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, MA					02110
(Address of principal executive offices)					(Zip code)

Christopher O. Petersen, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)

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

Date of fiscal year end:	August 31

Date of reporting period:		February 28, 2014

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

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

Dear Shareholders,

Equities recovered

Against this backdrop, the Federal Reserve's (the Fed's) announcement that it would slowly retreat from its monthly bond buying program and a bipartisan budget deal in Washington were welcome news for investors. Stocks climbed to new highs in the fourth quarter, while bonds retreated as yields moved higher. Small-cap stocks outperformed large- and mid-cap stocks, led by significant gains from the industrials, technology and consumer discretionary sectors. All 10 sectors of the S&P 500 Index delivered positive returns, although telecommunications and utilities posted only modest gains.

Fixed-income retreated

As the stock market soared, the riskiest sectors of the fixed-income markets fared the best. U.S. and foreign high-yield bonds were the strongest performers, followed by emerging-market and U.S. investment-grade corporate bonds. U.S. mortgage-backed securities (MBS) and securitized bonds produced negative total returns, as did U.S. Treasuries and developed world government bonds. Treasury inflation-protected bonds were the period's biggest losers. Investment-grade municipals delivered fractional gains, as better economic conditions helped steady state finances.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success and, most importantly, that of our investors, are highly talented industry professionals, brought together by a unique way of working. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. 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.

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

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

Performance Summary

> Columbia Balanced Fund (the Fund) Class A shares returned 9.94% excluding sales charges for the six months ended February 28, 2014.

> The Fund's benchmarks, the S&P 500 Index and the Barclays U.S. Aggregate Bond Index, returned 15.07% and 2.84%, respectively, during the same time period.

Average Annual Total Returns (%) (for period ended February 28, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			9.94		16.43		17.27		7.46
Including sales charges			3.62		9.73		15.89		6.82
Class B	11/01/02
Excluding sales charges			9.52		15.56		16.38		6.64
Including sales charges			4.52		10.56		16.16		6.64
Class C	10/13/03
Excluding sales charges			9.52		15.56		16.37		6.64
Including sales charges			8.52		14.56		16.37		6.64
Class K*	03/07/11		9.99		16.56		17.32		7.48
Class R*	09/27/10		9.80		16.14		16.96		7.18
Class R4*	11/08/12		10.07		16.70		17.54		7.72
Class R5*	03/07/11		10.12		16.82		17.61		7.75
Class Y*	11/08/12		10.16		16.92		17.59		7.74
Class Z	10/01/91		10.09		16.70		17.54		7.71
S&P 500 Index			15.07		25.37		23.00		7.16
Barclays U.S. Aggregate Bond Index			2.84		0.15		5.13		4.56

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

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

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

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

Top Ten Holdings (%) (at February 28, 2014)
Apple, Inc.					2.5
JPMorgan Chase & Co.					2.3
Google, Inc., Class A					2.3
Citigroup, Inc.					2.1
Federal National Mortgage Association 4.000% 03/18/2029 – 03/13/2044					2.0
Procter & Gamble Co. (The)					2.0
Federal Home Loan Mortgage Corp. 3.500% 10/01/2026 – 09/01/2043					1.7
Johnson & Johnson					1.6
Philip Morris International, Inc.					1.6
U.S. Treasury 3.875% 08/15/2040					1.6

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

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

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

Portfolio Breakdown (%) (at February 28, 2014)
Asset-Backed Securities — Non-Agency					0.8
Commercial Mortgage-Backed Securities — Agency					3.9
Commercial Mortgage-Backed Securities — Non-Agency					1.8
Common Stocks					61.6
Consumer Discretionary					7.3
Consumer Staples					7.2
Energy					5.8
Financials					10.4
Health Care					8.6
Industrials					6.8
Information Technology					13.2
Materials					0.8
Telecommunication Services					1.5
Corporate Bonds & Notes					10.0
Foreign Government Obligations					0.6
Inflation-Indexed Bonds					0.6
Money Market Funds					7.7
Municipal Bonds					0.1
Residential Mortgage-Backed Securities — Agency					9.0
Residential Mortgage-Backed Securities — Non-Agency					0.5
Senior Loans					0.1
U.S. Treasury Obligations					3.3
Total					100.0

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

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

September 1, 2013 – February 28, 2014

	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		1,099.40		1,019.45		5.76		5.54		1.10
Class B		1,000.00		1,000.00		1,095.20		1,015.71		9.66		9.30		1.85
Class C		1,000.00		1,000.00		1,095.20		1,015.71		9.66		9.30		1.85
Class K		1,000.00		1,000.00		1,099.90		1,020.09		5.08		4.89		0.97
Class R		1,000.00		1,000.00		1,098.00		1,018.20		7.06		6.79		1.35
Class R4		1,000.00		1,000.00		1,100.70		1,020.64		4.50		4.33		0.86
Class R5		1,000.00		1,000.00		1,101.20		1,021.24		3.88		3.73		0.74
Class Y		1,000.00		1,000.00		1,101.60		1,021.49		3.62		3.48		0.69
Class Z		1,000.00		1,000.00		1,100.90		1,020.69		4.45		4.28		0.85

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

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

Common Stocks 64.6%

Issuer	Shares		Value ($)
Consumer Discretionary 7.7%
Auto Components 1.1%
Delphi Automotive PLC		300,590		20,010,276
Hotels, Restaurants & Leisure 1.5%
ARAMARK Holdings Corp.		257,454		7,249,905
Wynn Resorts Ltd.		45,096		10,935,329
Yum! Brands, Inc.		146,050		10,819,384
Total				29,004,618
Media 4.0%
Comcast Corp., Class A		436,846		22,580,570
DIRECTV^(a)		186,967		14,508,639
Discovery Communications, Inc., Class A^(a)		152,080		12,671,306
Viacom, Inc., Class B		293,413		25,741,122
Total				75,501,637
Specialty Retail 1.1%
Dick's Sporting Goods, Inc.		89,685		4,813,394
Lowe's Companies, Inc.		185,022		9,256,651
Tiffany & Co.		35,250		3,287,063
Ulta Salon Cosmetics & Fragrance, Inc.^(a)		46,205		4,144,126
Total				21,501,234
Total Consumer Discretionary				146,017,765
Consumer Staples 7.5%
Beverages 1.9%
Diageo PLC, ADR		99,789		12,544,475
PepsiCo, Inc.		281,673		22,553,557
Total				35,098,032
Food & Staples Retailing 2.1%
CVS Caremark Corp.		346,520		25,344,473
Walgreen Co.		224,099		15,227,527
Total				40,572,000
Household Products 1.9%
Procter & Gamble Co. (The)		468,344		36,839,939
Tobacco 1.6%
Philip Morris International, Inc.		371,589		30,065,266
Total Consumer Staples				142,575,237
Energy 6.1%
Energy Equipment & Services 1.6%
Cameron International Corp.^(a)		168,305		10,781,618

Common Stocks (continued)

Issuer	Shares		Value ($)
Halliburton Co.		355,415		20,258,655
Total				31,040,273
Oil, Gas & Consumable Fuels 4.5%
Canadian Natural Resources Ltd.		357,830		13,103,734
Chevron Corp.		218,196		25,164,545
ConocoPhillips		88,564		5,889,506
Exxon Mobil Corp.		115,607		11,129,486
Kinder Morgan, Inc.		423,274		13,481,277
Newfield Exploration Co.^(a)		168,040		4,737,048
Noble Energy, Inc.		165,228		11,361,077
Total				84,866,673
Total Energy				115,906,946
Financials 11.0%
Capital Markets 1.5%
BlackRock, Inc.		44,051		13,428,507
Invesco Ltd.		102,500		3,515,750
State Street Corp.		167,640		11,008,919
Total				27,953,176
Commercial Banks 1.3%
Wells Fargo & Co.		528,431		24,529,767
Diversified Financial Services 6.8%
Bank of America Corp.		1,324,240		21,889,687
Berkshire Hathaway, Inc., Class B^(a)		216,235		25,035,688
Citigroup, Inc.		799,862		38,897,289
JPMorgan Chase & Co.		749,428		42,582,499
Total				128,405,163
Insurance 0.9%
Aon PLC		204,032		17,465,139
Real Estate Management & Development 0.5%
Realogy Holdings Corp.^(a)		197,260		9,361,960
Total Financials				207,715,205
Health Care 9.1%
Biotechnology 0.9%
Celgene Corp.^(a)		104,441		16,788,891
Health Care Equipment & Supplies 2.1%
Abbott Laboratories		474,740		18,885,157
Covidien PLC		301,530		21,695,084
Total				40,580,241

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 2.8%
Cardinal Health, Inc.		362,691		25,943,288
CIGNA Corp.		106,824		8,502,122
Express Scripts Holding Co.^(a)		242,594		18,269,754
Total				52,715,164
Pharmaceuticals 3.3%
Johnson & Johnson		328,595		30,270,171
Pfizer, Inc.		573,590		18,417,975
Salix Pharmaceuticals Ltd.^(a)		119,910		12,940,687
Total				61,628,833
Total Health Care				171,713,129
Industrials 7.1%
Aerospace & Defense 2.6%
Honeywell International, Inc.		294,653		27,827,029
United Technologies Corp.		181,134		21,196,301
Total				49,023,330
Air Freight & Logistics 0.4%
FedEx Corp.		59,532		7,937,401
Commercial Services & Supplies 0.8%
Tyco International Ltd.		354,801		14,965,506
Electrical Equipment 1.3%
Eaton Corp. PLC		319,911		23,900,551
Industrial Conglomerates 1.4%
General Electric Co.		1,027,210		26,163,039
Professional Services 0.6%
Nielsen Holdings NV		262,797		12,440,810
Total Industrials				134,430,637
Information Technology 13.8%
Communications Equipment 1.3%
Cisco Systems, Inc.		284,910		6,211,038
QUALCOMM, Inc.		246,294		18,543,475
Total				24,754,513
Computers & Peripherals 3.5%
Apple, Inc.		85,750		45,125,080
EMC Corp.		728,655		19,214,633
Hewlett-Packard Co.		82,956		2,478,725
Total				66,818,438

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 4.1%
eBay, Inc.^(a)		474,898		27,909,755
Equinix, Inc.^(a)		47,110		8,949,016
Google, Inc., Class A^(a)		33,979		41,306,571
Total				78,165,342
IT Services 1.4%
MasterCard, Inc., Class A		265,300		20,619,116
Teradata Corp.^(a)		148,438		6,816,273
Total				27,435,389
Semiconductors & Semiconductor Equipment 1.3%
Broadcom Corp., Class A		483,545		14,370,957
Skyworks Solutions, Inc.^(a)		262,278		9,300,378
Total				23,671,335
Software 2.2%
Electronic Arts, Inc.^(a)		330,831		9,458,458
Intuit, Inc.		239,630		18,727,085
Microsoft Corp.		336,629		12,896,257
Nuance Communications, Inc.^(a)		24,396		373,015
Total				41,454,815
Total Information Technology				262,299,832
Materials 0.8%
Chemicals 0.7%
Dow Chemical Co. (The)		257,622		12,548,768
Paper & Forest Products 0.1%
Louisiana-Pacific Corp.^(a)		134,145		2,520,584
Total Materials				15,069,352
Telecommunication Services 1.5%
Diversified Telecommunication Services 1.4%
Verizon Communications, Inc.		572,575		27,243,105
Wireless Telecommunication Services 0.1%
Vodafone Group PLC, ADR		41,494		1,724,913
Total Telecommunication Services				28,968,018
Total Common Stocks (Cost: $900,513,917)				1,224,696,121

Corporate Bonds & Notes 10.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Aerospace & Defense 0.1%
ADS Tactical, Inc. Senior Secured^(b)04/01/18		11.000	%		86,000		83,205
Bombardier, Inc. Senior Unsecured^(b)03/15/20		7.750	%		31,000		34,643
Huntington Ingalls Industries, Inc. 03/15/18		6.875	%		52,000		56,290
L-3 Communications Corp. 02/15/21		4.950	%		1,250,000		1,344,802
TransDigm, Inc. 10/15/20		5.500	%		4,000		4,050
07/15/21		7.500	%		35,000		38,587
Total							1,561,577
Automotive 0.1%
American Axle & Manufacturing, Inc. 02/15/19		5.125	%		28,000		29,190
03/15/21		6.250	%		43,000		46,010
Chrysler Group LLC/Co-Issuer, Inc. Secured 06/15/19		8.000	%		136,000		149,600
Delphi Corp. 05/15/19		5.875	%		35,000		36,794
05/15/21		6.125	%		90,000		100,125
Ford Motor Credit Co. LLC Senior Unsecured 01/16/18		2.375	%		1,475,000		1,495,361
General Motors Co. Senior Unsecured^(b)10/02/23		4.875	%		61,000		63,897
Jaguar Land Rover Automotive PLC^(b)02/01/23		5.625	%		19,000		19,855
Schaeffler Finance BV Senior Secured^(b)02/15/19		8.500	%		45,000		50,288
Visteon Corp. 04/15/19		6.750	%		96,000		101,160
Total							2,092,280
Banking 2.0%
Ally Financial, Inc. 02/15/17		5.500	%		54,000		58,995
01/27/19		3.500	%		31,000		31,233
03/15/20		8.000	%		116,000		143,550
BNP Paribas SA Senior Unsecured 08/20/18		2.700	%		2,030,000		2,079,682

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Bank of America Corp. Senior Unsecured 04/25/18		6.875	%		2,100,000		2,500,808
01/05/21		5.875	%		1,100,000		1,285,881
Barclays Bank PLC Senior Unsecured 02/20/19		2.500	%		1,800,000		1,819,163
Bear Stearns Companies LLC (The) Senior Unsecured 02/01/18		7.250	%		2,920,000		3,497,772
Branch Banking & Trust Co. Senior Unsecured^(c)12/01/16		0.666	%		2,000,000		2,002,762
Capital One Financial Corp. Senior Unsecured 07/15/21		4.750	%		1,695,000		1,856,706
Citigroup, Inc. Senior Unsecured 05/15/18		6.125	%		2,285,000		2,647,193
Goldman Sachs Group, Inc. (The) Senior Unsecured 01/18/18		5.950	%		2,300,000		2,627,221
HSBC Holdings PLC Senior Unsecured 04/05/21		5.100	%		1,850,000		2,076,127
ING Bank NV Senior Unsecured^(b)(c)09/25/15		1.886	%		1,575,000		1,608,776
KeyCorp Senior Unsecured 03/24/21		5.100	%		1,075,000		1,205,901
Morgan Stanley 04/01/18		6.625	%		2,225,000		2,617,692
PNC Financial Services Group, Inc. (The) Senior Unsecured^(c)11/09/22		2.854	%		2,175,000		2,089,527
Synovus Financial Corp. Senior Unsecured 02/15/19		7.875	%		113,000		128,255
The Royal Bank of Scotland PLC 08/24/20		5.625	%		1,625,000		1,848,112
U.S. Bank Subordinated Notes^(c)04/29/20		3.778	%		2,800,000		2,895,508
Wells Fargo & Co. Subordinated Notes 02/13/23		3.450	%		3,000,000		2,934,342
Total							37,955,206

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Brokerage —%
E*TRADE Financial Corp. Senior Unsecured 11/15/19		6.375	%		64,000		69,440
Nuveen Investments, Inc.^(b)Senior Unsecured 10/15/17		9.125	%		16,000		16,760
10/15/20		9.500	%		68,000		72,590
Total							158,790
Building Materials —%
Allegion US Holding Co., Inc.^(b)10/01/21		5.750	%		76,000		79,325
American Builders & Contractors Supply Co., Inc. Senior Unsecured^(b)04/15/21		5.625	%		78,000		79,365
Gibraltar Industries, Inc. 02/01/21		6.250	%		19,000		20,045
HD Supply, Inc. 07/15/20		7.500	%		55,000		60,225
Secured 04/15/20		11.000	%		33,000		40,342
Nortek, Inc. 12/01/18		10.000	%		10,000		11,025
04/15/21		8.500	%		69,000		77,280
Ply Gem Industries, Inc.^(b)02/01/22		6.500	%		28,000		28,280
USG Corp.^(b)11/01/21		5.875	%		18,000		19,170
Total							415,057
Chemicals 0.2%
Axalta Coating Systems U.S. Holdings, Inc/Dutch Holding B BV^(b)05/01/21		7.375	%		45,000		48,656
Celanese U.S. Holdings LLC 06/15/21		5.875	%		44,000		47,410
Chemtura Corp. 07/15/21		5.750	%		69,000		71,760
Dow Chemical Co. (The) Senior Unsecured 11/01/29		7.375	%		1,103,000		1,428,751
Eastman Chemical Co. Senior Unsecured 06/01/17		2.400	%		1,650,000		1,693,286
Huntsman International LLC 11/15/20		4.875	%		29,000		29,544
03/15/21		8.625	%		8,000		9,040

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
INEOS Group Holdings SA^(b)02/15/19		5.875	%		50,000		51,500
JM Huber Corp. Senior Notes^(b)11/01/19		9.875	%		90,000		103,950
Momentive Performance Materials, Inc. Senior Secured 10/15/20		8.875	%		80,000		85,600
10/15/20		10.000	%		13,000		13,878
Nova Chemicals Corp. Senior Unsecured 11/01/19		8.625	%		57,000		62,059
PQ Corp. Secured^(b)05/01/18		8.750	%		225,000		248,062
Total							3,893,496
Construction Machinery 0.1%
Ashtead Capital, Inc. Secured^(b)07/15/22		6.500	%		23,000		24,898
Case New Holland Industrial, Inc. 12/01/17		7.875	%		101,000		118,296
Caterpillar Financial Services Corp. Senior Unsecured 06/01/22		2.850	%		1,205,000		1,180,623
Columbus McKinnon Corp. 02/01/19		7.875	%		87,000		93,960
H&E Equipment Services, Inc. 09/01/22		7.000	%		9,000		9,900
Neff Rental LLC/Finance Corp. Secured^(b)05/15/16		9.625	%		102,000		107,100
United Rentals North America, Inc. 05/15/20		7.375	%		45,000		50,288
04/15/22		7.625	%		32,000		36,360
Secured 07/15/18		5.750	%		55,000		58,987
Total							1,680,412
Consumer Cyclical Services —%
ADT Corp. (The) Senior Unsecured^(b)10/15/21		6.250	%		38,000		39,995
APX Group, Inc. 12/01/20		8.750	%		5,000		5,213
Senior Secured 12/01/19		6.375	%		86,000		88,687
APX Group, Inc.^(b)12/01/20		8.750	%		33,000		34,320

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Monitronics International, Inc. 04/01/20		9.125	%		62,000		66,340
Total							234,555
Consumer Products 0.1%
Alphabet Holding Co., Inc. Senior Unsecured^(b)11/01/17		7.750	%		28,000		28,945
Clorox Co. (The) Senior Unsecured 09/15/22		3.050	%		775,000		746,692
Libbey Glass, Inc. Senior Secured 05/15/20		6.875	%		27,000		29,228
Serta Simmons Holdings LLC Senior Unsecured^(b)10/01/20		8.125	%		82,000		89,790
Spectrum Brands, Inc. 03/15/20		6.750	%		44,000		47,740
11/15/20		6.375	%		56,000		60,760
Springs Window Fashions LLC Senior Secured^(b)06/01/21		6.250	%		66,000		67,650
Tempur Sealy International, Inc. 12/15/20		6.875	%		37,000		40,515
Total							1,111,320
Diversified Manufacturing 0.1%
Amsted Industries, Inc. Senior Notes^(b)03/15/18		8.125	%		109,000		113,632
Gardner Denver, Inc. Senior Unsecured^(b)08/15/21		6.875	%		86,000		87,935
Hamilton Sundstrand Corp. Senior Unsecured^(b)12/15/20		7.750	%		82,000		87,740
United Technologies Corp. Senior Unsecured 06/01/22		3.100	%		1,550,000		1,554,430
Total							1,843,737
Electric 0.8%
Arizona Public Service Co. Senior Unsecured 04/01/42		4.500	%		925,000		931,381
CMS Energy Corp. Senior Unsecured 02/01/20		6.250	%		1,450,000		1,715,710

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Calpine Corp.^(b)Senior Secured 02/15/21		7.500	%		33,000		36,465
01/15/22		6.000	%		7,000		7,420
Commonwealth Edison Co. 1st Mortgage 09/15/17		6.150	%		775,000		897,625
DTE Energy Co. Senior Unsecured 04/15/33		6.375	%		340,000		410,000
Dominion Resources, Inc. Senior Unsecured 08/15/19		5.200	%		1,263,000		1,427,888
FirstEnergy Corp. Senior Unsecured 03/15/23		4.250	%		1,350,000		1,324,180
Indiana Michigan Power Co. Senior Unsecured 03/15/37		6.050	%		1,100,000		1,250,922
NRG Energy, Inc.^(b)07/15/22		6.250	%		109,000		113,224
Nevada Power Co. 08/01/18		6.500	%		900,000		1,072,333
PPL Capital Funding, Inc. 06/01/23		3.400	%		1,925,000		1,855,192
Pacific Gas & Electric Co. Senior Unsecured 03/01/37		5.800	%		1,130,000		1,314,695
Progress Energy, Inc. Senior Unsecured 03/01/31		7.750	%		955,000		1,295,088
TransAlta Corp. Senior Unsecured 01/15/15		4.750	%		1,360,000		1,404,305
Total							15,056,428
Entertainment —%
AMC Entertainment, Inc. 12/01/20		9.750	%		6,000		6,923
Activision Blizzard, Inc.^(b)09/15/21		5.625	%		149,000		160,175
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. 03/15/21		5.250	%		48,000		48,780
Regal Entertainment Group Senior Unsecured^(d)03/15/22		5.750	%		13,000		13,292
Total							229,170

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Environmental 0.1%
Waste Management, Inc. 03/11/19		7.375	%		1,525,000		1,866,080
Food and Beverage 0.6%
ARAMARK Corp.^(b)03/15/20		5.750	%		22,000		23,210
Anheuser-Busch InBev Worldwide, Inc.^(c)07/14/14		0.602	%		1,450,000		1,451,683
Bacardi Ltd.^(b)04/01/14		7.450	%		95,000		95,558
ConAgra Foods, Inc. Senior Unsecured 09/15/22		3.250	%		1,500,000		1,449,932
Darling International, Inc.^(b)01/15/22		5.375	%		79,000		81,074
Diageo Capital PLC 04/29/23		2.625	%		1,345,000		1,257,517
Diamond Foods, Inc.^(b)03/15/19		7.000	%		13,000		13,406
Heineken NV Senior Unsecured^(b)04/01/22		3.400	%		1,540,000		1,538,885
Kraft Foods Group, Inc. Senior Unsecured 06/06/22		3.500	%		1,500,000		1,508,500
PepsiCo, Inc. Senior Unsecured 03/05/22		2.750	%		1,540,000		1,494,602
SABMiller Holdings, Inc.^(b)01/15/22		3.750	%		1,840,000		1,886,587
TreeHouse Foods, Inc.^(d)03/15/22		4.875	%		13,000		13,228
Total							10,814,182
Gaming —%
Boyd Gaming Corp. 07/01/20		9.000	%		12,000		13,140
Caesars Entertainment Operating Co., Inc. Senior Secured 02/15/20		8.500	%		44,000		42,240
02/15/20		9.000	%		86,000		83,635
MGM Resorts International 03/01/18		11.375	%		71,000		92,122
10/01/20		6.750	%		8,000		8,840
12/15/21		6.625	%		37,000		40,607
PNK Finance Corp.^(b)08/01/21		6.375	%		105,000		109,725

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Penn National Gaming, Inc. Senior Unsecured^(b)11/01/21		5.875	%		31,000		30,147
Seminole Tribe of Florida, Inc. Senior Secured^(b)10/01/20		6.535	%		51,000		56,100
Seneca Gaming Corp.^(b)12/01/18		8.250	%		90,000		96,750
SugarHouse HSP Gaming LP/Finance Corp. Senior Secured^(b)06/01/21		6.375	%		29,000		28,783
Tunica-Biloxi Gaming Authority Senior Unsecured^(b)11/15/15		9.000	%		25,000		21,813
Total							623,902
Gas Distributors 0.1%
Sempra Energy Senior Unsecured 10/01/22		2.875	%		1,955,000		1,859,555
Gas Pipelines 0.6%
Access Midstream Partners LP/Finance Corp. 05/15/23		4.875	%		86,000		87,720
Crestwood Midstream Partners LP/Corp.^(b)03/01/22		6.125	%		27,000		28,215
El Paso LLC Senior Secured 09/15/20		6.500	%		138,000		150,888
El Paso Pipeline Partners Operating Co. LLC 11/15/40		7.500	%		1,060,000		1,313,727
Enterprise Products Operating LLC 02/01/41		5.950	%		1,275,000		1,445,527
Hiland Partners LP/Finance Corp.^(b)10/01/20		7.250	%		182,000		196,560
Kinder Morgan Energy Partners LP Senior Unsecured 03/01/44		5.500	%		1,540,000		1,554,234
MarkWest Energy Partners LP/Finance Corp. 06/15/22		6.250	%		74,000		80,198
02/15/23		5.500	%		99,000		102,465
07/15/23		4.500	%		21,000		20,344
NiSource Finance Corp. 02/15/44		4.800	%		1,300,000		1,246,865
Regency Energy Partners LP/Finance Corp. 07/15/21		6.500	%		105,000		113,400
03/01/22		5.875	%		39,000		40,560
04/15/23		5.500	%		21,000		21,210

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Sabine Pass Liquefaction LLC^(b)Senior Secured 02/01/21		5.875	%		69,000		70,725
03/15/22		6.250	%		9,000		9,270
Southern Natural Gas Co. LLC Senior Unsecured^(b)04/01/17		5.900	%		1,100,000		1,243,154
TransCanada PipeLines Ltd. Senior Unsecured^(c)06/30/16		0.927	%		1,874,000		1,888,285
Williams Partners LP/Finance Corp. Senior Unsecured 02/01/17		7.250	%		1,090,000		1,259,565
Total							10,872,912
Health Care 0.3%
Amsurg Corp. 11/30/20		5.625	%		29,000		30,523
Biomet, Inc. 08/01/20		6.500	%		123,000		132,686
10/01/20		6.500	%		36,000		38,385
CHS/Community Health Systems, Inc. 11/15/19		8.000	%		65,000		72,215
CHS/Community Health Systems, Inc.^(b)02/01/22		6.875	%		115,000		122,331
Senior Secured 08/01/21		5.125	%		14,000		14,490
Cardinal Health, Inc. Senior Unsecured 12/15/20		4.625	%		1,325,000		1,449,168
ConvaTec Finance International SA Senior Unsecured PIK^(b)01/15/19		8.250	%		32,000		32,960
ConvaTec Healthcare E SA Senior Unsecured^(b)12/15/18		10.500	%		123,000		136,837
DaVita HealthCare Partners, Inc. 08/15/22		5.750	%		115,000		121,613
Emdeon, Inc. 12/31/19		11.000	%		58,000		66,990
Express Scripts Holding Co. 11/15/21		4.750	%		1,300,000		1,412,371
Fresenius Medical Care U.S. Finance II, Inc.^(b)07/31/19		5.625	%		27,000		29,093
01/31/22		5.875	%		18,000		19,260
Fresenius Medical Care U.S. Finance, Inc.^(b)09/15/18		6.500	%		29,000		32,625

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
HCA, Inc. 02/15/22		7.500	%		78,000		90,480
Senior Secured 02/15/20		6.500	%		110,000		124,162
Healthcare Technology Intermediate, Inc. Senior Unsecured PIK^(b)09/01/18		7.375	%		9,000		9,315
IMS Health, Inc. Senior Unsecured^(b)11/01/20		6.000	%		47,000		50,290
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured 11/01/18		10.500	%		40,000		46,400
LifePoint Hospitals, Inc.^(b)12/01/21		5.500	%		40,000		41,800
MPH Intermediate Holding Co. 2 Senior Unsecured PIK^(b)08/01/18		8.375	%		49,000		51,083
McKesson Corp. Senior Unsecured 03/01/21		4.750	%		1,290,000		1,409,254
Physio-Control International, Inc. Senior Secured^(b)01/15/19		9.875	%		43,000		48,160
STHI Holding Corp. Secured^(b)03/15/18		8.000	%		54,000		57,375
Tenet Healthcare Corp. Senior Secured 06/01/20		4.750	%		84,000		86,100
Senior Unsecured 04/01/22		8.125	%		125,000		140,000
Tenet Healthcare Corp.^(b)Senior Secured 10/01/20		6.000	%		30,000		32,475
United Surgical Partners International, Inc. 04/01/20		9.000	%		54,000		60,874
Total							5,959,315
Healthcare Insurance 0.1%
Cigna Corp. Senior Unsecured 06/15/20		5.125	%		1,300,000		1,459,977
Home Construction —%
Brookfield Residential Properties, Inc. /U.S. Corp.^(b)07/01/22		6.125	%		26,000		26,715
D.R. Horton, Inc. 03/01/19		3.750	%		50,000		50,500

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Meritage Homes Corp. 03/01/18		4.500	%		70,000		70,875
04/15/20		7.150	%		16,000		17,760
04/01/22		7.000	%		10,000		10,950
Shea Homes LP/Funding Corp. Senior Secured 05/15/19		8.625	%		33,000		36,382
Standard Pacific Corp. 12/15/21		6.250	%		36,000		38,430
Taylor Morrison Communities, Inc./Monarch Communities, Inc.^(b)(d)03/01/24		5.625	%		41,000		41,000
Taylor Morrison Communities, Inc./Monarch, Inc.^(b)04/15/21		5.250	%		40,000		39,600
Woodside Homes Co. LLC / Finance, Inc. Senior Unsecured^(b)12/15/21		6.750	%		30,000		30,600
Total							362,812
Independent Energy 0.6%
Anadarko Petroleum Corp. Senior Unsecured 09/15/16		5.950	%		1,265,000		1,412,972
Antero Resources Finance Corp. 08/01/19		7.250	%		11,000		11,825
Antero Resources Finance Corp.^(b)11/01/21		5.375	%		36,000		36,810
Athlon Holdings LP/Finance Corp.^(b)04/15/21		7.375	%		104,000		110,240
Aurora U.S.A. Oil & Gas, Inc.^(b)04/01/20		7.500	%		94,000		104,340
Carrizo Oil & Gas, Inc. 10/15/18		8.625	%		67,000		72,193
Chesapeake Energy Corp. 08/15/20		6.625	%		155,000		177,087
02/15/21		6.125	%		102,000		112,710
03/15/23		5.750	%		56,000		60,200
Comstock Resources, Inc. 06/15/20		9.500	%		92,000		104,535
Concho Resources, Inc. 01/15/21		7.000	%		151,000		166,855
01/15/22		6.500	%		19,000		20,781
04/01/23		5.500	%		52,000		54,340
Continental Resources, Inc. 10/01/19		8.250	%		1,000		1,083
04/01/21		7.125	%		53,000		59,956
04/15/23		4.500	%		1,410,000		1,460,028
Devon Energy Corp. Senior Unsecured 05/15/17		1.875	%		1,450,000		1,469,748

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
EP Energy LLC/Everest Acquisition Finance, Inc. 09/01/22		7.750	%		31,000		34,953
EP Energy LLC/Finance, Inc. Senior Unsecured 05/01/20		9.375	%		51,000		58,905
EnCana Corp. Senior Unsecured 11/15/21		3.900	%		1,375,000		1,406,160
Halcon Resources Corp. 07/15/20		9.750	%		4,000		4,210
05/15/21		8.875	%		12,000		12,210
Halcon Resources Corp.^(b)07/15/20		9.750	%		19,000		19,998
Kodiak Oil & Gas Corp. 12/01/19		8.125	%		42,000		46,725
01/15/21		5.500	%		86,000		88,580
02/01/22		5.500	%		175,000		179,812
Laredo Petroleum, Inc. 02/15/19		9.500	%		110,000		121,825
05/01/22		7.375	%		23,000		25,530
Laredo Petroleum, Inc.^(b)01/15/22		5.625	%		61,000		61,610
MEG Energy Corp.^(b)03/31/24		7.000	%		36,000		37,800
Oasis Petroleum, Inc. 02/01/19		7.250	%		89,000		95,675
11/01/21		6.500	%		106,000		114,480
01/15/23		6.875	%		61,000		66,338
Oasis Petroleum, Inc.^(b)03/15/22		6.875	%		23,000		24,955
Parsley Energy LLC/Finance Corp. Senior Unsecured^(b)02/15/22		7.500	%		52,000		54,600
QEP Resources, Inc. Senior Unsecured 03/01/21		6.875	%		64,000		70,400
RKI Exploration & Production LLC/Finance Corp.^(b)08/01/21		8.500	%		11,000		11,825
Range Resources Corp. 06/01/21		5.750	%		53,000		56,975
Southwestern Energy Co. 02/01/18		7.500	%		770,000		923,774
Whiting Petroleum Corp. 10/01/18		6.500	%		5,000		5,281
03/15/21		5.750	%		107,000		115,560
Woodside Finance Ltd.^(b)05/10/21		4.600	%		1,600,000		1,713,963
Total							10,787,847

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Integrated Energy 0.3%
BP Capital Markets PLC 02/10/24		3.814	%		1,940,000		1,961,408
Cenovus Energy, Inc. Senior Unsecured 09/15/23		3.800	%		1,510,000		1,503,996
Petro-Canada Senior Unsecured 05/15/18		6.050	%		1,175,000		1,364,908
Total							4,830,312
Life Insurance 0.5%
American International Group, Inc. Senior Unsecured 02/15/24		4.125	%		2,300,000		2,361,366
Five Corners Funding Trust^(b)11/15/23		4.419	%		1,875,000		1,913,325
Hartford Financial Services Group, Inc. (The) Senior Unsecured 03/30/20		5.500	%		1,325,000		1,516,096
Lincoln National Corp. Senior Unsecured 07/01/19		8.750	%		1,350,000		1,756,062
Metropolitan Life Global Funding I Senior Secured^(b)04/11/22		3.875	%		1,500,000		1,554,336
Total							9,101,185
Lodging —%
Choice Hotels International, Inc. 07/01/22		5.750	%		32,000		33,760
Hilton Worldwide Finance/Corp.^(b)10/15/21		5.625	%		95,000		100,700
Playa Resorts Holding BV Senior Unsecured^(b)08/15/20		8.000	%		70,000		75,319
Total							209,779
Media Cable 0.2%
CCO Holdings LLC/Capital Corp. 01/31/22		6.625	%		50,000		53,875
09/30/22		5.250	%		46,000		45,885
CSC Holdings LLC Senior Unsecured 02/15/18		7.875	%		22,000		25,575
02/15/19		8.625	%		32,000		38,400
CSC Holdings, Inc. Senior Unsecured 11/15/21		6.750	%		40,000		45,100

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Cablevision Systems Corp. Senior Unsecured 04/15/20		8.000	%		35,000		41,212
Cequel Communications Holdings I LLC/ Capital Corp. Senior Unsecured^(b)09/15/20		6.375	%		62,000		65,565
DIRECTV Holdings LLC/Financing Co., Inc. 03/01/21		5.000	%		1,740,000		1,877,056
DISH DBS Corp. 09/01/19		7.875	%		102,000		119,850
07/15/22		5.875	%		27,000		28,418
Quebecor Media, Inc. Senior Unsecured 01/15/23		5.750	%		58,000		58,725
Time Warner Cable, Inc. 02/01/20		5.000	%		1,725,000		1,898,305
Videotron Ltd. 07/15/22		5.000	%		38,000		38,475
WaveDivision Escrow LLC/Corp. Senior Unsecured^(b)09/01/20		8.125	%		2,000		2,145
Total							4,338,586
Media Non-Cable 0.4%
21st Century Fox America, Inc. 03/15/33		6.550	%		1,225,000		1,455,246
AMC Networks, Inc. 07/15/21		7.750	%		60,000		68,250
12/15/22		4.750	%		25,000		25,125
CBS Outdoor Americas Capital LLC/Corp.^(b)02/15/22		5.250	%		10,000		10,250
02/15/24		5.625	%		10,000		10,325
Clear Channel Communications, Inc. 02/01/21		14.000	%		40,000		39,700
Senior Secured 03/01/21		9.000	%		114,000		119,415
Clear Channel Worldwide Holdings, Inc. 03/15/20		7.625	%		99,000		107,167
11/15/22		6.500	%		92,000		97,980
Hughes Satellite Systems Corp. 06/15/21		7.625	%		34,000		38,420
Intelsat Jackson Holdings SA 10/15/20		7.250	%		91,000		98,963
Intelsat Luxembourg SA^(b)06/01/21		7.750	%		31,000		33,286
06/01/23		8.125	%		88,000		95,480
Lamar Media Corp.^(b)01/15/24		5.375	%		13,000		13,423

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
MDC Partners, Inc.^(b)04/01/20		6.750	%		92,000		98,210
NBCUniversal Media LLC 04/01/41		5.950	%		1,600,000		1,883,498
Nielsen Finance LLC/Co. 10/01/20		4.500	%		184,000		186,300
Reed Elsevier Capital, Inc. 10/15/22		3.125	%		1,497,000		1,433,973
TCM Sub LLC^(b)01/15/15		3.550	%		955,000		978,727
Thomson Reuters Corp. Senior Unsecured 05/23/43		4.500	%		1,000,000		901,381
Univision Communications, Inc.^(b)05/15/21		8.500	%		45,000		49,950
Senior Secured 11/01/20		7.875	%		34,000		37,740
09/15/22		6.750	%		85,000		94,350
05/15/23		5.125	%		26,000		26,650
Total							7,903,809
Metals 0.1%
Alpha Natural Resources, Inc. 06/01/19		6.000	%		2,000		1,705
06/01/21		6.250	%		17,000		14,238
ArcelorMittal Senior Unsecured 03/01/21		6.000	%		112,000		120,960
Arch Coal, Inc. Secured^(b)01/15/19		8.000	%		36,000		36,360
CONSOL Energy, Inc. 03/01/21		6.375	%		4,000		4,240
Calcipar SA Senior Secured^(b)05/01/18		6.875	%		43,000		45,741
FMG Resources August 2006 Proprietary Ltd.^(b)11/01/19		8.250	%		71,000		78,100
Peabody Energy Corp. 11/15/18		6.000	%		67,000		72,527
11/15/21		6.250	%		7,000		7,228
Vale Overseas Ltd. 01/23/17		6.250	%		1,115,000		1,248,800
Total							1,629,899
Non-Captive Consumer —%
Provident Funding Associates LP/PFG Finance Corp.^(b)06/15/21		6.750	%		89,000		87,220

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Springleaf Finance Corp. 06/01/20		6.000	%		11,000		11,248
10/01/21		7.750	%		69,000		76,417
10/01/23		8.250	%		30,000		33,450
Total							208,335
Non-Captive Diversified 0.2%
Air Lease Corp. Senior Unsecured 03/01/20		4.750	%		97,000		102,093
CIT Group, Inc. Senior Unsecured 08/15/17		4.250	%		48,000		50,340
03/15/18		5.250	%		50,000		54,250
CIT Group, Inc.^(b)Senior Secured 04/01/18		6.625	%		69,000		77,711
General Electric Capital Corp. Senior Unsecured 10/17/21		4.650	%		3,890,000		4,296,124
International Lease Finance Corp. Senior Unsecured 09/01/17		8.875	%		80,000		96,400
04/15/18		3.875	%		3,000		3,086
05/15/19		6.250	%		29,000		32,567
12/15/20		8.250	%		29,000		35,489
04/15/21		4.625	%		5,000		5,050
Total							4,753,110
Oil Field Services 0.2%
Atwood Oceanics, Inc. Senior Unsecured 02/01/20		6.500	%		181,000		195,027
Halliburton Co. Senior Unsecured 08/01/23		3.500	%		1,800,000		1,802,799
Oil States International, Inc. 01/15/23		5.125	%		37,000		41,579
Pacific Drilling SA Senior Secured^(b)06/01/20		5.375	%		93,000		94,163
Weatherford International LLC 06/15/37		6.800	%		1,250,000		1,442,491
Total							3,576,059
Other Financial Institutions —%
Icahn Enterprises LP/Finance Corp.^(b)08/01/20		6.000	%		28,000		29,540
02/01/22		5.875	%		35,000		35,700
Total							65,240

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Other Industry —%
Interline Brands, Inc. 11/15/18		7.500	%		122,000		129,381
Unifrax I LLC/Holding Co.^(b)02/15/19		7.500	%		39,000		41,243
Total							170,624
Packaging —%
Ardagh Packaging Finance PLC/Holdings USA, Inc.^(b)01/31/19		6.250	%		49,000		50,838
Beverage Packaging Holdings (Luxembourg) II SA^(b)12/15/16		5.625	%		15,000		15,469
06/15/17		6.000	%		11,000		11,440
Plastipak Holdings, Inc. Senior Unsecured^(b)10/01/21		6.500	%		77,000		79,695
Reynolds Group Issuer, Inc./LLC 08/15/19		9.875	%		67,000		75,542
Senior Secured 08/15/19		7.875	%		74,000		81,770
02/15/21		6.875	%		94,000		102,225
Total							416,979
Pharmaceuticals 0.4%
AbbVie, Inc. Senior Unsecured 11/06/22		2.900	%		1,500,000		1,448,428
Amgen, Inc. Senior Unsecured 11/15/21		3.875	%		1,530,000		1,607,233
Capsugel SA Senior Unsecured PIK^(b)05/15/19		7.000	%		17,000		17,688
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured^(b)12/01/19		9.500	%		38,000		42,560
Merck & Co, Inc. Senior Unsecured 05/18/23		2.800	%		1,325,000		1,266,635
Novartis Capital Corp. 05/06/24		3.400	%		2,400,000		2,404,144
Valeant Pharmaceuticals International, Inc.^(b)07/15/21		7.500	%		79,000		90,060
12/01/21		5.625	%		15,000		15,900
Valeant Pharmaceuticals International^(b)10/15/20		6.375	%		145,000		158,413
Total							7,051,061

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Property & Casualty 0.4%
ACE INA Holdings, Inc. 03/15/18		5.800	%		1,000,000		1,147,529
Alliant Holdings, Inc. Senior Unsecured^(b)12/15/20		7.875	%		36,000		38,250
CNA Financial Corp. Senior Unsecured 11/15/19		7.350	%		1,058,000		1,313,376
HUB International Ltd. Senior Unsecured^(b)10/01/21		7.875	%		122,000		128,405
Liberty Mutual Group, Inc.^(b)06/01/21		5.000	%		1,670,000		1,783,694
Loews Corp. Senior Unsecured 05/15/23		2.625	%		2,300,000		2,115,485
Transatlantic Holdings, Inc. Senior Unsecured 11/30/39		8.000	%		625,000		819,127
Total							7,345,866
Railroads 0.1%
CSX Corp. Senior Unsecured 10/30/20		3.700	%		1,450,000		1,526,723
Canadian Pacific Railway Co. Senior Unsecured 03/15/23		4.450	%		1,325,000		1,401,700
Total							2,928,423
Refining 0.1%
Marathon Petroleum Corp. Senior Unsecured 03/01/41		6.500	%		800,000		966,198
REITs 0.2%
Boston Properties LP Senior Unsecured 05/15/21		4.125	%		1,700,000		1,790,205
CyrusOne LP/Finance Corp. 11/15/22		6.375	%		66,000		69,465
DuPont Fabros Technology LP 09/15/21		5.875	%		27,000		28,485
Kimco Realty Corp. Senior Unsecured 02/01/18		4.300	%		1,235,000		1,336,752

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Simon Property Group LP Senior Unsecured 02/01/40		6.750	%		880,000		1,150,721
Total							4,375,628
Restaurants 0.1%
Yum! Brands, Inc. Senior Unsecured 11/01/20		3.875	%		1,670,000		1,735,686
Retailers 0.1%
AutoNation, Inc. 02/01/20		5.500	%		35,000		37,537
Burlington Coat Factory Warehouse Corp. 02/15/19		10.000	%		34,000		37,825
Burlington Holdings LLC/Finance, Inc. Senior Unsecured PIK^(b)02/15/18		9.000	%		26,000		26,650
CVS Pass-Through Trust Pass-Through Certificates^(b)01/10/32		7.507	%		320,030		396,486
J. Crew Group, Inc. Senior Unsecured PIK^(b)05/01/19		7.750	%		37,000		38,665
Jo-Ann Stores, Inc. Senior Unsecured^(b)03/15/19		8.125	%		28,000		29,085
Macy's Retail Holdings, Inc. 07/15/34		6.700	%		750,000		907,682
Michaels Stores, Inc.^(b)12/15/20		5.875	%		17,000		17,213
Rite Aid Corp. 03/15/20		9.250	%		24,000		27,600
06/15/21		6.750	%		4,000		4,400
Senior Unsecured 02/15/27		7.700	%		25,000		27,188
Sally Holdings LLC/Capital, Inc. 06/01/22		5.750	%		50,000		52,875
Total							1,603,206
Supermarkets 0.1%
Safeway, Inc. Senior Unsecured 02/01/31		7.250	%		1,080,000		1,070,926
Technology 0.3%
Alliance Data Systems Corp.^(b)12/01/17		5.250	%		59,000		61,802
04/01/20		6.375	%		47,000		50,290

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Apple, Inc. Senior Unsecured 05/03/23		2.400	%		1,570,000		1,451,953
Audatex North America, Inc.^(b)06/15/21		6.000	%		50,000		53,375
11/01/23		6.125	%		26,000		27,820
Cardtronics, Inc. 09/01/18		8.250	%		56,000		60,060
Cisco Systems, Inc. Senior Unsecured^(d)03/04/21		2.900	%		465,000		469,113
Equinix, Inc. Senior Unsecured 04/01/20		4.875	%		72,000		73,170
04/01/23		5.375	%		27,000		27,405
First Data Corp. 01/15/21		12.625	%		109,000		130,255
First Data Corp.^(b)08/15/21		11.750	%		41,000		43,870
Secured 01/15/21		8.250	%		107,000		116,095
Senior Secured 08/15/20		8.875	%		100,000		111,250
11/01/20		6.750	%		44,000		47,410
Goodman Networks, Inc. Senior Secured^(b)07/01/18		12.375	%		37,000		39,313
Hewlett-Packard Co. Senior Unsecured 06/01/21		4.300	%		1,550,000		1,622,548
Iron Mountain, Inc. 08/15/23		6.000	%		2,000		2,125
NCR Corp.^(b)Senior Unsecured 12/15/21		5.875	%		32,000		34,240
12/15/23		6.375	%		64,000		68,160
NXP BV/Funding LLC^(b)02/15/21		5.750	%		47,000		50,055
Nuance Communications, Inc.^(b)08/15/20		5.375	%		59,000		58,853
Oracle Corp. Senior Unsecured 04/15/38		6.500	%		920,000		1,167,255
VeriSign, Inc. 05/01/23		4.625	%		48,000		46,800
Total							5,813,217
Transportation Services 0.1%
Avis Budget Car Rental LLC/Finance, Inc. 03/15/20		9.750	%		38,000		44,080

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
ERAC U.S.A. Finance LLC^(b)10/15/37		7.000	%		1,095,000		1,366,980
Hertz Corp. (The) 10/15/18		7.500	%		78,000		83,363
01/15/21		7.375	%		40,000		44,000
LBC Tank Terminals Holding Netherlands BV^(b)05/15/23		6.875	%		54,000		57,105
Total							1,595,528
Wireless 0.2%
America Movil SAB de CV 11/15/17		5.625	%		570,000		650,370
Crown Castle International Corp. Senior Unsecured 01/15/23		5.250	%		75,000		76,875
NII International Telecom SCA^(b)08/15/19		11.375	%		67,000		49,580
Rogers Communications, Inc. 10/01/23		4.100	%		1,400,000		1,435,661
SBA Communications Corp. Senior Unsecured 10/01/19		5.625	%		7,000		7,332
SBA Telecommunications, Inc. 08/15/19		8.250	%		55,000		58,644
07/15/20		5.750	%		74,000		77,885
Sprint Communications, Inc. Senior Unsecured 08/15/17		8.375	%		6,000		7,028
11/15/21		11.500	%		83,000		111,220
Sprint Communications, Inc.^(b)11/15/18		9.000	%		122,000		148,840
03/01/20		7.000	%		70,000		80,850
Sprint Corp.^(b)09/15/21		7.250	%		41,000		44,895
T-Mobile USA, Inc. 04/28/21		6.633	%		86,000		93,095
01/15/22		6.125	%		18,000		19,012
04/28/22		6.731	%		14,000		15,120
04/01/23		6.625	%		59,000		63,425
04/28/23		6.836	%		18,000		19,485
01/15/24		6.500	%		18,000		19,080
United States Cellular Corp. Senior Unsecured 12/15/33		6.700	%		915,000		896,587
Wind Acquisition Finance SA Senior Secured^(b)04/30/20		6.500	%		92,000		101,430
Total							3,976,414

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Wirelines 0.6%
AT&T, Inc. Senior Unsecured 02/15/39		6.550	%		2,180,000		2,576,117
CenturyLink, Inc. Senior Unsecured 04/01/20		5.625	%		48,000		50,160
Deutsche Telekom International Finance BV 03/23/16		5.750	%		1,285,000		1,409,771
Embarq Corp. Senior Unsecured 06/01/36		7.995	%		965,000		1,028,481
Frontier Communications Corp. Senior Unsecured 03/15/19		7.125	%		48,000		53,040
07/01/21		9.250	%		28,000		33,110
01/15/23		7.125	%		59,000		61,802
Level 3 Communications, Inc. Senior Unsecured 02/01/19		11.875	%		41,000		47,047
Level 3 Financing, Inc. 04/01/19		9.375	%		90,000		100,125
07/01/19		8.125	%		25,000		27,500
06/01/20		7.000	%		16,000		17,380
07/15/20		8.625	%		24,000		26,970
Level 3 Financing, Inc.^(b)01/15/21		6.125	%		36,000		38,070
Level 3 Financing, Inc.^(b)(c)01/15/18		3.846	%		15,000		15,225
Orange SA 07/08/19		5.375	%		1,330,000		1,502,880
PAETEC Holding Corp. 12/01/18		9.875	%		78,000		86,385
Telefonica Emisiones SAU 06/20/36		7.045	%		1,320,000		1,567,342
Verizon New York, Inc. 04/01/32		7.375	%		2,465,000		2,887,923
Zayo Group LLC/Capital, Inc. 07/01/20		10.125	%		19,000		22,040
Senior Secured 01/01/20		8.125	%		61,000		67,252
Total							11,618,620

Total Corporate Bonds & Notes
(Cost: $191,946,627)

198,123,300

Residential Mortgage-Backed Securities — Agency 9.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.^(c)(e)12/01/36		6.084	%		25,311		26,740
08/01/36		2.428	%		53,393		56,805
Federal Home Loan Mortgage Corp.^(d)(e)03/13/44		4.000	%		14,800,000		15,473,515
Federal Home Loan Mortgage Corp.^(e)06/01/32- 07/01/32		7.000	%		636,406		750,715
08/01/32- 03/01/38		6.500	%		66,912		75,250
03/01/17- 10/01/39		6.000	%		2,830,623		3,137,133
12/01/17- 05/01/40		5.500	%		2,889,519		3,152,746
08/01/18- 05/01/41		5.000	%		7,534,351		8,210,657
05/01/39- 06/01/41		4.500	%		12,359,193		13,260,194
07/01/42- 08/01/43		3.000	%		5,861,205		5,690,834
10/01/26- 09/01/43		3.500	%		30,794,988		31,325,556
CMO Series 1614 Class MZ 11/15/23		6.500	%		27,563		30,655
CMO Series 2735 Class OG 08/15/32		5.000	%		6,356		6,365
Federal National Mortgage Association^(c)(e)08/01/34		5.361	%		57,361		61,108
08/01/36		2.564	%		34,386		36,847
04/01/36		1.925	%		40,204		42,764
Federal National Mortgage Association^(d)(e)03/18/29- 03/13/44		3.500	%		15,920,000		16,274,642
03/18/29- 03/13/44		4.000	%		35,310,000		37,282,583
03/18/29		3.000	%		12,335,000		12,768,652
03/13/44		4.500	%		10,000,000		10,739,062
Federal National Mortgage Association^(e)03/01/17- 08/01/37		6.500	%		890,613		997,402
08/01/18- 02/01/38		5.500	%		2,205,389		2,441,729
06/01/31- 08/01/32		7.000	%		427,170		501,000
12/01/20- 07/01/23		5.000	%		381,411		417,336
09/01/17- 11/01/32		6.000	%		725,053		798,708
05/01/40		4.500	%		484,471		520,494
09/01/40		4.000	%		4,400,886		4,616,162
07/01/27- 08/01/43		3.000	%		3,598,158		3,702,486
04/01/26- 10/01/26		3.500	%		4,738,574		5,014,304

Residential Mortgage-Backed Securities — Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal National Mortgage Association^(e)(f)CMO IO Series 2003-71 Class IM 12/25/31		5.500	%		59,080		1,880
Federal National Mortgage Association^(e)(g)10/01/40		4.500	%		958,448		1,030,252
Government National Mortgage Association^(e)10/15/33		5.500	%		392,051		442,157
10/15/31- 05/15/32		7.000	%		101,492		114,904
02/15/34		5.000	%		280,722		310,064
12/15/37		6.000	%		82,605		92,501
02/15/39		4.500	%		26,105		28,375
Government National Mortgage Association^(e)(f)CMO IO Series 2002-70 Class IC 08/20/32		6.000	%		102,354		7,914
Total Residential Mortgage-Backed Securities — Agency (Cost: $177,372,423)							179,440,491
Residential Mortgage-Backed Securities — Non-Agency 0.5%
JPMorgan Resecuritization Trust CMO Series 2009-12 Class 9A1^(b)(c)(e)05/26/36		2.656	%		1,956,406		1,990,170
SACO I, Inc. CMO Series 1995-1 Class A^{(b)(c)(e)(h)(i)}09/25/24		0.000	%		4,868		1,607
Springleaf Mortgage Loan Trust^(b)(c)(e)CMO Series 2012-1A Class A 09/25/57		2.667	%		613,372		626,206
CMO Series 2012-2A Class A 10/25/57		2.220	%		397,128		399,116
CMO Series 2012-3A Class A 12/25/59		1.570	%		1,655,781		1,656,394
CMO Series 2013-1A Class A 06/25/58		1.270	%		1,402,042		1,395,931
CMO Series 2013-2A Class A 12/25/65		1.780	%		1,232,526		1,229,311
CMO Series 2013-3A Class A 09/25/57		1.870	%		2,482,274		2,485,932
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $9,766,384)							9,784,667
Commercial Mortgage-Backed Securities — Agency 4.1%
Federal National Mortgage Association Series 2006-M2 Class A2A^(c)(e)10/25/32		5.271	%		2,533,380		2,901,254

Commercial Mortgage-Backed Securities — Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Government National Mortgage Association^(c)(e)Series 2010-52 Class AE 06/16/36		4.115	%		214,992		218,667
Series 2013-50 Class AH 06/16/39		2.100	%		1,978,990		1,990,599
Government National Mortgage Association^(e)Series 2009-71 Class A 04/16/38		3.304	%		40,229		40,337
Series 2010-159 Class A 01/16/33		2.159	%		220,689		221,609
Series 2011-149 Class A 10/16/46		3.000	%		1,675,565		1,725,395
Series 2011-16 Class A 11/16/34		2.210	%		393,526		395,234
Series 2011-161 Class A 01/16/34		1.738	%		2,702,024		2,712,756
Series 2011-31 Class A 12/16/35		2.210	%		386,191		389,080
Series 2011-64 Class AD 11/16/38		2.700	%		183,871		185,481
Series 2011-78 Class A 08/16/34		2.250	%		2,233,197		2,250,028
Series 2012-111 Class AC 04/16/47		2.211	%		1,314,611		1,324,325
Series 2012-25 Class A 11/16/42		2.575	%		3,355,863		3,398,620
Series 2012-45 Class A 03/16/40		2.830	%		931,977		952,450
Series 2012-55 Class A 08/16/33		1.704	%		1,378,894		1,379,207
Series 2012-58 Class A 01/16/40		2.500	%		1,038,417		1,062,600
Series 2012-79 Class A 04/16/39		1.800	%		1,077,525		1,072,008
Series 2012-9 Class A 05/16/39		3.220	%		933,309		958,682
Series 2013-105 Class A 02/16/37		1.705	%		4,886,559		4,870,727
Series 2013-118 Class AB 06/16/36		2.000	%		2,697,478		2,704,564
Series 2013-12 Class A 10/16/42		1.410	%		2,198,142		2,172,054
Series 2013-126 Class AB 04/16/38		1.540	%		2,986,157		2,976,670
Series 2013-138 Class A 08/16/35		2.150	%		2,531,461		2,542,837
Series 2013-146 Class AH 08/16/40		2.000	%		3,205,004		3,205,373
Series 2013-17 Class AH 10/16/43		1.558	%		1,671,246		1,657,022
Series 2013-179 Class A 07/16/37		1.800	%		2,968,957		2,951,384
Series 2013-194 Class AB 05/16/38		2.250	%		2,190,840		2,205,132
Series 2013-2 Class AB 12/16/42		1.600	%		1,636,979		1,627,216

Commercial Mortgage-Backed Securities — Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Series 2013-30 Class A 05/16/42		1.500	%		2,939,586		2,904,655
Series 2013-32 Class AB 01/16/42		1.900	%		3,263,330		3,248,965
Series 2013-33 Class A 07/16/38		1.061	%		4,292,059		4,219,854
Series 2013-40 Class A 10/16/41		1.511	%		1,896,722		1,881,478
Series 2013-57 Class A 06/16/37		1.350	%		4,854,746		4,804,131
Series 2013-61 Class A 01/16/43		1.450	%		2,218,562		2,188,227
Series 2013-73 Class AE 01/16/39		1.350	%		1,087,355		1,063,539
Series 2013-78 Class AB 07/16/39		1.624	%		2,254,394		2,231,757
Government National Mortgage Association^(e)(i)Series 2014-24 Class AB 07/16/38		2.100	%		5,705,000		5,776,313
Total Commercial Mortgage-Backed Securities — Agency (Cost: $78,913,151)							78,410,230
Commercial Mortgage-Backed Securities — Non-Agency 1.9%
Americold 2010 LLC Trust Series 2010-ARTA Class A1^(b)(e)01/14/29		3.847	%		334,148		359,169
Banc of America Commercial Mortgage Trust Series 2006-4 Class A4^(e)07/10/46		5.634	%		3,465,000		3,763,828
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2005-3 Class A4^(e)07/10/43		4.668	%		375,000		390,976
Bear Stearns Commercial Mortgage Securities Trust^(c)(e)Series 2005-T20 Class A4A 10/12/42		5.137	%		1,350,000		1,427,205
Series 2005-T20 Class AAB 10/12/42		5.121	%		177,838		179,992
Series 2007-T28 Class A4 09/11/42		5.742	%		750,000		849,631
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4^(e)10/15/49		5.431	%		1,400,000		1,532,273
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4^(c)(e)07/15/44		5.219	%		880,000		928,981

Commercial Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Credit Suisse Commercial Mortgage Trust Series 2006-C2 Class A2^(c)(e)03/15/39		5.681	%		147,712		148,197
DBRR Trust^(b)(e)Series 2012-EZ1 Class A 09/25/45		1.393	%		495,000		494,229
09/25/45		2.062	%		2,195,000		2,198,169
DBUBS Mortgage Trust Series 2011-LC1A Class A3^(b)(e)11/10/46		5.002	%		150,000		168,443
GS Mortgage Securities Trust Series 2011-GC3 Class A1^(b)(e)03/10/44		2.331	%		238,251		240,569
GS Mortgage Securities Trust Series 2006-GG8 Class A4^(e)11/10/39		5.560	%		985,000		1,078,511
General Electric Capital Assurance Co.^(b)(c)(e)Series 2003-1 Class A4 05/12/35		5.254	%		128,710		133,280
Series 2003-1 Class A5 05/12/35		5.743	%		250,000		285,779
Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class AAB^(c)(e)04/10/37		5.190	%		186,446		189,140
JPMorgan Chase Commercial Mortgage Securities Trust^(b)(e)Series 2009-IWST Class A2 12/05/27		5.633	%		300,000		340,156
Series 2010-C1 Class A1 06/15/43		3.853	%		259,299		267,301
Series 2010-CNTR Class A2 08/05/32		4.311	%		450,000		480,297
Series 2011-C3 Class A4 02/15/46		4.717	%		450,000		496,815
JPMorgan Chase Commercial Mortgage Securities Trust^(c)(e)Series 2005-CB11 Class ASB 08/12/37		5.201	%		108,420		109,009
Series 2005-LDP3 Class ASB 08/15/42		4.893	%		140,870		144,227
Series 2005-LDP4 Class A4 10/15/42		4.918	%		947,003		994,373
Series 2005-LDP4 Class ASB 10/15/42		4.824	%		72,317		73,343
Series 2005-LDP5 Class A4 12/15/44		5.238	%		4,132,061		4,382,646
Series 2006-LDP6 Class ASB 04/15/43		5.490	%		51,076		52,338
JPMorgan Chase Commercial Mortgage Securities Trust^(e)Series 2005-LDP2 Class A3 07/15/42		4.697	%		61,712		62,564

Commercial Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Series 2005-LDP2 Class ASB 07/15/42		4.659	%		78,311		79,292
Series 2007-CB18 Class A4 06/12/47		5.440	%		820,000		903,200
LB-UBS Commercial Mortgage Trust^(c)(e)Series 2007-C7 Class A3 09/15/45		5.866	%		415,681		473,494
LB-UBS Commercial Mortgage Trust^(e)Series 2007-C1 Class AAB 02/15/40		5.403	%		49,701		49,747
Morgan Stanley Capital I, Inc. Series 2011-C1 Class A4^(b)(c)(e)09/15/47		5.033	%		300,000		336,258
Morgan Stanley Re-Remic Trust Series 2009-GG10 Class A4A^(b)(c)(e)08/12/45		5.806	%		822,681		900,170
Motel 6 Trust Series 2012-MTL6 Class A1^(b)(e)10/05/25		1.500	%		411,452		409,485
Nationslink Funding Corp. Series 1999-LTL1 Class A3^(e)01/22/26		7.104	%		45,733		46,709
Wachovia Bank Commercial Mortgage Trust^(c)(e)Series 2005- C22 Class AM 12/15/44		5.341	%		200,000		213,043
Series 2005-C21 Class A4 10/15/44		5.239	%		1,413,175		1,490,778
Series 2006-C24 Class A1A 03/15/45		5.557	%		3,979,547		4,295,567
Series 2006-C25 Class A1A 05/15/43		5.722	%		2,679,575		2,927,658
Wachovia Bank Commercial Mortgage Trust^(e)Series 2005-C18 Class A4 04/15/42		4.935	%		1,670,136		1,720,217
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $35,227,458)							35,617,059
Asset-Backed Securities — Non-Agency 0.9%
Ally Master Owner Trust^(c)CMO Series 2011-3 Class A1 05/15/16		0.785	%		1,275,000		1,276,068
Series 2014-1 Class A1 01/15/19		0.625	%		825,000		825,038
American Credit Acceptance Receivables Trust^(b)Series 2012-3 Class A 11/15/16		1.640	%		206,575		207,571
Series 2013-1 Class A 04/16/18		1.450	%		593,373		596,170

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CNH Wholesale Master Note Trust Series 2013-2A Class A^(b)(c)08/15/19		0.755	%		1,650,000		1,656,140
CarFinance Capital Auto Trust Series 2013-2A Class A^(b)11/15/17		1.750	%		1,095,900		1,096,516
Chesapeake Funding LLC Series 2012-1A Class A^(b)(c)11/07/23		0.908	%		1,341,062		1,346,001
Cityscape Home Equity Loan Trust Series 1997-B Class A7^(h)(i)(j)05/25/28		7.410	%		22,966		11,483
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1^(b)(c)04/26/37		0.615	%		56,296		56,061
Diamond Resorts Owner Trust Series 2013-2 Class A^(b)05/20/26		2.270	%		1,316,626		1,314,063
Equifirst Mortgage Loan Trust Series 2003-1 Class IF1^(c)12/25/32		4.010	%		95,474		96,304
First Investors Auto Owner Trust Series 2013-3A Class A2^(b)09/15/17		0.890	%		820,000		820,485
GTP Towers Issuer LLC^(b)02/15/15		4.436	%		200,000		204,971
Hertz Vehicle Financing LLC Series 2009-2A Class A2^(b)03/25/16		5.290	%		500,000		519,125
Hilton Grand Vacations Trust Series 2013-A Class A^(b)01/25/26		2.280	%		1,951,530		1,952,975
KeyCorp Student Loan Trust Series 1999-A Class A2^(c)12/27/29		0.576	%		266,265		267,914
Nations Equipment Finance Funding I LLC Series 2013-1A Class A^(b)11/20/16		1.697	%		1,088,251		1,088,251
SBA Tower Trust^(b)04/15/40		4.254	%		500,000		505,851
SLM Student Loan Trust^(b)Series 2012-A Class A2 01/17/45		3.830	%		500,000		526,109
SLM Student Loan Trust^(b)(c)Series 2011-C Class A1 12/15/23		1.555	%		285,870		287,985
SLM Student Loan Trust^(c)Series 2004-B Class A2 06/15/21		0.443	%		1,008,434		996,458

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Santander Drive Auto Receivables Trust Series 2012-1 Class B 05/16/16		2.720	%		400,000		403,336
Sierra Receivables Funding Co. LLC^(b)Series 2010-2A Class A 11/20/25		3.840	%		50,111		50,423
Series 2010-3A Class A 11/20/25		3.510	%		45,593		46,367
Wheels SPV LLC Series 2012-1 Class A2^(b)03/20/21		1.190	%		234,714		235,367
Total Asset-Backed Securities — Non-Agency (Cost: $16,303,375)							16,387,032
Inflation-Indexed Bonds 0.6%
United States 0.6%
U.S. Treasury Inflation-Indexed Bond 04/15/16		0.125	%		11,466,097		11,855,760
Total Inflation-Indexed Bonds (Cost: $11,734,005)							11,855,760
U.S. Treasury Obligations 3.4%
U.S. Treasury 08/15/40		3.875	%		27,771,000		29,480,638
01/15/16		0.375	%		1,065,000		1,066,539
03/31/15		2.500	%		12,000,000		12,302,340
07/31/18		1.375	%		6,000,000		6,015,468
11/15/23		2.750	%		16,000,000		16,165,000
Total U.S. Treasury Obligations (Cost: $64,105,079)							65,029,985
Foreign Government Obligations^(k) 0.6%
Canada 0.5%
Province of Nova Scotia Senior Unsecured 01/26/17		5.125	%		2,940,000		3,297,475
Province of Ontario Senior Unsecured 02/14/18		1.200	%		3,325,000		3,294,343
Province of Quebec Senior Unsecured 05/14/18		4.625	%		2,915,000		3,278,471
Total							9,870,289

Foreign Government Obligations^(k) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Mexico 0.1%
Pemex Project Funding Master Trust 01/21/21		5.500	%		1,800,000		1,962,000
Total Foreign Government Obligations (Cost: $11,579,195)							11,832,289
Municipal Bonds 0.1%
Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Illinois 0.1%
State of Illinois Unlimited General Obligation Taxable Notes Series 2011 03/01/17		5.365	%		2,065,000		2,253,906
Total Municipal Bonds (Cost: $2,242,276)							2,253,906
Senior Loans 0.1%
Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Brokerage —%
Nuveen Investments, Inc. 2nd Lien Tranche B Term Loan^(c)(l)02/28/19		6.500	%		60,859		60,387
Building Materials —%
Ply Gem Industries, Inc. Term Loan^(c)(l)02/01/21		4.000	%		6,000		6,010
Chemicals —%
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc. Tranche B Term Loan^(c)(l)02/01/20		4.000	%		31,760		31,873
Consumer Cyclical Services —%
New Breed, Inc. Term Loan^(c)(l)10/01/19		6.000	%		99,824		99,907
Diversified Manufacturing —%
Gardner Denver, Inc.^(c)(d)(l)Term Loan 03/08/20		4.250	%		17,955		17,872

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Gardner Denver, Inc.^(c)(l)Term Loan 07/30/20		4.250	%		9,265		9,222
Total							27,094
Food and Beverage —%
Diamond Foods, Inc. 1st Lien Term Loan^(c)(d)(l)08/20/18		4.250	%		10,000		9,993
New HB Acquisition LLC Tranche B Term Loan^(c)(l)04/09/20		6.750	%		37,000		38,434
Total							48,427
Health Care —%
American Renal Holdings, Inc. 2nd Lien Term Loan^(c)(l)03/20/20		8.500	%		40,000		40,100
Community Health Systems, Inc. Tranche D Term Loan^(c)(l)01/27/21		4.250	%		19,000		19,158
U.S. Renal Care, Inc. Tranche B2 1st Lien Term Loan^(c)(l)07/03/19		4.250	%		94,054		94,642
United Surgical Partners International, Inc. Tranche B Term Loan^(c)(l)04/03/19		4.750	%		19,763		19,879
Total							173,779
Lodging —%
Four Seasons Holdings, Inc. 2nd Lien Term Loan^(c)(l)12/28/20		6.250	%		19,000		19,380
Hilton Worldwide Financial LLC Term Loan^(c)(l)10/26/20		3.750	%		48,158		48,301
Playa Resorts Holding Term Loan^(c)(l)08/09/19		4.750	%		26,932		27,034
Total							94,715
Metals —%
Arch Coal, Inc.^(c)(d)(l)Term Loan 05/16/18		6.250	%		12,967		12,784
Arch Coal, Inc.^(c)(l)Term Loan 05/16/18		6.250	%		51,869		51,137
Total							63,921

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Packaging —%
Ardagh Holdings USA, Inc. Tranche B Term Loan^(c)(d)(l)12/17/19		4.000	%		19,000		19,071
Exopack Holdings S.A. Term Loan^(c)(l)05/08/19		5.250	%		34,000		34,457
Total							53,528
Property & Casualty 0.1%
Asurion LLC^(c)(d)(l)2nd Lien Term Loan 03/03/21		8.500	%		90,000		92,813
Tranche B-1 Term Loan 05/24/19		5.000	%		15,000		15,021
Asurion LLC^(c)(l)Tranche B1 Term Loan 05/24/19		4.500	%		66,194		66,289
Lonestar Intermediate Super Holdings LLC Term Loan^(c)(l)09/02/19		11.000	%		176,000		179,411
Total							353,534
Retailers —%
Neiman Marcus Group, Inc. (The) Term Loan^(c)(l)10/25/20		5.000	%		59,850		60,517
Rite Aid Corp. Tranche 1 2nd Lien Term Loan^(c)(l)08/21/20		5.750	%		50,000		51,042
Total							111,559
Technology —%
Applied Systems, Inc.^(c)(l)1st Lien Term Loan 01/25/21		4.250	%		6,000		6,038

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
2nd Lien Term Loan 01/24/22		7.500	%		7,000		7,145
Blue Coat Systems, Inc. 2nd Lien Term Loan^(c)(l)06/26/20		9.500	%		83,000		85,698
ION Trading Technologies SARL 2nd Lien Term Loan^(c)(l)05/22/21		8.250	%		76,424		77,188
Triple Point Group Holdings, Inc. 2nd Lien Term Loan^(c)(l)07/10/21		9.250	%		22,000		20,075
Total							196,144
Wirelines —%
Integra Telecom Holdings, Inc.^(c)(l)2nd Lien Term Loan 02/21/20		9.750	%		8,000		8,202
Tranche B Term Loan 02/22/19		5.250	%		23,820		24,034
Total							32,236
Total Senior Loans (Cost: $1,331,957)							1,353,114
Money Market Funds 8.1%
				Shares		Value ($)
Columbia Short-Term Cash Fund, 0.098%^(m)(n)					153,049,861		153,049,861
Total Money Market Funds (Cost: $153,049,861)							153,049,861
Total Investments (Cost: $1,654,085,708)							1,987,833,815
Other Assets & Liabilities, Net							(92,686,229	)
Net Assets							1,895,147,586

(a) Non-income producing.

(b) 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 28, 2014, the value of these securities amounted to $52,826,519 or 2.79% of net assets.

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

(e) 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.

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

(g) This security, or a portion of this security, has been pledged as collateral in connection with open futures contracts. These values are denoted within the Investments in Derivatives section of the Portfolio of Investments.

(h) Identifies issues considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at February 28, 2014 was $13,090, representing less than 0.01% of net assets. Information concerning such security holdings at February 28, 2014 is as follows:

Security Description	Acquisition Dates	Cost ($)
Cityscape Home Equity Loan Trust Series 1997-B Class A7 7.410% 05/25/28	06/23/09 - 05/13/11		22,687
SACO I, Inc. CMO Series 1995-1 Class A 0.000% 09/25/24	04/30/99 - 12/20/02		4,641

(i) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2014, the value of these securities amounted to $5,789,403, which represents 0.31% of net assets.

(j) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At February 28, 2014, the value of these securities amounted to $11,483, which represents less than 0.01% of net assets.

(k) Principal and interest may not be guaranteed by the government.

(l) 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 coupon as of February 28, 2014. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(m) The rate shown is the seven-day current annualized yield at February 28, 2014.

(n) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended February 28, 2014, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					164,611,110				329,426,719				(340,987,968	)			153,049,861				68,007				153,049,861

Abbreviation Legend

ADR American Depositary Receipt

CMO Collateralized Mortgage Obligation

PIK Payment-in-Kind

Currency Legend

USD US Dollar

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 may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		146,017,765		—		—		146,017,765
Consumer Staples		142,575,237		—		—		142,575,237
Energy		115,906,946		—		—		115,906,946
Financials		207,715,205		—		—		207,715,205
Health Care		171,713,129		—		—		171,713,129
Industrials		134,430,637		—		—		134,430,637
Information Technology		262,299,832		—		—		262,299,832
Materials		15,069,352		—		—		15,069,352
Telecommunication Services		28,968,018		—		—		28,968,018
Total Equity Securities		1,224,696,121		—		—		1,224,696,121
Bonds
Corporate Bonds & Notes		—		198,123,300		—		198,123,300
Residential Mortgage-Backed Securities — Agency		—		179,440,491		—		179,440,491
Residential Mortgage-Backed Securities — Non-Agency		—		9,783,060		1,607		9,784,667
Commercial Mortgage-Backed Securities — Agency		—		72,633,917		5,776,313		78,410,230
Commercial Mortgage-Backed Securities — Non-Agency		—		32,924,661		2,692,398		35,617,059
Asset-Backed Securities — Non-Agency		—		15,287,298		1,099,734		16,387,032
Inflation-Indexed Bonds		—		11,855,760		—		11,855,760
U.S. Treasury Obligations		65,029,985		—		—		65,029,985
Foreign Government Obligations		—		11,832,289		—		11,832,289
Municipal Bonds		—		2,253,906		—		2,253,906
Total Bonds		65,029,985		534,134,682		9,570,052		608,734,719
Other
Senior Loans
Food and Beverage		—		9,993		38,434		48,427
Lodging		—		75,335		19,380		94,715
All Other Industries		—		1,209,972		—		1,209,972
Total Other		—		1,295,300		57,814		1,353,114
Mutual Funds
Money Market Funds		153,049,861		—		—		153,049,861
Total Mutual Funds		153,049,861		—		—		153,049,861

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments in Securities		1,442,775,967		535,429,982		9,627,866		1,987,833,815
Derivatives
Assets
Futures Contracts		6,644		—		—		6,644
Total		1,442,782,611		535,429,982		9,627,866		1,987,840,459

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Certain residential mortgage-backed securities classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, discount rates observed in the market for similar assets as well as observed yields on securities management deemed comparable. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

Certain commercial and asset backed securities as well as senior loans classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers In				Transfers Out
Level 2 ($)		Level 3 ($)		Level 2 ($)		Level 3 ($)
	3,190,755		57,164		57,164		3,190,755

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management's determination that there was sufficient, reliable and observable market data to value these assets as of period end.

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,501,035,847)	$	1,834,783,954
Affiliated issuers (identified cost $153,049,861)		153,049,861
Total investments (identified cost $1,654,085,708)		1,987,833,815
Cash		1,544
Receivable for:
Investments sold		23,086,382
Capital shares sold		4,244,489
Dividends		2,195,355
Interest		3,509,778
Reclaims		5,278
Variation margin		3,438
Equity-linked notes (Note 8)		3,921
Prepaid expenses		7,181
Trustees' deferred compensation plan		42,658
Other assets		64,302
Total assets		2,020,998,141
Liabilities
Payable for:
Investments purchased		30,983,250
Investments purchased on a delayed delivery basis		93,218,128
Capital shares purchased		1,217,195
Investment management fees		30,835
Distribution and/or service fees		15,022
Transfer agent fees		221,849
Administration fees		2,795
Plan administration fees		4,399
Compensation of board members		1,944
Chief compliance officer expenses		88
Other expenses		112,392
Trustees' deferred compensation plan		42,658
Total liabilities		125,850,555
Net assets applicable to outstanding capital stock	$	1,895,147,586
Represented by
Paid-in capital	$	1,551,822,539
Undistributed net investment income		3,068,101
Accumulated net realized gain		6,502,195
Unrealized appreciation (depreciation) on:
Investments		333,748,107
Futures contracts		6,644
Total — representing net assets applicable to outstanding capital stock	$	1,895,147,586

Class A
Net assets	$	1,209,884,001
Shares outstanding		34,727,895
Net asset value per share	$	34.84
Maximum offering price per share^(a)	$	36.97
Class B
Net assets	$	13,092,312
Shares outstanding		376,755
Net asset value per share	$	34.75
Class C
Net assets	$	225,900,061
Shares outstanding		6,500,124
Net asset value per share	$	34.75
Class K
Net assets	$	22,297,776
Shares outstanding		640,759
Net asset value per share	$	34.80
Class R
Net assets	$	17,220,302
Shares outstanding		494,474
Net asset value per share	$	34.83
Class R4
Net assets	$	11,779,517
Shares outstanding		335,982
Net asset value per share	$	35.06
Class R5
Net assets	$	43,699,106
Shares outstanding		1,255,576
Net asset value per share	$	34.80
Class Y
Net assets	$	13,814,754
Shares outstanding		393,878
Net asset value per share	$	35.07
Class Z
Net assets	$	337,459,757
Shares outstanding		9,699,326
Net asset value per share	$	34.79

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

Net investment income
Income:
Dividends — unaffiliated issuers	$	10,358,833
Dividends — affiliated issuers		68,007
Interest		7,379,548
Foreign taxes withheld		(23,774	)
Total income		17,782,614
Expenses:
Investment management fees		5,186,759
Distribution and/or service fees
Class A		1,381,549
Class B		64,103
Class C		935,476
Class R		37,694
Transfer agent fees
Class A		896,491
Class B		10,406
Class C		151,538
Class K		5,655
Class R		12,223
Class R4		5,886
Class R5		8,798
Class Z		259,449
Administration fees		467,802
Plan administration fees
Class K		31,360
Compensation of board members		28,017
Custodian fees		19,326
Printing and postage fees		73,155
Registration fees		79,068
Professional fees		38,639
Chief compliance officer expenses		410
Other		22,443
Total expenses		9,716,247
Net investment income		8,066,367
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		67,964,829
Foreign currency translations		(163	)
Futures contracts		(423,476	)
Net realized gain		67,541,190
Net change in unrealized appreciation (depreciation) on:
Investments		85,510,575
Foreign currency translations		(31	)
Futures contracts		2,703
Net change in unrealized appreciation (depreciation)		85,513,247
Net realized and unrealized gain		153,054,437
Net increase in net assets resulting from operations	$	161,120,804

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013(a)
Operations
Net investment income	$	8,066,367		$	12,524,115
Net realized gain		67,541,190			82,517,728
Net change in unrealized appreciation (depreciation)		85,513,247			80,334,876
Net increase in net assets resulting from operations		161,120,804			175,376,719
Distributions to shareholders
Net investment income
Class A		(4,752,696	)		(8,351,330	)
Class B		(8,725	)		(35,460	)
Class C		(126,927	)		(242,901	)
Class K		(116,351	)		(723,281	)
Class R		(46,360	)		(52,906	)
Class R4		(33,612	)		(393	)
Class R5		(224,196	)		(12,563	)
Class Y		(80,004	)		(24,253	)
Class Z		(1,780,659	)		(3,857,154	)
Total distributions to shareholders		(7,169,530	)		(13,300,241	)
Increase (decrease) in net assets from capital stock activity		149,842,354			219,958,671
Total increase in net assets		303,793,628			382,035,149
Net assets at beginning of period		1,591,353,958			1,209,318,809
Net assets at end of period	$	1,895,147,586		$	1,591,353,958
Undistributed net investment income	$	3,068,101		$	2,171,264

(a) Class R4 and Class Y shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		5,779,644			194,032,922			8,031,666			246,384,655
Distributions reinvested		128,095			4,280,467			251,262			7,392,506
Redemptions		(2,415,725	)		(81,304,419	)		(4,492,901	)		(135,640,379	)
Net increase		3,492,014			117,008,970			3,790,027			118,136,782
Class B shares
Subscriptions		70,832			2,375,747			114,543			3,467,901
Distributions reinvested		233			7,876			1,091			31,219
Redemptions^(b)		(79,382	)		(2,669,870	)		(153,689	)		(4,694,705	)
Net decrease		(8,317	)		(286,247	)		(38,055	)		(1,195,585	)
Class C shares
Subscriptions		2,115,751			71,030,959			2,479,652			75,955,846
Distributions reinvested		3,297			111,637			7,404			211,918
Redemptions		(330,186	)		(11,075,703	)		(432,191	)		(13,108,219	)
Net increase		1,788,862			60,066,893			2,054,865			63,059,545
Class K shares
Subscriptions		345,142			11,825,632			596,232			18,179,438
Distributions reinvested		3,522			116,326			24,585			723,231
Redemptions		(1,922,389	)		(62,804,735	)		(561,650	)		(17,176,288	)
Net increase (decrease)		(1,573,725	)		(50,862,777	)		59,167			1,726,381
Class R shares
Subscriptions		167,957			5,670,420			402,466			11,958,332
Distributions reinvested		1,217			40,726			1,666			49,376
Redemptions		(86,852	)		(2,939,016	)		(89,181	)		(2,725,958	)
Net increase		82,322			2,772,130			314,951			9,281,750
Class R4 shares
Subscriptions		245,291			8,377,765			148,818			4,719,998
Distributions reinvested		449			15,296			12			369
Redemptions		(19,503	)		(665,065	)		(39,085	)		(1,272,625	)
Net increase		226,237			7,727,996			109,745			3,447,742
Class R5 shares
Subscriptions		408,381			13,839,111			944,567			29,428,724
Distributions reinvested		6,712			224,153			404			12,481
Redemptions		(90,970	)		(3,081,586	)		(14,035	)		(452,178	)
Net increase		324,123			10,981,678			930,936			28,989,027

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		114,778			3,774,431			316,772			10,174,990
Distributions reinvested		2,383			79,985			192			5,976
Redemptions		(28,633	)		(962,142	)		(11,614	)		(374,587	)
Net increase		88,528			2,892,274			305,350			9,806,379
Class Z shares
Subscriptions		1,374,983			46,213,427			3,273,648			98,595,867
Distributions reinvested		44,184			1,471,978			109,662			3,225,831
Redemptions		(1,439,729	)		(48,143,968	)		(3,777,637	)		(115,115,048	)
Net decrease		(20,562	)		(458,563	)		(394,327	)		(13,293,350	)
Total net increase		4,399,482			149,842,354			7,132,659			219,958,671

(a) Class R4 and Class Y shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	31.83		$	28.21		$	26.06		$	23.29		$	22.46		$	24.03
Income from investment operations:
Net investment income		0.16			0.28			0.33			0.37			0.35			0.47
Net realized and unrealized gain (loss)		3.00			3.64			2.97			2.79			0.85			(1.52	)
Total from investment operations		3.16			3.92			3.30			3.16			1.20			(1.05	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.30	)		(0.34	)		(0.39	)		(0.37	)		(0.52	)
Net realized gains		—			—			(0.81	)		—			—			—
Total distributions to shareholders		(0.15	)		(0.30	)		(1.15	)		(0.39	)		(0.37	)		(0.52	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	34.84		$	31.83		$	28.21		$	26.06		$	23.29		$	22.46
Total return		9.94	%		13.97	%		13.14	%		13.57	%		5.33	%		(4.03	%)
Ratios to average net assets^(b)
Total gross expenses		1.10	%^(c)		1.14	%		1.16	%		1.10	%		1.02	%		1.04	%
Total net expenses^(d)		1.10	%^(c)		1.13	%^(e)		1.11	%^(e)		1.03	%^(e)		1.02	%^(e)		1.04	%^(e)
Net investment income		0.97	%^(c)		0.91	%		1.24	%		1.38	%		1.47	%		2.33	%
Supplemental data
Net assets, end of period (in thousands)	$	1,209,884		$	994,163		$	774,214		$	657,604		$	65,112		$	19,152
Portfolio turnover		60	%^(f)		141	%^(f)		130	%^(f)		99	%		89	%		102	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

(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 28, 2014 and 65% and 66% for the years ended August 31, 2013 and 2012, respectively.

	Six Months Ended February 28, 2014			Year Ended August 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	31.75		$	28.15		$	26.00		$	23.24		$	22.41		$	23.99
Income from investment operations:
Net investment income		0.03			0.05			0.13			0.17			0.17			0.32
Net realized and unrealized gain (loss)		2.99			3.63			2.97			2.78			0.85			(1.53	)
Total from investment operations		3.02			3.68			3.10			2.95			1.02			(1.21	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.08	)		(0.14	)		(0.19	)		(0.19	)		(0.37	)
Net realized gains		—			—			(0.81	)		—			—			—
Total distributions to shareholders		(0.02	)		(0.08	)		(0.95	)		(0.19	)		(0.19	)		(0.37	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	34.75		$	31.75		$	28.15		$	26.00		$	23.24		$	22.41
Total return		9.52	%		13.12	%		12.30	%		12.71	%		4.56	%		(4.82	%)
Ratios to average net assets^(b)
Total gross expenses		1.85	%^(c)		1.89	%		1.91	%		1.84	%		1.77	%		1.79	%
Total net expenses^(d)		1.85	%^(c)		1.88	%^(e)		1.86	%^(e)		1.78	%^(e)		1.77	%^(e)		1.79	%^(e)
Net investment income		0.21	%^(c)		0.16	%		0.49	%		0.64	%		0.73	%		1.63	%
Supplemental data
Net assets, end of period (in thousands)	$	13,092		$	12,225		$	11,910		$	14,227		$	6,683		$	6,934
Portfolio turnover		60	%^(f)		141	%^(f)		130	%^(f)		99	%		89	%		102	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	31.75		$	28.15		$	25.99		$	23.24		$	22.42		$	23.99
Income from investment operations:
Net investment income		0.04			0.05			0.13			0.17			0.17			0.31
Net realized and unrealized gain (loss)		2.98			3.63			2.98			2.77			0.84			(1.51	)
Total from investment operations		3.02			3.68			3.11			2.94			1.01			(1.20	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.08	)		(0.14	)		(0.19	)		(0.19	)		(0.37	)
Net realized gains		—			—			(0.81	)		—			—			—
Total distributions to shareholders		(0.02	)		(0.08	)		(0.95	)		(0.19	)		(0.19	)		(0.37	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	34.75		$	31.75		$	28.15		$	25.99		$	23.24		$	22.42
Total return		9.52	%		13.12	%		12.34	%		12.67	%		4.51	%		(4.77	%)
Ratios to average net assets^(b)
Total gross expenses		1.85	%^(c)		1.89	%		1.91	%		1.84	%		1.77	%		1.79	%
Total net expenses^(d)		1.85	%^(c)		1.88	%^(e)		1.86	%^(e)		1.79	%^(e)		1.77	%^(e)		1.79	%^(e)
Net investment income		0.23	%^(c)		0.16	%		0.50	%		0.62	%		0.71	%		1.57	%
Supplemental data
Net assets, end of period (in thousands)	$	225,900		$	149,581		$	74,771		$	48,236		$	25,462		$	11,014
Portfolio turnover		60	%^(f)		141	%^(f)		130	%^(f)		99	%		89	%		102	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class K	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	31.80		$	28.18		$	26.02		$	27.16
Income from investment operations:
Net investment income		0.17			0.31			0.35			0.18
Net realized and unrealized gain (loss)		3.00			3.64			2.98			(1.15	)^(b)
Total from investment operations		3.17			3.95			3.33			(0.97	)
Less distributions to shareholders:
Net investment income		(0.17	)		(0.33	)		(0.36	)		(0.17	)
Net realized gains		—			—			(0.81	)		—
Total distributions to shareholders		(0.17	)		(0.33	)		(1.17	)		(0.17	)
Net asset value, end of period	$	34.80		$	31.80		$	28.18		$	26.02
Total return		9.99	%		14.11	%		13.26	%		(3.59	%)
Ratios to average net assets^(c)
Total gross expenses		0.97	%^(d)		1.01	%		1.03	%		1.02	%^(d)
Total net expenses^(e)		0.97	%^(d)		1.01	%		1.03	%		1.02	%^(d)(f)
Net investment income		0.99	%^(d)		1.02	%		1.32	%		1.40	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	22,298		$	70,411		$	60,735		$	48,799
Portfolio turnover		60	%^(g)		141	%^(g)		130	%^(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 gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d) Annualized.

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

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

(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 28, 2014 and 65% and 66% for the years ended August 31, 2013 and 2012, respectively.

	Six Months Ended February 28, 2014			Year Ended August 31,
Class R	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	31.82		$	28.19		$	26.04		$	24.62
Income from investment operations:
Net investment income		0.12			0.20			0.27			0.30
Net realized and unrealized gain		3.00			3.65			2.97			1.35
Total from investment operations		3.12			3.85			3.24			1.65
Less distributions to shareholders:
Net investment income		(0.11	)		(0.22	)		(0.28	)		(0.23	)
Net realized gains		—			—			(0.81	)		—
Total distributions to shareholders		(0.11	)		(0.22	)		(1.09	)		(0.23	)
Net asset value, end of period	$	34.83		$	31.82		$	28.19		$	26.04
Total return		9.80	%		13.73	%		12.87	%		6.70	%
Ratios to average net assets^(b)
Total gross expenses		1.35	%^(c)		1.39	%		1.42	%		1.37	%^(c)
Total net expenses^(d)		1.35	%^(c)		1.38	%^(e)		1.36	%^(e)		1.28	%^(c)(e)
Net investment income		0.72	%^(c)		0.64	%		1.01	%		1.20	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	17,220		$	13,113		$	2,740		$	457
Portfolio turnover		60	%^(f)		141	%^(f)		130	%^(f)		99	%

Notes to Financial Highlights

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

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

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

Class R4	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	32.03		$	28.25
Income from investment operations:
Net investment income		0.22			0.29
Net realized and unrealized gain		3.00			3.76
Total from investment operations		3.22			4.05
Less distributions to shareholders:
Net investment income		(0.19	)		(0.27	)
Total distributions to shareholders		(0.19	)		(0.27	)
Net asset value, end of period	$	35.06		$	32.03
Total return		10.07	%		14.40	%
Ratios to average net assets^(b)
Total gross expenses		0.86	%^(c)		0.88	%^(c)
Total net expenses^(d)		0.86	%^(c)		0.88	%^(c)(e)
Net investment income		1.28	%^(c)		1.14	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	11,780		$	3,515
Portfolio turnover		60	%^(f)		141	%^(f)

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class R5	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	31.80		$	28.17		$	26.02		$	27.16
Income from investment operations:
Net investment income		0.22			0.39			0.42			0.24
Net realized and unrealized gain (loss)		2.99			3.64			2.97			(1.18	)^(b)
Total from investment operations		3.21			4.03			3.39			(0.94	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.40	)		(0.43	)		(0.20	)
Net realized gains		—			—			(0.81	)		—
Total distributions to shareholders		(0.21	)		(0.40	)		(1.24	)		(0.20	)
Net asset value, end of period	$	34.80		$	31.80		$	28.17		$	26.02
Total return		10.12	%		14.42	%		13.52	%		(3.46	%)
Ratios to average net assets^(c)
Total gross expenses		0.74	%^(d)		0.76	%		0.78	%		0.75	%^(d)
Total net expenses^(e)		0.74	%^(d)		0.76	%		0.78	%		0.73	%^(d)(f)
Net investment income		1.35	%^(d)		1.26	%		1.57	%		1.79	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	43,699		$	29,617		$	15		$	13
Portfolio turnover		60	%^(g)		141	%^(g)		130	%^(g)		99	%

Notes to Financial Highlights

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

(d) Annualized.

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

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

Class Y	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	32.04		$	28.25
Income from investment operations:
Net investment income		0.23			0.34
Net realized and unrealized gain		3.02			3.75
Total from investment operations		3.25			4.09
Less distributions to shareholders:
Net investment income		(0.22	)		(0.30	)
Total distributions to shareholders		(0.22	)		(0.30	)
Net asset value, end of period	$	35.07		$	32.04
Total return		10.16	%		14.54	%
Ratios to average net assets^(b)
Total gross expenses		0.69	%^(c)		0.70	%^(c)
Total net expenses^(d)		0.69	%^(c)		0.70	%^(c)
Net investment income		1.38	%^(c)		1.34	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	13,815		$	9,784
Portfolio turnover		60	%^(e)		141	%^(e)

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

(e) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 33% for the six months ended February 28, 2014 and 65% for the year ended August 31, 2013.

	Six Months Ended February 28, 2014			Year Ended August 31,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	31.78		$	28.17		$	26.02		$	23.27		$	22.43		$	24.02
Income from investment operations:
Net investment income		0.20			0.35			0.40			0.43			0.41			0.52
Net realized and unrealized gain (loss)		3.00			3.63			2.96			2.77			0.86			(1.54	)
Total from investment operations		3.20			3.98			3.36			3.20			1.27			(1.02	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.37	)		(0.40	)		(0.45	)		(0.43	)		(0.57	)
Net realized gains		—			—			(0.81	)		—			—			—
Total distributions to shareholders		(0.19	)		(0.37	)		(1.21	)		(0.45	)		(0.43	)		(0.57	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(a)		—
Net asset value, end of period	$	34.79		$	31.78		$	28.17		$	26.02		$	23.27		$	22.43
Total return		10.09	%		14.24	%		13.42	%		13.78	%		5.64	%		(3.87	%)
Ratios to average net assets^(b)
Total gross expenses		0.85	%^(c)		0.89	%		0.91	%		0.83	%		0.77	%		0.79	%
Total net expenses^(d)		0.85	%^(c)		0.88	%^(e)		0.86	%^(e)		0.78	%^(e)		0.77	%^(e)		0.79	%^(e)
Net investment income		1.21	%^(c)		1.16	%		1.49	%		1.62	%		1.73	%		2.62	%
Supplemental data
Net assets, end of period (in thousands)	$	337,460		$	308,945		$	284,934		$	229,744		$	207,526		$	192,819
Portfolio turnover		60	%^(f)		141	%^(f)		130	%^(f)		99	%		89	%		102	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

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

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

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The 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 ask 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.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These

models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

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

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

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 fair value.

Foreign Currency Transactions and Translations

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

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

Derivative Instruments

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

the counterparty. With exchange traded or centrally cleared derivatives, there is minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Fund.

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

or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at February 28, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts		6,644	*

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

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended February 28, 2014:

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

Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(423,476	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Risk Exposure Category

Futures Contracts ($)

Interest rate risk

2,703

The following table is a summary of the volume of derivative instruments for the year ended February 28, 2014:

Derivative Instrument				Contracts Opened
Futures contracts					945

Investments in Loans

The Fund may invest in loan participations and assignments of all or a portion of a loan. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce their rights only through an administrative agent. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have their interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid, when purchased, may become illiquid.

Delayed Delivery Securities

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

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold

until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats "to be announced" mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund's portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

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 securities entitled to receive all of the security's interest, but none of its principal. The Fund may also invest in stripped mortgage-backed securities. If the underlying obligations experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an IO. As a result of the prepayments the daily interest accrual factor is adjusted periodically (typically, each month) to reflect the paydown of principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer or credit enhanced defaults on its obligation.

Security Transactions

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

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

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

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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

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

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

Expenses

charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

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

Distributions to Shareholders

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

Guarantees and Indemnifications

under 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 investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended February 28, 2014 was 0.60% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 28, 2014 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. Obligations 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 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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

For the six months ended February 28, 2014, 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	0.16
Class C	0.16
Class K	0.05
Class R	0.16
Class R4	0.16
Class R5	0.05
Class Z	0.16

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

The lease and the Guaranty expire in January 2019. At February 28, 2014, the Fund's total potential future obligation over the life of the Guaranty is $31,885. The liability remaining at February 28, 2014 for non-recurring charges associated with the lease amounted to $19,971 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at February 28, 2014 is recorded as

a part of other assets in the Statement of Assets and Liabilities at a cost of $3,553.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer 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 28, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution and Service Fees

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 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.

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were

$1,465,123 for Class A, $793 for Class B and $9,910 for Class C shares for the six months ended February 28, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	January 1, 2014 through December 31, 2014			Prior to January 1, 2014
Class A		1.20	%		1.19	%
Class B		1.95			1.94
Class C		1.95			1.94
Class K		1.12			1.11
Class R		1.45			1.44
Class R4		0.95			0.94
Class R5		0.87			0.86
Class Y		0.82			0.81
Class Z		0.95			0.94

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

Note 4. Federal Tax Information

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

At February 28, 2014, the cost of investments for federal income tax purposes was approximately $1,654,086,000 and

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

Unrealized appreciation	$	337,052,000
Unrealized depreciation		(3,304,000	)
Net unrealized appreciation	$	333,748,000

The following capital loss carryforward, determined as of August 31, 2013 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration				Amount
2017				$	57,737,726

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 but including mortgage dollar rolls, aggregated to $1,150,772,846 and $988,017,886, respectively, for the six months ended February 28, 2014, of which $509,623,083 and $495,437,015, respectively, were U.S. government securities.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At February 28, 2014, affiliated shareholder accounts owned 16.1% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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

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) 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 and recognized realized losses of $628,660. The estimates of the amounts recoverable for the notes are based on the current information regarding the claim provided by the bankruptcy court and any amounts received as payments for the claim, which provide an indication of amounts recoverable through the bankruptcy proceedings. To date, the Fund has received $151,177 on this claim. 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 28, 2014, the value of the receivable balances was approximately $3,921, which represented 0.01% 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. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended February 28, 2014.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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.

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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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

Investing involves risk including the risk of loss of principal.

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

Performance Summary

> Columbia Emerging Markets Fund (the Fund) Class A shares returned 11.01% excluding sales charges for the six-month period that ended February 28, 2014.

> The Fund outperformed the MSCI Emerging Markets Index (Net), which returned 4.77% during the same period.

> The MSCI EAFE Index (Net), which tracks performance in more developed foreign markets, rose 15.01% for the same time period.

Average Annual Total Returns (%) (for period ended February 28, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A*	09/28/07
Excluding sales charges			11.01		-2.64		18.28		9.10
Including sales charges			4.60		-8.28		16.87		8.46
Class B*	02/28/13
Excluding sales charges			10.57		-3.34		17.39		8.27
Including sales charges			5.57		-8.18		17.18		8.27
Class C*	09/28/07
Excluding sales charges			10.56		-3.43		17.37		8.27
Including sales charges			9.56		-4.40		17.37		8.27
Class I*	09/27/10		11.32		-2.08		18.70		9.41
Class K*	02/28/13		11.01		-2.49		18.44		9.24
Class R*	09/27/10		10.89		-2.89		17.99		8.81
Class R4*	03/19/13		11.12		-2.40		18.56		9.35
Class R5*	11/08/12		11.19		-2.27		18.59		9.36
Class W*	09/27/10		10.88		-2.66		18.25		9.07
Class Y*	11/08/12		11.37		-2.09		18.64		9.38
Class Z	01/02/98		11.10		-2.40		18.56		9.35
MSCI Emerging Markets Index (Net)			4.77		-6.01		16.88		9.91
MSCI EAFE Index (Net)			15.01		19.28		17.60		6.66

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The MSCI EAFE (Europe, Australasia, Far East) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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

Top Ten Holdings (%) (at February 28, 2014)
Samsung Electronics Co., Ltd. (South Korea)					3.8
Tencent Holdings Ltd. (China)					2.3
Naspers Ltd., Class N (South Africa)					2.0
Grupo Financiero Banorte SAB de CV, Class O (Mexico)					1.8
Metropolitan Bank & Trust Co. (Philippines)					1.6
Cemex SAB de CV, ADR (Mexico)					1.3
NovaTek OAO (Russian Federation)					1.3
Sands China Ltd. (Hong Kong)					1.3
PT Bank Rakyat Indonesia Persero Tbk (Indonesia)					1.3
Mail.ru Group Ltd., GDR (Russian Federation)					1.3

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

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

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

Country Breakdown (%) (at February 28, 2014)
Brazil					6.9
Chile					0.7
China					18.3
Czech Republic					0.5
Hong Kong					2.8
India					8.3
Indonesia					4.0
Malaysia					0.8
Mexico					4.8
Panama					0.4
Peru					1.8
Philippines					3.9
Poland					0.5
Russian Federation					7.5
South Africa					3.8
South Korea					14.9
Taiwan					11.0
Thailand					3.8
Turkey					1.1
United Kingdom					0.6
United States^(a)					3.6
Total					100.0

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

(a) Includes investments in Money Market Funds.

Summary of Investments in Securities by Industry (%) (at February 28, 2014)
Airlines					0.4
Auto Components					0.9
Automobiles					2.9
Beverages					1.1
Chemicals					2.0
Commercial Banks					13.5
Commercial Services & Supplies					0.3
Construction & Engineering					0.6
Construction Materials					2.3
Diversified Financial Services					1.4
Diversified Telecommunication Services					1.0
Electric Utilities					0.8
Electrical Equipment					0.8
Electronic Equipment, Instruments & Components					2.8
Energy Equipment & Services					0.2
Food & Staples Retailing					3.4
Food Products					3.5
Gas Utilities					1.4
Health Care Equipment & Supplies					0.8
Health Care Providers & Services					0.7
Hotels, Restaurants & Leisure					3.4
Household Durables					1.4
Independent Power Producers & Energy Traders					0.6
Industrial Conglomerates					1.0
Insurance					2.1
Internet & Catalog Retail					1.0
Internet Software & Services					7.3
IT Services					3.4
Leisure Equipment & Products					1.2
Life Sciences Tools & Services					0.6
Machinery					1.5
Media					1.9
Metals & Mining					2.2
Multiline Retail					1.5
Office Electronics					0.3
Oil, Gas & Consumable Fuels					5.5
Personal Products					0.3
Pharmaceuticals					2.4
Real Estate Management & Development					0.9
Semiconductors & Semiconductor Equipment					10.1
Software					0.3
Specialty Retail					0.7
Textiles, Apparel & Luxury Goods					1.6
Trading Companies & Distributors					0.7
Transportation Infrastructure					0.8
Water Utilities					0.6
Wireless Telecommunication Services					2.5
Money Market Funds					2.9
Total					99.5

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

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2013 – February 28, 2014

	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		1,110.10		1,016.40		9.00		8.60		1.71
Class B		1,000.00		1,000.00		1,105.70		1,012.72		12.86		12.29		2.45
Class C		1,000.00		1,000.00		1,105.60		1,012.67		12.91		12.34		2.46
Class I		1,000.00		1,000.00		1,113.20		1,019.00		6.27		5.99		1.19
Class K		1,000.00		1,000.00		1,110.10		1,017.55		7.79		7.44		1.48
Class R		1,000.00		1,000.00		1,108.90		1,015.16		10.31		9.85		1.96
Class R4		1,000.00		1,000.00		1,111.20		1,017.55		7.79		7.44		1.48
Class R5		1,000.00		1,000.00		1,111.90		1,018.70		6.58		6.29		1.25
Class W		1,000.00		1,000.00		1,108.80		1,016.60		8.78		8.40		1.67
Class Y		1,000.00		1,000.00		1,113.70		1,018.80		6.48		6.19		1.23
Class Z		1,000.00		1,000.00		1,111.00		1,017.65		7.68		7.34		1.46

Common Stocks 95.4%

Issuer	Shares		Value ($)
Brazil 6.1%
AmBev SA, ADR		2,017,390		14,525,208
BRF SA		350,600		6,417,636
Cielo SA		229,660		6,219,601
Hypermarcas SA		676,900		4,194,629
Intl Meal Comp Holdings SA^(a)		429,000		2,762,725
Itaú Unibanco Holding SA, ADR		491,051		6,540,799
M. Dias Branco SA		101,700		3,552,289
Mills Estruturas e Servicos de Engenharia SA		809,000		8,867,171
Qualicorp SA^(a)		369,600		3,348,035
Raia Drogasil SA		230,800		1,627,092
Ultrapar Participacoes SA		569,700		12,670,799
Vale SA		207,200		2,916,132
Valid Solucoes SA		261,700		3,292,526
Total				76,934,642
Chile 0.7%
SACI Falabella		1,043,559		8,680,487
China 18.2%
58.Com, Inc., ADR^(a)		196,901		9,311,448
Anhui Conch Cement Co., Ltd., Class H		3,641,500		13,334,274
ANTA Sports Products Ltd.		1,969,000		3,049,179
Autohome, Inc., ADR^(a)		60,646		2,498,615
Baidu, Inc., ADR^(a)		29,208		4,992,524
China Mengniu Dairy Co., Ltd.		1,050,000		5,398,719
China Merchants Bank Co., Ltd., Class H		4,461,500		7,856,735
China Merchants Holdings International Co., Ltd.		1,494,000		5,319,090
China Overseas Land & Investment Ltd.		2,896,000		7,804,987
China Pacific Insurance Group Co., Ltd., Class H		2,333,200		8,041,480
China Petroleum & Chemical Corp., Class H		10,204,000		9,032,649
China Vanke Co., Ltd., Class B		2,612,914		3,878,207
Chongqing Changan Automobile Co., Ltd., Class B		1,327,698		2,651,487
CIMC Enric Holdings Ltd.		3,872,000		5,970,724
CNOOC Ltd.		3,030,000		4,960,454
CSPC Pharmaceutical Group Ltd.		6,496,000		5,871,227
ENN Energy Holdings Ltd.		1,824,000		12,930,615
GCL-Poly Energy Holdings Ltd.^(a)		27,030,000		10,201,078
Guangdong Investment Ltd.		7,660,000		8,027,038

Common Stocks (continued)

Issuer	Shares		Value ($)
Huaneng Power International, Inc., Class H		7,960,000		7,124,985
Industrial & Commercial Bank of China Ltd., Class H		19,327,000		11,618,883
Li Ning Co., Ltd.^(a)		5,480,000		4,224,746
Semiconductor Manufacturing International Corp.^(a)		55,351,000		4,787,537
SINA Corp.^(a)		71,589		4,891,676
Sino Biopharmaceutical Ltd.		7,548,000		7,041,731
Sinopec Engineering Group Co. Ltd., Class H		5,008,500		6,264,866
Tencent Holdings Ltd.		353,800		28,408,736
Termbray Petro-King Oilfield Services Ltd.^(a)		4,910,000		2,234,299
Vipshop Holdings Ltd., ADS^(a)		48,566		6,377,687
WuXi PharmaTech (Cayman), Inc. ADR^(a)		187,720		7,219,711
Zhuzhou CSR Times Electric Co., Ltd., Class H		3,036,500		9,654,611
Total				230,979,998
Czech Republic 0.5%
Komercni Banka AS		23,986		5,816,374
Hong Kong 2.8%
Galaxy Entertainment Group Ltd.^(a)		846,000		8,520,928
Sa Sa International Holdings Ltd.		6,136,000		5,713,548
Sands China Ltd.		1,855,200		15,578,484
Towngas China Co., Ltd.		3,982,000		5,111,704
Total				34,924,664
India 8.3%
Apollo Hospitals Enterprise Ltd.		354,222		5,266,998
Eicher Motors Ltd.		62,055		5,146,520
Glenmark Pharmaceuticals Ltd.		614,832		5,658,910
HCL Technologies Ltd.		534,974		13,599,711
HDFC Bank Ltd., ADR		339,341		11,398,464
ICICI Bank Ltd., ADR		237,920		8,488,986
Just Dial Ltd.^(a)		322,124		7,474,558
Lupin Ltd.		714,737		11,480,333
Motherson Sumi Systems Ltd.		3,200,684		11,992,189
Tata Motors Ltd.		1,376,932		9,342,584
Tech Mahindra Ltd.		340,889		10,286,278
TTK Prestige Ltd.		49,108		2,289,557
UPL Ltd.		850,850		2,514,177
Total				104,939,265

Common Stocks (continued)

Issuer	Shares		Value ($)
Indonesia 4.0%
PT Ace Hardware Indonesia Tbk		45,194,000		3,118,969
PT Bank Negara Indonesia Persero Tbk		21,268,000		8,368,296
PT Bank Rakyat Indonesia Persero Tbk		19,361,200		15,527,957
PT Bank Tabungan Pensiunan Nasional Tbk^(a)		9,394,500		3,424,716
PT Jasa Marga Persero Tbk		9,234,800		4,287,552
PT Matahari Department Store Tbk^(a)		4,454,100		5,387,145
PT Nippon Indosari Corpindo Tbk		42,105,000		4,180,061
PT Sumber Alfaria Trijaya Tbk		76,500,000		2,939,013
PT Tower Bersama Infrastructure Tbk^(a)		5,742,500		3,093,067
Total				50,326,776
Malaysia 0.8%
Tenaga Nasional Bhd		2,866,700		10,505,178
Mexico 4.8%
Alfa SAB de CV, Class A		5,225,600		12,598,264
Cemex SAB de CV, ADR		1,247,299		16,314,671
Grupo Financiero Banorte SAB de CV, Class O		3,411,600		22,086,674
Grupo Mexico SAB de CV, Class B		3,042,890		9,316,316
Total				60,315,925
Panama 0.4%
Copa Holdings SA, Class A		35,211		4,769,682
Peru 1.8%
Credicorp Ltd.		113,601		14,756,770
Southern Copper Corp.		273,653		8,349,153
Total				23,105,923
Philippines 3.9%
Bloomberry Resorts Corp.^(a)		15,108,500		3,080,315
GT Capital Holdings, Inc.		668,560		11,987,371
Metropolitan Bank & Trust Co.		10,339,972		19,034,166
Robinsons Retail Holdings, Inc.^(a)		5,143,670		7,703,693
Universal Robina Corp.		2,519,600		7,920,912
Total				49,726,457
Poland 0.5%
Eurocash SA		512,042		6,752,930

Common Stocks (continued)

Issuer	Shares		Value ($)
Russian Federation 7.4%
Gazprom OAO, ADR		1,244,379		9,581,718
Lukoil OAO, ADR		247,925		13,472,245
Magnit OJSC		31,441		7,649,368
Magnit OJSC, GDR^(b)		152,002		8,512,112
Mail.ru Group Ltd., GDR^(b)		363,371		15,406,930
Mobile Telesystems OJSC, ADR		345,255		5,945,291
NovaTek OAO		1,408,937		16,086,205
Sberbank of Russia^(c)		4,395,864		11,129,449
Yandex NV, Class A^(a)		164,777		6,179,138
Total				93,962,456
South Africa 3.7%
AVI Ltd.		1,300,257		6,185,979
Clicks Group Ltd.		1,469,085		7,669,952
Discovery Ltd.		539,646		3,981,100
FirstRand Ltd.		1,686,500		5,351,631
Naspers Ltd., Class N		200,002		24,122,638
Total				47,311,300
South Korea 14.4%
Cheil Industries, Inc.		62,576		4,043,047
CJ O Shopping Co., Ltd.		16,932		6,584,121
Duksan Hi-Metal Co., Ltd.^(a)		421,872		6,954,190
Hotel Shilla Co., Ltd.		170,531		13,336,750
Hyundai Motor Co.		57,539		13,219,662
Kia Motors Corp.		226,171		11,751,006
LG Uplus Corp.		1,291,660		12,659,447
NAVER Corp.		17,084		13,061,642
OCI Co., Ltd.		39,238		7,626,293
Posco ICT Co., Ltd.		496,899		3,485,448
Samchuly Bicycle Co., Ltd.		246,473		4,152,826
Samsung Electronics Co., Ltd.		32,944		41,733,566
Samsung SDI Co., Ltd.		73,768		10,361,503
Seoul Semiconductor Co., Ltd.		134,158		5,784,348
Sindoh Co., Ltd.		57,792		3,387,606
SK Telecom Co., Ltd.		65,285		13,284,558
Suprema, Inc.^(a)		302,478		7,507,693
WeMade Entertainment Co., Ltd.^(a)		91,943		3,925,044
Total				182,858,750

Common Stocks (continued)

Issuer	Shares		Value ($)
Taiwan 10.9%
Airtac International Group		552,210		5,660,663
Cathay Financial Holding Co., Ltd.		7,989,000		11,854,560
CTBC Financial Holding Co., Ltd.		19,612,662		12,688,870
Delta Electronics, Inc.		1,932,000		10,805,706
Eclat Textile Co., Ltd.		534,000		6,828,184
Giga Solar Materials Corp.		295,000		6,408,225
Hermes Microvision, Inc.		332,000		12,411,462
Himax Technologies, Inc., ADR		438,399		6,054,290
MediaTek, Inc.		873,000		12,869,557
Merida Industry Co., Ltd.		1,566,000		10,537,458
Merry Electronics Co., Ltd.		1,476,000		8,214,352
St. Shine Optical Co., Ltd.		352,000		9,829,899
Standard Foods Corp.		841,000		2,450,381
Taiwan Semiconductor Manufacturing Co., Ltd.		4,223,048		15,233,815
Tong Hsing Electronic Industries Ltd.		1,290,000		6,799,713
Total				138,647,135
Thailand 3.8%
Advanced Information Service PCL, Foreign Registered Shares		1,490,500		9,664,040
Kasikornbank PCL, Foreign Registered Shares		2,203,500		11,713,867
PTT Global Chemical PCL, Foreign Registered Shares		5,004,300		11,530,009
Robinson Department Store PCL, Foreign Registered Shares		3,600,900		5,255,643
Sino Thai Engineering & Construction PCL, Foreign Registered Shares		3,167,000		1,577,980
Thai Union Frozen Products PCL, Foreign Registered Shares		4,066,100		8,489,657
Total				48,231,196

Common Stocks (continued)

Issuer	Shares		Value ($)
Turkey 1.1%
Anadolu Hayat Emeklilik AS		1,456,673		3,334,811
Arcelik AS		1,459,013		7,822,329
Turk Traktor ve Ziraat Makineleri AS		82,725		2,095,962
Total				13,253,102
United Kingdom 0.6%
Lonmin PLC^(a)		1,095,329		5,528,231
Randgold Resources Ltd.		29,451		2,341,088
Total				7,869,319
United States 0.7%
Cognizant Technology Solutions Corp., Class A^(a)		83,240		8,661,954
Total Common Stocks (Cost: $1,050,530,799)				1,208,573,513

Preferred Stocks 1.2%

Brazil 0.8%
Alpargatas SA	1,051,600	5,754,143
Petroleo Brasileiro SA	667,900	3,871,100
Total		9,625,243
South Korea 0.4%
Samsung Electronics Co., Ltd.	5,277	5,259,269
Total Preferred Stocks (Cost: $12,632,669)		14,884,512

Money Market Funds 2.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.098%^(d)(e)		36,737,948		36,737,948
Total Money Market Funds (Cost: $36,737,948)				36,737,948
Total Investments (Cost: $1,099,901,416)				1,260,195,973
Other Assets & Liabilities, Net				6,740,657
Net Assets				1,266,936,630

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2014, the value of these securities amounted to $11,129,449, which represents 0.88% of net assets.

(d) The rate shown is the seven-day current annualized yield at February 28, 2014.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended February 28, 2014, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					16,536,242				252,942,662				(232,740,956	)			36,737,948				11,074				36,737,948

Abbreviation Legend

ADR American Depositary Receipt

ADS American Depositary Share

GDR Global Depositary Receipt

Fair Value Measurements

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

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		17,820,900		186,774,100		—		204,595,000
Consumer Staples		30,316,854		75,852,777		—		106,169,631
Energy		26,143,043		41,895,326		—		68,038,369
Financials		63,271,693		163,413,459		—		226,685,152
Health Care		10,567,746		45,149,098		—		55,716,844
Industrials		29,527,643		45,977,969		—		75,505,612
Information Technology		48,809,247		250,894,345		—		299,703,592
Materials		36,896,271		46,917,119		—		83,813,390
Telecommunication Services		5,945,291		38,701,112		—		44,646,403
Utilities		—		43,699,520		—		43,699,520
Preferred Stocks
Consumer Discretionary		5,754,143		—		—		5,754,143
Energy		3,871,100		—		—		3,871,100
Information Technology		—		5,259,269		—		5,259,269
Total Equity Securities		278,923,931		944,534,094		—		1,223,458,025
Mutual Funds
Money Market Funds		36,737,948		—		—		36,737,948
Total Mutual Funds		36,737,948		—		—		36,737,948
Total		315,661,879		944,534,094		—		1,260,195,973

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

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,063,163,468)	$	1,223,458,025
Affiliated issuers (identified cost $36,737,948)		36,737,948
Total investments (identified cost $1,099,901,416)		1,260,195,973
Foreign currency (identified cost $1,358,791)		1,358,791
Receivable for:
Investments sold		3,553,191
Capital shares sold		10,758,669
Dividends		1,887,402
Reclaims		82,588
Prepaid expenses		12,135
Trustees' deferred compensation plan		34,220
Other assets		73,919
Total assets		1,277,956,888
Liabilities
Payable for:
Investments purchased		8,959,398
Capital shares purchased		1,523,077
Investment management fees		34,803
Distribution and/or service fees		3,146
Transfer agent fees		165,134
Administration fees		2,638
Plan administration fees		63
Compensation of board members		15,594
Chief compliance officer expenses		58
Other expenses		273,623
Trustees' deferred compensation plan		34,220
Other liabilities		8,504
Total liabilities		11,020,258
Net assets applicable to outstanding capital stock	$	1,266,936,630
Represented by
Paid-in capital	$	1,136,397,948
Excess of distributions over net investment income		(2,814,515	)
Accumulated net realized loss		(26,942,810	)
Unrealized appreciation (depreciation) on:
Investments		160,294,557
Foreign currency translations		1,450
Total — representing net assets applicable to outstanding capital stock	$	1,266,936,630

Class A
Net assets	$	309,866,292
Shares outstanding		30,622,888
Net asset value per share	$	10.12
Maximum offering price per share^(a)	$	10.74
Class B
Net assets	$	7,574,950
Shares outstanding		770,827
Net asset value per share	$	9.83
Class C
Net assets	$	26,542,487
Shares outstanding		2,696,774
Net asset value per share	$	9.84
Class I
Net assets	$	204,696,572
Shares outstanding		20,094,924
Net asset value per share	$	10.19
Class K
Net assets	$	289,048
Shares outstanding		28,492
Net asset value per share	$	10.14
Class R
Net assets	$	7,117,874
Shares outstanding		706,158
Net asset value per share	$	10.08
Class R4
Net assets	$	215,250
Shares outstanding		21,039
Net asset value per share	$	10.23
Class R5
Net assets	$	2,545,402
Shares outstanding		249,714
Net asset value per share	$	10.19
Class W
Net assets	$	167,586
Shares outstanding		16,573
Net asset value per share	$	10.11
Class Y
Net assets	$	3,397,385
Shares outstanding		332,218
Net asset value per share	$	10.23
Class Z
Net assets	$	704,523,784
Shares outstanding		69,321,563
Net asset value per share	$	10.16

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

Net investment income
Income:
Dividends — unaffiliated issuers	$	7,975,653
Dividends — affiliated issuers		11,074
Foreign taxes withheld		(806,195	)
Total income		7,180,532
Expenses:
Investment management fees		6,553,121
Distribution and/or service fees
Class A		396,114
Class B		42,765
Class C		128,935
Class R		16,751
Class W		35,750
Transfer agent fees
Class A		418,282
Class B		11,277
Class C		34,059
Class K		107
Class R		8,850
Class R4		157
Class R5		507
Class W		37,199
Class Z		933,574
Administration fees		499,227
Plan administration fees
Class K		535
Compensation of board members		23,979
Custodian fees		280,402
Printing and postage fees		78,558
Registration fees		117,393
Professional fees		62,665
Line of credit interest expense		1,048
Chief compliance officer expenses		367
Other		140,702
Total expenses		9,822,324
Net investment loss		(2,641,792	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(7,765,118	)
Foreign currency translations		(903,735	)
Net realized loss		(8,668,853	)
Net change in unrealized appreciation (depreciation) on:
Investments		144,456,716
Foreign currency translations		29,521
Net change in unrealized appreciation (depreciation)		144,486,237
Net realized and unrealized gain		135,817,384
Net increase in net assets resulting from operations	$	133,175,592

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)(b)(c)
Operations
Net investment income (loss)	$	(2,641,792	)	$	7,659,031
Net realized loss		(8,668,853	)		(6,799,019	)
Net change in unrealized appreciation (depreciation)		144,486,237			(92,710,650	)
Net increase (decrease) in net assets resulting from operations		133,175,592			(91,850,638	)
Distributions to shareholders
Net investment income
Class A		(485,758	)		(52,693	)
Class C		—			(4,710	)
Class I		(1,306,561	)		(1,395,035	)
Class K		(1,567	)		—
Class R		—			(1,660	)
Class R4		(592	)		—
Class R5		(12,369	)		(15	)
Class W		(43,241	)		(147,818	)
Class Y		(19,594	)		(16	)
Class Z		(2,600,357	)		(1,091,744	)
Total distributions to shareholders		(4,470,039	)		(2,693,691	)
Increase (decrease) in net assets from capital stock activity		(65,681,992	)		838,326,071
Total increase in net assets		63,023,561			743,781,742
Net assets at beginning of period		1,203,913,069			460,131,327
Net assets at end of period	$	1,266,936,630		$	1,203,913,069
Undistributed (excess of distributions over) net investment income	$	(2,814,515	)	$	4,297,316

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to August 31, 2013.

(b) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to August 31, 2013.

(c) Class R5 shares and Class Y shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)(b)(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(d)		1,882,200			18,746,712			2,636,881			26,583,598
Fund merger		—			—			32,834,274			343,952,533
Distributions reinvested		47,467			474,197			4,600			47,103
Redemptions		(4,222,549	)		(41,800,958	)		(3,791,329	)		(37,797,872	)
Net increase (decrease)		(2,292,882	)		(22,580,049	)		31,684,426			332,785,362
Class B shares
Subscriptions		13,304			128,902			23,449			233,508
Fund merger		—			—			1,298,485			13,280,157
Redemptions^(d)		(222,621	)		(2,157,471	)		(341,790	)		(3,267,161	)
Net increase (decrease)		(209,317	)		(2,028,569	)		980,144			10,246,504
Class C shares
Subscriptions		393,993			3,811,265			474,898			4,689,298
Fund merger		—			—			2,350,220			24,070,065
Distributions reinvested		—			—			434			4,355
Redemptions		(365,670	)		(3,531,578	)		(474,174	)		(4,602,908	)
Net increase		28,323			279,687			2,351,378			24,160,810
Class I shares
Subscriptions		2,531,526			25,533,143			535,621			5,294,155
Fund merger		—			—			1,255			13,231
Distributions reinvested		129,997			1,306,471			135,571			1,395,022
Redemptions		(2,645,244	)		(26,488,969	)		(6,842,882	)		(67,045,926	)
Net increase (decrease)		16,279			350,645			(6,170,435	)		(60,343,518	)
Class K shares
Subscriptions		30			299			267			2,768
Fund merger		—			—			56,204			589,942
Distributions reinvested		155			1,558			—			—
Redemptions		(26,932	)		(264,742	)		(1,232	)		(12,270	)
Net increase (decrease)		(26,747	)		(262,885	)		55,239			580,440
Class R shares
Subscriptions		200,893			1,983,831			180,415			1,796,815
Fund merger		—			—			604,088			6,305,185
Distributions reinvested		—			—			162			1,653
Redemptions		(139,360	)		(1,375,833	)		(194,289	)		(1,947,977	)
Net increase		61,533			607,998			590,376			6,155,676

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)(b)(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R4 shares
Subscriptions		17,960			182,201			4,043			41,531
Distributions reinvested		58			583			—			—
Redemptions		(1,022	)		(10,215	)		—			—
Net increase		16,996			172,569			4,043			41,531
Class R5 shares
Subscriptions		117,615			1,183,951			157,427			1,641,613
Fund merger		—			—			7,415			78,238
Distributions reinvested		1,225			12,327			—			—
Redemptions		(18,866	)		(189,843	)		(15,102	)		(150,186	)
Net increase		99,974			1,006,435			149,740			1,569,665
Class W shares
Subscriptions		457,495			4,599,843			1,198,209			11,876,193
Fund merger		—			—			2,037			21,335
Distributions reinvested		4,328			43,235			14,449			147,809
Redemptions		(3,888,461	)		(37,761,595	)		(1,239,286	)		(12,558,608	)
Net decrease		(3,426,638	)		(33,118,517	)		(24,591	)		(513,271	)
Class Y shares
Subscriptions		318,121			3,288,642			77,955			746,157
Distributions reinvested		1,940			19,578			—			—
Redemptions		(38,139	)		(379,513	)		(27,659	)		(268,119	)
Net increase		281,922			2,928,707			50,296			478,038
Class Z shares
Subscriptions		19,569,568			194,204,359			60,811,078			617,216,504
Fund merger		—			—			294,617			3,095,702
Distributions reinvested		36,241			363,498			64,663			664,735
Redemptions		(20,669,923	)		(207,605,870	)		(9,939,321	)		(97,812,107	)
Net increase (decrease)		(1,064,114	)		(13,038,013	)		51,231,037			523,164,834
Total net increase (decrease)		(6,514,671	)		(65,681,992	)		80,901,653			838,326,071

(a) Class B shares and Class K shares are for the period from February 28, 2013 (commencement of operations) to August 31, 2013.

(b) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to August 31, 2013.

(c) Class R5 shares and Class Y shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class A	(Unaudited)			2013			2012^(a)			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.13		$	9.08		$	10.01		$	11.48		$	11.27		$	6.42		$	14.96
Income from investment operations:
Net investment income (loss)		(0.03	)		0.14			0.05			0.05			0.01			(0.01	)		0.07
Net realized and unrealized gain (loss)		1.04			(0.05	)		(0.55	)		(0.95	)		1.75			5.00			(6.36	)
Total from investment operations		1.01			0.09			(0.50	)		(0.90	)		1.76			4.99			(6.29	)
Less distributions to shareholders:
Net investment income		(0.02	)		(0.04	)		—			—			(0.09	)		(0.14	)		—
Net realized gains		—			—			(0.43	)		(0.57	)		(1.46	)		—			(2.26	)
Total distributions to shareholders		(0.02	)		(0.04	)		(0.43	)		(0.57	)		(1.55	)		(0.14	)		(2.26	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(b)		0.01
Net asset value, end of period	$	10.12		$	9.13		$	9.08		$	10.01		$	11.48		$	11.27		$	6.42
Total return		11.01	%		0.98	%		(4.80	%)		(8.06	%)		16.74	%		78.17	%		(49.44	%)
Ratios to average net assets^(c)
Total gross expenses		1.71	%^(d)(e)		1.76	%		2.08	%^(d)		2.08	%^(e)		1.96	%^(e)		1.77	%^(e)		2.14	%^(f)
Total net expenses^(g)		1.71	%^(d)(e)		1.75	%^(h)		1.92	%^(d)(h)		1.87	%^(e)(h)		1.65	%^(e)(h)		1.74	%^(e)(h)		1.96	%^(f)(h)
Net investment income (loss)		(0.60	%)^(d)		1.42	%		1.41	%^(d)		0.54	%		0.07	%		(0.12	%)		0.71	%
Supplemental data
Net assets, end of period (in thousands)	$	309,866		$	300,601		$	11,177		$	12,260		$	12,388		$	6,362		$	917
Portfolio turnover		35	%		81	%		35	%		117	%		78	%		74	%		82	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

(f) Ratios include line of credit interest expense. If line of credit interest expense had been excluded, expenses would have been lower by 0.01% for the year ended March 31, 2009.

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

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

Class B	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	8.89		$	10.17
Income from investment operations:
Net investment income (loss)		(0.07	)		0.04
Net realized and unrealized gain (loss)		1.01			(1.32	)
Total from investment operations		0.94			(1.28	)
Net asset value, end of period	$	9.83		$	8.89
Total return		10.57	%		(12.59	%)
Ratios to average net assets^(b)
Total gross expenses		2.45	%^(c)(d)		2.49	%^(c)
Total net expenses^(e)		2.45	%^(c)(d)		2.49	%^(c)(f)
Net investment income (loss)		(1.35	%)^(c)		0.81	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	7,575		$	8,713
Portfolio turnover		35	%		81	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to August 31, 2013.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class C	(Unaudited)			2013			2012^(a)			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.90		$	8.89		$	9.84		$	11.39		$	11.21		$	6.36		$	14.94
Income from investment operations:
Net investment income (loss)		(0.06	)		0.05			0.02			(0.03	)		(0.07	)		(0.09	)		0.00	^(b)
Net realized and unrealized gain (loss)		1.00			(0.03	)		(0.54	)		(0.95	)		1.73			4.97			(6.33	)
Total from investment operations		0.94			0.02			(0.52	)		(0.98	)		1.66			4.88			(6.33	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		—			—			(0.02	)		(0.03	)		—
Net realized gains		—			—			(0.43	)		(0.57	)		(1.46	)		—			(2.26	)
Total distributions to shareholders		—			(0.01	)		(0.43	)		(0.57	)		(1.48	)		(0.03	)		(2.26	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(b)		0.01
Net asset value, end of period	$	9.84		$	8.90		$	8.89		$	9.84		$	11.39		$	11.21		$	6.36
Total return		10.56	%		0.26	%		(5.09	%)		(8.86	%)		15.92	%		76.73	%		(49.82	%)
Ratios to average net assets^(c)
Total gross expenses		2.46	%^(d)(e)		2.53	%		2.83	%^(d)		2.83	%^(e)		2.71	%^(e)		2.52	%^(e)		2.89	%^(f)
Total net expenses^(g)		2.46	%^(d)(e)		2.50	%^(h)		2.67	%^(d)(h)		2.62	%^(e)(h)		2.40	%^(e)(h)		2.49	%^(e)(h)		2.71	%^(f)(h)
Net investment income (loss)		(1.34	%)^(d)		0.49	%		0.65	%^(d)		(0.27	%)		(0.62	%)		(0.86	%)		(0.01	%)
Supplemental data
Net assets, end of period (in thousands)	$	26,542		$	23,756		$	2,820		$	2,879		$	2,100		$	1,540		$	242
Portfolio turnover		35	%		81	%		35	%		117	%		78	%		74	%		82	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

(f) Ratios include line of credit interest expense. If line of credit interest expense had been excluded, expenses would have been lower by 0.01% for the year ended March 31, 2009.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class I	(Unaudited)			2013			2012^(a)			2012			2011^(b)
Per share data
Net asset value, beginning of period	$	9.21		$	9.13		$	10.04		$	11.48		$	11.71
Income from investment operations:
Net investment income (loss)		(0.00	)^(c)		0.08			0.07			0.06			(0.01	)
Net realized and unrealized gain (loss)		1.04			0.06	^(d)		(0.55	)		(0.93	)		0.88
Total from investment operations		1.04			0.14			(0.48	)		(0.87	)		0.87
Less distributions to shareholders:
Net investment income		(0.06	)		(0.06	)		—			—			(0.10	)
Net realized gains		—			—			(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		(0.06	)		(0.06	)		(0.43	)		(0.57	)		(1.10	)
Net asset value, end of period	$	10.19		$	9.21		$	9.13		$	10.04		$	11.48
Total return		11.32	%		1.47	%		(4.58	%)		(7.79	%)		7.75	%
Ratios to average net assets^(e)
Total gross expenses		1.19	%^(f)(g)		1.37	%		1.53	%^(f)		1.56	%^(g)		1.59	%^(f)(g)
Total net expenses^(h)		1.19	%^(f)(g)		1.29	%		1.48	%^(f)		1.51	%^(g)		1.33	%^(f)(g)
Net investment income (loss)		(0.08	%)^(f)		0.75	%		1.86	%^(f)		0.65	%		(0.09	%)^(f)
Supplemental data
Net assets, end of period (in thousands)	$	204,697		$	184,937		$	239,618		$	214,524		$	104,595
Portfolio turnover		35	%		81	%		35	%		117	%		78	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

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

(f) Annualized.

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

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

Class K	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	9.17		$	10.44
Income from investment operations:
Net investment income (loss)		(0.02	)		0.11
Net realized and unrealized gain (loss)		1.03			(1.38	)
Total from investment operations		1.01			(1.27	)
Less distributions to shareholders:
Net investment income		(0.04	)		—
Total distributions to shareholders		(0.04	)		—
Net asset value, end of period	$	10.14		$	9.17
Total return		11.01	%		(12.16	%)
Ratios to average net assets^(b)
Total gross expenses		1.48	%^(c)(d)		1.51	%^(c)
Total net expenses^(e)		1.48	%^(c)(d)		1.51	%^(c)
Net investment income (loss)		(0.38	%)^(c)		2.21	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	289		$	506
Portfolio turnover		35	%		81	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class R	(Unaudited)			2013			2012^(a)			2012			2011^(b)
Per share data
Net asset value, beginning of period	$	9.09		$	9.06		$	9.99		$	11.49		$	11.70
Income from investment operations:
Net investment income (loss)		(0.04	)		0.11			0.04			(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		1.03			(0.05	)		(0.54	)		(0.87	)		0.91
Total from investment operations		0.99			0.06			(0.50	)		(0.93	)		0.85
Less distributions to shareholders:
Net investment income		—			(0.03	)		—			—			(0.06	)
Net realized gains		—			—			(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		—			(0.03	)		(0.43	)		(0.57	)		(1.06	)
Net asset value, end of period	$	10.08		$	9.09		$	9.06		$	9.99		$	11.49
Total return		10.89	%		0.67	%		(4.81	%)		(8.32	%)		7.50	%
Ratios to average net assets^(c)
Total gross expenses		1.96	%^(d)(e)		2.02	%		2.33	%^(d)		2.37	%^(e)		2.21	%^(d)(e)
Total net expenses^(f)		1.96	%^(d)(e)		2.00	%^(g)		2.17	%^(d)(g)		2.20	%^(e)(g)		1.91	%^(d)(e)(g)
Net investment income (loss)		(0.84	%)^(d)		1.09	%		1.15	%^(d)		(0.58	%)		(0.97	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	7,118		$	5,863		$	491		$	514		$	2
Portfolio turnover		35	%		81	%		35	%		117	%		78	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

(d) Annualized.

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

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

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

Class R4	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	9.24		$	10.42
Income from investment operations:
Net investment income (loss)		(0.01	)		0.06
Net realized and unrealized gain (loss)		1.04			(1.24	)
Total from investment operations		1.03			(1.18	)
Less distributions to shareholders:
Net investment income		(0.04	)		—
Total distributions to shareholders		(0.04	)		—
Net asset value, end of period	$	10.23		$	9.24
Total return		11.12	%		(11.32	%)
Ratios to average net assets^(b)
Total gross expenses		1.48	%^(c)(d)		1.54	%^(c)
Total net expenses^(e)		1.48	%^(c)(d)		1.53	%^(c)(f)
Net investment income (loss)		(0.28	%)^(c)		1.31	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	215		$	37
Portfolio turnover		35	%		81	%

Notes to Financial Highlights

(a) For the period from March 19, 2013 (commencement of operations) to August 31, 2013.

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

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

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

Class R5	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	9.22		$	9.72
Income from investment operations:
Net investment income (loss)		(0.01	)		0.13
Net realized and unrealized gain (loss)		1.04			(0.57	)
Total from investment operations		1.03			(0.44	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.06	)
Total distributions to shareholders		(0.06	)		(0.06	)
Net asset value, end of period	$	10.19		$	9.22
Total return		11.19	%		(4.60	%)
Ratios to average net assets^(b)
Total gross expenses		1.25	%^(c)(d)		1.32	%^(c)
Total net expenses^(e)		1.25	%^(c)(d)		1.29	%^(c)
Net investment income (loss)		(0.12	%)^(c)		1.65	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,545		$	1,381
Portfolio turnover		35	%		81	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class W	(Unaudited)			2013			2012^(a)			2012			2011^(b)
Per share data
Net asset value, beginning of period	$	9.13		$	9.07		$	10.00		$	11.48		$	11.70
Income from investment operations:
Net investment income (loss)		(0.03	)		0.02			0.05			0.07			(0.02	)
Net realized and unrealized gain (loss)		1.02			0.08	^(c)		(0.55	)		(0.98	)		0.88
Total from investment operations		0.99			0.10			(0.50	)		(0.91	)		0.86
Less distributions to shareholders:
Net investment income		(0.01	)		(0.04	)		—			—			(0.08	)
Net realized gains		—			—			(0.43	)		(0.57	)		(1.00	)
Total distributions to shareholders		(0.01	)		(0.04	)		(0.43	)		(0.57	)		(1.08	)
Net asset value, end of period	$	10.11		$	9.13		$	9.07		$	10.00		$	11.48
Total return		10.88	%		1.09	%		(4.81	%)		(8.15	%)		7.61	%
Ratios to average net assets^(d)
Total gross expenses		1.67	%^(e)(f)		1.91	%		2.09	%^(e)		2.09	%^(f)		1.95	%^(e)(f)
Total net expenses^(g)		1.67	%^(e)(f)		1.77	%^(h)		1.92	%^(e)(h)		1.85	%^(f)(h)		1.65	%^(e)(f)(h)
Net investment income (loss)		(0.68	%)^(e)		0.25	%		1.41	%^(e)		0.73	%		(0.41	%)^(e)
Supplemental data
Net assets, end of period (in thousands)	$	168		$	31,426		$	31,470		$	30,863		$	50,623
Portfolio turnover		35	%		81	%		35	%		117	%		78	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to March 31, 2011.

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

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

(e) Annualized.

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

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

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

Class Y	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	9.24		$	9.74
Income from investment operations:
Net investment income		(0.00	)^(b)		0.09
Net realized and unrealized gain (loss)		1.05			(0.53	)
Total from investment operations		1.05			(0.44	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.06	)
Total distributions to shareholders		(0.06	)		(0.06	)
Net asset value, end of period	$	10.23		$	9.24
Total return		11.37	%		(4.57	%)
Ratios to average net assets^(c)
Total gross expenses		1.23	%^(d)(e)		1.31	%^(d)
Total net expenses^(f)		1.23	%^(d)(e)		1.31	%^(d)
Net investment income		(0.07	%)^(d)		1.16	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	3,397		$	465
Portfolio turnover		35	%		81	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

(b) Rounds to zero.

(d) Annualized.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended March 31,
Class Z	(Unaudited)			2013			2012^(a)			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.18		$	9.11		$	10.03		$	11.49		$	11.26		$	6.42		$	14.94
Income from investment operations:
Net investment income (loss)		(0.02	)		0.09			0.06			0.09			0.06			0.05			0.11
Net realized and unrealized gain (loss)		1.04			0.03	^(b)		(0.55	)		(0.98	)		1.74			4.97			(6.38	)
Total from investment operations		1.02			0.12			(0.49	)		(0.89	)		1.80			5.02			(6.27	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.05	)		—			—			(0.11	)		(0.18	)		—
Net realized gains		—			—			(0.43	)		(0.57	)		(1.46	)		—			(2.26	)
Total distributions to shareholders		(0.04	)		(0.05	)		(0.43	)		(0.57	)		(1.57	)		(0.18	)		(2.26	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			—			0.00	^(c)		0.01
Net asset value, end of period	$	10.16		$	9.18		$	9.11		$	10.03		$	11.49		$	11.26		$	6.42
Total return		11.10	%		1.29	%		(4.69	%)		(7.96	%)		17.16	%		78.84	%		(49.37	%)
Ratios to average net assets^(d)
Total gross expenses		1.46	%^(e)(f)		1.60	%		1.83	%^(e)		1.83	%^(f)		1.71	%^(f)		1.52	%^(f)		1.89	%^(g)
Total net expenses^(h)		1.46	%^(e)(f)		1.52	%⁽ⁱ⁾		1.67	%^(e)(i)		1.61	%^(f)(i)		1.40	%^(f)(i)		1.49	%^(f)(i)		1.71	%^(g)(i)
Net investment income (loss)		(0.36	%)^(e)		0.94	%		1.65	%^(e)		0.87	%		0.52	%		0.47	%		1.01	%
Supplemental data
Net assets, end of period (in thousands)	$	704,524		$	646,228		$	174,554		$	206,451		$	326,675		$	396,849		$	237,412
Portfolio turnover		35	%		81	%		35	%		117	%		78	%		74	%		82	%

Notes to Financial Highlights

(a) For the period from April 1, 2012 to August 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to August 31.

(e) Annualized.

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

(g) Ratios include line of credit interest expense. If line of credit interest expense had been excluded, expenses would have been lower by 0.01% for the year ended March 31, 2009.

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

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

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

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

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

Foreign Currency Transactions and Translations

fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

Income Recognition

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

Federal Income Tax Status

Foreign Taxes

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

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and 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 investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 1.10% to 0.66% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended February 28, 2014 was 1.01% of the Fund's average daily net assets.

The Investment Manager has entered into a personnel-sharing arrangement with its affiliate, Threadneedle Investments (Threadneedle). Threadneedle, like the Investment Manager, is a wholly-owned subsidiary of Ameriprise Financial and is an SEC-registered investment adviser. Pursuant to this

arrangement, certain employees of Threadneedle serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), may provide research and related services, and discretionary investment management services (including acting as portfolio managers) to the Fund on behalf of the Investment Manager.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.06% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 28, 2014 was 0.08% of the Fund's average daily net assets.

Compensation of Board Members

Compensation of Chief Compliance Officer

Transfer Agent Fees

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

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

For the six months ended February 28, 2014, 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	0.26	%
Class B	0.26
Class C	0.26
Class K	0.05
Class R	0.26
Class R4	0.27
Class R5	0.05
Class W	0.26
Class Z	0.26

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

The lease and the Guaranty expire in January 2019. At February 28, 2014, the Fund's total potential future obligation over the life of the Guaranty is $71,619. The liability remaining at February 28, 2014 for non-recurring charges associated with the lease amounted to $42,370 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

Plan Administration Fees

Distribution and Service Fees

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

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $156,504 for Class A, $2,101 for Class B and $1,145 for Class C shares for the six months ended February 28, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges

from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

	Fee Rates Contractual through December 31, 2014
Class A		1.78	%
Class B		2.53
Class C		2.53
Class I		1.33
Class K		1.63
Class R		2.03
Class R4		1.53
Class R5		1.38
Class W		1.78
Class Y		1.33
Class Z		1.53

Note 4. Federal Tax Information

At February 28, 2014, the cost of investments for federal income tax purposes was approximately $1,099,901,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	199,950,000
Unrealized depreciation		(39,655,000	)
Net unrealized appreciation	$	160,295,000

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $16,184,894 at August 31, 2013 as arising on September 1, 2013.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $442,444,806 and $521,516,609, respectively, for the six months ended February 28, 2014.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At February 28, 2014, one unaffiliated shareholder account owned 48.4% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 22.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Effective December 10, 2013, 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 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

For the six months ended February 28, 2014, the average daily loan balance outstanding on days when borrowing existed was $6,480,000 at a weighted average interest rate of 1.16%. Interest expense incurred by the Fund is recorded as line of credit interest expense in the Statement of Operations.

Note 9. Fund Merger

At the close of business on March 15, 2013, the Fund acquired the assets and assumed the identified liabilities of Columbia Emerging Markets Opportunity Fund, a series of Columbia Fund Series Trust II (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved a plan of reorganization on February 27, 2013. 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 $608,114,120 and the combined net assets immediately after the acquisition were $999,520,508.

The merger was accomplished by a tax-free exchange of 49,244,644 shares of the acquired fund valued at $391,406,388 (including $26,662,659 of unrealized appreciation).

In exchange for the acquired fund's shares, the Fund issued the following number of shares:

	Shares
Class A		32,834,274
Class B		1,298,485
Class C		2,350,220
Class I		1,255
Class K		56,204
Class R		604,088
Class R5		7,415
Class W		2,037
Class Z		294,617

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

The financial statements reflect the operations of the Fund for the period prior to the 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 the acquired 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, 2012, the Fund's pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net decrease in net assets from operations for the year ended August 31, 2013 would have been approximately $6.4 million, $49.3 million, $(103.1) million and $(47.4) million, respectively.

Note 10. Significant Risks

Foreign Securities Risk

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

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

Information Technology Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

Performance Summary

> Columbia Contrarian Core Fund (the Fund) Class A shares returned 14.11% excluding sales charges for the six month period ended February 28, 2014.

> The Fund underperformed its benchmark, the Russell 1000 Index, which returned 15.67% for the same time period.

Average Annual Total Returns (%) (for period ended February 28, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	11/01/98
Excluding sales charges			14.11		26.24		23.98		9.16
Including sales charges			7.54		18.95		22.51		8.51
Class B	11/01/98
Excluding sales charges			13.62		25.27		23.05		8.33
Including sales charges			8.62		20.27		22.87		8.33
Class C	12/09/02
Excluding sales charges			13.66		25.29		23.06		8.34
Including sales charges			12.66		24.29		23.06		8.34
Class I*	09/27/10		14.31		26.74		24.45		9.49
Class K*	03/07/11		14.11		26.38		24.13		9.27
Class R*	09/27/10		13.95		25.92		23.71		8.90
Class R4*	11/08/12		14.19		26.51		24.31		9.43
Class R5*	11/08/12		14.28		26.75		24.36		9.45
Class T	02/12/93
Excluding sales charges			14.00		26.14		23.90		9.10
Including sales charges			7.44		18.88		22.45		8.45
Class W*	09/27/10		14.06		26.17		24.00		9.15
Class Y*	11/08/12		14.33		26.80		24.38		9.45
Class Z	12/14/92		14.23		26.50		24.30		9.42
Russell 1000 Index			15.67		26.34		23.63		7.58

Returns for Class A and T are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.

Top Ten Holdings (%) (at February 28, 2014)
Apple, Inc.					3.7
JPMorgan Chase & Co.					3.5
Google, Inc., Class A					3.4
Citigroup, Inc.					3.2
Procter & Gamble Co. (The)					3.0
Johnson & Johnson					2.5
Philip Morris International, Inc.					2.5
Honeywell International, Inc.					2.3
eBay, Inc.					2.3
Verizon Communications, Inc.					2.2

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

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

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

Portfolio Breakdown (%) (at February 28, 2014)
Common Stocks					98.1
Consumer Discretionary					11.7
Consumer Staples					11.4
Energy					9.3
Financials					16.7
Health Care					13.8
Industrials					10.7
Information Technology					21.0
Materials					1.2
Telecommunication Services					2.3
Money Market Funds					1.9
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2013 – February 28, 2014

	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		1,141.10		1,019.40		5.93		5.59		1.11
Class B		1,000.00		1,000.00		1,136.20		1,015.66		9.91		9.35		1.86
Class C		1,000.00		1,000.00		1,136.60		1,015.66		9.91		9.35		1.86
Class I		1,000.00		1,000.00		1,143.10		1,021.54		3.63		3.43		0.68
Class K		1,000.00		1,000.00		1,141.10		1,020.04		5.23		4.94		0.98
Class R		1,000.00		1,000.00		1,139.50		1,018.15		7.25		6.84		1.36
Class R4		1,000.00		1,000.00		1,141.90		1,020.64		4.59		4.33		0.86
Class R5		1,000.00		1,000.00		1,142.80		1,021.29		3.90		3.68		0.73
Class T		1,000.00		1,000.00		1,140.00		1,019.15		6.19		5.84		1.16
Class W		1,000.00		1,000.00		1,140.60		1,019.40		5.92		5.59		1.11
Class Y		1,000.00		1,000.00		1,143.30		1,021.49		3.69		3.48		0.69
Class Z		1,000.00		1,000.00		1,142.30		1,020.64		4.59		4.33		0.86

Common Stocks 98.4%

Issuer	Shares		Value ($)
Consumer Discretionary 11.7%
Auto Components 1.6%
Delphi Automotive PLC		983,023		65,439,841
Hotels, Restaurants & Leisure 2.4%
ARAMARK Holdings Corp.		849,755		23,929,101
Wynn Resorts Ltd.		149,642		36,286,688
Yum! Brands, Inc.		483,500		35,817,680
Total				96,033,469
Media 6.0%
Comcast Corp., Class A		1,429,208		73,875,762
DIRECTV^(a)		618,331		47,982,486
Discovery Communications, Inc., Class A^(a)		497,535		41,454,616
Viacom, Inc., Class B		959,933		84,214,922
Total				247,527,786
Specialty Retail 1.7%
Dick's Sporting Goods, Inc.		295,800		15,875,586
Lowe's Companies, Inc.		605,319		30,284,110
Tiffany & Co.		116,452		10,859,149
Ulta Salon Cosmetics & Fragrance, Inc.^(a)		152,992		13,721,852
Total				70,740,697
Total Consumer Discretionary				479,741,793
Consumer Staples 11.5%
Beverages 2.8%
Diageo PLC, ADR		329,642		41,439,296
PepsiCo, Inc.		920,465		73,701,632
Total				115,140,928
Food & Staples Retailing 3.3%
CVS Caremark Corp.		1,146,097		83,825,535
Walgreen Co.		742,009		50,419,511
Total				134,245,046
Household Products 3.0%
Procter & Gamble Co. (The)		1,547,592		121,733,587
Tobacco 2.4%
Philip Morris International, Inc.		1,229,506		99,479,331
Total Consumer Staples				470,598,892

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 9.3%
Energy Equipment & Services 2.5%
Cameron International Corp. (a)		556,570		35,653,874
Halliburton Co.		1,162,778		66,278,346
Total				101,932,220
Oil, Gas & Consumable Fuels 6.8%
Canadian Natural Resources Ltd.		1,184,230		43,366,503
Chevron Corp.		721,878		83,254,190
ConocoPhillips		293,511		19,518,482
Exxon Mobil Corp.		382,764		36,848,690
Kinder Morgan, Inc.		1,384,744		44,104,096
Newfield Exploration Co. (a)		551,715		15,552,846
Noble Energy, Inc.		546,537		37,579,884
Total				280,224,691
Total Energy				382,156,911
Financials 16.7%
Capital Markets 2.3%
BlackRock, Inc.		145,949		44,491,093
Invesco Ltd.		335,337		11,502,059
State Street Corp.		553,849		36,371,264
Total				92,364,416
Commercial Banks 2.0%
Wells Fargo & Co.		1,746,928		81,092,398
Diversified Financial Services 10.3%
Bank of America Corp.		4,381,309		72,423,038
Berkshire Hathaway, Inc., Class B (a)		714,813		82,761,049
Citigroup, Inc.		2,642,426		128,501,176
JPMorgan Chase & Co.		2,476,418		140,710,071
Total				424,395,334
Insurance 1.4%
Aon PLC		674,642		57,749,355
Real Estate Management & Development 0.7%
Realogy Holdings Corp. (a)		645,340		30,627,836
Total Financials				686,229,339
Health Care 13.8%
Biotechnology 1.4%
Celgene Corp. (a)		345,824		55,591,208

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 3.2%
Abbott Laboratories		1,571,679		62,521,390
Covidien PLC		984,986		70,869,743
Total				133,391,133
Health Care Providers & Services 4.2%
Cardinal Health, Inc.		1,197,464		85,654,600
CIGNA Corp.		352,790		28,078,556
Express Scripts Holding Co. (a)		792,477		59,681,443
Total				173,414,599
Pharmaceuticals 5.0%
Johnson & Johnson		1,086,576		100,095,381
Pfizer, Inc.		1,895,314		60,858,533
Salix Pharmaceuticals Ltd. (a)		397,474		42,895,394
Total				203,849,308
Total Health Care				566,246,248
Industrials 10.8%
Aerospace & Defense 3.9%
Honeywell International, Inc.		971,889		91,785,197
United Technologies Corp.		590,627		69,115,172
Total				160,900,369
Air Freight & Logistics 0.7%
FedEx Corp.		196,811		26,240,811
Commercial Services & Supplies 1.2%
Tyco International Ltd.		1,172,273		49,446,475
Electrical Equipment 1.9%
Eaton Corp. PLC		1,045,077		78,077,703
Industrial Conglomerates 2.1%
General Electric Co.		3,401,945		86,647,539
Professional Services 1.0%
Nielsen Holdings NV		868,587		41,118,908
Total Industrials				442,431,805
Information Technology 21.1%
Communications Equipment 2.0%
Cisco Systems, Inc.		932,090		20,319,562
QUALCOMM, Inc.		815,328		61,386,045
Total				81,705,607
Computers & Peripherals 5.4%
Apple, Inc.		284,163		149,537,937

Common Stocks (continued)

Issuer	Shares		Value ($)
EMC Corp.		2,405,240		63,426,179
Hewlett-Packard Co.		274,372		8,198,235
Total				221,162,351
Internet Software & Services 6.3%
eBay, Inc. (a)		1,551,365		91,173,721
Equinix, Inc. (a)		156,080		29,648,957
Google, Inc., Class A (a)		112,558		136,831,132
Total				257,653,810
IT Services 2.2%
MasterCard, Inc., Class A		867,980		67,459,406
Teradata Corp. (a)		485,625		22,299,900
Total				89,759,306
Semiconductors & Semiconductor Equipment 1.9%
Broadcom Corp., Class A		1,601,180		47,587,070
Skyworks Solutions, Inc. (a)		870,523		30,868,745
Total				78,455,815
Software 3.3%
Electronic Arts, Inc. (a)		1,080,706		30,897,385
Intuit, Inc.		781,379		61,064,769
Microsoft Corp.		1,114,782		42,707,298
Nuance Communications, Inc. (a)		79,783		1,219,882
Total				135,889,334
Total Information Technology				864,626,223
Materials 1.2%
Chemicals 1.0%
Dow Chemical Co. (The)		853,323		41,565,364
Paper & Forest Products 0.2%
Louisiana-Pacific Corp. (a)		438,870		8,246,367
Total Materials				49,811,731
Telecommunication Services 2.3%
Diversified Telecommunication Services 2.2%
Verizon Communications, Inc.		1,871,849		89,062,555
Wireless Telecommunication Services 0.1%
Vodafone Group PLC, ADR		136,754		5,684,871
Total Telecommunication Services				94,747,426
Total Common Stocks (Cost: $3,056,674,537)				4,036,590,368

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2014.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended February 28, 2014, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					112,456,359				613,538,862				(648,529,647	)			77,465,574				37,449				77,465,574

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		479,741,793		—		—		479,741,793
Consumer Staples		470,598,892		—		—		470,598,892
Energy		382,156,911		—		—		382,156,911
Financials		686,229,339		—		—		686,229,339
Health Care		566,246,248		—		—		566,246,248
Industrials		442,431,805		—		—		442,431,805
Information Technology		864,626,223		—		—		864,626,223
Materials		49,811,731		—		—		49,811,731
Telecommunication Services		94,747,426		—		—		94,747,426
Total Equity Securities		4,036,590,368		—		—		4,036,590,368
Mutual Funds
Money Market Funds		77,465,574		—		—		77,465,574
Total Mutual Funds		77,465,574		—		—		77,465,574
Total		4,114,055,942		—		—		4,114,055,942

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,056,674,537)	$	4,036,590,368
Affiliated issuers (identified cost $77,465,574)		77,465,574
Total investments (identified cost $3,134,140,111)		4,114,055,942
Receivable for:
Investments sold		74,010,830
Capital shares sold		10,834,703
Dividends		7,124,377
Reclaims		48,110
Prepaid expenses		14,929
Trustees' deferred compensation plan		71,735
Other assets		63,166
Total assets		4,206,223,792
Liabilities
Payable for:
Investments purchased		97,265,118
Capital shares purchased		7,656,107
Investment management fees		67,444
Distribution and/or service fees		16,868
Transfer agent fees		511,153
Administration fees		5,507
Plan administration fees		29
Compensation of board members		6,247
Chief compliance officer expenses		237
Other expenses		83,082
Trustees' deferred compensation plan		71,735
Total liabilities		105,683,527
Net assets applicable to outstanding capital stock	$	4,100,540,265
Represented by
Paid-in capital	$	2,956,072,791
Undistributed net investment income		6,760,934
Accumulated net realized gain		157,781,082
Unrealized appreciation (depreciation) on:
Investments		979,915,831
Foreign currency translations		9,627
Total — representing net assets applicable to outstanding capital stock	$	4,100,540,265

Class A
Net assets	$	1,312,990,817
Shares outstanding		63,869,355
Net asset value per share	$	20.56
Maximum offering price per share^(a)	$	21.81
Class B
Net assets	$	15,771,769
Shares outstanding		830,810
Net asset value per share	$	18.98
Class C
Net assets	$	166,717,824
Shares outstanding		8,767,595
Net asset value per share	$	19.02
Class I
Net assets	$	472,769,912
Shares outstanding		22,890,071
Net asset value per share	$	20.65
Class K
Net assets	$	148,932
Shares outstanding		7,208
Net asset value per share	$	20.66
Class R
Net assets	$	21,347,867
Shares outstanding		1,037,339
Net asset value per share	$	20.58
Class R4
Net assets	$	76,879,910
Shares outstanding		3,669,248
Net asset value per share	$	20.95
Class R5
Net assets	$	138,455,361
Shares outstanding		6,613,070
Net asset value per share	$	20.94
Class T
Net assets	$	144,534,569
Shares outstanding		7,087,632
Net asset value per share	$	20.39
Maximum offering price per share^(a)	$	21.63
Class W
Net assets	$	213,693,177
Shares outstanding		10,392,669
Net asset value per share	$	20.56

Net investment income
Income:
Dividends — unaffiliated issuers	$	33,466,107
Dividends — affiliated issuers		37,449
Interest		195
Foreign taxes withheld		(77,066	)
Total income		33,426,685
Expenses:
Investment management fees		10,965,154
Distribution and/or service fees
Class A		1,374,347
Class B		81,369
Class C		703,243
Class R		43,966
Class T		209,701
Class W		271,248
Transfer agent fees
Class A		1,001,683
Class B		14,801
Class C		128,136
Class K		36
Class R		16,030
Class R4		56,004
Class R5		24,168
Class T		127,207
Class W		196,683
Class Z		1,246,505
Administration fees		908,773
Plan administration fees
Class K		186
Compensation of board members		46,748
Custodian fees		12,518
Printing and postage fees		100,124
Registration fees		139,862
Professional fees		58,827
Chief compliance officer expenses		814
Other		34,700
Total expenses		17,762,833
Net investment income		15,663,852
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		207,880,337
Foreign currency translations		(911	)
Net realized gain		207,879,426
Net change in unrealized appreciation (depreciation) on:
Investments		248,317,955
Foreign currency translations		2,635
Net change in unrealized appreciation (depreciation)		248,320,590
Net realized and unrealized gain		456,200,016
Net increase in net assets resulting from operations	$	471,863,868

	Six months ended February 28, 2014 (Unaudited)			Year ended August 31, 2013^(a)
Operations
Net investment income	$	15,663,852		$	23,038,369
Net realized gain		207,879,426			163,699,736
Net change in unrealized appreciation (depreciation)		248,320,590			360,838,482
Net increase in net assets resulting from operations		471,863,868			547,576,587
Distributions to shareholders
Net investment income
Class A		(5,841,906	)		(4,697,565	)
Class B		—			(10,684	)
Class C		—			(38,746	)
Class I		(3,983,330	)		(4,850,120	)
Class K		(903	)		(1,091	)
Class R		(50,750	)		(32,011	)
Class R4		(446,866	)		(26	)
Class R5		(838,869	)		(29	)
Class T		(668,549	)		(858,582	)
Class W		(988,184	)		(848,002	)
Class Y		(2,200	)		(30	)
Class Z		(10,086,012	)		(9,108,943	)
Net realized gains
Class A		(61,235,547	)		(701,559	)
Class B		(956,604	)		(21,731	)
Class C		(8,411,180	)		(78,810	)
Class I		(23,837,970	)		(469,252	)
Class K		(7,717	)		(137	)
Class R		(944,794	)		(6,918	)
Class R4		(3,259,693	)		(3	)
Class R5		(5,283,994	)		(3	)
Class T		(7,678,933	)		(136,675	)
Class W		(10,180,158	)		(126,644	)
Class Y		(13,169	)		(3	)
Class Z		(73,572,489	)		(1,039,374	)
Total distributions to shareholders		(218,289,817	)		(23,026,938	)
Increase (decrease) in net assets from capital stock activity		546,814,064			678,302,103
Total increase in net assets		800,388,115			1,202,851,752
Net assets at beginning of period		3,300,152,150			2,097,300,398
Net assets at end of period	$	4,100,540,265		$	3,300,152,150
Undistributed net investment income	$	6,760,934		$	14,004,651

(a) Class R4, Class R5 and Class Y are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

	Six months ended February 28, 2014 (Unaudited)						Year ended August 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		17,835,141			361,971,733			18,225,919			325,959,827
Distributions reinvested		3,249,498			64,047,614			324,479			5,162,466
Redemptions		(4,892,320	)		(98,796,272	)		(8,380,115	)		(145,663,821	)
Net increase		16,192,319			327,223,075			10,170,283			185,458,472
Class B shares
Subscriptions		51,198			960,692			145,178			2,359,331
Distributions reinvested		51,496			938,770			2,140			31,718
Redemptions^(b)		(196,142	)		(3,674,576	)		(413,094	)		(6,987,155	)
Net decrease		(93,448	)		(1,775,114	)		(265,776	)		(4,596,106	)
Class C shares
Subscriptions		2,556,947			47,878,297			3,326,904			55,393,030
Distributions reinvested		365,486			6,673,770			5,851			86,822
Redemptions		(679,967	)		(12,646,979	)		(810,624	)		(13,256,327	)
Net increase		2,242,466			41,905,088			2,522,131			42,223,525
Class I shares
Subscriptions		2,370,680			47,183,068			5,432,112			95,439,363
Distributions reinvested		1,406,501			27,820,597			333,287			5,319,260
Redemptions		(2,906,421	)		(59,259,771	)		(8,200,682	)		(149,431,991	)
Net increase (decrease)		870,760			15,743,894			(2,435,283	)		(48,673,368	)
Class K shares
Distributions reinvested		380			7,523			68			1,084
Redemptions		(650	)		(13,779	)		—			—
Net increase (decrease)		(270	)		(6,256	)		68			1,084
Class R shares
Subscriptions		479,588			9,648,138			592,089			10,331,746
Distributions reinvested		35,568			702,110			1,626			25,917
Redemptions		(161,845	)		(3,263,184	)		(195,885	)		(3,446,570	)
Net increase		353,311			7,087,064			397,830			6,911,093
Class R4 shares
Subscriptions		1,469,754			30,153,988			2,426,298			47,419,859
Distributions reinvested		184,580			3,706,357			—			—
Redemptions		(352,496	)		(7,249,409	)		(58,888	)		(1,158,932	)
Net increase		1,301,838			26,610,936			2,367,410			46,260,927
Class R5 shares
Subscriptions		3,451,478			71,438,678			3,760,744			69,564,350
Distributions reinvested		298,379			5,982,494			—			—
Redemptions		(657,470	)		(13,377,003	)		(240,061	)		(4,579,396	)
Net increase		3,092,387			64,044,169			3,520,683			64,984,954

	Six months ended February 28, 2014 (Unaudited)						Year ended August 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		118,958			2,332,623			54,026			894,428
Distributions reinvested		294,513			5,757,721			43,186			681,908
Redemptions		(256,957	)		(5,185,054	)		(713,528	)		(12,336,857	)
Net increase (decrease)		156,514			2,905,290			(616,316	)		(10,760,521	)
Class W shares
Subscriptions		2,061,852			41,389,607			9,467,580			165,936,155
Distributions reinvested		566,621			11,168,097			61,220			974,618
Redemptions		(5,511,224	)		(112,687,698	)		(3,015,039	)		(55,117,699	)
Net increase (decrease)		(2,882,751	)		(60,129,994	)		6,513,761			111,793,074
Class Y shares
Subscriptions		68,219			1,418,441			4,041			80,603
Distributions reinvested		756			15,161			—			—
Redemptions		(8,965	)		(185,722	)		(6	)		(100	)
Net increase		60,010			1,247,880			4,035			80,503
Class Z shares
Subscriptions		16,722,710			339,425,667			31,221,824			547,326,731
Distributions reinvested		2,505,393			49,606,774			421,303			6,732,416
Redemptions		(13,198,684	)		(267,074,409	)		(15,316,122	)		(269,440,681	)
Net increase		6,029,419			121,958,032			16,327,005			284,618,466
Total net increase		27,322,555			546,814,064			38,505,831			678,302,103

(a) Class R4, Class R5 and Class Y are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	19.15		$	15.68		$	12.63		$	12.61		$	11.76		$	11.89		$	15.51
Income from investment operations:
Net investment income		0.08			0.13			0.11			0.08			0.04			0.08			0.07
Net realized and unrealized gain (loss)		2.57			3.48			3.32			(0.03	)		0.87			(0.14	)		(2.17	)
Total from investment operations		2.65			3.61			3.43			0.05			0.91			(0.06	)		(2.10	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.12	)		(0.07	)		(0.03	)		(0.06	)		(0.07	)		(0.05	)
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—			—			(1.47	)
Total distributions to shareholders		(1.24	)		(0.14	)		(0.38	)		(0.03	)		(0.06	)		(0.07	)		(1.52	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	20.56		$	19.15		$	15.68		$	12.63		$	12.61		$	11.76		$	11.89
Total return		14.11	%		23.23	%		27.59	%		0.39	%		7.75	%		(0.28	%)		(15.35	%)
Ratios to average net assets^(c)
Total gross expenses		1.11	%^(d)		1.15	%		1.19	%^(d)		1.19	%^(e)		1.25	%		1.28	%^(e)		1.24	%^(e)
Total net expenses^(f)		1.11	%^(d)		1.14	%^(g)		1.16	%^(d)(g)		1.16	%^(e)(g)		1.19	%^(g)		1.17	%^(e)(g)		1.14	%^(e)(h)
Net investment income		0.75	%^(d)		0.73	%		0.82	%^(d)		0.56	%		0.32	%		0.77	%		0.53	%
Supplemental data
Net assets, end of period (in thousands)	$	1,312,991		$	913,212		$	588,182		$	427,039		$	111,182		$	27,742		$	11,187
Portfolio turnover		39	%		47	%		62	%		78	%		94	%		131	%		106	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	17.74		$	14.53		$	11.74		$	11.78		$	11.02		$	11.14		$	14.67
Income from investment operations:
Net investment income (loss)		(0.00	)^(b)		(0.00	)^(b)		0.01			(0.03	)		(0.05	)		0.01			(0.03	)
Net realized and unrealized gain (loss)		2.37			3.24			3.09			(0.01	)		0.81			(0.13	)		(2.03	)
Total from investment operations		2.37			3.24			3.10			(0.04	)		0.76			(0.12	)		(2.06	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		—			—			—			—			—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—			—			(1.47	)
Total distributions to shareholders		(1.13	)		(0.03	)		(0.31	)		—			—			—			(1.47	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	18.98		$	17.74		$	14.53		$	11.74		$	11.78		$	11.02		$	11.14
Total return		13.62	%		22.32	%		26.72	%		(0.34	%)		6.90	%		(1.08	%)		(15.96	%)
Ratios to average net assets^(c)
Total gross expenses		1.86	%^(d)		1.90	%		1.94	%^(d)		1.92	%^(e)		2.00	%		2.03	%^(e)		1.99	%^(e)
Total net expenses^(f)		1.86	%^(d)		1.89	%^(g)		1.91	%^(d)(g)		1.90	%^(e)(g)		1.94	%^(g)		1.92	%^(e)(g)		1.89	%^(e)(h)
Net investment income (loss)		(0.03	%)^(d)		(0.02	%)		0.05	%^(d)		(0.19	%)		(0.46	%)		0.12	%		(0.22	%)
Supplemental data
Net assets, end of period (in thousands)	$	15,772		$	16,396		$	17,292		$	21,560		$	3,991		$	3,428		$	3,629
Portfolio turnover		39	%		47	%		62	%		78	%		94	%		131	%		106	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	17.77		$	14.55		$	11.76		$	11.80		$	11.03		$	11.15		$	14.68
Income from investment operations:
Net investment income (loss)		(0.00	)^(b)		(0.00	)^(b)		0.01			(0.03	)		(0.05	)		0.01			(0.03	)
Net realized and unrealized gain (loss)		2.38			3.25			3.09			(0.01	)		0.82			(0.13	)		(2.03	)
Total from investment operations		2.38			3.25			3.10			(0.04	)		0.77			(0.12	)		(2.06	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		—			—			—			—			—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—			—			(1.47	)
Total distributions to shareholders		(1.13	)		(0.03	)		(0.31	)		—			—			—			(1.47	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	19.02		$	17.77		$	14.55		$	11.76		$	11.80		$	11.03		$	11.15
Total return		13.66	%		22.36	%		26.68	%		(0.34	%)		6.98	%		(1.08	%)		(15.95	%)
Ratios to average net assets^(c)
Total gross expenses		1.86	%^(d)		1.90	%		1.94	%^(d)		1.95	%^(e)		2.00	%		2.03	%^(e)		1.99	%^(e)
Total net expenses^(f)		1.86	%^(d)		1.89	%^(g)		1.91	%^(d)(g)		1.92	%^(e)(g)		1.94	%^(g)		1.92	%^(e)(g)		1.89	%^(e)(h)
Net investment income (loss)		(0.00	)^(b)(d)		(0.02	%)		0.07	%^(d)		(0.22	%)		(0.44	%)		0.03	%		(0.21	%)
Supplemental data
Net assets, end of period (in thousands)	$	166,718		$	115,940		$	58,257		$	36,559		$	18,368		$	7,094		$	1,718
Portfolio turnover		39	%		47	%		62	%		78	%		94	%		131	%		106	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class I	(Unaudited)			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	19.27		$	15.78		$	12.71		$	12.69		$	12.70
Income from investment operations:
Net investment income		0.12			0.21			0.17			0.14			0.01
Net realized and unrealized gain (loss)		2.58			3.49			3.34			(0.03	)		(0.02	)
Total from investment operations		2.70			3.70			3.51			0.11			(0.01	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.19	)		(0.13	)		(0.09	)		—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.32	)		(0.21	)		(0.44	)		(0.09	)		—
Net asset value, end of period	$	20.65		$	19.27		$	15.78		$	12.71		$	12.69
Total return		14.31	%		23.73	%		28.12	%		0.81	%		(0.08	%)
Ratios to average net assets^(c)
Total gross expenses		0.68	%^(d)		0.70	%		0.75	%^(d)		0.76	%^(e)		0.85	%^(d)
Total net expenses^(f)		0.68	%^(d)		0.70	%		0.75	%^(d)		0.76	%^(e)(g)		0.85	%^(d)(g)
Net investment income		1.16	%^(d)		1.17	%		1.24	%^(d)		0.99	%		4.99	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	472,770		$	424,376		$	385,802		$	280,304		$	2
Portfolio turnover		39	%		47	%		62	%		78	%		94	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(d) Annualized.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class K	(Unaudited)			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	19.26		$	15.77		$	12.70		$	14.93
Income from investment operations:
Net investment income		0.09			0.15			0.13			0.06
Net realized and unrealized gain (loss)		2.57			3.51			3.34			(2.29	)
Total from investment operations		2.66			3.66			3.47			(2.23	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.15	)		(0.09	)		—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—
Total distributions to shareholders		(1.26	)		(0.17	)		(0.40	)		—
Net asset value, end of period	$	20.66		$	19.26		$	15.77		$	12.70
Total return		14.11	%		23.40	%		27.74	%		(14.94	%)
Ratios to average net assets^(c)
Total gross expenses		0.98	%^(d)		1.00	%		1.05	%^(d)		1.05	%^(d)(e)
Total net expenses^(f)		0.98	%^(d)		1.00	%		1.05	%^(d)		1.05	%^(d)(e)(g)
Net investment income		0.86	%^(d)		0.87	%		0.93	%^(d)		0.72	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	149		$	144		$	117		$	100
Portfolio turnover		39	%		47	%		62	%		78	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) For the period from March 7, 2011 (commencement of operations) to September 30, 2011.

(d) Annualized.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class R	(Unaudited)			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	19.15		$	15.68		$	12.63		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.05			0.08			0.08			0.05			0.00	^(c)
Net realized and unrealized gain (loss)		2.57			3.49			3.32			(0.03	)		(0.01	)
Total from investment operations		2.62			3.57			3.40			0.02			(0.01	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.08	)		(0.04	)		—			—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.19	)		(0.10	)		(0.35	)		—			—
Net asset value, end of period	$	20.58		$	19.15		$	15.68		$	12.63		$	12.61
Total return		13.95	%		22.93	%		27.34	%		0.16	%		(0.08	%)
Ratios to average net assets^(d)
Total gross expenses		1.36	%^(e)		1.39	%		1.42	%^(e)		1.44	%^(f)		1.44	%^(e)
Total net expenses^(g)		1.36	%^(e)		1.39	%^(h)		1.41	%^(e)(h)		1.39	%^(f)(h)		1.44	%^(e)(h)
Net investment income		0.52	%^(e)		0.46	%		0.59	%^(e)		0.32	%		4.34	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	21,348		$	13,102		$	4,489		$	6		$	2
Portfolio turnover		39	%		47	%		62	%		78	%		94	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(e) Annualized.

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

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

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

Class R4	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	19.52		$	15.84
Income from investment operations:
Net investment income		0.10			0.16
Net realized and unrealized gain		2.62			3.70
Total from investment operations		2.72			3.86
Less distributions to shareholders:
Net investment income		(0.16	)		(0.16	)
Net realized gains		(1.13	)		(0.02	)
Total distributions to shareholders		(1.29	)		(0.18	)
Net asset value, end of period	$	20.95		$	19.52
Total return		14.19	%		24.61	%
Ratios to average net assets^(b)
Total gross expenses		0.86	%^(c)		0.89	%^(c)
Total net expenses^(d)		0.86	%^(c)		0.89	%^(c)(e)
Net investment income		1.02	%^(c)		1.04	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	76,880		$	46,212
Portfolio turnover		39	%		47	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

Class R5	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	19.52		$	15.84
Income from investment operations:
Net investment income		0.12			0.15
Net realized and unrealized gain		2.61			3.73
Total from investment operations		2.73			3.88
Less distributions to shareholders:
Net investment income		(0.18	)		(0.18	)
Net realized gains		(1.13	)		(0.02	)
Total distributions to shareholders		(1.31	)		(0.20	)
Net asset value, end of period	$	20.94		$	19.52
Total return		14.28	%		24.75	%
Ratios to average net assets^(b)
Total gross expenses		0.73	%^(c)		0.75	%^(c)
Total net expenses^(d)		0.73	%^(c)		0.75	%^(c)
Net investment income		1.16	%^(c)		1.01	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	138,455		$	68,709
Portfolio turnover		39	%		47	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class T	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	19.01		$	15.56		$	12.54		$	12.51		$	11.67		$	11.80		$	15.40
Income from investment operations:
Net investment income		0.07			0.12			0.10			0.06			0.03			0.08			0.06
Net realized and unrealized gain (loss)		2.54			3.47			3.29			—			0.86			(0.14	)		(2.15	)
Total from investment operations		2.61			3.59			3.39			0.06			0.89			(0.06	)		(2.09	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.12	)		(0.06	)		(0.03	)		(0.05	)		(0.07	)		(0.04	)
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—			—			(1.47	)
Total distributions to shareholders		(1.23	)		(0.14	)		(0.37	)		(0.03	)		(0.05	)		(0.07	)		(1.51	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	20.39		$	19.01		$	15.56		$	12.54		$	12.51		$	11.67		$	11.80
Total return		14.00	%		23.22	%		27.49	%		0.43	%		7.68	%		(0.35	%)		(15.37	%)
Ratios to average net assets^(c)
Total gross expenses		1.16	%^(d)		1.20	%		1.24	%^(d)		1.26	%^(e)		1.30	%		1.33	%^(e)		1.29	%^(e)
Total net expenses^(f)		1.16	%^(d)		1.19	%^(g)		1.21	%^(d)(g)		1.21	%^(e)(g)		1.24	%^(g)		1.22	%^(e)(g)		1.19	%^(e)(h)
Net investment income		0.68	%^(d)		0.68	%		0.77	%^(d)		0.44	%		0.24	%		0.81	%		0.48	%
Supplemental data
Net assets, end of period (in thousands)	$	144,535		$	131,732		$	117,457		$	100,805		$	112,862		$	117,161		$	132,272
Portfolio turnover		39	%		47	%		62	%		78	%		94	%		131	%		106	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class W	(Unaudited)			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	19.16		$	15.69		$	12.64		$	12.61		$	12.62
Income from investment operations:
Net investment income		0.07			0.13			0.11			0.08			0.00	^(c)
Net realized and unrealized gain (loss)		2.57			3.48			3.32			(0.02	)		(0.01	)
Total from investment operations		2.64			3.61			3.43			0.06			(0.01	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.12	)		(0.07	)		(0.03	)		—
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—
Total distributions to shareholders		(1.24	)		(0.14	)		(0.38	)		(0.03	)		—
Net asset value, end of period	$	20.56		$	19.16		$	15.69		$	12.64		$	12.61
Total return		14.06	%		23.21	%		27.57	%		0.47	%		(0.08	%)
Ratios to average net assets^(d)
Total gross expenses		1.11	%^(e)		1.14	%		1.19	%^(e)		1.20	%^(f)		1.19	%^(e)
Total net expenses^(g)		1.11	%^(e)		1.14	%^(h)		1.16	%^(e)(h)		1.16	%^(f)(h)		1.19	%^(e)(h)
Net investment income		0.70	%^(e)		0.73	%		0.83	%^(e)		0.54	%		4.64	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	213,693		$	254,377		$	106,075		$	74,302		$	2
Portfolio turnover		39	%		47	%		62	%		78	%		94	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(e) Annualized.

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

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

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

Class Y	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	19.52		$	15.84
Income from investment operations
Net investment income		0.13			0.24
Net realized and unrealized gain		2.61			3.64
Total from investment operations		2.74			3.88
Less distributions to shareholders:
Net investment income		(0.19	)		(0.18	)
Net realized gains		(1.13	)		(0.02	)
Total distributions to shareholders		(1.32	)		(0.20	)
Net asset value, end of period	$	20.94		$	19.52
Total return		14.33	%		24.79	%
Ratios to average net assets^(b)
Total gross expenses		0.69	%^(c)		0.72	%^(c)
Total net expenses^(d)		0.69	%^(c)		0.72	%^(c)
Net investment income		1.28	%^(c)		1.60	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,341		$	79
Portfolio turnover		39	%		47	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

	Six Months Ended February 28, 2014			Year Ended August 31,						Year Ended September 30,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	19.27		$	15.78		$	12.71		$	12.68		$	11.83		$	11.97		$	15.60
Income from investment operations:
Net investment income		0.10			0.17			0.15			0.11			0.07			0.11			0.11
Net realized and unrealized gain (loss)		2.59			3.50			3.34			(0.01	)		0.86			(0.15	)		(2.18	)
Total from investment operations		2.69			3.67			3.49			0.10			0.93			(0.04	)		(2.07	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.11	)		(0.07	)		(0.08	)		(0.10	)		(0.09	)
Net realized gains		(1.13	)		(0.02	)		(0.31	)		—			—			—			(1.47	)
Total distributions to shareholders		(1.29	)		(0.18	)		(0.42	)		(0.07	)		(0.08	)		(0.10	)		(1.56	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	20.67		$	19.27		$	15.78		$	12.71		$	12.68		$	11.83		$	11.97
Total return		14.23	%		23.50	%		27.91	%		0.72	%		7.93	%		(0.01	%)		(15.11	%)
Ratios to average net assets^(c)
Total gross expenses		0.86	%^(d)		0.90	%		0.94	%^(d)		0.96	%^(e)		1.00	%		1.03	%^(e)		0.99	%^(e)
Total net expenses^(f)		0.86	%^(d)		0.89	%^(g)		0.91	%^(d)(g)		0.91	%^(e)(g)		0.94	%^(g)		0.92	%^(e)(g)		0.89	%^(e)(h)
Net investment income		0.99	%^(d)		0.98	%		1.08	%^(d)		0.76	%		0.54	%		1.09	%		0.77	%
Supplemental data
Net assets, end of period (in thousands)	$	1,535,889		$	1,315,874		$	819,630		$	494,107		$	344,081		$	247,974		$	173,479
Portfolio turnover		39	%		47	%		62	%		78	%		94	%		131	%		106	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to August 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to August 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class T, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

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

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

Class 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 T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

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

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's

exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.71% to 0.54% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended February 28, 2014 was 0.61% of the Fund's average daily net assets.

Administration Fees

Compensation of Board Members

Compensation of Chief Compliance Officer

Transfer Agent Fees

reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

For the six months ended February 28, 2014, 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	0.18	%
Class B	0.18
Class C	0.18
Class K	0.05
Class R	0.18
Class R4	0.18
Class R5	0.05
Class T	0.18
Class W	0.18
Class Z	0.18

Plan Administration Fees

Distribution and Service Fees

and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

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

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 effective shareholder services fee rate for the six months ended February 28, 2014 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 $1,115,182 for Class A, $366 for Class B, $6,651 for Class C and $3,680 for Class T shares for the six months ended February 28, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	January 1, 2014 through December 31, 2014			Prior to January 1, 2014
Class A		1.18	%		1.20	%
Class B		1.93			1.95
Class C		1.93			1.95
Class I		0.80			0.81
Class K		1.10			1.11
Class R		1.43			1.45
Class R4		0.93			0.95
Class R5		0.85			0.86
Class T		1.23			1.25
Class W		1.18			1.20
Class Y		0.80			0.81
Class Z		0.93			0.95

Note 4. Federal Tax Information

At February 28, 2014, the cost of investments for federal income tax purposes was approximately $3,134,140,000 and

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

Unrealized appreciation	$	983,665,000
Unrealized depreciation		(3,749,000	)
Net unrealized appreciation	$	979,916,000

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $1,783,619,844 and $1,398,031,731, respectively, for the six months ended February 28, 2014.

Note 6. Redemption-in-Kind

Proceeds from the sales of securities for the Fund include the value of securities delivered through an in-kind redemption of certain fund shares. During the six months ended February 28, 2014, securities and other assets with a value of $110,619,845 were distributed to shareholders to satisfy their redemption requests. The net realized gain on these securities was $27,132,224, which is not taxable to remaining shareholders in the Fund.

Note 7. Affiliated Money Market Fund

Note 8. Shareholder Concentration

At February 28, 2014, one unaffiliated shareholder accounts owned an aggregate of 15.2% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 32.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

The Fund had no borrowings during the six months ended February 28, 2014.

Note 10. Significant Risks

Information Technology Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors.

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

Performance Summary

> Columbia Greater China Fund (the Fund) Class A shares returned 13.70% excluding sales charges for the six month period ended February 28, 2014.

> The Fund outperformed its two benchmarks, the MSCI China Index (Net) and the Hang Seng Index, which returned 4.62% and 5.00%, respectively, during the same time period.

Average Annual Total Returns (%) (for period ended February 28, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	05/16/97
Excluding sales charges			13.70		13.81		16.82		11.13
Including sales charges			7.15		7.28		15.44		10.47
Class B	05/16/97
Excluding sales charges			13.26		12.97		15.94		10.29
Including sales charges			8.90		8.62		15.72		10.29
Class C	05/16/97
Excluding sales charges			13.28		12.96		15.95		10.29
Including sales charges			12.40		12.09		15.95		10.29
Class I*	08/02/11		13.94		14.32		17.09		11.26
Class R4*	03/19/13		13.84		14.07		16.87		11.15
Class R5*	11/08/12		13.90		14.26		16.94		11.18
Class W*	06/18/12		13.72		13.88		16.85		11.14
Class Z	05/16/97		13.82		14.09		17.11		11.41
MSCI China Index (Net)			4.62		-0.79		13.71		11.30
Hang Seng Index			5.00		-1.79		12.24		5.12

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

The MSCI China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.

The Hang Seng Index tracks the performance of approximately 70% of the total market capitalization of the stock exchange of Hong Kong.

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

Top Ten Holdings (%) (at February 28, 2014)
Tencent Holdings Ltd.					12.5
Industrial & Commercial Bank of China Ltd., Class H					4.7
Ping An Insurance Group Co. of China Ltd., Class H					4.3
China Vanke Co., Ltd., Class B					4.2
China Construction Bank Corp., Class H					3.9
CSPC Pharmaceutical Group Ltd.					3.9
WuXi PharmaTech (Cayman), Inc. ADR					3.6
China Overseas Land & Investment Ltd.					2.8
Great Wall Motor Co., Ltd., Class H					2.7
China Pacific Insurance Group Co., Ltd., Class H					2.4

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

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

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

Country Breakdown (%) (at February 28, 2014)
China					89.2
Hong Kong					7.3
Taiwan					3.2
United States^(a)					0.3
Total					100.0

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

(a) Includes investments in Money Market Funds.

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2013 – February 28, 2014

	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		1,137.00		1,017.10		8.36		7.90		1.57
Class B		1,000.00		1,000.00		1,132.60		1,013.36		12.34		11.65		2.32
Class C		1,000.00		1,000.00		1,132.80		1,013.36		12.34		11.65		2.32
Class I		1,000.00		1,000.00		1,139.40		1,019.55		5.76		5.44		1.08
Class R4		1,000.00		1,000.00		1,138.40		1,018.30		7.09		6.69		1.33
Class R5		1,000.00		1,000.00		1,139.00		1,018.85		6.51		6.14		1.22
Class W		1,000.00		1,000.00		1,137.20		1,017.45		7.99		7.54		1.50
Class Z		1,000.00		1,000.00		1,138.20		1,018.35		7.04		6.64		1.32

Common Stocks 99.6%

Issuer	Shares		Value ($)
Consumer Discretionary 17.3%
Automobiles 3.4%
Chongqing Changan Automobile Co., Ltd., Class B		471,300		941,212
Great Wall Motor Co., Ltd., Class H		746,500		3,418,591
Total				4,359,803
Diversified Consumer Services 0.9%
New Oriental Education & Technology Group, Inc., ADR		41,005		1,141,579
Hotels, Restaurants & Leisure 3.8%
Galaxy Entertainment Group Ltd.^(a)		306,000		3,082,038
Sands China Ltd.		226,400		1,901,126
Total				4,983,164
Household Durables 1.5%
Haier Electronics Group Co., Ltd.		236,000		699,275
Merry Electronics Co., Ltd.		222,000		1,235,492
Total				1,934,767
Internet & Catalog Retail 1.8%
Vipshop Holdings Ltd., ADS^(a)		17,559		2,305,848
Leisure Equipment & Products 0.9%
Merida Industry Co., Ltd.		178,000		1,197,744
Specialty Retail 1.4%
GOME Electrical Appliances Holding Ltd.		7,731,000		1,297,519
Sa Sa International Holdings Ltd.		580,000		540,068
Total				1,837,587
Textiles, Apparel & Luxury Goods 3.6%
ANTA Sports Products Ltd.		882,000		1,365,859
Li Ning Co., Ltd.^(a)		1,730,500		1,334,110
Luthai Textile Co., Ltd., Class B		1,399,126		1,927,778
Total				4,627,747
Total Consumer Discretionary				22,388,239
Consumer Staples 4.4%
Food Products 3.2%
China Mengniu Dairy Co., Ltd.		602,000		3,095,265
Tingyi Cayman Islands Holding Corp.		348,000		976,764
Total				4,072,029
Personal Products 1.2%
Hengan International Group Co., Ltd.		148,000		1,608,401
Total Consumer Staples				5,680,430

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 3.9%
Oil, Gas & Consumable Fuels 3.9%
China Petroleum & Chemical Corp., Class H		1,974,000		1,747,398
China Shenhua Energy Co., Ltd., Class H		260,500		710,779
CNOOC Ltd.		1,564,500		2,561,264
Total				5,019,441
Total Energy				5,019,441
Financials 29.5%
Capital Markets 1.8%
Haitong Securities Co., Ltd., Class H		1,742,800		2,336,143
Commercial Banks 14.0%
Agricultural Bank of China Ltd., Class H		5,266,000		2,239,319
Bank of China Ltd., Class H		5,970,000		2,514,022
China Construction Bank Corp., Class H		7,346,340		5,061,496
China Merchants Bank Co., Ltd., Class H		1,236,000		2,176,605
Industrial & Commercial Bank of China Ltd., Class H		10,102,000		6,073,056
Total				18,064,498
Insurance 6.7%
China Pacific Insurance Group Co., Ltd., Class H		909,000		3,132,910
Ping An Insurance Group Co. of China Ltd., Class H		678,500		5,530,947
Total				8,663,857
Real Estate Management & Development 7.0%
China Overseas Land & Investment Ltd.		1,326,320		3,574,555
China Vanke Co., Ltd., Class B		3,659,910		5,432,206
Total				9,006,761
Total Financials				38,071,259
Health Care 12.4%
Health Care Equipment & Supplies 0.9%
St. Shine Optical Co., Ltd.		41,000		1,144,960
Life Sciences Tools & Services 3.6%
WuXi PharmaTech (Cayman), Inc. ADR^(a)		119,645		4,601,547

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 7.9%
China Medical System Holdings Ltd.		908,000		1,169,913
CSPC Pharmaceutical Group Ltd.		5,496,000		4,967,405
Dawnrays Pharmaceutical Holdings Ltd.		432,000		318,082
Sihuan Pharmaceutical Holdings Group Ltd.		1,692,000		2,055,106
Sino Biopharmaceutical Ltd.		1,840,000		1,716,585
Total				10,227,091
Total Health Care				15,973,598
Industrials 6.0%
Air Freight & Logistics 1.0%
Kerry Logistics Network Ltd.^(a)		798,000		1,307,969
Construction & Engineering 0.2%
Sinopec Engineering Group Co. Ltd., Class H		241,500		302,080
Electrical Equipment 1.0%
Zhuzhou CSR Times Electric Co., Ltd., Class H		416,500		1,324,270
Industrial Conglomerates 1.4%
Hutchison Whampoa Ltd.		135,000		1,823,612
Machinery 0.8%
CIMC Enric Holdings Ltd.		634,000		977,644
Road & Rail 0.8%
Guangshen Railway Co., Ltd., Class H		2,238,000		1,017,780
Transportation Infrastructure 0.8%
China Merchants Holdings International Co., Ltd.		294,000		1,046,729
Total Industrials				7,800,084
Information Technology 19.6%
Electronic Equipment, Instruments & Components 0.4%
Tong Hsing Electronic Industries Ltd.		98,000		516,567
Internet Software & Services 18.7%
58.Com, Inc., ADR^(a)		61,551		2,910,747
Autohome, Inc., ADR^(a)		7,960		327,952
Baidu, Inc., ADR^(a)		17,920		3,063,066
SINA Corp.^(a)		25,885		1,768,722
Tencent Holdings Ltd.		200,200		16,075,265
Total				24,145,752

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 0.5%
GCL-Poly Energy Holdings Ltd.^(a)		1,917,000		723,473
Total Information Technology				25,385,792
Materials 1.9%
Construction Materials 1.9%
Anhui Conch Cement Co., Ltd., Class H		467,000		1,710,039
China Resources Cement Holdings Ltd.		1,020,000		756,365
Total				2,466,404
Total Materials				2,466,404
Telecommunication Services 2.2%
Wireless Telecommunication Services 2.2%
China Mobile Ltd.		298,500		2,831,402
Total Telecommunication Services				2,831,402
Utilities 2.4%
Gas Utilities 1.2%
ENN Energy Holdings Ltd.		212,000		1,502,900
Independent Power Producers & Energy Traders 0.8%
Huaneng Power International, Inc., Class H		1,226,000		1,097,391
Water Utilities 0.4%
Guangdong Investment Ltd.		470,000		492,521
Total Utilities				3,092,812
Total Common Stocks (Cost: $80,143,523)				128,709,461

Money Market Funds 0.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.098%^(b)(c)		400,162		400,162
Total Money Market Funds (Cost: $400,162)				400,162
Total Investments (Cost: $80,543,685)				129,109,623
Other Assets & Liabilities, Net				149,556
Net Assets				129,259,179

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2014.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds from Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					1,703,539				35,925,417				(37,228,794	)			400,162				490				400,162

Abbreviation Legend

ADR American Depositary Receipt

ADS American Depositary Share

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		3,447,427		18,940,812		—		22,388,239
Consumer Staples		—		5,680,430		—		5,680,430
Energy		—		5,019,441		—		5,019,441
Financials		—		38,071,259		—		38,071,259
Health Care		4,601,547		11,372,051		—		15,973,598
Industrials		—		7,800,084		—		7,800,084
Information Technology		8,070,486		17,315,306		—		25,385,792
Materials		—		2,466,404		—		2,466,404
Telecommunication Services		—		2,831,402		—		2,831,402
Utilities		—		3,092,812		—		3,092,812
Total Equity Securities		16,119,460		112,590,001		—		128,709,461
Mutual Funds
Money Market Funds		400,162		—		—		400,162
Total Mutual Funds		400,162		—		—		400,162
Total		16,519,622		112,590,001		—		129,109,623

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $80,143,523)	$	128,709,461
Affiliated issuers (identified cost $400,162)		400,162
Total investments (identified cost $80,543,685)		129,109,623
Receivable for:
Investments sold		766,768
Capital shares sold		28,567
Dividends		20
Prepaid expenses		918
Trustees' deferred compensation plan		36,226
Other assets		8,479
Total assets		129,950,601
Liabilities
Payable for:
Investments purchased		467,867
Capital shares purchased		111,192
Investment management fees		3,067
Distribution and/or service fees		1,101
Transfer agent fees		21,837
Administration fees		282
Chief compliance officer expenses		33
Other expenses		49,817
Trustees' deferred compensation plan		36,226
Total liabilities		691,422
Net assets applicable to outstanding capital stock	$	129,259,179
Represented by
Paid-in capital	$	59,604,486
Excess of distributions over net investment income		(486,355	)
Accumulated net realized gain		21,575,110
Unrealized appreciation (depreciation) on:
Investments		48,565,938
Total — representing net assets applicable to outstanding capital stock	$	129,259,179

Class A
Net assets	$	79,705,470
Shares outstanding		1,850,241
Net asset value per share	$	43.08
Maximum offering price per share^(a)	$	45.71
Class B
Net assets	$	3,604,305
Shares outstanding		89,331
Net asset value per share	$	40.35
Class C
Net assets	$	16,816,146
Shares outstanding		408,650
Net asset value per share	$	41.15
Class I
Net assets	$	1,980
Shares outstanding		43
Net asset value per share^(b)	$	45.82
Class R4
Net assets	$	7,455
Shares outstanding		161
Net asset value per share^(b)	$	46.35
Class R5
Net assets	$	99,679
Shares outstanding		2,150
Net asset value per share	$	46.36
Class W
Net assets	$	2,472
Shares outstanding		57
Net asset value per share^(b)	$	43.09
Class Z
Net assets	$	29,021,672
Shares outstanding		635,031
Net asset value per share	$	45.70

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

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

Net investment income
Income:
Dividends — unaffiliated issuers	$	785,442
Dividends — affiliated issuers		490
Foreign taxes withheld		(51,975	)
Total income		733,957
Expenses:
Investment management fees		644,048
Distribution and/or service fees
Class A		102,375
Class B		21,197
Class C		87,585
Class W		4
Transfer agent fees
Class A		79,113
Class B		4,094
Class C		16,916
Class R4		13
Class R5		12
Class W		2
Class Z		29,358
Administration fees		59,223
Compensation of board members		11,527
Custodian fees		24,369
Printing and postage fees		15,395
Registration fees		47,956
Professional fees		18,762
Line of credit interest expense		444
Chief compliance officer expenses		28
Other		11,166
Total expenses		1,173,587
Net investment loss		(439,630	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		37,551,121
Foreign currency translations		(5,740	)
Net realized gain		37,545,381
Net change in unrealized appreciation (depreciation) on:
Investments		(16,019,607	)
Foreign currency translations		49
Net change in unrealized appreciation (depreciation)		(16,019,558	)
Net realized and unrealized gain		21,525,823
Net increase in net assets resulting from operations	$	21,086,193

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)(b)
Operations
Net investment income (loss)	$	(439,630	)	$	2,203,300
Net realized gain		37,545,381			20,126,144
Net change in unrealized appreciation (depreciation)		(16,019,558	)		11,619,698
Net increase in net assets resulting from operations		21,086,193			33,949,142
Distributions to shareholders
Net investment income
Class A		(1,230,482	)		(945,413	)
Class B		(37,419	)		(23,715	)
Class C		(152,563	)		(82,750	)
Class I		(16,732	)		(1,089,184	)
Class R4		(286	)		—
Class R5		(1,520	)		(35	)
Class W		(48	)		(32	)
Class Z		(492,796	)		(413,305	)
Net realized gains
Class A		(17,360,587	)		—
Class B		(947,992	)		—
Class C		(3,865,143	)		—
Class I		(186,486	)		—
Class R4		(3,571	)		—
Class R5		(17,515	)		—
Class W		(652	)		—
Class Z		(6,058,000	)		—
Total distributions to shareholders		(30,371,792	)		(2,554,434	)
Increase (decrease) in net assets from capital stock activity		(42,805,954	)		(51,596,422	)
Total decrease in net assets		(52,091,553	)		(20,201,714	)
Net assets at beginning of period		181,350,732			201,552,446
Net assets at end of period	$	129,259,179		$	181,350,732
Undistributed (excess of distributions over) net investment income	$	(486,355	)	$	1,885,121

(a) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to August 31, 2013.

(b) Class R5 shares are for the period from November 8, 2013 (commencement of operations) to August 31, 2013.

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		161,252			7,735,222			237,091			11,257,322
Distributions reinvested		386,968			16,353,257			16,934			816,550
Redemptions		(298,769	)		(14,335,397	)		(475,341	)		(22,538,902	)
Net increase (decrease)		249,451			9,753,082			(221,316	)		(10,465,030	)
Class B shares
Subscriptions		5,028			199,313			105			4,811
Distributions reinvested		19,151			759,128			395			18,146
Redemptions^(c)		(27,087	)		(1,171,022	)		(52,861	)		(2,364,714	)
Net decrease		(2,908	)		(212,581	)		(52,361	)		(2,341,757	)
Class C shares
Subscriptions		29,234			1,225,581			13,076			607,853
Distributions reinvested		73,147			2,957,343			1,279			59,624
Redemptions		(57,046	)		(2,575,477	)		(154,682	)		(7,002,047	)
Net increase (decrease)		45,335			1,607,447			(140,327	)		(6,334,570	)
Class I shares
Subscriptions		686			37,045			29,806			1,423,893
Distributions reinvested		4,513			202,683			21,555			1,089,152
Redemptions		(1,037,186	)		(57,095,817	)		(592,463	)		(30,197,569	)
Net decrease		(1,031,987	)		(56,856,089	)		(541,102	)		(27,684,524	)
Class R4 shares
Subscriptions		196			10,001			228			11,108
Distributions reinvested		71			3,233			—			—
Redemptions		(334	)		(14,935	)		—			—
Net increase (decrease)		(67	)		(1,701	)		228			11,108
Class R5 shares
Subscriptions		1,835			103,011			51			2,500
Distributions reinvested		405			18,403			—			—
Redemptions		(141	)		(6,606	)		—			—
Net increase		2,099			114,808			51			2,500
Class Z shares
Subscriptions		92,985			4,752,570			201,119			9,930,032
Distributions reinvested		106,852			4,788,042			5,843			294,856
Redemptions		(130,678	)		(6,751,532	)		(302,689	)		(15,009,037	)
Net increase (decrease)		69,159			2,789,080			(95,727	)		(4,784,149	)
Total net decrease		(668,918	)		(42,805,954	)		(1,050,554	)		(51,596,422	)

(a) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to August 31, 2013.

(b) Class R5 shares are for the period from November 8, 2013 (commencement of operations) to August 31, 2013.

	Six Months Ended February 28, 2014			Year Ended August 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	48.80		$	42.08		$	51.02		$	51.35		$	44.30		$	46.54
Income from investment operations:
Net investment income (loss)		(0.18	)		0.44			0.50			0.15			0.17			0.34
Net realized and unrealized gain (loss)		6.63			6.81			(6.83	)		1.05			7.06			(2.08	)
Total from investment operations		6.45			7.25			(6.33	)		1.20			7.23			(1.74	)
Less distributions to shareholders:
Net investment income		(0.81	)		(0.53	)		(0.05	)		(0.17	)		(0.22	)		—
Net realized gains		(11.36	)		—			(2.56	)		(1.36	)		—			(0.54	)
Total distributions to shareholders		(12.17	)		(0.53	)		(2.61	)		(1.53	)		(0.22	)		(0.54	)
Proceeds from regulatory settlements		—			—			—			—			0.03			0.02
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.01			0.02
Net asset value, end of period	$	43.08		$	48.80		$	42.08		$	51.02		$	51.35		$	44.30
Total return		13.70	%		17.24	%		(12.20	%)		2.03	%		16.42	%		(3.30	%)
Ratios to average net assets^(a)
Total gross expenses		1.57	%^(b)(c)		1.54	%		1.53	%		1.58	%^(c)		1.62	%^(c)		1.69	%^(c)
Total net expenses^(d)		1.57	%^(b)(c)		1.54	%^(e)		1.53	%^(e)		1.58	%^(c)(e)		1.62	%^(c)(e)		1.69	%^(c)(e)
Net investment income (loss)		(0.76	%)^(b)		0.94	%		1.11	%		0.26	%		0.33	%		0.96	%
Supplemental data
Net assets, end of period (in thousands)	$	79,705		$	78,119		$	76,683		$	101,344		$	116,870		$	122,314
Portfolio turnover		23	%		39	%		38	%		36	%		23	%		39	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	46.24		$	39.90		$	48.83		$	49.42		$	42.77		$	45.29
Income from investment operations:
Net investment income (loss)		(0.34	)		0.04			0.10			(0.28	)		(0.20	)		0.07
Net realized and unrealized gain (loss)		6.26			6.49			(6.47	)		1.05			6.81			(2.09	)
Total from investment operations		5.92			6.53			(6.37	)		0.77			6.61			(2.02	)
Less distributions to shareholders:
Net investment income		(0.45	)		(0.19	)		—			—			—			—
Net realized gains		(11.36	)		—			(2.56	)		(1.36	)		—			(0.54	)
Total distributions to shareholders		(11.81	)		(0.19	)		(2.56	)		(1.36	)		—			(0.54	)
Proceeds from regulatory settlements		—			—			—			—			0.03			0.02
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.01			0.02
Net asset value, end of period	$	40.35		$	46.24		$	39.90		$	48.83		$	49.42		$	42.77
Total return		13.26	%		16.36	%		(12.86	%)		1.27	%		15.55	%		(4.02	%)
Ratios to average net assets^(a)
Total gross expenses		2.32	%^(b)(c)		2.29	%		2.28	%		2.33	%^(c)		2.37	%^(c)		2.44	%^(c)
Total net expenses^(d)		2.32	%^(b)(c)		2.29	%^(e)		2.28	%^(e)		2.33	%^(c)(e)		2.37	%^(c)(e)		2.44	%^(c)(e)
Net investment income (loss)		(1.48	%)^(b)		0.09	%		0.22	%		(0.50	%)		(0.42	%)		0.21	%
Supplemental data
Net assets, end of period (in thousands)	$	3,604		$	4,265		$	5,769		$	13,364		$	16,718		$	17,813
Portfolio turnover		23	%		39	%		38	%		36	%		23	%		39	%

Notes to Financial Highlights

(b) Annualized.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	46.94		$	40.51		$	49.52		$	50.10		$	43.36		$	45.89
Income from investment operations:
Net investment income (loss)		(0.35	)		0.07			0.14			(0.28	)		(0.21	)		0.09
Net realized and unrealized gain (loss)		6.37			6.55			(6.59	)		1.06			6.91			(2.12	)
Total from investment operations		6.02			6.62			(6.45	)		0.78			6.70			(2.03	)
Less distributions to shareholders:
Net investment income		(0.45	)		(0.19	)		—			—			—			—
Net realized gains		(11.36	)		—			(2.56	)		(1.36	)		—			(0.54	)
Total distributions to shareholders		(11.81	)		(0.19	)		(2.56	)		(1.36	)		—			(0.54	)
Proceeds from regulatory settlements		—			—			—			—			0.03			0.02
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.01			0.02
Net asset value, end of period	$	41.15		$	46.94		$	40.51		$	49.52		$	50.10		$	43.36
Total return		13.28	%		16.33	%		(12.84	%)		1.28	%		15.54	%		(3.99	%)
Ratios to average net assets^(a)
Total gross expenses		2.32	%^(b)(c)		2.29	%		2.28	%		2.33	%^(c)		2.37	%^(c)		2.44	%^(c)
Total net expenses^(d)		2.32	%^(b)(c)		2.29	%^(e)		2.28	%^(e)		2.33	%^(c)(e)		2.37	%^(c)(e)		2.44	%^(c)(e)
Net investment income (loss)		(1.50	%)^(b)		0.15	%		0.33	%		(0.50	%)		(0.43	%)		0.24	%
Supplemental data
Net assets, end of period (in thousands)	$	16,816		$	17,056		$	20,401		$	30,461		$	36,371		$	36,395
Portfolio turnover		23	%		39	%		38	%		36	%		23	%		39	%

Notes to Financial Highlights

(b) Annualized.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class I	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	51.30		$	44.20		$	53.36		$	57.86
Income from investment operations:
Net investment income		0.45			0.70			0.73			0.09
Net realized and unrealized gain (loss)		6.45			7.13			(7.14	)		(4.59	)
Total from investment operations		6.90			7.83			(6.41	)		(4.50	)
Less distributions to shareholders:
Net investment income		(1.02	)		(0.73	)		(0.19	)		—
Net realized gains		(11.36	)		—			(2.56	)		—
Total distributions to shareholders		(12.38	)		(0.73	)		(2.75	)		—
Net asset value, end of period	$	45.82		$	51.30		$	44.20		$	53.36
Total return		13.94	%		17.75	%		(11.78	%)		(7.78	%)
Ratios to average net assets^(b)
Total gross expenses		1.08	%^(c)(d)		1.09	%		1.08	%		3.00	%^(c)(d)
Total net expenses^(e)		1.08	%^(c)(d)		1.09	%		1.08	%^(f)		1.56	%^(c)(d)(f)
Net investment income		1.61	%^(c)		1.41	%		1.57	%		2.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	52,946		$	69,532		$	18,532
Portfolio turnover		23	%		39	%		38	%		36	%

Notes to Financial Highlights

(a) For the period from August 2, 2011 (commencement of operations) to August 31, 2011 .

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

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

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

Class R4	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	51.71		$	49.17
Income from investment operations:
Net investment income (loss)		(0.16	)		0.88
Net realized and unrealized gain		7.07			1.66
Total from investment operations		6.91			2.54
Less distributions to shareholders:
Net investment income		(0.91	)		—
Net realized gains		(11.36	)		—
Total distributions to shareholders		(12.27	)		—
Net asset value, end of period	$	46.35		$	51.71
Total return		13.84	%		5.17	%
Ratios to average net assets^(b)
Total gross expenses		1.33	%^(c)(d)		1.32	%^(c)
Total net expenses^(e)		1.33	%^(c)(d)		1.32	%^(c)(f)
Net investment income (loss)		(0.61	%)^(c)		4.00	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	7		$	12
Portfolio turnover		23	%		39	%

Notes to Financial Highlights

(a) For the period from March 19, 2013 (commencement of operations) to August 31, 2013.

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

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

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

Class R5	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	51.76		$	48.84
Income from investment operations:
Net investment income (loss)		(0.23	)		0.63
Net realized and unrealized gain		7.18			2.97
Total from investment operations		6.95			3.60
Less distributions to shareholders:
Net investment income		(0.99	)		(0.68	)
Net realized gains		(11.36	)		—
Total distributions to shareholders		(12.35	)		(0.68	)
Net asset value, end of period	$	46.36		$	51.76
Total return		13.90	%		7.40	%
Ratios to average net assets^(b)
Total gross expenses		1.22	%^(c)(d)		1.16	%^(c)
Total net expenses^(e)		1.22	%^(c)(d)		1.16	%^(c)
Net investment income (loss)		(0.99	%)^(c)		1.53	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	100		$	3
Portfolio turnover		23	%		39	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class W	(Unaudited)			2013			2012^(a)
Per share data
Net asset value, beginning of period	$	48.82		$	42.10		$	43.58
Income from investment operations:
Net investment income (loss)		(0.16	)		0.51			(0.05	)
Net realized and unrealized gain (loss)		6.62			6.77			(1.43	)
Total from investment operations		6.46			7.28			(1.48	)
Less distributions to shareholders:
Net investment income		(0.83	)		(0.56	)		—
Net realized gains		(11.36	)		—			—
Total distributions to shareholders		(12.19	)		(0.56	)		—
Net asset value, end of period	$	43.09		$	48.82		$	42.10
Total return		13.72	%		17.30	%		(3.40	%)
Ratios to average net assets^(b)
Total gross expenses		1.50	%^(c)(d)		1.49	%		1.47	%^(c)
Total net expenses^(e)		1.50	%^(c)(d)		1.49	%^(f)		1.47	%^(c)
Net investment income (loss)		(0.66	%)^(c)		1.07	%		(0.55	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	2
Portfolio turnover		23	%		39	%		38	%

Notes to Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to August 31, 2012.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	51.16		$	44.08		$	53.35		$	53.60		$	46.20		$	48.38
Income from investment operations:
Net investment income (loss)		(0.13	)		0.59			0.63			0.53			0.30			0.44
Net realized and unrealized gain (loss)		6.96			7.13			(7.14	)		0.87			7.37			(2.12	)
Total from investment operations		6.83			7.72			(6.51	)		1.40			7.67			(1.68	)
Less distributions to shareholders:
Net investment income		(0.93	)		(0.64	)		(0.20	)		(0.29	)		(0.31	)		—
Net realized gains		(11.36	)		—			(2.56	)		(1.36	)		—			(0.54	)
Total distributions to shareholders		(12.29	)		(0.64	)		(2.76	)		(1.65	)		(0.31	)		(0.54	)
Proceeds from regulatory settlements		—			—			—			—			0.03			0.02
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			0.01			0.02
Net asset value, end of period	$	45.70		$	51.16		$	44.08		$	53.35		$	53.60		$	46.20
Total return		13.82	%		17.54	%		(11.98	%)		2.31	%		16.71	%		(3.05	%)
Ratios to average net assets^(a)
Total gross expenses		1.32	%^(b)(c)		1.29	%		1.28	%		1.31	%^(c)		1.37	%^(c)		1.44	%^(c)
Total net expenses^(d)		1.32	%^(b)(c)		1.29	%^(e)		1.28	%^(e)		1.31	%^(c)(e)		1.37	%^(c)(e)		1.44	%^(c)(e)
Net investment income (loss)		(0.51	%)^(b)		1.18	%		1.34	%		0.88	%		0.58	%		1.17	%
Supplemental data
Net assets, end of period (in thousands)	$	29,022		$	28,948		$	29,165		$	50,261		$	55,021		$	47,266
Portfolio turnover		23	%		39	%		38	%		36	%		23	%		39	%

Notes to Financial Highlights

(b) Annualized.

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

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

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R4, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through

authorized investment professionals and omnibus retirement plans.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

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

Foreign Currency Transactions and Translations

Security Transactions

Income Recognition

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

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

Distributions to Shareholders

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.87% to 0.68% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended February 28, 2014 was 0.87% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.08% to 0.04% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended February 28, 2014 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. Obligations of the Plan will be paid solely out of the Fund's assets.

Compensation of Chief Compliance Officer

Transfer Agent Fees

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

For the six months ended February 28, 2014, 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 R4	0.19
Class R5	0.05
Class W	0.15
Class Z	0.19

Distribution and Service Fees

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

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $14,345 for Class A, $1,354 for Class B and $138 for Class C shares for the six months ended February 28, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

	January 1, 2014 through December 31, 2014			Prior to January 1, 2014
Class A		1.75	%		1.88	%
Class B		2.50			2.63
Class C		2.50			2.63
Class I		1.35			1.50
Class R4		1.50			1.63
Class R5		1.40			1.55
Class W		1.75			1.88
Class Z		1.50			1.63

Note 4. Federal Tax Information

At February 28, 2014, the cost of investments for federal income tax purposes was approximately $80,544,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	50,899,000
Unrealized depreciation		(2,333,000	)
Net unrealized appreciation	$	48,566,000

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 $34,545,574 and $107,614,773, respectively, for the six months ended February 28, 2014.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At February 28, 2014, one unaffiliated shareholder account owned 14.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the six months ended February 28, 2014, the average daily loan balance outstanding on days when borrowing existed was $2,740,000 at a weighted average interest rate of 1.17%. Interest expense incurred by the Fund is recorded as line of credit interest expense in the Statement of Operations.

Note 9. Significant Risks

Financial Sector Risk

Foreign Securities Risk

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

Performance Summary

> Columbia Mid Cap Growth Fund (the Fund) Class A shares returned 18.43% excluding sales charges for the six months ended February 28, 2014.

> The Fund outperformed its benchmarks, the Russell Midcap Growth Index and the Russell Midcap Index, which returned 18.08% and 17.66%, respectively, for the same time frame.

Average Annual Total Returns (%) (for period ended February 28, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	11/01/02
Excluding sales charges			18.43		30.19		24.51		9.40
Including sales charges			11.64		22.70		23.05		8.76
Class B	11/01/02
Excluding sales charges			18.00		29.21		23.57		8.58
Including sales charges			13.00		24.21		23.40		8.58
Class C	10/13/03
Excluding sales charges			17.96		29.23		23.59		8.59
Including sales charges			16.96		28.23		23.59		8.59
Class I*	09/27/10		18.66		30.73		24.98		9.75
Class K*	02/28/13		18.52		30.38		24.69		9.56
Class R*	01/23/06		18.28		29.86		24.19		9.14
Class R4*	11/08/12		18.56		30.34		24.79		9.67
Class R5*	03/07/11		18.64		30.68		24.93		9.72
Class T	11/01/02
Excluding sales charges			18.39		30.09		24.45		9.34
Including sales charges			11.58		22.59		22.98		8.70
Class W*	09/27/10		18.38		30.17		24.52		9.41
Class Y*	07/15/09		18.67		30.78		24.95		9.73
Class Z	11/20/85		18.57		30.48		24.82		9.68
Russell Midcap Growth Index			18.08		31.61		27.49		9.66
Russell Midcap Index			17.66		29.11		27.84		10.08

Returns for Class A and Class T are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

Top Ten Holdings (%) (at February 28, 2014)
Sherwin-Williams Co. (The)					2.3
Delta Air Lines, Inc.					2.0
Constellation Brands, Inc., Class A					1.9
Michael Kors Holdings Ltd.					1.7
Affiliated Managers Group, Inc.					1.5
Starwood Hotels & Resorts Worldwide, Inc.					1.5
Perrigo Co. PLC					1.5
Verisk Analytics, Inc., Class A					1.4
Signature Bank					1.3
SBA Communications Corp., Class A					1.3

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

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

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

Portfolio Breakdown (%) (at February 28, 2014)
Common Stocks					97.1
Consumer Discretionary					21.0
Consumer Staples					6.4
Energy					6.2
Financials					9.2
Health Care					14.2
Industrials					16.1
Information Technology					17.2
Materials					5.2
Telecommunication Services					1.3
Utilities					0.3
Money Market Funds					2.9
Total					100.0

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

Analyzing Your Fund's Expenses

Compare With Other Funds

September 1, 2013 – February 28, 2014

	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		1,184.30		1,019.00		6.48		5.99		1.19
Class B		1,000.00		1,000.00		1,180.00		1,015.26		10.54		9.75		1.94
Class C		1,000.00		1,000.00		1,179.60		1,015.26		10.54		9.75		1.94
Class I		1,000.00		1,000.00		1,186.60		1,021.19		4.09		3.78		0.75
Class K		1,000.00		1,000.00		1,185.20		1,019.75		5.67		5.24		1.04
Class R		1,000.00		1,000.00		1,182.80		1,017.75		7.84		7.24		1.44
Class R4		1,000.00		1,000.00		1,185.60		1,020.19		5.18		4.78		0.95
Class R5		1,000.00		1,000.00		1,186.40		1,020.94		4.36		4.03		0.80
Class T		1,000.00		1,000.00		1,183.90		1,018.75		6.75		6.24		1.24
Class W		1,000.00		1,000.00		1,183.80		1,019.20		6.26		5.79		1.15
Class Y		1,000.00		1,000.00		1,186.70		1,021.19		4.09		3.78		0.75
Class Z		1,000.00		1,000.00		1,185.70		1,020.24		5.12		4.73		0.94

Common Stocks 97.2%

Issuer	Shares		Value ($)
Consumer Discretionary 21.0%
Auto Components 2.1%
BorgWarner, Inc.		399,550		24,552,347
Delphi Automotive PLC		482,233		32,102,251
Total				56,654,598
Automobiles 0.4%
Tesla Motors, Inc.^(a)		47,040		11,515,863
Distributors 0.7%
LKQ Corp.^(a)		649,717		18,120,607
Hotels, Restaurants & Leisure 3.9%
Dunkin' Brands Group, Inc.		425,390		21,979,901
Norwegian Cruise Line Holdings Ltd.^(a)		308,827		10,583,501
Starwood Hotels & Resorts Worldwide, Inc.		463,966		38,258,637
Wynn Resorts Ltd.		140,048		33,960,240
Total				104,782,279
Household Durables 1.1%
Lennar Corp., Class A		672,590		29,513,249
Internet & Catalog Retail 1.6%
Netflix, Inc.^(a)		42,730		19,041,770
TripAdvisor, Inc.^(a)		222,076		22,260,898
Total				41,302,668
Leisure Equipment & Products 0.8%
Polaris Industries, Inc.		165,565		22,190,677
Media 2.7%
Charter Communications Inc., Class A^(a)		156,645		19,857,887
Discovery Communications, Inc., Class A^(a)		158,487		13,205,137
DISH Network Corp., Class A^(a)		371,380		21,851,999
Interpublic Group of Companies, Inc. (The)		908,870		16,105,176
Total				71,020,199
Multiline Retail 2.1%
Dollar Tree, Inc.^(a)		594,270		32,548,168
Macy's, Inc.		383,619		22,196,195
Total				54,744,363
Specialty Retail 2.6%
Foot Locker, Inc.		415,479		17,329,629
TJX Companies, Inc. (The)		174,023		10,695,453
Tractor Supply Co.		371,330		26,201,045
Urban Outfitters, Inc.^(a)		419,990		15,724,426
Total				69,950,553

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods 3.0%
lululemon athletica, Inc.^(a)		173,160		8,711,680
Michael Kors Holdings Ltd.^(a)		438,732		43,008,898
VF Corp.		501,250		29,368,237
Total				81,088,815
Total Consumer Discretionary				560,883,871
Consumer Staples 6.4%
Beverages 1.8%
Constellation Brands, Inc., Class A^(a)		593,410		48,084,012
Food & Staples Retailing 1.1%
Kroger Co. (The)		455,770		19,114,994
Whole Foods Market, Inc.		205,560		11,110,518
Total				30,225,512
Food Products 2.3%
Green Mountain Coffee Roasters, Inc.		77,580		8,516,733
Hershey Co. (The)		297,749		31,507,799
Mead Johnson Nutrition Co.		240,917		19,646,781
Total				59,671,313
Personal Products 0.6%
Herbalife Ltd.		250,448		16,679,837
Tobacco 0.6%
Lorillard, Inc.		339,090		16,635,755
Total Consumer Staples				171,296,429
Energy 6.2%
Energy Equipment & Services 1.9%
Cameron International Corp.^(a)		360,945		23,122,137
FMC Technologies, Inc.^(a)		203,400		10,218,816
Oceaneering International, Inc.		250,791		17,951,620
Total				51,292,573
Oil, Gas & Consumable Fuels 4.3%
Cabot Oil & Gas Corp.		812,622		28,441,770
Concho Resources, Inc.^(a)		246,577		29,867,872
Gulfport Energy Corp.^(a)		169,668		11,215,055
Pioneer Natural Resources Co.		129,620		26,076,951
SM Energy Co.		264,420		19,500,975
Total				115,102,623
Total Energy				166,395,196

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 9.2%
Capital Markets 1.9%
Affiliated Managers Group, Inc.^(a)		210,316		39,549,924
T. Rowe Price Group, Inc.		127,540		10,352,422
Total				49,902,346
Commercial Banks 2.3%
BankUnited, Inc.		447,007		14,965,794
Signature Bank^(a)		265,591		34,773,830
SVB Financial Group^(a)		93,406		11,760,750
Total				61,500,374
Diversified Financial Services 1.9%
IntercontinentalExchange Group, Inc.		69,174		14,446,298
McGraw Hill Financial, Inc.		196,700		15,669,122
Moody's Corp.		270,825		21,395,175
Total				51,510,595
Insurance 0.9%
Aon PLC		278,000		23,796,800
Real Estate Investment Trusts (REITs) 1.2%
Plum Creek Timber Co., Inc.		733,546		31,755,206
Real Estate Management & Development 1.0%
Realogy Holdings Corp.^(a)		597,020		28,334,569
Total Financials				246,799,890
Health Care 14.2%
Biotechnology 3.5%
Alexion Pharmaceuticals, Inc.^(a)		182,614		32,286,155
Incyte Corp., Ltd.^(a)		168,040		10,798,250
Pharmacyclics, Inc.^(a)		179,730		24,921,362
Vertex Pharmaceuticals, Inc.^(a)		314,410		25,423,193
Total				93,428,960
Health Care Equipment & Supplies 1.4%
Sirona Dental Systems, Inc.^(a)		188,070		13,251,412
St. Jude Medical, Inc.		357,910		24,094,501
Total				37,345,913
Health Care Providers & Services 3.5%
Brookdale Senior Living, Inc.^(a)		516,549		17,325,053
Cardinal Health, Inc.		299,700		21,437,541
Catamaran Corp.^(a)		454,485		20,488,184
CIGNA Corp.		120,400		9,582,636

Common Stocks (continued)

Issuer	Shares		Value ($)
Community Health Systems, Inc.^(a)		289,280		12,008,013
DaVita HealthCare Partners, Inc.^(a)		171,880		11,813,312
Total				92,654,739
Health Care Technology 0.9%
Cerner Corp.^(a)		390,542		23,967,563
Life Sciences Tools & Services 1.2%
Covance, Inc.^(a)		129,900		13,452,444
Illumina, Inc.^(a)		108,430		18,594,661
Total				32,047,105
Pharmaceuticals 3.7%
Actavis PLC^(a)		154,992		34,225,334
Jazz Pharmaceuticals PLC^(a)		107,950		16,402,463
Perrigo Co. PLC		232,625		38,252,855
Salix Pharmaceuticals Ltd.^(a)		98,820		10,664,654
Total				99,545,306
Total Health Care				378,989,586
Industrials 16.2%
Aerospace & Defense 1.3%
B/E Aerospace, Inc.^(a)		168,060		14,159,055
TransDigm Group, Inc.		115,460		20,568,044
Total				34,727,099
Airlines 1.9%
Delta Air Lines, Inc.		1,569,025		52,107,320
Building Products 2.2%
Fortune Brands Home & Security, Inc.		580,280		27,122,287
Masco Corp.		1,355,646		31,654,334
Total				58,776,621
Commercial Services & Supplies 0.9%
Stericycle, Inc.^(a)		206,753		23,569,842
Electrical Equipment 2.9%
AMETEK, Inc.		609,023		32,424,385
Rockwell Automation, Inc.		193,123		23,723,229
Roper Industries, Inc.		157,780		21,398,124
Total				77,545,738
Machinery 1.6%
Ingersoll-Rand PLC		416,620		25,472,147
Pall Corp.		202,790		17,439,940
Total				42,912,087

Common Stocks (continued)

Issuer	Shares		Value ($)
Marine 0.8%
Kirby Corp.^(a)		207,990		21,757,834
Professional Services 2.0%
IHS, Inc., Class A^(a)		134,880		16,169,414
Verisk Analytics, Inc., Class A^(a)		567,451		36,155,141
Total				52,324,555
Road & Rail 1.0%
JB Hunt Transport Services, Inc.		167,615		12,046,490
Kansas City Southern		158,362		14,873,359
Total				26,919,849
Trading Companies & Distributors 1.6%
United Rentals, Inc.^(a)		247,358		21,851,606
WW Grainger, Inc.		77,958		19,880,849
Total				41,732,455
Total Industrials				432,373,400
Information Technology 17.2%
Communications Equipment 0.5%
F5 Networks, Inc.^(a)		126,290		14,187,419
Computers & Peripherals 0.2%
Stratasys Ltd.^(a)		48,850		6,210,300
Internet Software & Services 4.2%
Cornerstone OnDemand, Inc.^(a)		338,270		19,748,202
CoStar Group, Inc.^(a)		110,019		22,118,220
Equinix, Inc.^(a)		46,880		8,905,325
LinkedIn Corp., Class A^(a)		104,600		21,342,584
MercadoLibre, Inc.		129,429		13,483,913
Pandora Media, Inc.^(a)		716,967		26,828,905
Total				112,427,149
IT Services 3.6%
Alliance Data Systems Corp.^(a)		106,060		30,238,767
FleetCor Technologies, Inc.^(a)		227,840		29,603,251
Gartner, Inc.^(a)		277,540		19,305,682
MAXIMUS, Inc.		370,150		17,689,469
Total				96,837,169
Semiconductors & Semiconductor Equipment 1.6%
Applied Materials, Inc.		707,680		13,417,613
Broadcom Corp., Class A		633,220		18,819,298
Cree, Inc.^(a)		167,220		10,272,325
Total				42,509,236

Common Stocks (continued)

Issuer	Shares		Value ($)
Software 7.1%
Autodesk, Inc.^(a)		170,000		8,918,200
CommVault Systems, Inc.^(a)		232,410		16,008,401
Concur Technologies, Inc.^(a)		132,710		16,383,050
Guidewire Software, Inc.^(a)		370,194		19,846,100
Infoblox, Inc.^(a)		568,140		13,112,671
Intuit, Inc.		343,015		26,806,622
Red Hat, Inc.^(a)		354,670		20,921,983
ServiceNow, Inc.^(a)		341,818		23,264,133
Splunk, Inc.^(a)		162,201		15,044,143
Tableau Software, Inc., Class A^(a)		163,550		15,429,307
Tyler Technologies, Inc.^(a)		142,760		13,388,033
Total				189,122,643
Total Information Technology				461,293,916
Materials 5.2%
Chemicals 3.3%
Eastman Chemical Co.		301,413		26,352,539
Sherwin-Williams Co. (The)		303,965		60,938,903
Total				87,291,442
Construction Materials 0.3%
Eagle Materials, Inc.		85,790		7,583,836
Containers & Packaging 0.8%
Rock-Tenn Co., Class A		199,696		22,290,067
Paper & Forest Products 0.8%
International Paper Co.		436,455		21,338,285
Total Materials				138,503,630
Telecommunication Services 1.3%
Wireless Telecommunication Services 1.3%
SBA Communications Corp., Class A^(a)		361,981		34,449,732
Total Telecommunication Services				34,449,732
Utilities 0.3%
Electric Utilities 0.3%
ITC Holdings Corp.		69,501		7,130,802
Total Utilities				7,130,802
Total Common Stocks (Cost: $1,837,331,665)				2,598,116,452

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at February 28, 2014.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					45,743,876				494,290,517				(463,432,220	)			76,602,173				25,495				76,602,173

Fair Value Measurements

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

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

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

Fair Value Measurements (continued)

These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund's investments at February 28, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		560,883,871		—		—		560,883,871
Consumer Staples		171,296,429		—		—		171,296,429
Energy		166,395,196		—		—		166,395,196
Financials		246,799,890		—		—		246,799,890
Health Care		378,989,586		—		—		378,989,586
Industrials		432,373,400		—		—		432,373,400
Information Technology		461,293,916		—		—		461,293,916
Materials		138,503,630		—		—		138,503,630
Telecommunication Services		34,449,732		—		—		34,449,732
Utilities		7,130,802		—		—		7,130,802
Total Equity Securities		2,598,116,452		—		—		2,598,116,452
Mutual Funds
Money Market Funds		76,602,173		—		—		76,602,173
Total Mutual Funds		76,602,173		—		—		76,602,173
Total		2,674,718,625		—		—		2,674,718,625

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

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

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,837,331,665)	$	2,598,116,452
Affiliated issuers (identified cost $76,602,173)		76,602,173
Total investments (identified cost $1,913,933,838)		2,674,718,625
Receivable for:
Investments sold		22,283,796
Capital shares sold		594,465
Dividends		1,887,348
Prepaid expenses		21,524
Trustees' deferred compensation plan		99,619
Other assets		31,793
Total assets		2,699,637,170
Liabilities
Payable for:
Investments purchased		24,150,556
Capital shares purchased		2,498,197
Investment management fees		49,700
Distribution and/or service fees		10,016
Transfer agent fees		376,664
Administration fees		3,899
Plan administration fees		73
Compensation of board members		69,619
Chief compliance officer expenses		259
Other expenses		261,801
Trustees' deferred compensation plan		99,619
Total liabilities		27,520,403
Net assets applicable to outstanding capital stock	$	2,672,116,767
Represented by
Paid-in capital	$	1,805,802,662
Excess of distributions over net investment income		(4,188,210	)
Accumulated net realized gain		109,717,528
Unrealized appreciation (depreciation) on:
Investments		760,784,787
Total — representing net assets applicable to outstanding capital stock	$	2,672,116,767

Class A
Net assets	$	1,071,533,377
Shares outstanding		33,438,028
Net asset value per share	$	32.05
Maximum offering price per share^(a)	$	34.01
Class B
Net assets	$	17,162,394
Shares outstanding		593,721
Net asset value per share	$	28.91
Class C
Net assets	$	57,181,229
Shares outstanding		1,970,593
Net asset value per share	$	29.02
Class I
Net assets	$	205,315,626
Shares outstanding		6,137,626
Net asset value per share	$	33.45
Class K
Net assets	$	369,042
Shares outstanding		11,106
Net asset value per share	$	33.23
Class R
Net assets	$	29,248,018
Shares outstanding		933,302
Net asset value per share	$	31.34
Class R4
Net assets	$	210,780
Shares outstanding		6,226
Net asset value per share	$	33.85
Class R5
Net assets	$	13,367,008
Shares outstanding		400,484
Net asset value per share	$	33.38
Class T
Net assets	$	24,916,372
Shares outstanding		779,353
Net asset value per share	$	31.97
Maximum offering price per share^(a)	$	33.92
Class W
Net assets	$	360,055
Shares outstanding		11,231
Net asset value per share	$	32.06
Class Y
Net assets	$	281,310
Shares outstanding		8,431
Net asset value per share	$	33.37
Class Z
Net assets	$	1,252,171,556
Shares outstanding		37,657,927
Net asset value per share	$	33.25

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

Net investment income
Income:
Dividends — unaffiliated issuers	$	10,067,851
Dividends — affiliated issuers		25,495
Interest		2,326
Total income		10,095,672
Expenses:
Investment management fees		8,987,240
Distribution and/or service fees
Class A		1,287,528
Class B		89,116
Class C		274,285
Class R		71,566
Class T		35,192
Class W		52,239
Transfer agent fees
Class A		978,521
Class B		16,932
Class C		52,114
Class K		74
Class R		27,195
Class R4		129
Class R5		1,577
Class T		22,288
Class W		39,702
Class Z		1,176,695
Administration fees		704,872
Plan administration fees
Class K		453
Compensation of board members		45,169
Custodian fees		12,877
Printing and postage fees		112,143
Registration fees		79,369
Professional fees		52,404
Chief compliance officer expenses		633
Total expenses		14,120,313
Net investment loss		(4,024,641	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		252,374,864
Net realized gain		252,374,864
Net change in unrealized appreciation (depreciation) on:
Investments		207,041,837
Net change in unrealized appreciation (depreciation)		207,041,837
Net realized and unrealized gain		459,416,701
Net increase in net assets resulting from operations	$	455,392,060

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)(b)
Operations
Net investment loss	$	(4,024,641	)	$	(3,291,836	)
Net realized gain		252,374,864			250,854,509
Net change in unrealized appreciation (depreciation)		207,041,837			109,725,912
Net increase in net assets resulting from operations		455,392,060			357,288,585
Distributions to shareholders
Net realized gains
Class A		(97,798,278	)		(9,008,327	)
Class B		(1,771,600	)		(148,454	)
Class C		(5,434,628	)		(1,367,235	)
Class I		(19,628,016	)		(7,549,768	)
Class K		(32,772	)		—
Class R		(2,707,690	)		(743,840	)
Class R4		(18,150	)		(72	)
Class R5		(490,341	)		(797	)
Class T		(2,209,093	)		(596,346	)
Class W		(1,734,715	)		(1,984,787	)
Class Y		(23,201	)		(462	)
Class Z		(116,675,804	)		(34,501,877	)
Total distributions to shareholders		(248,524,288	)		(55,901,965	)
Increase (decrease) in net assets from capital stock activity		(188,293,594	)		313,216,538
Total increase in net assets		18,574,178			614,603,158
Net assets at beginning of period		2,653,542,589			2,038,939,431
Net assets at end of period	$	2,672,116,767		$	2,653,542,589
Excess of distributions over net investment income	$	(4,188,210	)	$	(163,569	)

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to August 31, 2013.

(b) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013.

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(c)		1,079,140			33,399,410			2,132,441			60,131,106
Fund merger		—			—			22,792,214			634,205,775
Distributions reinvested		3,124,290			91,916,621			316,741			8,019,884
Redemptions		(3,769,153	)		(116,498,690	)		(4,742,085	)		(132,095,393	)
Net increase		434,277			8,817,341			20,499,311			570,261,372
Class B shares
Subscriptions		5,714			158,912			10,356			266,150
Fund merger		—			—			692,621			17,602,015
Distributions reinvested		64,005			1,701,880			5,429			125,783
Redemptions^(c)		(137,464	)		(3,869,011	)		(258,587	)		(6,823,327	)
Net increase (decrease)		(67,745	)		(2,008,219	)		449,819			11,170,621
Class C shares
Subscriptions		99,825			2,780,130			169,335			4,271,385
Fund merger		—			—			327,825			8,360,268
Distributions reinvested		171,032			4,564,849			47,498			1,104,318
Redemptions		(215,765	)		(6,070,374	)		(485,648	)		(12,252,188	)
Net increase		55,092			1,274,605			59,010			1,483,783
Class I shares
Subscriptions		250,084			8,518,646			122,602			3,326,010
Fund merger		—			—			417			12,034
Distributions reinvested		639,684			19,625,503			287,599			7,549,478
Redemptions		(2,503,114	)		(82,738,796	)		(2,488,726	)		(75,107,256	)
Net decrease		(1,613,346	)		(54,594,647	)		(2,078,108	)		(64,219,734	)
Class K shares
Subscriptions		382			12,294			2,379			71,450
Fund merger		—			—			17,936			515,477
Distributions reinvested		1,040			31,720			—			—
Redemptions		(3,144	)		(103,167	)		(7,487	)		(228,679	)
Net increase (decrease)		(1,722	)		(59,153	)		12,828			358,248
Class R shares
Subscriptions		126,847			3,817,987			258,541			6,929,458
Fund merger		—			—			1,849			50,460
Distributions reinvested		72,395			2,084,243			23,306			579,143
Redemptions		(207,624	)		(6,331,250	)		(328,787	)		(8,916,344	)
Net decrease		(8,382	)		(429,020	)		(45,091	)		(1,357,283	)

	Six Months Ended February 28, 2014 (Unaudited)						Year Ended August 31, 2013^(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R4 shares
Subscriptions		5,505			188,022			675			19,618
Fund merger		—			—			282			8,249
Distributions reinvested		513			15,931			—			—
Redemptions		(749	)		(24,555	)		—			—
Net increase		5,269			179,398			957			27,867
Class R5 shares
Subscriptions		483,433			15,562,588			253,260			7,855,744
Distributions reinvested		16,005			490,060			28			728
Redemptions		(222,942	)		(7,278,298	)		(214,834	)		(6,554,386	)
Net increase		276,496			8,774,350			38,454			1,302,086
Class T shares
Subscriptions		9,278			274,606			5,163			136,645
Distributions reinvested		62,773			1,843,016			19,642			496,360
Redemptions		(31,288	)		(977,373	)		(81,218	)		(2,232,305	)
Net increase (decrease)		40,763			1,140,249			(56,413	)		(1,599,300	)
Class W shares
Subscriptions		130,845			4,122,001			1,492,129			42,509,692
Distributions reinvested		58,932			1,734,377			78,354			1,984,703
Redemptions		(3,681,276	)		(118,091,620	)		(591,709	)		(16,466,168	)
Net increase (decrease)		(3,491,499	)		(112,235,242	)		978,774			28,028,227
Class Y shares
Subscriptions		559			17,867			6,796			210,137
Distributions reinvested		696			21,303			—			—
Redemptions		(223	)		(7,270	)		—			—
Net increase		1,032			31,900			6,796			210,137
Class Z shares
Subscriptions		1,637,613			52,229,959			2,978,798			83,552,744
Fund merger		—			—			51,867			1,490,949
Distributions reinvested		2,587,851			78,955,342			826,522			21,605,284
Redemptions		(5,286,861	)		(170,370,457	)		(11,931,071	)		(339,098,463	)
Net decrease		(1,061,397	)		(39,185,156	)		(8,073,884	)		(232,449,486	)
Total net increase (decrease)		(5,431,162	)		(188,293,594	)		11,792,453			313,216,538

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to August 31, 2013.

(b) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to August 31, 2013

	Six Months Ended February 28, 2014			Year Ended August 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.89		$	26.41		$	25.75		$	20.22		$	17.58		$	23.47
Income from investment operations:
Net investment loss		(0.07	)		(0.11	)		(0.06	)		(0.17	)		(0.10	)		(0.03	)
Net realized and unrealized gain (loss)		5.30			4.36			1.55			5.70			2.74			(5.37	)
Total from investment operations		5.23			4.25			1.49			5.53			2.64			(5.40	)
Less distributions to shareholders:
Net realized gains		(3.07	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(3.07	)		(0.77	)		(0.83	)		—			—			(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	32.05		$	29.89		$	26.41		$	25.75		$	20.22		$	17.58
Total return		18.43	%		16.60	%		5.97	%		27.35	%		15.02	%		(22.38	%)
Ratios to average net assets^(b)
Total gross expenses		1.19	%^(c)		1.20	%		1.22	%		1.19	%^(d)		1.23	%^(d)		1.26	%
Total net expenses^(e)		1.19	%^(c)		1.20	%^(f)		1.22	%^(f)		1.19	%^(d)(f)		1.23	%^(d)(f)		1.26	%^(f)
Net investment loss		(0.43	%)^(c)		(0.40	%)		(0.22	%)		(0.63	%)		(0.49	%)		(0.20	%)
Supplemental data
Net assets, end of period (in thousands)	$	1,071,533		$	986,482		$	330,302		$	304,214		$	65,123		$	53,881
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	27.20		$	24.29		$	23.92		$	18.93		$	16.59		$	22.35
Income from investment operations:
Net investment loss		(0.17	)		(0.31	)		(0.23	)		(0.34	)		(0.23	)		(0.14	)
Net realized and unrealized gain (loss)		4.81			3.99			1.43			5.33			2.57			(5.13	)
Total from investment operations		4.64			3.68			1.20			4.99			2.34			(5.27	)
Less distributions to shareholders:
Net realized gains		(2.93	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(2.93	)		(0.77	)		(0.83	)		—			—			(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	28.91		$	27.20		$	24.29		$	23.92		$	18.93		$	16.59
Total return		18.00	%		15.68	%		5.19	%		26.36	%		14.10	%		(22.93	%)
Ratios to average net assets^(b)
Total gross expenses		1.94	%^(c)		1.95	%		1.99	%		1.95	%^(d)		1.98	%^(d)		2.01	%
Total net expenses^(e)		1.94	%^(c)		1.95	%^(f)		1.99	%^(f)		1.95	%^(d)(f)		1.98	%^(d)(f)		2.01	%^(f)
Net investment loss		(1.18	%)^(c)		(1.20	%)		(0.99	%)		(1.39	%)		(1.24	%)		(0.95	%)
Supplemental data
Net assets, end of period (in thousands)	$	17,162		$	17,994		$	5,140		$	7,604		$	5,582		$	8,322
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	27.30		$	24.37		$	23.99		$	18.98		$	16.63		$	22.41
Income from investment operations:
Net investment loss		(0.17	)		(0.26	)		(0.23	)		(0.35	)		(0.24	)		(0.14	)
Net realized and unrealized gain (loss)		4.82			3.96			1.44			5.36			2.59			(5.15	)
Total from investment operations		4.65			3.70			1.21			5.01			2.35			(5.29	)
Less distributions to shareholders:
Net realized gains		(2.93	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(2.93	)		(0.77	)		(0.83	)		—			—			(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	29.02		$	27.30		$	24.37		$	23.99		$	18.98		$	16.63
Total return		17.96	%		15.71	%		5.22	%		26.40	%		14.13	%		(22.96	%)
Ratios to average net assets^(b)
Total gross expenses		1.94	%^(c)		1.96	%		1.98	%		1.94	%^(d)		1.98	%^(d)		2.01	%
Total net expenses^(e)		1.94	%^(c)		1.96	%^(f)		1.98	%^(f)		1.94	%^(d)(f)		1.98	%^(d)(f)		2.01	%^(f)
Net investment loss		(1.18	%)^(c)		(1.04	%)		(0.98	%)		(1.39	%)		(1.24	%)		(0.95	%)
Supplemental data
Net assets, end of period (in thousands)	$	57,181		$	52,284		$	45,236		$	54,224		$	9,858		$	9,106
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class I	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	31.09		$	27.33		$	26.49		$	23.23
Income from investment operations:
Net investment income (loss)		(0.00	)^(b)		0.05			0.06			(0.06	)
Net realized and unrealized gain		5.52			4.48			1.61			3.32
Total from investment operations		5.52			4.53			1.67			3.26
Less distributions to shareholders:
Net realized gains		(3.16	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(3.16	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	33.45		$	31.09		$	27.33		$	26.49
Total return		18.66	%		17.08	%		6.49	%		14.03	%
Ratios to average net assets^(c)
Total gross expenses		0.75	%^(d)		0.77	%		0.78	%		0.80	%^(d)(e)
Total net expenses^(f)		0.75	%^(d)		0.77	%		0.78	%		0.80	%^(d)(e)(g)
Net investment income (loss)		(0.01	%)^(d)		0.17	%		0.23	%		(0.22	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	205,316		$	240,974		$	268,601		$	180,383
Portfolio turnover		50	%		109	%		141	%		138	%

Notes to Financial Highlights

(a) For the period from September 7, 2010 (commencement of operations) to August 31, 2011.

(b) Rounds to zero.

(d) Annualized.

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

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

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

Class K	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	30.89		$	28.08
Income from investment operations:
Net investment loss		(0.04	)		(0.06	)
Net realized and unrealized gain		5.48			2.87
Total from investment operations		5.44			2.81
Less distributions to shareholders:
Net realized gains		(3.10	)		—
Total distributions to shareholders		(3.10	)		—
Net asset value, end of period	$	33.23		$	30.89
Total return		18.52	%		10.01	%
Ratios to average net assets^(b)
Total gross expenses		1.04	%^(c)		1.05	%^(c)
Total net expenses^(d)		1.04	%^(c)		1.05	%^(c)
Net investment loss		(0.28	%)^(c)		(0.42	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	369		$	396
Portfolio turnover		50	%		109	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to August 31, 2013.

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.28		$	25.96		$	25.38		$	19.98		$	17.42		$	23.32
Income from investment operations:
Net investment loss		(0.10	)		(0.14	)		(0.12	)		(0.23	)		(0.15	)		(0.07	)
Net realized and unrealized gain (loss)		5.18			4.23			1.53			5.63			2.71			(5.34	)
Total from investment operations		5.08			4.09			1.41			5.40			2.56			(5.41	)
Less distributions to shareholders:
Net realized gains		(3.02	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(3.02	)		(0.77	)		(0.83	)		—			—			(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	31.34		$	29.28		$	25.96		$	25.38		$	19.98		$	17.42
Total return		18.28	%		16.27	%		5.73	%		27.03	%		14.70	%		(22.57	%)
Ratios to average net assets^(b)
Total gross expenses		1.44	%^(c)		1.46	%		1.48	%		1.44	%^(d)		1.48	%^(d)		1.51	%
Total net expenses^(e)		1.44	%^(c)		1.46	%^(f)		1.48	%^(f)		1.44	%^(d)(f)		1.48	%^(d)(f)		1.51	%^(f)
Net investment loss		(0.68	%)^(c)		(0.53	%)		(0.48	%)		(0.88	%)		(0.73	%)		(0.45	%)
Supplemental data
Net assets, end of period (in thousands)	$	29,248		$	27,574		$	25,613		$	26,196		$	5,112		$	3,876
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Class R4	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August31, 2013^(a)
Per share data
Net asset value, beginning of period	$	31.42		$	26.58
Income from investment operations:
Net investment loss		(0.01	)		(0.09	)
Net realized and unrealized gain		5.56			5.70
Total from investment operations		5.55			5.61
Less distributions to shareholders:
Net realized gains		(3.12	)		(0.77	)
Total distributions to shareholders		(3.12	)		(0.77	)
Net asset value, end of period	$	33.85		$	31.42
Total return		18.56	%		21.61	%
Ratios to average net assets^(b)
Total gross expenses		0.95	%^(c)		0.96	%^(c)
Total net expenses^(d)		0.95	%^(c)		0.96	%^(c)(e)
Net investment loss		(0.05	%)^(c)		(0.41	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	211		$	30
Portfolio turnover		50	%		109	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to August 31, 2013.

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class R5	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	31.03		$	27.31		$	26.47		$	28.05
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.04	)		0.06			(0.03	)
Net realized and unrealized gain (loss)		5.51			4.53			1.61			(1.55	)^(b)
Total from investment operations		5.50			4.49			1.67			(1.58	)
Less distributions to shareholders:
Net realized gains		(3.15	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(3.15	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			0.00	^(c)		—
Net asset value, end of period	$	33.38		$	31.03		$	27.31		$	26.47
Total return		18.64	%		16.94	%		6.50	%		(5.63	%)
Ratios to average net assets^(d)
Total gross expenses		0.80	%^(e)		0.81	%		0.78	%		0.78	%^(e)(f)
Total net expenses^(g)		0.80	%^(e)		0.81	%		0.78	%		0.78	%^(e)(f)(h)
Net investment income (loss)		(0.04	%)^(e)		(0.14	%)		0.22	%		(0.24	%)^(e)
Supplemental data
Net assets, end of period (in thousands)	$	13,367		$	3,847		$	2,336		$	2,198
Portfolio turnover		50	%		109	%		141	%		138	%

Notes to Financial Highlights

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

(e) Annualized.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class T	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	29.82		$	26.37		$	25.72		$	20.21		$	17.58		$	23.48
Income from investment operations:
Net investment loss		(0.07	)		(0.09	)		(0.07	)		(0.18	)		(0.11	)		(0.04	)
Net realized and unrealized gain (loss)		5.28			4.31			1.55			5.69			2.74			(5.37	)
Total from investment operations		5.21			4.22			1.48			5.51			2.63			(5.41	)
Less distributions to shareholders:
Net realized gains		(3.06	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(3.06	)		(0.77	)		(0.83	)		—			—			(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	31.97		$	29.82		$	26.37		$	25.72		$	20.21		$	17.58
Total return		18.39	%		16.51	%		5.94	%		27.26	%		14.96	%		(22.41	%)
Ratios to average net assets^(b)
Total gross expenses		1.24	%^(c)		1.26	%		1.28	%		1.26	%^(d)		1.28	%^(d)		1.31	%
Total net expenses^(e)		1.24	%^(c)		1.26	%^(f)		1.28	%^(f)		1.26	%^(d)(f)		1.28	%^(d)(f)		1.31	%^(f)
Net investment income		(0.48	%)^(c)		(0.32	%)		(0.28	%)		(0.69	%)		(0.54	%)		(0.25	%)
Supplemental data
Net assets, end of period (in thousands)	$	24,916		$	22,027		$	20,965		$	22,127		$	19,582		$	18,847
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class W	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	29.91		$	26.43		$	25.76		$	22.67
Income from investment operations:
Net investment loss		(0.10	)		(0.08	)		(0.05	)		(0.16	)
Net realized and unrealized gain		5.32			4.33			1.55			3.25
Total from investment operations		5.22			4.25			1.50			3.09
Less distributions to shareholders:
Net realized gains		(3.07	)		(0.77	)		(0.83	)		—
Total distributions to shareholders		(3.07	)		(0.77	)		(0.83	)		—
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	32.06		$	29.91		$	26.43		$	25.76
Total return		18.38	%		16.59	%		6.01	%		13.63	%
Ratios to average net assets^(c)
Total gross expenses		1.15	%^(d)		1.21	%		1.22	%		1.19	%^(d)(e)
Total net expenses^(f)		1.15	%^(d)		1.21	%^(g)		1.22	%^(g)		1.19	%^(d)(e)(g)
Net investment loss		(0.59	%)^(d)		(0.28	%)		(0.21	%)		(0.63	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	360		$	104,752		$	66,704		$	45,119
Portfolio turnover		50	%		109	%		141	%		138	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class Y	(Unaudited)			2013			2012			2011			2010			2009^(a)
Per share data
Net asset value, beginning of period	$	31.01		$	27.26		$	26.46		$	20.72		$	17.98		$	16.18
Income from investment operations:
Net investment income		0.00	^(b)		0.07			0.03			(0.04	)		(0.03	)		0.01
Net realized and unrealized gain		5.51			4.45			1.60			5.78			2.80			1.79
Total from investment operations		5.51			4.52			1.63			5.74			2.77			1.80
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.03	)		—
Net realized gains		(3.15	)		(0.77	)		(0.83	)		—			—			—
Total distributions to shareholders		(3.15	)		(0.77	)		(0.83	)		—			(0.03	)		—
Proceeds from regulatory settlements		—			—			0.00	^(b)		0.00	^(b)		—			—
Net asset value, end of period	$	33.37		$	31.01		$	27.26		$	26.46		$	20.72		$	17.98
Total return		18.67	%		17.09	%		6.35	%		27.70	%		15.43	%		11.12	%
Ratios to average net assets^(c)
Total gross expenses		0.75	%^(d)		0.83	%		0.88	%		0.86	%^(e)		0.84	%^(e)		0.86	%^(d)
Total net expenses^(f)		0.75	%^(d)		0.83	%		0.88	%		0.86	%^(e)(g)		0.84	%^(e)(g)		0.86	%^(d)(g)
Net investment income		0.02	%^(d)		0.26	%		0.10	%		(0.15	%)		(0.13	%)		0.31	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	281		$	229		$	16		$	32		$	1,013		$	3,067
Portfolio turnover		50	%		109	%		141	%		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 zero.

(d) Annualized.

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

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

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

	Six Months Ended February 28, 2014			Year Ended August 31,
Class Z	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	30.91		$	27.23		$	26.45		$	20.72		$	17.98		$	23.92
Income from investment operations:
Net investment income (loss)		(0.03	)		(0.00	)^(a)		0.01			(0.10	)		(0.05	)		0.01
Net realized and unrealized gain (loss)		5.49			4.45			1.60			5.83			2.80			(5.46	)
Total from investment operations		5.46			4.45			1.61			5.73			2.75			(5.45	)
Less distributions to shareholders:
Net investment income		—			—			—			—			(0.01	)		—
Net realized gains		(3.12	)		(0.77	)		(0.83	)		—			—			(0.49	)
Total distributions to shareholders		(3.12	)		(0.77	)		(0.83	)		—			(0.01	)		(0.49	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)
Net asset value, end of period	$	33.25		$	30.91		$	27.23		$	26.45		$	20.72		$	17.98
Total return		18.57	%		16.84	%		6.27	%		27.65	%		15.29	%		(22.16	%)
Ratios to average net assets^(b)
Total gross expenses		0.94	%^(c)		0.96	%		0.97	%		0.95	%^(d)		0.98	%^(d)		1.01	%
Total net expenses^(e)		0.94	%^(c)		0.96	%^(f)		0.97	%^(f)		0.95	%^(d)(f)		0.98	%^(d)(f)		1.01	%^(f)
Net investment income (loss)		(0.18	%)^(c)		(0.01	%)		0.03	%		(0.39	%)		(0.24	%)		0.05	%
Supplemental data
Net assets, end of period (in thousands)	$	1,252,172		$	1,196,953		$	1,274,026		$	1,198,927		$	986,590		$	954,718
Portfolio turnover		50	%		109	%		141	%		138	%		137	%		160	%

Notes to Financial Highlights

(a) Rounds to zero.

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

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

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

Note 1. Organization

Columbia 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.