000	$	5,000,000
04/23/12		0.451	%		4,988,438		4,988,438
Toyota Motor Credit Corp.
04/26/12		0.562	%		4,985,689		4,985,689
Westpac Securities NZ Ltd.
04/20/12		0.531	%		5,983,835		5,983,835
Total							83,864,400
Repurchase Agreements 4.3%
Citibank NA dated 02/29/12, matures 03/01/12, repurchase price $5,000,026 (f)		0.190	%		5,000,000		5,000,000
Citigroup Global Markets, Inc. dated 02/29/12, matures 03/01/12, repurchase price $5,000,018 (f)		0.130	%		5,000,000		5,000,000
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $10,285,145 (f)		0.160	%		10,285,100		10,285,100

Issuer	Effective Yield			Principal		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
Morgan Stanley dated 02/29/12, matures 03/01/12, repurchase price $15,000,075 (f)		0.180	%	$	15,000,000	$	15,000,000
Natixis Financial Products, Inc. dated 02/29/12, matures 03/01/12, repurchase price $5,000,031 (f)		0.220	%		5,000,000		5,000,000
Nomura Securities dated 02/29/12, matures 03/01/12, repurchase price $7,000,039 (f)		0.200	%		7,000,000		7,000,000
Total							47,285,100
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $278,589,410)						$	278,589,410
Total Investments (Cost: $1,170,025,798)						$	1,374,878,939
Other Assets & Liabilities, Net							(286,841,451	)
Net Assets						$	1,088,037,488

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  At February 29, 2012, security was partially or fully on loan.

(c)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 29, 2012 was $224,567, representing 0.02% of net assets. Information concerning such security holdings at February 29, 2012 was as follows:

Security Description	Acquisition Dates	Cost
Magnum Hunter Resources Corp.	03/07/11 - 06/29/11	$	110,576

(d)  The rate shown is the seven-day current annualized yield at February 29, 2012.

(e)  Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase		Sales Proceeds			Realized Gain/Loss		Ending Cost		Dividends		Value
Columbia Short-Term Cash Fund	$	25,109,566	$	283,374,662	$	(296,293,041	)	$	—	$	12,191,187	$	19,083	$	12,191,187

(f)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Citibank NA (0.190%)

Security Description	Value
Fannie Mae REMICS	$	2,131,777
Freddie Mac REMICS		2,141,583
Government National Mortgage Association		826,640
Total Market Value of Collateral Securities	$	5,100,000

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

6

Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	2,392,734
Fannie Mae-Aces		264,929
Freddie Mac REMICS		1,919,413
Government National Mortgage Association		522,924
Total Market Value of Collateral Securities	$	5,100,000

Credit Suisse Securities (USA) LLC (0.160%)

Security Description	Value
Ginnie Mae I Pool	$	7,363,132
Ginnie Mae II Pool		3,127,694
Total Market Value of Collateral Securities	$	10,490,826

Morgan Stanley (0.180%)

Security Description	Value
Freddie Mac Gold Pool	$	8,175,738
Freddie Mac Non Gold Pool		7,124,262
Total Market Value of Collateral Securities	$	15,300,000

Natixis Financial Products, Inc. (0.220%)

Security Description	Value
Fannie Mae Pool	$	251,534
Fannie Mae REMICS		1,873,339
Freddie Mac Gold Pool		230,300
Freddie Mac REMICS		1,104,611
Government National Mortgage Association		329,725
United States Treasury Note/Bond		1,310,522
Total Market Value of Collateral Securities	$	5,100,031

Nomura Securities (0.200%)

Security Description	Value
Ginnie Mae II Pool	$	7,140,000
Total Market Value of Collateral Securities	$	7,140,000

Abbreviation Legend

ADR  American Depositary Receipt

Fair Value Measurements

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

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

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

7

Columbia Small Cap Growth Fund I

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs		Level 3 significant unobservable inputs		Total(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	185,044,696	$	—	$	—	$	185,044,696
Consumer Staples		32,462,284		—		—		32,462,284
Energy		105,957,311		—		—		105,957,311
Financials		81,671,846		—		—		81,671,846
Health Care		216,742,294		—		—		216,742,294
Industrials		204,801,840		—		—		204,801,840
Information Technology		236,315,879		4,066,360		—		240,382,239
Materials		10,459,215		—		—		10,459,215
Utilities		6,352,050		—		—		6,352,050
Warrants
Energy		—		224,567		—		224,567
Total Equity Securities		1,079,807,415		4,290,927		—		1,084,098,342
Other
Money Market Funds		12,191,187		—		—		12,191,187
Investments of Cash Collateral Received for Securities on Loan		—		278,589,410		—		278,589,410
Total Other		12,191,187		278,589,410		—		290,780,597
Total	$	1,091,998,602	$	282,880,337	$	—	$	1,374,878,939

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

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

(b)  There were no significant transfers between Levels 1 and 2 during the period.

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

8

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

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $879,245,201)	$	1,084,098,342
Affiliated issuers (identified cost $12,191,187)		12,191,187
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $231,304,310)		231,304,310
Repurchase agreements (identified cost $47,285,100)		47,285,100
Total investments (identified cost $1,170,025,798)		1,374,878,939
Cash		16
Receivable for:
Investments sold		23,476,037
Capital shares sold		654,287
Dividends		342,984
Securities lending		102,225
Reclaims		2,304
Expense reimbursement due from Investment Manager		6,976
Prepaid expense		12,433
Trustees' deferred compensation plan		37,282
Total assets		1,399,513,483
Liabilities
Due upon return of securities on loan		278,589,410
Payable for:
Investments purchased		31,523,476
Capital shares purchased		1,003,303
Investment management fees		22,982
Distribution and service fees		970
Transfer agent fees		250,071
Administration fees		2,319
Chief compliance officer expenses		1,438
Other expenses		44,744
Trustees' deferred compensation plan		37,282
Total liabilities		311,475,995
Net assets applicable to outstanding capital stock	$	1,088,037,488

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

9

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

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	852,412,897
Accumulated net investment loss		(5,738,324	)
Accumulated net realized gain		36,509,784
Unrealized appreciation (depreciation) on:
Investments		204,853,141
Foreign currency translations		(10	)
Total — representing net assets applicable to outstanding capital stock	$	1,088,037,488
*Value of securities on loan	$	266,855,653
Net assets applicable to outstanding shares
Class A	$	76,392,253
Class B	$	1,726,681
Class C	$	14,044,303
Class I	$	84,626,957
Class R	$	62,996
Class Y	$	12,609,284
Class Z	$	898,575,014
Shares outstanding
Class A		2,559,971
Class B		60,423
Class C		491,469
Class I		2,790,867
Class R		2,113
Class Y		416,018
Class Z		29,716,599
Net asset value per share
Class A(a)	$	29.84
Class B	$	28.58
Class C	$	28.58
Class I	$	30.32
Class R	$	29.81
Class Y	$	30.31
Class Z	$	30.24

^(a)  The maximum offering price per share for Class A is $31.66. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

10

Statement of Operations – Columbia Small Cap Growth Fund I

Six months ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	2,608,712
Dividends from affiliates		19,083
Income from securities lending — net		619,327
Foreign taxes withheld		(6,714	)
Total income		3,240,408
Expenses:
Investment management fees		4,088,726
Distribution fees
Class B		6,467
Class C		52,288
Class R		140
Service fees
Class A		104,178
Class B		2,156
Class C		17,429
Transfer agent fees
Class A		94,464
Class B		2,073
Class C		14,924
Class R		61
Class Y		1,488
Class Z		932,608
Administration fees		412,608
Compensation of board members		21,616
Custodian fees		5,165
Printing and postage fees		50,200
Registration fees		52,139
Professional fees		46,737
Chief compliance officer expenses		1,056
Other		27,588
Total expenses		5,934,111
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(157,932	)
Expense reductions		(2,621	)
Total net expenses		5,773,558
Net investment loss		(2,533,150	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		41,315,891
Foreign currency translations		(471	)
Net realized gain		41,315,420
Net change in unrealized appreciation (depreciation) on:
Investments		60,245,675
Foreign currency translations		(10	)
Net change in unrealized appreciation		60,245,665
Net realized and unrealized gain		101,561,085
Net increase in net assets resulting from operations	$	99,027,935

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

11

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

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011
Operations
Net investment loss	$	(2,533,150	)	$	(9,178,650	)
Net realized gain		41,315,420			145,301,435
Net change in unrealized appreciation		60,245,665			73,912,409
Net increase in net assets resulting from operations		99,027,935			210,035,194
Distributions to shareholders from:
Net investment income
Net realized gains
Class A		(8,033,542	)		—
Class B		(165,165	)		—
Class C		(1,317,120	)		—
Class I		(6,933,914	)		—
Class R		(5,346	)		—
Class Y		(1,103,193	)		—
Class Z		(85,995,736	)		—
Total distributions to shareholders		(103,554,016	)		—
Increase (decrease) in net assets from share transactions		(69,769,747	)		161,854,735
Total increase (decrease) in net assets		(74,295,828	)		371,889,929
Net assets at beginning of period		1,162,333,316			790,443,387
Net assets at end of period	$	1,088,037,488		$	1,162,333,316
Accumulated net investment loss	$	(5,738,324	)	$	(3,205,174	)

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

12

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		259,409			7,266,054			1,365,459			42,903,630
Distributions reinvested		276,795			7,559,280			—			—
Redemptions		(1,023,164	)		(28,956,734	)		(961,860	)		(30,447,867	)
Net increase (decrease)		(486,960	)		(14,131,400	)		403,599			12,455,763
Class B shares
Subscriptions		688			18,573			8,470			251,645
Distributions reinvested		5,639			147,736			—			—
Redemptions(b)		(14,395	)		(398,493	)		(34,330	)		(1,028,979	)
Net decrease		(8,068	)		(232,184	)		(25,860	)		(777,334	)
Class C shares
Subscriptions		16,519			447,479			118,420			3,569,591
Distributions reinvested		36,657			960,411			—			—
Redemptions		(112,144	)		(3,056,781	)		(176,421	)		(5,389,095	)
Net decrease		(58,968	)		(1,648,891	)		(58,001	)		(1,819,504	)
Class I shares
Subscriptions		889,227			26,649,418			3,510,513			113,809,411
Distributions reinvested		250,131			6,933,641			—			—
Redemptions		(1,308,329	)		(39,424,205	)		(550,675	)		(18,702,160	)
Net increase (decrease)		(168,971	)		(5,841,146	)		2,959,838			95,107,251
Class R shares
Subscriptions		198			5,625			1,860			63,654
Distributions reinvested		186			5,089			—			—
Redemptions		(124	)		(3,319	)		(7	)		(256	)
Net increase		260			7,395			1,853			63,398
Class Y shares
Distributions reinvested		39,812			1,103,193			—			—
Redemptions		—			—			(198,653	)		(6,600,000	)
Net increase (decrease)		39,812			1,103,193			(198,653	)		(6,600,000	)
Class Z shares
Subscriptions		2,110,940			60,313,628			9,707,005			308,313,313
Distributions reinvested		1,592,084			44,037,051			—			—
Redemptions		(5,344,279	)		(153,377,393	)		(7,680,785	)		(244,888,152	)
Net increase (decrease)		(1,641,255	)		(49,026,714	)		2,026,220			63,425,161
Total net increase (decrease)		(2,324,150	)		(69,769,747	)		5,108,996			161,854,735

^(a)  Class I shares and Class R shares are for the period September 27, 2010 (commencement of operations) to August 31, 2011.

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

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

13

Financial Highlights – Columbia Small Cap Growth Fund I

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year. Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period	$	29.94		$	23.55		$	20.82		$	27.82		$	31.69		$	30.29
Income from investment operations:
Net investment loss		(0.10	)		(0.31	)		(0.26	)		(0.19	)		(0.24	)		(0.25	)
Net realized and unrealized gain (loss)		2.80			6.70			2.99			(6.81	)		0.17			6.38
Total from investment operations		2.70			6.39			2.73			(7.00	)		(0.07	)		6.13
Less distributions to shareholders from:
Net realized gains		(2.80	)		—			—			—			(3.80	)		(4.73	)
Total distributions to shareholders		(2.80	)		—			—			—			(3.80	)		(4.73	)
Net asset value, end of period	$	29.84		$	29.94		$	23.55		$	20.82		$	27.82		$	31.69
Total return		9.88	%		27.13	%		13.11	%		(25.16	%)		(1.34	%)(a)		21.96	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.36	%(d)		1.30	%		1.32	%(e)		1.40	%		1.37	%		1.40	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)(f)		1.31	%(d)		1.30	%		1.32	%(e)		1.37	%		1.37	%		1.40	%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.36	%(d)		1.30	%		1.32	%		1.40	%		1.37	%		1.40	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(f)		1.31	%(d)		1.30	%		1.32	%		1.37	%		1.37	%		1.40	%
Net investment loss(c)		(0.71	%)(d)		(1.00	%)		(1.10	%)		(1.01	%)		(0.82	%)		(0.82	%)
Supplemental data
Net assets, end of period (in thousands)	$	76,392		$	91,234		$	62,261		$	54,384		$	44,184		$	18,430
Portfolio turnover		51	%		113	%		144	%		149	%		165	%		151	%

Notes to Financial Highlights

^(a)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss experienced by the Fund 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.

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

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

14

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period	$	28.82		$	22.84		$	20.35		$	27.39		$	31.26		$	30.14
Income from investment operations:
Net investment loss		(0.20	)		(0.53	)		(0.43	)		(0.32	)		(0.45	)		(0.48	)
Net realized and unrealized gain (loss)		2.69			6.51			2.92			(6.72	)		0.14			6.33
Total from investment operations		2.49			5.98			2.49			(7.04	)		(0.31	)		5.85
Less distributions to shareholders from:
Net realized gains		(2.73	)		—			—			—			(3.56	)		(4.73	)
Total distributions to shareholders		(2.73	)		—			—			—			(3.56	)		(4.73	)
Net asset value, end of period	$	28.58		$	28.82		$	22.84		$	20.35		$	27.39		$	31.26
Total return		9.48	%		26.18	%		12.24	%		(25.70	%)		(2.10	%)(a)		21.05	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.12	%(d)		2.05	%		2.07	%(e)		2.15	%		2.12	%		2.15	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)(f)		2.06	%(d)		2.05	%		2.07	%(e)		2.12	%		2.12	%		2.15	%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.12	%(d)		2.05	%		2.07	%		2.15	%		2.12	%		2.15	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(f)		2.06	%(d)		2.05	%		2.07	%		2.12	%		2.12	%		2.15	%
Net investment loss(c)		(1.46	%)(d)		(1.76	%)		(1.84	%)		(1.75	%)		(1.57	%)		(1.57	%)
Supplemental data
Net assets, end of period (in thousands)	$	1,727		$	1,974		$	2,155		$	2,620		$	2,812		$	1,254
Portfolio turnover		51	%		113	%		144	%		149	%		165	%		151	%

Notes to Financial Highlights

^(a)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss experienced by the Fund 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.

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

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

15

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period	$	28.82		$	22.84		$	20.35		$	27.37		$	31.25		$	30.14
Income from investment operations:
Net investment loss		(0.20	)		(0.53	)		(0.44	)		(0.32	)		(0.44	)		(0.48	)
Net realized and unrealized gain (loss)		2.69			6.51			2.93			(6.70	)		0.12			6.32
Total from investment operations		2.49			5.98			2.49			(7.02	)		(0.32	)		5.84
Less distributions to shareholders from:
Net realized gains		(2.73	)		—			—			—			(3.56	)		(4.73	)
Total distributions to shareholders		(2.73	)		—			—			—			(3.56	)		(4.73	)
Net asset value, end of period	$	28.58		$	28.82		$	22.84		$	20.35		$	27.37		$	31.25
Total return		9.48	%		26.18	%		12.24	%		(25.65	%)		(2.14	%)(a)		21.02	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.10	%(d)		2.05	%		2.07	%(e)		2.15	%		2.12	%		2.15	%(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)(f)		2.06	%(d)		2.05	%		2.07	%(e)		2.12	%		2.12	%		2.15	%(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.10	%(d)		2.05	%		2.07	%		2.15	%		2.12	%		2.15	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(f)		2.06	%(d)		2.05	%		2.07	%		2.12	%		2.12	%		2.15	%
Net investment loss(c)		(1.46	%)(d)		(1.75	%)		(1.85	%)		(1.75	%)		(1.57	%)		(1.56	%)
Supplemental data
Net assets, end of period (in thousands)	$	14,044		$	15,864		$	13,897		$	10,093		$	8,382		$	2,303
Portfolio turnover		51	%		113	%		144	%		149	%		165	%		151	%

Notes to Financial Highlights

^(a)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss experienced by the Fund 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.

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

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

16

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class I
Per share data
Net asset value, beginning of period	$	30.45		$	26.86
Income from investment operations:
Net investment loss		(0.04	)		(0.17	)
Net realized and unrealized gain		2.84			3.76
Total from investment operations		2.80			3.59
Less distributions to shareholders from:
Net realized gains		(2.93	)		—
Total distributions to shareholders		(2.93	)		—
Net asset value, end of period	$	30.32		$	30.45
Total return		10.11	%		13.37	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.88	%(d)		0.88	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)(e)		0.88	%(d)		0.88	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.88	%(d)		0.88	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(e)		0.88	%(d)		0.88	%(d)
Net investment loss(c)		(0.27	%)(d)		(0.57	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	84,627		$	90,132
Portfolio turnover		51	%		113	%
Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

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

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

^(d)  Annualized.

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

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

17

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R
Per share data
Net asset value, beginning of period	$	29.88		$	26.52
Income from investment operations:
Net investment loss		(0.13	)		(0.35	)
Net realized and unrealized gain		2.79			3.71
Total from investment operations		2.66			3.36
Less distributions to shareholders from:
Net realized gains		(2.73	)		—
Total distributions to shareholders		(2.73	)		—
Net asset value, end of period	$	29.81		$	29.88
Total return		9.73	%		12.67	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.60	%(d)		1.55	%(d)
Net expenses after fees waived or expenses reimbursed (including interest expense)(c)(e)		1.56	%(d)		1.54	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.60	%(d)		1.55	%(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(e)		1.56	%(d)		1.54	%(d)
Net investment loss(c)		(0.95	%)(d)		(1.16	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	63		$	55
Portfolio turnover		51	%		113	%
Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

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

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

^(d)  Annualized.

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

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

18

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009(a)
Class Y
Per share data
Net asset value, beginning of period	$	30.44		$	23.85		$	21.00		$	19.21
Income from investment operations
Net investment loss		(0.04	)		(0.18	)		(0.17	)		(0.03	)
Net realized and unrealized gain		2.84			6.77			3.02			1.82
Total from investment operations		2.80			6.59			2.85			1.79
Less distributions to shareholders from:
Net realized gains		(2.93	)		—			—			—
Total distributions to shareholders		(2.93	)		—			—			—
Net asset value, end of period	$	30.31		$	30.44		$	23.85		$	21.00
Total return		10.11	%		27.63	%		13.57	%		9.32	%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		0.91	%(d)		0.88	%		0.93	%(e)		1.03	%(d)
Net Expenses after fees waived or expenses reimbursed (including interest expense)(c)(f)		0.91	%(d)		0.88	%		0.93	%(e)		1.03	%(d)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		0.91	%(d)		0.88	%		0.93	%		1.03	%(d)
Net Expenses after fees waived or expenses reimbursed (excluding interest expense)(c)(f)		0.91	%(d)		0.88	%		0.93	%		1.03	%(d)
Net investment income(c)		(0.30	%)(d)		(0.58	%)		(0.70	%)		(0.96	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	12,609		$	11,453		$	13,708		$	14,222
Portfolio turnover		51	%		113	%		144	%		149	%

Notes to Financial Highlights

^(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

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

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

19

Financial Highlights(continued) – Columbia Small Cap Growth Fund I

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period	$	30.35		$	23.81		$	21.00		$	27.99		$	31.86		$	30.36
Income from investment operations:
Net investment loss		(0.07	)		(0.23	)		(0.21	)		(0.14	)		(0.17	)		(0.18	)
Net realized and unrealized gain (loss)		2.84			6.77			3.02			(6.85	)		0.18			6.41
Total from investment operations		2.77			6.54			2.81			(6.99	)		0.01			6.23
Less distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.00	)(a)
Net realized gains		(2.88	)		—			—			—			(3.88	)		(4.73	)
Total distributions to shareholders		(2.88	)		—			—			—			(3.88	)		(4.73	)
Net asset value, end of period	$	30.24		$	30.35		$	23.81		$	21.00		$	27.99		$	31.86
Total return		10.01	%		27.47	%		13.38	%		(24.97	%)		(1.09	%)(b)		22.28	%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.09	%(e)		1.05	%		1.07	%(f)		1.15	%		1.12	%		1.15	%(f)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)(g)		1.06	%(e)		1.05	%		1.07	%(f)		1.12	%		1.12	%		1.15	%(f)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.09	%(e)		1.05	%		1.07	%		1.15	%		1.12	%		1.15	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)(g)		1.06	%(e)		1.05	%		1.07	%		1.12	%		1.12	%		1.15	%
Net investment loss(d)		(0.45	%)(e)		(0.73	%)		(0.85	%)		(0.76	%)		(0.57	%)		(0.59	%)
Supplemental data
Net assets, end of period (in thousands)	$	898,575		$	951,620		$	698,422		$	509,514		$	354,145		$	220,887
Portfolio turnover		51	%		113	%		144	%		149	%		165	%		151	%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

^(b)  Total return includes a voluntary reimbursement by the Investment Manager for a realized investment loss experienced by the Fund 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.

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

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

^(e)  Annualized.

^(f)  Includes interest expense which rounds to less than 0.01%.

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

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

20

Notes to Financial Statements – Columbia Small Cap Growth Fund I

February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

The Fund is closed to new investors and new accounts, subject to certain limited exceptions.

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

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

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

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

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

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

21

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

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

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

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

Security Transactions

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

Income Recognition

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

Interest income is recorded on the accrual basis.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.

22

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

23

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.79% to 0.70% as the Fund's net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.76% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.08% of the Fund's average daily net assets.

Compensation of Board Members

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

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

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

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

For the six months ended February 29, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.23	%
Class B	0.24
Class C	0.21
Class R	0.22
Class Y	0.03
Class Z	0.21

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $2,621.

24

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75%, and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $5,086 for Class A, $1,299 for Class B and $946 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31,2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.31	%
Class B	2.06
Class C	2.06
Class I	0.93
Class R	1.56
Class Y	1.06
Class Z	1.06

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

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $1,170,026,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	221,300,000
Unrealized depreciation	$	(16,447,000	)
Net unrealized app/depreciation	$	204,853,000

For the year ended August 31, 2011, $26,761,735 of capital loss carryforward was utilized.

25

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to be expire unused.

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $543,547,629 and $709,404,733, respectively, for the six months ended February 29, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

At February 29, 2012, securities valued at $266,855,653 were on loan, secured by cash collateral of $278,589,410 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 7. Affiliated Money Market Fund

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

26

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

Note 8. Shareholder Concentration

At February 29, 2012, one unaffiliated shareholder account owned 35.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by this account. Subscription and redemption activity by a concentrated account may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 10. Significant Risks

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that invests in a wider range of industries.

Foreign Securities Risk

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

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 mutual funds (currently branded as Columbia) 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 considered and ruled in a case captioned Jones v. Harris

27

Columbia Small Cap Growth Fund I, February 29, 2012 (Unaudited)

Associates, which involved 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. In response to the plaintiffs' opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

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

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

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

28

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 Small Cap Growth Fund I.

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

29

Columbia Small Cap Growth Fund I

P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1645 C (4/12)

Columbia Technology Fund

Semiannual Report for the Period Ended February 29, 2012

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Fund Expense Example	2
Portfolio of Investments	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
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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington's inability to reach a plan for deficit reduction and Europe's piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation—which tracks a broad range of consumer expenditures, including food and energy—declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

_g  timely economic analysis and market commentary

_gquarterly fund commentaries

_g  Columbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

*All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Technology Fund

Average annual total return as of 02/29/12 (%)

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)		6.05		–0.09		5.68		0.68		5.57		4.57		6.11
1-year		–6.05		–11.48		–6.75		–11.41		–6.82		–7.76		–5.93
5-year		2.04		0.84		1.30		0.92		1.25		1.25		2.29
10-year		8.45		7.80		7.62		7.62		7.68		7.68		8.74

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.

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

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.

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

Equity securities affected by stock market fluctuations that occur in response to economic and business developments.

The share price of a fund that invests primarily in one sector will likely be subject to more volatility than a fund that invests across many sectors. Technology stocks may be more volatile than stocks in other sectors. The fund should be considered part of an overall investment program, and not a complete investment program.

International investing may involve special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

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

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

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 02/29/12

	+6.05%
	Class A shares (without sales charge)
	+12.86%
	Merrill Lynch 100 Technology Index1

Net asset value per share

as of 02/29/12 ($)
Class A	10.87
Class B	10.23
Class C	10.24
Class Z	11.11

Top Ten Holdings ⁽²⁾

as of 02/29/12 (%)
Apple	7.2
priceline.com	3.8
Check Point Software Technologies	3.8
Avago Technologies	3.5
ON Semiconductor	2.8
Teradata	2.8
EMC	2.8
F5 Networks	2.6
SanDisk	2.4
Rovi	2.4

²Percentages indicated are based upon total investments (excluding affiliated money market fund and Investments of Cash Collateral Received for Securities on Loan).

Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed.

The fund's holdings and their weights within the portfolio may change as market conditions change.

Portfolio Breakdown ⁽³⁾

as of 02/29/12 (%)
Consumer Discretionary	9.5
Energy	0.5
Health Care	1.8
Industrials	2.8
Information Technology	84.8
Other(4)	0.6

³Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund's portfolio composition is subject to change.

⁴Includes investments in affiliated money market fund.

1

Fund Expense Example – Columbia Technology Fund

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

Analyzing your fund's expenses

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

Compare with other funds

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

09/01/11 – 02/29/12

	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		1,060.50		1,017.90		7.17		7.02		1.40
Class B		1,000.00		1,000.00		1,056.80		1,014.12		11.05		10.82		2.16
Class C		1,000.00		1,000.00		1,055.70		1,013.97		11.19		10.97		2.19
Class Z		1,000.00		1,000.00		1,061.10		1,018.90		6.15		6.02		1.20

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

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

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

2

Portfolio of Investments – Columbia Technology Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 98.8%
CONSUMER DISCRETIONARY 9.5%
Auto Components 0.4%
Gentex Corp. (a)		34,880	$	824,912
Household Durables 0.5%
iRobot Corp. (a)(b)		38,200		974,864
Internet & Catalog Retail 6.7%
Amazon.com, Inc. (b)		13,310		2,391,674
priceline.com, Inc. (b)		12,200		7,649,644
Shutterfly, Inc. (a)(b)		41,450		1,134,072
TripAdvisor, Inc. (b)		73,740		2,376,640
Total				13,552,030
Media 1.9%
CBS Corp., Class B Non Voting		43,900		1,312,610
IMAX Corp. (b)		60,970		1,555,954
National CineMedia, Inc. (a)		68,449		1,089,024
Total				3,957,588
TOTAL CONSUMER DISCRETIONARY				19,309,394
ENERGY 0.5%
Energy Equipment & Services 0.5%
CARBO Ceramics, Inc. (a)		10,700		980,655
TOTAL ENERGY				980,655
HEALTH CARE 1.8%
Health Care Equipment & Supplies 0.5%
Masimo Corp. (a)(b)		49,290		1,074,522
Life Sciences Tools & Services 1.3%
Agilent Technologies, Inc. (b)		59,320		2,587,538
TOTAL HEALTH CARE				3,662,060
INDUSTRIALS 2.8%
Machinery 1.0%
Gardner Denver, Inc. (a)		12,820		880,478
Proto Labs, Inc. (b)		39,830		1,224,772
Total				2,105,250
Professional Services 1.8%
Acacia Research Corp. (a)(b)		31,880		1,259,260
Nielsen Holdings NV (b)		81,460		2,402,256
Total				3,661,516
TOTAL INDUSTRIALS				5,766,766
INFORMATION TECHNOLOGY 84.2%
Communications Equipment 5.6%
Acme Packet, Inc. (a)(b)		33,110		1,009,193
F5 Networks, Inc. (b)		42,140		5,265,815
Netgear, Inc. (a)(b)		44,220		1,661,345
QUALCOMM, Inc.		55,740		3,465,913
Total				11,402,266
Computers & Peripherals 14.5%
Apple, Inc. (b)		26,820		14,548,241
EMC Corp. (b)		201,850		5,589,226
SanDisk Corp. (b)		99,610		4,926,711
Seagate Technology PLC		127,790		3,355,765
Western Digital Corp. (b)		28,370		1,113,523
Total				29,533,466

Issuer	Shares		Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components 2.9%
TE Connectivity Ltd.		56,290	$	2,057,399
Trimble Navigation Ltd. (a)(b)		56,310		2,831,830
Universal Display Corp. (a)(b)		26,870		1,110,000
Total				5,999,229
Internet Software & Services 9.2%
Baidu, Inc., ADR (b)		20,110		2,749,037
Bankrate, Inc. (a)(b)		35,153		838,048
DealerTrack Holdings, Inc. (b)		35,510		988,953
eBay, Inc. (b)		91,210		3,259,845
Google, Inc., Class A (b)		6,950		4,296,837
Netease.com, ADR (b)		62,730		3,288,307
Rackspace Hosting, Inc. (a)(b)		65,920		3,443,661
Total				18,864,688
IT Services 7.0%
Accenture PLC, Class A		36,730		2,186,904
Cognizant Technology Solutions Corp., Class A (b)		30,500		2,163,975
Fiserv, Inc. (b)		38,490		2,551,887
ServiceSource International, Inc. (b)		103,182		1,733,458
Teradata Corp. (b)		85,080		5,662,074
Total				14,298,298
Semiconductors & Semiconductor Equipment 19.3%
ASML Holding NV, NY Registered Shares		51,700		2,354,935
Avago Technologies Ltd.		184,900		6,954,089
Broadcom Corp., Class A (b)		55,200		2,050,680
Intel Corp.		136,470		3,668,313
KLA-Tencor Corp. (a)		80,990		3,919,916
Linear Technology Corp.		61,220		2,049,646
Microchip Technology, Inc. (a)		55,380		1,997,557
Novellus Systems, Inc. (b)		69,570		3,233,614
Omnivision Technologies, Inc. (b)		185,190		3,031,560
ON Semiconductor Corp. (b)		627,400		5,690,518
Samsung Electronics Co., Ltd., GDR		5,320		2,883,440
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		103,160		1,497,883
Total				39,332,151
SOFTWARE 25.7%
Application Software 11.7%
ANSYS, Inc. (a)(b)		32,560		2,057,141
Autodesk, Inc. (b)		54,330		2,056,391
BroadSoft, Inc. (a)(b)		30,203		1,098,483
Citrix Systems, Inc. (b)		19,710		1,473,125
Informatica Corp. (a)(b)		85,370		4,196,789
Intuit, Inc.		33,830		1,956,727
Monitise PLC (b)		1,413,497		865,762
Nuance Communications, Inc. (a)(b)		182,890		4,740,509
Salesforce.com, Inc. (a)(b)		17,810		2,549,680
TIBCO Software, Inc. (b)		98,552		2,855,051
Total				23,849,658
Home Entertainment Software 2.4%
Electronic Arts, Inc. (b)		194,180		3,170,959
Take-Two Interactive Software, Inc. (a)(b)		111,430		1,721,594
Total				4,892,553

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

3

Columbia Technology Fund

February 29, 2012 (Unaudited)
(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (cont.)
SOFTWARE (cont.)
Systems Software 11.6%
Check Point Software Technologies Ltd. (a)(b)		130,593	$	7,595,289
CommVault Systems, Inc. (b)		19,900		1,026,243
Fortinet, Inc. (b)		15,170		410,349
Microsoft Corp.		81,210		2,577,605
Red Hat, Inc. (b)		34,440		1,703,402
Rovi Corp. (b)		134,590		4,775,253
Sourcefire, Inc. (b)		20,850		938,667
VMware, Inc., Class A (b)		46,300		4,578,607
Total				23,605,415
TOTAL SOFTWARE				52,347,626
TOTAL INFORMATION TECHNOLOGY				171,777,724
Total Common Stocks (Cost: $175,185,076)			$	201,496,599
Money Market Funds 0.5%
Columbia Short-Term Cash Fund, 0.166% (c)(d)		1,119,600		1,119,600
Total Money Market Funds (Cost: $1,119,600)			$	1,119,600

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 16.7%
Repurchase Agreements 16.7%
Citigroup Global Markets, Inc. (e) dated 02/29/12, matures 03/01/12, repurchase price $3,000,011		0.130	%		3,000,000	$	3,000,000
repurchase price $5,000,018		0.130	%		5,000,000		5,000,000
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $9,457,040 (e)		0.160	%		9,456,998		9,456,998
Mizuho Securities USA, Inc. dated 02/29/12, matures 03/01/12, repurchase price $5,000,031 (e)		0.220	%		5,000,000		5,000,000
Morgan Stanley dated 02/29/12, matures 03/01/12, repurchase price $10,000,050 (e)		0.180	%		10,000,000		10,000,000
Pershing LLC dated 02/29/12, matures 03/01/12, repurchase price $1,500,012 (e)		0.290	%		1,500,000		1,500,000
Total							33,956,998
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $33,956,998)						$	33,956,998
Total Investments (Cost: $210,261,674)						$	236,573,197
Other Assets & Liabilities, Net							(32,643,668	)
Net Assets						$	203,929,529

Notes to Portfolio of Investments

(a)  At February 29, 2012, security was partially or fully on loan.

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at February 29, 2012.

(d)  Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	11,783,957	$	84,515,434	$	(95,179,791	)	$	—	$	1,119,600	$	4,098	$	1,119,600

(e)  The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	2,392,734
Fannie Mae-Aces		264,929
Freddie Mac REMICS		1,919,413
Government National Mortgage Association		522,924
Total Market Value of Collateral Securities	$	5,100,000

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

4

Columbia Technology Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS	$	1,435,640
Fannie Mae-Aces		158,957
Freddie Mac REMICS		1,151,648
Government National Mortgage Association		313,755
Total Market Value of Collateral Securities	$	3,060,000

Credit Suisse Securities (USA) LLC (0.160%)

Security Description	Value
Ginnie Mae I Pool	$	6,770,292
Ginnie Mae II Pool		2,875,868
Total Market Value of Collateral Securities	$	9,646,160

Mizuho Securities USA, Inc. (0.220%)

Security Description	Value
Fannie Mae Pool	$	1,615,342
Freddie Mac Gold Pool		26,429
Freddie Mac REMICS		298,857
Ginnie Mae I Pool		2,001,332
Ginnie Mae II Pool		954,631
Government National Mortgage Association		203,409
Total Market Value of Collateral Securities	$	5,100,000

Morgan Stanley (0.180%)

Security Description	Value
Freddie Mac Gold Pool	$	5,450,492
Freddie Mac Non Gold Pool		4,749,508
Total Market Value of Collateral Securities	$	10,200,000

Pershing LLC (0.290%)

Security Description	Value
Fannie Mae Pool	$	244,880
Fannie Mae REMICS		206,507
Fannie Mae-Aces		2,080
Federal Farm Credit Bank		18,505
Federal Home Loan Banks		19,904
Federal Home Loan Mortgage Corp		46,917
Federal National Mortgage Association		57,867
Freddie Mac Gold Pool		99,368
Freddie Mac Non Gold Pool		27,753
Freddie Mac Reference REMIC		7
Freddie Mac REMICS		192,342
Ginnie Mae I Pool		251,003
Ginnie Mae II Pool		223,786
Government National Mortgage Association		80,301
United States Treasury Note/Bond		55,378
United States Treasury Strip Coupon		3,402
Total Market Value of Collateral Securities	$	1,530,000

Abbreviation Legend

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

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

5

Columbia Technology Fund

February 29, 2012 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary	$	19,309,394	$	—	$	—	$	19,309,394
Energy		980,655		—		—		980,655
Health Care		3,662,060		—		—		3,662,060
Industrials		5,766,766		—		—		5,766,766
Information Technology		168,028,522		3,749,202		—		171,777,724
Total Equity Securities		197,747,397		3,749,202		—		201,496,599
Other
Money Market Funds		1,119,600		—		—		1,119,600
Investments of Cash Collateral Received for Securities on Loan		—		33,956,998		—		33,956,998
Total Other		1,119,600		33,956,998		—		35,076,598
Total	$	198,866,997	$	37,706,200	$	—	$	236,573,197

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

6

Columbia Technology Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

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

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

(b)  There were no significant transfers between Levels 1 and 2 during the period.

(c)  Derivative instruments are valued at unrealized appreciation (depreciation).

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

7

Statement of Assets and Liabilities – Columbia Technology Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $175,185,076)	$	201,496,599
Affiliated issuers (identified cost $1,119,600)		1,119,600
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $33,956,998)		33,956,998
Total investments (identified cost $210,261,674)		236,573,197
Foreign currency (identified cost $5)		5
Receivable for:
Investments sold		4,196,687
Capital shares sold		1,200,515
Dividends		172,585
Interest		7,230
Expense reimbursement due from Investment Manager		21,041
Prepaid expense		2,530
Trustees' deferred compensation plan		26,539
Total assets		242,200,329
Liabilities
Due upon return of securities on loan		33,956,998
Payable for:
Investments purchased		3,324,835
Capital shares purchased		801,886
Investment management fees		4,885
Distribution and service fees		1,017
Transfer agent fees		56,457
Chief compliance officer expenses		853
Other expenses		97,330
Trustees' deferred compensation plan		26,539
Total liabilities		38,270,800
Net assets applicable to outstanding capital stock	$	203,929,529

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

8

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

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	222,632,906
Excess of distributions over net investment income		(933,043	)
Accumulated net realized loss		(44,081,853	)
Unrealized appreciation (depreciation) on:
Investments		26,311,523
Foreign currency translations		(4	)
Total—representing net assets applicable to outstanding capital stock	$	203,929,529
*Value of securities on loan	$	36,046,335
Net assets applicable to outstanding shares
Class A	$	58,137,678
Class B	$	4,740,332
Class C	$	17,841,875
Class Z	$	123,209,644
Shares outstanding
Class A		5,349,675
Class B		463,581
Class C		1,741,908
Class Z		11,088,474
Net asset value per share
Class A(a)	$	10.87
Class B	$	10.23
Class C	$	10.24
Class Z	$	11.11

^(a)  The maximum offering price per share for Class A is $11.53. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

9

Statement of Operations – Columbia Technology Fund

Six months ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	418,403
Dividends from affiliates		4,098
Income from securities lending – net		53,851
Total income		476,352
Expenses:
Investment management fees		879,974
Distribution fees
Class B		18,484
Class C		68,335
Service fees
Class A		72,738
Class B		6,161
Class C		22,778
Transfer agent fees
Class A		46,153
Class B		4,204
Class C		18,562
Class Z		150,366
Compensation of board members		13,577
Custodian fees		5,301
Printing and postage fees		31,934
Registration fees		37,733
Professional fees		19,644
Chief compliance officer expenses		555
Other		8,508
Total expenses		1,405,007
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(21,041	)
Expense reductions		(2,180	)
Total net expenses		1,381,786
Net investment loss		(905,434	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(5,528,799	)
Foreign currency translations		(4,086	)
Net realized loss		(5,532,885	)
Net change in unrealized appreciation (depreciation) on:
Investments		16,568,294
Foreign currency translations		(4	)
Net change in unrealized appreciation		16,568,290
Net realized and unrealized gain		11,035,405
Net increase in net assets resulting from operations	$	10,129,971

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

10

Statement of Changes in Net Assets – Columbia Technology Fund

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011
Operations
Net investment loss	$	(905,434	)	$	(2,636,225	)
Net realized gain (loss)		(5,532,885	)		81,083,146
Net change in unrealized appreciation (depreciation)		16,568,290			(33,936,556	)
Net increase in net assets resulting from operations		10,129,971			44,510,365
Increase (decrease) in net assets from share transactions		(30,216,853	)		(71,827,104	)
Total decrease in net assets		(20,086,882	)		(27,316,739	)
Net assets at beginning of period		224,016,411			251,333,150
Net assets at end of period	$	203,929,529		$	224,016,411
Excess of distributions over net investment income	$	(933,043	)	$	(27,609	)

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

11

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		523,603			5,329,544			2,488,763			27,155,824
Redemptions		(1,520,144	)		(14,879,828	)		(4,366,585	)		(48,324,759	)
Net decrease		(996,541	)		(9,550,284	)		(1,877,822	)		(21,168,935	)
Class B shares
Subscriptions		2,798			27,458			17,617			183,506
Redemptions(a)		(114,703	)		(1,074,574	)		(219,725	)		(2,266,043	)
Net decrease		(111,905	)		(1,047,116	)		(202,108	)		(2,082,537	)
Class C shares
Subscriptions		41,752			399,915			295,831			3,157,045
Redemptions		(398,337	)		(3,724,958	)		(706,416	)		(7,348,664	)
Net decrease		(356,585	)		(3,325,043	)		(410,585	)		(4,191,619	)
Class Z shares
Subscriptions		930,582			9,520,368			2,905,961			32,697,702
Redemptions		(2,542,313	)		(25,814,778	)		(7,236,980	)		(77,081,715	)
Net decrease		(1,611,731	)		(16,294,410	)		(4,331,019	)		(44,384,013	)
Total net decrease		(3,076,762	)		(30,216,853	)		(6,821,534	)		(71,827,104	)

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

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

12

Financial Highlights – Columbia Technology Fund

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

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period	$	10.25		$	8.75		$	7.58		$	9.72		$	11.62		$	9.33
Income from investment operations:
Net investment loss		(0.05	)		(0.11	)		(0.09	)		(0.05	)		(0.07	)		(0.10	)
Net realized and unrealized gain (loss)		0.67			1.61			1.26			(2.09	)		(1.22	)		2.39
Total from investment operations		0.62			1.50			1.17			(2.14	)		(1.29	)		2.29
Less distributions to shareholders from:
Net realized gains		—			—			—			—			(0.61	)		—
Total distributions to shareholders		—			—			—			—			(0.61	)		—
Net asset value, end of period	$	10.87		$	10.25		$	8.75		$	7.58		$	9.72		$	11.62
Total return		6.05	%		17.14	%		15.44	%		(22.02	%)		(12.13	%)		24.54	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.40	%(b)		1.46	%(c)		1.47	%(c)		1.53	%		1.36	%		1.46	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.40	%(b)(e)		1.43	%(c)		1.45	%(c)(e)		1.46	%(e)		1.36	%(e)		1.46	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.40	%(b)		1.46	%		1.47	%		1.53	%		1.36	%		1.46	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.40	%(b)(e)		1.43	%		1.45	%(e)		1.46	%(e)		1.36	%(e)		1.46	%(e)
Net investment loss		(0.92	%)(b)(e)		(1.01	%)		(1.10	%)(e)		(0.80	%)(e)		(0.69	%)(e)		(0.96	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	58,138		$	65,071		$	71,989		$	81,321		$	137,181		$	109,541
Portfolio turnover		99	%		263	%		189	%		284	%		263	%		210	%

Notes to Financial Highlights

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

^(b)  Annualized.

^(c)  Includes interest expense which rounds to less than 0.01%.

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

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

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

13

Financial Highlights(continued) – Columbia Technology Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period	$	9.68		$	8.33		$	7.26		$	9.39		$	11.25		$	9.10
Income from investment operations:
Net investment loss		(0.08	)		(0.19	)		(0.15	)		(0.10	)		(0.15	)		(0.17	)
Net realized and unrealized gain (loss)		0.63			1.54			1.22			(2.03	)		(1.19	)		2.32
Total from investment operations		0.55			1.35			1.07			(2.13	)		(1.34	)		2.15
Less distributions to shareholders from:
Net realized gains		—			—			—			—			(0.52	)		—
Total distributions to shareholders		—			—			—			—			(0.52	)		—
Net asset value, end of period	$	10.23		$	9.68		$	8.33		$	7.26		$	9.39		$	11.25
Total return		5.68	%		16.21	%		14.74	%		(22.68	%)		(12.80	%)		23.63	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.16	%(b)		2.21	%(c)		2.22	%(c)		2.28	%		2.11	%		2.21	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		2.16	%(b)(e)		2.19	%(c)		2.20	%(c)(e)		2.21	%(e)		2.11	%(e)		2.21	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.16	%(b)		2.21	%		2.22	%		2.28	%		2.11	%		2.21	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		2.16	%(b)(e)		2.19	%		2.20	%(e)		2.21	%(e)		2.11	%(e)		2.21	%(e)
Net investment loss		(1.69	%)(b)(e)		(1.77	%)		(1.85	%)(e)		(1.55	%)(e)		(1.43	%)(e)		(1.70	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	4,740		$	5,573		$	6,478		$	6,562		$	10,812		$	10,580
Portfolio turnover		99	%		263	%		189	%		284	%		263	%		210	%

Notes to Financial Highlights

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

^(b)  Annualized.

^(c)  Includes interest expense which rounds to less than 0.01%.

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

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

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

14

Financial Highlights(continued) – Columbia Technology Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period	$	9.70		$	8.35		$	7.27		$	9.41		$	11.27		$	9.12
Income from investment operations:
Net investment loss		(0.08	)		(0.19	)		(0.15	)		(0.10	)		(0.15	)		(0.17	)
Net realized and unrealized gain (loss)		0.62			1.54			1.23			(2.04	)		(1.19	)		2.32
Total from investment operations		0.54			1.35			1.08			(2.14	)		(1.34	)		2.15
Less distributions to shareholders from:
Net realized gains		—			—			—			—			(0.52	)		—
Total distributions to shareholders		—			—			—			—			(0.52	)		—
Net asset value, end of period	$	10.24		$	9.70		$	8.35		$	7.27		$	9.41		$	11.27
Total return		5.57	%		16.17	%		14.86	%		(22.74	%)		(12.78	%)		23.57	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.19	%(b)		2.22	%(c)		2.22	%(c)		2.28	%		2.11	%		2.21	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		2.19	%(b)(e)		2.20	%(c)		2.20	%(c)(e)		2.21	%(e)		2.11	%(e)		2.21	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.19	%(b)		2.22	%		2.22	%		2.28	%		2.11	%		2.21	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		2.19	%(b)(e)		2.20	%		2.20	%(e)		2.21	%(e)		2.11	%(e)		2.21	%(e)
Net investment loss		(1.72	%)(b)(e)		(1.79	%)		(1.85	%)(e)		(1.55	%)(e)		(1.45	%)(e)		(1.70	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	17,842		$	20,360		$	20,941		$	24,410		$	44,466		$	36,325
Portfolio turnover		99	%		263	%		189	%		284	%		263	%		210	%

Notes to Financial Highlights

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

(b)  Annualized.

(c)  Includes interest expense which rounds to less than 0.01%.

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

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

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

15

Financial Highlights(continued) – Columbia Technology Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period	$	10.47		$	8.92		$	7.70		$	9.86		$	11.78		$	9.43
Income from investment operations:
Net investment loss		(0.04	)		(0.09	)		(0.07	)		(0.04	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss)		0.68			1.64			1.29			(2.12	)		(1.23	)		2.43
Total from investment operations		0.64			1.55			1.22			(2.16	)		(1.28	)		2.35
Less distributions to shareholders from:
Net realized gains		—			—			—			—			(0.64	)		—
Total distributions to shareholders		—			—			—			—			(0.64	)		—
Net asset value, end of period	$	11.11		$	10.47		$	8.92		$	7.70		$	9.86		$	11.78
Total return		6.11	%		17.38	%		15.84	%		(21.91	%)		(11.93	%)		24.92	%
Ratios to average net assets(a)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.24	%(b)		1.22	%(c)		1.22	%(c)		1.28	%		1.11	%		1.21	%(c)
Net expenses after fees waived or expenses reimbursed (including interest expense)(d)		1.20	%(b)(e)		1.20	%(c)		1.20	%(c)(e)		1.21	%(e)		1.11	%(e)		1.21	%(c)(e)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.24	%(b)		1.22	%		1.22	%		1.28	%		1.11	%		1.21	%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(d)		1.20	%(b)(e)		1.20	%		1.20	%(e)		1.21	%(e)		1.11	%(e)		1.21	%(e)
Net investment loss		(0.73	%)(b)(e)		(0.79	%)		(0.85	%)(e)		(0.54	%)(e)		(0.45	%)(e)		(0.70	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$	123,210		$	133,011		$	151,924		$	155,332		$	208,883		$	137,420
Portfolio turnover		99	%		263	%		189	%		284	%		263	%		210	%

Notes to Financial Highlights

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

^(b)  Annualized.

^(c)  Includes interest expense which rounds to less than 0.01%.

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

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

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

16

Notes to Financial Statements – Columbia Technology Fund
February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

17

Columbia Technology Fund, February 29, 2012 (Unaudited)

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

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

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

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option contracts, including over-the-counter (OTC) option contracts, with no readily available market value are valued using quotations obtained from independent brokers as of the close of the NYSE.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

18

Columbia Technology Fund, February 29, 2012 (Unaudited)

Options

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. The Fund purchased put options contracts to produce incremental earnings and protect gains/decrease the Fund's exposure to equity risk and to increase return on investments, protect gains, and facilitate buying and selling of securities for investments. Completion of transactions for option contracts traded in the OTC market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain OTC option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Option contracts purchased are recorded as investments and options contracts written are recorded as liabilities of the Fund. The Fund will realize a gain or loss when the option contract expires or is exercised. When option contracts on debt securities or futures are exercised, the Fund will realize a gain or loss. When other option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases and the option contract is exercised. The Fund's maximum payout in the case of written put option contracts represents the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under the contract. For OTC options contracts, the transaction is also subject to counterparty credit risk. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained upon the exercise of the put option contracts by holders of the option contracts or proceeds received upon entering into the contracts.

Effects of Derivative Transactions in the Financial Statements

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

Fair Values of Derivative Instruments at February 29, 2012

At February 29, 2012, the fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended February 29, 2012

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category	Options Contracts Written and Purchased
Equity contracts	$	170,487

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Risk Exposure Category	Options Contracts Written and Purchased
Equity contracts	$	—

Volume of Derivative Instruments for the Six Months Ended February 29, 2012

	Contracts Opened
Options Contracts		1,300

19

Columbia Technology Fund, February 29, 2012 (Unaudited)

Repurchase Agreements

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

Security Transactions

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

Income Recognition

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any

20

Columbia Technology Fund, February 29, 2012 (Unaudited)

future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.87% to 0.77% as the Fund's net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.87% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Investment Manager does not receive a fee for its services under the Administrative Services Agreement.

Compensation of Board Members

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

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

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

21

Columbia Technology Fund, February 29, 2012 (Unaudited)

reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

For the six months ended February 29, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.16	%
Class B	0.17
Class C	0.20
Class Z	0.25

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $2,180.

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $6,700 for Class A, $5,892 for Class B, and $1,967 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.45	%
Class B	2.20
Class C	2.20
Class Z	1.20

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest

22

Columbia Technology Fund, February 29, 2012 (Unaudited)

on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $210,262,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	31,008,000
Unrealized depreciation	$	(4,697,000	)
Net unrealized appreciation	$	26,311,000

The following capital loss carryforward, determined as of August 31, 2011 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of expiration	Amount
2016	$	29,378,123
2017		6,176,370
Total	$	35,554,493

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $195,146,592 and $224,671,562, respectively, for the six months ended February 29, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned.

At February 29, 2012, securities valued at $36,046,335 were on loan, secured by U.S. government securities valued at $3,684,033 and by cash collateral of $33,956,998 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

23

Columbia Technology Fund, February 29, 2012 (Unaudited)

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 7. Affiliated Money Market Fund

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

Note 8. Shareholder Concentration

At February 29, 2012, two unaffiliated shareholder accounts owned an aggregate of 32.5% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 10. Significant Risks

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that invests in a wider range of industries.

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.

24

Columbia Technology Fund, February 29, 2012 (Unaudited)

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 mutual funds (currently branded as Columbia) 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 considered and ruled in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs' opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgement by the District Court in favor of the defendants.

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

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

25

Columbia Technology Fund, February 29, 2012 (Unaudited)

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.

26

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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 Technology 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

29

Columbia Technology Fund

P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1650 C (4/12)

Columbia Strategic Investor Fund

Semiannual Report for the Period Ended February 29, 2012

Table of contents

Performance Information	1
Fund Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	24
Important Information About This Report	33

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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington’s inability to reach a plan for deficit reduction and Europe’s piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation — which tracks a broad range of consumer expenditures, including food and energy — declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns.

The S&P 500 Index gained 11.82%, moving into positive territory for the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

n timely economic analysis and market commentary

n quarterly fund commentaries

n Columbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

* All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund’s independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ^©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Strategic Investor Fund

Average annual total return as of 02/29/12 (%)
Share class	A*				B*				C*
Inception	11/01/02				11/01/02				10/13/03
Sales charge	without		with		without		with		without		with
6-month (cumulative)		8.67		2.43		8.27		3.27		8.33		7.33
1-year		–4.29		–9.80		–4.98		–9.73		–4.97		–5.92
5-year		1.54		0.34		0.79		0.42		0.80		0.80
10-year		6.47		5.84		5.66		5.66		5.68		5.68

Average annual total return as of 02/29/12 (%)
Share class	I*		R*		W*		Y*		Z
Inception	09/27/10		09/27/10		09/27/10		07/15/09		11/09/00
Sales charge	without		without		without		without		without
6-month (cumulative)		8.89		8.57		8.71		8.90		8.88
1-year		–3.86		–4.46		–4.25		–3.90		–4.02
5-year		1.86		1.28		1.63		1.89		1.80
10-year		6.77		6.20		6.56		6.78		6.74

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.

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

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 (12b-1) fee. Class W shares are sold at net asset value with a service (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 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.

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

Equity securities are subject to stock market fluctuations that occur in response to economic and business developments.

Stocks of small- and mid-cap companies may pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. If the manager’s assessment of a company’s prospects is wrong, the price of its stock may not approach the value the manager has placed on it.

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 02/29/12

	+8.67% Class A shares (without sales charge)
	+13.31% Russell 1000 Index1

Net asset value per share
as of 02/29/12 ($)
Class A	19.20
Class B	18.33
Class C	18.34
Class I	19.22
Class R	19.18
Class W	19.19
Class Y	19.23
Class Z	19.25

Distributions declared per share
09/01/11 – 02/29/12 ($)
Class A	0.05
Class I	0.15
Class R*	0.00
Class W	0.08
Class Y	0.13
Class Z	0.10

* Rounds to less than $0.01.

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.

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.

1

Performance Information (continued) – Columbia Strategic Investor Fund

Portfolio Breakdown1
as of 02/29/12
Consumer Discretionary	11.6	%
Consumer Staples	9.5
Energy	12.4
Financials	14.9
Health Care	11.3
Industrials	10.6
Information Technology	19.8
Materials	3.7
Telecommunication Services	2.1
Utilities	3.3
Other2	0.8

¹  Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

²  Includes investments in affiliated money market fund.

Top Ten Holdings1
as of 02/29/12
Apple, Inc.	4.1	%
Exxon Mobil Corp.	3.4
Google, Inc., Class A	1.9
Merck & Co., Inc.	1.6
JPMorgan Chase & Co.	1.6
Pfizer, Inc.	1.5
International Business Machines Corp.	1.5
PepsiCo, Inc.	1.4
Wells Fargo & Co.	1.3
CVS Caremark Corp.	1.3

¹  Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and affiliated money market fund).

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

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

2

Fund Expense Example – Columbia Strategic Investor Fund

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

Analyzing your fund’s expenses

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

In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column.

Compare with other funds

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

09/01/11 – 02/29/12
	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund’s annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,086.70		1,018.75		6.38		6.17		1.23
Class B		1,000.00		1,000.00		1,082.70		1,015.02		10.25		9.92		1.98
Class C		1,000.00		1,000.00		1,083.30		1,015.02		10.26		9.92		1.98
Class I		1,000.00		1,000.00		1,088.90		1,020.69		4.36		4.22		0.84
Class R		1,000.00		1,000.00		1,085.70		1,017.45		7.73		7.47		1.49
Class W		1,000.00		1,000.00		1,087.10		1,018.80		6.33		6.12		1.22
Class Y		1,000.00		1,000.00		1,089.00		1,020.74		4.31		4.17		0.83
Class Z		1,000.00		1,000.00		1,088.80		1,019.99		5.09		4.92		0.98

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

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

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

3

Portfolio of Investments – Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 99.1%
CONSUMER DISCRETIONARY 11.6%
Auto Components 1.1%
Goodyear Tire & Rubber Co. (The)(a)		385,731		$4,960,500
Nokian Renkaat OYJ		92,883		4,122,045
Total				9,082,545
Diversified Consumer Services 1.4%
K12, Inc.(a)(b)		147,874		3,188,163
New Oriental Education & Technology Group, ADR(a)		132,132		3,502,819
Weight Watchers International, Inc.(b)		68,019		5,304,122
Total				11,995,104
Hotels, Restaurants & Leisure 1.0%
Carnival Corp.		94,481		2,861,830
Darden Restaurants, Inc.(b)		42,184		2,150,962
Las Vegas Sands Corp.(a)		65,117		3,621,156
Total				8,633,948
Internet & Catalog Retail 1.6%
Amazon.com, Inc.(a)		49,138		8,829,607
priceline.com, Inc.(a)		7,137		4,475,042
Total				13,304,649
Media 3.1%
Comcast Corp., Class A		363,749		10,686,946
DISH Network Corp., Class A		84,879		2,475,921
News Corp., Class A		371,436		7,380,433
Viacom, Inc., Class B		110,665		5,269,867
Total				25,813,167
Multiline Retail 1.4%
Kohl’s Corp.(b)		77,812		3,865,700
Target Corp.		146,248		8,290,799
Total				12,156,499
Specialty Retail 1.8%
Abercrombie & Fitch Co., Class A(b)		63,990		2,930,102
Collective Brands, Inc.(a)(b)		285,835		5,150,747
GameStop Corp., Class A(b)		113,118		2,576,828
Home Depot, Inc. (The)		97,940		4,659,006
Total				15,316,683
Textiles, Apparel & Luxury Goods 0.2%
Hanesbrands, Inc.(a)(b)		58,483		1,680,217
TOTAL CONSUMER DISCRETIONARY				97,982,812
CONSUMER STAPLES 9.5%
Beverages 1.7%
Carlsberg A/S, Class B		33,885		2,667,493
PepsiCo, Inc.		187,654		11,810,943
Total				14,478,436
Food & Staples Retailing 3.9%
Casey’s General Stores, Inc.		118,122		6,051,390
CVS Caremark Corp.		248,459		11,205,501
Kroger Co. (The)		99,537		2,367,985
Raia Drogasil SA		617,800		5,936,061
Wal-Mart Stores, Inc.		123,662		7,305,951
Total				32,866,888
Food Products 2.5%
Archer-Daniels-Midland Co.		139,784		4,361,261
Kellogg Co.		71,231		3,728,943

Issuer	Shares		Value
Common Stocks (continued)
Consumer Staples (cont.)
Food Products (cont.)
Kraft Foods, Inc., Class A		186,862		$7,113,836
Unilever NV — NY Shares		185,400		6,175,674
Total				21,379,714
Household Products 1.2%
Energizer Holdings, Inc.(a)		73,865		5,646,979
Procter & Gamble Co. (The)		64,881		4,380,765
Total				10,027,744
Tobacco 0.2%
PT Gudang Garam Tbk		259,500		1,627,163
TOTAL CONSUMER STAPLES				80,379,945
ENERGY 12.4%
Energy Equipment & Services 3.5%
Cameron International Corp.(a)		109,655		6,108,880
CARBO Ceramics, Inc.(b)		30,987		2,839,958
National Oilwell Varco, Inc.		117,158		9,669,050
Pioneer Drilling Co.(a)		304,420		3,032,023
Schlumberger Ltd.		105,175		8,162,632
Total				29,812,543
Oil, Gas & Consumable Fuels 8.9%
Apache Corp.		77,513		8,365,978
Cimarex Energy Co.(b)		55,588		4,484,284
Comstock Resources, Inc.(a)(b)		285,134		4,570,698
Continental Resources, Inc.(a)(b)		55,946		5,073,183
Denbury Resources, Inc.(a)		277,992		5,534,821
Exxon Mobil Corp.		328,020		28,373,730
Hess Corp.		71,539		4,644,312
Lukoil OAO, ADR		131,905		8,415,539
Occidental Petroleum Corp.		22,189		2,315,866
Peabody Energy Corp.		96,198		3,355,386
Total				75,133,797
TOTAL ENERGY				104,946,340
FINANCIALS 14.9%
Capital Markets 1.2%
Invesco Ltd.		169,067		4,187,790
Morgan Stanley		310,791		5,762,065
Total				9,949,855
Commercial Banks 3.5%
First Republic Bank(a)		191,877		5,754,391
HDFC Bank Ltd., ADR		120,983		4,155,766
Itaú Unibanco Holding SA, ADR		230,182		4,845,331
Kasikornbank PCL, Foreign Registered Shares		771,600		3,724,173
Wells Fargo & Co.		360,134		11,268,593
Total				29,748,254
Consumer Finance 0.8%
SLM Corp.		410,068		6,462,672
Diversified Financial Services 3.8%
Citigroup, Inc.		299,028		9,963,613
IntercontinentalExchange, Inc.(a)		31,177		4,301,179
JPMorgan Chase & Co.		332,221		13,036,352
MSCI, Inc., Class A(a)		138,061		4,884,598
Total				32,185,742

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

4

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
Financials (cont.)
Insurance 3.1%
ACE Ltd.		69,284		$4,968,356
Marsh & McLennan Companies, Inc.(b)		236,101		7,366,351
Principal Financial Group, Inc.		208,577		5,769,240
Progressive Corp. (The)(b)		392,970		8,417,417
Total				26,521,364
Real Estate Investment Trusts (REITs) 2.5%
American Tower Corp.		86,340		5,403,157
Digital Realty Trust, Inc.(b)		73,963		5,362,317
Ventas, Inc.		89,562		5,008,307
Weyerhaeuser Co.(b)		258,758		5,405,455
Total				21,179,236
TOTAL FINANCIALS				126,047,123
HEALTH CARE 11.2%
Biotechnology 1.4%
Alkermes PLC(a)(b)		206,710		3,640,163
Gilead Sciences, Inc.(a)		121,663		5,535,666
Vertex Pharmaceuticals, Inc.(a)(b)		71,042		2,764,955
Total				11,940,784
Health Care Equipment & Supplies 2.1%
Baxter International, Inc.(b)		87,233		5,070,854
Covidien PLC		146,706		7,665,389
Insulet Corp.(a)(b)		123,188		2,429,267
NxStage Medical, Inc.(a)(b)		116,384		2,327,680
Total				17,493,190
Health Care Providers & Services 2.2%
Cardinal Health, Inc.		69,372		2,882,407
CIGNA Corp.		59,766		2,636,278
Express Scripts, Inc.(a)(b)		139,571		7,443,321
Humana, Inc.		60,455		5,265,631
Total				18,227,637
Life Sciences Tools & Services 0.4%
Thermo Fisher Scientific, Inc.(a)		67,480		3,820,718
Pharmaceuticals 5.1%
Allergan, Inc.		45,112		4,041,584
Johnson & Johnson		101,498		6,605,490
Merck & Co., Inc.		355,908		13,585,008
Pfizer, Inc.		601,748		12,696,883
Teva Pharmaceutical Industries Ltd., ADR		147,195		6,595,808
Total				43,524,773
TOTAL HEALTH CARE				95,007,102
INDUSTRIALS 10.6%
Aerospace & Defense 2.3%
BE Aerospace, Inc.(a)		96,080		4,404,307
Honeywell International, Inc.		114,301		6,808,910
Saab AB, Class B		95,680		1,931,878
United Technologies Corp.		74,764		6,270,457
Total				19,415,552
Construction & Engineering 0.6%
KBR, Inc.		90,574		3,289,648
MasTec, Inc.(a)(b)		98,984		1,741,128
Total				5,030,776

Issuer	Shares		Value
Common Stocks (continued)
Industrials (cont.)
Electrical Equipment 0.7%
Emerson Electric Co.		110,839		$5,576,310
Industrial Conglomerates 2.7%
Danaher Corp.		82,074		4,335,969
General Electric Co.		313,383		5,969,946
Siemens AG, ADR		50,270		5,012,422
Tyco International Ltd.		145,903		7,560,694
Total				22,879,031
Machinery 2.7%
Caterpillar, Inc.		54,981		6,279,380
Cummins, Inc.		37,618		4,535,602
Dover Corp.(b)		56,344		3,607,143
Parker Hannifin Corp.		41,485		3,725,768
SPX Corp.		24,957		1,825,355
Tennant Co.(b)		80,696		3,311,764
Total				23,285,012
Professional Services 1.0%
Dun & Bradstreet Corp. (The)(b)		38,005		3,141,113
Nielsen Holdings NV(a)		171,641		5,061,693
Total				8,202,806
Road & Rail 0.6%
Union Pacific Corp.		48,802		5,380,421
TOTAL INDUSTRIALS				89,769,908
INFORMATION TECHNOLOGY 19.8%
Communications Equipment 2.3%
Cisco Systems, Inc.		158,798		3,156,905
Juniper Networks, Inc.(a)(b)		127,334		2,898,122
QUALCOMM, Inc.		157,856		9,815,486
Telefonaktiebolaget LM Ericsson, ADR(b)		347,990		3,472,940
Total				19,343,453
Computers & Peripherals 5.0%
Apple, Inc.(a)		63,643		34,522,509
EMC Corp.(a)		284,438		7,876,088
Total				42,398,597
Internet Software & Services 3.6%
Baidu, Inc., ADR(a)		31,404		4,292,927
eBay, Inc.(a)		183,337		6,552,464
Google, Inc., Class A(a)		25,169		15,560,734
LogMeIn, Inc.(a)(b)		48,452		1,785,941
SINA Corp.(a)		28,696		1,953,050
Total				30,145,116
IT Services 2.7%
International Business Machines Corp.(b)		62,459		12,287,559
Mastercard, Inc., Class A		10,790		4,531,800
Visa, Inc., Class A		51,532		5,996,779
Total				22,816,138
Semiconductors & Semiconductor Equipment 2.6%
Analog Devices, Inc.		61,029		2,392,947
Avago Technologies Ltd.		104,584		3,933,404
Broadcom Corp., Class A(a)		70,880		2,633,192
Intel Corp.		226,145		6,078,778
Lam Research Corp.(a)(b)		84,081		3,506,178
Skyworks Solutions, Inc.(a)(b)		141,547		3,817,522
Total				22,362,021

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

5

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks (continued)
Information Technology (cont.)
Software 3.6%
CA, Inc.		92,337		$2,495,869
Electronic Arts, Inc.(a)		132,766		2,168,069
Microsoft Corp.		312,315		9,912,878
Oracle Corp.		367,582		10,759,125
Rovi Corp.(a)		78,043		2,768,966
TIBCO Software, Inc.(a)		77,022		2,231,327
Total				30,336,234
TOTAL INFORMATION TECHNOLOGY				167,401,559
MATERIALS 3.7%
Chemicals 2.2%
Air Products & Chemicals, Inc.(b)		49,427		4,460,293
Ferro Corp.(a)(b)		295,428		1,639,625
LyondellBasell Industries NV, Class A		94,613		4,085,389
Monsanto Co.		113,032		8,746,416
Total				18,931,723
Construction Materials 0.6%
PT Indocement Tunggal Prakarsa Tbk		2,407,500		4,643,453
Metals & Mining 0.9%
Freeport-McMoRan Copper & Gold, Inc.		73,085		3,110,498
Vale SA, ADR		176,375		4,434,067
Total				7,544,565
TOTAL MATERIALS				31,119,741
TELECOMMUNICATION SERVICES 2.0%
Diversified Telecommunication Services 1.6%
AT&T, Inc.(b)		348,114		10,648,807
Verizon Communications, Inc.		77,930		2,969,913
Total				13,618,720
Wireless Telecommunication Services 0.4%
Millicom International Cellular SA, SDR		16,934		1,897,679
Philippine Long Distance Telephone Co., ADR		25,587		1,687,974
Total				3,585,653
TOTAL TELECOMMUNICATION SERVICES				17,204,373
UTILITIES 3.4%
Electric Utilities 1.7%
Edison International		98,056		4,105,605
Exelon Corp.(b)		127,115		4,966,383
NextEra Energy, Inc.(b)		91,853		5,466,172
Total				14,538,160
Independent Power Producers & Energy Traders 0.5%
AES Corp. (The)(a)		290,690		3,941,756
Multi-Utilities 1.2%
PG&E Corp.(b)		151,244		6,303,850
Public Service Enterprise Group, Inc.		111,879		3,443,636
Total				9,747,486
TOTAL UTILITIES				28,227,402
Total Common Stocks
(Cost: $646,095,880)				$838,086,305

	Shares		Value
Money Market Funds 0.8%
Columbia Short-Term Cash Fund, 0.166%(c)(d)		6,841,191		$6,841,191
Total Money Market Funds
(Cost: $6,841,191)				$6,841,191

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 12.0%
Asset-Backed Commercial Paper 1.4%
Antalis US Funding Corp.
03/01/12		0.350	%		4,999,660		$4,999,660
Rheingold Securitization
03/27/12		0.700	%		4,997,181		4,997,181
Tasman Funding, Inc.
03/23/12		0.320	%		1,999,484		1,999,484
Total							11,996,325
Certificates of Deposit 1.8%
ABM AMRO Bank N.V.
03/21/12		0.310	%		2,999,251		2,999,251
DZ Bank AG
03/12/12		0.250	%		2,000,000		2,000,000
Hong Kong Shanghai Bank Corp., Ltd.
03/12/12		0.250	%		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/31/12		0.390	%		3,000,038		3,000,038
Skandinaviska Enskilda Banken
04/16/12		0.360	%		2,000,000		2,000,000
Standard Chartered Bank PLC
03/05/12		0.630	%		1,000,000		1,000,000
Sumitomo Trust & Banking Co., Ltd.
05/29/12		0.370	%		2,000,000		2,000,000
Total							14,999,289
Commercial Paper 0.2%
State Development Bank of NorthRhine-Westphalia
03/13/12		0.240	%		1,999,613		1,999,613
Repurchase Agreements 8.6%
Citigroup Global Markets, Inc.(e) dated 02/29/12, matures 03/01/12, repurchase price $2,000,007
		0.130	%		$2,000,000		2,000,000
repurchase price $5,000,018
		0.130	%		5,000,000		5,000,000
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $10,467,222(e)
		0.160	%		10,467,176		10,467,176
Mizuho Securities USA, Inc.(e) dated 02/29/12, matures 03/01/12, repurchase price $10,000,061
		0.220	%		10,000,000		10,000,000
repurchase price $15,000,075
		0.180	%		15,000,000		15,000,000
Natixis Financial Products, Inc. dated 02/29/12, matures 03/01/12, repurchase price $10,000,061(e)
		0.220	%		10,000,000		10,000,000

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

6

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
Nomura Securities dated 02/29/12, matures 03/01/12, repurchase price $19,000,106(e)
		0.200	%		19,000,000		19,000,000
Pershing LLC dated 02/29/12, matures 03/01/12, repurchase price $1,000,008(e)
		0.290	%		$1,000,000		$1,000,000
Total							72,467,176

Issuer	Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Total Investments of Cash Collateral Received for Securities on Loan
(Cost:$101,462,403)		$101,462,403
Total Investments
(Cost:$754,399,474)		$946,389,899
Other Assets & Liabilities, Net		(100,605,002	)
Net Assets		$845,784,897

Notes to Portfolio of Investments

(a) Non-income producing.

(b) At February 29, 2012, security was partially or fully on loan.

(c) The rate shown is the seven-day current annualized yield at February 29, 2012.

(d) Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund		$10,423,053		$118,755,055		$(122,336,917	)		$—		$6,841,191		$7,259		$6,841,191

(e) The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Citigroup Global Markets, Inc. (0.130%)

Security Description	Value
Fannie Mae REMICS		$957,094
Fannie Mae-Aces		105,971
Freddie Mac REMICS		767,765
Government National Mortgage Association		209,170
Total Market Value of Collateral Securities		$2,040,000
Citigroup Global Markets, Inc. (0.130%)
Security Description	Value
Fannie Mae REMICS		$2,392,734
Fannie Mae-Aces		264,929
Freddie Mac REMICS		1,919,413
Government National Mortgage Association		522,924
Total Market Value of Collateral Securities		$5,100,000
Credit Suisse Securities (USA) LLC (0.160%)
Security Description	Value
Ginnie Mae I Pool		$7,493,481
Ginnie Mae II Pool		3,183,063
Total Market Value of Collateral Securities		$10,676,544

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

7

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Notes to Portfolio of Investments (continued)

Mizuho Securities USA, Inc. (0.220%)
Security Description	Value
Fannie Mae Pool		$3,230,683
Freddie Mac Gold Pool		52,859
Freddie Mac REMICS		597,713
Ginnie Mae I Pool		4,002,664
Ginnie Mae II Pool		1,909,262
Government National Mortgage Association		406,819
Total Market Value of Collateral Securities		$10,200,000
Mizuho Securities USA, Inc. (0.180%)
Security Description	Value
United States Treasury Note/Bond		$15,190,992
United States Treasury Strip Coupon		109,008
Total Market Value of Collateral Securities		$15,300,000
Natixis Financial Products, Inc. (0.220%)
Security Description	Value
Fannie Mae Pool		$503,068
Fannie Mae REMICS		3,746,677
Freddie Mac Gold Pool		460,602
Freddie Mac REMICS		2,209,221
Government National Mortgage Association		659,449
United States Treasury Note/Bond		2,621,045
Total Market Value of Collateral Securities		$10,200,062
Nomura Securities (0.200%)
Security Description	Value
Ginnie Mae II Pool		$19,380,000
Total Market Value of Collateral Securities		$19,380,000
Pershing LLC (0.290%)
Security Description	Value
Fannie Mae Pool		$163,254
Fannie Mae REMICS		137,672
Fannie Mae-Aces		1,387
Federal Farm Credit Bank		12,336
Federal Home Loan Banks		13,269
Federal Home Loan Mortgage Corp		31,278
Federal National Mortgage Association		38,578
Freddie Mac Gold Pool		66,245
Freddie Mac Non Gold Pool		18,502
Freddie Mac Reference REMIC		4
Freddie Mac REMICS		128,228
Ginnie Mae I Pool		167,335
Ginnie Mae II Pool		149,191
Government National Mortgage Association		53,534
United States Treasury Note/Bond		36,919
United States Treasury Strip Coupon		2,268
Total Market Value of Collateral Securities		$1,020,000

Abbreviation Legend

ADR	American Depositary Receipt
SDR	Swedish Depositary Receipt

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

8

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Fair Value Measurements

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

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

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

Ÿ 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.

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

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

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

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

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

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

9

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$93,860,767		$4,122,045		$—		$97,982,812
Consumer Staples		76,085,289		4,294,656		—		80,379,945
Energy		104,946,340		—		—		104,946,340
Financials		122,322,950		3,724,173		—		126,047,123
Health Care		95,007,102		—		—		95,007,102
Industrials		87,838,030		1,931,878		—		89,769,908
Information Technology		167,401,559		—		—		167,401,559
Materials		26,476,288		4,643,453		—		31,119,741
Telecommunication Services		15,306,694		1,897,679		—		17,204,373
Utilities		28,227,402		—		—		28,227,402
Total Equity Securities		817,472,421		20,613,884		—		838,086,305
Other
Money Market Funds		6,841,191		—		—		6,841,191
Investments of Cash Collateral Received for Securities on Loan		—		101,462,403		—		101,462,403
Total Other		6,841,191		101,462,403		—		108,303,594
Total		$824,313,612		$122,076,287		$—		$946,389,899

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

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b)  There were no significant transfers between Levels 1 and 2 during the period.

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

10

Statement of Assets and Liabilities – Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $646,095,880)	$	838,086,305
Affiliated issuers (identified cost $6,841,191)		6,841,191
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $28,995,227)		28,995,227
Repurchase agreements (identified cost $72,467,176)		72,467,176
Total investments (identified cost $754,399,474)		946,389,899
Foreign currency (identified cost $207,924)		206,967
Receivable for:
Capital shares sold		122,339
Dividends		1,573,845
Interest		14,387
Reclaims		11,259
Prepaid expense		25,285
Trustees’ deferred compensation plan		123,311
Total assets		948,467,292
Liabilities
Disbursements in excess of cash		6,742
Due upon return of securities on loan		101,462,403
Payable for:
Capital shares purchased		857,959
Foreign capital gains taxes deferred		54,989
Investment management fees		16,097
Distribution and service fees		1,771
Transfer agent fees		65,895
Administration fees		1,349
Chief compliance officer expenses		419
Other expenses		91,460
Trustees’ deferred compensation plan		123,311
Total liabilities		102,682,395
Net assets applicable to outstanding capital stock	$	845,784,897

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

11

Statement of Assets and Liabilities (continued) – Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	767,154,941
Undistributed net investment income		836,838
Accumulated net realized loss		(114,145,468	)
Unrealized appreciation (depreciation) on:
Investments		191,990,425
Foreign currency translations		3,150
Foreign capital gains tax		(54,989	)
Total — representing net assets applicable to outstanding capital stock	$	845,784,897
* Value of securities on loan	$	98,658,644
Net assets applicable to outstanding shares
Class A	$	141,045,665
Class B	$	13,939,491
Class C	$	14,500,396
Class I	$	2,825
Class R	$	1,259,806
Class W	$	2,821
Class Y	$	17,234,400
Class Z	$	657,799,493
Shares outstanding
Class A		7,344,860
Class B		760,413
Class C		790,749
Class I		147
Class R		65,670
Class W		147
Class Y		896,328
Class Z		34,172,359
Net asset value per share
Class A(a)	$	19.20
Class B	$	18.33
Class C	$	18.34
Class I	$	19.22
Class R	$	19.18
Class W	$	19.19
Class Y	$	19.23
Class Z	$	19.25

^(a)  The maximum offering price per share for Class A is $20.37. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

12

Statement of Operations – Columbia Strategic Investor Fund

Six Months Ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	7,596,252
Dividends from affiliates		7,259
Income from securities lending – net		66,685
Foreign taxes withheld		(172,199	)
Total income		7,497,997
Expenses:
Investment management fees		2,801,952
Distribution fees
Class B		54,134
Class C		53,021
Class R		2,824
Service fees
Class A		167,663
Class B		18,045
Class C		17,674
Class W		3
Transfer agent fees
Class A		129,585
Class B		13,834
Class C		13,742
Class R		1,086
Class W		2
Class Y		13
Class Z		610,810
Administration fees		234,924
Compensation of board members		21,606
Custodian fees		34,452
Printing and postage fees		174,297
Registration fees		30,660
Professional fees		35,830
Chief compliance officer expenses		453
Other		30,804
Total expenses		4,447,414
Expense reductions		(368,849	)
Total net expenses		4,078,565
Net Investment Income		3,419,432
Realized and unrealized gain (loss) – net
Net realized gain (loss) on:
Investments		(15,243,798	)
Foreign currency translations		(413,536	)
Net realized loss		(15,657,334	)
Net change in unrealized appreciation (depreciation) on:
Investments		80,218,045
Foreign currency translations		2,670
Foreign capital gains tax		(54,989	)
Net change in unrealized appreciation		80,165,726
Net realized and unrealized gain		64,508,392
Net increase in net assets resulting from operations	$	67,927,824

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

13

Statement of Changes in Net Assets – Columbia Strategic Investor Fund

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011(a)
Operations
Net investment income	$	3,419,432		$	2,245,718
Net realized gain (loss)		(15,657,334	)		106,134,644
Net change in unrealized appreciation (depreciation)		80,165,726			(1,698,755	)
Net increase in net assets resulting from operations		67,927,824			106,681,607
Distributions to shareholders from:
Net investment income
Class A		(396,683	)		—
Class I		(22	)		(7	)
Class R		(310	)		—
Class W		(11	)		—
Class Y		(111,896	)		(29,949	)
Class Z		(3,560,604	)		(609,771	)
Total distributions to shareholders		(4,069,526	)		(639,727	)
Increase (decrease) in net assets from share transactions		(78,813,359	)		42,694,372
Proceeds from regulatory settlements (Note 6)		34,307			—
Total increase (decrease) in net assets		(14,920,754	)		148,736,252
Net assets at beginning of period		860,705,651			711,969,399
Net assets at end of period	$	845,784,897		$	860,705,651
Undistributed net investment income	$	836,838		$	1,486,932

^(a) Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) through August 31, 2011.

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

14

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		260,075			4,641,771			551,772			10,502,502
Fund merger		—			—			176,638			3,481,799
Distributions reinvested		20,291			354,272			—			—
Redemptions		(970,341	)		(17,109,502	)		(1,929,581	)		(36,536,769	)
Net decrease		(689,975	)		(12,113,459	)		(1,201,171	)		(22,552,468	)
Class B shares
Subscriptions		2,695			47,082			10,291			184,129
Redemptions(b)		(194,197	)		(3,276,183	)		(408,666	)		(7,441,858	)
Net decrease		(191,502	)		(3,229,101	)		(398,375	)		(7,257,729	)
Class C shares
Subscriptions		15,079			249,659			68,323			1,252,473
Fund merger		—			—			25,241			477,037
Redemptions		(125,080	)		(2,099,605	)		(279,831	)		(5,036,399	)
Net decrease		(110,001	)		(1,849,946	)		(186,267	)		(3,306,889	)
Class I shares
Subscriptions		—			—			147			2,500
Net increase		—			—			147			2,500
Class R shares
Subscriptions		9,299			162,026			10,819			214,152
Fund merger		—			—			68,214			1,342,703
Distributions reinvested		18			310			—			—
Redemptions		(4,268	)		(76,728	)		(18,412	)		(367,089	)
Net increase		5,049			85,608			60,621			1,189,766
Class W shares
Subscriptions		—			—			156			2,650
Redemptions		—			—			(9	)		(154	)
Net increase		—			—			147			2,496
Class Y shares
Subscriptions		40,982			715,796			269,662			4,916,101
Distributions reinvested		6			99			1,610			29,949
Redemptions		(19,229	)		(334,000	)		(38,272	)		(680,660	)
Net increase		21,759			381,895			233,000			4,265,390
Class Z shares
Subscriptions		614,717			10,760,178			1,723,699			33,422,566
Fund merger		—			—			7,907,379			156,236,461
Distributions reinvested		174,611			3,053,944			31,779			591,714
Redemptions		(4,310,370	)		(75,902,478	)		(6,254,118	)		(119,899,435	)
Net increase (decrease)		(3,521,042	)		(62,088,356	)		3,408,739			70,351,306
Total net increase (decrease)		(4,485,712	)		(78,813,359	)		1,916,841			42,694,372

^(a)  Class I, Class R and Class W shares are for the period from September 27, 2010 (commencement of operations) through August 31, 2011.

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

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

15

Financial Highlights – Columbia Strategic Investor Fund

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

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period		$17.72			$15.28			$14.62			$18.01			$21.48			$21.22
Income from investment operations:
Net investment income		0.06			0.01			0.00(a	)		0.09			0.06			0.07
Net realized and unrealized gain (loss)		1.47			2.43			0.73			(3.42	)		(1.25	)		2.97
Total from investment operations		1.53			2.44			0.73			(3.33	)		(1.19	)		3.04
Less distributions to shareholders from:
Net investment income		(0.05	)		—			(0.07	)		(0.06	)		(0.07	)		(0.10	)
Net realized gains		—			—			—			—			(2.21	)		(2.68	)
Total distributions to shareholders		(0.05	)		—			(0.07	)		(0.06	)		(2.28	)		(2.78	)
Proceeds from regulatory settlement		0.00	(a)		—			—			0.00	(a)		—			—
Net asset value, end of period		$19.20			$17.72			$15.28			$14.62			$18.01			$21.48
Total return		8.67%			15.97%			5.00%			(18.44%	)		(7.09%	)		16.33%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.28%	(c)		1.29%			1.43%			1.47%			1.25%			1.25%
Net expenses after fees waived or expenses reimbursed(d)		1.23%	(c)(e)		1.25%	(f)		1.25%	(f)		1.24%	(f)		1.22%	(g)		1.23%	(h)
Net investment income		0.62%	(c)(e)		0.07%	(f)		0.01%	(f)		0.70%	(f)		0.30%	(g)		0.36%	(h)
Supplemental data
Net assets, end of period (in thousands)		$141,046			$142,349			$141,137			$158,624			$225,418			$255,743
Portfolio turnover		33%			62%			67%			117%			88%			139%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

^(e)  The benefits derived from expense reductions had an impact of 0.05%.

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

^(g)  The benefits derived from expense reductions had an impact of 0.04%.

^(h)  The benefits derived from expense reductions had an impact of 0.06%.

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

16

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period		$16.93			$14.71			$14.12			$17.45			$20.96			$20.81
Income from investment operations:
Net investment loss		(0.01	)		(0.12	)		(0.11	)		(0.01	)		(0.09	)		(0.08	)
Net realized and unrealized gain (loss)		1.41			2.34			0.71			(3.32	)		(1.21	)		2.91
Total from investment operations		1.40			2.22			0.60			(3.33	)		(1.30	)		2.83
Less distributions to shareholders from:
Net investment income		—			—			(0.01	)		—			—			—
Net realized gains		—			—			—			—			(2.21	)		(2.68	)
Total distributions to shareholders		—			—			(0.01	)		—			(2.21	)		(2.68	)
Proceeds from regulatory settlement		0.00	(a)		—			—			0.00	(a)		—			—
Net asset value, end of period		$18.33			$16.93			$14.71			$14.12			$17.45			$20.96
Total return		8.27%			15.09%			4.26%			(19.08%	)		(7.77%	)		15.50%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		2.03%	(c)		2.04%			2.18%			2.22%			2.00%			2.00%
Net expenses after fees waived or expenses reimbursed(d)		1.98%	(c)(e)		2.00%	(f)		2.00%	(f)		1.99%	(f)		1.97%	(g)		1.98%	(h)
Net investment loss		(0.13%	)(c)(e)		(0.70%	)(f)		(0.74%	)(f)		(0.05%	)(f)		(0.46%	)(g)		(0.39%	)(h)
Supplemental data
Net assets, end of period (in thousands)		$13,939			$16,112			$19,861			$24,933			$42,229			$53,965
Portfolio turnover		33%			62%			67%			117%			88%			139%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

^(e)  The benefits derived from expense reductions had an impact of 0.05%.

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

^(g)  The benefits derived from expense reductions had an impact of 0.04%.

^(h)  The benefits derived from expense reductions had an impact of 0.06%.

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

17

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period		$16.93			$14.71			$14.13			$17.46			$20.96			$20.82
Income from investment operations:
Net investment loss		(0.01	)		(0.12	)		(0.11	)		(0.01	)		(0.09	)		(0.08	)
Net realized and unrealized gain (loss)		1.42			2.34			0.70			(3.32	)		(1.20	)		2.90
Total from investment operations		1.41			2.22			0.59			(3.33	)		(1.29	)		2.82
Less distributions to shareholders from:
Net investment income		—			—			(0.01	)		—			—			—
Net realized gains		—			—			—			—			(2.21	)		(2.68	)
Total distributions to shareholders		—			—			(0.01	)		—			(2.21	)		(2.68	)
Proceeds from regulatory settlement		0.00	(a)		—			—			0.00	(a)		—			—
Net asset value, end of period		$18.34			$16.93			$14.71			$14.13			$17.46			$20.96
Total return		8.33%			15.09%			4.18%			(19.07%	)		(7.72%	)		15.43%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		2.03%	(c)		2.04%			2.18%			2.22%			2.00%			2.00%
Net expenses after fees waived or expenses reimbursed(d)		1.98%	(c)(e)		2.00%	(f)		2.00%	(f)		1.99%	(f)		1.97%	(g)		1.98%	(h)
Net investment income (loss)		(0.13%	)(c)(e)		(0.68%	)(f)		(0.74%	)(f)		(0.05%	)(f)		(0.46%	)(g)		(0.40%	)(h)
Supplemental data
Net assets, end of period (in thousands)		$14,500			$15,251			$15,994			$19,874			$34,208			$44,682
Portfolio turnover		33%			62%			67%			117%			88%			139%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

^(e)  The benefits derived from expense reductions had an impact of 0.05%.

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

^(g)  The benefits derived from expense reductions had an impact of 0.04%.

^(h)  The benefits derived from expense reductions had an impact of 0.06%.

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

18

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class I
Per share data
Net asset value, beginning of period		$17.80			$17.01
Income from investment operations:
Net investment income		0.09			0.09
Net realized and unrealized gain		1.48			0.74
Total from investment operations		1.57			0.83
Less distributions to shareholders from:
Net investment income		(0.15	)		(0.04	)
Total distributions to shareholders		(0.15	)		(0.04	)
Proceeds from regulatory settlement		0.00	(b)		—
Net asset value, end of period		$19.22			$17.80
Total return		8.89%			4.90%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.84%	(d)		0.75%	(d)
Net expenses after fees waived or expenses reimbursed(e)		0.84%	(d)		0.75%	(d)(f)
Net investment income		1.03%	(d)		0.57%	(d)(f)
Supplemental data
Net assets, end of period (in thousands)		$3			$3
Portfolio turnover		33%			62%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

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

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

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

19

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class R
Per share data
Net asset value, beginning of period		$17.67			$16.97
Income from investment operations:
Net investment income		0.04			0.00	(b)
Net realized and unrealized gain		1.47			0.70
Total from investment operations		1.51			0.70
Less distributions to shareholders from:
Net investment income		(0.00	)(b)		—
Total distributions to shareholders		(0.00	)(b)		—
Proceeds from regulatory settlement		0.00	(b)		—
Net asset value, end of period		$19.18			$17.67
Total return		8.57%			4.12%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.53%	(d)		1.54%	(d)
Net expenses after fees waived or expenses reimbursed(e)		1.49%	(d)(f)		1.50%	(d)(g)
Net investment income		0.38%	(d)(f)		0.02%	(d)(g)
Supplemental data
Net assets, end of period (in thousands)		$1,260			$1,071
Portfolio turnover		33%			62%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

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

^(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

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

20

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31, 2011(a)
Class W
Per share data
Net asset value, beginning of period		$17.73			$16.97
Income from investment operations:
Net investment income		0.06			0.03
Net realized and unrealized gain		1.48			0.73
Total from investment operations		1.54			0.76
Less distributions to shareholders from:
Net investment income		(0.08	)		—
Total distributions to shareholders		(0.08	)		—
Proceeds from regulatory settlement		0.00	(b)		—
Net asset value, end of period		$19.19			$17.73
Total return		8.71%			4.48%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		1.26%	(d)		1.21%	(d)
Net expenses after fees waived or expenses reimbursed(e)		1.22%	(d)(f)		1.16%	(d)(g)
Net investment income		0.65%	(d)(f)		0.15%	(d)(g)
Supplemental data
Net assets, end of period (in thousands)		$3			$3
Portfolio turnover		33%			62%

Notes to Financial Highlights

^(a)  For the period from September 27, 2010 (commencement of operations) to August 31, 2011.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

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

^(f)  The benefits derived from expense reductions had an impact of 0.04%.

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

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

21

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009(a)
Class Y
Per share data
Net asset value, beginning of period		$17.79			$15.32			$14.64			$13.32
Income from investment operations
Net investment income		0.09			0.09			0.07			0.02
Net realized and unrealized gain		1.48			2.42			0.74			1.30
Total from investment operations		1.57			2.51			0.81			1.32
Less distributions to shareholders from:
Net investment income		(0.13	)		(0.04	)		(0.13	)		—
Total distributions to shareholders		(0.13	)		(0.04	)		(0.13	)		—
Proceeds from regulatory settlement		0.00	(b)		—			—			—
Net asset value, end of period		$19.23			$17.79			$15.32			$14.64
Total return		8.90%			16.40%			5.51%			9.91%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed		0.83%	(d)		0.83%			0.83%			0.72%	(d)
Net expenses after fees waived or expenses reimbursed(e)		0.83%	(d)		0.83%	(f)		0.83%	(f)		0.72%	(d)(f)
Net investment income		1.03%	(d)		0.51%	(f)		0.43%	(f)		0.99%	(d)(f)
Supplemental data
Net assets, end of period (in thousands)		$17,234			$15,557			$9,826			$9,630
Portfolio turnover		33%			62%			67%			117%

Notes to Financial Highlights

^(a)  For the period from July 15, 2009 (commencement of operations) to August 31, 2009.

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

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

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

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

22

Financial Highlights (continued) – Columbia Strategic Investor Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period		$17.78			$15.32			$14.64			$18.06			$21.53			$21.28
Income from investment operations:
Net investment income		0.08			0.06			0.04			0.12			0.11			0.13
Net realized and unrealized gain (loss)		1.49			2.42			0.74			(3.44	)		(1.25	)		2.96
Total from investment operations		1.57			2.48			0.78			(3.32	)		(1.14	)		3.09
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.02	)		(0.10	)		(0.10	)		(0.12	)		(0.16	)
Net realized gains		—			—			—			—			(2.21	)		(2.68	)
Total distributions to shareholders		(0.10	)		(0.02	)		(0.10	)		(0.10	)		(2.33	)		(2.84	)
Proceeds from regulatory settlement		0.00	(a)		—			—			0.00	(a)		—			—
Net asset value, end of period		$19.25			$17.78			$15.32			$14.64			$18.06			$21.53
Total return		8.88%			16.17%			5.31%			(18.26%	)		(6.85%	)		16.62%
Ratios to average net assets(b)
Expenses prior to fees waived or expenses reimbursed		1.03%	(c)		1.04%			1.18%			1.22%			1.00%			1.00%
Net expenses after fees waived or expenses reimbursed(d)		0.98%	(c)(e)		1.00%	(f)		1.00%	(f)		0.99%	(f)		0.97%	(g)		0.98%	(h)
Net investment income		0.87%	(c)(e)		0.34%	(f)		0.26%	(f)		0.94%	(f)		0.55%	(g)		0.63%	(h)
Supplemental data
Net assets, end of period (in thousands)		$657,799			$670,362			$525,150			$571,175			$755,348			$859,142
Portfolio turnover		33%			62%			67%			117%			88%			139%

Notes to Financial Highlights

^(a)  Rounds to less than $0.01.

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

^(c)  Annualized.

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

^(e)  The benefits derived from expense reductions had an impact of 0.05%.

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

^(g)  The benefits derived from expense reductions had an impact of 0.04%.

^(h)  The benefits derived from expense reductions had an impact of 0.06%.

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

23

Notes to Financial Statements – Columbia Strategic Investor Fund

February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

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

Class Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

24

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

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

Security Transactions

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

Income Recognition

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

Interest income is recorded on the accrual basis.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund’s management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.

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

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Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that

26

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

declines from 0.71% to 0.54% as the Fund’s net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.69% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.06% of the Fund’s average daily net assets.

Compensation of Board Members

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

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, 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.

Transfer Agent Fees

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

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the Fund’s shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a

customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

For the six months ended February 29, 2012, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class R	0.19
Class W	0.17
Class Y	0.00	*
Class Z	0.19

* Rounds to less than 0.01%

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $368,849.

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B, Class C and Class W shares of the Fund. The Plans also require the payment of a

27

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

monthly distribution fee to the Distributor at the maximum annual rates of 0.75%, 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class B, Class C, Class R and Class W shares, respectively.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $70,523 for Class A, $6,135 for Class B and $1,128 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.26	%
Class B	2.01
Class C	2.01
Class I	0.83
Class R	1.51
Class W	1.26
Class Y	1.01
Class Z	1.01

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program,

dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $754,399,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	205,520,000
Unrealized depreciation		(13,529,000	)
Net unrealized appreciation	$	191,991,000

The following capital loss carryforward, determined as of August 31, 2011 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount
2017	$	81,654,079
2018		15,524,758
Total	$	97,178,837

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

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Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $265,684,829 and $341,456,414, respectively, for the six months ended February 29, 2012.

Note 6. Regulatory Settlements

During the six months ended February 29, 2012, the Fund received $34,307 as a result of a settlement of an administrative proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The proceeds received by the Fund were recorded as an increase to additional paid-in-capital.

Note 7. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At February 29, 2012, securities valued at $98,658,644 were on loan, secured by cash collateral of $101,462,403 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 8. Affiliated Money Market Fund

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

Note 9. Shareholder Concentration

At February 29, 2012, one unaffiliated shareholder account owned 12.8% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 10. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a

29

Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 11. Fund Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine three funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $867,274,283 and the combined net assets immediately after the acquisition were $1,028,812,283.

The merger was accomplished by a tax-free exchange of 6,777,475 shares of Columbia Select Opportunities Fund valued at $92,733,647 (including $22,740,110 of unrealized appreciation) and 4,305,509 shares of Columbia Mid Cap Core Fund valued at $68,804,353 (including $19,348,188 of unrealized appreciation).

In exchange for Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund shares, the Fund issued the following number of shares:

	Shares
Class A		176,638
Class C		25,241
Class R		68,214
Class Z		7,907,379

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund’s cost of investments was carried forward.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Columbia Select Opportunities Fund and Columbia Mid Cap Core Fund that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on September 1, 2010 the Fund’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the year ended August 31, 2011 would have been approximately $2.4 million, $125.4 million, $21.7 million and $149.5 million, respectively.

Note 12. Significant Risks

Foreign Securities Risk

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

Note 13. 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.

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Columbia Strategic Investor Fund

February 29, 2012 (Unaudited)

Note 14. 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 mutual funds (currently branded as Columbia) 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 considered and ruled in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

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

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

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

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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 Strategic Investor 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

33

Columbia Strategic Investor 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.

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

C-1385 C (4/12)

Columbia Greater China Fund

Semiannual Report for the Period Ended February 29, 2012

Table of contents

Performance Information	1
Fund Expense Example	2
Portfolio of Investments	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	18
Important Information About This Report	25

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 Shareholders,

Americans were dispirited in the fourth quarter of 2011 by Washington’s inability to reach a plan for deficit reduction and Europe’s piecemeal attempt to address its own fiscal issues. Yet, there was sufficient good news to encourage risk taking, buoying both stocks and bonds to solid gains.

U.S. economic data surprised on the upside and fears of recession abated. With the bar of expectations set low, investors responded positively to the announcement that the economy had expanded by 1.8% in the third quarter. Consumer confidence improved, even though consumers remain under pressure with no real increase in disposable income and a continued decline in household net worth. Headline inflation — which tracks a broad range of consumer expenditures, including food and energy — declined. Even manufacturing held its ground.

Against this backdrop, the U.S. equity markets logged solid returns. The S&P 500 Index gained 11.82%, moving into positive territory for

the year with quarterly advances in all ten sectors. Mid- and small-cap stocks did even better. Value outperformed growth across all market capitalizations. Energy stocks led the market, as the price of oil moved above $100 a barrel in December. Industrials and materials stocks rose, buoyed by improving economic data. The U.S. fixed-income markets logged modest but solid returns. High-yield bonds were the best performers as the economy showed signs of improvement. Emerging market bonds were strong performers, as inflation came under control in key regions. Municipal bonds and Treasuries eked out only modest gains, as investors moved away from quality in favor of riskier assets.

While fourth quarter gains were encouraging, challenges still remain. Columbia Management, however, remains strong and steadfast. Columbia Management is the eighth largest manager of long-term mutual fund assets with $326 billion under management as of December 31, 2011. The past year has been one of considerable change for the organization as we worked diligently to align products, services and resources in the integration of Columbia Management with RiverSource Investments. The strong line-up of talent, resources and capabilities that has resulted is highlighted by the success of our products. As of December 31, 2011, Columbia Management offers 52 funds rated either 4 or 5 stars by Morningstar.*

For more information about these and other funds offered by Columbia Management, including detailed, up-to-date fund performance and portfolio information, please visit us online at columbiamanagement.com. Other information and resources available on our website include:

n timely economic analysis and market commentary

n quarterly fund commentaries

n Columbia Management Investor, a quarterly newsletter for shareholders

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

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

* All ratings are based on Class Z shares as of 12/31/2011. Out of 119 Class Z share Columbia funds rated by Morningstar, 7 funds received a 5-star Overall Rating and 45 funds received a 4-star Overall Rating. The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund’s independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges/loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating^TM is for Class Z shares only; other classes may have different performance characteristics and may have different ratings. ^©2012 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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

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

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

Performance Information – Columbia Greater China Fund

Average annual total return as of 02/29/12 (%)

Share class

A

B

C

I*

Z

Inception

05/16/97

05/16/97

05/16/97

08/02/11

05/16/97

Sales charge

without

with

without

with

without

with

without

without

6-month (cumulative)

0.43

–5.34

0.03

–4.66

0.05

–0.89

0.65

0.54

1-year

–8.70

–13.94

–9.41

–13.66

–9.39

–10.24

–8.45

–8.46

5-year

6.03

4.79

5.24

4.91

5.25

5.25

6.09

6.31

10-year

14.05

13.38

13.20

13.20

13.19

13.19

14.08

14.63

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.

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

All results shown assume reinvestment of distributions. Class I and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class I and 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.

Class I shares were initially offered on August 2, 2011.

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

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

¹  The MSCI China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.

²  The Hang Seng Stock Index tracks the performance of approximately 70% of the total market capitalization of the Stock Exchange of Hong Kong.

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

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 02/29/12

	+0.43% Class A shares (without sales charge)
	+6.11% MSCI China Index (Net)1
	+6.00% Hang Seng Stock Index2

Net asset value per share
as of 02/29/12 ($)
Class A	48.13
Class B	45.80
Class C	46.50
Class I	50.43
Class Z	50.35
Distributions declared per share
09/01/11 – 02/29/12 ($)
Class A	2.61
Class B	2.56
Class C	2.56
Class I	2.75
Class Z	2.76
Country Breakdown1
as of 02/29/12
China	94.7
Hong Kong	3.3
Taiwan	0.6
United States	1.4

¹  Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

1

Fund Expense Example – Columbia Greater China Fund

Understanding your expenses

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

Analyzing your fund’s expenses

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

Compare with other funds

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

09/01/11 –  02/29/12
	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		1,004.30		1,017.26		7.62		7.67		1.53
Class B		1,000.00		1,000.00		1,000.30		1,013.48		11.39		11.46		2.29
Class C		1,000.00		1,000.00		1,000.50		1,013.48		11.39		11.46		2.29
Class I		1,000.00		1,000.00		1,006.50		1,019.54		5.34		5.37		1.07
Class Z		1,000.00		1,000.00		1,005.40		1,018.50		6.38		6.42		1.28

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

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

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

2

Portfolio of Investments – Columbia Greater China Fund

February 29, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares		Value
Common Stocks 99.7%
Consumer Discretionary 13.0%
Automobiles 1.8%
Great Wall Motor Co., Ltd., Class H(a)		2,251,000		$4,509,006
Distributors 1.4%
Li & Fung Ltd.		1,539,200		3,509,906
Diversified Consumer Services 1.6%
New Oriental Education & Technology Group, ADR(b)		154,635		4,099,374
Media 1.4%
Focus Media Holding Ltd., ADR(a)(b)		150,810		3,658,651
Multiline Retail 2.7%
Golden Eagle Retail Group Ltd.(a)		2,002,000		4,926,906
Intime Department Store Group Co., Ltd.		1,597,000		1,978,967
Total				6,905,873
Specialty Retail 2.8%
Belle International Holdings Ltd.		3,789,000		6,229,158
SA SA International Holdings Ltd.(a)		1,560,000		945,109
Total				7,174,267
Textiles, Apparel & Luxury Goods 1.3%
Trinity Ltd.		4,024,598		3,164,486
Total Consumer Discretionary				33,021,563
Consumer Staples 6.7%
Food & Staples Retailing 1.5%
Sun Art Retail Group Ltd.(a)(b)		2,860,500		3,813,571
Food Products 4.2%
Shenguan Holdings Group Ltd.		4,148,000		2,467,987
Tingyi Cayman Islands Holding Corp.		1,384,000		4,095,570
Want Want China Holdings Ltd.		3,988,000		3,954,086
Total				10,517,643
Personal Products 1.0%
Hengan International Group Co., Ltd.		288,500		2,609,155
Total Consumer Staples				16,940,369
Energy 20.8%
Oil, Gas & Consumable Fuels 20.8%
China Coal Energy Co., Ltd., Class H		4,631,000		5,908,429
China Shenhua Energy Co., Ltd., Class H		2,195,500		10,087,644
CNOOC Ltd.		10,565,500		23,990,113
PetroChina Co., Ltd., Class H		8,542,000		12,852,478
Total				52,838,664
Total Energy				52,838,664
Financials 34.4%
Capital Markets 0.6%
CITIC Securities Co. Ltd., Class H(a)(b)		740,000		1,639,101
Commercial Banks 20.0%
Bank of China Ltd., Class H		9,952,000		4,317,106
China Construction Bank Corp., Class H		21,790,340		18,213,218
China Merchants Bank Co., Ltd., Class H(a)		3,715,090		8,459,181
Industrial & Commercial Bank of China, Class H		27,103,000		19,776,112
Total				50,765,617

Issuer	Shares		Value
Common Stocks (continued)
Financials (continued)
Insurance 8.5%
China Life Insurance Co., Ltd., Class H		3,783,000		$11,694,996
Ping An Insurance Group Co., Class H		1,143,500		9,927,954
Total				21,622,950
Real Estate Management & Development 5.3%
China Overseas Land & Investment Ltd.(a)		2,398,320		4,979,604
China Vanke Co., Ltd., Class B		6,519,510		8,405,279
Total				13,384,883
Total Financials				87,412,551
Health Care 0.4%
Pharmaceuticals 0.4%
China Medical System Holdings Ltd.		1,392,000		1,062,097
Total Health Care				1,062,097
Industrials 4.2%
Construction & Engineering 1.9%
China Communications Construction Co., Ltd., Class H		4,610,000		4,703,353
Machinery 1.4%
Sany Heavy Equipment International Holdings Co., Ltd.(a)		3,134,930		2,751,133
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H(a)		524,200		808,446
Total				3,559,579
Transportation Infrastructure 0.9%
China Merchants Holdings International Co., Ltd.		668,000		2,301,458
Total Industrials				10,564,390
Information Technology 10.7%
Computers & Peripherals 0.8%
Lenovo Group Ltd.		2,210,000		1,949,877
Electronic Equipment, Instruments & Components 0.7%
China High Precision Automation Group Ltd.(a)(c)(d)		2,368,000		543,747
Foxconn International Holdings Ltd.(a)(b)		1,126,000		787,964
Tong Hsing Electronic Industries Ltd.		138,000		457,557
Total				1,789,268
Internet Software & Services 6.9%
Baidu, Inc., ADR(b)		50,664		6,925,769
SINA Corp.(b)		49,698		3,382,446
Tencent Holdings Ltd.		278,200		7,204,521
Total				17,512,736
Semiconductors & Semiconductor Equipment 1.3%
Epistar Corp.		428,000		1,114,906
Spreadtrum Communications, Inc., ADR(a)		159,997		2,220,759
Total				3,335,665
Software 1.0%
AutoNavi Holdings Ltd., ADR(b)		46,066		552,792
Kingdee International Software Group Co., Ltd.(a)		7,875,600		2,112,174
Total				2,664,966
Total Information Technology				27,252,512

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

3

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Issuer	Shares		Value
Common Stocks (continued)
Materials 3.0%
Construction Materials 0.3%
Anhui Conch Cement Co., Ltd., Class H(a)		236,500		$817,736
Metals & Mining 2.7%
Freeport-McMoRan Copper & Gold, Inc.		54,533		2,320,924
Jiangxi Copper Co., Ltd., Class H		220,000		601,239
Zijin Mining Group Co., Ltd., Class H(a)		8,124,000		3,875,495
Total				6,797,658
Total Materials				7,615,394
Telecommunication Services 5.8%
Diversified Telecommunication Services 2.5%
China Telecom Corp., Ltd., Class H		2,214,000		1,347,324
China Unicom Hong Kong Ltd.(a)		2,738,000		4,894,004
Total				6,241,328
Wireless Telecommunication Services 3.3%
China Mobile Ltd.		801,000		8,515,193
Total Telecommunication Services				14,756,521
Utilities 0.7%
Gas Utilities 0.7%
ENN Energy Holdings Ltd.		484,000		1,661,086
Total Utilities				1,661,086
Total Common Stocks
(Cost: $172,101,131)				$253,125,147
Money Market Funds 0.4%
Columbia Short-Term Cash Fund, 0.167%(e)(f)		1,099,045		1,099,045
Total Money Market Funds
(Cost: $1,099,045)				$1,099,045

Issuer	Effective Yield			Par/ Principal		Value
Investments of Cash Collateral Received for Securities on Loan 10.8%
Repurchase Agreements 10.8%
Credit Suisse Securities (USA) LLC dated 02/29/12, matures 03/01/12, repurchase price $7,346,403(g)
		0.160	%		$7,346,371		$7,346,371
Mizuho Securities USA, Inc. dated 02/29/12, matures 03/01/12, repurchase price $10,000,061(g)
		0.220	%		10,000,000		10,000,000
Nomura Securities dated 02/29/12, matures 03/01/12, repurchase price $5,000,028(g)
		0.200	%		5,000,000		5,000,000
Pershing LLC dated 02/29/12, matures 03/01/12, repurchase price $5,000,040(g)
		0.290	%		5,000,000		5,000,000
Total							27,346,371
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $27,346,371)							$27,346,371
Total Investments
(Cost: $200,546,547)							$281,570,563
Other Assets & Liabilities, Net							(27,625,212	)
Net Assets							$253,945,351

Notes to Portfolio of Investments

(a) At February 29, 2012, security was partially or fully on loan.

(b) Non-income producing.

(c) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at February 29, 2012 was $543,747, representing 0.21% of net assets. Information concerning such security holdings at February 29, 2012 was as follows:

Security Description	Acquisition Dates		Cost
China High Precision Automation Group Ltd.		01/14/11–04/20/11		$1,929,194

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 29, 2012, the value of these securities amounted to $543,747, which represents 0.21% of net assets.

(e) The rate shown is the seven-day current annualized yield at February 29, 2012.

(f) Investments in affiliates during the period ended February 29, 2012:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund		$2,559,069		$71,917,421		$(73,377,445	)		$—		$1,099,045		$1,382		$1,099,045

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

4

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(g) The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.

Credit Suisse Securities (USA) LLC (0.160%)

Security Description	Value
Ginnie Mae I Pool		$5,259,288
Ginnie Mae II Pool		2,234,027
Total Market Value of Collateral Securities		$7,493,315
Mizuho Securities USA, Inc. (0.220%)
Security Description	Value
Fannie Mae Pool		$3,230,683
Freddie Mac Gold Pool		52,859
Freddie Mac REMICS		597,713
Ginnie Mae I Pool		4,002,664
Ginnie Mae II Pool		1,909,262
Government National Mortgage Association		406,819
Total Market Value of Collateral Securities		$10,200,000
Nomura Securities (0.200%)
Security Description	Value
Ginnie Mae II Pool		$5,100,000
Total Market Value of Collateral Securities		$5,100,000
Pershing LLC (0.290%)
Security Description	Value
Fannie Mae Pool		$816,268
Fannie Mae REMICS		688,358
Fannie Mae-Aces		6,936
Federal Farm Credit Bank		61,684
Federal Home Loan Banks		66,346
Federal Home Loan Mortgage Corp		156,390
Federal National Mortgage Association		192,890
Freddie Mac Gold Pool		331,226
Freddie Mac Non Gold Pool		92,509
Freddie Mac Reference REMIC		22
Freddie Mac REMICS		641,140
Ginnie Mae I Pool		836,677
Ginnie Mae II Pool		745,953
Government National Mortgage Association		267,669
United States Treasury Note/Bond		184,593
United States Treasury Strip Coupon		11,339
Total Market Value of Collateral Securities		$5,100,000

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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

5

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

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:

Ÿ 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.

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of February 29, 2012:

	Fair value at February 29, 2012
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$7,758,025		$25,263,538		$—		$33,021,563
Consumer Staples		—		16,940,369		—		16,940,369
Energy		—		52,838,664		—		52,838,664
Financials		—		87,412,551		—		87,412,551
Health Care		—		1,062,097		—		1,062,097
Industrials		—		10,564,390		—		10,564,390
Information Technology		13,081,766		13,626,999		543,747		27,252,512
Materials		2,320,924		5,294,470		—		7,615,394
Telecommunication Services		—		14,756,521		—		14,756,521
Utilities		—		1,661,086		—		1,661,086
Total Equity Securities		23,160,715		229,420,685		543,747		253,125,147
Other
Money Market Funds		1,099,045		—		—		1,099,045
Investments of Cash Collateral Received for Securities on Loan		—		27,346,371		—		27,346,371
Total Other		1,099,045		27,346,371		—		28,445,416
Total		$24,259,760		$256,767,056		$543,747		$281,570,563

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

6

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Fair Value Measurements (continued)

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

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, 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.

^(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

^(b) There were no significant transfers between Levels 1 and 2 during the period.

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

	Common Stocks
Balance as of August 31, 2011		$—
Accrued discounts/premiums		—
Realized gain (loss)		(621,252	)
Change in unrealized appreciation (depreciation)*		(322,501	)
Sales		(357,814	)
Purchases		—
Transfers into Level 3		1,845,314
Transfers out of Level 3		—
Balance as of February 29, 2012		$543,747

* Change in unrealized appreciation (depreciation) relating to securities held at February 29, 2012 was $(322,501).

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

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

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

7

Statement of Assets and Liabilities – Columbia Greater China Fund

February 29, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $172,101,131)	$	253,125,147
Affiliated issuers (identified cost $1,099,045)		1,099,045
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $27,346,371)		27,346,371
Total investments (identified cost $200,546,547)		281,570,563
Foreign currency (identified cost $2)		2
Receivable for:
Investments sold		232,742
Capital shares sold		29,642
Dividends		92
Interest		40,010
Prepaid expense		1,367
Trustees’ deferred compensation plan		29,240
Total assets		281,903,658
Liabilities
Due upon return of securities on loan		27,346,371
Payable for:
Capital shares purchased		487,633
Investment management fees		6,081
Distribution fees		1,657
Transfer agent fees		27,480
Administration fees		559
Chief compliance officer expenses		533
Other expenses		58,753
Trustees’ deferred compensation plan		29,240
Total liabilities		27,958,307
Net assets applicable to outstanding capital stock	$	253,945,351

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

8

Statement of Assets and Liabilities (continued) – Columbia Greater China Fund

February 29, 2012 (Unaudited)

Represented by
Paid-in capital	$	173,506,962
Excess of distributions over net investment income		(511,430	)
Accumulated net realized loss		(74,197	)
Unrealized appreciation (depreciation) on:
Investments		81,024,016
Total — representing net assets applicable to outstanding capital stock	$	253,945,351
*Value of securities on loan	$	25,377,287
Net assets applicable to outstanding shares
Class A	$	98,166,080
Class B	$	8,572,895
Class C	$	27,099,835
Class I	$	78,415,711
Class Z	$	41,690,830
Shares outstanding
Class A		2,039,792
Class B		187,162
Class C		582,829
Class I		1,555,061
Class Z		828,007
Net asset value per share
Class A(a)	$	48.13
Class B	$	45.80
Class C	$	46.50
Class I	$	50.43
Class Z	$	50.35

^(a)  The maximum offering price per share for Class A is $51.07. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

9

Statement of Operations – Columbia Greater China Fund

Six Months Ended February 29, 2012 (Unaudited)

Net investment income
Income:
Dividends	$	1,063,348
Interest		3
Dividends from affiliates		1,382
Income from securities lending — net		206,475
Foreign taxes withheld		(70,372	)
Total income		1,200,836
Expenses:
Investment management fees		968,372
Distribution fees
Class B		38,635
Class C		99,036
Service fees
Class A		112,162
Class B		12,878
Class C		33,012
Transfer agent fees
Class A		91,662
Class B		10,641
Class C		27,113
Class Z		43,697
Administration fees		89,046
Compensation of board members		12,103
Custodian fees		21,751
Printing and postage fees		38,688
Registration fees		36,281
Professional fees		16,968
Chief compliance officer expenses		399
Other		13,751
Total expenses		1,666,195
Expense reductions		(1,740	)
Total net expenses		1,664,455
Net investment loss		(463,619	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		112,792
Foreign currency translations		(14,384	)
Net realized gain		98,408
Net change in unrealized appreciation (depreciation) on:
Investments		3,174,568
Foreign currency translations		(62	)
Net change in unrealized appreciation		3,174,506
Net realized and unrealized gain		3,272,914
Net increase in net assets resulting from operations	$	2,809,295

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

10

Statement of Changes in Net Assets – Columbia Greater China Fund

	Six months ended February 29, 2012 (Unaudited)			Year ended August 31, 2011(a)
Operations
Net investment income (loss)	$	(463,619	)	$	662,702
Net realized gain		98,408			18,828,384
Net change in unrealized appreciation (depreciation)		3,174,506			(16,781,206	)
Net increase in net assets resulting from operations		2,809,295			2,709,880
Distributions to shareholders from:
Net investment income
Class A		(95,694	)		(381,019	)
Class I		(315,543	)		—
Class Z		(175,192	)		(279,079	)
Net realized gains
Class A		(4,895,233	)		(3,144,373	)
Class B		(571,491	)		(437,718	)
Class C		(1,483,438	)		(969,900	)
Class I		(4,251,214	)		—
Class Z		(2,229,930	)		(1,308,109	)
Total distributions to shareholders		(14,017,735	)		(6,520,198	)
Increase (decrease) in net assets from share transactions		51,191,919			(7,207,843	)
Total increase (decrease) in net assets		39,983,479			(11,018,161	)
Net assets at beginning of period		213,961,872			224,980,033
Net assets at end of period	$	253,945,351		$	213,961,872
Undistributed (excess of distributions over) net investment income	$	(511,430	)	$	538,618

^(a)  Class I shares are for the period from August 2, 2011 (commencement of operations) to August 31, 2011.

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

11

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

	Six months ended February 29, 2012 (Unaudited)						Year ended August 31, 2011(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		208,804			9,506,295			460,529			26,671,655
Distributions reinvested		102,174			4,132,927			49,959			2,829,702
Redemptions		(257,549	)		(11,596,173	)		(800,298	)		(45,834,504	)
Net increase (decrease)		53,429			2,043,049			(289,810	)		(16,333,147	)
Class B shares
Subscriptions		2,684			106,857			6,844			384,315
Distributions reinvested		9,574			369,086			5,201			283,388
Redemptions(b)		(98,800	)		(4,298,181	)		(76,644	)		(4,196,133	)
Net decrease		(86,542	)		(3,822,238	)		(64,599	)		(3,528,430	)
Class C shares
Subscriptions		23,044			969,696			73,091			4,178,957
Distributions reinvested		26,356			1,031,593			11,900			657,586
Redemptions		(81,715	)		(3,557,227	)		(195,879	)		(10,887,194	)
Net decrease		(32,315	)		(1,555,938	)		(110,888	)		(6,050,651	)
Class I shares
Subscriptions		1,383,235			69,265,108			347,280			17,542,321
Distributions reinvested		107,856			4,566,638			—			—
Redemptions		(283,310	)		(13,871,783	)		—			—
Net increase		1,207,781			59,959,963			347,280			17,542,321
Class Z shares
Subscriptions		83,264			3,875,303			894,411			55,884,465
Distributions reinvested		31,619			1,337,189			15,179			897,229
Redemptions		(228,970	)		(10,645,409	)		(994,077	)		(55,619,630	)
Net increase (decrease)		(114,087	)		(5,432,917	)		(84,487	)		1,162,064
Total net increase (decrease)		1,028,266			51,191,919			(202,504	)		(7,207,843	)

^(a) Class I shares are for the period from August 2, 2011 (commencement of operations) to August 31, 2011.

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

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

12

Financial Highlights – Columbia Greater China Fund

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

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class A
Per share data
Net asset value, beginning of period		$51.02			$51.35			$44.30			$46.54			$58.78			$31.90
Income from investment operations:
Net investment income (loss)		(0.07	)		0.15			0.17			0.34			0.22			0.26
Net realized and unrealized gain (loss)		(0.21	)(a)		1.05			7.06			(2.08	)		(12.02	)		26.86
Total from investment operations		(0.28	)		1.20			7.23			(1.74	)		(11.80	)		27.12
Less distributions to shareholders from:
Net investment income		(0.05	)		(0.17	)		(0.22	)		—			(0.46	)		(0.24	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)		—
Total distributions to shareholders		(2.61	)		(1.53	)		(0.22	)		(0.54	)		(0.49	)		(0.24	)
Proceeds from regulatory settlement		—			—			0.03			0.02			—			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05			0.00	(b)
Net asset value, end of period		$48.13			$51.02			$51.35			$44.30			$46.54			$58.78
Total return		0.43%			2.03%			16.42%			(3.30%	)		(20.24%	)		85.39%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.53%	(d)		1.58%	(e)		1.62%	(e)		1.69%	(e)		1.55%	(e)		1.59%	(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.53%	(d)(g)		1.58%	(e)(g)		1.62%	(e)(g)		1.69%	(e)(g)		1.55%	(e)(g)		1.59%	(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.53%	(d)		1.58%			1.62%			1.69%			1.55%			1.59%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.53%	(d)(g)		1.58%	(g)		1.62%	(g)		1.69%	(g)		1.55%	(g)		1.59%	(g)
Net investment income (loss)		(0.32%	)(d)(g)		0.26%	(g)		0.33%	(g)		0.96%	(g)		0.37%	(g)		0.61%	(g)
Supplemental data
Net assets, end of period (in thousands)		$98,166			$101,344			$116,870			$122,314			$154,413			$179,902
Portfolio turnover		19%			36%			23%			39%			16%			36%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

13

Financial Highlights (continued) – Columbia Greater China Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class B
Per share data
Net asset value, beginning of period		$48.83			$49.42			$42.77			$45.29			$57.29			$31.14
Income from investment operations:
Net investment income (loss)		(0.20	)		(0.28	)		(0.20	)		0.07			(0.23	)		(0.06	)
Net realized and unrealized gain (loss)		(0.27	)(a)		1.05			6.81			(2.09	)		(11.73	)		26.22
Total from investment operations		(0.47	)		0.77			6.61			(2.02	)		(11.96	)		26.16
Less distributions to shareholders from:
Net investment income		—			—			—			—			(0.06	)		(0.01	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)		—
Total distributions to shareholders		(2.56	)		(1.36	)		—			(0.54	)		(0.09	)		(0.01	)
Proceeds from regulatory settlement		—			—			0.03			0.02			—			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05			0.00	(b)
Net asset value, end of period		$45.80			$48.83			$49.42			$42.77			$45.29			$57.29
Total return		0.03%			1.27%			15.55%			(4.02%	)		(20.83%	)		84.01%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.29%	(d)		2.33%	(e)		2.37%	(e)		2.44%	(e)		2.30%	(e)		2.34%	(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		2.29%	(d)(g)		2.33%	(e)(g)		2.37%	(e)(g)		2.44%	(e)(g)		2.30%	(e)(g)		2.34%	(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.29%	(d)		2.33%			2.37%			2.44%			2.30%			2.34%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		2.29%	(d)(g)		2.33%	(g)		2.37%	(g)		2.44%	(g)		2.30%	(g)		2.34%	(g)
Net investment income (loss)		(0.93%	)(d)(g)		(0.50%	)(g)		(0.42%	)(g)		0.21%	(g)		(0.40%	)(g)		(0.14%	)(g)
Supplemental data
Net assets, end of period (in thousands)		$8,573			$13,364			$16,718			$17,813			$21,880			$33,502
Portfolio turnover		19%			36%			23%			39%			16%			36%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

14

Financial Highlights (continued) – Columbia Greater China Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class C
Per share data
Net asset value, beginning of period		$49.52			$50.10			$43.36			$45.89			$58.05			$31.56
Income from investment operations:
Net investment income (loss)		(0.23	)		(0.28	)		(0.21	)		0.09			(0.22	)		(0.07	)
Net realized and unrealized gain (loss)		(0.23	)(a)		1.06			6.91			(2.12	)		(11.90	)		26.57
Total from investment operations		(0.46	)		0.78			6.70			(2.03	)		(12.12	)		26.50
Less distributions to shareholders from:
Net investment income		—			—			—			—			(0.06	)		(0.01	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)		—
Total distributions to shareholders		(2.56	)		(1.36	)		—			(0.54	)		(0.09	)		(0.01	)
Proceeds from regulatory settlement		—			—			0.03			0.02			—			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05			0.00	(b)
Net asset value, end of period		$46.50			$49.52			$50.10			$43.36			$45.89			$58.05
Total return		0.05%			1.28%			15.54%			(3.99%	)		(20.84%	)		83.97%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		2.29%	(d)		2.33%	(e)		2.37%	(e)		2.44%	(e)		2.30%	(e)		2.34%	(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		2.29%	(d)(g)		2.33%	(e)(g)		2.37%	(e)(g)		2.44%	(e)(g)		2.30%	(e)(g)		2.34%	(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		2.29%	(d)		2.33%			2.37%			2.44%			2.30%			2.34%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		2.29%	(d)(g)		2.33%	(g)		2.37%	(g)		2.44%	(g)		2.30%	(g)		2.34%	(g)
Net investment income (loss)		(1.05%	)(d)(g)		(0.50%	)(g)		(0.43%	)(g)		0.24%	(g)		(0.38%	)(g)		(0.17%	)(g)
Supplemental data
Net assets, end of period (in thousands)		$27,100			$30,461			$36,371			$36,395			$39,620			$51,938
Portfolio turnover		19%			36%			23%			39%			16%			36%

Notes to Financial Highlights

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

^(b)  Rounds to less than $0.01.

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

^(d)  Annualized.

^(e)  Includes interest expense which rounds to less than 0.01%.

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

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

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

15

Financial Highlights (continued) – Columbia Greater China Fund

	Six months ended Feb. 29, 2012			Year ended Aug. 31,
	(Unaudited)			2011(a)
Class I
Per share data
Net asset value, beginning of period		$53.36			$57.86
Income from investment operations:
Net investment income (loss)		(0.12	)		0.09
Net realized and unrealized loss		(0.06	)(b)		(4.59	)
Total from investment operations		(0.18	)		(4.50	)
Less distributions to shareholders from:
Net investment income		(0.19	)		—
Net realized gains		(2.56	)		—
Total distributions to shareholders		(2.75	)		—
Net asset value, end of period		$50.43			$53.36
Total return		0.65%			(7.78%	)
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.07%	(d)		3.00%	(d)(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.07%	(d)(g)		1.56%	(d)(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.07%	(d)		3.00%	(d)
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.07%	(d)(g)		1.56%	(d)(g)
Net investment income (loss)		(0.49%	)(d)(g)		2.28%	(d)(g)
Supplemental data
Net assets, end of period (in thousands)		$78,416			$18,532
Portfolio turnover		19%			36%

Notes to Financial Highlights

^(a) For the period from August 2, 2011 (commencement of operations) to August 31, 2011.

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

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

^(d) Annualized.

^(e) Includes interest expense which rounds to less than 0.01%.

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

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

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

16

Financial Highlights (continued) – Columbia Greater China Fund

	Six months ended Feb. 29, 2012 (Unaudited)			Year ended Aug. 31,
				2011			2010			2009			2008			2007
Class Z
Per share data
Net asset value, beginning of period		$53.35			$53.60			$46.20			$48.38			$61.05			$33.10
Income from investment operations:
Net investment income		(0.00	)(a)		0.53			0.30			0.44			0.38			0.37
Net realized and unrealized gain (loss)		(0.24	)(b)		0.87			7.37			(2.12	)		(12.47	)		27.90
Total from investment operations		(0.24	)		1.40			7.67			(1.68	)		(12.09	)		28.27
Less distributions to shareholders from:
Net investment income		(0.20	)		(0.29	)		(0.31	)		—			(0.60	)		(0.32	)
Net realized gains		(2.56	)		(1.36	)		—			(0.54	)		(0.03	)		—
Total distributions to shareholders		(2.76	)		(1.65	)		(0.31	)		(0.54	)		(0.63	)		(0.32	)
Proceeds from regulatory settlement		—			—			0.03			0.02			—			—
Redemption fees:
Redemption fees added to paid-in-capital		—			—			0.01			0.02			0.05			0.00	(a)
Net asset value, end of period		$50.35			$53.35			$53.60			$46.20			$48.38			$61.05
Total return		0.54%			2.31%			16.71%			(3.05%	)		(20.04%	)		85.88%
Ratios to average net assets(c)
Expenses prior to fees waived or expenses reimbursed (including interest expense)		1.28%	(d)		1.31%	(e)		1.37%	(e)		1.44%	(e)		1.30%	(e)		1.34%	(e)
Net expenses after fees waived or expenses reimbursed (including interest expense)(f)		1.28%	(d)(g)		1.31%	(e)(g)		1.37%	(e)(g)		1.44%	(e)(g)		1.30%	(e)(g)		1.34%	(e)(g)
Expenses prior to fees waived or expenses reimbursed (excluding interest expense)		1.28%	(d)		1.31%			1.37%			1.44%			1.30%			1.34%
Net expenses after fees waived or expenses reimbursed (excluding interest expense)(f)		1.28%	(d)(g)		1.31%	(g)		1.37%	(g)		1.44%	(g)		1.30%	(g)		1.34%	(g)
Net investment income (loss)		(0.02%	)(d)(g)		0.88%	(g)		0.58%	(g)		1.17%	(g)		0.62%	(g)		0.82%	(g)
Supplemental data
Net assets, end of period (in thousands)		$41,691			$50,261			$55,021			$47,266			$43,170			$52,903
Portfolio turnover		19%			36%			23%			39%			16%			36%

Notes to Financial Highlights

^(a) Rounds to less than $0.01.

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

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

^(d) Annualized.

^(e) Includes interest expense which rounds to less than 0.01%.

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

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

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

17

Notes to Financial Statements – Columbia Greater China Fund

February 29, 2012 (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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect

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

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

Security Valuation

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

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

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

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to

18

Columbia Greater China Fund

February 29, 2012 (Unaudited)

par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Repurchase Agreements

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

underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

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

Income Recognition

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

Interest income is recorded on the accrual basis.

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt or taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year

19

Columbia Greater China Fund

February 29, 2012 (Unaudited)

substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.87% to 0.68% as the Fund’s net assets increase. The annualized effective management fee rate for the six months ended February 29, 2012 was 0.87% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.04% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended February 29, 2012 was 0.08% of the Fund’s average daily net assets.

Compensation of Board Members

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

20

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Compensation of Chief Compliance Officer

The Board 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.

Transfer Agent Fees

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

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

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

For the six months ended February 29, 2012, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.21
Class C	0.21
Class Z	0.21

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are

recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2012, these minimum account balance fees reduced total expenses by $1,740.

Distribution and Service Fees

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

The Plans require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% of the average daily net assets attributable to Class B and Class C shares only.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $17,255 for Class A, $10,865 for Class B and $644 for Class C shares for the six months ended February 29, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through December 31, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

Class A	1.93	%
Class B	2.68
Class C	2.68
Class I	1.56
Class Z	1.68

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Columbia Greater China Fund

February 29, 2012 (Unaudited)

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

Note 4. Federal Tax Information

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

At February 29, 2012, the cost of investments for federal income tax purposes was approximately $200,547,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	84,354,000
Unrealized depreciation		(3,330,000	)
Net unrealized appreciation	$	81,024,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $43,198,099 and $81,096,330, respectively, for the six months ended February 29, 2012.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At February 29, 2012, securities valued at $25,377,287 were on loan, secured by cash collateral of $27,346,371 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended February 29, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

22

Columbia Greater China Fund

February 29, 2012 (Unaudited)

Note 7. Affiliated Money Market Fund

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

Note 8. Shareholder Concentration

At February 29, 2012, one unaffiliated shareholder account owned 13.7% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 29.9% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (i) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended February 29, 2012.

Note 10. Significant Risks

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that invests in a wider range of industries.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Foreign Securities Risk

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

Geographic Concentration Risk

The Fund may be particularly susceptible to political, regulatory and economic events affecting companies and countries within the specific geographic region in which the Fund focuses its investments. Currency devaluation could occur in countries that have not yet experienced currency devaluations to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Note 11. Subsequent Events

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

Note 12. Information Regarding Pending and Settled Legal Proceedings

In 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 mutual funds (currently branded as Columbia) and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940.

23

Columbia Greater China Fund

February 29, 2012 (Unaudited)

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 considered and ruled in a case captioned Jones v. Harris Associates, which involved 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. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011 and oral arguments took place on November 17, 2011. On March 30, 2012, the Eighth Circuit upheld the grant of summary judgment by the District Court in favor of the defendants.

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce

(MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

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

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

24

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 Greater China 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

25

Columbia Greater China Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. 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.

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

C-1380 C (4/12)

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 and Principal Executive Officer
Date	April 23, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer
Date	April 23, 2012

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer
Date	April 23, 2012