N-CSRS 1 a07-27267_9ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-09645

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

One Financial Center, Boston, Massachusetts					02111
(Address of principal executive offices)					(Zip code)

James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)

Registrant’s telephone number, including area code:				1-617-426-3750

Date of fiscal year end:	March 31, 2008

Date of reporting period:		September 30, 2007

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

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

Item 1. Reports to Stockholders.

Columbia Management®

Municipal Bond Funds

Semiannual Report – September 30, 2007

^g Columbia Short Term Municipal Bond Fund

^g Columbia California Intermediate
Municipal Bond Fund

^g Columbia Georgia Intermediate
Municipal Bond Fund

^g Columbia Maryland Intermediate
Municipal Bond Fund

^g Columbia North Carolina Intermediate
Municipal Bond Fund

^g Columbia South Carolina Intermediate
Municipal Bond Fund

^g Columbia Virginia Intermediate
Municipal Bond Fund

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of Contents

Columbia Short Term Municipal Bond Fund					1

Columbia California Intermediate Municipal Bond Fund					4

Columbia Georgia Intermediate Municipal Bond Fund					7

Columbia Maryland Intermediate Municipal Bond Fund					10

Columbia North Carolina Intermediate Municipal Bond Fund					13

Columbia South Carolina Intermediate Municipal Bond Fund					16

Columbia Virginia Intermediate Municipal Bond Fund					19

Financial Statements					22

Investment Portfolios					23

Statements of Assets and Liabilities					60

Statements of Operations					64

Statements of Changes in Net Assets					66

Financial Highlights					70

Notes to Financial Statements					98

Important Information About This Report					109

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

President's Message

Dear Shareholder:

Every six months, you receive a shareholder report for your Columbia Funds investment. We strive to bring you the information you need to make intelligent, informed investment decisions, in an attractive, easy-to-understand format.

We know that for many investors the information contained in shareholder reports can seem very technical, so we would like to take this opportunity to walk you through some of the sections in the beginning of your shareholder report, explain their purpose and point out some of the highlights we think you'll find useful. In future reports, we will discuss how to use the financial statements in your shareholder reports.

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed, though it's important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

This section explains the ongoing costs associated with your Columbia Funds investment. It includes both general information about mutual fund expenses and specific information pertinent to your fund.

You can use the information to estimate the expenses you paid over the reporting period. You will need your account balance at the end of the period, which can be found by checking your most recent account statement, logging onto your account at www.columbiafunds.com, calling our service center at 800.345.6611 or contacting your financial advisor. Once you have your balance, the section explains how to calculate your estimated expenses step by step.

Portfolio Manager's Report

The Portfolio Manager's Report is where you will find your portfolio manager's thoughts on what happened during the reporting period. Commentary from your portfolio manager(s) includes a summary of the fund's performance, along with a comparison of the fund's performance versus the relevant peer group and benchmark indices.

The portfolio manager will also discuss market conditions that impacted the fund, as well as the investment strategy during the period. Please note: In semiannual reports, the portfolio manager's comments are included in the Fund Profile section.

Other Information

Every shareholder report includes a page containing "Important Information About This Report," which includes instructions for requesting additional copies of the shareholder report, as well as contact information for the fund's Transfer Agent, Distributor and Investment Advisor.

Annual reports contain additional information, such as an independent registered public accounting firm's report and biographies of the fund's trustees and officers. This information is not included in semiannual reports.

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserve precious natural resources. For even more information about your fund, visit our web site at www.columbiafunds.com. There you will find prospectuses, shareholder reports and fund fact sheets for the funds in the Columbia Funds family.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Fund Profile – Columbia Short Term Municipal Bond Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.88% without sales charge. The fund's benchmark, the Merrill Lynch 1-3 Year U.S. Municipal Index, returned 2.16% for the six-month period.¹ The average return of the fund's peer group, the Lipper Short Municipal Debt Funds Classification, was 1.50%.² In a period dominated by investor concerns about credit quality and liquidity, high quality securities tended to perform the best. As a result, the fund's positioning helped it outperform the average return of its peer group.

^g Early in the period, we took advantage of rising yields by adding to the fund's holdings of longer maturity securities. This allowed us to lock in some very attractive yields and enjoy subsequent price appreciation when market yields came down later in the period. (Bond prices and yields tend to move in opposite directions.) We also restructured the fund's position in bonds exposed to the Alternative Minimum Tax (AMT), taking advantage of the additional yield offered by bonds with two- and three-year maturities over one-year bonds. And, we increased the credit quality of the portfolio by selling a little over 1.0% of its BBB-rated holdings after receiving strong bids. However, the fund lost some ground as bonds in the portfolio that have credit ratings tied to a corporate guarantee performed more in line with the weakening corporate market and underperformed traditional municipal bonds.

^g We have positioned the portfolio for an investment scenario in which the Federal Reserve Board continues to reduce short-term interest rates. We believe that short-term municipal securities remain attractively valued versus taxable securities, and we intend to maintain slightly longer-than-average maturities as long as this situation persists. We expect to continue to have a bias toward higher quality instruments, barring unexpected opportunities in lower-rated securities.

Portfolio Management

James M. D'Arcy has managed the fund since June 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1999.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for the fund may differ from that presented for other Columbia Funds.

Tax-exempt investing offers current tax-exempt income, but it also involves certain risks. The value of the fund will be affected by interest rate changes and the creditworthiness of issues held in the fund. When interest rates go up, bond prices generally drop and vice versa.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the AMT. Capital gains are not exempt from income taxes.

¹The Merrill Lynch 1-3 Year U.S. Municipal Index tracks the performance of investment-grade US tax-exempt bonds with remaining terms to final maturities of at least one year and less than three years. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds included in the Lipper Short Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of less than three years.

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

Summary

6-month (cumulative) returns as of 09/30/07

				+1.88%

				Class A shares (without sales charge)

				+2.16%

				Merrill Lynch 1-3 Year U.S. Municipal Index

Morningstar Style Box

The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows a fund's investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar's database as of month-end. Although the data is gathered from reliable sources, Morningstar cannot guarantee its completeness and accuracy. Information shown is as of 06/30/07.

Performance Information – Columbia Short Term Municipal Bond Fund

Annual operating expense ratio (%)*

Class A					0.76
Class B					1.51
Class C					1.51
Class Z					0.51

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.65
Class B					1.40
Class C					1.40
Class Z					0.40

*The annual operating expense ratio and annual operating expense ratio after contractual waivers are stated in the fund's prospectus that is current as of the date of this report. The contractual waiver expires 07/31/08. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					10.20
Class B					10.20
Class C					10.20
Class Z					10.19

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.16
Class B					0.12
Class C					0.12
Class Z					0.17

A portion of the fund's income may be subject to the alternative minimum tax. The fund may at times purchase tax-exempt securities at a discount. Some or all of this discount may be included in the fund's ordinary income, and is taxable when distributed.

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		13,794		13,658
Class B		12,971	n/a
Class C		12,901		12,901
Class Z		14,116	n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Short Term Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B		C				Z
Inception	11/02/93				10/12/93		05/19/94				10/07/93
Sales charge	without		with		without		without		with		without
6-month (cumulative)		1.88		0.89		1.50		1.50		0.50		1.91
1-year		3.36		2.36		2.59		2.59		1.59		3.52
5-year		2.09		1.90		1.33		1.33		1.33		2.33
10-year		3.27		3.17		2.64		2.58		2.58		3.51

The "with sales charge" returns include the maximum initial sales charge of 1.00% for Class A shares, and the applicable contingent deferred sales charge of 1.00% for Class C shares in the first year after purchase. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

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

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value ("NAV") with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Understanding Your Expenses – Columbia Short Term Municipal Bond Fund

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

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000.00, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other fund companies, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from Columbia Management Services, Inc., your account balance is available online at www.columbiafunds.com or by calling Shareholder Services at 800.345.6611.

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

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

04/01/07 – 09/30/07

	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		1,009.40		1,021.75		3.27		3.29		0.65
Class B		1,000.00		1,000.00		1,007.50		1,018.00		7.03		7.06		1.40
Class C		1,000.00		1,000.00		1,007.50		1,018.00		7.03		7.06		1.40
Class Z		1,000.00		1,000.00		1,009.55		1,023.00		2.01		2.02		0.40

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

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

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

Fund Profile – Columbia California Intermediate Municipal Bond Fund

Summary

6-month (cumulative) returns as of 09/30/07

				+1.11%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.11% without sales charge. The fund's benchmark, the Lehman Brothers Municipal Quality Intermediate Index, returned 2.07% for the period.¹ The average return for the fund's peer group, the Lipper California Intermediate Municipal Debt Funds Classification, was 1.05%.²

^g The fund performed in line with its peer group in a period that was marked with considerable volatility. Early in the period, the markets reflected concern that economic growth could fan inflation and keep the Federal Reserve Board (the Fed) from lowering short-term interest rates. However, midway through the period, accelerating weakness in housing and dislocations in the credit markets eventually led the Fed to do just that: In mid-September, it lowered the federal funds rate—a key short-term interest rate—from 5.25% to 4.75%. Intermediate-term rates, which rose early in the period, ended the period only slightly higher than where they began it. Little net change in market conditions provided few opportunities to make up for expense difference between the fund and the index, which incurs no expenses.

^g Rating agency Standard & Poor's raised its outlook on California from stable to positive, reflecting a number of financial achievements over the past year. Going forward, we believe the greatest risk to California's economy appears to come from the housing/mortgage credit sector. However, export trade, defense spending and technology continue to drive the state's economic growth.

In general, we believe the US economic growth will continue to slow as consumers spend less because their debt load has increased, as have energy prices, while housing has been weaker and job growth has slowed. Slower economic growth should help keep inflation in check and allow intermediate-term interest rates to trend irregularly lower over the coming quarters. We believe we have positioned the fund to potentially benefit from these anticipated developments.

Portfolio Management

Gary Swayze has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1997.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

¹The Lehman Brothers Municipal Quality Intermediate Index is an index of tax free bonds with a minimum quality rating of A3 from Moody's Investors Service, Inc. and having a maturity range between two and eleven years. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper California Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Performance Information – Columbia California Intermediate Municipal Bond Fund

Performance of a $10,000 investment 09/09/02 – 09/30/07 ($)

Sales charge	without		with
Class A		11,472		11,099
Class B		11,145		11,145
Class C		11,041		11,041
Class Z		11,775		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia California Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	09/09/02				08/29/02				09/11/02				08/19/02
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.11		–2.15		0.73		–2.25		0.73		–0.27		1.23
1-year		2.52		–0.77		1.76		–1.21		1.76		0.77		2.78
5-year		2.59		1.92		1.80		1.80		1.80		1.80		2.83
Life		2.75		2.08		2.15		2.15		1.98		1.98		3.24

The "with sales charge" returns include the maximum initial sales charge of 3.25% for Class A shares, the applicable contingent deferred sales charge of 3.00% in the first year, declining to 1.00% in the fourth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Annual operating expense ratio (%)*

Class A					0.96
Class B					1.71
Class C					1.71
Class Z					0.71

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.76
Class B					1.51
Class C					1.51
Class Z					0.51

Net asset value per share

as of 09/30/07 ($)

Class A					9.57
Class B					9.56
Class C					9.57
Class Z					9.55

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.16
Class B					0.13
Class C					0.13
Class Z					0.18

Understanding Your Expenses – Columbia California Intermediate Municipal Bond Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,011.10		1,021.25		3.77		3.79		0.75
Class B		1,000.00		1,000.00		1,007.30		1,017.50		7.53		7.57		1.50
Class C		1,000.00		1,000.00		1,007.30		1,017.50		7.53		7.57		1.50
Class Z		1,000.00		1,000.00		1,012.30		1,022.50		2.52		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Georgia Intermediate Municipal Bond Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.33% without sales charge. The fund's benchmark, the Lehman Brothers Municipal Quality Intermediate Index, returned 2.07% for the period.¹ The average return for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Classification, was 1.14%.²

^g Security selection within the 10- to 15-year maturity range and the impact of two pre-refunded bonds—Cherokee County School Systems (1.2% of net assets) and Gainesville and Hall County Hospital Authority (0.9% of net assets)—aided fund performance. When a bond is "pre-refunded," its issuer floats a second bond to pay off the first bond at the first call date, then invests the proceeds of the sale of the second bond—typically in Treasury securities that are dated to mature at the first call date of the first bond issue. Bond issuers typically pre-refund their bonds when interest rates are low in order to lower their interest costs. In addition, the fund's income, which is an important component of its total return, got a boost from security selection, as we focused on securities with coupons that are 5.0% or higher. By contrast, the fund lost some ground against its peer group because it was slightly underweight in the zero to five-year maturity range. Yields on these shorter-maturity bonds fell more than yields on longer bonds after the Federal Reserve Board cut the federal funds rate midway through September. (Bond yields and prices tend to move in opposite directions.) In addition, some of the lower investment-grade bonds in the portfolio lost ground as contagion from the credit crunch in the taxable markets spilled over to the municipal markets.

^g Georgia is one of the strongest state credits, evidenced by well-preserved reserves and low debt levels, well-funded pensions and conservative fiscal management. The state posted strong financial performance in fiscal year 2006, and strong revenue growth continued into fiscal year 2007. However Georgia's households exhibit significantly weaker credit quality than the nation overall, raising the state's exposure to multiple risks from the current housing downturn. Like the rest of the country, Georgia's economy has been slowing—a trend that we expect to continue into the new year. In that environment, we plan to focus our purchases on high quality bonds with maturities of 10 years and longer. In addition, we plan to target bonds that are non-callable or we believe provide good call protection. We will also consider adding some higher-yielding bonds to potentially improve the fund's yield and securities that we believe offer the potential for good upside price appreciation.

Portfolio Management

Kimberly A. Campbell has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1995.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

¹The Lehman Brothers Municipal Quality Intermediate Index is an index of tax-free bonds with a minimum quality rating of A3 from Moody's Investors Service, Inc. and having a maturity range between two and eleven years. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Other States Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Summary

6-month (cumulative) returns as of 09/30/2007

				+1.33%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Performance Information – Columbia Georgia Intermediate Municipal Bond Fund

Annual operating expense ratio (%)*

Class A					0.96
Class B					1.71
Class C					1.71
Class Z					0.71

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.75
Class B					1.50
Class C					1.50
Class Z					0.50

Net asset value per share

as of 09/30/07 ($)

Class A					10.48
Class B					10.49
Class C					10.48
Class Z					10.48

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.20
Class B					0.16
Class C					0.16
Class Z					0.21

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		14,657		14,175
Class B		13,654		13,654
Class C		13,624		13,624
Class Z		15,016		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Georgia Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	05/04/92				06/07/93				06/17/92				03/01/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.33		–1.93		0.95		–2.03		0.85		–0.14		1.45
1-year		2.68		–0.69		2.01		–0.95		1.92		0.93		2.94
5-year		2.79		2.11		2.04		2.04		2.02		2.02		3.04
10-year		3.90		3.55		3.16		3.16		3.14		3.14		4.15

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

Understanding Your Expenses – Columbia Georgia Intermediate Municipal Bond Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

04/01/07 – 09/30/07

	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		1,013.30		1,021.25		3.77		3.79		0.75
Class B		1,000.00		1,000.00		1,009.50		1,017.50		7.54		7.57		1.50
Class C		1,000.00		1,000.00		1,008.50		1,017.50		7.53		7.57		1.50
Class Z		1,000.00		1,000.00		1,014.50		1,022.50		2.52		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Maryland Intermediate Municipal Bond Fund

Summary

6-month (cumulative) returns as of 09/30/2007

				+1.14%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.14% without sales charge. The fund's benchmark, the Lehman Brothers Municipal Quality Intermediate Index, returned 2.07% for the period.¹ The average return for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Classification, was 1.14%.²

^gThe fund performed in line with its peer group in a period that was marked with considerable volatility. Early in the period, the markets reflected concern that economic growth could fan inflation and keep the Federal Reserve Board (the Fed) from lowering short-term interest rates. However, midway through the period, accelerating weakness in housing and dislocations in the credit markets eventually led the Fed to do just that: In mid-September, it lowered the federal funds rate—a key short-term interest rate—from 5.25% to 4.75%. Intermediate-term rates, which rose early in the period, ended the period only slightly higher than where they began it. Little net change in market conditions provided few opportunities to make up for expense difference between the fund and the index, which incurs no expenses.

^gStrong financial management, a diverse economy with a large federal government presence and low unemployment have earned the State of Maryland a stable rating by all three major rating agencies, despite its above-average debt burden. Maryland's economy is currently enjoying positive momentum in the defense, medical research, security and distribution industries. However, weakness in the housing market, a declining manufacturing sector, slow population growth and a growing federal budget deficit are likely to restrain the pace of the state's economic growth as the pace of overall US economic growth is also expected to slow. However, slower economic growth should help keep inflation in check and allow intermediate-term interest rates to trend irregularly lower over the coming quarters. We believe we are positioning the fund to potentially benefit from these anticipated developments.

Portfolio Management

Gary Swayze has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1997.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Other States Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Performance Information – Columbia Maryland Intermediate Municipal Bond Fund

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		14,370		13,901
Class B		13,385		13,385
Class C		13,357		13,357
Class Z		14,732		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Maryland Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	09/01/90				06/08/93				06/17/92				09/01/90
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.14		–2.18		0.76		–2.22		0.76		–0.23		1.36
1-year		2.56		–0.79		1.89		–1.07		1.80		0.81		2.91
5-year		2.18		1.51		1.44		1.44		1.42		1.42		2.46
10-year		3.69		3.35		2.96		2.96		2.94		2.94		3.95

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

Annual operating expense ratio (%)*

Class A					0.92
Class B					1.67
Class C					1.67
Class Z					0.67

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.75
Class B					1.50
Class C					1.50
Class Z					0.50

Net asset value per share

as of 09/30/07 ($)

Class A					10.55
Class B					10.56
Class C					10.55
Class Z					10.56

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.20
Class B					0.16
Class C					0.16
Class Z					0.21

Understanding Your Expenses – Columbia Maryland Intermediate Municipal Bond Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,005.70		1,021.25		3.76		3.79		0.75
Class B		1,000.00		1,000.00		1,003.80		1,017.50		7.51		7.57		1.50
Class C		1,000.00		1,000.00		1,003.80		1,017.50		7.51		7.57		1.50
Class Z		1,000.00		1,000.00		1,006.80		1,022.50		2.51		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia North Carolina Intermediate Municipal Bond Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.10% without sales charge. The fund's return was lower than the 2.07% return of its benchmark, the Lehman Brothers Municipal Quality Intermediate Index.¹ However, it performed in line with its peer group, the Lipper Other States Intermediate Municipal Debt Funds Classification, which had an average return of 1.14%.²

^g Although lower rated bonds generally underperformed throughout the period, the sector staged a modest comeback in September—the last month of the period. As a result, some lower-quality bonds that we purchased in August, when the group was under pressure due to concerns that stress in the mortgage market could spill over to other market segments, subsequently outperformed as the credit markets started to recover during the period. One such purchase was BBB-rated Albemarle Hospital bonds (1.7% of net assets).

^g However, in general, lower quality bonds underperformed and several of the lower investment-grade bonds that had been in the portfolio for some time detracted from performance as the yield difference between higher and lower quality municipal bonds widened in August. Although the yield difference narrowed somewhat in September, the fund lost ground on bonds issued for International Paper (4.3% of net assets) and a bond issued for housing projects for the mentally and physically disabled. The fund also gave up some performance because it had less exposure than its peer group to bonds in the zero to five-year maturity range. These bonds were the best performers after the Federal Reserve Board Open Market Committee lowered the federal funds rate on September 18, 2007.

^g Employment growth and a weak dollar continue to support economic growth, although a slowdown in the housing sector should continue to put a damper on growth going forward. In this environment, we do not anticipate any further reduction in the federal funds rate in the near future because of inflation and the relative value of the dollar to other major currencies. As a result, we have focused on bonds in the five- to 10-year maturity range, which we believe have the potential to perform well in an environment of slower economic growth and relatively stable interest rates.

Portfolio Management

Maureen G. Newman has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1996.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

¹The Lehman Brothers Municipal Quality Intermediate Index is an index consisting of tax-free bonds with a minimum quality rating of A3 from Moody's Investors Service, Inc. and having a maturity range between two and eleven years. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Other States Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Summary

6-month (cumulative) returns as of 09/30/2007

				+1.10%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Performance Information – Columbia North Carolina Intermediate Municipal Bond Fund

Annual operating expense ratio (%)*

Class A					0.93
Class B					1.68
Class C					1.68
Class Z					0.68

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.75
Class B					1.50
Class C					1.50
Class Z					0.50

Net asset value per share

as of 09/30/07 ($)

Class A					10.30
Class B					10.29
Class C					10.30
Class Z					10.29

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.19
Class B					0.15
Class C					0.15
Class Z					0.20

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		14,724		14,242
Class B		13,691		13,691
Class C		13,683		13,683
Class Z		15,067		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia North Carolina Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	12/14/92				06/07/93				12/16/92				12/11/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.10		–2.20		0.62		–2.35		0.72		–0.27		1.13
1-year		2.51		–0.81		1.65		–1.30		1.75		0.76		2.66
5-year		2.78		2.10		2.00		2.00		2.01		2.01		3.02
10-year		3.94		3.60		3.19		3.19		3.19		3.19		4.18

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

Understanding Your Expenses – Columbia North Carolina Intermediate Municipal Bond Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

04/01/07 – 09/30/07

	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		1,005.50		1,021.25		3.76		3.79		0.75
Class B		1,000.00		1,000.00		1,003.10		1,017.50		7.51		7.57		1.50
Class C		1,000.00		1,000.00		1,003.60		1,017.50		7.51		7.57		1.50
Class Z		1,000.00		1,000.00		1,005.65		1,022.50		2.51		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia South Carolina Intermediate Municipal Bond Fund

Summary

6-month (cumulative) returns as of 09/30/2007

				+1.18%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.18% without sales charge. The fund's return was lower than the 2.07% return of its benchmark, the Lehman Brothers Municipal Quality Intermediate Index.¹ However, it was slightly higher than the 1.14% average return for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Classification.²

^g Although lower rated bonds generally underperformed throughout the period, the sector staged a modest comeback in September—the last month of the period. As a result, some lower-quality bonds that we purchased in August, when the group was under pressure due to concerns that stress in the mortgage market could spill over to other market segments, subsequently outperformed as the credit markets started to recover during the period. One such purchase was Wesley Commons (0.5% of net assets) retirement center bonds.

^g However, in general, lower quality bonds underperformed and several of the lower investment-grade bonds that had been in the portfolio for some time detracted from performance as the yield difference between higher and lower quality municipal bonds widened in August. BBB-rated bonds backed by payments due to the state of South Carolina from tobacco companies under a litigation settlement agreement, as well as A-rated bonds issued by local school districts for school building programs, underperformed. The fund also gave up a very small amount of performance because it had more exposure than its peer group to bonds in the five- to 10-year maturity range and less exposure than its peer group to bonds in the zero to five-year maturity range. The latter were the best performers after the Federal Reserve Board Open Market Committee lowered the federal funds rate on September 18, 2007.

^g Employment growth and a weak dollar continue to support economic growth, although a slowdown in the housing sector should continue to put a damper on growth going forward. In this environment, we do not anticipate the Fed to make any further reduction in the federal funds rate in the near future because of inflation and the relative value of the dollar to other major currencies. As a result, we have focused on bonds in the five- to 10-year maturity range, which we believe have the potential to perform well in an environment of slower economic growth and relatively stable interest rates.

Portfolio Management

Maureen G. Newman has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1996.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Other States Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Performance Information – Columbia South Carolina Intermediate Municipal Bond Fund

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		14,948		14,462
Class B		13,924		13,924
Class C		13,905		13,905
Class Z		15,324		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia South Carolina Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	05/05/92				06/08/93				06/17/92				01/06/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.18		–2.06		0.91		–2.07		0.81		–0.18		1.41
1-year		2.62		–0.74		1.95		–1.00		1.86		0.87		2.97
5-year		3.10		2.41		2.35		2.35		2.33		2.33		3.37
10-year		4.10		3.76		3.37		3.37		3.35		3.35		4.36

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

Annual operating expense ratio (%)*

Class A					0.92
Class B					1.67
Class C					1.67
Class Z					0.67

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.75
Class B					1.50
Class C					1.50
Class Z					0.50

Net asset value per share

as of 09/30/07 ($)

Class A					10.18
Class B					10.19
Class C					10.19
Class Z					10.19

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.21
Class B					0.17
Class C					0.17
Class Z					0.22

Understanding Your Expenses – Columbia South Carolina Intermediate Municipal Bond Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,011.80		1,021.25		3.77		3.79		0.75
Class B		1,000.00		1,000.00		1,009.10		1,017.50		7.53		7.57		1.50
Class C		1,000.00		1,000.00		1,008.10		1,017.50		7.53		7.57		1.50
Class Z		1,000.00		1,000.00		1,014.10		1,022.50		2.52		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Virginia Intermediate Municipal Bond Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 1.50% without sales charge. The fund's benchmark, the Lehman Brothers Municipal Quality Intermediate Index, returned 2.07% for the period.¹ The average return for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Classification, was 1.14%.²

^g Last year's decision to restructure the fund reaped benefits as the fund's exposure to premium coupon, longer maturity non-callable bonds was rewarded when yields declined and their prices rose more than many similarly structured callable bonds. The fund's income, which is an important component of its total return, also got a boost from security selection, as we focused on securities with coupons that are 5.0% or higher. Finally, tobacco holdings also boosted returns as two of the fund's holdings were pre-refunded during the period. When a bond is "pre-refunded," its issuer floats a second bond to pay off the first bond at the first call date, then invests the proceeds of the sale of the second bond—typically in Treasury securities that are dated to mature at the first call date of the first bond issue. Bond issuers typically pre-refund their bonds when interest rates are low in order to lower their interest costs. The fund lost some ground against its peer group because it was underweight in the zero to five-year maturity range. Yields on these shorter-maturity bonds fell more than yields on longer bonds after the Federal Reserve Board cut the federal funds rate midway through September. (Bond yields and prices move in opposite directions.)

^g Although Virginia's debt burden has risen over the past few years it remains manageable and we believe the outlook for its general obligation debt is stable based on the underlying strength of its economy, solid revenue growth, healthy reserve levels and conservative budgetary practices. Virginia's financial performance has been generally strong and unemployment remains low compared to the national average. However, economic growth has slowed in Virginia, as it has across the United States. A weakening manufacturing sector, slow housing markets and slower federal spending growth have figured into Virginia's slower pace of growth.

Portfolio Management

Kimberly A. Campbell has managed the fund since April 2007 and has been with the advisor, or its predecessors or affiliate organizations since 1995.

Interest income from certain tax-exempt bonds may be subject to certain state and local taxes and, if applicable, the alternative minimum tax. Capital gains are not exempt from income taxes.

Single-state municipal bond funds pose additional risks due to limited geographical diversification.

¹The Lehman Brothers Municipal Quality Intermediate Index is an index of tax-free bonds with a minimum quality rating of A3 from Moody's Investor Service, Inc. and having a maturity range between two and eleven years. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Other States Intermediate Municipal Debt Funds Classification invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specific state basis.

Summary

6-month (cumulative) return as of 09/30/2007

				+1.50%

				Class A shares (without sales charge)

				+2.07%

				Lehman Brothers Municipal Quality Intermediate Index

Morningstar Style Box

Performance Information – Columbia Virginia Intermediate Municipal Bond Fund

Annual operating expense ratio (%)*

Class A					0.88
Class B					1.63
Class C					1.63
Class Z					0.63

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.75
Class B					1.50
Class C					1.50
Class Z					0.50

Net asset value per share

as of 09/30/07 ($)

Class A					10.70
Class B					10.70
Class C					10.70
Class Z					10.70

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.19
Class B					0.15
Class C					0.15
Class Z					0.20

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		14,844		14,367
Class B		13,813		13,813
Class C		13,799		13,799
Class Z		15,203		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Virginia Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	12/05/89				06/07/93				06/17/92				09/20/89
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.50		–1.80		1.12		–1.87		1.12		0.12		1.62
1-year		2.90		–0.42		2.14		–0.84		2.14		1.14		3.16
5-year		2.81		2.14		2.05		2.05		2.05		2.05		3.07
10-year		4.03		3.69		3.28		3.28		3.27		3.27		4.28

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

Understanding Your Expenses – Columbia Virginia Intermediate Municipal Bond Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

04/01/07 – 09/30/07

	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		1,015.00		1,021.25		3.78		3.79		0.75
Class B		1,000.00		1,000.00		1,011.20		1,017.50		7.54		7.57		1.50
Class C		1,000.00		1,000.00		1,011.20		1,017.50		7.54		7.57		1.50
Class Z		1,000.00		1,000.00		1,016.20		1,022.50		2.52		2.53		0.50

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Financial Statements – Municipal Bond Funds
September 30, 2007 (Unaudited)

A guide to understanding your fund's financial statements

Investment Portfolio				The investment portfolio details all of the fund's holdings and their values as of the last day of the reporting period. Portfolio holdings are organized by type of asset, industry, country or geographic region (if applicable) to demonstrate areas of concentration and diversification.

Statement of Assets and Liabilities				This statement details the fund's assets, liabilities, net assets and share price for each share class as of the last day of the reporting period. Net assets are calculated by subtracting all the fund's liabilities (including any unpaid expenses) from the total of the fund's investment and non-investment assets. The share price for each class is calculated by dividing net assets for that class by the number of shares outstanding in that class as of the last day of the reporting period.

Statement of Operations				This statement details income earned by the fund and the expenses accrued by the fund during the reporting period. This statement also shows any net gain or loss the fund realized on the sales of its holdings during the period, as well as any unrealized gains or losses recognized over the period. The total of these results represents the fund's net increase or decrease in net assets from operations.

Statement of Changes in Net Assets				This statement demonstrates how the fund's net assets were affected by its operating results, distributions to shareholders and shareholder transactions (e.g., subscriptions, redemptions and dividend reinvestments) during the reporting period. This statement also details changes in the number of shares outstanding.

Financial Highlights				The financial highlights demonstrate how the fund's net asset value per share was affected by the fund's operating results. The financial highlights table also discloses performance for each class of shares and certain key ratios (e.g., class expenses and net investment income as a percentage of average net assets).

Notes to Financial Statements				These notes disclose the organizational background of the fund, its significant accounting policies (including those surrounding security valuation, income recognition and distributions to shareholders), federal tax information, fees and compensation paid to affiliates and significant risks and contingencies.

Investment Portfolio – Columbia Short Term Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 98.8%

	Par ($)		Value ($)
Education – 15.4%
Education – 14.1%
FL Board of Education
Series 2003 I, 5.000% 06/01/10		9,420,000		9,770,047
FL Palm Beach County School Board
Series 2002 E, Insured: AMBAC 5.250% 08/01/12		7,625,000		8,147,617
FL Pasco County School District Sales Tax Revenue
Series 2007, Insured: FSA 5.000% 10/01/10		4,500,000		4,687,200
FL St Lucie County School District Sales Tax Revenue
Series 2006, Insured: FGIC 5.000% 10/01/09		1,000,000		1,029,430
FL University Athletic Association, Inc.
Series 2006, 3.800% 10/01/31 (a)		3,510,000		3,518,284
MI Municipal Bond Authority
Series 2002, 5.250% 06/01/09		7,500,000		7,715,025
MO St. Louis County Rockwood School District Number R-6
Series 2001, 5.250% 02/01/11		3,500,000		3,689,140
NV Clark County School District
Series 2003 D, Insured: MBIA 5.250% 06/15/10		4,000,000		4,175,280
PA University Pittsburgh Of The Commonwealth Systems Of Higher Education
Panthers, Series 2007, 5.000% 08/01/10		3,500,000		3,633,315
SC Educational Facilities Authority
Wofford College, Series 2007 B, 3.880% 04/01/27 (a)		4,680,000		4,683,276
TX University of Texas Permanent University Fund
Series 2006, 5.000% 07/01/09		5,795,000		5,944,685
Education Total				56,993,299

	Par ($)		Value ($)
Prep School – 1.3%
TX Red River Parish Day School
Series 2001 A, LOC: Allied Irish Bank PLC 3.100% 12/01/31 (a)		5,000,000		4,988,850
Prep School Total				4,988,850
Education Total				61,982,149
Health Care – 0.4%
Nursing Homes – 0.4%
CO Health Facilities Authority
Evangelical Lutheran Foundation, Series 2004 B, 3.750% 06/01/34 (a)		1,500,000		1,491,330
Nursing Homes Total				1,491,330
Health Care Total				1,491,330
Housing – 9.0%
Assisted Living/Senior – 1.0%
TN Memphis Health Educational & Housing Facility Board
Uptown Senior Housing Development, Series 2006, AMT, GTY AGMT: Transamerica Life Insurance 4.370% 05/03/10 (a)		4,000,000		4,000,000
Assisted Living/Senior Total				4,000,000
Multi-Family – 4.0%
GA Clayton County Housing Authority
GCC Ventures LLC, Series 2001, Guarantor: FNMA 4.350% 12/01/31 (a)		3,190,000		3,261,839
KS Development Finance Authority
Series 2004 F, Insured: AMBAC 5.250% 10/01/11		2,250,000		2,392,605
KY Housing Corp.
Clarksdale Rental III Limited, Series 2007, AMT, LOC: JPMorgan Chase Bank 4.000% 09/01/09		4,400,000		4,413,904
LA Housing Finance Agency
Series 2006, AMT, GTY AGMT: Depfa Bank PLC: 4.445% 12/01/37 (a)		5,300,000		5,300,000
4.453% 12/01/41 (a)		1,000,000		1,000,000
Multi-Family Total				16,368,348

See Accompanying Notes to Financial Statements.
23

Columbia Short Term Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Single-Family – 4.0%
ND Housing Finance Agency Revenue
Home Mortgage Finance, Series 2007 C, AMT, 4.250% 10/08/08		10,000,000		10,055,900
NY Mortgage Agency
Series 2006 136, 3.980% 10/01/17 (a)		3,000,000		3,005,760
VT Housing Finance Agency
Series 2006 B, AMT, GTY AGMT: Trinity Plus Funding Co. 3.800% 11/01/07		3,000,000		3,000,090
Single-Family Total				16,061,750
Housing Total				36,430,098
Industrials – 2.5%
Oil & Gas Services – 2.5%
GA Main Street Natural Gas, Inc.
Series 2007 B, LOC: Merrill Lynch & Co., Inc. 5.000% 03/15/09		5,000,000		5,075,300
TX Municipal Gas Acquisition & Supply Corp. Il Gas Supply Revenue
Series 2007, AMT, 4.215% 09/15/10 (a)		5,000,000		4,959,800
Oil & Gas Services Total				10,035,100
Industrials Total				10,035,100
Other – 16.3%
Pool/Bond Bank – 0.8%
FL St. Petersburg Public Improvement Revenue
Series 2001, Insured: MBIA 5.000% 02/01/10		3,035,000		3,134,275
Pool/Bond Bank Total				3,134,275
Refunded/Escrowed (b) – 14.4%
AL Daphne Special Care Facilities Financing Authority
Series 1988 A, Pre-refunded 08/15/08, (c) 08/15/28		2,700,000		2,615,598
CA Statewide Communities Development Authority
Corp. Fund for Housing, Series 1999 A, Pre-refunded 12/01/09, 6.500% 12/01/29		12,065,000		13,051,796

	Par ($)		Value ($)
GA Atlanta Airport Facilities
Series 2000 A, Pre-refunded 01/01/10, Insured: FGIC 5.600% 01/01/30		6,955,000		7,328,762
GA State
Series 1994 B, Escrowed to Maturity, 5.250% 03/01/09		100,000		102,493
LA State
Series 2000 A, Pre-refunded 11/15/10, Insured: FGIC 5.250% 11/15/17		5,005,000		5,256,301
MO State Board of Public Buildings
Series 2001 B, Escrowed to Maturity, 5.000% 12/01/07		180,000		180,409
MS State
Capital Improvements, Series 2002, Pre-refunded 11/01/12, Insured: FGIC 5.250% 11/01/13		7,925,000		8,524,288
OK Development Finance Authority
Hillcrest Health Medical Center, Series 1999, Pre-refunded 08/15/09, 5.625% 08/15/29		14,500,000		15,180,485
SC Greenville County School District
Series 2002, Pre-refunded 12/01/12, 5.875% 12/01/16		5,475,000		6,100,792
TX North Texas Tollway Authority
Series 2003 C, Pre-refunded 07/01/08, Insured: FSA 5.000% 01/01/18 (a)		45,000		45,502
Refunded/Escrowed Total				58,386,426
Tobacco – 1.1%
AL 21st Century Authority
Series 2001, 5.250% 12/01/07		2,000,000		2,002,760
VA Tobacco Settlement Financing Corp.
Series 2005, 4.000% 06/01/13		2,471,000		2,473,768
Tobacco Total				4,476,528
Other Total				65,997,229

See Accompanying Notes to Financial Statements.
24

Columbia Short Term Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Tax-Backed – 30.1%
Local Appropriated – 11.3%
DC Certificates of Participation
Series 2006, 5.000% 01/01/08		2,570,000		2,579,201
FL Hurricane Catastrophe Fund
Series 2006 A, 5.000% 07/01/10		18,450,000		19,096,857
MN City of Minneapolis
Series 2007, 5.000% 12/01/08		5,000,000		5,088,850
OR Department of Administrative Services
Series 2002 B: Insured: FSA 5.250% 05/01/15		6,020,000		6,413,106
Insured: MBIA 5.250% 05/01/16		6,085,000		6,482,351
Series 2004 A, Insured: FSA 5.000% 04/01/11		5,010,000		5,252,684
SC Town of Newberry
Series 2005: 4.000% 12/01/08		300,000		299,508
5.000% 12/01/09		600,000		610,968
Local Appropriated Total				45,823,525
Local General Obligations – 1.3%
MD County of Prince Georges
Series 2006, 5.000% 09/15/10		4,900,000		5,109,377
Local General Obligations Total				5,109,377
Special Non-Property Tax – 1.7%
AR Fayetteville
Series 2005 B, Insured: MBIA 4.000% 12/01/11		6,830,000		6,942,695
Special Non-Property Tax Total				6,942,695
State General Obligations – 15.8%
GA State
Series 1994 B, 5.250% 03/01/09		4,900,000		5,022,843
NJ State
Series 2002, Insured: FGIC 5.250% 08/01/09		8,415,000		8,685,711
OR State
Series 2003, 3.742% 06/01/08		2,000,000		1,987,040

	Par ($)		Value ($)
PA State
Series 2002, Insured: FSA 5.000% 05/01/10		10,000,000		10,368,200
PR Commonwealth of Puerto Rico
Series 2002 C, 5.250% 07/01/08		6,470,000		6,548,287
Series 2003 C, 5.000% 07/01/18 (a)		14,875,000		15,015,271
WA State
Series 2007 C, 5.000% 01/01/10		8,455,000		8,718,373
Series 2007 D, 4.500% 01/01/10		7,400,000		7,550,886
State General Obligations Total				63,896,611
Tax-Backed Total				121,772,208
Transportation – 13.9%
Air Transportation – 3.8%
DC Washington Metropolitan Airport Authority
Series 2007 B, AMT, Insured: AMBAC 5.000% 10/01/11		5,000,000		5,228,700
OH Dayton Special Facilities
Air Freight Corp., Series 1996 D, AMT, 6.200% 10/01/09		2,575,000		2,697,879
OH Dayton
Emery Air Freight Corp.: Series 1996 E, 6.050% 10/01/09		2,000,000		2,093,160
Series 1996 F, 6.050% 10/01/09		3,000,000		3,139,740
TN Memphis Shelby County Airport Authority
FedEx Corp., Series 2001, 5.000% 09/01/09		2,310,000		2,349,755
Air Transportation Total				15,509,234
Airports – 6.3%
FL Broward County Airport Systems Revenue
Series 1998 G, AMT, Insured: AMBAC 4.500% 10/01/11		3,300,000		3,354,087

See Accompanying Notes to Financial Statements.
25

Columbia Short Term Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
KY Lexington-Fayette Urban County Airport Corp.
Series 1998 A, AMT, Insured: MBIA, LOC: Dexia Credit Local, SPA: Cedit Local De France 3.580% 07/01/28 (a)		2,400,000		2,400,000
NV Clark County Airport
Series 2006 A, Insured: AMBAC 5.000% 07/01/10		6,750,000		6,992,055
PA Philadelphia Industrial Development Authority
Series 1998 A, AMT, Insured: FGIC: 5.250% 07/01/09		3,410,000		3,482,906
5.250% 07/01/12		5,000,000		5,096,300
Series 2001 A, AMT, Insured: FGIC 5.250% 07/01/09		4,085,000		4,196,520
Airports Total				25,521,868
Ports – 1.2%
NY Port Authority of New York & New Jersey
Series 2001, AMT, 5.000% 08/01/08		4,875,000		4,930,868
Ports Total				4,930,868
Toll Facilities – 2.6%
KY Turnpike Authority
Series 2004 A, Insured: FGIC 5.000% 07/01/10		5,000,000		5,192,650
LA Transportation Authority
Series 2005, 5.000% 09/01/09		5,000,000		5,121,450
Toll Facilities Total				10,314,100
Transportation Total				56,276,070
Utilities – 11.2%
Investor Owned – 2.0%
NH Business Finance Authority
UIL Holdings Corp., Series 1999, AMT, Insured: AMBAC 3.250% 12/01/29 (a)		3,000,000		2,995,290
OH Hamilton County Local District
Cinergy Corp., Series 1998, AMT, 4.600% 06/01/23 (a)		5,000,000		4,983,150
Investor Owned Total				7,978,440

	Par ($)		Value ($)
Municipal Electric – 8.6%
FL City of Palm Bay
Series 2002, Insured: FSA 5.250% 10/01/09		915,000		929,256
FL Kissimmee Utility Authority
Series 2001 B, Insured: AMBAC 5.000% 10/01/14		7,195,000		7,545,900
IN Angola Economic Development Revenue
Pine Manor, Inc., Series 2003, AMT, LOC: National City Bank of Indiana 3.980% 08/01/23 (a)		2,900,000		2,900,000
OH American Municipal Power, Inc.
Series 2007 A, GTY AGMT: Goldman Sachs Group, Inc. 5.000% 02/01/10		3,000,000		3,082,500
TX Sam Rayburn Municipal Power Agency
Series 2002, 5.000% 10/01/07		3,265,000		3,265,098
WA Energy Northwest
Series 2006 A, 5.000% 07/01/09		16,690,000		17,115,261
Municipal Electric Total				34,838,015
Water & Sewer – 0.6%
MS Business Finance Corp.
Waste Management, Inc., Series 2002, AMT, 4.400% 03/01/27 (a)		2,375,000		2,345,977
Water & Sewer Total				2,345,977
Utilities Total				45,162,432
Total Municipal Bonds (Cost of $397,665,614)				399,146,616
	Shares
Investment Company – 0.0%
Columbia Tax-Exempt Reserves, Capital Class (d) (e) (7 day yield of 3.660%)		89,000		89,000
Total Investment Company (Cost of $89,000)				89,000

See Accompanying Notes to Financial Statements.
26

Columbia Short Term Municipal Bond Fund, September 30, 2007 (Unaudited)

Short-Term Obligation – 0.2%

	Par ($)		Value ($)
Variable Rate Demand Note – 0.2%
FL Palm Beach County Florida Water & Sewer
Series 1985, Insured: AMBAC, SPA: Wachovia Bank N.A. 3.930% 10/01/11 (a)		600,000		600,000
Total Short-Term Obligation (Cost of $600,000)				600,000
Total Investments – 99.0% (Cost of $398,354,614) (f)				399,835,616
Other Assets & Liabilities, Net – 1.0%				4,153,996
Net Assets – 100.0%				403,989,612

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(b) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(d) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(e) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		2,397,000
Shares purchased:		62,991,426
Shares sold:		(65,299,426	)
Shares as of 09/30/07:		89,000
Net realized gain/loss:	$	–
Dividend income earned:	$	36,571
Value at end of period:	$	89,000

(f) Cost for federal income tax purposes is $398,354,614.

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

FGIC				Financial Guaranty Insurance Co.

FNMA				Federal National Mortgage Association

FSA				Financial Security Assurance, Inc.

GTY AGMT				Guaranty Agreement

LOC				Letter of Credit

MBIA				MBIA Insurance Corp.

SPA				Stand-by Purchase Agreement

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		30.1
Other		16.3
Education		15.4
Transportation		13.9
Utilities		11.2
Housing		9.0
Industrials		2.5
Health Care		0.4
		98.8
Investment Company		–	*
Short-Term Obligation		0.2
Other Assets and Liabilities, Net		1.0
		100.0

* Represents less than 0.01%.

See Accompanying Notes to Financial Statements.
27

Investment Portfolio – Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 90.1%

	Par ($)		Value ($)
Education – 3.6%
Education – 3.6%
CA Education Facilities Authority
Pitzer College, Series 2005 A: 5.000% 04/01/25		1,270,000		1,286,650
5.000% 10/01/25		1,250,000		1,267,287
CA Public Works Board
Series 2005 C, 5.000% 04/01/16		1,000,000		1,077,610
Series 2005 D, 5.000% 05/01/15		1,000,000		1,083,470
PR University of Puerto Rico
Series 2006 Q, 5.000% 06/01/12		1,000,000		1,048,810
Education Total				5,763,827
Education Total				5,763,827
Health Care – 7.8%
Continuing Care Retirement – 0.7%
CA ABAG Finance Authority for Nonprofit Corps.
American Baptist Homes, Series 1998 A, 5.500% 10/01/07		145,000		145,013
CA Health Facilities Financing Authority
Nevada Methodist Homes, Series 2006, 5.000% 07/01/26		1,000,000		1,018,390
Continuing Care Retirement Total				1,163,403
Hospitals – 7.1%
CA Loma Linda
Loma Linda University Medical Center, Series 2005: 5.000% 12/01/16		2,000,000		2,055,520
5.000% 12/01/18		2,000,000		2,037,480
CA Municipal Finance Authority
Community Hospitals of Central California, Series 2013,
5.000% 02/01/13		1,150,000		1,181,913
CA Statewide Communities Development Authority
Adventist Health System/West, Series 2005 A, 5.000% 03/01/17		1,000,000		1,043,220
Kaiser Foundation Health Plan, Series 2004 E, 3.875% 04/01/32 (a)		5,000,000		5,017,200
Hospitals Total				11,335,333
Health Care Total				12,498,736

	Par ($)		Value ($)
Housing – 1.9%
Multi-Family – 1.3%
CA ABAG Finance Authority for Nonprofit Corps.
Winterland San Francisco, Series 2000 B, 6.250% 08/15/30 (a)		2,000,000		2,034,760
Multi-Family Total				2,034,760
Single-Family – 0.6%
CA Department of Veteran Affairs
Series 2006 A, 4.500% 12/01/23		1,000,000		992,000
Single-Family Total				992,000
Housing Total				3,026,760
Industrials – 0.3%
Oil & Gas – 0.3%
CA Roseville Natural Gas Financing Authority
Series 2007, 5.000% 02/15/11		500,000		516,280
Industrials Total				516,280
Other – 11.1%
Other – 1.3%
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B, 5.000% 12/01/16		2,000,000		2,120,980
Other Total				2,120,980
Refunded/Escrowed (b) – 7.4%
CA Department of Water Resources
Series 1998 T, Escrowed to Maturity, 5.500% 12/01/08		20,000		20,479
CA Foothill Eastern Transportation Corridor Agency
Series 1995 A, Pre-refunded 01/01/10, 7.150% 01/01/13		1,750,000		1,920,502
CA Health Facilities Finance Authority
Cedars-Sinai Medical Center, Series 1999 A, Pre-refunded 12/01/09, 6.125% 12/01/19		1,000,000		1,064,910
Kaiser Permanente, Series 1998 A, Escrowed to Maturity, Insured: FSA 5.250% 06/01/12		2,000,000		2,062,400

See Accompanying Notes to Financial Statements.
28

Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
CA Indian Wells Redevelopment Agency
Series 2003 A, Pre-refunded 09/01/13, Insured: AMBAC 5.000% 09/01/14		1,005,000		1,083,893
CA Infrastructure & Economic Development Bank
American Center for Wine Food Arts, Series 1999, Escrowed to Maturity, Insured: ACA 5.250% 12/01/08		1,040,000		1,061,206
CA Los Altos School District
Series 2001, Pre-refunded 08/01/11, 5.000% 08/01/14		1,290,000		1,361,311
CA Lucia Mar Unified School District
Series 2004 A, Pre-refunded 08/01/14, Insured: FGIC 5.250% 08/01/20		1,230,000		1,355,177
CA San Mateo County Transit District
Series 1997 A, Escrowed to Maturity, Insured: MBIA 5.000% 06/01/13		1,180,000		1,269,066
CA Statewide Communities Development Authority
Series 1999, Escrowed to Maturity, 6.000% 07/01/09		635,000		651,883
Refunded/Escrowed Total				11,850,827
Tobacco – 2.4%
CA County Tobacco Securitization Agency
Series 2006, (c) 06/01/21 (5.250% 12/01/10)		1,000,000		811,590
CA Golden State Tobacco Securitization Corp.
Series 2005 A, Insured: AMBAC 5.000% 06/01/14		1,250,000		1,349,262
Series 2007 A-1, 5.000% 06/01/33		1,000,000		882,850
CA Tobacco Securitization Authority of Southern California
San Diego County Tobacco, Series 2006 A1, 5.000% 06/01/37		1,000,000		869,530
Tobacco Total				3,913,232
Other Total				17,885,039

	Par ($)		Value ($)
Tax-Backed – 48.8%
Local Appropriated – 9.5%
CA Anaheim Public Financing Authority
Series 1997 C, Insured: FSA 6.000% 09/01/11		1,000,000		1,089,760
CA County of Riverside Cerificates of Participation
Series 2005 A, Insured: FGIC
5.000% 11/01/17		1,465,000		1,569,865
CA County of San Diego Certificates of Participation
Series 2005,
Insured: AMBAC
5.000% 11/15/19		2,030,000		2,156,733
CA Foothill-De Anza Community College District
Series 2005,
Insured: FGIC:
5.250% 08/01/18		1,000,000		1,109,040
5.250% 08/01/21		1,000,000		1,111,540
CA Kings River Conservative District
Series 2004,
5.000% 05/01/14		3,135,000		3,268,833
CA Los Angeles Community Redevelopment Agency
Series 2005,
Insured: AMBAC
5.000% 09/01/15		1,095,000		1,181,592
CA Los Angeles County Capital Asset Leasing Corp.
Series 2002 B,
Insured: AMBAC
6.000% 12/01/12		1,000,000		1,114,840
CA Los Angeles Municipal Improvement Corp.
Series 2002 G,
Insured: FGIC
5.250% 09/01/13		1,500,000		1,629,045
CA Sacramento City Financing Authority
Series 2006,
Insured: AMBAC
5.250% 12/01/22		1,000,000		1,106,200
Local Appropriated Total				15,337,448
Local General Obligations – 22.8%
CA Antelope Valley Community College District
Serier 2007,
Insured: MBIA
5.250% 08/01/20		500,000		549,555

See Accompanying Notes to Financial Statements.
29

Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
CA Center Community College District
Series 2004 A,
Insured: MBIA
5.250% 08/01/22		965,000		1,043,773
CA Compton Community College District
Series 2004 A,
Insured: MBIA
5.250% 07/01/17		1,330,000		1,448,463
CA Desert Sands Unified School District
Series 2006,
Insured:AMBAC
(d) 06/01/16		1,000,000		705,980
CA East Bay Municipal Utility District
Series 2003 F,
Insured: AMBAC
5.000% 04/01/15		1,000,000		1,066,300
CA East Side Union High School District California Santa Clara County
Series 2006,
Insured: FSA
5.250% 09/01/20		1,280,000		1,414,310
CA Los Angeles Community College District
Series 2003 B,
Insured: FSA
5.000% 08/01/12		500,000		533,115
CA Los Angeles Unified School District
Series 2006 G,
Insured: AMBAC
5.000% 07/01/20		1,000,000		1,067,880
CA Los Gatos Joint Union High School District
Series 2005,
Insured: FSA
5.000% 12/01/17		2,000,000		2,141,860
CA Pajaro Valley Unified School District
Series 2005,
Insured: FSA
5.250% 08/01/18		1,535,000		1,677,018
CA Pasadena Area Community College District
Series 2006 C,
Insured: AMBAC
(d) 08/01/11		2,000,000		1,735,940
CA Rancho Santiago Community College District
Series 2005,
Insured: FSA
5.250% 09/01/19		1,000,000		1,109,880

	Par ($)		Value ($)
CA Rescue Unified School District
Series 2005,
Insured: MBIA
(d) 09/01/26		1,100,000		457,479
CA San Bernardino Community College District
Series 2005,
Insured: PSFG
5.000% 08/01/17		3,000,000		3,247,080
CA San Diego Community College District
Series 2005,
Insured: FSA
(d) 05/01/15		1,000,000		742,360
CA San Mateo County Community College District
Series 2006 A,
Insured: MBIA
(d) 09/01/15		1,000,000		732,490
CA San Mateo Foster City School Facilities Financing Authority
Series 2005,
Insured: FSA
5.500% 08/15/19		2,000,000		2,266,000
CA San Ramon Valley Unified School District
Series 2004,
Insured: FSA
5.250% 08/01/16		1,800,000		1,959,696
CA Saugus Union School District
Series 2006,
Insured: FGIC
5.250% 08/01/21		1,000,000		1,109,310
CA Simi Valley School Financing Authority
Series 2007:
Insured: FSA
5.000% 08/01/23		2,405,000		2,575,972
5.000% 08/01/18		1,045,000		1,142,300
CA South San Francisco School District
Series 2006,
Insured: MBIA
5.250% 09/15/20		1,000,000		1,109,420
CA Southwestern Community College District
Series 2005,
Insured: FGIC
5.250% 08/01/17		1,230,000		1,363,935
CA Ventura County Community College District
Series 2005 B,
Insured: MBIA
5.000% 08/01/18		1,000,000		1,069,040

See Accompanying Notes to Financial Statements.
30

Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
CA West Contra Costa Unified School District
Series 2005,
Insured: FGIC
(d) 08/01/17		1,000,000		667,740
CA William S. Hart Union High School District
Series 2005 B,
Insured: FSA
(d) 09/01/22		2,000,000		1,026,380
CA Yosemite Community College District
Series 2005 A,
Insured: FGIC
5.000% 08/01/16		2,505,000		2,713,090
Local General Obligations Total				36,676,366
Special Non-Property Tax – 0.9%
CA University
Series 2003 A,
Insured: FGIC
5.000% 11/01/12		1,325,000		1,415,643
Special Non-Property Tax Total				1,415,643
Special Property Tax – 6.5%
CA Culver City Redevelopment Finance Authority
Series 1993,
Insured: AMBAC
5.500% 11/01/14		2,025,000		2,169,929
CA Indian Wells Redevelopment Agency
Series 2003 A,
Insured: AMBAC
5.000% 09/01/14		450,000		482,517
CA Long Beach Bond Finance Authority
Series 2002 B,
Insured: AMBAC
5.500% 11/01/19		1,070,000		1,202,081
CA Oakland Redevelopment Agency
Series 1992,
Insured: AMBAC
5.500% 02/01/14		3,700,000		3,913,675
Series 2003,
Insured: FGIC
5.500% 09/01/12		1,500,000		1,632,465
CA Redwood City Redevelopment Agency
Series 2003 A,
Insured: AMBAC
5.250% 07/15/13		1,000,000		1,087,170
Special Property Tax Total				10,487,837

	Par ($)		Value ($)
State Appropriated – 4.7%
CA Infrastructure & Economic Development Bank
California Science Center, Series 2006 B,
Insured: FGIC:
5.000% 05/01/22		1,360,000		1,431,727
5.000% 05/01/23		1,240,000		1,302,657
CA Public Works Board
Series 2005 A,
5.000% 06/01/15		1,200,000		1,289,400
Series 2006 A:
5.000% 04/01/28		1,000,000		1,023,650
Insured: FGIC
5.000% 10/01/16		1,000,000		1,091,770
PR Commonwealth of Puerto Rico Public Buildings Authority
Series 2004 J,
Insured: AMBAC
5.000% 07/01/36		1,255,000		1,328,317
State Appropriated Total				7,467,521
State General Obligations – 4.4%
CA State
Series 2005,
5.000% 06/01/11		2,000,000		2,096,180
Series 2007:
4.500% 08/01/26		1,000,000		978,060
5.000% 08/01/18		1,750,000		1,871,678
PR Commonwealth of Puerto Rico
Series 2002 A,
Insured: FGIC
5.500% 07/01/17		1,000,000		1,133,980
Series 2004 A,
5.250% 07/01/19		1,000,000		1,050,950
State General Obligations Total				7,130,848
Tax-Backed Total				78,515,663
Transportation – 2.0%
Airports – 2.0%
CA San Francisco City & County Airports Commission
Series 2003 B,
Insured: FGIC
5.250% 05/01/13		2,000,000		2,169,200
CA San Jose Airport Revenue
Series 2007
Insured: AMBAC
5.000% 03/01/22		1,000,000		1,055,330
Airports Total				3,224,530
Transportation Total				3,224,530

See Accompanying Notes to Financial Statements.
31

Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Utilities – 14.6%
Independent Power Producers – 2.0%
CA Sacramento Power Authority
Series 2005,
Insured: AMBAC
5.250% 07/01/15		3,000,000		3,310,950
Independent Power Producers Total				3,310,950
Joint Power Authority – 3.5%
CA Southern California Public Power Authority
Series 1989,
6.750% 07/01/13		3,000,000		3,458,640
Series 2005 A,
Insured: FSA
5.000% 01/01/18		2,000,000		2,132,120
Joint Power Authority Total				5,590,760
Municipal Electric – 7.3%
CA Department of Water Resources
Series 2002 A,
6.000% 05/01/13		2,375,000		2,622,641
CA Los Angeles Water & Power
Series 2007,
Insured: AMBAC
5.000% 07/01/19 (e)		1,000,000		1,079,660
CA Los Angeles Water & Power
Series 2001 A,
Insured: MBIA
5.250% 07/01/15		1,300,000		1,375,166
CA Modesto Irrigation District
Series 2001 A,
Insured: FSA
5.250% 07/01/18		1,185,000		1,249,985
CA Sacramento Municipal Utility District
Series 2006,
Insured: MBIA
5.000% 07/01/15		1,000,000		1,089,030
CA Walnut Energy Center Authority
Series 2004 A,
Insured: AMBAC
5.000% 01/01/16		2,055,000		2,188,740
PR Commonwealth of Puerto Rico Electric Power Authority
Series 1997 AA,
Insured: MBIA
6.250% 07/01/10		2,000,000		2,143,280
Municipal Electric Total				11,748,502

	Par ($)		Value ($)
Water & Sewer – 1.8%
CA Clovis Public Financing Authority
Series 2007,
Insured: AMBAC
5.000% 08/01/21		1,000,000		1,064,720
CA Orange County Water District
Series 2003B
Insured: MBIA
5.375% 08/15/17		650,000		699,497
CA Sacramento County Sanitation District
Series 2006,
Insured: FGIC
5.000% 12/01/17		1,000,000		1,083,460
Water & Sewer Total				2,847,677
Utilities Total				23,497,889
Total Municipal Bonds (Cost of $143,347,931)				144,928,724

Investment Company – 10.2%

	Shares
Columbia Tax-Exempt Reserves, Capital Class (f)(g) (7 day yield 3.660%)		16,410,000	16,410,000
Total Investment Companies (Cost of $16,410,000)			16,410,000
Municipal Preferred Stock – 1.2%
Housing – 1.2%
Multi-Family – 1.2%
Munimae TE Bond Subsidiary LLC
Series 2004 A-2,
4.900% 06/30/49 (h)		2,000,000	2,028,660
Multi-Family Total			2,028,660
Housing Total			2,028,660
Total Municipal Preferred Stock (Cost of $2,000,000)			2,028,660

See Accompanying Notes to Financial Statements.
32

Columbia California Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Short-Term Obligation – 0.2%

	Par ($)		Value ($)
Variable Rate Demand Note – 0.2%
CA Infrastructure & Economic Development Bank Revenue
San Francisco Ballet Association, Series 2006, Insured: FGIC, SPA: JPMorgan Chase Bank 3.860% 07/01/36 (a)		300,000		300,000
Total Short-Term Obligation (Cost of $300,000)				300,000
Total Investments – 101.7% (Cost of $162,057,931) (i)				163,667,384
Other Assets & Liabilities, Net – (1.7)%				(2,767,595	)
Net Assets – 100.0%				160,899,789

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(b) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(c) Step bond. This security is currently not paying coupon. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

(d) Zero coupon bond.

(e) Security purchased on a delayed delivery basis.

(f) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(g) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		2,483,871
Shares purchased:		28,299,962
Shares sold:		(14,373,833	)
Shares as of 09/30/07:		16,410,000
Net realized gain/loss:	$	–
Dividend income earned:	$	140,233
Value at end of period:	$	16,410,000

(h) 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 September 30, 2007, the value of this security, which is not illiquid, represents 1.3% of net assets.

(i) Cost for federal income tax purposes is $162,057,931.

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		48.8
Utilities		14.6
Other		11.1
Health Care		7.8
Education		3.6
Transportation		2.0
Housing		1.9
Industrials		0.3
		90.1
Investment Company		10.2
Municipal Preferred Stock		1.2
Short-Term Obligation		0.2
Other Assets and Liabilities, Net		(1.7	)
		100.0

Acronym				Name
ACA				ACA Financial Guaranty Corp.

AMBAC				Ambac Assurance Corp.

FGIC				Financial Guaranty Insurance Co.

FSA				Financial Security Assurance, Inc.

MBIA				MBIA Insurance Corp.

PSFG				Permanent School Fund Guarantee

See Accompanying Notes to Financial Statements.
33

Investment Portfolio – Columbia Georgia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 96.8%

	Par ($)		Value ($)
Education – 7.2%
Education – 7.0%
GA Athens Housing Authority
Ugaree East Campus Housing, Series 2002, Insured: AMBAC 5.250% 12/01/19		1,150,000		1,209,996
GA Cobb County Development Authority
Kennesaw State University Foundation, Inc., Series 2004, Insured: MBIA 5.000% 07/15/19		1,870,000		1,979,339
GA Fulton County Development Authority
Georgia Tech Foundation Facilities, Series 1997 A, 5.000% 09/01/17		1,735,000		1,761,719
GA Private Colleges & Universities Authority
Series 2003, 5.250% 06/01/19		2,250,000		2,381,557
PR University of Puerto Rico
Series 2006 Q, 5.000% 06/01/12		1,000,000		1,048,810
Education Total				8,381,421
Prep School – 0.2%
GA Gainesville Redevelopment Authority
Riverside Military Academy Project, Series 2007, 5.125% 03/01/27		250,000		242,512
Prep School Total				242,512
Education Total				8,623,933
Health Care – 13.0%
Hospitals – 13.0%
GA Chatham County Hospital Authority
Memorial Health University Medical Center, Series 2004 A, 5.375% 01/01/26		1,000,000		1,013,690
Memorial Medical Center, Series 2001 A, 6.125% 01/01/24		3,000,000		3,142,650
GA Clayton County Hospital Authority
Good Samaritan Community, Series 1998 A, Insured: MBIA 5.250% 08/01/09		1,190,000		1,226,985

	Par ($)		Value ($)
GA Gainesville & Hall County Hospital Authority
Northeast Georgia Health System, Inc., Series 2001, 5.000% 05/15/15		1,000,000		1,044,430
GA Henry County Hospital Authority
Henry Medical Center, Inc., Series 1999, Insured: AMBAC 6.000% 07/01/29		3,000,000		3,209,610
GA Savannah Hospital Authority
St. Joseph's Candler Health Systems: Series 1998 A, Insured: FSA: 5.250% 07/01/11		1,225,000		1,261,297
5.250% 07/01/12		1,310,000		1,345,540
Series 1998 B, Insured: FSA 5.250% 07/01/10		1,000,000		1,030,130
GA Tift County Hospital Authority
Series 2002, Insured: AMBAC 5.250% 12/01/18		2,225,000		2,351,536
Hospitals Total				15,625,868
Health Care Total				15,625,868
Housing – 9.9%
Multi-Family – 9.7%
GA Atlanta Urban Residential Finance Authority
Series 1998, AMT, Guarantor: FNMA 4.550% 12/01/28		2,000,000		2,019,320
GA Clayton County Housing Authority
GCC Ventures LLC, Series 2001, Guarantor: FNMA 4.350% 12/01/31 (a)		3,655,000		3,737,310
GA Cobb County Development Authority
Kennesaw State University Foundation, Series 2004 A, Insured: MBIA 5.250% 07/15/19		2,000,000		2,157,260
KSU Village II Real Estate, Series 2007 A, Insured: AMBAC 5.250% 07/15/27 (b)		3,000,000		3,191,160

See Accompanying Notes to Financial Statements.
34

Columbia Georgia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
GA Lawrenceville Housing Authority
Knollwood Park LP, Series 1997, AMT, Guarantor: FNMA 6.250% 12/01/29 (a)		500,000		522,355
Multi-Family Total				11,627,405
Single-Family – 0.2%
GA Housing & Finance Authority
Series 1998 B-3, Insured: FHA 4.400% 06/01/17		190,000		190,783
Single-Family Total				190,783
Housing Total				11,818,188
Industrials – 4.5%
Forest Products & Paper – 2.6%
GA Richmond County Development Authority
International Paper Co., Series 2001 A, 5.150% 03/01/15		3,000,000		3,098,100
Forest Products & Paper Total				3,098,100
Oil & Gas Services – 1.9%
GA Main Street Natural Gas, Inc.
Series 2007 A, 5.250% 09/15/18 (b)		1,000,000		1,048,430
5.250% 09/15/19 (b)		1,250,000		1,305,700
Oil & Gas Services Total				2,354,130
Industrials Total				5,452,230
Other – 15.1%
Other – 0.2%
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B, 5.000% 12/01/15		260,000		275,951
Other Total				275,951
Refunded/Escrowed (c) – 13.6%
GA Atlanta Airport Facilities
Series 2000 A, Pre-refunded 01/01/10, Insured: FGIC 5.600% 01/01/30		5,000,000		5,268,700
GA Atlanta Water & Wastewater
Series 1999 A, Pre-refunded 05/01/09, Insured: FGIC 5.000% 11/01/38		1,060,000		1,095,022

	Par ($)		Value ($)
GA Clayton County Water & Sewer Authority
Series 2000, Pre-refunded 05/01/10: 5.600% 05/01/18		1,000,000		1,059,420
6.250% 05/01/17		2,000,000		2,150,760
GA Forsyth County School District
Series 1999, Pre-refunded 02/01/10, 6.000% 02/01/15		2,000,000		2,143,560
GA Fulton County Housing Authority
Series 1996 A, AMT, Pre-refunded 07/01/08, 6.375% 01/01/27		2,900,000		2,957,507
GA Macon Bibb County Industrial Authority
Series 1982, Escrowed to Maturity, 9.000% 10/01/07		1,000,000		1,000,430
GA Metropolitan Atlanta Rapid Transit Authority
Series 1983 D, Escrowed to Maturity, 7.000% 07/01/11		540,000		605,173
Refunded/Escrowed Total				16,280,572
Tobacco – 1.3%
SC Tobacco Settlement Management Authority
San Diego County Tobacco, Series 2001 B, 6.375% 05/15/28		1,500,000		1,542,420
Tobacco Total				1,542,420
Other Total				18,098,943
Tax-Backed – 20.2%
Local Appropriated – 8.2%
GA Atlanta Public Safety & Judicial Facilities Authority
Series 2006, Insured: FSA 5.000% 12/01/17		1,310,000		1,408,879
GA College Park Business & Industrial Development Authority
Series 2005, Insured: AMBAC 5.250% 09/01/19		3,230,000		3,508,458
GA East Point Building Authority
Series 2000, Insured: FSA (d) 02/01/18		2,490,000		1,435,236

See Accompanying Notes to Financial Statements.
35

Columbia Georgia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
GA Gwinnett County Development Authority
Series 2004, Insured: MBIA 5.250% 01/01/15		2,000,000		2,176,320
GA Municipal Association, Inc., Certificates of Participation
Series 2002, Insured: AMBAC 5.250% 12/01/26		1,250,000		1,314,938
Local Appropriated Total				9,843,831
Local General Obligations – 6.7%
GA Barrow County School District
Series 2006, 5.000% 02/01/14		1,000,000		1,075,650
GA Chatham County School District
Series 2002, Insured: FSA 5.250% 08/01/14		1,000,000		1,095,290
Series 2004, Insured: FSA 5.250% 08/01/19		2,000,000		2,218,700
GA Cherokee County School Systems
Series 1993, Insured: AMBAC 5.875% 02/01/09		420,000		427,585
Series 2001, 5.250% 08/01/17		1,000,000		1,069,240
GA Paulding County
Courthouse Government Complex Project, Series 2007, Insured: FGIC 5.000% 02/01/21		1,000,000		1,066,010
MI Detroit
Series 2001 B, Insured: MBIA 5.375% 04/01/14		1,000,000		1,063,010
Local General Obligations Total				8,015,485
Special Non-Property Tax – 3.9%
GA Cobb-Marietta County Coliseum & Exhibit Hall Authority
Series 2005, Insured: MBIA 5.250% 10/01/19		2,430,000		2,669,185
PR Commonwealth Infrastructure Financing Authority
Series 2006 B, 5.000% 07/01/20		2,000,000		2,067,200
Special Non-Property Tax Total				4,736,385

	Par ($)		Value ($)
Special Property Tax – 1.4%
GA Atlanta Tax Allocation
Atlantic Station Project, Series 2007, Insured: ASG 5.250% 12/01/20		1,545,000		1,668,801
Special Property Tax Total				1,668,801
Tax-Backed Total				24,264,502
Transportation – 1.9%
Transportation – 1.9%
GA Metropolitan Atlanta Rapid Transit Authority
Series 1992 N, Insured: MBIA 6.250% 07/01/18		2,000,000		2,282,040
Transportation Total				2,282,040
Transportation Total				2,282,040
Utilities – 25.0%
Investor Owned – 1.8%
GA Appling County Development Authority Pollution Control Revenue
Georgia Power Company, Series 2006, Insured: AMBAC 4.400% 07/01/16		1,000,000		1,019,020
GA Monroe County Development Authority
Oglethorpe Power Corp., Series 1992, 6.800% 01/01/12		1,000,000		1,109,300
Investor Owned Total				2,128,320
Joint Power Authority – 2.6%
GA Municipal Electric Authority
Series 1998 A, Insured: MBIA 5.250% 01/01/13		1,000,000		1,078,350
TX Sam Rayburn Municipal Power Agency
Series 2002, 6.000% 10/01/16		2,000,000		2,089,440
Joint Power Authority Total				3,167,790
Municipal Electric – 2.0%
GA Municipal Electric Authority Power
Series 1992 B, Insured: MBIA 6.375% 01/01/16		2,000,000		2,357,300
Municipal Electric Total				2,357,300

See Accompanying Notes to Financial Statements.
36

Columbia Georgia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Water & Sewer – 18.6%
GA Augusta Water & Sewer Revenue
Series 2007, Insured: FSA: 5.000% 10/01/21 (b)		1,000,000		1,073,110
5.000% 10/01/22 (b)		2,000,000		2,137,740
GA Cherokee County Water & Sewer Authority
Series 1993, Insured: MBIA 5.300% 08/01/09		185,000		188,663
GA Cobb & Marietta County Water Authority
Series 2000, 5.125% 11/01/20		1,195,000		1,286,214
GA Columbus County Water & Sewer Revenue
Series 2003, Insured: FSA 5.250% 05/01/13		1,220,000		1,322,383
Series 2007, Insured: FSA 5.000% 05/01/26		1,000,000		1,046,870
GA Coweta County Water & Sewage Authority
Series 2005, Insured: FSA 5.000% 06/01/25		2,505,000		2,710,661
GA Dekalb County Water & Sewer Revenue
Series 2006 B: 5.250% 10/01/21		2,000,000		2,222,920
5.250% 10/01/24		2,000,000		2,227,540
GA Gainesville Water & Sewer Revenue
Series 2006, Insured: FSA 5.000% 11/15/16		1,000,000		1,089,630
GA Griffin Combined Public Utility Improvement Revenue
Series 2002, Insured: AMBAC 5.125% 01/01/19		2,585,000		2,764,037
GA Jackson County Water & Sewer Revenue
Series 2006 A, Insured: XLCA 5.000% 09/01/16		1,030,000		1,120,918
GA Upper Oconee Basin Water Authority
Series 2005, Insured: MBIA: 5.000% 07/01/17		1,140,000		1,240,901
5.000% 07/01/22		1,855,000		1,946,006
Water & Sewer Total				22,377,593
Utilities Total				30,031,003
Total Municipal Bonds (Cost of $113,496,846)				116,196,707

Investment Company – 6.6%

	Shares		Value ($)
Columbia Tax-Exempt Reserves, Capital Class (e)(f) (7 day yield of 3.660%)		7,878,790		7,878,790
Total Investment Company (Cost of $7,878,790)				7,878,790
Total Investments – 103.4% (Cost of $121,375,636) (g)				124,075,497
Other Assets & Liabilities, Net – (3.4)%				(4,084,846	)
Net Assets – 100.0%				119,990,651

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(b) Security purchased on a delayed delivery basis.

(c) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(d) Zero coupon bond.

(e) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(f) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		889,313
Shares purchased:		19,178,977
Shares sold:		(12,189,500	)
Shares as of 09/30/07:		7,878,790
Net realized gain/loss:	$	–
Dividend income earned:	$	48,757
Value at end of period:	$	7,878,790

(g) Cost for federal income tax purposes is $121,375,636.

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holding by Revenue Source	% of Net Assets
Utilities		25.0
Tax-Backed		20.2
Other		15.1
Health Care		13.0
Housing		9.9
Education		7.2
Industrials		4.5
Transportation		1.9
		96.8
Investment Company		6.6
Other Assets and Liabilities, Net		(3.4	)
		100.0

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

ASG				Assured Guaranty Corp.

FGIC				Financial Guaranty Insurance Co.

FHA				Federal Housing Administration

FNMA				Federal National Mortgage Association

FSA				Financial Security Assurance, Inc.

MBIA				MBIA Insurance Corp.

XLCA				XL Capital Assurance, Inc.

See Accompanying Notes to Financial Statements.
37

Investment Portfolio – Columbia Maryland Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 93.7%

	Par ($)		Value ($)
Education – 6.6%
Education – 6.6%
MD Health & Higher Educational Facilities Authority
College of Notre Dame, Series 1998, Insured: MBIA 4.600% 10/01/14		510,000		539,881
Loyola College, Series 2006 A, 5.125% 10/01/45		5,000,000		5,027,700
MD Industrial Development Financing Authority
American Center for Physics, Series 2001, 5.250% 12/15/15		1,000,000		1,061,110
MD University System of Maryland
Series 2006, 5.000% 10/01/15		3,545,000		3,855,471
MD Westminster Educational Facilities
McDaniel College, Inc., Series 2006, 5.000% 11/01/17		500,000		524,555
Education Total				11,008,717
Education Total				11,008,717
Health Care – 11.9%
Continuing Care Retirement – 1.8%
MD Baltimore County
Oak Crest Village, Inc., Series 2007 A, 5.000% 01/01/27		2,000,000		1,975,500
MD Howard County Retirement Authority
Series 2007 A, 5.250% 04/01/27		1,000,000		962,230
Continuing Care Retirement Total				2,937,730
Hospitals – 10.1%
MD Baltimore County
Catholic Health Initiatives, Series 2006 A, 5.000% 09/01/16		1,000,000		1,060,300
MD Health & Higher Educational Facilities Authority
Carrol Hospital Center Foundation, Series 2006, 4.500% 07/01/26		1,000,000		918,950
Howard County General Hospital, Series 1998, Insured: MBIA 5.000% 07/01/29		1,000,000		1,017,600

	Par ($)		Value ($)
Peninsula Regional Medical Center, Series 2006: 5.000% 07/01/21		1,000,000		1,027,050
5.000% 07/01/26		4,000,000		4,056,360
5.000% 07/01/36		2,000,000		1,999,840
University of Maryland Medical System, Series 2006 A, 5.000% 07/01/31		1,000,000		997,170
Western Maryland Health System, Series 2006 A, Insured: MBIA 5.000% 07/01/13		1,320,000		1,409,602
MS Hospital Facilities & Equipment Authority
Forrest County General Hospital, Series 2000, Insured: FSA: 5.500% 01/01/24		3,100,000		3,308,940
5.625% 01/01/20		1,000,000		1,071,210
Hospitals Total				16,867,022
Health Care Total				19,804,752
Housing – 10.0%
Multi-Family – 5.1%
MD Economic Development Corp.
Collegiate Housing Foundation, Series 1999 A: 5.600% 06/01/10		360,000		365,929
6.000% 06/01/19		815,000		844,348
6.000% 06/01/30		1,850,000		1,909,959
Senior Towson University Project, Series 2007 A, 5.250% 07/01/24		1,185,000		1,195,712
Series 1999 A, 5.700% 06/01/12		1,000,000		1,035,770
Series 2006: Insured: CIFG 5.000% 06/01/17		1,000,000		1,072,030
Insured: XLCA 5.000% 07/01/20		600,000		633,480
MD Montgomery County Housing Opportunities Commission Housing Revenue
Series 2000 A, 6.100% 07/01/30		1,500,000		1,549,290
Multi-Family Total				8,606,518

See Accompanying Notes to Financial Statements.
38

Columbia Maryland Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Single-Family – 4.9%
MD Community Development Administration Department of Housing & Community Development Revenue
Series 1998 B, AMT, Insured: FHA 4.950% 09/01/11		500,000		509,230
Series 1998-3, AMT: 4.500% 04/01/08		3,440,000		3,453,898
4.700% 04/01/10		1,685,000		1,717,638
Series 1999 D, AMT, 5.375% 09/01/24		2,410,000		2,439,836
MD Prince Georges County Housing Authority
Mortgage Revenue
Series 2000 A, AMT, Guarantor: GNMA 6.150% 08/01/19		5,000		5,112
Single-Family Total				8,125,714
Housing Total				16,732,232
Other – 11.5%
Other – 2.2%
MD Transportation Authority
Series 2002 A, Insured: AMBAC 4.500% 03/01/15		3,000,000		3,104,760
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B, 5.000% 12/01/15		520,000		551,902
Other Total				3,656,662
Refunded/Escrowed (a) – 9.3%
MD Baltimore
Series 1997 A, Pre-refunded 10/15/07, Insured: FGIC 5.300% 10/15/16		1,740,000		1,776,035
MD Economic Development Corp.
Collegiate Housing Foundation, Series 1999 A: Escrowed to Maturity, 5.300% 06/01/08		495,000		500,767
Pre-refunded 06/01/09, 5.600% 06/01/11		575,000		604,940
MD Health & Higher Educational Facilities
Authority Revenue
Johns Hopkins Hospital, Series 1979, Escrowed to Maturity, 5.750% 07/01/09		1,000,000		1,039,200

	Par ($)		Value ($)
Johns Hopkins University, Series 1999, Pre-refunded 07/01/09, 6.000% 07/01/39		4,000,000		4,210,000
MD Howard County
Series 2000 A, Pre-refunded 02/15/08: 5.250% 02/15/16		280,000		284,662
5.250% 02/15/17		1,900,000		1,931,635
5.250% 02/15/18		2,000,000		2,033,301
MD Queen Anne's County
Series 2000, Pre-refunded 01/15/10, Insured: FGIC 5.250% 01/15/14		1,200,000		1,256,712
MD Transportation Authority
Series 1978, Escrowed to Maturity, 6.800% 07/01/16		590,000		671,414
MD Washington Suburban Sanitation District
Series 2000, Pre-refunded 06/01/10, 5.250% 06/01/22		1,000,000		1,044,530
MO St. Louis County
Series 1989 A, AMT, Escrowed to Maturity, Guarantor: GNMA 7.950% 08/01/09		75,000		78,269
Refunded/Escrowed Total				15,431,465
Other Total				19,088,127
Other Revenue – 3.6%
Hotels – 3.6%
MD Baltimore
Baltimore Hotel Corp., Series 2006 A, Insured: XLCA: 5.000% 09/01/32		1,000,000		1,034,900
5.250% 09/01/17		1,835,000		2,011,031
5.250% 09/01/20		1,615,000		1,746,332
5.250% 09/01/21		1,095,000		1,180,651
Hotels Total				5,972,914
Other Revenue Total				5,972,914

See Accompanying Notes to Financial Statements.
39

Columbia Maryland Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Resource Recovery – 1.6%
Resource Recovery – 1.6%
MD Northeast Waste Disposal Authority
Series 2003, AMT, Insured: AMBAC 5.500% 04/01/10		2,500,000		2,605,625
Resource Recovery Total				2,605,625
Resource Recovery Total				2,605,625
Tax-Backed – 42.8%
Local General Obligations – 25.6%
MD Anne Arundel County
Series 1995, 5.300% 04/01/10		500,000		500,690
Series 2006: 5.000% 03/01/15		2,000,000		2,171,060
5.000% 03/01/18		3,300,000		3,557,961
MD Baltimore County
Series 2006, 5.000% 09/01/15		1,120,000		1,222,166
MD Baltimore
Series 1989 B, Insured: MBIA 7.050% 10/15/07		1,000,000		1,001,650
Series 1991 C, Insured: FGIC 6.375% 10/15/07		1,075,000		1,076,441
Series 1998 B, Insured: FGIC 6.500% 10/15/08		1,000,000		1,020,200
MD Frederick County
Series 2005, 5.000% 08/01/14		3,000,000		3,248,400
Series 2006: 5.250% 11/01/18		2,005,000		2,235,274
5.250% 11/01/21		2,500,000		2,796,775
MD Howard County
Series 2002 A, 5.250% 08/15/15		795,000		847,025
MD Laurel
Series 1996 A, Insured: FGIC 5.000% 10/01/11		1,530,000		1,539,302
MD Montgomery County
Series 1997 A, 5.375% 05/01/08		1,000,000		1,010,790
Series 2001, 5.250% 10/01/14		1,000,000		1,068,970
Series 2005 A, 5.000% 07/01/16		3,000,000		3,282,270

	Par ($)		Value ($)
MD Prince Georges County
Series 1999, Insured: FSA: 5.000% 10/01/12		65,000		67,417
5.125% 10/01/16		3,300,000		3,437,181
Series 2000, 5.125% 10/01/10		1,000,000		1,046,890
Series 2001, Insured: FGIC: 5.250% 12/01/11		4,825,000		5,148,179
5.250% 12/01/12		2,000,000		2,144,800
MD Wicomico County
Series 1997, Insured: MBIA: 4.800% 12/01/10		1,290,000		1,305,454
4.900% 12/01/11		1,355,000		1,371,314
5.000% 12/01/12		1,425,000		1,442,456
Local General Obligations Total				42,542,665
Special Non-Property Tax – 8.0%
MD Baltimore
Series 1996 A, Insured: FGIC 5.900% 07/01/10		1,725,000		1,827,724
MD Department of Transportation
Series 2002: 5.500% 02/01/11		1,265,000		1,344,897
5.500% 02/01/14		5,000,000		5,530,500
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/22		4,000,000		4,534,280
Special Non-Property Tax Total				13,237,401
State Appropriated – 0.6%
MD Stadium Authority Lease Revenue
Series 1995, 5.375% 12/15/13		500,000		500,700
NY Transportation Trust Fund Authority
Series 2006 A, 5.250% 12/15/19		500,000		549,730
State Appropriated Total				1,050,430
State General Obligations – 8.6%
MD State
Series 2002 A, 5.500% 03/01/13		2,245,000		2,460,385
Series 2003, 5.250% 03/01/17		4,000,000		4,461,440

See Accompanying Notes to Financial Statements.
40

Columbia Maryland Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
PR Commonwealth of Puerto Rico Public
Buildings Authority
Series 2003 H, Insured: AMBAC 5.500% 07/01/18		3,000,000		3,395,730
PR Commonwealth of Puerto Rico
Series 2002 A, Insured: FGIC 5.500% 07/01/17		2,520,000		2,857,630
Series 2006 A, 5.250% 07/01/22		1,150,000		1,202,463
State General Obligations Total				14,377,648
Tax-Backed Total				71,208,144
Transportation – 1.4%
Air Transportation – 1.2%
TN Memphis Shelby County Airport Authority
FedEx Corp., Series 2001, 5.000% 09/01/09		2,000,000		2,034,420
Air Transportation Total				2,034,420
Transportation – 0.2%
DC Washington Metropolitan Area Transit Authority
Series 1993, Insured: FGIC 6.000% 07/01/10		350,000		372,319
Transportation Total				372,319
Transportation Total				2,406,739
Utilities – 4.3%
Investor Owned – 1.5%
KS Burlington
Kansas City Power & Light, Series 1998 K, 4.750% 09/01/15 (b)		1,000,000		1,000,030
MD Prince Georges County
Potomac Electric Power Co., Series 1995, 5.750% 03/15/10		1,500,000		1,568,160
Investor Owned Total				2,568,190
Joint Power Authority – 1.3%
TX Sam Rayburn Municipal Power Agency
Series 2002, 6.000% 10/01/16		2,000,000		2,089,440
Joint Power Authority Total				2,089,440

	Par ($)		Value ($)
Water & Sewer – 1.5%
MD Baltimore
Series 2006, Insured: AMBAC 5.000% 07/01/18		1,125,000		1,212,109
Series 2007 DC, Insured: AMBAC 5.000% 07/01/19		1,250,000		1,343,300
Water & Sewer Total				2,555,409
Utilities Total				7,213,039
Total Municipal Bonds (Cost of $152,945,877)				156,040,289

Investment Company – 5.4%

	Shares
Columbia Tax-Exempt Reserves, Capital Class (c)(d) (7 day yield of 3.660%)		8,998,964	8,998,964
Total Investment Company (Cost of $8,998,964)			8,998,964
Total Investments – 99.1% (Cost of $161,944,841) (e)			165,039,253
Other Assets & Liabilities, Net – 0.9%			1,470,086
Net Assets – 100.0%			166,509,339

Notes to Investment Portfolio:

(a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(d) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		7,292,310
Shares purchased:		18,603,354
Shares sold:		(16,896,700	)
Shares as of 09/30/07:		8,998,964
Net realized gain/loss:	$	–
Dividend income earned:	$	153,809
Value at end of period:	$	8,998,964

(e) Cost for federal income tax purposes is $161,944,841.

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

CIFG				CIFG Assurance North America, Inc.

FGIC				Financial Guaranty Insurance Co.

FHA				Federal Housing Administration

FSA				Financial Security Assurance, Inc.

GNMA				Government National Mortgage Association

MBIA				MBIA Insurance Corp.

XLCA				XL Capital Assurance, Inc.

See Accompanying Notes to Financial Statements.
41

Columbia Maryland Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		42.8
Health Care		11.9
Other		11.5
Housing		10.0
Education		6.6
Utilities		4.3
Other Revenue		3.6
Resource Recovery		1.6
Transportation		1.4
		93.7
Investment Company		5.4
Other Assets & Liabilities, Net		0.9
		100.0

See Accompanying Notes to Financial Statements.
42

Investment Portfolio – Columbia North Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 97.1%

	Par ($)		Value ($)
Education – 4.4%
Education – 4.4%
NC Appalachian State University
Series 1998, Insured: MBIA: 5.000% 05/15/12		1,000,000		1,060,930
5.000% 05/15/18		1,000,000		1,026,680
Series 2005, Insured: MBIA 5.000% 07/15/21		1,485,000		1,562,161
NC Capital Facilities Finance Agency
Brevard College Corp., Series 2007, 5.000% 10/01/26		1,000,000		974,850
Johnson & Wales University, Series 2003 A, Insured: XLCA 5.250% 04/01/21		1,000,000		1,049,650
PR University of Puerto Rico
Series 2006, 5.000% 06/01/15		2,000,000		2,117,660
Education Total				7,791,931
Education Total				7,791,931
Health Care – 10.7%
Continuing Care Retirement – 0.6%
NC Medical Care Commission
Givens Estate, Inc., Series 2007, 5.000% 07/01/16		1,000,000		1,009,100
Continuing Care Retirement Total				1,009,100
Hospitals – 10.1%
AZ University Medical Center Corp.
Series 2004, 5.250% 07/01/13		1,000,000		1,043,790
NC Albemarle Hospital Authority
Series 2007: 5.250% 10/01/21		2,000,000		2,042,140
5.250% 10/01/27		1,000,000		1,003,080
NC Medical Care Commission
Forsyth Memorial Hospital, Series 2003 A: 5.000% 11/01/13		3,000,000		3,171,780
5.000% 11/01/17		3,500,000		3,629,955
Novant Health, Inc., Series 1996, 5.125% 05/01/08		1,715,000		1,716,852

	Par ($)		Value ($)
Wilson Medical Center, Series 2007, 5.000% 11/01/19		3,385,000		3,498,736
NC University of North Carolina Hospitals at Chapel Hill
Series 1999, Insured: AMBAC 5.250% 02/15/12		1,690,000		1,742,779
Hospitals Total				17,849,112
Health Care Total				18,858,212
Housing – 5.8%
Multi-Family – 2.3%
NC Medical Care Commission
ARC Project, Series 2004 A, 5.800% 10/01/34		4,000,000		4,102,880
Multi-Family Total				4,102,880
Single-Family – 3.5%
NC Housing Finance Agency
Series 1994 Y, 6.300% 09/01/15		225,000		227,201
Series 1996 A-5, AMT, 5.550% 01/01/19		1,920,000		1,964,006
Series 1998 A-2, AMT, 5.200% 01/01/20		875,000		880,329
Series 1999 A-3, AMT, 5.150% 01/01/19		970,000		978,555
Series 1999 A-6, AMT, 6.000% 01/01/16		540,000		550,390
Series 2000 A-8, AMT: 5.950% 07/01/10		315,000		322,903
6.050% 07/01/12		235,000		240,600
Series 2007-30A, AMT, 5.000% 07/01/23 (a)		1,000,000		1,006,560
Single-Family Total				6,170,544
Housing Total				10,273,424
Industrials – 4.9%
Forest Products & Paper – 4.3%
NC Haywood County Industrial Facilities & Pollution Control Financing Authority
International Paper Co. Series 1999, AMT, 6.400% 11/01/24		4,000,000		4,136,880
Series 2007 A, 4.150% 03/01/14		3,600,000		3,464,100
Forest Products & Paper Total				7,600,980

See Accompanying Notes to Financial Statements.
43

Columbia North Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Other Industrial Development Bonds – 0.6%
NC Mecklenberg County Industrial Facilities & Pollution Control Financing Authority
Fluor Corp., Series 1993, 5.250% 12/01/09		1,005,000		1,005,985
Other Industrial Development Bonds Total				1,005,985
Industrials Total				8,606,965
Other – 21.9%
Other – 1.4%
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B: 5.000% 12/01/12		2,000,000		2,106,120
5.000% 12/01/15		260,000		275,951
Other Total				2,382,071
Refunded/Escrowed (b) – 19.4%
NC Brunswick County
Series 2000, Insured: FSA, Pre-refunded 06/01/10, 5.500% 06/01/20		1,000,000		1,058,920
NC Charlotte
Series 2000, Pre-refunded 06/01/10, 5.500% 06/01/12		1,000,000		1,058,920
Water & Sewer System, Series 1999, Pre-refunded 06/01/09, 5.375% 06/01/19		2,545,000		2,647,665
NC Durham Water & Sewer Utility System
Series 2001, Pre-refunded 06/01/11, 5.250% 06/01/16		1,000,000		1,067,540
NC Eastern Municipal Power Agency
Series 1986 A, Escrowed to Maturity, 5.000% 01/01/17		2,165,000		2,323,478
Series 1988 A, Pre-refunded 01/01/22, 6.000% 01/01/26		1,000,000		1,193,940
NC Iredell County Public Facilities Corp.
Series 2000, Insured: AMBAC, Pre-refunded 06/01/10, 5.125% 06/01/18		2,180,000		2,287,757

	Par ($)		Value ($)
NC Johnson County
Series 2000, Insured: FGIC, Pre-refunded 03/01/10: 5.500% 03/01/12		1,305,000		1,376,201
5.500% 03/01/15		1,925,000		2,047,699
5.500% 03/01/16		2,700,000		2,872,098
NC Medical Care Commission
Pitt County Memorial Hospital, Series 1998 B, Pre-refunded 12/01/08: 4.750% 12/01/28		1,000,000		1,023,360
5.000% 12/01/18		1,000,000		1,026,210
NC Orange County
Series 2000, Pre-refunded 04/01/10: 5.300% 04/01/17		1,000,000		1,059,950
5.300% 04/01/18		3,445,000		3,651,528
NC Pitt County
Series 2000 B, Insured: FSA, Pre-refunded 04/01/10: 5.500% 04/01/25		1,000,000		1,055,560
5.750% 04/01/16		1,390,000		1,475,499
NC Randolph County
Series 2000, Insured: FSA, Pre-refunded 06/01/09: 5.500% 06/01/14		1,115,000		1,162,231
5.500% 06/01/15		1,000,000		1,042,360
5.750% 06/01/22		1,350,000		1,412,627
NC Wake County
Series 1993, Insured: MBIA, Escrowed to Maturity, 5.125% 10/01/26 (c)		3,065,000		3,292,270
Refunded/Escrowed Total				34,135,813
Tobacco – 1.1%
NJ Tobacco Settlement Financing Corp.
Series 2007 1A, 4.250% 06/01/12		2,000,000		1,959,220
Tobacco Total				1,959,220
Other Total				38,477,104

See Accompanying Notes to Financial Statements.
44

Columbia North Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Tax-Backed – 37.9%
Local Appropriated – 16.4%
NC Burke County
Series 2006 B, Insured: AMBAC 5.000% 04/01/18		1,425,000		1,518,223
NC Cabarrus County
Series 2001, 5.500% 04/01/13		2,000,000		2,153,280
Series 2007, Insured: AMBAC 5.000% 02/01/13		400,000		425,176
NC Catawba County
Series 2004, Insured: MBIA 5.250% 06/01/14		1,500,000		1,630,035
NC Chapel Hill
Series 2005, 5.250% 06/01/21		1,360,000		1,442,702
NC Chatham County
Series 2006, Insured: AMBAC 5.000% 06/01/20		1,065,000		1,128,730
NC Concord
Series 2001 A, Insured: MBIA 5.000% 06/01/17		1,490,000		1,561,073
NC Craven County
Series 2007, Insured: MBIA: 5.000% 06/01/18		2,825,000		3,029,954
5.000% 06/01/19		1,825,000		1,945,377
NC Dare County
Series 2005, Insured: FGIC 5.000% 06/01/20		3,005,000		3,155,130
NC Gaston County
Series 2005, Insured: MBIA 5.000% 12/01/15		1,350,000		1,457,149
NC Greenville
Series 2004, Insured: AMBAC 5.250% 06/01/22		2,180,000		2,301,513
NC Henderson County
Series 2006 A, Insured: AMBAC 5.000% 06/01/16		1,060,000		1,142,797

	Par ($)		Value ($)
NC Nash County
Series 2004, Insured: FSA 5.250% 06/01/17		1,900,000		2,036,895
NC Randolph County
Series 2004, Insured: FSA 5.000% 06/01/14		1,640,000		1,758,178
NC Sampson County
Series 2006, Insured: FSA 5.000% 06/01/16		1,000,000		1,078,110
NC Wilmington
Series 2006 A, 5.000% 06/01/17		1,005,000		1,077,390
Local Appropriated Total				28,841,712
Local General Obligations – 13.7%
NC Cabarrus County
Series 2006: 5.000% 03/01/15		1,000,000		1,084,170
5.000% 03/01/16		1,000,000		1,088,580
NC Charlotte
Series 2002 C: 5.000% 07/01/20		1,570,000		1,649,819
5.000% 07/01/22		1,265,000		1,318,130
NC Craven County
Series 2002, Insured: AMBAC 5.000% 05/01/19		1,000,000		1,055,270
NC Cumberland County
Series 1998, Insured: FGIC 5.000% 03/01/17		1,000,000		1,025,550
NC Forsyth County
Series 2003 B, 4.750% 03/01/22		1,945,000		1,994,461
NC Gaston County
Series 2002, Insured: AMBAC 5.250% 06/01/20		1,500,000		1,605,525
NC High Point
Series 2002, Insured: MBIA 4.500% 06/01/14		1,275,000		1,331,508

See Accompanying Notes to Financial Statements.
45

Columbia North Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
NC Iredell County
Series 2006, 5.000% 02/01/19		2,420,000		2,584,608
NC Mecklenburg County
Series 1993, 6.000% 04/01/11		1,000,000		1,081,860
Series 2001 A, 5.000% 04/01/16		1,170,000		1,242,177
NC New Hanover County
Series 2001: 4.600% 06/01/14		1,750,000		1,830,343
5.000% 06/01/17		2,000,000		2,124,860
NC Orange County
Series 2005 A, 5.000% 04/01/22		2,000,000		2,112,260
NC Wilmington
Series 1997 A, Insured: FGIC 5.000% 04/01/11		1,000,000		1,021,070
Local General Obligations Total				24,150,191
Special Non-Property Tax – 4.2%
NC Charlotte Storm Water Fee
Series 2006, 5.000% 06/01/17		1,120,000		1,211,762
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2003 AA, Insured: MBIA 5.500% 07/01/18		3,500,000		3,961,685
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/22		2,000,000		2,267,140
Special Non-Property Tax Total				7,440,587
State General Obligations – 3.6%
NC State
Series 2001 A, 4.750% 03/01/14		5,000,000		5,249,450
PR Commonwealth of Puerto Rico
Series 2002 A, Insured: FGIC 5.500% 07/01/17		1,000,000		1,133,980
State General Obligations Total				6,383,430
Tax-Backed Total				66,815,920

	Par ($)		Value ($)
Transportation – 0.6%
Airports – 0.6%
NC Charlotte
Series 1999 B, AMT, Insured: MBIA 6.000% 07/01/24		1,000,000		1,042,190
Airports Total				1,042,190
Transportation Total				1,042,190
Utilities – 10.9%
Joint Power Authority – 3.8%
NC Eastern Municipal Power Agency
Series 1993 B, Insured: FGIC 6.000% 01/01/22		3,000,000		3,521,610
Series 2005, Insured: AMBAC 5.250% 01/01/20		3,000,000		3,219,870
Joint Power Authority Total				6,741,480
Municipal Electric – 2.2%
NC Greenville Utilities Commission
Series 2000 A, Insured: MBIA 5.500% 09/01/19		1,000,000		1,034,500
PR Electric Power Authority
Series 2007 TT, 5.000% 07/01/22		1,000,000		1,035,070
Series 2007 VV, Insured: MBIA 5.250% 07/01/25		1,690,000		1,874,480
Municipal Electric Total				3,944,050
Water & Sewer – 4.9%
NC Charlotte
Series 2006 A, 5.000% 07/01/19		1,385,000		1,487,989
NC Greensboro City
Series 2006, 5.250% 06/01/17		2,000,000		2,219,500
NC Raleigh
Series 2006 A, 5.000% 03/01/16		1,500,000		1,628,355

See Accompanying Notes to Financial Statements.
46

Columbia North Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
NC Winston Salem
Series 2007 A, 5.000% 06/01/19		3,000,000		3,230,070
Water & Sewer Total				8,565,914
Utilities Total				19,251,444
Total Municipal Bonds (Cost of $167,583,779)				171,117,190

Investment Company – 0.7%

	Shares
Columbia Tax-Exempt Reserves, Capital Class (d)(e) (7 day yield of 3.660%)		1,238,000	1,238,000
Total Investment Company (Cost of $1,238,000)			1,238,000
Total Investments – 97.8% (Cost of $168,821,779) (f)			172,355,190
Other Assets & Liabilities, Net – 2.2%			3,837,634
Net Assets – 100.0%			176,192,824

Notes to Investment Portfolio:

(a) Security purchased on a delayed delivery basis.

(b) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(d) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(e) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		2,131,319
Shares purchased:		34,054,642
Shares sold:		(34,947,961	)
Shares as of 09/30/07:		1,238,000
Net realized gain/loss:	$	–
Dividend income earned:	$	82,250
Value at end of period:	$	1,238,000

(f) Cost for federal income tax purposes is $168,821,779.

As of September 30, 2007, the Fund held the following open short futures contract:

Type				Number of Contracts				Value				Aggregate Face Value				Expiration Date				Unrealized Appreciation
10-Year U.S. Treasury Notes					122			$	13,332,313			$	13,360,510			Dec-07				$	28,197

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

FGIC				Financial Guaranty Insurance Co.

FSA				Financial Security Assurance, Inc.

MBIA				MBIA Insurance Corp.

XLCA				XL Capital Assurance, Inc.

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		37.9
Other		21.9
Utilities		10.9
Health Care		10.7
Housing		5.8
Industrials		4.9
Education		4.4
Transportation		0.6
		97.1
Investment Company		0.7
Other Assets and Liabilities, Net		2.2
		100.0

See Accompanying Notes to Financial Statements.
47

Investment Portfolio – Columbia South Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 98.5%

	Par ($)		Value ($)
Education – 7.5%
Education – 7.5%
IL Educational Facilities Authority
DePaul University, Series 2003 C, Insured: AMBAC 5.000% 09/01/18		8,650,000		8,732,434
SC Educational Facilities Authority
Wofford College, Series 2007 A, 5.000% 04/01/36		1,000,000		992,480
SC Florence Darlington Commissions for Technical Education
Series 2005 A, Insurer: MBIA: 5.000% 03/01/18		1,725,000		1,834,814
5.000% 03/01/20		1,905,000		2,006,251
Education Total				13,565,979
Education Total				13,565,979
Health Care – 14.0%
Continuing Care Retirement – 1.6%
SC Jobs Economic Development Authority
Episcopal Church Home, Series 2007: 5.000% 04/01/15		525,000		537,033
5.000% 04/01/16		600,000		612,714
Lutheran Homes of South Carolina, Inc., Series 2007, 5.375% 05/01/21		1,000,000		975,970
Wesley Commons, Series 2006, 5.125% 10/01/26		1,000,000		929,420
Continuing Care Retirement Total				3,055,137
Hospitals – 12.4%
SC Charleston County Hospital Facility
Care Alliance Health Services, Series 1999 A, Insured: FSA: 5.000% 08/15/12		1,000,000		1,032,150
5.125% 08/15/15		6,370,000		6,893,869
SC Horry County Hospital Facilities
Conway Hospital, Series 1998, Insured: AMBAC: 4.750% 07/01/10		1,100,000		1,120,614
4.875% 07/01/11		1,200,000		1,223,136

	Par ($)		Value ($)
SC Jobs Economic Development Authority
Anderson Area Medical Center, Series 1999, Insured: FSA 5.300% 02/01/14		4,375,000		4,501,394
Georgetown Memorial Hospital, Series 2001, Insured: RAD 5.250% 02/01/21		1,250,000		1,269,000
SC Lexington County Health Services District
Lexmed Inc., Series 2007, 5.000% 11/01/17		2,230,000		2,327,473
Lexmed, Inc., Series 1997, Insured: FSA 5.125% 11/01/21		3,000,000		3,090,960
SC Spartanburg County Health Services District
Series 1997 B, Insured: MBIA 5.125% 04/15/17		1,000,000		1,006,870
Hospitals Total				22,465,466
Health Care Total				25,520,603
Industrials – 3.1%
Forest Products & Paper – 3.1%
SC Georgetown County Environmental Control
International Paper Co., Series 1997 A, AMT, 5.700% 10/01/21		500,000		504,330
SC Georgetown County Pollution Control
International Paper Co., Series 1999 A, 5.125% 02/01/12		5,000,000		5,132,600
Forest Products & Paper Total				5,636,930
Industrials Total				5,636,930
Other – 10.3%
Other – 0.1%
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B, 5.000% 12/01/15		260,000		275,951
Other Total				275,951

See Accompanying Notes to Financial Statements.
48

Columbia South Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Refunded/Escrowed (a) – 8.2%
SC Berkeley County Water & Sewer
Series 2003, Pre-refunded 01/03/13, Insured: MBIA 5.250% 06/01/19		845,000		915,042
SC Charleston County Hospital Facility
Series 1992, Escrowed to Maturity, Insured: MBIA 6.000% 10/01/09		770,000		771,463
SC Georgetown County School District
Series 2000, Pre-refunded 03/01/11, 5.250% 03/01/19		1,000,000		1,054,010
SC Jobs-Economic Development Authority
Palmetto Health Alliance, Series 2000 A, Pre-refunded 12/12/10, 7.125% 12/15/15		5,500,000		6,175,730
SC Lexington County Health Services
Series 2003, Pre-refunded 11/01/13, 5.500% 11/01/23		2,000,000		2,192,380
SC Lexington Water & Sewer Authority
Series 1997, Pre-refunded 10/01/14, Insured: RAD 5.450% 04/01/19		2,000,000		2,076,780
SC Medical University of South Carolina
Series 1999, Escrowed to Maturity, 5.500% 07/01/09		1,575,000		1,627,621
Refunded/Escrowed Total				14,813,026
Tobacco – 2.0%
SC Tobacco Settlement Management Authority
Series 2001 B, 6.375% 05/15/28		3,500,000		3,598,980
Tobacco Total				3,598,980
Other Total				18,687,957

	Par ($)		Value ($)
Resource Recovery – 2.3%
Resource Recovery – 2.3%
SC Charleston County Resources Recovery
Foster Wheeler Charleston, Series 1997, AMT, Insured: AMBAC 5.250% 01/01/10		4,000,000		4,124,160
Resource Recovery Total				4,124,160
Resource Recovery Total				4,124,160
Tax-Backed – 30.2%
Local Appropriated – 17.0%
SC Berkeley County School District
Series 2006: 5.000% 12/01/21		2,000,000		2,077,420
5.000% 12/01/22		3,545,000		3,668,721
SC Charleston County Certificates of Participation
Series 2005, Insured: MBIA 5.125% 06/01/17		2,470,000		2,648,902
SC Charleston Educational Excellence Financing Corp.
Series 2005, 5.250% 12/01/26		3,000,000		3,143,910
Series 2006, 5.000% 12/01/19		2,000,000		2,103,540
SC Dorchester County School District No. 002
Series 2004, 5.250% 12/01/29		1,000,000		1,016,650
Series 2006, 5.000% 12/01/30		1,000,000		998,570
SC Greenville County School District I
Series 2003, 5.250% 12/01/16		4,625,000		4,938,806
Series 2006: 5.000% 12/01/15		3,290,000		3,539,152
Insured: FSA 5.000% 12/01/15		500,000		537,505
SC Hilton Head Island Public Facilities Corp.
Series 2006, Insured: MBIA 5.000% 08/01/14		1,600,000		1,716,432
SC Newberry Investing in Educational School District
Series 2005, 5.250% 12/01/15		1,265,000		1,336,295

See Accompanying Notes to Financial Statements.
49

Columbia South Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
SC Scago Educational Facilities Corp. for Colleton School District
Series 2006: 5.000% 12/01/14		1,325,000		1,424,998
Insured: FSA 5.000% 12/01/11		1,500,000		1,578,285
Local Appropriated Total				30,729,186
Local General Obligations – 9.0%
IL Chicago
Series 2001 A, Insured: MBIA 5.500% 01/01/14		655,000		697,064
SC Anderson County School District No. 004
Series 2005, Insured: FSA 5.250% 03/01/19		1,115,000		1,210,333
SC Berkeley County School District
Series 2006, Insured: FSA 5.000% 01/15/18		3,000,000		3,261,570
SC Dorchester County
Series 2006 A, Insurer: XLCA 5.000% 05/01/15		1,000,000		1,082,780
SC Hilton Head Island Public Facilities Corp.
Series 2005 A, Insured: AMBAC 5.000% 12/01/17		1,960,000		2,116,839
SC Richland County School District No. 001
Series 2001 A, 5.250% 03/01/19		3,570,000		3,771,455
SC Spartanburg County School District No. 007
Series 2001: 5.000% 03/01/18		2,000,000		2,161,900
5.000% 03/01/21		1,940,000		2,065,925
Local General Obligations Total				16,367,866
Special Non-Property Tax – 3.6%
IL Metropolitan Pier & Exposition Authority
Series 2002 B, Insured: MBIA 5.750% 06/15/23		2,000,000		2,168,160
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/22		2,505,000		2,839,593

	Par ($)		Value ($)
SC Hilton Head Island Public Facilities Corp.
Series 2002, Insured: MBIA 5.250% 12/01/16		1,440,000		1,544,875
Special Non-Property Tax Total				6,552,628
State General Obligations – 0.6%
PR Commonwealth of Puerto Rico
Series 2002 A, Insured: FGIC 5.500% 07/01/17		1,000,000		1,133,980
State General Obligations Total				1,133,980
Tax-Backed Total				54,783,660
Transportation – 4.8%
Transportation – 4.8%
SC Transportation Infrastructure Bank
Series 2005 A, Insured: FSA 5.250% 10/01/20 (b)		7,880,000		8,752,946
Transportation Total				8,752,946
Transportation Total				8,752,946
Utilities – 26.3%
Investor Owned – 2.0%
SC Jobs-Economic Development Authority
South Carolina Electric & Gas Co., Series 2002, AMT, Insured: AMBAC 4.200% 11/01/12		3,615,000		3,666,694
Investor Owned Total				3,666,694
Joint Power Authority – 8.3%
SC Public Service Authority
Series 1999 A, Insured: MBIA 5.625% 01/01/13		2,000,000		2,103,640
Series 2001 A, Insured: FSA 5.250% 01/01/18		1,615,000		1,715,291
Series 2002 A, Insured: FSA 5.500% 01/01/17		1,480,000		1,602,204
Series 2002 D, Insured: FSA 5.000% 01/01/18		2,000,000		2,104,540
Series 2006 C, Insured: FSA 5.000% 01/01/15		1,000,000		1,077,410

See Accompanying Notes to Financial Statements.
50

Columbia South Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
TX Sam Rayburn Municipal Power Agency
Series 2002, 6.000% 10/01/16		3,000,000		3,134,160
WA Energy Northwest
Series 2002 A, Insured: MBIA 5.500% 07/01/17		3,000,000		3,222,600
Joint Power Authority Total				14,959,845
Municipal Electric – 2.9%
SC Rock Hill Utility System
Series 2003 A, Insured: FSA: 5.250% 01/01/13		2,350,000		2,534,122
5.375% 01/01/19		1,500,000		1,605,645
SC Winnsboro Utility
Series 1999, Insured: MBIA 5.250% 08/15/13		1,020,000		1,108,322
Municipal Electric Total				5,248,089
Water & Sewer – 13.1%
SC Berkeley County Water & Sewer
Series 2003, Insured: MBIA 5.250% 06/01/19		155,000		165,470
SC Camden Public Utility
Series 1997, Insured: MBIA 5.500% 03/01/17		50,000		51,073
SC Columbia Water & Sewer Systems
Series 1993, 5.500% 02/01/09		7,000,000		7,187,180
SC Greenville Waterworks
Series 2002, 5.250% 02/01/14		1,555,000		1,653,338
SC Mount Pleasant Water & Sewer
Series 2002, Insured: FGIC: 5.250% 12/01/16		1,980,000		2,124,203
5.250% 12/01/18		1,270,000		1,352,639
SC North Charleston Water & Sewer District
Series 2002, Insured: FSA 5.500% 07/01/17		3,040,000		3,291,013

	Par ($)		Value ($)
SC Western Carolina Regional Sewer Authority
Series 2005 B, Insured: FSA: 5.250% 03/01/16		6,250,000		6,882,313
5.250% 03/01/19		1,000,000		1,102,890
Water & Sewer Total				23,810,119
Utilities Total				47,684,747
Total Municipal Bonds (Cost of $174,844,215)				178,756,982

Investment Company – 0.7%

	Shares
Columbia Tax-Exempt Reserves, Capital Class (c)(d) (7 day yield of 3.660%)		1,247,220	1,247,220
Total Investment Company (Cost of $1,247,220)			1,247,220
Total Investments – 99.2% (Cost of $176,091,435) (e)			180,004,202
Other Assets & Liabilities, Net – 0.8%			1,482,944
Net Assets – 100.0%			181,487,146

Notes to Investment Portfolio:

(a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(b) A portion of this security with a market value of $333,234 is pledged as
collateral for open futures contracts.

(c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(d) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		3,867,089
Shares purchased:		13,651,693
Shares sold:		(16,271,562	)
Shares as of 09/30/07:		1,247,220
Net realized gain/loss:	$	–
Dividend income earned:	$	53,953
Value at end of period:	$	1,247,220

(e) Cost for federal income tax purposes is $176,091,435.

At September 30, 2007, the Fund held the following open short futures contract:

Type				Number of Contracts				Value				Aggregate Face Value				Expiration Date				Unrealized Appreciation
10-Year U.S. Treasury Notes					120			$	13,113,750			$	13,141,485			Dec-07				$	27,735

See Accompanying Notes to Financial Statements.
51

Columbia South Carolina Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

FGIC				Financial Guaranty Insurance Co.

FSA				Financial Security Assurance, Inc.

MBIA				MBIA Insurance Corp.

RAD				Radian Asset Assurance, Inc.

XLCA				XL Capital Assurance, Inc.

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		30.2
Utilities		26.3
Health Care		15.2
Other		9.1
Education		7.5
Transportation		4.8
Industrials		3.1
Resource Recovery		2.3
		98.5
Investment Company		0.7
Other Assets & Liabilities, Net		0.8
		100.0

See Accompanying Notes to Financial Statements.
52

Investment Portfolio – Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds – 98.3%

	Par ($)		Value ($)
Education – 2.0%
Education – 2.0%
VA Amherst Industrial Development Authority
Sweet Briar Institute, Series 2006, 5.000% 09/01/26		1,000,000		992,710
VA College Building Authority
Regent University, Series 2006, 5.000% 06/01/21		1,100,000		1,114,300
Roanoke College, Series 2007, 5.000% 04/01/23		1,000,000		1,025,100
University of Richmond, Series 2002 A, 5.000% 03/01/32		1,500,000		1,528,395
Washington & Lee University, Series 2006, 5.000% 01/01/15		610,000		658,830
VA Roanoke County Industrial Development Authority
Hollins College, Series 1998, 5.200% 03/15/17		1,115,000		1,142,273
Education Total				6,461,608
Education Total				6,461,608
Health Care – 8.7%
Continuing Care Retirement – 1.7%
VA Fairfax County Economic Development Authority
Goodwin House, Inc., Series 2007, 5.000% 10/01/22		2,500,000		2,517,600
Greenspring Village, Inc., Series 2006 A, 4.750% 10/01/26		2,000,000		1,878,360
VA Henrico County Economic Development Authority
Westminster-Canterbury, Series 2006, 5.000% 10/01/22		1,000,000		990,630
Continuing Care Retirement Total				5,386,590
Hospitals – 7.0%
AZ University Medical Center Corp. Hospital Revenue
Series 2004, 5.250% 07/01/14		1,000,000		1,043,810

	Par ($)		Value ($)
MS Hospital Facilities & Equipment Authority
Forrest County General Hospital, Series 2000, Insured: FSA 5.625% 01/01/20		1,285,000		1,376,505
VA Fairfax County Industrial Development Authority
Inova Health Systems, Series 1993, Insured: MBIA 5.250% 08/15/19		1,000,000		1,088,000
VA Fredericksburg Economic Development Authority
Medicorp Health Systems Series 2007: 5.250% 06/15/18		3,000,000		3,189,390
5.250% 06/15/20		6,495,000		6,891,065
VA Medical College of Virginia Hospital Authority
University Health Services, Series 1998, Insured: MBIA 4.800% 07/01/11		1,000,000		1,028,850
VA Roanoke Industrial Development Authority
Carilion Health Center, Series 2002 A, Insured: MBIA 5.250% 07/01/12		4,000,000		4,280,600
VA Small Business Financing Authority Hospital Revenue
Wellmont Health Systems Project Series A 5.125% 09/01/22		710,000		715,190
VA Stafford County Economic Development Authority Hospital Facilities
Series 2006, 5.250% 06/15/24		1,000,000		1,029,510
VA Winchester Industrial Development Authority Hospital Revenue,
Series 2007, 5.000% 01/01/26		1,250,000		1,274,975
WI Health & Educational Facilities Authority
Agnesian Healthcare, Inc., Series 2001, 6.000% 07/01/21		1,000,000		1,043,530
Hospitals Total				22,961,425
Health Care Total				28,348,015

See Accompanying Notes to Financial Statements.
53

Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Housing – 2.7%
Multi-Family – 2.7%
VA Housing Development Authority
Series 2000 B, AMT, 5.875% 08/01/15		2,655,000		2,744,394
VA Suffolk Redevelopment & Housing Authority
Windsor Fieldstone LP, Series 2001, 4.850% 07/01/31		5,800,000		6,028,636
Multi-Family Total				8,773,030
Housing Total				8,773,030
Industrials – 1.5%
Chemicals – 0.2%
VA Giles County Industrial Development Authority
Hoechst Celanese Corp., Series 1995, AMT, 5.950% 12/01/25		550,000		550,099
Chemicals Total				550,099
Forest Products & Paper – 1.3%
AL Mobile Industrial Development Board Pollution Control Revenue
International Paper Co., Series 1998 B, 4.750% 04/01/10		2,250,000		2,271,690
GA Richmond County Development Authority
International Paper Co., Series 2001 A, 5.150% 03/01/15		1,450,000		1,497,415
MS Warren County Environmental Improvement
International Paper Co., Series 2000 A, AMT, 6.700% 08/01/18		500,000		524,310
Forest Products & Paper Total				4,293,415
Industrials Total				4,843,514
Other – 22.1%
Other – 4.2%
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B: 5.000% 12/01/12		3,000,000		3,159,180
5.000% 12/01/14		560,000		594,311

	Par ($)		Value ($)
VA Norfolk Parking Systems Revenue
Series 2005 A, Insured: MBIA 5.000% 02/01/21		5,170,000		5,426,897
VA Virginia Beach Development Authority
Series 2005 A, 5.000% 05/01/21		4,465,000		4,692,001
Other Total				13,872,389
Pool/Bond Bank – 6.6%
VA Resources Authority Airports Revenue
Series 2001 A, 5.250% 08/01/18		1,205,000		1,256,598
VA Resources Authority Clean Water Revenue
Series 2005: 5.500% 10/01/19		5,180,000		5,906,132
5.500% 10/01/21		6,475,000		7,441,200
VA Resources Authority Infrastructure Revenue
Pooled Financing Program: Series 2002 B, 5.000% 11/01/13		1,175,000		1,263,760
Series 2003: 5.000% 11/01/18		1,075,000		1,136,146
5.000% 11/01/19		1,125,000		1,188,990
5.000% 11/01/21		1,185,000		1,250,092
5.000% 11/01/22		1,100,000		1,151,117
Series 2005 B, 5.000% 11/01/18		1,030,000		1,100,565
Pool/Bond Bank Total				21,694,600
Refunded/Escrowed (a) – 11.3%
AZ School Facilities Board
Series 2002, Pre-refunded 07/01/12, 5.250% 07/01/14		2,030,000		2,176,992
FL Miami-Dade County Health Authority
Series 2001 A, Escrow to Maturity Insured: AMBAC 4.375% 08/15/10		1,195,000		1,221,398
TX Trinity River Authority Water Revenue
Series 2003, Pre-refunded 02/01/13, Insured: MBIA 5.500% 02/01/14		2,795,000		3,048,003

See Accompanying Notes to Financial Statements.
54

Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
VA Arlington County Industrial Development Authority
Virginia Hospital Center, Series 2001, Pre-refunded 07/01/11, 5.500% 07/01/13		1,000,000		1,075,280
VA Fairfax County Water & Sewer Authority
Series 2000, Pre-refunded 04/01/10, 5.625% 04/01/25		3,000,000		3,177,810
VA Loudoun County
Series 2001 C, Pre-refunded 11/01/11, 5.000% 11/01/14		510,000		542,732
VA Montgomery County Industrial Development Authority
Series 2000 B, Pre-refunded 01/15/11, Insured: AMBAC 5.500% 01/15/22		2,000,000		2,136,740
VA Resources Authority Infrastructure Revenue
Pooled Financing Program, Series 2000 A, Pre-refunded 05/01/11, Insured: MBIA: 5.500% 05/01/21		1,070,000		1,149,169
5.500% 05/01/22		1,120,000		1,202,869
VA Richmond
Series 1999 A, Pre-refunded 01/15/10, Insured: FSA 5.000% 01/15/19		2,855,000		2,973,654
VA Tobacco Settlement Financing Corp.
Series 2005: Refunded to various dates/prices, 5.250% 06/01/19		4,000,000		4,174,360
5.500% 06/01/26		4,250,000		4,652,348
VA Virginia Beach Water & Sewer Revenue
Series 2000, Pre-refunded 08/01/10: 5.250% 08/01/17		1,790,000		1,872,967
5.250% 08/01/18		1,935,000		2,024,687
5.250% 08/01/19		2,035,000		2,129,322
VA Virginia Beach
Series 2000, Pre-refunded 03/01/10, 5.500% 03/01/17		3,060,000		3,227,688
Refunded/Escrowed Total				36,786,019
Other Total				72,353,008

	Par ($)		Value ($)
Resource Recovery – 2.2%
Disposal – 1.2%
VA Arlington County Industrial Development Authority
Ogden Martin Systems of Union, Series 1998 B, AMT, Insured: FSA 5.250% 01/01/10		1,855,000		1,892,694
VA Southeastern Public Service Authority
Series 1993 A, Insured: MBIA 5.100% 07/01/08		2,000,000		2,024,680
Disposal Total				3,917,374
Resource Recovery – 1.0%
VA Fairfax County Economic Development Authority
Series 1998 A, AMT, Insured: AMBAC 6.050% 02/01/09		3,385,000		3,490,950
Resource Recovery Total				3,490,950
Resource Recovery Total				7,408,324
Tax-Backed – 51.4%
Local Appropriated – 9.0%
VA Arlington County Industrial Development Authority
Series 2004: 5.000% 08/01/17		1,205,000		1,293,893
5.000% 08/01/18		1,205,000		1,280,144
VA Bedford County Economic Development Authority
Series 2006, Insured: MBIA 5.000% 05/01/15		1,230,000		1,329,286
VA Fairfax County Economic Development Authority
Series 2003, 5.000% 05/15/15		6,260,000		6,767,498
Series 2005 I-A, 5.000% 04/01/19		1,380,000		1,460,482
Series 2005, 5.000% 01/15/24		2,315,000		2,412,485
VA Hampton Roads Regional Jail Authority
Series 2004, Insured: MBIA: 5.000% 07/01/14		1,750,000		1,877,260
5.000% 07/01/15		1,685,000		1,799,243
5.000% 07/01/16		1,930,000		2,051,416
VA James City County Economic Development Authority
Series 2006, Insured: FSA 5.000% 06/15/23		2,000,000		2,114,980

See Accompanying Notes to Financial Statements.
55

Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
VA New Kent County Economic Development Authority
Series 2006, Insured: FSA: 5.000% 02/01/15		1,000,000		1,073,420
5.000% 02/01/21		2,075,000		2,188,938
VA Prince William County Industrial Development Authority
Series 2005, 5.250% 02/01/17		1,115,000		1,219,776
Series 2006 A, Insured: AMBAC: 5.000% 09/01/17		800,000		858,720
5.000% 09/01/21		1,625,000		1,710,979
Local Appropriated Total				29,438,520
Local General Obligations – 18.7%
VA Arlington County
Series 1993, 6.000% 06/01/12		3,285,000		3,632,881
Series 2006, 5.000% 08/01/17		4,000,000		4,353,640
VA Chesapeake
Series 1998, 4.650% 08/01/11		1,000,000		1,028,670
VA Hampton
Series 2004, 5.000% 02/01/15		1,275,000		1,365,487
Series 2005 A, Insured: FGIC 5.000% 04/01/18		1,500,000		1,602,480
VA Leesburg
Series 2006 B, Insured: MBIA 5.000% 09/15/17		1,145,000		1,253,695
VA Loudoun County
Series 1998 B, 5.250% 12/01/15		1,000,000		1,110,070
Series 2005 A, 5.000% 07/01/14		4,000,000		4,333,080
VA Newport News
Series 2006 B: 5.250% 02/01/18		3,030,000		3,348,059
5.250% 02/01/19		2,365,000		2,618,410
Series 2007 B, 5.250% 07/01/20		2,000,000		2,224,500
VA Norfolk
Series 1998, Insured: FGIC: 5.000% 07/01/11		2,450,000		2,499,514
5.000% 07/01/13		525,000		535,610

	Par ($)		Value ($)
Series 2002 B, Insured: FSA 5.250% 07/01/11		2,000,000		2,122,140
Series 2005, Insured: MBIA 5.000% 03/01/15		5,070,000		5,489,897
VA Portsmouth
Series 2001 A, Insured: FGIC 5.500% 06/01/17		1,030,000		1,043,019
Series 2003, Insured: FSA: 5.000% 07/01/17		4,385,000		4,724,224
5.000% 07/01/19		2,060,000		2,191,861
Series 2006 A, Insured: MBIA 5.000% 07/01/16		1,000,000		1,090,970
VA Richmond
Series 2002, Insured: FSA 5.250% 07/15/11		2,150,000		2,284,160
Series 2005 A, Insured: FSA 5.000% 07/15/15		8,840,000		9,611,113
VA Virginia Beach
Series 2004 B: 5.000% 05/01/13		1,305,000		1,398,112
5.000% 05/01/17		1,000,000		1,089,210
Local General Obligations Total				60,950,802
Special Non-Property Tax – 9.2%
IL Metropolitan Pier & Exposition Authority
Series 2002 B, Insured: MBIA 5.250% 06/15/11		4,500,000		4,760,505
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC: 5.500% 07/01/19		5,000,000		5,645,050
5.500% 07/01/22		5,000,000		5,667,850
VA Greater Richmond Convention Center Authority
Series 2005: Insured: MBIA: 5.000% 06/15/15		2,480,000		2,668,802
5.000% 06/15/18		3,800,000		4,043,390
5.000% 06/15/25		3,000,000		3,122,430

See Accompanying Notes to Financial Statements.
56

Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
VA Peninsula Town Center Community Development Authority
Series 2007, 6.250% 09/01/24		2,000,000		2,048,820
VA Reynolds Crossing Community Development Authority
Series 2007, 5.100% 03/01/21		2,150,000		2,063,162
Special Non-Property Tax Total				30,020,009
Special Property Tax – 0.9%
VA Fairfax County Economic Development Authority
Series 2004, Insured: MBIA 5.000% 04/01/24		2,865,000		2,981,090
Special Property Tax Total				2,981,090
State Appropriated – 12.7%
VA Biotechnology Research Park Authority
Series 2001, 5.125% 09/01/16		1,100,000		1,155,517
VA College Building Authority
Series 2002 A, 5.000% 02/01/15		1,270,000		1,336,116
Series 2004 A, 5.000% 02/01/17		3,650,000		3,902,872
Series 2006 A: 5.000% 09/01/13		2,000,000		2,150,020
5.000% 09/01/14		2,925,000		3,162,217
VA Port Authority
Series 2003, AMT, Insured: MBIA: 5.125% 07/01/14		1,360,000		1,452,358
5.125% 07/01/15		1,430,000		1,519,518
5.250% 07/01/17		1,585,000		1,681,289
VA Public Building Authority
Series 2002 A, 5.000% 08/01/14		2,790,000		2,954,359
Series 2005 C, 5.000% 08/01/14		3,900,000		4,208,178
Series 2006 A, 5.000% 08/01/15		6,775,000		7,349,249
VA Public School Financing Authority
Series 1998 A, 4.875% 08/01/14		1,445,000		1,473,972
Series 2004 C, 5.000% 08/01/16		8,425,000		9,169,854
State Appropriated Total				41,515,519

	Par ($)		Value ($)
State General Obligations – 0.9%
PR Commonwealth of Puerto Rico
Series 2002 A, Insured: FGIC 5.500% 07/01/17		2,000,000		2,267,960
VA State
Series 2004 B, 5.000% 06/01/15		725,000		781,681
State General Obligations Total				3,049,641
Tax-Backed Total				167,955,581
Transportation – 1.3%
Air Transportation – 0.6%
TN Memphis Shelby County Airport Authority
FedEx Corp., Series 2001, 5.000% 09/01/09		2,000,000		2,034,420
Air Transportation Total				2,034,420
Airports – 0.3%
DC Metropolitan Airport Authority
Series 1998 B, AMT, Insured: MBIA 5.250% 10/01/10		1,000,000		1,024,490
Airports Total				1,024,490
Toll Facilities – 0.4%
VA Richmond Metropolitan Authority
Series 1998, Insured: FGIC 5.250% 07/15/17		1,000,000		1,086,650
Toll Facilities Total				1,086,650
Transportation Total				4,145,560
Utilities– 6.4%
Joint Power Authority – 1.0%
TX Sam Rayburn Municipal Power Agency
Series 2002, 6.000% 10/01/16		2,000,000		2,089,440
WA Energy Northwest Electric
Series 2002 A, Insured: MBIA 5.750% 07/01/18		1,000,000		1,083,180
Joint Power Authority Total				3,172,620

See Accompanying Notes to Financial Statements.
57

Columbia Virginia Intermediate Municipal Bond Fund, September 30, 2007 (Unaudited)

Municipal Bonds (continued)

	Par ($)		Value ($)
Municipal Electric – 0.3%
PR Puerto Rico Electric Power Authority Power Revenue
Series V, Insured: FGIC 5.250% 07/01/24		1,000,000		1,108,760
Municipal Electric Total				1,108,760
Water & Sewer – 5.1%
VA Fairfax County Water Authority
Series 2005 B, 5.250% 04/01/19		1,835,000		2,040,960
VA Newport News Water Revenue
Series 2007, Insured: FSA 5.000% 06/01/19		1,035,000		1,111,797
VA Norfolk
Series 1995, Insured: MBIA 5.700% 11/01/10		2,000,000		2,003,660
VA Resources Authority
Series 1998: 5.000% 05/01/18		2,970,000		3,018,678
5.000% 05/01/22		2,000,000		2,032,300
VA Richmond Public Utility Revenue
Series 2007, Insured: FSA 4.500% 01/15/21		1,000,000		1,019,750
VA Spotsylvania County Systems Revenue
Insured: FSA 5.000% 06/01/19		1,030,000		1,106,426
VA Upper Occoquan Sewage Authority
Series 1995 A, Insured: MBIA 5.150% 07/01/20		1,295,000		1,420,848
Series 2005, Insured: FSA 5.000% 07/01/21		2,640,000		2,776,647
Water & Sewer Total				16,531,066
Utilities Total				20,812,446
Total Municipal Bonds (Cost of $317,282,755)				321,101,086

Investment Company – 0.8%

	Shares		Value ($)
Columbia Tax Exempt Reserves, Capital Class (b)(c) (7 day yield of 3.660%)		2,539,171		2,539,171
Total Investment Company (Cost of $2,539,171)				2,539,171
Total Investments – 99.1% (Cost of $319,821,926) (d)				323,640,257
Other Assets & Liabilities, Net – 0.9%				2,943,810
Net Assets – 100.0%				326,584,067

Notes to Investment Portfolio:

(a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

(b) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(c) Investments in affiliates during the period ended September 30, 2007: Security name: Columbia Tax-Exempt Reserves, Capital Class (7 day net yield of 3.660%)

Shares as of 03/31/07:		8,941,227
Shares purchased:		36,023,944
Shares sold:		(42,426,000	)
Shares as of 09/30/07:		2,539,171
Net realized gain/loss:	$	–
Dividend income earned:	$	95,012
Value at end of period:	$	2,539,171

(d) Cost for federal income tax purposes is $319,821,926.

At September 30, 2007, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		51.4
Other		22.1
Health Care		8.7
Utilities		6.4
Housing		2.7
Resource Recovery		2.2
Education		2.0
Industrials		1.5
Transportation		1.3
		98.3
Investment Company		0.8
Other Assets and Liabilities, Net		0.9
		100.0

Acronym				Name
AMBAC				Ambac Assurance Corp.

AMT				Alternative Minimum Tax

FGIC				Financial Guaranty Insurance Co.

FSA				Financial Security Assurance, Inc.

MBIA				MBIA Insurance Corp.

See Accompanying Notes to Financial Statements.
58

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Statements of Assets and Liabilities – Municipal Bond Funds
September 30, 2007 (Unaudited)

	($)			($)			($)			($)
	Short Term Municipal Bond Fund Fund			California Intermediate Municipal Bond Fund			Georgia Intermediate Municipal Fund			Maryland Intermediate Municipal Bond Fund
Assets:
Unaffiliated investments, at identified cost		398,265,614			145,647,931			113,496,846			152,945,877
Affiliated investments, at identified cost		89,000			16,410,000			7,878,790			8,998,964
Total investments, at identified cost		398,354,614			162,057,931			121,375,636			161,944,841
Unaffiliated investments, at value		399,746,616			147,257,384			116,196,707			156,040,289
Affiliated investments, at value		89,000			16,410,000			7,878,790			8,998,964
Total investments, at value		399,835,616			163,667,384			124,075,497			165,039,253
Cash		103			548			959			500
Receivable for:
Investments sold		—			—			—			—
Investments sold on a delayed delivery basis		—			—			3,574,142			—
Fund shares sold		845,531			76,169			2,762			2,149
Interest		5,268,980			1,824,226			1,547,819			2,217,977
Dividends from affiliates		1,406			48,003			16,769			27,627
Futures variation margin		—			—			—			—
Expense reimbursement due from Investment Advisor		44,568			49,804			37,827			25,120
Other assets		—			—			—			—
Total assets		405,996,204			165,666,134			129,255,775			167,312,626
Liabilities:
Payable for:
Investments purchased		—			2,579,755			—			—
Investments purchased on delayed deleivery basis		—			1,087,071			8,668,925			—
Fund shares redeemed		600,920			440,288			19,105			46,230
Distributions		1,024,012			453,277			352,693			474,795
Investment advisory fee		101,651			51,567			39,495			54,802
Administration fee		41,959			13,349			9,348			14,485
Transfer agent fee		12,690			2,126			2,652			4,939
Pricing and bookkeeping fees		14,401			7,622			6,697			7,764
Trustees' fees		74,582			48,855			89,492			99,870
Distribution and service fees		19,375			3,687			6,131			9,256
Custody fee		7,389			2,413			2,120			4,628
Legal fee		59,863			44,723			39,454			46,091
Chief compliance officer expenses		173			163			163			150
Other liabilities		49,577			31,449			28,849			40,277
Total liabilities		2,006,592			4,766,345			9,265,124			803,287
Net Assets		403,989,612			160,899,789			119,990,651			166,509,339
Net Assets Consist of
Paid-in capital		410,915,921			159,405,616			118,358,269			165,796,531
Undistributed (overdistributed) net investment income		86,333			(13,627	)		229,335			200,427
Accumulated net realized gain (loss)		(8,493,644	)		(101,653	)		(1,296,814	)		(2,582,031	)
Net unrealized appreciation on:
Investments		1,481,002			1,609,453			2,699,861			3,094,412
Futures contracts		—			—			—			—
Net Assets		403,989,612			160,899,789			119,990,651			166,509,339

See Accompanying Notes to Financial Statements.
60

	($)			($)			($)
	North Carolina Intermediate Municipal Fund			South Carolina Intermediate Municipal Bond Fund			Virginia Intermediate Municipal Bond Fund
Assets:
Unaffiliated investments, at identified cost		167,583,779			174,844,215			317,282,755
Affiliated investments, at identified cost		1,238,000			1,247,220			2,539,171
Total investments, at identified cost		168,821,779			176,091,435			319,821,926
Unaffiliated investments, at value		171,117,190			178,756,982			321,101,086
Affiliated investments, at value		1,238,000			1,247,220			2,539,171
Total investments, at value		172,355,190			180,004,202			323,640,257
Cash		544			805			590
Receivable for:
Investments sold		3,043,625			—			—
Investments sold on a delayed delivery basis		—			—			—
Fund shares sold		47,035			31,154			252,439
Interest		2,532,279			2,348,429			4,117,849
Dividends from affiliates		5,506			5,906			11,924
Futures variation margin		11,437			11,250			—
Expense reimbursement due from Investment Advisor		24,565			23,884			33,545
Other assets		—			—			568
Total assets		178,020,181			182,425,630			328,057,172
Liabilities:
Payable for:
Investments purchased		—			—			—
Investments purchased on delayed deleivery basis		1,000,000			—			—
Fund shares redeemed		26,860			103,932			213,432
Distributions		536,986			557,155			903,617
Investment advisory fee		58,851			60,205			107,057
Administration fee		16,064			16,292			32,104
Transfer agent fee		2,452			7,132			5,128
Pricing and bookkeeping fees		7,887			8,131			10,573
Trustees' fees		95,832			92,324			96,821
Distribution and service fees		8,976			10,646			13,042
Custody fee		2,696			3,021			900
Legal fee		40,949			45,149			46,177
Chief compliance officer expenses		152			61			12
Other liabilities		29,652			34,436			44,242
Total liabilities		1,827,357			938,484			1,473,105
Net Assets		176,192,824			181,487,146			326,584,067
Net Assets Consist of
Paid-in capital		171,891,175			176,670,348			321,684,523
Undistributed (overdistributed) net investment income		779,268			1,152,134			827,358
Accumulated net realized gain (loss)		(39,227	)		(275,838	)		253,855
Net unrealized appreciation on:
Investments		3,533,411			3,912,767			3,818,331
Futures contracts		28,197			27,735			—
Net Assets		176,192,824			181,487,146			326,584,067

See Accompanying Notes to Financial Statements.
61

Statements of Assets and Liabilities – Municipal Bond Funds
September 30, 2007 (Unaudited) (continued)

	Short Term Municipal Bond Fund Fund			California Intermediate Municipal Bond Fund			Georgia Intermediate Municipal Fund			Maryland Intermediate Municipal Bond Fund
Class A
Net assets	$	29,215,713		$	10,046,038		$	14,748,626		$	23,685,586
Shares outstanding		2,865,487			1,049,757			1,407,105			2,244,023
Net asset value per share (a)	$	10.20		$	9.57		$	10.48		$	10.55
Maximum sales charge		1.00	%		3.25	%		3.25	%		3.25	%
Maximum offering price per share (b)	$	10.30		$	9.89		$	10.83		$	10.90
Class B
Net assets	$	677,989		$	765,128		$	1,640,814		$	3,068,142
Shares outstanding		66,498			80,041			156,461			290,534
Net asset value and offering price per share (a)	$	10.20		$	9.56		$	10.49		$	10.56
Class C
Net assets	$	13,962,455		$	1,172,239		$	1,851,774		$	1,659,452
Shares outstanding		1,369,447			122,480			176,651			157,229
Net asset value and offering price per share (a)	$	10.20		$	9.57		$	10.48		$	10.55
Class Z
Net assets	$	360,133,455		$	148,916,384		$	101,749,437		$	138,096,159
Shares outstanding		35,325,369			15,590,075			9,707,326			13,082,034
Net asset value, offering and redemption price per share	$	10.19		$	9.55		$	10.48		$	10.56

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

(b) On sales of $100,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.
62

	North Carolina Intermediate Municipal Fund			South Carolina Intermediate Municipal Bond Fund			Virginia Intermediate Municipal Bond Fund
Class A
Net assets	$	17,407,232		$	16,885,198		$	47,761,515
Shares outstanding		1,690,804			1,657,932			4,464,475
Net asset value per share (a)	$	10.30		$	10.18		$	10.70
Maximum sales charge		3.25	%		3.25	%		3.25	%
Maximum offering price per share (b)	$	10.65		$	10.52		$	11.06
Class B
Net assets	$	3,087,459		$	2,431,781		$	2,705,490
Shares outstanding		299,942			238,719			252,848
Net asset value and offering price per share (a)	$	10.29		$	10.19		$	10.70
Class C
Net assets	$	3,228,416		$	5,762,014		$	1,140,001
Shares outstanding		313,581			565,468			106,577
Net asset value and offering price per share (a)	$	10.30		$	10.19		$	10.70
Class Z
Net assets	$	152,469,717		$	156,408,153		$	274,977,061
Shares outstanding		14,816,241			15,353,819			25,706,363
Net asset value, offering and redemption price per share	$	10.29		$	10.19		$	10.70

See Accompanying Notes to Financial Statements.
63

Statements of Operations – Municipal Bond Funds
For the Six Months Ended September 30, 2007 (Unaudited)

	$			$			$			$
	Short Term Municipal Bond Fund			California Intermediate Municipal Fund			Georgia Intermediate Municipal Bond Fund			Maryland Intermediate Municipal Bond Fund
Investment Income
Interest		7,769,428			2,985,732			2,665,301			3,647,767
Dividends from affiliates		36,571			140,233			48,757			153,809
Total Investment Income		7,805,999			3,125,965			2,714,058			3,801,576
Expenses
Investment advisory fee		617,594			296,858			239,193			335,772
Administration fee		251,518			73,760			54,310			86,909
Distribution fee:
Class B		2,581			3,147			6,566			12,675
Class C		58,253			4,496			7,375			6,335
Service fee:
Class A		39,782			10,702			18,591			30,885
Class B		860			1,049			2,189			4,225
Class C		19,418			1,499			2,458			2,112
Transfer agent fee		19,416			3,674			6,450			9,027
Pricing and bookkeeping fees		64,401			43,059			39,182			44,304
Trustees' fee		8,732			5,026			9,527			11,531
Custody fee		12,061			6,301			5,589			7,696
Legal fees		35,468			29,646			24,177			31,916
Chief compliance officer expenses		346			460			456			301
Other expenses		81,600			39,338			37,278			43,330
Total Expenses		1,212,030			519,015			453,341			627,018
Expenses waived/reimbursed by Investment Advisor/Administrator		(267,204	)		(126,859	)		(117,033	)		(151,022	)
Expense reductions		(473	)		(189	)		(137	)		(49	)
Net Expenses		944,353			391,967			336,171			475,947
Net Investment Income		6,861,646			2,733,998			2,377,887			3,325,629
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investments		(296,245	)		1,058			(115,572	)		101,936
Futures contracts		—			—			(11,038	)		—
Net realized gain (loss)		(296,245	)		1,058			(126,610	)		101,936
Net change in unrealized appreciation (depreciation) on:
Investments		1,125,019			(700,010	)		(594,418	)		(1,352,690	)
Futures contracts		—			—			—			—
Net change in net unrealized appreciation (depreciation)		1,125,019			(700,010	)		(594,418	)		(1,352,690	)
Net Gain (Loss)		828,774			(698,952	)		(721,028	)		(1,250,754	)
Net Increase Resulting from Operations		7,690,420			2,035,046			1,656,859			2,074,875

See Accompanying Notes to Financial Statements.
64

	$			$			$
	North Carolina Intermediate Municipal Fund			South Carolina Intermediate Municipal Bond Fund			Virginia Intermediate Municipal Fund
Investment Income
Interest		4,076,209			4,091,068			6,847,314
Dividends from affiliates		82,250			53,953			95,012
Total Investment Income		4,158,459			4,145,021			6,942,326
Expenses
Investment advisory fee		370,377			365,657			647,313
Administration fee		98,590			96,993			192,050
Distribution fee:
Class B		12,457			9,659			10,885
Class C		12,836			22,799			4,823
Service fee:
Class A		22,224			21,195			59,805
Class B		4,152			3,219			3,628
Class C		4,279			7,600			1,608
Transfer agent fee		7,201			10,131			13,669
Pricing and bookkeeping fees		46,206			44,671			58,543
Trustees' fee		9,398			10,130			10,128
Custody fee		8,437			6,869			6,214
Legal fees		30,303			30,448			31,004
Chief compliance officer expenses		304			365			343
Other expenses		41,580			38,014			57,053
Total Expenses		668,344			667,750			1,097,066
Expenses waived/reimbursed by Investment Advisor/Administrator		(147,951	)		(145,961	)		(204,397	)
Expense reductions		(1,474	)		(94	)		(257	)
Net Expenses		518,919			521,695			892,412
Net Investment Income		3,639,540			3,623,326			6,049,914
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investments		289,567			40,038			151,555
Futures contracts		(302,377	)		(297,420	)		286,780
Net realized gain (loss)		(12,810	)		(257,382	)		438,335
Net change in unrealized appreciation (depreciation) on:
Investments		(1,654,478	)		(1,037,094	)		(1,533,381	)
Futures contracts		28,197			27,735			—
Net change in net unrealized appreciation (depreciation)		(1,626,281	)		(1,009,359	)		(1,533,381	)
Net Gain (Loss)		(1,639,091	)		(1,266,741	)		(1,095,046	)
Net Increase Resulting from Operations		2,000,449			2,356,585			4,954,868

See Accompanying Notes to Financial Statements.
65

Statements of Changes in Net Assets – Municipal Bond Funds

	Short Term Municipal Bond Fund						California Intermediate Municipal Bond Fund						Georgia Intermediate Municipal Bond Fund						Maryland Intermediate Municipal Bond Fund
Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income		6,861,646			15,350,173			2,733,998			5,022,168			2,377,887			4,929,421			3,325,629			7,010,564
Net realized gain (loss) on investments and futures contracts		(296,245	)		(2,595,153	)		1,058			(75,389	)		(126,610	)		394,628			101,936			(198,230	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		1,125,019			4,045,123			(700,010	)		2,040,903			(594,418	)		3,101			(1,352,690	)		1,304,132
Net increase resulting from operations		7,690,420			16,800,143			2,035,046			6,987,682			1,656,859			5,327,150			2,074,875			8,116,466
Distributions to Shareholders
From net investment income:
Class A		(500,470	)		(1,218,652	)		(148,102	)		(265,166	)		(281,792	)		(634,308	)		(467,239	)		(957,155	)
Class B		(8,247	)		(17,711	)		(11,374	)		(27,429	)		(26,604	)		(70,349	)		(51,179	)		(174,008	)
Class C		(186,225	)		(444,318	)		(16,240	)		(34,638	)		(29,911	)		(61,968	)		(25,597	)		(56,726	)
Class Z		(6,167,672	)		(13,669,413	)		(2,558,282	)		(4,694,935	)		(2,039,580	)		(4,162,796	)		(2,781,614	)		(5,822,675	)
From net realized gains:
Class A		—			—			—			—			—			—			—			—
Class B		—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—
Class Z		—			—			—			—			—			—			—			—
Total Distributions to Shareholders		(6,862,614	)		(15,350,094	)		(2,733,998	)		(5,022,168	)		(2,377,887	)		(4,929,421	)		(3,325,629	)		(7,010,564	)
Share Transactions
Class A
Subscriptions		2,423,050			4,110,072			2,286,803			4,701,281			733,654			1,490,712			1,254,191			3,044,033
Distributions reinvested		336,632			875,604			112,342			168,276			190,945			429,768			378,687			773,796
Redemptions		(6,463,620	)		(24,263,686	)		(1,437,298	)		(3,004,380	)		(1,659,314	)		(4,300,382	)		(2,495,680	)		(8,108,533	)
Net Increase (Decrease)		(3,703,938	)		(19,278,010	)		961,847			1,865,177			(734,715	)		(2,379,902	)		(862,802	)		(4,290,704	)
Class B
Subscriptions		—			—			20,000			129,595			50,785			141,561			—			49,329
Distributions reinvested		7,015			15,459			7,053			12,554			21,904			59,735			33,203			119,576
Redemptions		(69,864	)		(182,879	)		(129,007	)		(541,230	)		(378,595	)		(829,744	)		(1,093,055	)		(3,861,009	)
Net Decrease		(62,849	)		(167,420	)		(101,954	)		(399,081	)		(305,906	)		(628,448	)		(1,059,852	)		(3,692,104	)
Class C
Subscriptions		236,209			615,012			—			117			192,968			238,000			10,810			6,371
Distributions reinvested		109,038			258,426			6,123			12,073			14,333			29,539			22,527			46,151
Redemptions		(2,956,151	)		(7,237,515	)		(99,233	)		(95,947	)		(220,136	)		(584,524	)		(127,556	)		(275,996	)
Net Decrease		(2,610,904	)		(6,364,077	)		(93,110	)		(83,757	)		(12,835	)		(316,985	)		(94,219	)		(223,474	)

See Accompanying Notes to Financial Statements.
66

	North Carolina Intermediate Municipal Bond Fund						South Carolina Intermediate Municipal Bond Fund						Virginia Intermediate Municipal Bond Fund
Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income		3,639,540			6,884,338			3,623,326			7,410,435			6,049,914			12,092,644
Net realized gain (loss) on investments and futures contracts		(12,810	)		454,190			(257,382	)		914,243			438,335			297,842
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(1,626,281	)		278,717			(1,009,359	)		383,575			(1,533,381	)		3,031,065
Net increase resulting from operations		2,000,449			7,617,245			2,356,585			8,708,253			4,954,868			15,421,551
Distributions to Shareholders
From net investment income:
Class A		(332,876	)		(699,129	)		(320,824	)		(661,285	)		(846,829	)		(1,809,970	)
Class B		(49,722	)		(122,608	)		(39,051	)		(105,982	)		(40,449	)		(105,356	)
Class C		(51,319	)		(140,808	)		(92,371	)		(202,019	)		(17,961	)		(40,227	)
Class Z		(3,205,623	)		(5,921,793	)		(3,171,080	)		(6,441,149	)		(5,144,676	)		(10,137,092	)
From net realized gains:
Class A		—			(99,850	)		(28,635	)		(78,293	)		—			(218,595	)
Class B		—			(21,355	)		(4,321	)		(15,062	)		—			(16,617	)
Class C		—			(26,005	)		(10,307	)		(30,412	)		—			(6,015	)
Class Z		—			(791,581	)		(266,009	)		(723,990	)		—			(1,133,712	)
Total Distributions to Shareholders		(3,639,540	)		(7,823,129	)		(3,932,598	)		(8,258,192	)		(6,049,915	)		(13,467,584	)
Share Transactions
Class A
Subscriptions		953,215			2,212,162			857,348			1,400,639			1,636,942			2,154,951
Distributions reinvested		228,363			568,331			222,143			471,264			588,415			1,421,892
Redemptions		(2,321,235	)		(3,203,773	)		(1,493,945	)		(3,308,273	)		(3,219,301	)		(8,009,387	)
Net Increase (Decrease)		(1,139,657	)		(423,280	)		(414,454	)		(1,436,370	)		(993,944	)		(4,432,544	)
Class B
Subscriptions		172,467			10,099			48,000			234,183			22,367			48,757
Distributions reinvested		33,090			93,674			29,383			77,933			20,834			74,076
Redemptions		(862,480	)		(800,670	)		(485,937	)		(1,589,049	)		(441,484	)		(1,387,982	)
Net Decrease		(656,923	)		(696,897	)		(408,554	)		(1,276,933	)		(398,283	)		(1,265,149	)
Class C
Subscriptions		101,149			460,455			380,338			633,778			28,193			153,069
Distributions reinvested		10,870			25,349			50,915			109,190			14,085			33,051
Redemptions		(610,818	)		(1,374,325	)		(941,846	)		(1,489,569	)		(235,017	)		(306,978	)
Net Decrease		(498,799	)		(888,521	)		(510,593	)		(746,601	)		(192,739	)		(120,858	)

See Accompanying Notes to Financial Statements.
67

Statements of Changes in Net Assets – Municipal Bond Funds (continued)

	Short Term Municipal Bond Fund						California Intermediate Municipal Bond Fund						Georgia Intermediate Municipal Bond Fund						Maryland Intermediate Municipal Bond Fund
Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Class Z
Subscriptions		32,661,315			65,182,894			28,812,161			32,654,376			10,314,447			18,409,945			9,464,106			15,922,883
Distributions reinvested		143,167			288,143			45,461			67,514			41,837			39,415			44,800			103,557
Redemptions		(53,939,726	)		(215,962,151	)		(12,202,887	)		(23,921,634	)		(8,542,738	)		(20,511,445	)		(11,481,590	)		(24,409,370	)
Net Increase (Decrease)		(21,135,244	)		(150,491,114	)		16,654,735			8,800,256			1,813,546			(2,062,085	)		(1,972,684	)		(8,382,930	)
Net Increase (Decrease) from Share Transactions		(27,512,935	)		(176,300,621	)		17,421,518			10,182,595			760,090			(5,387,420	)		(3,989,557	)		(16,589,212	)
Total Increase (Decrease) in Net Assets		(26,685,129	)		(174,850,572	)		16,722,566			12,148,109			39,062			(4,989,691	)		(5,240,311	)		(15,483,310	)
Net Assets
Beginning of year		430,674,741			605,525,313			144,177,223			132,029,114			119,951,589			124,941,280			171,749,650			187,232,960
End of year		403,989,612			430,674,741			160,899,789			144,177,223			119,990,651			119,951,589			166,509,339			171,749,650
Undistributed (overdistributed) net investment income at the end of period		86,333			87,301			(13,627	)		(13,627	)		229,335			229,335			200,427			200,427
Changes in Shares
Class A
Subscriptions		238,720			405,014			241,716			489,572			70,277			141,080			118,908			287,072
Issued for distributions reinvested		33,157			86,217			11,792			17,546			18,275			40,786			35,971			72,891
Redemptions		(635,915	)		(2,389,424	)		(149,799	)		(314,352	)		(158,462	)		(409,338	)		(236,989	)		(766,752	)
Net Increase (Decrease)		(364,038	)		(1,898,193	)		103,709			192,766			(69,910	)		(227,472	)		(82,110	)		(406,789	)
Class B
Subscriptions		—			—			2,116			13,619			4,896			13,423			—			4,639
Issued for distributions reinvested		691			1,522			742			1,311			2,095			5,667			3,151			11,272
Redemptions		(6,876	)		(18,003	)		(13,712	)		(56,798	)		(36,282	)		(78,740	)		(103,632	)		(365,143	)
Net Decrease		(6,185	)		(16,481	)		(10,854	)		(41,868	)		(29,291	)		(59,650	)		(100,481	)		(349,232	)
Class C
Subscriptions		23,292			60,568			—			12			18,381			22,540			1,018			599
Issued for distributions reinvested		10,740			25,443			642			1,260			1,372			2,804			2,140			4,348
Redemptions		(291,273	)		(712,311	)		(10,498	)		(10,132	)		(21,059	)		(55,650	)		(12,122	)		(26,073	)
Net Decrease		(257,241	)		(626,300	)		(9,856	)		(8,860	)		(1,306	)		(30,306	)		(8,964	)		(21,126	)
Class Z
Subscriptions		3,217,961			6,414,748			3,036,727			3,415,279			988,521			1,745,169			900,060			1,500,846
Issued for distributions reinvested		14,105			28,369			4,777			7,036			4,005			3,739			4,255			9,755
Redemptions		(5,315,735	)		(21,278,738	)		(1,284,151	)		(2,506,068	)		(819,905	)		(1,944,310	)		(1,092,095	)		(2,298,255	)
Net Increase (Decrease)		(2,083,669	)		(14,835,621	)		1,757,353			916,247			172,621			(195,402	)		(187,780	)		(787,654	)

See Accompanying Notes to Financial Statements.
68

	North Carolina Intermediate Municipal Bond Fund						South Carolina Intermediate Municipal Bond Fund						Virginia Intermediate Municipal Bond Fund
Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Class Z
Subscriptions		24,095,866			37,527,961			9,923,927			24,105,098			26,172,155			48,530,283
Distributions reinvested		79,588			517,470			106,475			240,407			62,634			175,285
Redemptions		(25,722,039	)		(21,294,036	)		(9,665,416	)		(27,374,508	)		(24,080,423	)		(42,886,356	)
Net Increase (Decrease)		(1,546,585	)		16,751,395			364,986			(3,029,003	)		2,154,366			5,819,212
Net Increase (Decrease) from Share Transactions		(3,841,964	)		14,742,697			(968,615	)		(6,488,907	)		569,400			661
Total Increase (Decrease) in Net Assets		(5,481,055	)		14,536,813			(2,544,628	)		(6,038,846	)		(525,647	)		1,954,628
Net Assets
Beginning of year		181,673,879			167,137,066			184,031,774			190,070,620			327,109,714			325,155,086
End of year		176,192,824			181,673,879			181,487,146			184,031,774			326,584,067			327,109,714
Undistributed (overdistributed) net investment income at the end of period		779,268			779,268			1,152,134			1,152,134			827,358			827,359
Changes in Shares
Class A
Subscriptions		92,811			212,865			85,009			136,299			154,507			201,409
Issued for distributions reinvested		22,225			54,690			21,874			45,870			55,321			132,786
Redemptions		(225,531	)		(308,620	)		(147,105	)		(323,573	)		(303,654	)		(749,123	)
Net Increase (Decrease)		(110,495	)		(41,065	)		(40,222	)		(141,404	)		(93,826	)		(414,928	)
Class B
Subscriptions		16,953			969			4,786			22,725			2,095			4,581
Issued for distributions reinvested		3,221			9,016			2,893			7,587			1,959			6,924
Redemptions		(83,967	)		(77,080	)		(47,932	)		(154,627	)		(41,763	)		(129,569	)
Net Decrease		(63,793	)		(67,095	)		(40,253	)		(124,315	)		(37,709	)		(118,064	)
Class C
Subscriptions		9,876			44,395			37,224			61,724			2,647			14,290
Issued for distributions reinvested		1,058			2,439			5,013			10,617			1,324			3,087
Redemptions		(59,441	)		(132,014	)		(92,081	)		(145,459	)		(22,227	)		(28,462	)
Net Decrease		(48,507	)		(85,180	)		(49,844	)		(73,118	)		(18,256	)		(11,085	)
Class Z
Subscriptions		2,343,763			3,611,328			976,673			2,347,476			2,462,942			4,535,153
Issued for distributions reinvested		7,751			49,899			10,489			23,387			5,889			16,395
Redemptions		(2,509,754	)		(2,048,095	)		(953,578	)		(2,659,338	)		(2,269,138	)		(4,009,896	)
Net Increase (Decrease)		(158,240	)		1,613,132			33,584			(288,475	)		199,693			541,652

See Accompanying Notes to Financial Statements.
69

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.17		$	10.14		$	10.21		$	10.42		$	10.40		$	10.13
Income From Investment Operations:
Net investment income (b)		0.16			0.30			0.22			0.22			0.20			0.23
Net realized and unrealized gain (loss) on investments		0.03			0.03			(0.04	)		(0.21	)		0.02			0.27
Total from Investment Operations		0.19			0.33			0.18			0.01			0.22			0.50
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.30	)		(0.25	)		(0.22	)		(0.20	)		(0.23	)
Net Asset Value, End of Period	$	10.20		$	10.17		$	10.14		$	10.21		$	10.42		$	10.40
Total return (c)(d)		1.88	%(e)		3.30	%		1.80	%		0.07	%		2.09	%		5.00	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.65	%(f)(g)		0.65	%(g)		0.65	%(g)		0.65	%		0.65	%		0.65	%
Interest expense		—			—	%(h)		—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		0.65	%(f)(g)		0.65	%(g)		0.65	%(g)		0.65	%		0.65	%		0.65	%
Waiver/Reimbursement		0.13	%(f)		0.11	%		0.08	%		0.15	%		0.18	%		0.19	%
Net investment income		3.15	%(f)(g)		2.95	%(g)		2.47	%(g)		2.10	%		1.87	%		2.21	%
Portfolio turnover rate		46	%(e)		98	%		13	%		17	%		20	%		11	%
Net assets, end of period (000's)	$	29,216		$	32,855		$	52,003		$	88,601		$	181,802		$	210,556

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
70

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.17		$	10.14		$	10.21		$	10.42		$	10.40		$	10.13
Income From Investment Operations:
Net investment income (b)		0.12			0.22			0.16			0.14			0.12			0.16
Net realized and unrealized gain (loss) on investments		0.03			0.03			(0.05	)		(0.21	)		0.02			0.27
Total from Investment Operations		0.15			0.25			0.11			(0.07	)		0.14			0.43
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.22	)		(0.18	)		(0.14	)		(0.12	)		(0.16	)
Net Asset Value, End of Period	$	10.20		$	10.17		$	10.14		$	10.21		$	10.42		$	10.40
Total return (c)(d)		1.50	%(e)		2.54	%		1.04	%		(0.68	)%		1.33	%		4.22	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.40	%(f)(g)		1.40	%(g)		1.40	%(g)		1.40	%		1.40	%		1.40	%
Interest expense		—			—	%(h)		—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		1.40	%(f)(g)		1.40	%(g)		1.40	%(g)		1.40	%		1.40	%		1.40	%
Waiver/Reimbursement		0.13	%(f)		0.11	%		0.08	%		0.15	%		0.18	%		0.19	%
Net investment income		2.40	%(f)(g)		2.20	%(g)		1.72	%(g)		1.35	%		1.12	%		1.46	%
Portfolio turnover rate		46	%(e)		98	%		13	%		17	%		20	%		11	%
Net assets, end of period (000's)	$	678		$	739		$	904		$	1,186		$	1,356		$	1,771

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
71

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.17		$	10.14		$	10.21		$	10.42		$	10.40		$	10.13
Income From Investment Operations:
Net investment income (b)		0.12			0.22			0.16			0.14			0.12			0.15
Net realized and unrealized gain (loss) on investments		0.03			0.03			(0.05	)		(0.21	)		0.02			0.28
Total from Investment Operations		0.15			0.25			0.11			(0.07	)		0.14			0.43
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.22	)		(0.18	)		(0.14	)		(0.12	)		(0.16	)
Net Asset Value, End of Period	$	10.20		$	10.17		$	10.14		$	10.21		$	10.42		$	10.40
Total return (c)(d)		1.50	%(e)		2.53	%		1.04	%		(0.68	)%		1.33	%		4.21	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.40	%(f)(g)		1.40	%(g)		1.40	%(g)		1.40	%		1.40	%		1.40	%
Interest expense		—			—	%(h)		—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		1.40	%(f)(g)		1.40	%(g)		1.40	%(g)		1.40	%		1.40	%		1.40	%
Waiver/Reimbursement		0.13	%(f)		0.11	%		0.08	%		0.15	%		0.18	%		0.19	%
Net investment income		2.40	%(f)(g)		2.20	%(g)		1.72	%(g)		1.34	%		1.12	%		1.46	%
Portfolio turnover rate		46	%(e)		98	%		13	%		17	%		20	%		11	%
Net assets, end of period (000's)	$	13,962		$	16,549		$	22,848		$	32,123		$	56,551		$	82,563

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
72

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.17		$	10.14		$	10.21		$	10.42		$	10.40		$	10.13
Income From Investment Operations:
Net investment income (b)		0.17			0.32			0.25			0.24			0.22			0.26
Net realized and unrealized gain (loss) on investments		0.02			0.04			(0.04	)		(0.21	)		0.02			0.27
Total from Investment Operations		0.19			0.36			0.21			0.03			0.24			0.53
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.33	)		(0.28	)		(0.24	)		(0.22	)		(0.26	)
Net Asset Value, End of Period	$	10.19		$	10.17		$	10.14		$	10.21		$	10.42		$	10.40
Total return (c)(d)		1.91	%(e)		3.56	%		2.05	%		0.31	%		2.34	%		5.27	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.40	%(f)(g)		0.40	%(g)		0.40	%(g)		0.40	%		0.40	%		0.40	%
Interest expense		—			—	%(h)		—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		0.40	%(f)(g)		0.40	%(g)		0.40	%(g)		0.40	%		0.40	%		0.40	%
Waiver/Reimbursement		0.13	%(f)		0.11	%		0.08	%		0.15	%		0.18	%		0.19	%
Net investment income		3.39	%(f)(g)		3.20	%(g)		2.72	%(g)		2.35	%		2.12	%		2.46	%
Portfolio turnover rate		46	%(e)		98	%		13	%		17	%		20	%		11	%
Net assets, end of period (000's)	$	360,133		$	380,532		$	529,770		$	840,910		$	1,009,036		$	773,148

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
73

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003 (b)
Net Asset Value, Beginning of Period	$	9.63		$	9.49		$	9.63		$	10.01		$	10.02		$	10.00
Income From Investment Operations:
Net investment income (c)		0.17			0.33			0.31			0.30			0.32			0.18
Net realized and unrealized gain (loss) on investments		(0.07	)		0.14			(0.08	)		(0.27	)		0.05			0.09
Total from Investment Operations		0.10			0.47			0.23			0.03			0.37			0.27
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.33	)		(0.32	)		(0.30	)		(0.32	)		(0.18	)
From net realized gains		—			—			(0.05	)		(0.11	)		(0.06	)		(0.07	)
Total Distributions to Shareholders		(0.16	)		(0.33	)		(0.37	)		(0.41	)		(0.38	)		(0.25	)
Net Asset Value, End of Period	$	9.57		$	9.63		$	9.49		$	9.63		$	10.01		$	10.02
Total return (d)(e)		1.11	%(f)		5.00	%		2.37	%		0.34	%		3.72	%		1.42	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(g)(h)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%(h)
Interest expense		—			—			—	%(i)		—	%(i)		—	%(i)		—	%(h)(i)
Net expenses		0.75	%(g)(h)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%(h)
Waiver/Reimbursement		0.17	%(h)		0.20	%		0.18	%		0.28	%		0.24	%		0.27	%(h)
Net investment income		3.46	%(g)(h)		3.41	%(g)		3.30	%(g)		3.10	%		3.15	%		3.36	%(h)
Portfolio turnover rate		3	%(f)		13	%		35	%		26	%		12	%		19	%(f)
Net assets, end of period (000's)	$	10,046		$	9,108		$	7,145		$	5,427		$	10,151		$	7,884

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(b) The Fund's Class A shares commenced operations on September 9, 2002.

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
74

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003 (b)
Net Asset Value, Beginning of Period	$	9.62		$	9.48		$	9.62		$	10.00		$	10.01		$	10.00
Income From Investment Operations:
Net investment income (c)		0.13			0.26			0.24			0.23			0.24			0.15
Net realized and unrealized gain (loss) on investments		(0.06	)		0.14			(0.08	)		(0.27	)		0.05			0.08
Total from Investment Operations		0.07			0.40			0.16			(0.04	)		0.29			0.23
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.26	)		(0.25	)		(0.23	)		(0.24	)		(0.15	)
From net realized gains		—			—			(0.05	)		(0.11	)		(0.06	)		(0.07	)
Total Distributions to Shareholders		(0.13	)		(0.26	)		(0.30	)		(0.34	)		(0.30	)		(0.22	)
Net Asset Value, End of Period	$	9.56		$	9.62		$	9.48		$	9.62		$	10.00		$	10.01
Total return (d)(e)		0.73	%(f)		4.22	%		1.61	%		(0.41	)%		2.95	%		1.91	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%(h)
Interest expense		—			—			—	%(i)		—	%(i)		—	%(i)		—	%(h)(i)
Net expenses		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%(h)
Waiver/Reimbursement		0.17	%(h)		0.20	%		0.18	%		0.28	%		0.24	%		0.27	%(h)
Net investment income		2.71	%(g)(h)		2.67	%(g)		2.55	%(g)		2.33	%		2.40	%		2.61	%(h)
Portfolio turnover rate		3	%(f)		13	%		35	%		26	%		12	%		19	%(f)
Net assets, end of period (000's)	$	765		$	874		$	1,258		$	1,163		$	1,281		$	945

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

(b) The Fund's Class B shares commenced operations on August 29, 2002.

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
75

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003 (b)
Net Asset Value, Beginning of Period	$	9.63		$	9.49		$	9.63		$	10.01		$	10.02		$	10.00
Income From Investment Operations:
Net investment income (c)		0.13			0.26			0.25			0.23			0.24			0.14
Net realized and unrealized gain (loss) on investments		(0.06	)		0.14			(0.09	)		(0.27	)		0.05			0.09
Total from Investment Operations		0.07			0.40			0.16			(0.04	)		0.29			0.23
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.26	)		(0.25	)		(0.23	)		(0.24	)		(0.14	)
From net realized gains		—			—			(0.05	)		(0.11	)		(0.06	)		(0.07	)
Total Distributions to Shareholders		(0.13	)		(0.26	)		(0.30	)		(0.34	)		(0.30	)		(0.21	)
Net Asset Value, End of Period	$	9.57		$	9.63		$	9.49		$	9.63		$	10.01		$	10.02
Total return (d)(e)		0.73	%(f)		4.22	%		1.61	%		(0.40	)%		2.95	%		0.96	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%(h)
Interest expense		—			—			—	%(i)		—	%(i)		—	%(i)		—	%(h)(i)
Net expenses		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%(h)
Waiver/Reimbursement		0.17	%(h)		0.20	%		0.18	%		0.28	%		0.24	%		0.27	%(h)
Net investment income		2.71	%(g)(h)		2.67	%(g)		2.55	%(g)		2.33	%		2.40	%		2.61	%(h)
Portfolio turnover rate		3	%(f)		13	%		35	%		26	%		12	%		19	%(f)
Net assets, end of period (000's)	$	1,172		$	1,274		$	1,339		$	2,797		$	4,075		$	3,017

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

(b) The Fund's Class C Shares commenced operations on September 11, 2002.

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
76

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003 (b)
Net Asset Value, Beginning of Period	$	9.61		$	9.47		$	9.61		$	9.99		$	10.00		$	10.00
Income From Investment Operations:
Net investment income (c)		0.18			0.35			0.34			0.33			0.34			0.22
Net realized and unrealized gain (loss) on investments		(0.06	)		0.14			(0.09	)		(0.27	)		0.05			0.07
Total from Investment Operations		0.12			0.49			0.25			0.06			0.39			0.29
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.35	)		(0.34	)		(0.33	)		(0.34	)		(0.22	)
From net realized gains		—			—			(0.05	)		(0.11	)		(0.06	)		(0.07	)
Total Distributions to Shareholders		(0.18	)		(0.35	)		(0.39	)		(0.44	)		(0.40	)		(0.29	)
Net Asset Value, End of Period	$	9.55		$	9.61		$	9.47		$	9.61		$	9.99		$	10.00
Total return (d)(e)		1.23	%(f)		5.27	%		2.63	%		0.59	%		3.99	%		2.94	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(g)(h)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%(h)
Interest expense		—			—			—	%(i)		—	%(i)		—	%(i)		—	%(h)(i)
Net expenses		0.50	%(g)(h)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%(h)
Waiver/Reimbursement		0.17	%(h)		0.20	%		0.18	%		0.28	%		0.24	%		0.27	%(h)
Net investment income		3.71	%(g)(h)		3.67	%(g)		3.55	%(g)		3.32	%		3.40	%		3.61	%(h)
Portfolio turnover rate		3	%(f)		13	%		35	%		26	%		12	%		19	%(f)
Net assets, end of period (000's)	$	148,916		$	132,921		$	122,286		$	116,533		$	128,957		$	124,009

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

(b) The Fund's Class Z shares commenced operations on August 19, 2002.

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
77

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.54		$	10.51		$	10.66		$	10.98		$	10.92		$	10.69
Income From Investment Operations:
Net investment income (b)		0.20			0.40			0.40			0.41			0.42			0.46
Net realized and unrealized gain (loss) on investments and futures contracts		(0.06	)		0.03			(0.15	)		(0.32	)		0.06			0.23
Total from Investment Operations		0.14			0.43			0.25			0.09			0.48			0.69
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.40	)		(0.40	)		(0.41	)		(0.42	)		(0.46	)
Net Asset Value, End of Period	$	10.48		$	10.54		$	10.51		$	10.66		$	10.98		$	10.92
Total return (c)(d)		1.33	%(e)		4.20	%		2.38	%		0.80	%		4.47	%		6.54	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(f)(g)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		0.75	%(f)(g)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.19	%(f)		0.21	%		0.19	%		0.25	%		0.23	%		0.23	%
Net investment income		3.79	%(f)(g)		3.84	%(g)		3.79	%(g)		3.76	%		3.83	%		4.22	%
Portfolio turnover rate		15	%(e)		26	%		12	%		8	%		11	%		15	%
Net assets, end of period (000's)	$	14,749		$	15,574		$	17,913		$	21,415		$	21,887		$	18,979

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
78

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.55		$	10.52		$	10.67		$	10.99		$	10.92		$	10.69
Income From Investment Operations:
Net investment income (b)		0.16			0.33			0.32			0.32			0.34			0.39
Net realized and unrealized gain (loss) on investments and futures contracts		(0.06	)		0.03			(0.15	)		(0.32	)		0.07			0.22
Total from Investment Operations		0.10			0.36			0.17			—			0.41			0.61
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.33	)		(0.32	)		(0.32	)		(0.34	)		(0.38	)
Net Asset Value, End of Period	$	10.49		$	10.55		$	10.52		$	10.67		$	10.99		$	10.92
Total return (c)(d)		0.95	%(e)		3.43	%		1.62	%		0.05	%		3.79	%		5.76	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.19	%(f)		0.21	%		0.19	%		0.25	%		0.23	%		0.23	%
Net investment income		3.04	%(f)(g)		3.09	%(g)		3.04	%(g)		3.01	%		3.08	%		3.47	%
Portfolio turnover rate		15	%(e)		26	%		12	%		8	%		11	%		15	%
Net assets, end of period (000's)	$	1,641		$	1,960		$	2,581		$	6,662		$	7,462		$	9,135

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
79

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.55		$	10.51		$	10.66		$	10.98		$	10.92		$	10.69
Income From Investment Operations:
Net investment income (b)		0.16			0.33			0.32			0.33			0.34			0.37
Net realized and unrealized gain (loss) on investments and futures contracts		(0.07	)		0.04			(0.15	)		(0.33	)		0.06			0.24
Total from Investment Operations		0.09			0.37			0.17			—			0.40			0.61
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.33	)		(0.32	)		(0.32	)		(0.34	)		(0.38	)
Net Asset Value, End of Period	$	10.48		$	10.55		$	10.51		$	10.66		$	10.98		$	10.92
Total return (c)(d)		0.85	%(e)		3.52	%		1.62	%		0.05	%		3.69	%		5.74	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.19	%(f)		0.21	%		0.19	%		0.25	%		0.23	%		0.23	%
Net investment income		3.04	%(f)(g)		3.09	%(g)		3.04	%(g)		3.01	%		3.08	%		3.47	%
Portfolio turnover rate		15	%(e)		26	%		12	%		8	%		11	%		15	%
Net assets, end of period (000's)	$	1,852		$	1,877		$	2,189		$	3,254		$	4,769		$	5,190

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
80

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.54		$	10.51		$	10.66		$	10.98		$	10.92		$	10.69
Income From Investment Operations:
Net investment income (b)		0.21			0.43			0.43			0.43			0.45			0.49
Net realized and unrealized gain (loss) on investments and futures contracts		(0.06	)		0.03			(0.15	)		(0.32	)		0.06			0.23
Total from Investment Operations		0.15			0.46			0.28			0.11			0.51			0.72
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.43	)		(0.43	)		(0.43	)		(0.45	)		(0.49	)
Net Asset Value, End of Period	$	10.48		$	10.54		$	10.51		$	10.66		$	10.98		$	10.92
Total return (c)(d)		1.45	%(e)		4.46	%		2.63	%		1.05	%		4.73	%		6.81	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(f)(g)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—	%(h)		—	%(h)		—	%(h)		—	%(h)
Net expenses		0.50	%(f)(g)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.19	%(f)		0.21	%		0.19	%		0.25	%		0.23	%		0.23	%
Net investment income		4.04	%(f)(g)		4.09	%(g)		4.04	%(g)		4.01	%		4.08	%		4.47	%
Portfolio turnover rate		15	%(e)		26	%		12	%		8	%		11	%		15	%
Net assets, end of period (000's)	$	101,749		$	100,541		$	102,259		$	114,652		$	133,207		$	150,797

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
81

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.63		$	10.57		$	10.78		$	11.22		$	11.22		$	10.84
Income From Investment Operations:
Net investment income (b)		0.20			0.40			0.39			0.39			0.41			0.44
Net realized and unrealized gain (loss) on investments		(0.08	)		0.06			(0.22	)		(0.44	)		—	(c)		0.38
Total from Investment Operations		0.12			0.46			0.17			(0.05	)		0.41			0.82
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.40	)		(0.38	)		(0.39	)		(0.41	)		(0.44	)
Net Asset Value, End of Period	$	10.55		$	10.63		$	10.57		$	10.78		$	11.22		$	11.22
Total return (d)(e)		1.14	%(f)		4.46	%		1.59	%		(0.43	)%		3.70	%		7.69	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(g)(h)		0.75	%(h)		0.75	%(h)		0.75	%		0.75	%		0.75	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.75	%(g)(h)		0.75	%(h)		0.75	%(h)		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.18	%(g)		0.17	%		0.16	%		0.23	%		0.22	%		0.22	%
Net investment income		3.78	%(g)(h)		3.81	%(h)		3.59	%(h)		3.54	%		3.64	%		3.97	%
Portfolio turnover rate		3	%(f)		20	%		24	%		2	%		19	%		15	%
Net assets, end of period (000's)	$	23,686		$	24,730		$	28,877		$	30,400		$	34,458		$	32,174

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
82

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.64		$	10.57		$	10.78		$	11.23		$	11.22		$	10.84
Income From Investment Operations:
Net investment income (b)		0.16			0.33			0.30			0.31			0.33			0.37
Net realized and unrealized gain (loss) on investments		(0.08	)		0.06			(0.21	)		(0.45	)		—	(c)		0.37
Total from Investment Operations		0.08			0.39			0.09			(0.14	)		0.33			0.74
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.32	)		(0.30	)		(0.31	)		(0.32	)		(0.36	)
Net Asset Value, End of Period	$	10.56		$	10.64		$	10.57		$	10.78		$	11.23		$	11.22
Total return (d)(e)		0.76	%(f)		3.78	%		0.83	%		(1.26	)%		3.02	%		6.89	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.18	%(g)		0.17	%		0.16	%		0.23	%		0.22	%		0.22	%
Net investment income		3.03	%(g)(h)		3.07	%(h)		2.84	%(h)		2.79	%		2.89	%		3.22	%
Portfolio turnover rate		3	%(f)		20	%		24	%		2	%		19	%		15	%
Net assets, end of period (000's)	$	3,068		$	4,159		$	7,825		$	13,119		$	17,955		$	20,565

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
83

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.63		$	10.57		$	10.78		$	11.23		$	11.22		$	10.84
Income From Investment Operations:
Net investment income (b)		0.16			0.32			0.30			0.31			0.33			0.36
Net realized and unrealized gain (loss) on investments		(0.08	)		0.06			(0.21	)		(0.45	)		—	(c)		0.38
Total from Investment Operations		0.08			0.38			0.09			(0.14	)		0.33			0.74
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.32	)		(0.30	)		(0.31	)		(0.32	)		(0.36	)
Net Asset Value, End of Period	$	10.55		$	10.63		$	10.57		$	10.78		$	11.23		$	11.22
Total return (d)(e)		0.76	%(f)		3.68	%		0.83	%		(1.26	)%		3.02	%		6.88	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.18	%(g)		0.17	%		0.16	%		0.23	%		0.22	%		0.22	%
Net investment income		3.03	%(g)(h)		3.06	%(h)		2.84	%(h)		2.79	%		2.89	%		3.22	%
Portfolio turnover rate		3	%(f)		20	%		24	%		2	%		19	%		15	%
Net assets, end of period (000's)	$	1,659		$	1,767		$	1,979		$	2,628		$	2,825		$	2,776

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
84

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.63		$	10.57		$	10.78		$	11.23		$	11.22		$	10.84
Income From Investment Operations:
Net investment income (b)		0.21			0.43			0.41			0.41			0.45			0.47
Net realized and unrealized gain (loss) on investments		(0.07	)		0.06			(0.21	)		(0.44	)		—	(c)		0.38
Total from Investment Operations		0.14			0.49			0.20			(0.03	)		0.45			0.85
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.43	)		(0.41	)		(0.42	)		(0.44	)		(0.47	)
Net Asset Value, End of Period	$	10.56		$	10.63		$	10.57		$	10.78		$	11.23		$	11.22
Total return (d)(e)		1.36	%(f)		4.72	%		1.84	%		(0.27	)%		4.05	%		7.95	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(g)(h)		0.50	%(h)		0.50	%(h)		0.50	%		0.50	%		0.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.50	%(g)(h)		0.50	%(h)		0.50	%(h)		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.18	%(g)		0.17	%		0.16	%		0.23	%		0.22	%		0.22	%
Net investment income		4.03	%(g)(h)		4.06	%(h)		3.84	%(h)		3.79	%		3.89	%		4.22	%
Portfolio turnover rate		3	%(f)		20	%		24	%		2	%		19	%		15	%
Net assets, end of period (000's)	$	138,096		$	141,094		$	148,553		$	153,653		$	188,400		$	192,668

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
85

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.38		$	10.40		$	10.56		$	10.87		$	10.85		$	10.44
Income From Investment Operations:
Net investment income (b)		0.19			0.40			0.41			0.41			0.41			0.44
Net realized and unrealized gain (loss) on investments and futures contracts		(0.08	)		0.03			(0.16	)		(0.31	)		0.02			0.41
Total from Investment Operations		0.11			0.43			0.25			0.10			0.43			0.85
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.39	)		(0.41	)		(0.41	)		(0.41	)		(0.44	)
From net realized gains		—			(0.06	)		—			—			—			—
Total Distributions to Shareholders		(0.19	)		(0.45	)		(0.41	)		(0.41	)		(0.41	)		(0.44	)
Net Asset Value, End of Period	$	10.30		$	10.38		$	10.40		$	10.56		$	10.87		$	10.85
Total return (c)(d)		1.10	%(e)		4.23	%		2.37	%		0.93	%		4.03	%		8.21	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(f)(g)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—	%(h)		—	%(h)		—
Net expenses		0.75	%(f)(g)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.16	%(f)		0.18	%		0.17	%		0.23	%		0.22	%		0.22	%
Net investment income		3.75	%(f)(g)		3.80	%(g)		3.89	%(g)		3.83	%		3.77	%		4.05	%
Portfolio turnover rate		12	%(e)		17	%		16	%		6	%		20	%		9	%
Net assets, end of period (000's)	$	17,407		$	18,705		$	19,155		$	19,082		$	25,608		$	23,677

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
86

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.38		$	10.39		$	10.56		$	10.87		$	10.85		$	10.43
Income From Investment Operations:
Net investment income (b)		0.15			0.32			0.33			0.33			0.33			0.36
Net realized and unrealized gain (loss) on investments and futures contracts		(0.09	)		0.04			(0.17	)		(0.31	)		0.02			0.42
Total from Investment Operations		0.06			0.36			0.16			0.02			0.35			0.78
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.31	)		(0.33	)		(0.33	)		(0.33	)		(0.36	)
From net realized gains		—			(0.06	)		—			—			—			—
Total Distributions to Shareholders		(0.15	)		(0.37	)		(0.33	)		(0.33	)		(0.33	)		(0.36	)
Net Asset Value, End of Period	$	10.29		$	10.38		$	10.39		$	10.56		$	10.87		$	10.85
Total return (c)(d)		0.62	%(e)		3.55	%		1.51	%		0.18	%		3.25	%		7.51	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—	%(h)		—
Net expenses		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.16	%(f)		0.18	%		0.17	%		0.23	%		0.22	%		0.22	%
Net investment income		3.00	%(f)(g)		3.05	%(g)		3.14	%(g)		3.08	%		3.02	%		3.30	%
Portfolio turnover rate		12	%(e)		17	%		16	%		6	%		20	%		9	%
Net assets, end of period (000's)	$	3,087		$	3,776		$	4,478		$	13,403		$	16,228		$	18,414

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
87

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.38		$	10.40		$	10.56		$	10.87		$	10.85		$	10.44
Income From Investment Operations:
Net investment income (b)		0.15			0.32			0.33			0.33			0.33			0.36
Net realized and unrealized gain (loss) on investments and futures contracts		(0.08	)		0.03			(0.16	)		(0.31	)		0.02			0.41
Total from Investment Operations		0.07			0.35			0.17			0.02			0.35			0.77
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.31	)		(0.33	)		(0.33	)		(0.33	)		(0.36	)
From net realized gains		—			(0.06	)		—			—			—			—
Total Distributions to Shareholders		(0.15	)		(0.37	)		(0.33	)		(0.33	)		(0.33	)		(0.36	)
Net Asset Value, End of Period	$	10.30		$	10.38		$	10.40		$	10.56		$	10.87		$	10.85
Total return (c)(d)		0.72	%(e)		3.45	%		1.60	%		0.17	%		3.25	%		7.40	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—	%(h)		—
Net expenses		1.50	%(f)(g)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.16	%(f)		0.18	%		0.17	%		0.23	%		0.22	%		0.22	%
Net investment income		3.00	%(f)(g)		3.05	%(g)		3.14	%(g)		3.08	%		3.02	%		3.30	%
Portfolio turnover rate		12	%(e)		17	%		16	%		6	%		20	%		9	%
Net assets, end of period (000's)	$	3,228		$	3,760		$	4,650		$	4,037		$	1,942		$	1,585

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
88

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.38		$	10.39		$	10.56		$	10.87		$	10.85		$	10.43
Income From Investment Operations:
Net investment income (b)		0.20			0.42			0.43			0.43			0.44			0.46
Net realized and unrealized gain (loss) on investments and futures contracts		(0.09	)		0.05			(0.16	)		(0.30	)		0.02			0.42
Total from Investment Operations		0.11			0.47			0.27			0.13			0.46			0.88
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.42	)		(0.44	)		(0.44	)		(0.44	)		(0.46	)
From net realized gains		—			(0.06	)		—			—			—			—
Total Distributions to Shareholders		(0.20	)		(0.48	)		(0.44	)		(0.44	)		(0.44	)		(0.46	)
Net Asset Value, End of Period	$	10.29		$	10.38		$	10.39		$	10.56		$	10.87		$	10.85
Total return (c)(d)		1.13	%(e)		4.59	%		2.53	%		1.19	%		4.29	%		8.59	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(f)(g)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—	%(h)		—	%(h)		—
Net expenses		0.50	%(f)(g)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.16	%(f)		0.18	%		0.17	%		0.23	%		0.22	%		0.22	%
Net investment income		3.99	%(f)(g)		4.05	%(g)		4.14	%(g)		4.08	%		4.02	%		4.30	%
Portfolio turnover rate		12	%(e)		17	%		16	%		6	%		20	%		9	%
Net assets, end of period (000's)	$	152,470		$	155,432		$	138,854		$	150,588		$	192,537		$	203,170

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

(e) Not annualized.

(f) Annualized.

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
89

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.27		$	10.25		$	10.46		$	10.79		$	10.73		$	10.50
Income From Investment Operations:
Net investment income (b)		0.19			0.39			0.43			0.41			0.42			0.46
Net realized and unrealized gain (loss) on investments and futures contracts		(0.07	)		0.06			(0.17	)		(0.29	)		0.14			0.24
Total from Investment Operations		0.12			0.45			0.26			0.12			0.56			0.70
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.38	)		(0.40	)		(0.41	)		(0.42	)		(0.47	)
From net realized gains		(0.02	)		(0.05	)		(0.07	)		(0.04	)		(0.08	)		—	(c)
Total Distributions to Shareholders		(0.21	)		(0.43	)		(0.47	)		(0.45	)		(0.50	)		(0.47	)
Net Asset Value, End of Period	$	10.18		$	10.27		$	10.25		$	10.46		$	10.79		$	10.73
Total return (d)(e)		1.18	%(f)		4.50	%		2.46	%		1.11	%		5.41	%		6.79	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(g)(h)		0.75	%(h)		0.75	%(h)		0.75	%		0.75	%		0.75	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.75	%(g)(h)		0.75	%(h)		0.75	%(h)		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.16	%(g)		0.17	%		0.14	%		0.21	%		0.21	%		0.21	%
Net investment income		3.79	%(g)(h)		3.77	%(h)		3.78	%(h)		3.80	%		3.94	%		4.39	%
Portfolio turnover rate		6	%(f)		15	%		11	%		9	%		15	%		24	%
Net assets, end of period (000's)	$	16,885		$	17,443		$	18,855		$	23,303		$	27,956		$	29,186

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
90

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.27		$	10.25		$	10.46		$	10.79		$	10.73		$	10.50
Income From Investment Operations:
Net investment income (b)		0.15			0.31			0.34			0.33			0.34			0.40
Net realized and unrealized gain (loss) on investments and futures contracts		(0.06	)		0.07			(0.16	)		(0.29	)		0.14			0.22
Total from Investment Operations		0.09			0.38			0.18			0.04			0.48			0.62
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.31	)		(0.32	)		(0.33	)		(0.34	)		(0.39	)
From net realized gains		(0.02	)		(0.05	)		(0.07	)		(0.04	)		(0.08	)		—	(c)
Total Distributions to Shareholders		(0.17	)		(0.36	)		(0.39	)		(0.37	)		(0.42	)		(0.39	)
Net Asset Value, End of Period	$	10.19		$	10.27		$	10.25		$	10.46		$	10.79		$	10.73
Total return (d)(e)		0.91	%(f)		3.72	%		1.70	%		0.35	%		4.62	%		6.00	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.16	%(g)		0.17	%		0.14	%		0.22	%		0.21	%		0.21	%
Net investment income		3.04	%(g)(h)		3.02	%(h)		3.03	%(h)		3.06	%		3.19	%		3.64	%
Portfolio turnover rate		6	%(f)		15	%		11	%		9	%		15	%		24	%
Net assets, end of period (000's)	$	2,432		$	2,866		$	4,135		$	8,170		$	10,524		$	11,892

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
91

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.28		$	10.26		$	10.47		$	10.80		$	10.74		$	10.51
Income From Investment Operations:
Net investment income (b)		0.15			0.31			0.34			0.33			0.34			0.38
Net realized and unrealized gain (loss)
on investments and futures contracts		(0.07	)		0.07			(0.16	)		(0.29	)		0.14			0.24
Total from Investment Operations		0.08			0.38			0.18			0.04			0.48			0.62
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.31	)		(0.32	)		(0.33	)		(0.34	)		(0.39	)
From net realized gains		(0.02	)		(0.05	)		(0.07	)		(0.04	)		(0.08	)		—	(c)
Total Distributions to Shareholders		(0.17	)		(0.36	)		(0.39	)		(0.37	)		(0.42	)		(0.39	)
Net Asset Value, End of Period	$	10.19		$	10.28		$	10.26		$	10.47		$	10.80		$	10.74
Total return (d)(e)		0.81	%(f)		3.72	%		1.70	%		0.36	%		4.62	%		5.98	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(h)		1.50	%(h)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.16	%(g)		0.17	%		0.14	%		0.22	%		0.21	%		0.21	%
Net investment income		3.04	%(g)(h)		3.02	%(h)		3.03	%(h)		3.06	%		3.19	%		3.64	%
Portfolio turnover rate		6	%(f)		15	%		11	%		9	%		15	%		24	%
Net assets, end of period (000's)	$	5,762		$	6,324		$	7,060		$	7,944		$	9,103		$	9,997

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
92

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.27		$	10.25		$	10.46		$	10.79		$	10.74		$	10.50
Income From Investment Operations:
Net investment income (b)		0.20			0.41			0.46			0.43			0.45			0.50
Net realized and unrealized gain (loss) on investments and futures contracts		(0.06	)		0.07			(0.18	)		(0.29	)		0.13			0.24
Total from Investment Operations		0.14			0.48			0.28			0.14			0.58			0.74
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.41	)		(0.42	)		(0.43	)		(0.45	)		(0.50	)
From net realized gains		(0.02	)		(0.05	)		(0.07	)		(0.04	)		(0.08	)		—	(c)
Total Distributions to Shareholders		(0.22	)		(0.46	)		(0.49	)		(0.47	)		(0.53	)		(0.50	)
Net Asset Value, End of Period	$	10.19		$	10.27		$	10.25		$	10.46		$	10.79		$	10.74
Total return (d)(e)		1.41	%(f)		4.76	%		2.71	%		1.36	%		5.57	%		7.16	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(g)(h)		0.50	%(h)		0.50	%(h)		0.50	%		0.50	%		0.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.50	%(g)(h)		0.50	%(h)		0.50	%(h)		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.16	%(g)		0.17	%		0.14	%		0.22	%		0.21	%		0.21	%
Net investment income		4.03	%(g)(h)		4.01	%(h)		4.03	%(h)		4.05	%		4.19	%		4.64	%
Portfolio turnover rate		6	%(f)		15	%		11	%		9	%		15	%		24	%
Net assets, end of period (000's)	$	156,408		$	157,399		$	160,021		$	178,468		$	220,249		$	212,300

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
93

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.73		$	10.67		$	10.86		$	11.21		$	11.18		$	10.79
Income From Investment Operations:
Net investment income (b)		0.19			0.38			0.38			0.40			0.43			0.46
Net realized and unrealized gain (loss) on investments and futures contracts		(0.03	)		0.11			(0.18	)		(0.33	)		0.03			0.38
Total from Investment Operations		0.16			0.49			0.20			0.07			0.46			0.84
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.38	)		(0.38	)		(0.40	)		(0.43	)		(0.45	)
From net realized gains		—			(0.05	)		(0.01	)		(0.02	)		—	(c)		—
Total Distributions to Shareholders		(0.19	)		(0.43	)		(0.39	)		(0.42	)		(0.43	)		(0.45	)
Net Asset Value, End of Period	$	10.70		$	10.73		$	10.67		$	10.86		$	11.21		$	11.18
Total return (d)(e)		1.50	%(f)		4.64	%		1.88	%		0.69	%		4.21	%		7.95	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.75	%(g)(h)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.75	%(g)(h)		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.13	%(h)		0.13	%		0.12	%		0.19	%		0.20	%		0.20	%
Net investment income		3.54	%(g)(h)		3.55	%(g)		3.54	%(g)		3.70	%		3.85	%		4.11	%
Portfolio turnover rate		7	%(f)		22	%		30	%		14	%		17	%		7	%
Net assets, end of period (000's)	$	47,762		$	48,924		$	53,054		$	48,476		$	57,288		$	57,088

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
94

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.73		$	10.67		$	10.86		$	11.22		$	11.18		$	10.79
Income From Investment Operations:
Net investment income (b)		0.15			0.30			0.30			0.32			0.35			0.37
Net realized and unrealized gain (loss) on investments and futures contracts		(0.03	)		0.11			(0.18	)		(0.34	)		0.04			0.39
Total from Investment Operations		0.12			0.41			0.12			(0.02	)		0.39			0.76
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.30	)		(0.30	)		(0.32	)		(0.35	)		(0.37	)
From net realized gains		—			(0.05	)		(0.01	)		(0.02	)		—	(c)		—
Total Distributions to Shareholders		(0.15	)		(0.35	)		(0.31	)		(0.34	)		(0.35	)		(0.37	)
Net Asset Value, End of Period	$	10.70		$	10.73		$	10.67		$	10.86		$	11.22		$	11.18
Total return (d)(e)		1.12	%(f)		3.86	%		1.12	%		(0.15	)%		3.52	%		7.14	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.13	%(h)		0.13	%		0.12	%		0.19	%		0.20	%		0.20	%
Net investment income		2.79	%(g)(h)		2.80	%(g)		2.79	%(g)		2.95	%		3.10	%		3.36	%
Portfolio turnover rate		7	%(f)		22	%		30	%		14	%		17	%		7	%
Net assets, end of period (000's)	$	2,705		$	3,119		$	4,360		$	13,563		$	15,907		$	17,337

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
95

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.73		$	10.67		$	10.86		$	11.21		$	11.18		$	10.79
Income From Investment Operations:
Net investment income (b)		0.15			0.30			0.30			0.32			0.35			0.37
Net realized and unrealized gain (loss) on investments and futures contracts		(0.03	)		0.11			(0.18	)		(0.33	)		0.03			0.39
Total from Investment Operations		0.12			0.41			0.12			(0.01	)		0.38			0.76
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.30	)		(0.30	)		(0.32	)		(0.35	)		(0.37	)
From net realized gains		—			(0.05	)		(0.01	)		(0.02	)		—	(c)		—
Total Distributions to Shareholders		(0.15	)		(0.35	)		(0.31	)		(0.34	)		(0.35	)		(0.37	)
Net Asset Value, End of Period	$	10.70		$	10.73		$	10.67		$	10.86		$	11.21		$	11.18
Total return (d)(e)		1.12	%(f)		3.86	%		1.12	%		(0.06	)%		3.43	%		7.14	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		1.50	%(g)(h)		1.50	%(g)		1.50	%(g)		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.13	%(h)		0.13	%		0.12	%		0.19	%		0.20	%		0.20	%
Net investment income		2.79	%(g)(h)		2.80	%(g)		2.79	%(g)		2.95	%		3.10	%		3.36	%
Portfolio turnover rate		7	%(f)		22	%		30	%		14	%		17	%		7	%
Net assets, end of period (000's)	$	1,140		$	1,340		$	1,450		$	1,860		$	2,303		$	1,680

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
96

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.73		$	10.67		$	10.86		$	11.21		$	11.18		$	10.79
Income From Investment Operations:
Net investment income (b)		0.20			0.41			0.44			0.43			0.46			0.48
Net realized and unrealized gain (loss) on investments and futures contracts		(0.03	)		0.10			(0.21	)		(0.33	)		0.03			0.39
Total from Investment Operations		0.17			0.51			0.23			0.10			0.49			0.87
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.40	)		(0.41	)		(0.43	)		(0.46	)		(0.48	)
From net realized gains		—			(0.05	)		(0.01	)		(0.02	)		—	(c)		—
Total Distributions to Shareholders		(0.20	)		(0.45	)		(0.42	)		(0.45	)		(0.46	)		(0.48	)
Net Asset Value, End of Period	$	10.70		$	10.73		$	10.67		$	10.86		$	11.21		$	11.18
Total return (d)(e)		1.62	%(f)		4.90	%		2.13	%		0.94	%		4.47	%		8.21	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.50	%(g)(h)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses		0.50	%(g)(h)		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.13	%(h)		0.13	%		0.12	%		0.19	%		0.20	%		0.20	%
Net investment income		3.79	%(g)(h)		3.80	%(g)		3.79	%(g)		3.94	%		4.10	%		4.36	%
Portfolio turnover rate		7	%(f)		22	%		30	%		14	%		17	%		7	%
Net assets, end of period (000's)	$	274,977		$	273,728		$	266,292		$	282,024		$	280,515		$	287,348

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
97

Notes to Financial Statements – Municipal Bond Funds, September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Funds Series Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Information presented in these financial statements pertains to the following series of the Trust (each a "Fund" and collectively, the "Funds"):

Columbia Short Term Municipal Bond Fund

Columbia California Intermediate Municipal Bond Fund

Columbia Georgia Intermediate Municipal Bond Fund

Columbia Maryland Intermediate Municipal Bond Fund

Columbia North Carolina Intermediate Municipal Bond Fund

Columbia South Carolina Intermediate Municipal Bond Fund

Columbia Virginia Intermediate Municipal Bond Fund

Columbia Short Term Municipal Bond Fund is a diversified fund. Columbia Maryland Intermediate Municipal Bond Fund is a non-diversified fund. Each of the remaining Funds operates as a diversified fund.

Investment Objectives

Columbia Short Term Municipal Bond Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal. Each of the Intermediate Municipal Bond Funds seeks current income exempt from federal income tax and the respective state individual income tax, consistent with moderate fluctuation of principal.

Fund Shares

The Trust may issue an unlimited number of shares, and each Fund offers four classes of shares: Class A, Class B, Class C and Class Z shares. 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 1.00% for Columbia Short Term Municipal Bond Fund and 3.25% for the Intermediate Municipal Bond Funds, based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within twelve months after purchase. Class B shares of the Intermediate Municipal Bond Funds are subject to a maximum CDSC of 3.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Funds' prospectuses.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("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 Funds in the preparation of their financial statements.

Security Valuation

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

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 of Trustees. If a security is valued at a "fair value", such value is likely to be different from the last quoted market price for the security.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued. SFAS 157 is effective for fiscal years beginning after

Municipal Bond Funds, September 30, 2007 (Unaudited)

November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is evaluating the impact the application of SFAS 157 will have on the Funds' financial statement disclosures.

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.

Futures Contracts

The Funds may invest in futures contracts to hedge against the effects of changes in the value of portfolio securities due to anticipated changes in interest rates and/or market conditions, for duration management, or when the transactions are economically appropriate to the reduction of risk inherent in the management of the Fund and for nonhedging purposes. Futures contracts are financial instruments whose values depend on, or are derived from, the value of the underlying security, index or currency.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction by Columbia Management Advisors, LLC ("Columbia"), the Funds' investment advisor, of the future direction of interest rates. Any of these risks may involve amounts exceeding the variation margin recorded in the Funds' Statements of Assets and Liabilities at any given time.

Upon entering into a futures contract, each Fund deposits cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Delayed Delivery Securities

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

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on all debt securities. Dividend income is recorded on the ex-date.

Determination of Class Net Asset Values

All income, expenses (other than class-specific expenses, as shown on the Statements of Operations), and realized and unrealized gains (losses) are allocated to each class of a 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

Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, each 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 each Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

Indemnification

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

Municipal Bond Funds, September 30, 2007 (Unaudited)

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

	Tax-Exempt Income		Ordinary Income*		Long-Term Capital Gains
Columbia Short Term Municipal Bond Fund	$	15,263,904	$	86,190	$	—
Columbia California Intermediate Municipal Bond Fund		5,007,701		14,467		—
Columbia Georgia Intermediate Municipal Bond Fund		4,925,653		3,769		—
Columbia Maryland Intermediate Municipal Bond Fund		6,920,280		90,284		—
Columbia North Carolina Intermediate Municipal Bond Fund		6,872,224		47,714		903,191
Columbia South Carolina Intermediate Municipal Bond Fund		7,388,442		21,993		847,757
Columbia Virginia Intermediate Municipal Bond Fund		12,181,703		30,086		1,255,795

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia Short Term Municipal Bond Fund	$	1,747,925	$	(266,923	)	$	1,481,002
Columbia California Intermediate Municipal Bond Fund		2,132,639		(523,186	)		1,609,453
Columbia Georgia Intermediate Municipal Bond Fund		2,951,956		(252,095	)		2,699,861
Columbia Maryland Intermediate Municipal Bond Fund		3,826,227		(731,815	)		3,094,412
Columbia North Carolina Intermediate Municipal Bond Fund		4,277,210		(743,799	)		3,533,411
Columbia South Carolina Intermediate Municipal Bond Fund		4,171,095		(258,328	)		3,912,767
Columbia Virginia Intermediate Municipal Bond Fund		5,036,606		(1,218,275	)		3,818,331

The following capital loss carryforwards, determined as of March 31, 2007, 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:

	Expiring in
	2009		2010		2011		2012		2013		2014		2015
Columbia Short Term
Municipal Bond Fund	$	360,272	$	14,892	$	336,127	$	110,010	$	1,652,421	$	1,817,431	$	3,027,001
Columbia California Intermediate
Municipal Bond Fund		—		—		—		—		—		—		115,857
Columbia Georgia Intermediate Municipal Bond Fund		156,651		57,952		955,601		—		—		—		—
Columbia Maryland Intermediate
Municipal Bond Fund		202,401		—		480,249		—		828,332		901,428		271,557

100

Municipal Bond Funds, September 30, 2007 (Unaudited)

assets for each Fund. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Funds' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of Bank of America Corporation ("BOA"), receives an investment advisory fee, calculated daily and payable monthly, based on the average daily net assets of each Fund at the following annual rates:

	Fees on Average Net Assets
	First $500 Million			$500 Million to $1 Billion			$1 Billion to $1.5 Billion			$1.5 Billion to $3 Billion			$3 Billion to $6 Billion			Over $6 Billion
All Funds (except Columbia Short Term Municipal Bond Fund)		0.40	%		0.35	%		0.32	%		0.29	%		0.28	%		0.27	%
Columbia Short Term Municipal Bond Fund		0.30	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

For the six months ended September 30, 2007, the annualized effective investment advisory fee rates for the Funds, as a percentage of each Fund's average daily net assets, were as follows:

	Effective Fee Rate
Columbia Short Term Municipal Bond Fund		0.30	%
Columbia California Intermediate Municipal Bond Fund		0.40	%
Columbia Georgia Intermediate Municipal Bond Fund		0.40	%
Columbia Maryland Intermediate Municipal Bond Fund		0.40	%
Columbia North Carolina Intermediate Municipal Bond Fund		0.40	%
Columbia South Carolina Intermediate Municipal Bond Fund		0.40	%
Columbia Virginia Intermediate Municipal Bond Fund		0.40	%

Administration Fee

Columbia provides administrative and other services to the Funds. Under the administration agreement, Columbia is entitled to receive an administration fee from each Fund, computed daily and paid monthly, at the annual rate of 0.15% of each Fund's average daily net assets less the fees payable by the Funds as described under the Pricing and Bookkeeping Fees note below.

Pricing and Bookkeeping Fees

The Funds have entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds have also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Funds. Under the State Street Agreements, each Fund pays State Street an annual fee of $38,000 paid monthly, plus a monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee for each Fund will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket expenses and charges.

The Funds have entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Funds reimburse Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Fund expenses and the requirements of Sarbanes-Oxley Act of 2002.

101

Municipal Bond Funds, September 30, 2007 (Unaudited)

For the six months ended September 30, 2007, the amounts charged to the Funds by affiliates included in the Statements of Operations under "Pricing and bookkeeping fees" were as follows:

	Amounts Charged by Affiliates		Amounts Unpaid to Affiliates
Columbia Short Term Municipal Bond Fund		$7,442		$1,313
Columbia California Intermediate Municipal Bond Fund		7,442		1,313
Columbia Georgia Intermediate Municipal Bond Fund		7,442		1,313
Columbia Maryland Intermediate Municipal Bond Fund		7,442		1,313
Columbia North Carolina Intermediate Municipal Bond Fund		7,442		1,313
Columbia South Carolina Intermediate Municipal Bond Fund		7,442		1,313
Columbia Virginia Intermediate Municipal Bond Fund		7,442		1,313

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Funds and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. 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 Funds. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due the Transfer Agent from shareholders of the Funds and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Funds. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For the six months ended September 30, 2007, the annualized effective transfer agent fee rates for the Funds, inclusive of out-of-pocket expenses, sub-transfer agent fees, and net of minimum account balance fees and waivers if applicable, as a percentage of each Fund's average daily net assets, were as follows:

	Annualized Effective Rates
Columbia Short Term Municipal Bond Fund		0.01	%
Columbia California Intermediate Municipal Bond Fund		0.00	%*
Columbia Georgia Intermediate Municipal Bond Fund		0.01	%
Columbia Maryland Intermediate Municipal Bond Fund		0.01	%
Columbia North Carolina Intermediate Municipal Bond Fund		0.01	%
Columbia South Carolina Intermediate Municipal Bond Fund		0.01	%
Columbia Virginia Intermediate Municipal Bond Fund		0.01	%

* Rounds to less than 0.01%.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Funds' initial minimum investment requirements for such accounts to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as a reduction of total expenses on the Statements of Operations.

For the six months ended September 30, 2007, these minimum account balance fees reduced total expenses as follows:

	Account Balance Fee Reductions
Columbia Short Term Municipal Bond Fund	$	60
Columbia California Intermediate Municipal Bond Fund		40
Columbia Georgia Intermediate Municipal Bond Fund		20
Columbia Maryland Intermediate Municipal Bond Fund		40
Columbia North Carolina Intermediate Municipal Bond Fund		80
Columbia South Carolina Intermediate Municipal Bond Fund		67
Columbia Virginia Intermediate Municipal Bond Fund		160

102

Municipal Bond Funds, September 30, 2007 (Unaudited)

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Funds' shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts on the sale of Class A shares and received net CDSC fees on Class A, Class B and Class C share redemptions as follows:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class A		Class B		Class C
Columbia Short Term Municipal Bond Fund	$	4	$	—	$	—	$	55
Columbia California Intermediate Municipal Bond Fund		107		—		364		—
Columbia Georgia Intermediate Municipal Bond Fund		566		—		1,809		—
Columbia Maryland Intermediate Municipal Bond Fund		431		—		—		—
Columbia North Carolina Intermediate Municipal Bond Fund		193		—		217		148
Columbia South Carolina Intermediate Municipal Bond Fund		158		—		1,048		1,210
Columbia Virginia Intermediate Municipal Bond Fund		616		—		—		—

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of each Fund and a combined distribution and shareholder servicing plan for Class A shares of each Fund. The shareholder servicing plans permit the Funds to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Funds to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of each Fund directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%

Expense Limits and Fee Waivers

Columbia and/or some of the Funds' other service providers have contractually agreed to waive fees and/or reimburse certain expenses through July 31, 2008, so that the expenses incurred by the Funds (exclusive of distribution and service fees, brokerage commissions, interest, taxes, and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any) after giving effect to any balance credits from the Funds' custodian, will not exceed the following annual rates, based on each Fund's average daily net assets:

	Annual Rate
Columbia Short Term Municipal Bond Fund		0.40	%
Columbia California Intermediate Municipal Bond Fund		0.50	%
Columbia Georgia Intermediate Municipal Bond Fund		0.50	%
Columbia Maryland Intermediate Municipal Bond Fund		0.50	%
Columbia North Carolina Intermediate Municipal Bond Fund		0.50	%
Columbia South Carolina Intermediate Municipal Bond Fund		0.50	%
Columbia Virginia Intermediate Municipal Bond Fund		0.50	%

Columbia and/or the Distributor are entitled to recover from the Funds any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or

103

Municipal Bond Funds, September 30, 2007 (Unaudited)

reimbursement if such recovery does not cause Fund's total operating expenses to exceed the expense limitations in effect at the time of recovery. There is no guarantee that these expense limitations will continue after July 31, 2008.

At September 30, 2007, the amounts potentially recoverable pursuant to this agreement are as follows:

	Amount of potential recovery expiring March 31,								Total potential		Amount recovered during six months ended
	2011		2010		2009		2008		recovery		9/30/07
Columbia Short Term Municipal Bond Fund		$267,204		$554,470		$622,982		$1,654,068		$3,098,724		$—
Columbia California Intermediate Municipal Bond Fund		126,859		269,630		223,600		355,379		975,468		—
Columbia Georgia Intermediate Municipal Bond Fund		117,033		251,480		260,729		385,979		1,015,221		—
Columbia Maryland Intermediate Municipal Bond Fund		151,022		292,639		308,526		491,226		1,243,413		—
Columbia North Carolina Intermediate Municipal Bond Fund		147,951		305,301		295,622		473,009		1,221,883		—
Columbia South Carolina Intermediate Municipal Bond Fund		145,961		316,287		290,174		492,127		1,244,549		—
Columbia Virginia Intermediate Municipal Bond Fund		204,397		429,520		390,700		650,980		1,675,597		—

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Funds' assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statements of Assets and Liabilities.

Other

Certain Funds have made investments of cash balances in Columbia Tax-Exempt Reserves, another portfolio of the Trust, pursuant to an exemptive order received from, and pursuant to a rule adopted by, the Securities and Exchange Commission. The income earned by each Fund from such investments is included as "Dividends from affiliates" on the Statements of Operations. Columbia earned advisory and administration fees on the investments made in the Columbia Tax-Exempt Reserves in addition to the advisory and administration fees earned by Columbia from the Funds. For the six months ended September 30, 2007, Columbia earned the following fees related to investments in affiliated funds:

	Advisory Fees (earned by Columbia)		Administration Fees (earned by Columbia)
Columbia Short Term Municipal Bond Fund	$	1,474	$	329
Columbia California Intermediate Municipal Bond Fund		5,865		1,553
Columbia Georgia Intermediate Municipal
Bond Fund		2,041		502

104

Municipal Bond Funds, September 30, 2007 (Unaudited)

	Advisory Fees (earned by Columbia)		Administration Fees (earned by Columbia)
Columbia Maryland Intermediate Municipal Bond Fund	$	6,484	$	1,606
Columbia North Carolina Intermediate Municipal Bond Fund		3,470		840
Columbia South Carolina Intermediate Municipal Bond Fund		2,283		537
Columbia Virginia Intermediate Municipal Bond Fund		3,996		925

Custody Credits

Each Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statements of Operations. The Funds could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement.

For the six months ended September 30, 2007, these credits reduced total expenses as follows:

	Custody Credit
Columbia Short Term Municipal Bond Fund	$	413
Columbia California Intermediate Municipal Bond Fund		149
Columbia Georgia Intermediate Municipal Bond Fund		117
Columbia Maryland Intermediate Municipal Bond Fund		9
Columbia North Carolina Intermediate Municipal Bond Fund		1,394
Columbia South Carolina Intermediate Municipal Bond Fund		27
Columbia Virginia Intermediate Municipal Bond Fund		97

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	Purchases		Sales
Columbia Short Term Municipal Bond Fund		$188,941,922		$213,603,431
Columbia California Intermediate Municipal Bond Fund		9,840,718		4,115,433
Columbia Georgia Intermediate Municipal Bond Fund		18,473,567		17,869,015
Columbia Maryland Intermediate Municipal Bond Fund		4,621,224		11,045,180
Columbia North Carolina Intermediate Municipal Bond Fund		22,176,023		29,229,028
Columbia South Carolina Intermediate Municipal Bond Fund		11,626,210		11,187,371
Columbia Virginia Intermediate Municipal Bond Fund		27,764,880		22,019,139

Note 6. Shares of Beneficial Interest

As of September 30, 2007, the Funds had shareholders whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. The percentage of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia Short Term Municipal Bond Fund		86.6
Columbia California Intermediate Municipal Bond Fund		90.8
Columbia Georgia Intermediate Municipal Bond Fund		82.1
Columbia Maryland Intermediate Municipal Bond Fund		81.7

105

Municipal Bond Funds, September 30, 2007 (Unaudited)

	% of Shares Outstanding Held
Columbia North Carolina Intermediate Municipal Bond Fund		82.9
Columbia South Carolina Intermediate Municipal Bond Fund		84.9
Columbia Virginia Intermediate Municipal Bond Fund		82.3

Note 7. Line of Credit

The Funds and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unused committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund based on the fund's borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund. The commitment fee and structuring fee are included in "Other expenses" in the Statements of Operations.

For the six months ended September 30, 2007, the Funds did not borrow under these arrangements.

Note 8. Significant Risks and Contingencies

Concentration of Credit Risk

Each of the Funds holds investments that are insured by private insurers who guarantee the payment of principal and interest in the event of default or that are supported by a letter of credit. Each of the Funds' insurers is rated Aaa by Moody's Investors Service, Inc. ("Moody's) or rated AAA by Standard & Poor's, except for Radian Asset Assurance, Inc. which is rated Aa3 and AA by Moody's and Standard & Poor's, respectively. At September 30, 2007, private insurers who insured greater than 5% of the total investments of the Funds were as follows:

Columbia Short Term Municipal Bond Fund

Insurer	% of Total Investments
Financial Guaranty Insurance Co.		10.9
Ambac Assurance Corp.		9.3
Financial Security Assurance, Inc.		9.3
MBIA Insurance Corp.		5.8

Columbia California Intermediate Municipal Bond Fund

Insurer	% of Total Investments
Ambac Assurance Corp.		19.2
Financial Guaranty Insurance Co.		14.8
Financial Security Assurance, Inc.		14.1
MBIA Insurance Corp.		7.9

Columbia Georgia Intermediate Municipal Bond Fund

Insurer	% of Total Investments
MBIA Insurance Corp.		16.6
Financial Security Assurance, Inc.		15.6
Ambac Assurance Corp.		15.5
Financial Guaranty Insurance Co.		6.1
Federal National Mortgage Association		5.1

Columbia Maryland Intermediate Municipal Bond Fund

Insurer	% of Total Investments
Financial Guaranty Insurance Co.		13.4
Ambac Assurance Corp.		7.2

Columbia North Carolina Intermediate Municipal Bond Fund

Insurer	% of Total Investments
MBIA Insurance Corp.		15.2
Financial Guaranty Insurance Co.		10.8
Ambac Assurance Corp.		9.7
Financial Security Assurance, Inc.		7.1

106

Municipal Bond Funds, September 30, 2007 (Unaudited)

Columbia South Carolina Intermediate Municipal Bond Fund

Insurer	% of Total Investments
Financial Security Assurance, Inc.		29.7
MBIA Insurance Corp.		12.2
Ambac Assurance Corp.		11.8

Columbia Virginia Intermediate Municipal Bond Fund

Insurer	% of Total Investments
MBIA Insurance Corp.		19.1
Financial Security Assurance, Inc.		11.9
Financial Guaranty Insurance Co.		6.6

Geographic Concentration

A Fund's municipal holdings may include obligations of issuers that rely in whole or in part for payment of interest and principal on state specific revenues, real property taxes, revenues from particular institutions, such as healthcare institutions, or obligations secured by mortgages on real property. Consequently, the impact of changes in state law or regulations or the economic conditions in a particular state should be considered. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry or region.

Tax Development Risk

The Supreme Court has agreed to hear an appeal of a state-court decision that might significantly affect how states tax in-state and out-of-state municipal bonds. If the Supreme Court determines that the U.S. Constitution prohibits states from treating the interest income on in-state municipal bonds differently from the income on out-of-state municipal bonds for state income tax purposes, most states likely will revisit the way in which they treat the interest on municipal bonds. This has the potential to increase significantly the amount of state tax paid by shareholders on exempt-interest dividends. You should consult your tax advisor to discuss the tax consequences of your investment in the Fund.

Each Fund purchases municipal securities whose interest, in the opinion of bond counsel, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuers does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued. As a shareholder of the Fund, you may be required to file an amended tax return as a result.

Sector Focus

Certain Funds may focus their investments in certain sectors, subjecting them to greater risk than a fund that is unconcentrated.

Legal Proceedings

Under the terms of the SEC Order, BACAP, BACAP Distributors, and their affiliate, Banc of America Securities, LLC ("BAS") agreed, among other things, (1) to pay $250 million in disgorgement and $125 million in civil money penalties; (2) to cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; (3) to undertake various remedial measures to ensure compliance with the federal securities laws related to certain mutual fund trading practices; and (4) to retain an independent consultant to review their applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement also requires, among other things, BACAP and BACAP Distributors, along with Columbia Management Advisors, Inc. and Columbia Funds Distributors, Inc., the investment advisor to and distributor of the Columbia Funds, respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions. Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent Chairman, are comprised of at least 75%

107

Municipal Bond Funds, September 30, 2007 (Unaudited)

independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Pursuant to the procedures set forth in the SEC Order, $375 million will be distributed in accordance with a distribution plan developed by an independent distribution consultant and approved by the SEC. The independent distribution consultant has submitted a proposed plan of distribution to the SEC, which the SEC published for public notice and comment on July 16, 2007. The SEC has not yet approved a final plan of distribution.

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action—Mehta v AIG Sun America Life Assurance Company—involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., etal.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

108

Important Information About This Report – Municipal Bond Funds

The funds mail one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of Municipal Bond Funds.

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

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

Transfer Agent

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

Distributor

Columbia Management Distributors, Inc. One Financial Center Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC 100 Federal Street Boston, MA 02110

Please consider the investment objectives, risks, charges and expenses for each fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about each fund. You should read it carefully before you invest.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

109

Municipal Bond Funds

Semiannual Report – September 30, 2007

Columbia Management®

PRSRT STD

U.S. Postage

PAID

Holliston, MA

Permit NO. 20

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136304-0907 (11/07) 07/46049

Columbia Management®

Stock Funds

Semiannual Report – September 30, 2007

^gColumbia Asset Allocation Fund II

^gColumbia Marsico Growth Fund

^gColumbia Large Cap Core Fund

^gColumbia Marsico Focused Equities Fund

^gColumbia Small Cap Growth Fund II

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of Contents

Columbia Asset Allocation Fund II					1

Columbia Marsico Growth Fund					5

Columbia Large Cap Core Fund					9

Columbia Marsico Focused Equities Fund					13

Columbia Small Cap Growth Fund II					17

Investment Portfolios					21

Statements of Assets and Liabilities					34

Statements of Operations					36

Statements of Changes in Net Assets					38

Financial Highlights					45

Notes to Financial Statements					66

Columbia Funds Master Investment Trust, LLC					77

Investment Portfolios					78

Financial Statements					92

Financial Highlights					96

Notes to Financial Statements					100

Board Consideration and Approval of New Investment Sub-Advisory Agreements with Marsico Capital Management, LLC					108

Important Information About This Report					113

President's Message

Dear Shareholder:

Performance Information

Understanding Your Expenses

Portfolio Manager's Report

Other Information

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Fund Profile – Columbia Asset Allocation Fund II

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 3.87% without sales charge. The fund's benchmarks, the Russell 1000 Index and the Lehman Brothers U.S. Aggregate Bond Index, returned 7.99% and 2.31%, respectively, for the period.¹ The average return of its peer group, the Morningstar Moderate Allocation Category, was 5.80%.² Stock selection within the fund's equity portfolio hampered returns during the six-month period. Within the fixed-income portion of the fund, an emphasis on commercial mortgage-backed securities (CMBS) and corporate bonds also detracted from returns as these areas underperformed Treasury securities for the period.

^g Disappointing performance in the energy and consumer discretionary sectors contributed to the fund's shortfall relative to its benchmark. In the energy sector, a number of holdings underperformed. Within consumer discretionary, poor performance from department store companies Macy's, Inc. and Kohl's Corp., as well as from homebuilder NVR, Inc., hurt performance (0.2%, 0.3% and 0.4% of net assets, respectively). In addition, printer manufacturer Lexmark International, Inc., drug-maker Forest Laboratories, Inc., Merrill Lynch & Co., Inc. and Goldman Sachs Group, Inc. were disappointments (0.1%, 0.6%, 0.8% and 0.8% of net assets, respectively). By contrast, strong performance from Lyondell Chemical Co. (no longer in the portfolio), engine-maker Cummins, Inc., Exxon Mobil Corp., WellCare Health Plans, Inc. and Cisco Systems, Inc. aided performance in their respective sectors (0.2%, 2.6%, 0.3% and 1.2% of net assets, respectively). On the fixed-income side of the portfolio, CMBS and corporate bonds underperformed. We had emphasized these bonds because of their yield advantage over Treasury securities and continue to maintain an overweight in CMBS that are backed by very high-quality loans.

^g We believe that moderate economic growth and contained inflation should allow the Federal Reserve Board to continue to reduce short-term interest rates. While the current level of volatility and uncertainty in the marketplace may remain for awhile, we view them as temporary headwinds brought about by credit concerns in the sub-prime loan market, the subsequent liquidity crisis and an investor migration away from value-oriented stocks and towards growth issues. Therefore, we plan to stay with our strategy of buying higher quality companies at reasonable prices. On the fixed-income side, experience has taught us that when markets stabilize, positive excess returns are available from asset classes outside the Treasury market and we have maintained our exposure to those sectors.

¹The Russell 1000 Index tracks the performance of 1,000 of the largest US companies based on market capitalization. The Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²©2007 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for noncommercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933. Morningstar Categories compare the performance of funds with similar investment objectives and strategies.

Summary

6-month (cumulative) return as of 09/30/07

				+3.87%

				Class A shares (without sales charge)

				+7.99%

				Russell 1000 Index

				+2.31%

				Lehman Brothers U.S. Aggregate Bond Index

Fund Profile (continued) – Columbia Asset Allocation Fund II

Morningstar Style Box

The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows a fund's investment style (value, blend or growth.) For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar's database as of month-end. Although the data is gathered from reliable sources, Morningstar cannot guarantee its completeness and accuracy. Information shown is as of 09/30/07.

Portfolio Management

Vikram Kuriyan has co-managed the equity portion of the fund since February 2005 and has been with the advisor, or its predecessors or affiliate organizations since 2000.

Leonard Aplet has co-managed the fixed-income and money market portions of the fund since February 2005 and has been with the advisor, or its predecessors or affiliate organizations since 1987.

Source for all statistical data—Columbia Management Advisors, LLC.

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

Stocks of mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Performance Information – Columbia Asset Allocation Fund II

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		17,211		16,220
Class B		16,049		16,049
Class C		15,962		15,962
Class Z		17,743		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Asset Allocation Fund II during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	01/18/94				07/15/98				11/11/96				05/21/99
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		3.87		–2.09		3.43		–1.57		3.43		2.43		3.97
1-year		10.09		3.78		9.22		4.22		9.23		8.23		10.34
5-year		10.05		8.76		9.20		8.92		9.19		9.19		10.27
10-year/Life		5.58		4.96		4.84		4.84		4.79		4.79		5.90

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

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

Class Z shares commenced operations on May 21, 1999 and have no performance prior to that date. Performance prior to May 21, 1999 is that of Class A shares at NAV, which reflect Rule 12b-1 fees of 0.25%. These Rule 12b-1 fees are not applicable to Class Z shares. The inception date for Class A shares is January 18, 1994.

Class B shares commenced operations on July 15, 1998 and have no performance prior to that date. Performance prior to July 15, 1998 is that of Class A shares at NAV, which reflect Rule 12b-1 fees of 0.25%. If Class B shares Rule 12b-1 fees had been reflected, total returns would have been lower.

Annual operating expense ratio (%)*

Class A					1.30
Class B					2.05
Class C					2.05
Class Z					1.05

* The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					24.68
Class B					24.47
Class C					24.45
Class Z					24.62

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.25
Class B					0.15
Class C					0.15
Class Z					0.28

Understanding Your Expenses – Columbia Asset Allocation Fund II

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,038.70		1,018.95		6.17		6.11		1.21
Class B		1,000.00		1,000.00		1,034.30		1,015.20		9.97		9.87		1.96
Class C		1,000.00		1,000.00		1,034.30		1,015.20		9.97		9.87		1.96
Class Z		1,000.00		1,000.00		1,039.70		1,020.20		4.90		4.85		0.96

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Marsico Growth Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 13.85% without sales charge. The fund's benchmark, the S&P 500 Index, returned 8.44%.¹ The fund's return was greater than the 12.56% average return of its peer group, the Morningstar Large Growth Category.² Strong stock selection in consumer services, telecommunications, information technology and materials aided the fund's performance. By contrast, certain sector allocations detracted from performance and some of the fund's health care positions struggled during the reporting period.

^g Within consumer services, hotel/casino operators Las Vegas Sands Corp. and Wynn Resorts Ltd. (3.4% and 3.7% of net assets, respectively) were among the fund's best performers for the period. Both companies benefited from strong growth in the Macau casino market. In the telecommunications sector, wireless providers China Mobile Ltd. and America Movil SA de CV (2.8% and 1.5% of net assets, respectively) appreciated by 84% and 35%, respectively. Energy equipment and service company Schlumberger Ltd. (4.9% of net assets) appreciated sharply as demand for oil service continued to soar. It was among the fund's top-performing individual positions. In technology, the fund's performance was generally positive, with standout performances from Apple, Inc., Cisco Systems, Inc., MasterCard, Inc. and Intel Corp. (3.2%, 2.9%, 2.1% and 2.2% of net assets, respectively). In addition, agricultural chemicals company Monsanto Co. and Industrial & Commercial Bank of China Ltd. were strong (2.7% and 2.2% of net assets, respectively). A decision to underweight financials further aided performance as the sector was weak throughout the period.

^g An emphasis on consumer discretionary stocks, which underperformed, and an underweight in the energy and technology sectors, which outperformed, detracted from performance, representing an "opportunity cost" for the fund. Health care holdings were another area of disappointment. Health care services company UnitedHealth Group, Inc. and biotechnology company Genentech, Inc. (4.8% and 2.8% of net assets, respectively) both posted negative returns. The fund's industrial holdings posted strong absolute returns, but lagged index industrials performance by a significant margin.

^g At the end of the period, the fund emphasized investments in the consumer discretionary, information technology, financials and industrials sectors. It had little or no exposure to utilities and consumer staples.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization US stocks. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

Summary

6-month (cumulative) return as of 09/30/07

				+13.85%

				Class A shares (without sales charge)

				+8.44%

				S&P 500 Index

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Fund Profile (continued) – Columbia Marsico Growth Fund

Morningstar Style Box

Portfolio Management

Thomas F. Marsico has managed the master portfolio since December 1997 and is Chief Executive Officer of Marsico Capital Management, LLC, investment sub-advisor to the portfolio.

Columbia Management Advisors, LLC ("CMA") has retained Marsico Capital Management, LLC ("MCM") to serve as investment sub-advisor to the fund. As the investment sub-advisor, MCM makes the investment decisions and manages all of the fund. MCM is an investment advisor registered with the Securities and Exchange Commission. MCM is an indirect, wholly-owned subsidiary of Bank of America Corporation and is under common control with CMA, but is not part of Columbia Management Group, LLC.

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information reference in this section is that of the master portfolio.

Source for all statistical data—Columbia Management Advisors, LLC.

Source for all stock-specific commentary—Marsico Capital Management, LLC.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for the master portfolio may differ from that presented for other Columbia Funds.

The master portfolio normally invests in a core portfolio of 35-50 stocks. By maintaining a relatively concentrated portfolio, the master portfolio may be subject to greater risk than a master portfolio that is more fully diversified. The master portfolio can invest up to 25% of its assets in foreign securities.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Performance Information – Columbia Marsico Growth Fund

Performance of a $10,000 investment 12/31/97 – 09/30/07 ($)

Sales charge	without		with
Class A		23,300		21,961
Class B		21,725		21,725
Class C		21,745		21,745
Class R		23,169		n/a
Class Z		23,746		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Marsico Growth Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				R		Z
Inception	12/31/97				12/31/97				12/31/97				01/23/06		12/31/97
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		13.85		7.32		13.42		8.42		13.41		12.41		13.65		13.99
1-year		23.30		16.20		22.42		17.42		22.39		21.39		23.00		23.60
5-year		13.82		12.47		12.98		12.73		12.98		12.98		13.69		14.10
Life		9.07		8.40		8.28		8.28		8.29		8.29		9.00		9.28

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value ("NAV") with no Rule 12b-1 fees. Class R shares are sold at NAV with Rule 12b-1 fees. Class R and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

The returns for Class R shares include the returns of Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. These returns have not been restated to reflect any differences in expenses between Class A shares and Class R shares. If differences in expenses had been reflected, the returns shown for the periods prior to the inception of Class R shares would have been lower, since Class R shares are subject to higher Rule 12b-1 fees.

Annual operating expense ratio (%)*

Class A					1.24
Class B					1.99
Class C					1.99
Class R					1.49
Class Z					0.99

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					23.02
Class B					21.46
Class C					21.48
Class R					22.89
Class Z					23.46

Understanding Your Expenses – Columbia Marsico Growth Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,138.50		1,019.00		6.42		6.06		1.20
Class B		1,000.00		1,000.00		1,134.20		1,015.25		10.40		9.82		1.95
Class C		1,000.00		1,000.00		1,134.10		1,015.25		10.40		9.82		1.95
Class R		1,000.00		1,000.00		1,136.50		1,017.75		7.74		7.31		1.45
Class Z		1,000.00		1,000.00		1,139.90		1,020.25		5.08		4.80		0.95

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Large Cap Core Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 10.14% without sales charge. The fund outpaced its benchmark, the S&P 500 Index, which returned 8.44%.¹ The fund's return also surpassed the 8.00% average return of its peer group, the Morningstar Large Blend Category.² The fund's focus on high-quality, multi-national large-cap stocks with sustainable cash flows helped returns as investors sought to reward companies with these characteristics in light of growing credit concerns and a slowing US economy. The fund's focus on technology companies with global business models and on higher quality financial stocks with less exposure to credit-constrained areas, such as real estate, also aided the fund's return.

^g Stocks in the technology sector were top performers, including graphics-chip maker NVIDIA Corp. (0.6% of net assets), which benefited when another company purchased its key competitor. Apple, Inc. (0.9% of net assets) experienced success from its iMac desktop and iPhone products while simultaneously enjoying the bottom-line benefits of a faster-than-anticipated component price decline. Cellphone manufacturer Nokia Oyj (0.7% of net assets) gained market share by expanding in emerging markets and benefited from the marketing woes of its main competitor. Key contributors among financial stocks included Fannie Mae (1.4% of net assets), which benefited from an improved regulatory environment and rising value of its guarantee for low-risk, conservative mortgage loans in a credit-focused environment. Despite an increasingly risk-filled environment, marked with escalating catastrophic events, such as hurricanes, Bermuda-based insurer ACE Ltd. (1.1% of net assets) maintained high growth rates and returns as it expanded its conservative and well-diversified business model into global markets. A top contributor outside of these areas was Companhia Vale do Rio Doce (CVRD) (0.8% of net assets), the world's largest producer of iron ore. CVRD benefited from its near monopoly on the supply of iron ore amidst rising demand for this supply-constrained commodity.

^g Several holdings in the retail sector, including department stores Macy's, Inc. and Kohl's Corp. (0.3% and 0.6% of net assets, respectively), detracted slightly from returns during the period as spending by their target market of middle-income consumers was disproportionately affected by economic slowdown. The ramifications of competitive pressures facing Internet content delivery provider Akamai Technologies, Inc. (0.3% of net assets) also hurt returns during the period.

Summary

6-month (cumulative) return as of 09/30/07

				+10.14%

				Class A shares (without sales charge)

				+8.44%

				S&P 500 Index

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Fund Profile (continued) – Columbia Large Cap Core Fund

Morningstar Style Box

The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows a fund's investment style (value, blend or growth.) For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar's database as of month-end. Although the data is gathered from reliable sources, Morningstar cannot guarantee its completeness and accuracy. Information shown is as of 09/30/07.

^g As a result of slowing economic growth and considerable uncertainty about consumer spending, investors have sought exposure to larger, growth-oriented companies with exposure to foreign markets as well as the potential to increase or maintain growth rates regardless of macro-economic headwinds. These types of companies remain a focus for the fund. The fund also remains positioned to take advantage of the opportunities arising from the price disruptions that typically accompany market volatility. To identify such opportunities, the fund has the potential to benefit from drawing on three independent research sources: fundamental research, quantitative models and the input of its portfolio management teams.

Portfolio Management

Craig Leopold has co-managed the master portfolio since July 2004 and has been with the advisor, or its predecessors or affiliate organizations since 2003.

George Maris has co-managed the master portfolio since December 2004 and has been with the advisor, or its predecessors or affiliate organizations since 2004.

Colin Moore has co-managed the master portfolio since July 2004 and has been with the advisor, or its predecessors or affiliate organizations since 2002.

Peter Santoro has co-managed the master portfolio since July 2004 and has been with the advisor, or its predecessors or affiliate organizations since 2003.

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information reference in this section is that of the master portfolio.

Source for all statistical data—Columbia Management Advisors, LLC.

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

Performance Information – Columbia Large Cap Core Fund

Performance of a $10,000 investment 10/02/98 – 09/30/07 ($)

Sales charge	without		with
Class A		17,128		16,143
Class B		16,094		16,094
Class C		16,090		16,090
Class Z		17,410		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Large Cap Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	08/02/99				08/02/99				08/02/99				10/02/98
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		10.14		3.78		9.74		4.74		9.67		8.67		10.23
1-year		18.87		12.07		17.93		12.93		17.95		16.95		19.16
5-year		14.06		12.72		13.17		12.93		13.15		13.15		14.29
Life		6.17		5.47		5.43		5.43		5.43		5.43		6.36

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

Class A, Class B and Class C shares commenced operations on August 2, 1999 and have no performance prior to that date. Performance prior to August 2, 1999 is that of Class Z shares, which does not have any Rule 12b-1 fees or shareholder servicing fees. If Class A, Class B and Class C shares Rule 12b-1 fees or shareholder servicing fees had been reflected, total returns would have been lower.

Annual operating expense ratio (%)*

Class A					1.08
Class B					1.83
Class C					1.83
Class Z					0.83

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					16.11
Class B					15.58
Class C					15.57
Class Z					16.11

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.25
Class B					0.21
Class C					0.21
Class Z					0.29

Understanding Your Expenses – Columbia Large Cap Core Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,101.40		1,019.65		5.62		5.40		1.07
Class B		1,000.00		1,000.00		1,097.40		1,015.90		9.54		9.17		1.82
Class C		1,000.00		1,000.00		1,096.70		1,015.90		9.54		9.17		1.82
Class Z		1,000.00		1,000.00		1,102.30		1,020.90		4.31		4.14		0.82

Fund Profile – Columbia Marsico Focused Equities Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 13.53% without sales charge. Its benchmark, the S&P 500 Index, returned 8.44%.¹ The fund's return was greater than the 12.56% average return of its peer group, the Morningstar Large Growth Category.² Strong stock selection in consumer services, information technology and materials aided the fund's performance. By contrast, some of the fund's sector allocations detracted from performance, and health care positions struggled during the reporting period.

^g Within consumer services, hotel/casino operators Las Vegas Sands Corp. and Wynn Resorts Ltd. (5.5% and 4.6% of net assets, respectively) were among the fund's best performers for the period. Both companies benefited from strong growth in the Macau casino market. In the energy sector, energy equipment and service company Schlumberger Ltd. (6.4% of net assets) appreciated sharply as the demand for oil service continued to soar. It was among the fund's top-performing individual positions. In technology, the fund's performance was generally positive, with standout performances from Apple, Inc., Cisco Systems, Inc., and Intel Corp. (4.7%, 4.7% and 3.0% of net assets, respectively) In addition, agricultural chemicals company Monsanto Co., and Industrial & Commercial Bank of China Ltd. were strong (3.6% and 4.2% of net assets, respectively). A decision to underweight financials further aided performance as the sector was weak throughout the period.

An emphasis on consumer discretionary stocks, which underperformed, and an underweight in the energy and technology sectors, which outperformed, detracted from performance, representing an "opportunity cost" for the fund. Health care holdings were another area of disappointment. Health care services company UnitedHealth Group, Inc. and biotechnology company Genentech, Inc. (5.3% and 4.1% of net assets, respectively) both posted negative returns. Certain consumer-related positions also struggled, including Toyota Motor Corp., Comcast Corp. (2.8% and 3.0% of net assets, respectively), Starbucks Corp. and Procter & Gamble Co. Starbucks and Procter & Gamble were sold during the period. The fund's industrial holdings posted strong absolute returns, but lagged the index sector by a significant margin.

^g At the end of the period, the fund emphasized investments in the consumer discretionary, information technology, financials and energy sectors. It had little or no exposure to utilities.

Summary

6-month (cumulative) return as of 09/30/07

				+13.53%

				Class A shares (without sales charge)

				+8.44%

				S&P 500 Index

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Fund Profile (continued) – Columbia Marsico Focused Equities Fund

Morningstar Style Box

The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows a fund's investment style (value, blend or growth.) For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar's database as of month-end. Although the data is gathered from reliable sources, Morningstar cannot guarantee its completeness and accuracy. Information shown is as of 09/30/07.

Portfolio Management

Thomas F. Marsico has managed the master portfolio since December 1997 and is Chief Executive Officer of Marsico Capital Management, LLC, investment sub-advisor to the master portfolio.

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information reference in this section is that of the master portfolio.

Source for all statistical data—Columbia Management Advisors, LLC.

Source for all stock-specific commentary—Marsico Capital Management, LLC.

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

The master portfolio normally invests in a core portfolio of 20-30 common stocks. By maintaining a relatively concentrated portfolio, the master portfolio may be subject to greater risk than a master portfolio that is more fully diversified. The master portfolio may invest up to 25% of its assets in foreign securities.

Some of the countries in which the master portfolio invests are considered emerging economies. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Performance Information – Columbia Marsico Focused Equities Fund

Performance of a $10,000 investment 12/31/97 – 09/30/07 ($)

Sales charge	without		with
Class A		25,219		23,769
Class B		23,532		23,532
Class C		23,602		23,602
Class Z		25,728		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Marsico Focused Equities Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	12/31/97				12/31/97				12/31/97				12/31/97
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		13.53		7.00		13.12		8.12		13.08		12.08		13.68
1-year		22.94		15.86		22.03		17.03		22.08		21.08		23.28
5-year		13.68		12.34		12.83		12.59		12.83		12.83		13.96
Life		9.95		9.29		9.18		9.18		9.21		9.21		10.18

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

Annual operating expense ratio (%)*

Class A					1.29
Class B					2.04
Class C					2.04
Class Z					1.04

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					24.76
Class B					23.10
Class C					23.17
Class Z					25.26

Understanding Your Expenses – Columbia Marsico Focused Equities Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,135.30		1,018.90		6.51		6.16		1.22
Class B		1,000.00		1,000.00		1,131.20		1,015.15		10.50		9.92		1.97
Class C		1,000.00		1,000.00		1,130.80		1,015.15		10.49		9.92		1.97
Class Z		1,000.00		1,000.00		1,136.80		1,020.15		5.18		4.90		0.97

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia Small Cap Growth Fund II

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 11.59% without sales charge. That was significantly higher than the 6.70% return of its benchmark, the Russell 2000 Growth Index.¹ The fund's return was also greater than the 8.26% average return of its peer group, the Morningstar Small-Growth Category.²

^g Stock selection within the consumer discretionary and health care sectors drove the fund's strong results for the period. Capella Education Co. (1.0% of net assets) and Strayer Education, Inc. (0.8% of net assets), operators of for-profit colleges, benefited from economic uncertainty as unemployed workers and others sought additional professional training or new career directions. Illumina, Inc. (1.9% of net assets), a leading developer of gene-sequencing technology, rose sharply. Falling prices for individual genome analyses have raised hopes for new therapies and expanded the market for Illumina's products and services.

^g Stock selection in the consumer staples sector had a negative impact on the fund's return. We sold Physicians Formula Holdings, Inc., makers of a wide range of skincare and beauty products, when revenues and earnings shrank amid slackening cosmetics sales. Poor timing of a merchandise changeover and reduced promotional efforts also hampered results. In technology, communications equipment makers came under pressure. Finisar Corp. (0.3% of net assets), a specialist in fiber optic and network systems, declined on fears that tightening credit conditions might cause financial stress for the company.

^g Several factors suggest a continued strong environment for small cap growth companies. The Federal Reserve Board has cut short-term interest rates, hoping to stimulate the economy. We believe that a trend toward acquisition of smaller growth companies is likely to continue. Several fund holdings were acquired over the period, often at substantial premiums to their market prices. And, there are other positive indicators, including increased share buybacks, stepped-up purchases of company shares by insiders and a generally favorable global economic outlook. However, a weak US dollar gives an edge to larger companies because of their international reach and diverse business models. Stricter credit standards are also a concern because smaller companies typically seek funding from banks rather than in the capital markets. The possible impact on small companies of rising energy and materials costs also bears watching.

¹The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

Summary

6-month (cumulative) return as of 09/30/07

				+11.59%

				Class A shares (without sales charge)

				+6.70%

				Russell 2000 Growth Index

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Fund Profile (continued) – Columbia Small Cap Growth Fund II

Morningstar Style Box

Portfolio Management

Daniel Cole has co-managed the master portfolio since September 2001 and has been with the advisor, or its predecessors or affiliate organizations since 2001.

Daniele Donahoe has co-managed the master portfolio since December 2005 and has been with the advisor, or its predecessors or affiliate organizations since 2002.

Jon Michael Morgan has co-managed the master portfolio since December 2005 and has been with the advisor, or its predecessors or affiliate organizations since 2000.

Christian Pineno has co-managed the master portfolio from January 1997 to December 2005 and from October 2006 to present. He has been with the advisor, or its predecessors or affiliate organizations since 1995.

Clifford Siverd has co-managed the master portfolio since December 2005 and has been with the advisor, or its predecessors or affiliate organizations since 2001.

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this sector is that of the master portfolio.

Source for all statistical data—Columbia Management Advisors, LLC.

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

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

Performance Information – Columbia Small Cap Growth Fund II

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		18,504		17,444
Class B		17,194		17,194
Class C		17,270		17,270
Class Z		18,978		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Small Cap Growth Fund II during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	12/12/95				12/12/95				09/22/97				12/12/95
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		11.59		5.19		11.07		6.07		11.17		10.17		11.66
1-year		24.14		17.01		23.15		18.15		23.21		22.21		24.38
5-year		16.54		15.18		15.67		15.45		15.68		15.68		16.84
10-year		6.35		5.72		5.57		5.57		5.62		5.62		6.62

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

Annual operating expense ratio (%)*

Class A					1.27
Class B					2.02
Class C					2.02
Class Z					1.02

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					14.73
Class B					13.33
Class C					13.62
Class Z					15.27

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.63
Class B					0.52
Class C					0.52
Class Z					0.67

Understanding Your Expenses – Columbia Small Cap Growth Fund II

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/07 – 09/30/07

	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		1,115.90		1,019.00		6.35		6.06		1.20
Class B		1,000.00		1,000.00		1,110.70		1,015.25		10.29		9.82		1.95
Class C		1,000.00		1,000.00		1,111.70		1,015.25		10.29		9.82		1.95
Class Z		1,000.00		1,000.00		1,116.60		1,020.25		5.03		4.80		0.95

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Investment Portfolio – Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Common Stocks – 64.7%

	Shares		Value ($)
Consumer Discretionary – 6.6%
Automobiles – 0.1%
General Motors Corp.		800		29,360
Harley-Davidson, Inc.		1,800		83,178
Automobiles Total				112,538
Diversified Consumer Services – 0.4%
Apollo Group, Inc., Class A (a)		3,500		210,525
H&R Block, Inc.		9,700		205,446
ITT Educational Services, Inc. (a)		200		24,338
Weight Watchers International, Inc.		2,900		166,924
Diversified Consumer Services Total				607,233
Hotels, Restaurants & Leisure – 1.9%
Brinker International, Inc.		27,500		754,600
Burger King Holdings, Inc.		9,500		242,155
Darden Restaurants, Inc.		9,300		389,298
McDonald's Corp.		19,300		1,051,271
Wyndham Worldwide Corp.		3,400		111,384
Yum! Brands, Inc.		9,800		331,534
Hotels, Restaurants & Leisure Total				2,880,242
Household Durables – 0.4%
NVR, Inc. (a)		1,300		611,325
Household Durables Total				611,325
Internet & Catalog Retail – 0.1%
Liberty Media Holding Corp., Interactive Series A (a)		7,400		142,154
NutriSystem, Inc. (a)		1,400		65,646
Internet & Catalog Retail Total				207,800
Media – 1.9%
CBS Corp., Class B		10,700		337,050
Comcast Corp., Class A (a)		800		19,344
DIRECTV Group, Inc. (a)		26,800		650,704
Idearc, Inc.		14,400		453,168
McGraw-Hill Companies, Inc.		4,400		224,004
Omnicom Group, Inc.		7,500		360,675
Time Warner, Inc.		16,600		304,776
Viacom, Inc., Class B (a)		4,800		187,056
Walt Disney Co.		11,100		381,729
Media Total				2,918,506
Multiline Retail – 0.7%
Dollar Tree Stores, Inc. (a)		900		36,486
J.C. Penney Co., Inc.		4,300		272,491
Kohl's Corp. (a)		6,800		389,844
Macy's, Inc.		9,000		290,880
Multiline Retail Total				989,701

	Shares		Value ($)
Specialty Retail – 0.8%
American Eagle Outfitters, Inc.		2,800		73,668
AutoNation, Inc. (a)		2,400		42,528
Home Depot, Inc.		17,300		561,212
Office Depot, Inc. (a)		1,200		24,744
RadioShack Corp.		1,800		37,188
Ross Stores, Inc.		2,200		56,408
Sherwin-Williams Co.		700		45,997
Staples, Inc.		11,900		255,731
TJX Companies, Inc.		4,200		122,094
Specialty Retail Total				1,219,570
Textiles, Apparel & Luxury Goods – 0.3%
Coach, Inc. (a)		5,000		236,350
Phillips-Van Heusen Corp.		3,400		178,432
Textiles, Apparel & Luxury Goods Total				414,782
Consumer Discretionary Total				9,961,697
Consumer Staples – 5.6%
Beverages – 1.2%
Coca-Cola Co.		13,500		775,845
Hansen Natural Corp. (a)		900		51,012
PepsiCo, Inc.		13,300		974,358
Beverages Total				1,801,215
Food & Staples Retailing – 1.3%
Costco Wholesale Corp.		100		6,137
CVS Caremark Corp.		11,700		463,671
Kroger Co.		18,000		513,360
Safeway, Inc.		5,400		178,794
Sysco Corp.		3,200		113,888
Wal-Mart Stores, Inc.		14,900		650,385
Food & Staples Retailing Total				1,926,235
Food Products – 1.0%
General Mills, Inc.		8,100		469,881
H.J. Heinz Co.		1,600		73,920
Sara Lee Corp.		46,900		782,761
Tyson Foods, Inc., Class A		7,500		133,875
Food Products Total				1,460,437
Household Products – 1.0%
Clorox Co.		2,700		164,673
Colgate-Palmolive Co.		4,100		292,412
Kimberly-Clark Corp.		5,700		400,482
Procter & Gamble Co.		10,600		745,604
Household Products Total				1,603,171
Personal Products – 0.3%
Alberto-Culver Co.		14,600		361,934
Bare Escentuals, Inc. (a)		900		22,383
NBTY, Inc. (a)		1,600		64,960
Personal Products Total				449,277

See Accompanying Notes to Financial Statements.
21

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Tobacco – 0.8%
Altria Group, Inc.		13,000		903,890
Reynolds American, Inc.		5,500		349,745
Tobacco Total				1,253,635
Consumer Staples Total				8,493,970
Energy – 7.3%
Energy Equipment & Services – 1.2%
Global Industries Ltd (a)		500		12,880
Global Santa Fe Corp.		1,600		121,632
Halliburton Co.		12,400		476,160
Patterson-UTI Energy, Inc.		44,600		1,006,622
Schlumberger Ltd.		1,300		136,500
Transocean, Inc. (a)		600		67,830
Energy Equipment & Services Total				1,821,624
Oil, Gas & Consumable Fuels – 6.1%
Chevron Corp.		12,500		1,169,750
ConocoPhillips		9,200		807,484
Exxon Mobil Corp.		43,100		3,989,336
Frontier Oil Corp.		1,800		74,952
Hess Corp.		1,500		99,795
Holly Corp.		5,900		352,997
Marathon Oil Corp.		14,400		821,088
Occidental Petroleum Corp.		6,000		384,480
Sunoco, Inc.		4,700		332,666
Tesoro Corp.		7,700		354,354
Valero Energy Corp.		10,200		685,236
Western Refining, Inc.		400		16,232
XTO Energy, Inc.		1,200		74,208
Oil, Gas & Consumable Fuels Total				9,162,578
Energy Total				10,984,202
Financials – 12.5%
Capital Markets – 3.1%
Affiliated Managers Group, Inc. (a)		900		114,759
Ameriprise Financial, Inc.		1,200		75,732
Bear Stearns Companies, Inc.		1,700		208,777
Charles Schwab Corp.		2,900		62,640
Franklin Resources, Inc.		300		38,250
Goldman Sachs Group, Inc.		5,600		1,213,744
Janus Capital Group, Inc.		2,800		79,184
Lehman Brothers Holdings, Inc.		12,400		765,452
Merrill Lynch & Co., Inc.		16,100		1,147,608
Morgan Stanley		14,600		919,800
Northern Trust Corp.		700		46,389
State Street Corp.		600		40,896
Capital Markets Total				4,713,231

	Shares		Value ($)
Commercial Banks – 2.8%
BB&T Corp.		5,800		234,262
Comerica, Inc.		5,200		266,656
Fifth Third Bancorp		8,300		281,204
KeyCorp		1,300		42,029
National City Corp.		5,700		143,013
Popular, Inc.		6,800		83,504
SunTrust Banks, Inc.		4,800		363,216
U.S. Bancorp		21,200		689,636
Wachovia Corp.		18,900		947,835
Wells Fargo & Co.		32,200		1,146,964
Commercial Banks Total				4,198,319
Consumer Finance – 0.2%
American Express Co.		3,500		207,795
First Marblehead Corp.		1,400		53,102
Consumer Finance Total				260,897
Diversified Financial Services – 2.6%
CIT Group, Inc.		3,600		144,720
Citigroup, Inc.		42,000		1,960,140
JPMorgan Chase & Co.		33,000		1,512,060
Leucadia National Corp.		4,000		192,880
NYSE Euronext		700		55,419
Diversified Financial Services Total				3,865,219
Insurance – 2.7%
Allstate Corp.		10,200		583,338
Ambac Financial Group, Inc.		2,300		144,693
American Financial Group, Inc.		3,600		102,672
American International Group, Inc.		20,500		1,386,825
Assurant, Inc.		1,100		58,850
Chubb Corp.		700		37,548
Hartford Financial Services Group, Inc.		1,400		129,570
Loews Corp.		1,600		77,360
MBIA, Inc.		1,400		85,470
MetLife, Inc.		1,200		83,676
Old Republic International Corp.		5,900		110,566
Principal Financial Group, Inc.		500		31,545
Progressive Corp.		2,500		48,525
Prudential Financial, Inc.		7,100		692,818
Reinsurance Group of America, Inc.		100		5,669
SAFECO Corp.		3,300		202,026
Travelers Companies, Inc.		6,400		322,176
Insurance Total				4,103,327
Real Estate Investment Trusts (REITs) – 0.2%
Duke Realty Corp.		3,200		108,192
Host Hotels & Resorts, Inc.		1,800		40,392
ProLogis		1,800		119,430
Real Estate Investment Trusts (REITs) Total				268,014

See Accompanying Notes to Financial Statements.
22

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Real Estate Management & Development – 0.1%
CB Richard Ellis Group, Inc., Class A (a)		3,500		97,440
Real Estate Management & Development Total				97,440
Thrifts & Mortgage Finance – 0.8%
Countrywide Financial Corp.		2,700		51,327
Fannie Mae		5,700		346,617
Freddie Mac		7,500		442,575
MGIC Investment Corp.		2,400		77,544
PMI Group, Inc.		4,600		150,420
Washington Mutual, Inc.		5,500		194,205
Thrifts & Mortgage Finance Total				1,262,688
Financials Total				18,769,135
Health Care – 7.5%
Biotechnology – 1.2%
Amgen, Inc. (a)		9,900		560,043
Biogen Idec, Inc. (a)		11,300		749,529
Cephalon, Inc. (a)		700		51,142
Gilead Sciences, Inc. (a)		13,200		539,484
Biotechnology Total				1,900,198
Health Care Equipment & Supplies – 0.7%
Baxter International, Inc.		2,800		157,584
DENTSPLY International, Inc.		3,400		141,576
Kinetic Concepts, Inc. (a)		3,000		168,840
Medtronic, Inc.		6,800		383,588
Varian Medical Systems, Inc. (a)		600		25,134
Zimmer Holdings, Inc. (a)		2,900		234,871
Health Care Equipment & Supplies Total				1,111,593
Health Care Providers & Services – 2.3%
Aetna, Inc.		11,600		629,532
AmerisourceBergen Corp.		5,300		240,249
Cardinal Health, Inc.		2,200		137,566
Coventry Health Care, Inc. (a)		4,200		261,282
Health Net, Inc. (a)		3,600		194,580
Humana, Inc. (a)		2,800		195,664
McKesson Corp.		6,400		376,256
UnitedHealth Group, Inc.		6,100		295,423
WellCare Health Plans, Inc. (a)		4,800		506,064
WellPoint, Inc. (a)		7,800		615,576
Health Care Providers & Services Total				3,452,192
Health Care Technology – 0.3%
HLTH Corp. (a)		2,000		28,340
IMS Health, Inc.		12,500		383,000
Health Care Technology Total				411,340

	Shares		Value ($)
Pharmaceuticals – 3.0%
Endo Pharmaceuticals Holdings, Inc. (a)		7,400		229,474
Forest Laboratories, Inc. (a)		25,800		962,082
Johnson & Johnson		18,900		1,241,730
King Pharmaceuticals, Inc. (a)		1,500		17,580
Merck & Co., Inc.		10,100		522,069
Pfizer, Inc.		57,400		1,402,282
Sepracor, Inc. (a)		2,500		68,750
Warner Chilcott Ltd. (a)		2,300		40,871
Pharmaceuticals Total				4,484,838
Health Care Total				11,360,161
Industrials – 7.7%
Aerospace & Defense – 2.3%
Boeing Co.		3,800		398,962
Honeywell International, Inc.		5,300		315,191
L-3 Communications Holdings, Inc.		400		40,856
Lockheed Martin Corp.		10,500		1,139,145
Northrop Grumman Corp.		6,500		507,000
Precision Castparts Corp.		1,900		281,162
Raytheon Co.		6,900		440,358
United Technologies Corp.		4,100		329,968
Aerospace & Defense Total				3,452,642
Air Freight & Logistics – 0.8%
C.H. Robinson Worldwide, Inc.		2,600		141,154
FedEx Corp.		2,000		209,500
United Parcel Service, Inc., Class B		11,900		893,690
Air Freight & Logistics Total				1,244,344
Commercial Services & Supplies – 0.9%
Brink's Co.		2,400		134,112
ChoicePoint, Inc. (a)		8,700		329,904
Dun & Bradstreet Corp.		1,300		128,193
Equifax, Inc.		400		15,248
Manpower, Inc.		4,100		263,835
R.R. Donnelley & Sons Co.		1,600		58,496
Republic Services, Inc.		4,100		134,111
Robert Half International, Inc.		900		26,874
Steelcase, Inc., Class A		4,900		88,102
Waste Management, Inc.		3,000		113,220
Commercial Services & Supplies Total				1,292,095
Construction & Engineering – 0.2%
Foster Wheeler Ltd. (a)		1,200		157,536
URS Corp. (a)		1,800		101,610
Construction & Engineering Total				259,146

See Accompanying Notes to Financial Statements.
23

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Electrical Equipment – 0.2%
Emerson Electric Co.		2,800		149,016
Rockwell Automation, Inc.		3,100		215,481
Thomas & Betts Corp. (a)		300		17,592
Electrical Equipment Total				382,089
Industrial Conglomerates – 1.7%
3M Co.		9,000		842,220
General Electric Co.		35,300		1,461,420
McDermott International, Inc. (a)		400		21,632
Tyco International Ltd.		6,700		297,078
Industrial Conglomerates Total				2,622,350
Machinery – 1.4%
Caterpillar, Inc.		4,700		368,621
Cummins, Inc.		2,000		255,780
Danaher Corp.		2,400		198,504
Dover Corp.		3,800		193,610
Gardner Denver, Inc. (a)		700		27,300
Graco, Inc.		3,700		144,707
Illinois Tool Works, Inc.		6,600		393,624
Terex Corp. (a)		5,400		480,708
Machinery Total				2,062,854
Road & Rail – 0.2%
Avis Budget Group, Inc. (a)		300		6,867
Landstar System, Inc.		4,600		193,062
Ryder System, Inc.		800		39,200
Road & Rail Total				239,129
Industrials Total				11,554,649
Information Technology – 10.4%
Communications Equipment – 1.3%
Cisco Systems, Inc. (a)		52,300		1,731,653
Harris Corp.		200		11,558
Motorola, Inc.		2,200		40,766
QUALCOMM, Inc.		5,500		232,430
Communications Equipment Total				2,016,407
Computers & Peripherals – 2.4%
Apple, Inc. (a)		4,200		644,868
Dell, Inc. (a)		20,300		560,280
Hewlett-Packard Co.		18,500		921,115
International Business Machines Corp.		10,700		1,260,460
Lexmark International, Inc., Class A (a)		4,000		166,120
Computers & Peripherals Total				3,552,843

	Shares		Value ($)
Internet Software & Services – 0.3%
eBay, Inc. (a)		3,500		136,570
Google, Inc., Class A (a)		300		170,181
VeriSign, Inc. (a)		5,300		178,822
Internet Software & Services Total				485,573
IT Services – 1.0%
Accenture Ltd., Class A		16,300		656,075
Computer Sciences Corp. (a)		6,100		340,990
Fiserv, Inc. (a)		9,700		493,342
IT Services Total				1,490,407
Semiconductors & Semiconductor Equipment – 2.4%
Applied Materials, Inc.		49,000		1,014,300
Intel Corp.		18,000		465,480
Lam Research Corp. (a)		10,700		569,882
MEMC Electronic Materials, Inc. (a)		10,300		606,258
National Semiconductor Corp.		2,100		56,952
Texas Instruments, Inc.		21,800		797,662
Varian Semiconductor Equipment Associates, Inc. (a)		1,500		80,280
Semiconductors & Semiconductor Equipment Total				3,590,814
Software – 3.0%
Autodesk, Inc. (a)		7,500		374,775
BMC Software, Inc. (a)		3,500		109,305
CA, Inc.		136		3,498
Compuware Corp. (a)		5,900		47,318
McAfee, Inc. (a)		5,800		202,246
Microsoft Corp.		84,200		2,480,532
Oracle Corp. (a)		42,300		915,795
Symantec Corp. (a)		19,200		372,096
Software Total				4,505,565
Information Technology Total				15,641,609
Materials – 2.3%
Chemicals – 0.4%
Dow Chemical Co.		8,000		344,480
E.I. Du Pont de Nemours & Co.		1,000		49,560
PPG Industries, Inc.		3,800		287,090
Chemicals Total				681,130
Construction Materials – 0.2%
Eagle Materials, Inc.		5,200		185,848
Vulcan Materials Co.		1,000		89,150
Construction Materials Total				274,998
Containers & Packaging – 0.2%
Crown Holdings, Inc. (a)		3,300		75,108
Pactiv Corp. (a)		6,100		174,826
Temple-Inland, Inc.		600		31,578
Containers & Packaging Total				281,512

See Accompanying Notes to Financial Statements.
24

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Metals & Mining – 1.1%
Alcoa, Inc.		4,000		156,480
Allegheny Technologies, Inc.		2,800		307,860
Freeport-McMoRan Copper & Gold, Inc.		100		10,489
Nucor Corp.		10,300		612,541
Reliance Steel & Aluminum Co.		400		22,616
Southern Copper Corp.		2,300		284,809
United States Steel Corp.		2,500		264,850
Metals & Mining Total				1,659,645
Paper & Forest Products – 0.4%
International Paper Co.		15,300		548,811
Paper & Forest Products Total				548,811
Materials Total				3,446,096
Telecommunication Services – 2.4%
Diversified Telecommunication Services – 1.5%
AT&T, Inc.		24,600		1,040,826
CenturyTel, Inc.		4,200		194,124
Verizon Communications, Inc.		25,100		1,111,428
Diversified Telecommunication Services Total				2,346,378
Wireless Telecommunication Services – 0.9%
NII Holdings, Inc. (a)		2,700		221,805
Sprint Nextel Corp.		50,600		961,400
Telephone & Data Systems, Inc.		2,200		146,850
Wireless Telecommunication Services Total				1,330,055
Telecommunication Services Total				3,676,433
Utilities – 2.4%
Electric Utilities – 1.0%
Edison International		1,400		77,630
Exelon Corp.		3,400		256,224
FirstEnergy Corp.		12,100		766,414
FPL Group, Inc.		2,900		176,552
Pepco Holdings, Inc.		5,500		148,940
Electric Utilities Total				1,425,760
Gas Utilities – 0.1%
AGL Resources, Inc.		2,000		79,240
ONEOK, Inc.		2,100		99,540
Gas Utilities Total				178,780
Independent Power Producers & Energy Traders – 0.8%
AES Corp. (a)		1,000		20,040
Constellation Energy Group, Inc.		5,800		497,582
Mirant Corp. (a)		15,100		614,268
NRG Energy, Inc. (a)		2,500		105,725
Independent Power Producers & Energy Traders Total				1,237,615

	Shares		Value ($)
Multi-Utilities – 0.5%
CenterPoint Energy, Inc.		10,000		160,300
NSTAR		6,600		229,746
OGE Energy Corp.		1,700		56,270
PG&E Corp.		2,800		133,840
Public Service Enterprise Group, Inc.		1,400		123,186
Multi-Utilities Total				703,342
Utilities Total				3,545,497
Total Common Stocks (Cost of $73,391,969)				97,433,449
Mortgage-Backed Securities – 12.3%
	Par ($)
Federal Home Loan Mortgage Corp.
5.000% 07/01/20		248,669		243,817
5.000% 09/01/20		1,253,289		1,228,835
5.000% 06/01/37		995,468		949,550
5.500% 01/01/21		194,766		194,266
5.500% 07/01/21		193,604		193,062
6.500% 07/01/29		134,844		138,365
6.500% 11/01/32		284,370		291,140
6.500% 08/01/36		488,001		496,846
8.000% 09/01/25		46,076		48,827
Federal National Mortgage Association
5.000% 10/01/20		366,487		359,331
5.000% 05/01/37		2,058,511		1,964,166
5.500% 04/01/36		174,261		170,719
5.500% 11/01/36		1,586,834		1,554,573
5.500% 05/01/37		917,910		899,091
5.500% 06/01/37		2,604,877		2,551,472
6.000% 02/01/36		763,529		764,800
6.000% 04/01/36		204,772		205,113
6.000% 06/01/36		397,474		398,136
6.000% 10/01/36		1,560,448		1,563,047
6.000% 11/01/36		523,620		524,492
6.000% 03/01/37		695,637		696,677
6.000% 07/01/37		1,014,603		1,016,120
6.500% 09/01/34		14,640		14,953
6.500% 10/01/36		330,721		336,789
6.500% 11/01/36		632,502		644,108
6.500% 01/01/37		11,393		11,602
6.500% 02/01/37		765,764		779,737
7.199% 08/01/36 (b)		35,981		36,124
7.500% 10/01/11		27,586		28,464
8.500% 08/01/11		34,382		35,676
10.000% 09/01/18		52,357		58,666
Government National Mortgage Association
7.500% 12/15/23		25,244		26,495
Total Mortgage-Backed Securities (Cost of $18,438,876)				18,425,059

See Accompanying Notes to Financial Statements.
25

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 8.4%
	Par ($)		Value ($)
Basic Materials – 0.2%
Forest Products & Paper – 0.1%
Weyerhaeuser Co.
7.375% 03/15/32		170,000		170,572
Forest Products & Paper Total				170,572
Metals & Mining – 0.1%
Vale Overseas Ltd.
6.875% 11/21/36		150,000		154,540
Metals & Mining Total				154,540
Basic Materials Total				325,112
Communications – 1.2%
Media – 0.4%
Comcast Cable Holdings LLC
9.875% 06/15/22		51,000		66,841
Comcast Corp.
7.050% 03/15/33		200,000		210,810
News America, Inc.
6.550% 03/15/33		200,000		197,181
Time Warner Cable, Inc.
6.550% 05/01/37(c)		200,000		196,196
Media Total				671,028
Telecommunication Services – 0.8%
AT&T, Inc.
5.100% 09/15/14		250,000		241,914
New Cingular Wireless Services, Inc.
8.750% 03/01/31		162,000		205,100
Sprint Capital Corp.
6.125% 11/15/08		24,000		24,177
8.750% 03/15/32		116,000		133,022
Telecom Italia Capital SA
7.200% 07/18/36		175,000		185,193
Telefonica Emisones SAU
5.984% 06/20/11		200,000		203,480
Vodafone Group PLC
5.000% 12/16/13		200,000		192,360
Telecommunication Services Total				1,185,246
Communications Total				1,856,274
Consumer Cyclical – 0.7%
Home Builders – 0.1%
D.R. Horton, Inc.
5.625% 09/15/14		250,000		212,531
Home Builders Total				212,531

	Par ($)		Value ($)
Lodging – 0.1%
Harrah's Operating Co., Inc.
5.625% 06/01/15		175,000		139,125
Lodging Total				139,125
Retail – 0.5%
CVS Caremark Corp.
5.750% 06/01/17		150,000		146,407
Home Depot, Inc.
5.875% 12/16/36		125,000		106,770
Macy's Retail Holdings, Inc.
5.900% 12/01/16		175,000		167,470
Wal-Mart Stores, Inc.
4.125% 07/01/10		250,000		244,940
Retail Total				665,587
Consumer Cyclical Total				1,017,243
Consumer Non-Cyclical – 0.8%
Beverages – 0.1%
Diageo Capital PLC
3.375% 03/20/08		190,000		188,183
Beverages Total				188,183
Food – 0.4%
ConAgra Foods, Inc.
6.750% 09/15/11		145,000		151,567
Kraft Foods, Inc.
6.500% 08/11/17		150,000		154,943
Kroger Co.
6.200% 06/15/12		225,000		231,892
Food Total				538,402
Healthcare Services – 0.1%
UnitedHealth Group, Inc.
5.250% 03/15/11		165,000		165,766
Healthcare Services Total				165,766
Household Products/Wares – 0.1%
Fortune Brands, Inc.
5.375% 01/15/16		160,000		151,731
Household Products/Wares Total				151,731
Pharmaceuticals – 0.1%
Wyeth
5.500% 02/01/14		165,000		164,077
Pharmaceuticals Total				164,077
Consumer Non-Cyclical Total				1,208,159

See Accompanying Notes to Financial Statements.
26

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Energy – 0.6%
Oil & Gas – 0.4%
Canadian Natural Resources Ltd.
5.700% 05/15/17		200,000		195,235
Nexen, Inc.
5.875% 03/10/35		150,000		137,385
Talisman Energy, Inc.
6.250% 02/01/38		185,000		174,283
Valero Energy Corp.
6.875% 04/15/12		175,000		184,405
Oil & Gas Total				691,308
Pipelines – 0.2%
Energy Transfer Partners LP
6.625% 10/15/36		125,000		117,882
TransCanada Pipelines Ltd.
6.350% 05/15/67(b)		185,000		177,552
Pipelines Total				295,434
Energy Total				986,742
Financials – 3.5%
Banks – 1.2%
Capital One Financial Corp.
5.500% 06/01/15		250,000		238,193
Marshall & Ilsley Corp.
4.375% 08/01/09		300,000		297,306
National City Bank
4.625% 05/01/13		186,000		178,328
PNC Funding Corp.
5.625% 02/01/17		185,000		180,810
SunTrust Preferred Capital I
5.853% 12/15/11(b)		165,000		161,902
USB Capital IX
6.189% 04/15/49(b)		285,000		285,189
Wachovia Corp.
4.875% 02/15/14		250,000		240,797
Wells Fargo & Co.
5.125% 09/01/12		250,000		249,408
Banks Total				1,831,933
Diversified Financial Services – 1.8%
AGFC Capital Trust I
6.000% 01/15/67(b)(c)		210,000		196,778
American Express Co.
4.750% 06/17/09		139,000		138,579
CIT Group, Inc.
6.100% 03/15/67(b)		90,000		74,271
Citigroup, Inc.
5.000% 09/15/14		165,000		159,046
Credit Suisse First Boston USA, Inc.
4.875% 08/15/10		200,000		199,723
Goldman Sachs Group, Inc.
6.345% 02/15/34		275,000		256,235

	Par ($)		Value ($)
HSBC Finance Corp.
5.000% 06/30/15		300,000		283,297
JPMorgan Chase Capital XVIII
6.950% 08/17/36		275,000		270,331
Lehman Brothers Holdings, Inc.
5.750% 07/18/11		200,000		200,630
MassMutual Global Funding II
2.550% 07/15/08(c)		70,000		68,577
Merrill Lynch & Co., Inc.
6.050% 08/15/12		125,000		128,165
Morgan Stanley
4.750% 04/01/14		300,000		281,796
Principal Life Global Funding I
6.250% 02/15/12(c)		144,000		150,091
Residential Capital LLC
7.500% 04/17/13		145,000		117,088
SLM Corp.
5.375% 05/15/14		175,000		152,721
Diversified Financial Services Total				2,677,328
Insurance – 0.1%
Metlife, Inc.
6.400% 12/15/36		100,000		95,085
Insurance Total				95,085
Real Estate – 0.0%
ERP Operating LP
5.200% 04/01/13		16,000		15,466
Real Estate Total				15,466
Real Estate Investment Trusts (REITs) – 0.2%
Health Care Property Investors, Inc.
6.450% 06/25/12		58,000		59,582
Simon Property Group LP
5.750% 12/01/15		200,000		195,408
Real Estate Investment Trusts (REITs) Total				254,990
Savings & Loans – 0.2%
Washington Mutual, Inc.
4.625% 04/01/14		395,000		359,767
Savings & Loans Total				359,767
Financials Total				5,234,569
Industrials – 0.5%
Aerospace & Defense – 0.1%
United Technologies Corp.
7.125% 11/15/10		175,000		185,499
Aerospace & Defense Total				185,499
Machinery – 0.2%
Caterpillar Financial Services Corp.
3.625% 11/15/07		225,000		224,542
Machinery Total				224,542

See Accompanying Notes to Financial Statements.
27

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		140,000		135,963
Union Pacific Corp.
3.875% 02/15/09		225,000		220,372
Transportation Total				356,335
Industrials Total				766,376
Utilities – 0.9%
Electric – 0.7%
Commonwealth Edison Co.
5.950% 08/15/16		200,000		199,316
Indiana Michigan Power Co.
5.650% 12/01/15		200,000		195,152
NY State Electric & Gas Corp.
5.750% 05/01/23		18,000		16,961
Pacific Gas & Electric Co.
5.800% 03/01/37		150,000		141,765
Progress Energy, Inc.
7.750% 03/01/31		175,000		201,622
Public Service Electric & Gas Co.
4.000% 11/01/08		57,000		56,343
Southern California Edison Co.
5.000% 01/15/14		175,000		170,127
Electric Total				981,286
Gas – 0.2%
Atmos Energy Corp.
6.350% 06/15/17		160,000		162,538
Sempra Energy
4.750% 05/15/09		150,000		148,821
Gas Total				311,359
Utilities Total				1,292,645
Total Corporate Fixed-Income Bonds & Notes (Cost of $12,978,052)				12,687,120
Collateralized Mortgage Obligations – 5.6%
Agency – 1.5%
Federal Home Loan Mortgage Corp.
4.500% 03/15/21		1,500,000		1,466,555
Federal National Mortgage Association
5.500% 08/25/17		278,916		281,191
6.000% 04/25/17		260,000		267,417
7.000% 01/25/21		23,264		23,977
Vendee Mortgage Trust
I.O.:
0.304% 03/15/29(b)		8,154,219		90,351
0.440% 09/15/27(b)		5,775,012		80,638
Agency Total				2,210,129

Collateralized Mortgage Obligations (continued)
	Par ($)		Value ($)
Non-Agency – 4.1%
Bear Stearns Adjustable Rate Mortgage Trust
5.483% 02/25/47(b)		1,046,544		1,051,278
Countrywide Alternative Loan Trust
5.250% 03/25/35		907,332		897,572
5.250% 08/25/35		155,686		155,501
5.500% 10/25/35		1,393,253		1,388,141
WaMu Mortgage Pass-Through Certificates
5.717% 02/25/37(b)		1,058,782		1,058,744
Washington Mutual Mortgage Securities Corp.
5.500% 10/25/35		1,273,092		1,273,292
Wells Fargo Alternative Loan Trust
5.500% 02/25/35		320,923		312,383
Non-Agency Total				6,136,911
Total Collateralized Mortgage Obligations (Cost of $8,334,483)				8,347,040
Government & Agency Obligations – 5.3%
Foreign Government Obligations – 0.4%
Province of Quebec
5.000% 07/17/09		325,000		328,097
United Mexican States
7.500% 04/08/33		191,000		226,717
Foreign Government Obligations Total				554,814
U.S. Government Agencies – 2.5%
Federal Home Loan Bank
5.500% 08/13/14		1,000,000		1,039,810
Federal Home Loan Mortgage Corp.
6.625% 09/15/09		1,380,000		1,437,052
Federal National Mortgage Association
5.250% 08/01/12		1,300,000		1,326,532
U.S. Government Agencies Total				3,803,394
U.S. Government Obligations – 2.4%
U.S. Treasury Bonds
5.375% 02/15/31		1,591,000		1,703,116
7.250% 05/15/16		635,000		755,898
U.S. Treasury Notes
3.500% 02/15/10		1,200,000		1,186,313
3.875% 02/15/13		10,000		9,834
U.S. Government Obligations Total				3,655,161
Total Government & Agency Obligations (Cost of $7,869,406)				8,013,369

See Accompanying Notes to Financial Statements.
28

Columbia Asset Allocation Fund II, September 30, 2007 (Unaudited)

Commercial Mortgage-Backed Securities – 3.4%
	Par ($)		Value ($)
Bear Stearns Commercial Mortgage Securities
5.449% 12/11/40 (b)		1,430,000		1,406,165
5.632% 04/12/38 (b)		400,000		395,515
JP Morgan Chase Commercial Mortgage Securities Corp.
5.525% 04/15/43 (b)		828,000		816,235
JPMorgan Chase Commercial Mortgage Securities Corp.
5.447% 06/12/47		287,000		283,799
LB-UBS Commercial Mortgage Trust
5.084% 02/15/31		1,200,000		1,199,852
Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.833% 12/15/30 (b)		4,403,288		66,617
Merrill Lynch Mortgage Trust
5.417% 11/12/37 (b)		790,000		771,874
Morgan Stanley Capital I
5.370% 12/15/43		226,000		218,849
Total Commercial Mortgage-Backed Securities (Cost of $5,280,468)				5,158,906
Asset-Backed Securities – 0.2%
Citicorp Residential Mortgage Securities, Inc.
6.080% 06/25/37		290,000		292,123
First Plus Home Loan Trust
7.720% 05/10/24		10,338		10,223
Total Asset-Backed Securities (Cost of $300,613)				302,346
Total Investments – 99.9% (Cost of $126,593,867)(d)				150,367,289
Other Assets & Liabilities, Net – 0.1%				202,708
Net Assets – 100.0%				150,569,997

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2007, these securities, which are not illiquid, amounted to $611,642, which represents 0.4% of net assets.

(d) Cost for federal income tax purposes is $126,593,867.

At September 30, 2007, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Common Stocks		64.7
Mortgage-Backed Securities		12.3
Corporate Fixed-Income Bonds & Notes		8.4
Collateralized Mortgage Obligations		5.6
Government & Agency Obligations		5.3
Commercial Mortgage-Backed Securities		3.4
Asset-Backed Securities		0.2
		99.9
Other Assets & Liabilities, Net		0.1
		100.0

Acronym				Name
I.O.				Interest Only

See Accompanying Notes to Financial Statements.
29

Investment Portfolio – Columbia Marsico Growth Fund, September 30, 2007 (Unaudited)

Investment Company – 100.1%

	Value ($)
Investment in Columbia Funds Master Investment Trust, LLC, Columbia Marsico Growth Master Portfolio (a)		6,826,895,619
Total Investments – 100.1%		6,826,895,619
Other Assets & Liabilities, Net – (0.1)%		(4,214,184	)
Net Assets – 100.0%		6,822,681,435

Notes to Investment Portfolio:

(a) The financial statements of Columbia Marsico Growth Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with Columbia Marsico Growth Fund's financial statements.

Columbia Marsico Growth Fund invests only in Columbia Marsico Growth Master Portfolio. At September 30, 2007, Columbia Marsico Growth Fund owned 99.3% of Columbia Marsico Growth Master Portfolio. Columbia Marsico Growth Master Portfolio was invested in the following sectors at September 30, 2007:

Sector	% of Net Assets
Consumer Discretionary		21.8
Information Technology		14.4
Financials		11.5
Industrials		10.5
Health Care		9.7
Energy		8.1
Telecommunication Services		7.2
Materials		6.2
Consumer Staples		2.9
		92.3
Short-Term Obligations		7.8
Other Assets & Liabilities, Net		(0.1	)
		100.0

See Accompanying Notes to Financial Statements.
30

Investment Portfolio – Columbia Large Cap Core Fund, September 30, 2007 (Unaudited)

Investment Company – 100.1%

		Value ($)
Investment in Columbia Funds Master Investment Trust, LLC, Columbia Large Cap Core Master Portfolio (a)	1,747,506,051		1,747,506,051
Total Investments – 100.1%			1,747,506,051
Other Assets & Liabilities, Net – (0.1)%			(710,724	)
Net Assets – 100.0%			1,746,795,327

Notes to Investment Portfolio:

(a) The financial statements of Columbia Large Cap Core Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with Columbia Large Cap Core Fund's financial statements.

Columbia Large Cap Core Fund invests only in Columbia Large Cap Core Master Portfolio. At September 30, 2007, Columbia Large Cap Core Fund owned 99.5% of Columbia Large Cap Core Master Portfolio. Columbia Large Cap Core Master Portfolio was invested in the following sectors at September 30, 2007:

Sector	% of Net Assets
Financials		19.1
Information Technology		16.5
Health Care		11.7
Industrials		11.6
Energy		11.1
Consumer Staples		9.6
Consumer Discretionary		9.2
Materials		3.7
Telecommunication Services		3.5
Utilities		3.5
		99.5
Securities Lending Collateral		3.9
Short-Term Obligations		0.5
Other Assets & Liabilities, Net		(3.9	)
		100.0

See Accompanying Notes to Financial Statements.
31

Investment Portfolio – Columbia Marsico Focused Equities Fund, September 30, 2007 (Unaudited)

Investment Company – 99.5%

	Value ($)
Investment in Columbia Funds Master Investment Trust, LLC, Columbia Marsico Focused Equities Master Portfolio (a)		5,157,162,577
Total Investments – 99.5%		5,157,162,577
Other Assets & Liabilities, Net – 0.5%		24,194,030
Net Assets – 100.0%		5,181,356,607

Notes to Investment Portfolio:

(a) The financial statements of Columbia Marsico Focused Equities Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with Columbia Marsico Focused Equities Fund's financial statements.

Columbia Marsico Focused Equities Fund invests only in Columbia Marsico Focused Equities Master Portfolio. At September 30, 2007, Columbia Marsico Focused Equities Fund owned 99.8% of Columbia Marsico Focused Equities Master Portfolio. Columbia Marsico Focused Equities Master Portfolio was invested in the following sectors at September 30, 2007:

Sector	% of Net Assets
Consumer Discretionary		25.7
Information Technology		17.6
Financials		13.0
Energy		11.5
Health Care		9.4
Industrials		7.3
Materials		6.5
Telecommunication Services		3.9
Consumer Staples		3.2
		98.1
Short-Term Obligations		2.0
Other Assets & Liabilities, Net		(0.1	)
		100.0

See Accompanying Notes to Financial Statements.
32

Investment Portfolio – Columbia Small Cap Growth Fund II, September 30, 2007 (Unaudited)

Investment Company – 100.1%

		Value ($)
Investment in Columbia Funds Master Investment Trust, LLC, Columbia Small Cap Growth Master Portfolio (a)	626,997,469		626,997,469
Total Investments – 100.1%			626,997,469
Other Assets & Liabilities, Net – (0.1)%			(899,310	)
Net Assets – 100.0%			626,098,159

Notes to Investment Portfolio:

(a) The financial statements of Columbia Small Cap Growth Master Portfolio, including its portfolio of investments, are included elsewhere within this report and should be read in conjunction with Columbia Small Cap Growth Fund II's financial statements.

Columbia Small Cap Growth Fund II invests only in Columbia Small Cap Growth Master Portfolio. At September 30, 2007, Columbia Small Cap Growth Fund II owned 99.3% of Columbia Small Cap Growth Master Portfolio. Columbia Small Cap Growth Master Portfolio was invested in the following sectors at September 30, 2007:

Sector	% of Net Assets
Information Technology		22.9
Health Care		20.7
Consumer Discretionary		17.2
Industrials		16.2
Financials		8.5
Energy		6.3
Materials		3.6
Consumer Staples		2.5
Telecommunication Services		1.6
Utilities		0.4
		99.9
Short-Term Obligations		0.2
Other Assets & Liabilities, Net		(0.1	)
		100.0

See Accompanying Notes to Financial Statements.
33

Statements of Assets and Liabilities – Stock Funds
September 30, 2007 (Unaudited)

	($)			($)			($)		($)			($)
	Columbia Asset Allocation Fund II			Columbia Marsico Growth Fund			Columbia Large Cap Core Fund		Columbia Marsico Focused Equities Fund			Columbia Small Cap Growth Fund II
Assets
Unaffiliated investments, at identified cost		126,593,867			_—			—		—			—
Investment in Master Portfolio, at identified cost		—			5,138,697,710			1,422,991,338		3,672,060,140			567,556,761
Total investments, at identified cost		126,593,867			5,138,697,710			1,422,991,338		3,672,060,140			567,556,761
Unaffiliated investments, at value		150,367,289			—			—		—			—
Investment in Master Portfolio, at value		—			6,826,895,619			1,747,506,051		5,157,162,577			626,997,469
Total investments, at value		150,367,289			6,826,895,619			1,747,506,051		5,157,162,577			626,997,469
Receivable for:
Investment sold		812,027			—			—		—			—
Fund shares sold		13,532			11,990,491			1,170,607		35,253,079			292,996
Interest		396,951			—			—		—			—
Dividends		94,603			—			—		—			—
Trustees' deferred compensation plan		—			—			—		—			36,096
Total Assets		151,684,402			6,838,886,110			1,748,676,658		5,192,415,656			627,326,561
Liabilities
Payable to custodian bank		206,885			—			—		—			—
Payable for:
Investments purchased		315,808			12,016,321			—		—			—
Fund shares redeemed		245,442			—			1,249,154		7,469,553			626,936
Investment advisory fee		74,145			—			—		—			—
Administration fee		8,997			637,315			163,718		478,759			29,979
Transfer agent fee		23,804			1,451,209			243,329		1,185,526			82,498
Pricing and bookkeeping fees		10,042			3,445			3,445		3,445			3,445
Merger costs		—			—			—		—			227,760
Trustees' fees		79,138			110,209			50,565		34,976			34,129
Custody fee		2,220			640			494		418			551
Reports to shareholders		27,767			410,314			57,204		551,790			59,600
Distribution and service fees		32,896			1,520,644			60,052		1,267,691			57,846
Chief compliance officer expenses		163			383			126		341			48
Trustees' deferred compensation plan		—			—			—		—			36,096
Other liabilities		87,098			54,195			53,244		66,550			69,514
Total Liabilities		1,114,405			16,204,675			1,881,331		11,059,049			1,228,402
Net Assets		150,569,997			6,822,681,435			1,746,795,327		5,181,356,607			626,098,159
Net Assets Consist of
Paid-in capital		129,503,044			5,206,455,483			1,353,308,342		3,700,467,080			488,316,322
Undistributed net investment income		136,395			4,408,401			7,203,876		—			—
Accumulated net investment loss		—			—			—		(3,930,753	)		(2,126,886	)
Accumulated net realized gain (loss)		(2,842,864	)		(76,380,358	)		61,768,396		(282,157	)		80,468,015
Unrealized appreciation on investments		23,773,422			1,688,197,909			324,514,713		1,485,102,437			59,440,708
Net Assets		150,569,997			6,822,681,435			1,746,795,327		5,181,356,607			626,098,159

See Accompanying Notes to Financial Statements.
34

Statements of Assets and Liabilities – Stock Funds
September 30, 2007 (Unaudited) (continued)

	Columbia Asset Allocation Fund II			Columbia Marsico Growth Fund			Columbia Large Cap Core Fund			Columbia Marsico Focused Equities Fund			Columbia Small Cap Growth Fund II
Class A
Net assets	$	108,802,623		$	3,279,795,405		$	200,801,486		$	2,808,632,332		$	219,771,650
Shares outstanding		4,409,302			142,450,904			12,464,730			113,426,477			14,920,450
Net asset value per share (a)	$	24.68		$	23.02		$	16.11		$	24.76		$	14.73
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	26.19		$	24.42		$	17.09		$	26.27		$	15.63
Class B
Net assets	$	11,498,518		$	151,438,782		$	20,906,723		$	298,535,746		$	12,637,145
Shares outstanding		469,860			7,058,414			1,341,962			12,922,313			947,669
Net asset value and offering price per share (a)	$	24.47		$	21.46		$	15.58		$	23.10		$	13.33
Class C
Net assets	$	942,234		$	970,514,872		$	2,434,676		$	604,547,117		$	4,728,309
Shares outstanding		38,543			45,172,083			156,321			26,090,320			347,253
Net asset value and offering price per share (a)	$	24.45		$	21.48		$	15.57		$	23.17		$	13.62
Class R
Net assets		—		$	9,267,560			—			—			—
Shares outstanding		—			404,829			—			—			—
Net asset value, offering and redemption price per share		—		$	22.89			—			—			—
Class Z
Net assets	$	29,326,622		$	2,411,664,816		$	1,522,652,442		$	1,469,641,412		$	388,961,055
Shares outstanding		1,190,994			102,796,814			94,493,750			58,174,765			25,467,496
Net asset value, offering and redemption price per share	$	24.62		$	23.46		$	16.11		$	25.26		$	15.27

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

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

See Accompanying Notes to Financial Statements.
35

Statements of Operations – Stock Funds
For the Six Months Ended September 30, 2007 (Unaudited)

	($)			($)			($)			($)			($)
	Columbia Asset Allocation Fund II			Columbia Marsico Growth Fund			Columbia Large Cap Core Fund			Columbia Marsico Focused Equities Fund			Columbia Small Cap Growth Fund II
Investment Income
Dividends		932,123			—			—
Interest		1,557,468			—			—			—			—
Foreign taxes withheld		(218	)		—			—			—			—
Allocated from Master Portfolio:
Dividends		—			30,855,290			14,640,579			23,555,416			1,056,559
Interest		—			14,104,280			109,455			5,060,998			199,544
Securities lending		—			—			75,484			—			6,384
Foreign taxes withheld		—			(2,075,352	)		(78,144	)		(1,618,350	)		—
Total Investment Income		2,489,373			42,884,218			14,747,374			26,998,064			1,262,487
Expenses
Expenses allocated from Master Portfolio		—			22,363,216			5,159,641			17,523,280			2,399,397
Investment advisory fee		462,796			—			—			—			—
Administration fee		53,076			3,703,709			1,018,151			2,849,540			191,158
Distribution fee:
Class B		49,936			568,117			87,985			1,169,371			48,775
Class C		3,727			3,345,318			11,686			2,174,798			18,848
Class R		—			17,404			—			—			—
Service fee:
Class A		139,554			3,694,567			247,670			3,229,698			268,273
Class B		16,645			189,372			29,328			389,791			16,258
Class C		1,242			1,115,106			3,896			724,933			6,283
Transfer agent fee		107,950			3,102,198			754,565			2,934,421			387,316
Pricing and bookkeeping fees		48,421			20,783			20,783			20,783			20,783
Trustees' fee		5,161			9,986			2,000			2,445			2,003
Custody fee		11,029			2,389			2,023			1,987			2,036
Reports to shareholders		34,916			486,222			61,843			610,932			78,630
Chief compliance officer expenses		463			1,742			717			1,487			434
Other expenses		80,349			136,854			65,209			119,638			61,665
Expenses before interest expense		1,015,265			38,756,983			7,465,497			31,753,104			3,501,859
Interest expense		326			—			—			—			—
Interest expense allocated from Master Portfolio		—			—			6,909			3,220			1,919
Total Expenses		1,015,591			38,756,983			7,472,406			31,756,324			3,503,778
Fees waived by Transfer Agent		(57,137	)		(275,429	)		—			(817,689	)		(115,793	)
Expense reductions		(3,023	)		(5,737	)		(2,394	)		(9,818	)		(19,637	)
Net Expenses		955,431			38,475,817			7,470,012			30,928,817			3,368,348
Net Investment Income (Loss)		1,533,942			4,408,401			7,277,362			(3,930,753	)		(2,105,861	)

See Accompanying Notes to Financial Statements.
36

Statements of Operations – Stock Funds
For the Six Months Ended September 30, 2007 (Unaudited) (continued)

	($)			($)			($)			($)			($)
	Columbia Asset Allocation Fund II			Columbia Marsico Growth Fund			Columbia Large Cap Core Fund			Columbia Marsico Focused Equities Fund			Columbia Small Cap Growth Fund II
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Written Options:
Net realized gain (loss) on:
Investments		5,938,872			—			—			—			—
Allocated from Master Portfolio:
Investments		—			90,063,459			61,472,806			224,489,516			82,320,471
Foreign currency transactions		—			(12,646	)		(166	)		(367	)		—
Written options		—			—			1,080,857			—			53,402
Net realized gain		5,938,872			90,050,813			62,553,497			224,489,149			82,373,873
Net change in unrealized appreciation (depreciation) on:
Investments		(1,617,619	)		—			—			—			—
Allocated from Master Portfolio:
Investments		—			722,619,947			99,989,046			395,948,317			(11,100,145	)
Foreign currency translations		—			—			895			—			—
Written options		—			—			(85,708	)		—			—
Net change in unrealized appreciation (depreciation)		(1,617,619	)		722,619,947			99,904,233			395,948,317			(11,100,145	)
Net Gain		4,321,253			812,670,760			162,457,730			620,437,466			71,273,728
Net Increase Resulting from Operations		5,855,195			817,079,161			169,735,092			616,506,713			69,167,867

See Accompanying Notes to Financial Statements.
37

Statements of Changes in Net Assets – Stock Funds

Increase (Decrease) in Net Assets	Columbia Asset Allocation Fund II						Columbia Marsico Growth Fund						Columbia Large Cap Core Fund
	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income (loss)		1,533,942			2,964,550			4,408,401			(2,372,427	)		7,277,362			19,077,951
Net realized gain on investments, foreign currency transactions and written options		5,938,872			8,445,824			90,050,813	(a)		14,262,414	(a)		62,553,497	(a)		99,693,173	(a)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and written options		(1,617,619	)		3,852,164			722,619,947	(a)		182,981,005	(a)		99,904,233	(a)		67,700,837	(a)
Net Increase Resulting from Operations		5,855,195			15,262,538			817,079,161			194,870,992			169,735,092			186,471,961
Distributions to Shareholders
From net investment income:
Class A		(1,102,502	)		(2,171,018	)		—			—			(545,029	)		(1,217,262	)
Class B		(78,726	)		(204,040	)		—			—			—			—
Class C		(5,716	)		(27,546	)		—			—			—			—
Class Z		(329,140	)		(506,555	)		—			—			(7,451,961	)		(14,355,861	)
From net realized gains:
Class A		—			—			—			—			(2,599,061	)		—
Class B		—			—			—			—			(317,884	)		—
Class C		—			—			—			—			(37,574	)		—
Class Z		—			—			—			—			(19,675,460	)		—
Total Distributions to Shareholders		(1,516,084	)		(2,909,159	)		—			—			(30,626,969	)		(15,573,123	)
Net Capital Share Transactions		(11,172,750	)		(24,308,407	)		283,608,759			1,245,140,560			(90,104,349	)		(67,657,359	)
Total Increase (Decrease) in Net Assets		(6,833,639	)		(11,955,028	)		1,100,687,920			1,440,011,552			49,003,774			103,241,479
Net Assets
Beginning of period		157,403,636			169,358,664			5,721,993,515			4,281,981,963			1,697,791,553			1,594,550,074
End of period		150,569,997			157,403,636			6,822,681,435			5,721,993,515			1,746,795,327			1,697,791,553
Undistributed net investment income at end of period		136,395			118,537			4,408,401			—			7,203,876			7,923,504
Accumulated net investment loss at the end of the period		—			—			—			—			—			—

(a) Allocated from Master Portfolio.

See Accompanying Notes to Financial Statements.
38

Increase (Decrease) in Net Assets	Columbia Marsico Focused Equities Fund						Columbia Small Cap Growth Fund II
	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income (loss)		(3,930,753	)		(12,083,552	)		(2,105,861	)		(3,524,413	)
Net realized gain on investments, foreign currency transactions and written options		224,489,149			108,564,189	(a)		82,373,873	(a)		80,035,024	(a)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and written options		395,948,317	(a)		50,550,519	(a)		(11,100,145	)(a)		(56,894,366	)(a)
Net Increase Resulting from Operations		616,506,713			147,031,156			69,167,867			19,616,245
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class Z		—			—			—			—
From net realized gains:
Class A		—			—			(9,261,698	)		(35,804,093	)
Class B		—			—			(519,474	)		(3,314,131	)
Class C		—			—			(200,816	)		(1,015,314	)
Class Z		—			—			(18,000,306	)		(67,841,701	)
Total Distributions to Shareholders		—			—			(27,982,294	)		(107,975,239	)
Net Capital Share Transactions		(102,688,492	)		394,435,941			(18,525,031	)		211,423,714
Total Increase (Decrease) in Net Assets		513,818,221			541,467,097			22,660,542			123,064,720
Net Assets
Beginning of period		4,667,538,386			4,126,071,289			603,437,617			480,372,897
End of period		5,181,356,607			4,667,538,386			626,098,159			603,437,617
Undistributed net investment income at end of period		—			—			—			—
Accumulated net investment loss at the end of the period		(3,930,753	)		—			(2,126,886	)		(21,025	)

See Accompanying Notes to Financial Statements.
39

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia Asset Allocation Fund II
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Changes in Shares
Class A
Subscriptions		145,111			3,580,121			256,741			5,928,354
Distributions reinvested		41,524			1,019,593			87,950			2,020,175
Redemptions		(584,553	)		(14,409,548	)		(912,022	)		(20,962,566	)
Net Decrease		(397,918	)		(9,809,834	)		(567,331	)		(13,014,037	)
Class B
Subscriptions		8,121			195,121			10,934			248,417
Distributions reinvested		2,928			71,287			8,096			183,502
Redemptions		(180,706	)		(4,417,335	)		(388,919	)		(8,826,256	)
Net Decrease		(169,657	)		(4,150,927	)		(369,889	)		(8,394,337	)
Class C
Subscriptions		7,370			180,672			15,591			350,415
Distributions reinvested		179			4,353			1,096			24,885
Redemptions		(57,512	)		(1,385,482	)		(40,249	)		(926,873	)
Net Decrease		(49,963	)		(1,200,457	)		(23,562	)		(551,573	)
Class Z
Subscriptions		165,911			4,120,011			43,703			1,012,355
Distributions reinvested		12,151			297,648			9,483			217,764
Redemptions		(17,353	)		(429,191	)		(161,123	)		(3,578,579	)
Net Increase (Decrease)		160,709			3,988,468			(107,937	)		(2,348,460	)

See Accompanying Notes to Financial Statements.
40

Statements of Changes in Net Assets – Capital Stock Activity (continued)

	Columbia Marsico Growth Fund
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Changes in Shares
Class A
Subscriptions		25,779,650			549,364,911			60,395,634			1,171,277,592
Redemptions		(16,052,867	)		(342,919,091	)		(27,890,172	)		(541,450,685	)
Net Increase		9,726,783			206,445,820			32,505,462			629,826,907
Class B
Subscriptions		294,059			5,837,180			1,079,970			19,644,631
Redemptions		(1,531,279	)		(30,360,223	)		(3,586,506	)		(65,140,241	)
Net Decrease		(1,237,220	)		(24,523,043	)		(2,506,536	)		(45,495,610	)
Class C
Subscriptions		5,089,817			101,333,034			13,248,498			242,642,650
Redemptions		(3,885,322	)		(77,380,632	)		(6,172,836	)		(112,412,407	)
Net Increase		1,204,495			23,952,402			7,075,662			130,230,243
Class R
Subscriptions		299,345			6,327,433			218,904			4,295,458
Redemptions		(76,703	)		(1,622,947	)		(37,235	)		(736,233	)
Net Increase		222,642			4,704,486			181,669			3,559,225
Class Z
Subscriptions		13,908,397			301,966,252			38,387,022			763,389,561
Redemptions		(10,443,650	)		(228,937,158	)		(12,037,095	)		(236,369,766	)
Net Increase		3,464,747			73,029,094			26,349,927			527,019,795

See Accompanying Notes to Financial Statements.
41

Statements of Changes in Net Assets – Capital Stock Activity (continued)

	Columbia Large Cap Core Fund
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Changes in Shares
Class A
Subscriptions		359,902			5,627,573			590,121			8,241,999
Distributions reinvested		189,034			2,977,289			80,749			1,156,423
Redemptions		(1,151,439	)		(17,960,481	)		(2,687,393	)		(37,631,283	)
Net Decrease		(602,503	)		(9,355,619	)		(2,016,523	)		(28,232,861	)
Class B
Subscriptions		25,746			390,102			65,903			892,588
Distributions reinvested		19,259			294,091			—			—
Redemptions		(476,226	)		(7,220,570	)		(729,002	)		(9,921,962	)
Net Decrease		(431,221	)		(6,536,377	)		(663,099	)		(9,029,374	)
Class C
Subscriptions		5,961			89,029			109,510			1,482,121
Distributions reinvested		2,257			34,449			—			—
Redemptions		(644,904	)		(9,464,805	)		(400,084	)		(5,474,022	)
Net Decrease		(636,686	)		(9,341,327	)		(290,574	)		(3,991,901	)
Class Z
Subscriptions		4,997,485			78,149,788			12,410,783			174,002,439
Distributions reinvested		798,221			12,571,981			279,199			3,925,475
Redemptions		(9,868,889	)		(155,592,795	)		(14,782,222	)		(204,331,137	)
Net Decrease		(4,073,183	)		(64,871,026	)		(2,092,240	)		(26,403,223	)

See Accompanying Notes to Financial Statements.
42

Statements of Changes in Net Assets – Capital Stock Activity (continued)

	Columbia Marsico Focused Equities Fund
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Changes in Shares
Class A
Subscriptions		19,375,423			438,674,539			44,224,369			927,566,929
Redemptions		(20,038,707	)		(453,470,402	)		(27,805,936	)		(584,078,634	)
Net Increase (Decrease)		(663,284	)		(14,795,863	)		16,418,433			343,488,295
Class B
Subscriptions		249,374			5,305,662			680,653			13,377,347
Redemptions		(4,405,999	)		(93,067,590	)		(9,211,930	)		(182,050,208	)
Net Decrease		(4,156,625	)		(87,761,928	)		(8,531,277	)		(168,672,861	)
Class C
Subscriptions		2,037,651			43,218,125			7,103,099			140,691,307
Redemptions		(4,396,544	)		(93,096,489	)		(5,305,846	)		(104,879,402	)
Net Increase (Decrease)		(2,358,893	)		(49,878,364	)		1,797,253			35,811,905
Class Z
Subscriptions		7,787,244			182,116,206			16,645,474			358,425,223
Redemptions		(5,752,120	)		(132,368,543	)		(8,191,907	)		(174,616,621	)
Net Increase		2,035,124			49,747,663			8,453,567			183,808,602

See Accompanying Notes to Financial Statements.
43

Statements of Changes in Net Assets – Capital Stock Activity (continued)

	Columbia Small Cap Growth Fund II
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Changes in Shares
Class A
Subscriptions		300,116			4,312,800			846,115			12,194,803
Proceeds received in connection with merger		—			—			5,195,908			68,880,727
Distributions reinvested		617,154			8,738,895			2,521,813			33,418,724
Redemptions		(1,028,877	)		(14,798,584	)		(2,119,338	)		(30,091,164	)
Net Increase (Decrease)		(111,607	)		(1,746,889	)		6,444,498			84,403,090
Class B
Subscriptions		10,379			135,475			45,625			643,544
Proceeds received in connection with merger		—			—			164,721			2,001,422
Distributions reinvested		36,074			463,552			243,591			2,943,154
Redemptions		(141,452	)		(1,837,902	)		(412,258	)		(5,316,334	)
Net Increase (Decrease)		(94,999	)		(1,238,875	)		41,679			271,786
Class C
Subscriptions		32,957			442,566			99,293			1,297,619
Proceeds received in connection with merger		—			—			63,412			784,361
Distributions reinvested		10,387			136,278			51,267			632,012
Redemptions		(88,518	)		(1,165,065	)		(91,917	)		(1,195,372	)
Net Increase (Decrease)		(45,174	)		(586,221	)		122,055			1,518,620
Class Z
Subscriptions		2,758,620			40,927,679			4,060,420			57,665,124
Proceeds received in connection with merger		—			—			8,210,911			112,435,820
Distributions reinvested		459,949			6,752,054			1,389,406			19,020,642
Redemptions		(4,205,302	)		(62,632,779	)		(4,310,537	)		(63,891,368	)
Net Increase (Decrease)		(986,733	)		(14,953,046	)		9,350,200			125,230,218

See Accompanying Notes to Financial Statements.
44

Financial Highlights – Columbia Asset Allocation Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	24.00		$	22.22		$	20.84		$	20.20		$	16.44		$	19.92
Income from Investment Operations:
Net investment income (b)		0.25			0.43			0.32			0.31	(c)		0.25			0.29
Net realized and unrealized gain (loss) on investments and foreign currency		0.68			1.78			1.37			0.65	(d)		3.80			(3.48	)
Total from Investment Operations		0.93			2.21			1.69			0.96			4.05			(3.19	)
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.43	)		(0.31	)		(0.32	)		(0.29	)		(0.29	)
Net Asset Value, End of Period	$	24.68		$	24.00		$	22.22		$	20.84		$	20.20		$	16.44
Total return (e)		3.87	%(f)(g)		10.06	%(g)		8.17	%(g)		4.80	%(g)(h)		24.73	%(g)		(16.05	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.21	%(j)		1.22	%		1.13	%		1.25	%		1.29	%		1.29	%
Interest expense (k)		—	%(j)		—	%		—	%		—	%		—	%		—	%
Net expenses (i)		1.21	%(j)		1.22	%		1.13	%		1.25	%		1.29	%		1.29	%
Waiver/Reimbursement		0.08	%(j)		0.07	%		0.04	%		0.08	%		0.03	%		—
Net investment income (i)		2.01	%(j)		1.89	%		1.49	%		1.50	%		1.33	%		1.58	%
Portfolio turnover rate		37	%(f)		55	%		102	%		136	%		189	%		315	%
Net assets, end of period (000's)	$	108,803		$	115,393		$	119,408		$	109,409		$	106,642		$	88,011

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

(d) The effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions is included in the net realized and unrealized gain (loss) on investments (per share). The effect of this reimbursement was to increase net realized and unrealized gain (loss) on investments by $0.01.

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

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expeses, total return would have been reduced.

(h) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 4.73%.

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
45

Financial Highlights – Columbia Asset Allocation Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	23.81		$	22.04		$	20.67		$	20.04		$	16.31		$	19.81
Income from Investment Operations:
Net investment income (b)		0.16			0.26			0.14			0.15	(c)		0.11			0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.65			1.77			1.38			0.64	(d)		3.76			(3.47	)
Total from Investment Operations		0.81			2.03			1.52			0.79			3.87			(3.32	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.26	)		(0.15	)		(0.16	)		(0.14	)		(0.18	)
Net Asset Value, End of Period	$	24.47		$	23.81		$	22.04		$	20.67		$	20.04		$	16.31
Total return (e)		3.43	%(f)(g)		9.27	%(g)		7.38	%(g)		3.97	%(g)(h)		23.79	%(g)		(16.80	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.96	%(j)		1.97	%		1.88	%		2.00	%		2.04	%		2.04	%
Interest expense (k)		—	%(j)		—	%		—	%		—	%		—	%		—	%
Net expenses (i)		1.96	%(j)		1.97	%		1.88	%		2.00	%		2.04	%		2.04	%
Waiver/Reimbursement		0.08	%(j)		0.07	%		0.04	%		0.07	%		0.03	%		—
Net investment income (i)		1.28	%(j)		1.14	%		0.68	%		0.75	%		0.58	%		0.83	%
Portfolio turnover rate		37	%(f)		55	%		102	%		136	%		189	%		315	%
Net assets, end of period (000's)	$	11,499		$	15,225		$	22,247		$	43,962		$	64,122		$	72,344

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

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

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expeses, total return would have been reduced.

(h) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.92%.

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
46

Financial Highlights – Columbia Asset Allocation Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	23.79		$	22.02		$	20.65		$	20.02		$	16.31		$	19.84
Income from Investment Operations:
Net investment income (b)		0.17			0.26			0.15			0.15	(c)		0.11			0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.64			1.77			1.37			0.65	(d)		3.75			(3.48	)
Total from Investment Operations		0.81			2.03			1.52			0.80			3.86			(3.33	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.26	)		(0.15	)		(0.17	)		(0.15	)		(0.20	)
Net Asset Value, End of Period	$	24.45		$	23.79		$	22.02		$	20.65		$	20.02		$	16.31
Total return (e)		3.43	%(f)(g)		9.28	%(f)		7.39	%(f)		4.02	%(f)(h)		23.73	%(f)		(16.80	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.96	%(j)		1.97	%		1.88	%		2.00	%		2.04	%		2.04	%
Interest expense (k)		—	%(j)		—	%		—	%		—	%		—	%		—	%
Net expenses (i)		1.96	%(j)		1.97	%		1.88	%		2.00	%		2.04	%		2.04	%
Waiver/Reimbursement		0.08	%(j)		0.07	%		0.04	%		0.07	%		0.03	%		—
Net investment income (i)		1.40	%(j)		1.14	%		0.73	%		0.75	%		0.58	%		0.83	%
Portfolio turnover rate		37	%(g)		55	%		102	%		136	%		189	%		315	%
Net assets, end of period (000's)	$	942		$	2,105		$	2,468		$	2,628		$	2,372		$	1,992

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

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

(f) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expeses, total return would have been reduced.

(g) Not annualized.

(h) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.95%.

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
47

Financial Highlights – Columbia Asset Allocation Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	23.95		$	22.17		$	20.81		$	20.18		$	16.42		$	19.93
Income from Investment Operations:
Net investment income (b)		0.28			0.49			0.37			0.36	(c)		0.29			0.32
Net realized and unrealized gain (loss) on investments and foreign currency		0.67			1.78			1.36			0.64	(d)		3.81			(3.49	)
Total from Investment Operations		0.95			2.27			1.73			1.00			4.10			(3.17	)
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.49	)		(0.37	)		(0.37	)		(0.34	)		(0.34	)
Net Asset Value, End of Period	$	24.62		$	23.95		$	22.17		$	20.81		$	20.18		$	16.42
Total return (e)		3.97	%(f)(g)		10.35	%(f)		8.35	%(f)		5.01	%(f)(h)		25.07	%(f)		(15.96	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		0.96	%(j)		0.97	%		0.88	%		1.00	%		1.04	%		1.04	%
Interest expense (k)		—	%(j)		—	%		—	%		—	%		—	%		—	%
Net expenses (i)		0.96	%(j)		0.97	%		0.88	%		1.00	%		1.04	%		1.04	%
Waiver/Reimbursement		0.08	%(j)		0.07	%		0.04	%		0.07	%		0.03	%		—
Net investment income (i)		2.25	%(j)		2.15	%		1.72	%		1.75	%		1.58	%		1.83	%
Portfolio turnover rate		37	%(g)		55	%		102	%		136	%		189	%		315	%
Net assets, end of period (000's)	$	29,327		$	24,680		$	25,236		$	26,425		$	25,750		$	35,514

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

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

(f) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expeses, total return would have been reduced.

(g) Not annualized.

(h) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 4.94%.

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
48

Financial Highlights – Columbia Marsico Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	20.22		$	19.53		$	17.04		$	15.80		$	11.86		$	14.72
Income from Investment Operations:
Net investment income (loss) (c)		0.02			—	(d)		(0.03	)		(0.03	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.78			0.69			2.52			1.27			4.00			(2.78	)
Total from Investment Operations		2.80			0.69			2.49			1.24			3.94			(2.86	)
Net Asset Value, End of Period	$	23.02		$	20.22		$	19.53		$	17.04		$	15.80		$	11.86
Total return (e)		13.85	%(f)(g)		3.53	%(g)		14.61	%(g)		7.85	%(g)		33.22	%(g)		(19.43	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		1.20	%(h)(i)		1.22	%(i)		1.21	%		1.30	%		1.37	%		1.42	%
Waiver/Reimbursement		0.01	%(h)		0.01	%		0.06	%(j)		0.03	%(j)		0.02	%(j)		—
Net investment income (loss)		0.18	%(h)(i)		0.01	%(i)		(0.15	)%		(0.21	)%		(0.42	)%		(0.62	)%
Net assets, end of period (000's)	$	3,279,795		$	2,864,153		$	1,956,822		$	988,948		$	546,537		$	279,840

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) Amount represents less than $0.01.

(e) Total return at net asset value assuming no initial sales charge or contingent deferred sales charge.

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

(h) Annualized.

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

(j) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -%, -% and -% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
49

Financial Highlights – Columbia Marsico Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	18.92		$	18.40		$	16.18		$	15.12		$	11.43		$	14.29
Income from Investment Operations:
Net investment loss (c)		(0.05	)		(0.13	)		(0.15	)		(0.15	)		(0.16	)		(0.17	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.59			0.65			2.37			1.21			3.85			(2.69	)
Total from Investment Operations		2.54			0.52			2.22			1.06			3.69			(2.86	)
Net Asset Value, End of Period	$	21.46		$	18.92		$	18.40		$	16.18		$	15.12		$	11.43
Total return (d)		13.42	%(e)(f)		2.83	%(f)		13.72	%(f)		7.01	%(f)		32.28	%(f)		(20.01	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		1.95	%(g)(h)		1.97	%(h)		1.96	%		2.05	%		2.12	%		2.17	%
Waiver/Reimbursement		0.01	%(g)		0.01	%		0.06	%(i)		0.03	%(i)		0.02	%(i)		—
Net investment loss		(0.54	)%(g)(h)		(0.71	)%(h)		(0.85	)%		(0.96	)%		(1.17	)%		(1.37	)%
Net assets, end of period (000's)	$	151,439		$	156,923		$	198,749		$	194,668		$	200,270		$	137,432

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

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

(e) Not annualized

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

(g) Annualized

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

(i) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -%, -% and -% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
50

Financial Highlights – Columbia Marsico Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	18.94		$	18.43		$	16.20		$	15.14		$	11.44		$	14.31
Income from Investment Operations:
Net investment loss (c)		(0.06	)		(0.13	)		(0.15	)		(0.15	)		(0.17	)		(0.17	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.60			0.64			2.38			1.21			3.87			(2.70	)
Total from Investment Operations		2.54			0.51			2.23			1.06			3.70			(2.87	)
Net Asset Value, End of Period	$	21.48		$	18.94		$	18.43		$	16.20		$	15.14		$	11.44
Total return (d)		13.41	%(e)(f)		2.77	%(f)		13.77	%(f)		7.00	%(f)		32.34	%(f)		(20.06	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		1.95	%(g)(h)		1.97	%(h)		1.96	%		2.05	%		2.12	%		2.17	%
Waiver/Reimbursement		0.01	%(g)		0.01	%		0.06	%(i)		0.03	%(i)		0.02	%(i)		—
Net investment loss		(0.57	)%(g)(h)		(0.74	)%(h)		(0.89	)%		(0.96	)%		(1.17	)%		(1.37	)%
Net assets, end of period (000's)	$	970,515		$	832,852		$	679,735		$	352,016		$	177,599		$	55,913

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

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(e) Not annualized

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

(g) Annualized

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

See Accompanying Notes to Financial Statements.
51

Financial Highlights – Columbia Marsico Growth Fund

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

Class R Shares (a)	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (b)
Net Asset Value, Beginning of Period	$	20.14		$	19.49		$	18.89
Income from Investment Operations:
Net investment loss (c)		(0.02	)		(0.08	)		(0.01	)
Net realized and unrealized gain on investments and foreign currency		2.77			0.73			0.61
Total from Investment Operations		2.75			0.65			0.60
Net Asset Value, End of Period	$	22.89		$	20.14		$	19.49
Total return (d)(e)		13.65	%(f)		3.34	%		3.18	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses		1.45	%(g)(h)		1.47	%(h)		1.54	%(g)
Waiver/Reimbursement		0.01	%(g)		0.01	%		0.07	%(g)(i)
Net investment loss		(0.15	)%(g)(h)		(0.42	)%(h)		(0.35	)%(g)
Net assets, end of period (000's)	$	9,268		$	3,669		$	10

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

(b) Class R shares commenced operations on January 23, 2006.

(d) Total return at net asset value.

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

(f) Not annualized.

(g) Annualized.

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

(i) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.01% for the year ended March 31, 2006.

See Accompanying Notes to Financial Statements.
52

Financial Highlights – Columbia Marsico Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	20.58		$	19.82		$	17.25		$	15.96		$	11.95		$	14.79
Income from Investment Operations:
Net investment income (loss) (c)		0.05			0.05			0.02			0.01			(0.02	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.83			0.71			2.55			1.28			4.03			(2.79	)
Total from Investment Operations		2.88			0.76			2.57			1.29			4.01			(2.84	)
Net Asset Value, End of Period	$	23.46		$	20.58		$	19.82		$	17.25		$	15.96		$	11.95
Total return (d)		13.99	%(e)(f)		3.83	%(f)		14.90	%(f)		8.08	%(f)		33.56	%(f)		(19.20	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.95	%(g)(h)		0.97	%(h)		0.96	%		1.05	%		1.12	%		1.17	%
Waiver/Reimbursement		0.01	%(g)		0.01	%		0.06	%(i)		0.03	%(i)		0.02	%(i)		—
Net investment income (loss)		0.43	%(g)(h)		0.25	%(h)		0.11	%		0.04	%		(0.17	)%		(0.37	)%
Net assets, end of period (000's)	$	2,411,665		$	2,044,397		$	1,446,667		$	774,996		$	371,942		$	106,436

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

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

(d) Total return at net asset value.

(e) Not Annualized

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

(g) Annualized.

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

See Accompanying Notes to Financial Statements.
53

Financial Highlights – Columbia Large Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.86		$	13.35		$	12.00		$	11.55		$	8.76		$	12.31
Income from Investment Operations:
Net investment income (c)		0.05			0.14			0.11			0.10			0.03			0.04
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.45			1.46			1.35			0.45	(d)		2.79			(3.56	)
Total from Investment Operations		1.50			1.60			1.46			0.55			2.82			(3.52	)
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.09	)		(0.11	)		(0.10	)		(0.03	)		(0.03	)
From net realized gains		(0.21	)		—			—			—			—			—
Total distributions to shareholders		(0.25	)		(0.09	)		(0.11	)		(0.10	)		(0.03	)		(0.03	)
Net Asset Value, End of Period	$	16.11		$	14.86		$	13.35		$	12.00		$	11.55		$	8.76
Total return (e)		10.14	%(f)		12.00	%		12.19	%(g)		4.71	%(g)(h)		32.21	%(g)		(28.61	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.07	%(i)(j)		1.05	%(i)		1.03	%		1.12	%(k)		1.18	%(k)		1.19	%
Interest expense		—	%(j)(l)		—	%(l)		—			—	%(l)		—			—
Net expenses		1.07	%(i)(j)		1.05	%(i)		1.03	%		1.12	%(k)		1.18	%(k)		1.19	%
Waiver/Reimbursement		—			—			0.06	%(m)		0.03	%(m)		0.03	%(m)		—
Net investment income		0.63	%(i)(j)		0.98	%(i)		0.86	%		0.89	%		0.27	%		0.44	%
Portfolio turnover rate		—			—			—			—			—			15	%(n)
Net assets, end of period (000's)	$	200,801		$	194,203		$	201,359		$	213,513		$	245,616		$	213,691

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

(h) Without the effect from the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 4.70%.

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

(j) Annualized.

(k) The reimbursement from the investment advisor had an impact of less than 0.01%.

(l) Rounds to less than 0.01%.

(m) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -%, 0.01% and -% for the fiscal years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

(n) Amount represents results prior to conversion to a master-feeder structure on May 13, 2002.

See Accompanying Notes to Financial Statements.
54

Financial Highlights – Columbia Large Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.39		$	12.95		$	11.65		$	11.21		$	8.54		$	12.07
Income from Investment Operations:
Net investment income (loss) (c)		(0.01	)		0.03			0.01			0.02			(0.05	)		(0.03	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.41			1.41			1.31			0.42	(d)		2.72			(3.50	)
Total from Investment Operations		1.40			1.44			1.32			0.44			2.67			(3.53	)
Less Distributions to Shareholders:
From net investment income		(0.21	)		—			(0.02	)		—	(e)		—			—	(e)
Net Asset Value, End of Period	$	15.58		$	14.39		$	12.95		$	11.65		$	11.21		$	8.54
Total return (f)		9.74	%(g)		11.12	%		11.33	%(h)		3.93	%(h)(i)		31.26	%(h)		(29.23	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.82	%(j)(k)		1.80	%(k)		1.78	%		1.87	%(l)		1.93	%(l)		1.94	%
Interest expense		—	%(j)(m)		—	%(m)		—			—	%(m)		—			—
Net expenses		1.82	%(j)(k)		1.80	%(k)		1.78	%		1.87	%(l)		1.93	%(l)		1.94	%
Waiver/Reimbursement		—			—			0.06	%(n)		0.03	%(n)		0.03	%(n)		—
Net investment income (loss)		(0.12	)%(j)(k)		0.21	%(k)		0.11	%		0.14	%		(0.48	)%		(0.31	)%
Portfolio turnover rate		—			—			—			—			—			15	%(o)
Net assets, end of period (000's)	$	20,907		$	25,523		$	31,542		$	37,140		$	44,571		$	38,972

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

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

(e) Amount represents less than $0.01 per share.

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

(g) Not annualized.

(h) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

(i) Without the effect from the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.92%.

(j) Annualized.

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

(l) The reimbursement from the investment advisor had an impact of less than 0.01%.

(m) Rounds to less than 0.01%.

(n) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -%, 0.01% and -% for the fiscal years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

(o) Amount represents results prior to conversion to a master-feeder structure on May 13, 2002.

See Accompanying Notes to Financial Statements.
55

Financial Highlights – Columbia Large Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.39		$	12.94		$	11.64		$	11.21		$	8.54		$	12.08
Income from Investment Operations:
Net investment income (loss) (c)		(0.01	)		0.03			0.01			0.02			(0.05	)		(0.03	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.40			1.42			1.31			0.42	(d)		2.72			(3.51	)
Total from Investment Operations		1.39			1.45			1.32			0.44			2.67			(3.54	)
Less Distributions to Shareholders:
From net investment income		—			—			(0.02	)		(0.01	)		—			—
From net realized gains		(0.21	)		—			—			—			—			—
Total distributions to shareholders		(0.21	)		—			(0.02	)		(0.01	)		—			—
Net Asset Value, End of Period	$	15.57		$	14.39		$	12.94		$	11.64		$	11.21		$	8.54
Total return (e)		9.67	%(f)		11.21	%		11.34	%(g)		3.91	%(g)(h)		31.26	%(g)		(29.30	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.82	%(i)(j)		1.80	%(i)		1.78	%		1.87	%(k)		1.93	%(k)		1.94	%
Interest expense		—	%(j)(l)		—	%(l)		—			—	%(l)		—			—
Net expenses		1.82	%(i)(j)		1.80	%(i)		1.78	%		1.87	%(k)		1.93	%(k)		1.94	%
Waiver/Reimbursement		—			—			0.06	%(m)		0.03	%(m)		0.03	%(m)		—
Net investment income (loss)		(0.11	)%(i)(j)		0.21	%(i)		0.11	%		0.14	%		(0.48	)%		(0.31	)%
Portfolio turnover rate		—			—			—			—			—			15	%(n)
Net assets, end of period (000's)	$	2,435		$	11,413		$	14,026		$	14,899		$	16,702		$	12,857

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

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

(h) Without the effect from the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.92%.

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

(j) Annualized.

(k) The reimbursement from the investment advisor had an impact of less than 0.01%.

(l) Rounds to less than 0.01%.

(n) Amount represents results prior to conversion to a master-feeder structure on May 13, 2002.

See Accompanying Notes to Financial Statements.
56

Financial Highlights – Columbia Large Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.88		$	13.39		$	12.03		$	11.58		$	8.78		$	12.35
Income from Investment Operations:
Net investment income (c)		0.07			0.17			0.14			0.13			0.05			0.07
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.45			1.47			1.36			0.45	(d)		2.81			(3.59	)
Total from Investment Operations		1.52			1.64			1.50			0.58			2.86			(3.52	)
Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.15	)		(0.14	)		(0.13	)		(0.06	)		(0.05	)
From net realized gains		(0.21	)		—			—			—			—			—
Total distributions to shareholders		(0.29	)		(0.15	)		(0.14	)		(0.13	)		(0.06	)		(0.05	)
Net Asset Value, End of Period	$	16.11		$	14.88		$	13.39		$	12.03		$	11.58		$	8.78
Total return (e)		10.23	%(f)		12.28	%		12.50	%(g)		4.98	%(g)(h)		32.58	%(g)		(28.55	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.82	%(i)(j)		0.80	%(i)		0.78	%		0.87	%(k)		0.93	%(k)		0.94	%
Interest expense		—	%(j)(l)		—	%(l)		—			—			—			—
Net expenses		0.82	%(i)(j)		0.80	%(i)		0.78	%		0.87	%(k)		0.93	%(k)		0.94	%
Waiver/Reimbursement		—			—			0.06	%(m)		0.03	%(m)		0.03	%(m)		—
Net investment income		0.88	%(i)(j)		1.23	%(i)		1.11	%		1.14	%		0.52	%		0.69	%
Portfolio turnover rate		—			—			—			—			—			15	%(n)
Net assets, end of period (000)	$	1,522,652		$	1,466,653		$	1,347,623		$	1,187,622		$	1,517,644		$	1,393,260

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

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

(h) Without the effect from the investment advisor 's reimbursment for the Fund exceeding certain investment restrictions, total return would have been 4.70%.

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

(j) Annualized.

(k) The reimbursement from the investment advisor had an impact of less than 0.01%.

(l) Rounds to less than 0.01%.

(n) Amount represents results prior to conversion to a master-feeder structure on May 13, 2002.

See Accompanying Notes to Financial Statements.
57

Financial Highlights – Columbia Marsico Focused Equities Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	21.81		$	21.10		$	17.67		$	16.79		$	12.70		$	15.77
Income from Investment Operations:
Net investment loss (c)		(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.96			0.75			3.48			0.94			4.17			(2.99	)
Total from Investment Operations		2.95			0.71			3.43			0.88			4.09			(3.07	)
Net Asset Value, End of Period	$	24.76		$	21.81		$	21.10		$	17.67		$	16.79		$	12.70
Total return (d)		13.53	%(e)(f)		3.36	%(f)		19.41	%(f)		5.24	%(f)		32.20	%(f)		(19.47	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		1.22	%(h)		1.24	%		1.22	%		1.30	%		1.34	%		1.37	%
Interest expense		—	%(h)(i)		—			—			—			—			—
Net expenses (g)		1.22	%(h)		1.24	%		1.22	%		1.30	%		1.34	%		1.37	%
Waiver/Reimbursement		0.03	%(h)		0.04	%		0.08	%(j)		0.03	%(j)		0.03	%(j)		—
Net investment loss (g)		(0.09	)%(h)		(0.19	)%		(0.27	)%		(0.37	)%		(0.49	)%		(0.60	)%
Net assets, end of period (000's)	$	2,808,632		$	2,488,288		$	2,061,076		$	1,256,948		$	1,030,985		$	537,958

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

(e) Not annualized.

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

(j) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.02%, -% and -% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
58

Financial Highlights – Columbia Marsico Focused Equities Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	20.42		$	19.91		$	16.80		$	16.08		$	12.25		$	15.33
Income from Investment Operations:
Net investment loss (c)		(0.09	)		(0.17	)		(0.18	)		(0.18	)		(0.19	)		(0.18	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.77			0.68			3.29			0.90			4.02			(2.90	)
Total from Investment Operations		2.68			0.51			3.11			0.72			3.83			(3.08	)
Net Asset Value, End of Period	$	23.10		$	20.42		$	19.91		$	16.80		$	16.08		$	12.25
Total return (d)		13.12	%(e)(f)		2.56	%(f)		18.51	%(f)		4.48	%(f)		31.27	%(f)		(20.09	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		1.97	%(h)		1.99	%		1.97	%		2.05	%		2.09	%		2.12	%
Interest expense		—	%(h)(i)		—			—			—			—			—
Net expenses (g)		1.97	%(h)		1.99	%		1.97	%		2.05	%		2.09	%		2.12	%
Waiver/Reimbursement		0.03	%(h)		0.04	%		0.08	%(j)		0.03	%(j)		0.03	%(j)		—
Net investment loss (g)		(0.82	)%(h)		(0.85	)%		(1.01	)%		(1.12	)%		(1.24	)%		(1.35	)%
Net assets, end of period (000's)	$	298,536		$	348,836		$	509,933		$	517,489		$	576,884		$	462,082

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

(e) Not annualized.

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
59

Financial Highlights – Columbia Marsico Focused Equities Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	20.49		$	19.97		$	16.85		$	16.13		$	12.29		$	15.38
Income from Investment Operations:
Net investment loss (c)		(0.09	)		(0.18	)		(0.19	)		(0.18	)		(0.19	)		(0.18	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.77			0.70			3.31			0.90			4.03			(2.91	)
Total from Investment Operations		2.68			0.52			3.12			0.72			3.84			(3.09	)
Net Asset Value, End of Period	$	23.17		$	20.49		$	19.97		$	16.85		$	16.13		$	12.29
Total return (d)		13.08	%(e)(f)		2.60	%(f)		18.52	%(f)		4.46	%(f)		31.24	%(f)		(20.09	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (g)		1.97	%(h)		1.99	%		1.97	%		2.05	%		2.09	%		2.12	%
Interest expense		—	%(h)(i)		—			—			—			—			—
Net expenses (g)		1.97	%(h)		1.99	%		1.97	%		2.05	%		2.09	%		2.12	%
Waiver/Reimbursement		0.03	%(h)		0.04	%		0.08	%(j)		0.03	%(j)		0.03	%(j)		—
Net investment loss (g)		(0.84	)%(h)		(0.92	)%		(1.01	)%		(1.12	)%		(1.24	)%		(1.35	)%
Net assets, end of period (000's)	$	604,547		$	582,805		$	532,250		$	382,989		$	342,885		$	175,032

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(e) Not annualized.

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
60

Financial Highlights – Columbia Marsico Focused Equities Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	22.22		$	21.45		$	17.92		$	16.98		$	12.81		$	15.87
Income from Investment Operations:
Net investment income (loss) (c)		0.02			0.01			—	(d)		(0.02	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency		3.02			0.76			3.53			0.96			4.21			(3.01	)
Total from Investment Operations		3.04			0.77			3.53			0.94			4.17			(3.06	)
Net Asset Value, End of Period	$	25.26		$	22.22		$	21.45		$	17.92		$	16.98		$	12.81
Total return (e)		13.68	%(f)(g)		3.59	%(g)		19.70	%(g)		5.54	%(g)		32.55	%(g)		(19.28	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.97	%(i)		0.99	%		0.97	%		1.05	%		1.09	%		1.12	%
Interest expense		—	%(i)(j)		—			—			—			—			—
Net expenses (h)		0.97	%(i)		0.99	%		0.97	%		1.05	%		1.09	%		1.12	%
Waiver/Reimbursement		0.03	%(i)		0.04	%		0.08	%(k)		0.03	%(k)		0.03	%(k)		—
Net investment income (loss) (h)		0.15	%(i)		0.06	%		(0.01	)%		(0.12	)%		(0.24	)%		(0.35	)%
Net assets, end of period (000's)	$	1,469,641		$	1,247,610		$	1,022,812		$	751,124		$	701,306		$	384,706

(b) On August 22, 2005, the Fund's Primary A were renamed Class Z shares.

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

(e) Total return at net asset value.

(f) Not annualized.

(g) Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

(k) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.02%, -% and -% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
61

Financial Highlights – Columbia Small Cap Growth Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	13.79		$	17.56		$	15.06		$	15.04		$	9.96		$	14.84
Income from Investment Operations:
Net investment income (loss) (c)		(0.06	)		(0.12	)		(0.13	)		(0.14	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss) on investments and written options		1.63			(0.24	)(d)		4.51			0.16			5.21			(4.78	)
Total from Investment Operations		1.57			(0.36	)		4.38			0.02			5.08			(4.88	)
Less Distributions to Shareholders:
From net realized gains		(0.63	)		(3.41	)		(1.88	)		—			—			—
Net Asset Value, End of Period	$	14.73		$	13.79		$	17.56		$	15.06		$	15.04		$	9.96
Total return (e)(f)		11.59	%(g)		(0.03	)%		30.90	%		0.13	%		51.00	%		(32.88	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.20	%(h)(i)		1.23	%(h)		1.24	%		1.32	%		1.38	%(j)		1.40	%
Interest expense		—	%(i)(k)		—			—			—			—	%(k)		—	%(k)
Net expenses		1.20	%(h)(i)		1.23	%(h)		1.24	%		1.32	%		1.38	%(j)		1.40	%
Waiver/Reimbursement		0.04	%(i)		0.03	%		0.07	%(l)		0.08	%(l)		0.12	%(l)		0.08	%
Net investment loss		(0.80	)%(h)(i)		(0.81	)%(h)		(0.84	)%		(0.96	)%		(1.00	)%		(0.86	)%
Portfolio turnover rate		—			—			—			—			40	%(m)		44	%
Net assets end of period (000's)	$	219,772		$	207,258		$	150,761		$	132,400		$	212,854		$	128,620

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the year due to the timing of repurchases of Fund shares in relation to fluctuating market values of the investments of Columbia Small Cap Growth Master Portfolio.

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

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

(g) Not annualized.

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

(i) Annualized.

(j) The reimbursement from the investment advisor had an impact of 0.02%.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.01%, 0.05% and 0.09% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

(m) Amount represents results prior to conversion to a master-feeder structure on November 1, 2003.

See Accompanying Notes to Financial Statements.
62

Financial Highlights – Columbia Small Cap Growth Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.49		$	16.21		$	14.13		$	14.22		$	9.49		$	14.25
Income from Investment Operations:
Net investment income (loss) (c)		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.22	)		(0.18	)
Net realized and unrealized gain (loss) on investments and written options		1.46			(0.22	)(d)		4.20			0.15			4.95			(4.58	)
Total from Investment Operations		1.36			(0.43	)		3.96			(0.09	)		4.73			(4.76	)
Less Distributions to Shareholders:
From net realized gains		(0.52	)		(3.29	)		(1.88	)		—			—			—
Net Asset Value, End of Period	$	13.33		$	12.49		$	16.21		$	14.13		$	14.22		$	9.49
Total return (e)(f)		11.07	%(g)		(0.69	)%		29.92	%		(0.63	)%		49.84	%		(33.40	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interst expense		1.95	%(h)(i)		1.98	%(h)		1.99	%		2.07	%		2.13	%(j)		2.15	%
Interest expense		—	%(i)(k)		—			—			—			—	%(k)		—	%(k)
Net expenses		1.95	%(h)(i)		1.98	%(h)		1.99	%		2.07	%		2.13	%(j)		2.15	%
Waiver/Reimbursement		0.04	%(i)		0.03	%		0.07	%(l)		0.08	%(l)		0.12	%(l)		0.08	%
Net investment loss		(1.55	)%(h)(i)		(1.58	)%(h)		(1.59	)%		(1.73	)%		(1.75	)%		(1.61	)%
Portfolio turnover rate		—			—			—			—			40	%(m)		44	%
Net assets, end of period (000's)	$	12,637		$	13,018		$	16,229		$	16,131		$	19,367		$	12,567

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

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

(g) Not annualized.

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

(i) Annualized.

(j) The reimbursement from the investment advisor had an impact of 0.02%.

(k) Rounds to less than 0.01%.

(m) Amount represents results prior to conversion to a master-feeder structure on November 1, 2003.

See Accompanying Notes to Financial Statements.
63

Financial Highlights – Columbia Small Cap Growth Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.74		$	16.47		$	14.33		$	14.42		$	9.62		$	14.45
Income from Investment Operations:
Net investment income (loss) (c)		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.22	)		(0.18	)
Net realized and unrealized gain (loss) on investments and written options		1.30			(0.23	)(d)		4.26			0.15			5.02			(4.65	)
Total from Investment Operations		1.40			(0.44	)		4.02			(0.09	)		4.80			(4.83	)
Less Distributions to Shareholders:
From net realized gains		(0.52	)		(3.29	)		(1.88	)		—			—			—
Net Asset Value, End of Period	$	13.62		$	12.74		$	16.47		$	14.33		$	14.42		$	9.62
Total return (e)(f)		11.17	%(g)		(0.74	)%		29.93	%		(0.62	)%		49.90	%		(33.43	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.95	%(h)(i)		1.98	%(h)		1.99	%		2.07	%		2.13	%(j)		2.15	%
Interest expense		—	%(i)(k)		—			—			—			—	%(k)		—	%(k)
Net expenses		1.95	%(h)(i)		1.98	%(h)		1.99	%		2.07	%		2.13	% (j)		2.15	%
Waiver/Reimbursement		0.04	%(i)		0.03	%		0.07	%(l)		0.08	%(l)		0.12	%(l)		0.08	%
Net investment loss		(1.56	)%(h)(i)		(1.57	)%(h)		(1.59	)%		(1.73	)%		(1.75	)%		(1.61	)%
Portfolio turnover rate		—			—			—			—			40	%(m)		44	%
Net assets end of period (000's)	$	4,728		$	4,998		$	4,452		$	3,651		$	5,454		$	3,644

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

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

(g) Not annualized.

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

(i) Annualized.

(j) The reimbursement from the investment advisor had an impact of 0.02%.

(k) Rounds to less than 0.01%.

(m) Amount represents results prior to conversion to a master-feeder structure on November 1, 2003.

See Accompanying Notes to Financial Statements.
64

Financial Highlights – Columbia Small Cap Growth Fund II

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.30		$	18.06		$	15.40		$	15.35		$	10.14		$	15.07
Income from Investment Operations:
Net investment loss (c)		(0.04	)		(0.08	)		(0.10	)		(0.11	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss) on investments and written options		1.68			(0.23	)(d)		4.64			0.16			5.31			(4.86	)
Total from Investment Operations		1.64			(0.31	)		4.54			0.05			5.21			(4.93	)
Less Distributions to Shareholders:
From net realized gains		(0.67	)		(3.45	)		(1.88	)		—			—			—
Net Asset Value, End of Period	$	15.27		$	14.30		$	18.06		$	15.40		$	15.35		$	10.14
Total return (e)(f)		11.66	%(g)		0.33	%		31.26	%		0.33	%		51.38	%		(32.71	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.95	%(h)(i)		0.98	%(h)		0.99	%		1.07	%		1.13	%(j)		1.15	%
Interest expense		—	%(i)(k)		—			—			—			—	%(k)		—	%(k)
Net expenses		0.95	%(h)(i)		0.98	%(h)		0.99	%		1.07	%		1.13	%(j)		1.15	%
Waiver/Reimbursement		0.04	%(i)		0.03	%		0.07	%(l)		0.08	%(l)		0.12	%(l)		0.08	%
Net investment loss		(0.55	)%(h)(i)		(0.56	)%(h)		(0.59	)%		(0.73	)%		(0.75	)%		(0.61	)%
Portfolio turnover rate		—			—			—			—			40	%(m)		44	%
Net assets end of period (000's)	$	388,961		$	378,164		$	308,930		$	360,975		$	509,419		$	410,198

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

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

(g) Not annualized.

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

(i) Annualized.

(j) The reimbursement from the investment advisor had an impact of 0.02%.

(k) Rounds to less than 0.01%.

(m) Amount represents results prior to conversion to a master-feeder structure on November 1, 2003.

See Accompanying Notes to Financial Statements.
65

Notes to Financial Statements – Stock Funds
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Asset Allocation Fund II

Columbia Marsico Growth Fund

Columbia Large Cap Core Fund

Columbia Marsico Focused Equities Fund

Columbia Small Cap Growth Fund II

Investment Objectives

Columbia Asset Allocation Fund II seeks total return, consisting of long-term capital appreciation and current income. Columbia Marsico Growth Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II each seek long-term growth of capital. Columbia Large Cap Core Fund seeks long-term capital appreciation.

Columbia Marsico Growth Fund, Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II (the "Feeder Funds") seek to achieve their investment objectives by investing all or substantially all of their assets in Columbia Marsico Growth Master Portfolio, Columbia Large Cap Core Master Portfolio, Columbia Marsico Focused Equities Master Portfolio and Columbia Small Cap Growth Master Portfolio, respectively (the "Master Portfolios"). The Master Portfolios are each a series of Columbia Funds Master Investment Trust, LLC (the "Master Trust"). Each Master Portfolio has the same investment objective as its corresponding Feeder Fund. The values of the Feeder Funds' investments in their respective Master Portfolios that are included in the Statements of Assets and Liabilities, reflect the Feeder Funds' proportionate amount of beneficial interest in the net assets of the respective Master Portfolios (99.3% for Columbia Marsico Growth Master Portfolio, 99.5% for Columbia Large Cap Core Master Portfolio, 99.8% for Columbia Marsico Focused Equities Master Portfolio and 99.3% for Columbia Small Cap Growth Master Portfolio at September 30, 2007). The financial statements of the Master Portfolios, including their investment portfolios, are included elsewhere within this report and should be read in conjunction with the Feeder Funds' financial statements. Other funds that are managed by Columbia Management Advisors, LLC ("Columbia"), that are not registered under the 1940 Act and whose financial statements are not presented here, also invest in the Master Portfolios.

At a Board meeting held in June 2007, the Board of Trustees voted to take various actions to convert Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II into stand-alone funds, investing directly in individual portfolio securities rather than in their respective Master Portfolios. Among other actions, the Board adopted an advisory agreement with Columbia and a sub-advisory agreement with Marsico Capital Management, LLC for Columbia Marsico Focused Equities Fund on the same terms as are currently in place at the Master Portfolio level. These actions will not result in any changes in the investment objective or principal investment strategies of, or total fees charged to, Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II. Nor will they result in a change in the principal risks of investing in these Funds, except that the risks of investing in a master-feeder structure will no longer apply. There will be no transaction or other costs charged to Fund shareholders and no federal income tax consequences as a result of these actions. Fund shareholder approval is not required to implement these actions and, therefore, will not be requested. The conversion is expected to take place in late February 2008.

Fund Shares

The Trust may issue an unlimited number of shares. Columbia Asset Allocation Fund II, Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II each offer four classes of shares: Class A, Class B, Class C and Class Z shares. Columbia Marsico Growth Fund offers five classes of shares: Class A, Class B, Class C, Class R and Class Z shares. 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 amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Funds' prospectuses.

Stock Funds, September 30, 2007 (Unaudited)

Note 2. Significant Accounting Policies

Security Valuation

Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

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

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 of Trustees. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security.

Similar policies are followed by the Master Portfolios in which the Feeder Funds invest. See the Notes to Financial Statements for the Master Portfolios included elsewhere in this report for the Master Portfolios' valuation policies.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued. SFAS 157 is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is evaluating the impact the application of SFAS 157 will have on the Funds' financial statement disclosures.

Security Transactions

Delayed Delivery Securities

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

Treasury Inflation Protected Securities

Columbia Asset Allocation Fund II may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically for inflation based on a monthly published index. Interest payments are based on the inflation-adjusted principal at the time the interest is paid.

Repurchase Agreements

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

Stock Funds, September 30, 2007 (Unaudited)

Foreign Currency Transactions

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

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on debt securities. Corporate actions and dividend income are recorded on the ex-date.

The Funds estimate components of distributions from real estate investment trust (REITs). Distributions received from REITs in excess of their income are recorded as a reduction of the cost of the related investments and/or realized gain as applicable. If the Columbia Asset Allocation Fund II no longer own the applicable securities, any distributions received in excess of income are recorded as realized gains.

Determination of Class Net Asset Values

All income, expenses (other than class-specific expenses, as shown on the Statements of Operations), and realized and unrealized gains (losses), are allocated to each class of a 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.

The Feeder Funds record their proportionate share of investment income, realized and unrealized gains (losses) and expenses reported by the Master Portfolios on a daily basis. The investment income, realized and unrealized gains (losses) and expenses are allocated daily to investors of the Master Portfolios based upon the relative value of their investment in the Master Portfolios.

Distributions to Shareholders

Dividends from net investment income are declared and paid quarterly for Columbia Asset Allocation Fund II. Dividends from net investment income, if any, are declared and paid annually by the remaining Funds. Net realized capital gains, if any, are distributed at least annually for all Funds.

Federal Income Tax Status

Indemnification

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

	Ordinary Income *		Long-Term Capital Gains
Columbia Asset Allocation Fund II	$	2,909,159	$	—
Columbia Marsico
Growth Fund		—		—
Columbia Large Cap
Core Fund		15,573,123		—
Columbia Marsico
Focused Equities Fund		—		—
Columbia Small Cap
Growth Fund II		9,984,992		97,990,247

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

Stock Funds, September 30, 2007 (Unaudited)

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation			Unrealized Depreciation			Net Unrealized Appreciation
Columbia Asset Allocation Fund II	$	26,696,196		$	(2,922,774	)	$	23,773,422
Columbia Marsico Growth Fund		—	*		—	*		—	*
Columbia Large Cap Core Fund		—	*		—	*		—	*
Columbia Marsico Focused Equities Fund		—	*		—	*		—	*
Columbia Small Cap Growth Fund II		—	*		—	*		—	*

* See corresponding Master Portfolio's notes to financial statements for tax basis information.

	Expiring in:
	2008	2009	2010	2011	2012	2013	Total
Columbia Asset Allocation Fund II	$—	$—	$—	$—	$8,566,692	$—	$8,566,692
Columbia Marsico Growth Fund	1,479,676	1,479,676	66,806,078	61,903,630	—	30,480,049	162,149,109
Columbia Marsico Focused Equities Fund	—	—	61,296,471	145,695,377	—	732,294	207,724,142

The Funds adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Fund. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Funds' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of Bank of America Corporation ("BOA"), is the investment advisor to Asset Allocation Fund II and the Master Portfolios. Columbia receives an investment advisory fee from Columbia Asset Allocation Fund II, calculated daily and payable monthly, at the annual rate of 0.60% of the Fund's average daily net assets.

The Feeder Funds indirectly pay for investment advisory and sub-advisory services through their investments in their corresponding Master Portfolios. (See Note 4 of Notes to Financial Statements of the Master Portfolios.)

Stock Funds, September 30, 2007 (Unaudited)

Administration Fee

Columbia provides administrative and other services to the Funds. Under the administration agreement, Columbia is entitled to receive an administration fee, computed daily and paid monthly, based on the Funds' average daily net assets at the annual rates listed below less the fees payable by the Funds as described under the Pricing and Bookkeeping Fees note below:

	Administration Fee Rate
Columbia Asset Allocation Fund II		0.12	%
Columbia Marsico Growth Fund		0.12	%
Columbia Large Cap Core Fund		0.12	%
Columbia Marsico Focused Equities Fund		0.12	%
Columbia Small Cap Growth Fund II		0.07	%

Pricing and Bookkeeping Fees

The Funds have entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds have also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Funds. Under the State Street Agreements, each Fund pays State Street an annual fee of $38,000 paid monthly. In addition, Columbia Asset Allocation Fund II pays State Street a monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee for Columbia Asset Allocation Fund II will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket expenses and charges.

The Funds entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Columbia Asset Allocation Fund II reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services relating to Fund expenses. In addition, the Funds reimburse Columbia for services related to the requirements of the Sarbanes-Oxley Act of 2002.

For the six months ended September 30, 2007, the amounts charged to the Funds by affiliates included in the Statements of Operations under "Pricing and bookkeeping fees" were as follows:

	Amounts Charged by Affiliates		Amounts Unpaid to Affiliates
Columbia Asset Allocation Fund II	$	7,442	$	1,313
Columbia Marsico Growth Fund		1,783		834
Columbia Large Cap Core Fund		1,783		834
Columbia Marsico Focused Equities Fund		1,783		834
Columbia Small Cap Growth Fund II		1,783		834

Transfer Agent Fee

Stock Funds, September 30, 2007 (Unaudited)

each Fund. Columbia, at its discretion, may revise or discontinue this arrangement at any time.

An annual minimum account balance fee of $20 may apply on certain accounts with a value below the initial minimum investment requirements for such accounts to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as a reduction of total expenses on the Statements of Operations.

For the six months ended September 30, 2007, these minimum account balance fees reduced total expenses as follows:

	Account Balance Fee Reductions
Columbia Asset Allocation Fund II	$	2,938
Columbia Marsico Growth Fund		5,733
Columbia Large Cap Core Fund		2,383
Columbia Marsico Focused Equities Fund		9,813
Columbia Small Cap Growth Fund II		19,622

For the six months ended September 30, 2007, the annualized effective transfer agent fee rates for the Funds, inclusive of out-of-pocket expenses, sub-transfer agent fees and net of minimum account balance fees and waivers, if applicable, as a percentage of the Funds' average daily net assets, were as follows:

	Annualized Effective Fee Rates
Columbia Asset Allocation Fund II		0.06	%
Columbia Marsico Growth Fund		0.09	%
Columbia Large Cap Core Fund		0.09	%
Columbia Marsico Focused Equities Fund		0.09	%
Columbia Small Cap Growth Fund II		0.08	%

Underwriting Discounts, Service and Distribution Fees

	Front End Sales Charge		CDSC
	Class A		Class A		Class B		Class C
Columbia Asset Allocation Fund II	$	3,831	$	—	$	3,276	$	114
Columbia Marsico Growth Fund		92,303		5,518		74,166		55,809
Columbia Large Cap Core Fund		3,955		—		4,470		1,730
Columbia Marsico Focused Equities Fund		53,564		13,771		127,931		34,483
Columbia Small Cap Growth Fund II		5,751		3,115		5,611		1,259

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of each Fund and a combined distribution and shareholder servicing plan for Class A shares of each Fund. The Trust has also adopted a distribution plan for Class R shares of Columbia Marsico Growth Fund. The shareholder servicing plans permit the Funds to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Funds to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of each Fund directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

Stock Funds, September 30, 2007 (Unaudited)

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75%			0.75	%
Class R Distribution Plan		0.50	%		0.50	%

Expense Limits and Fee Waivers

For Columbia Small Cap Growth Fund II, Columbia and/or some of the Fund's other service providers have contractually agreed to waive fees and/or reimburse certain expenses through July 31, 2008, so that the expenses incurred by the Fund (exclusive of distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, will not exceed 1.15% annually of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after July 31, 2008.

Columbia and/or the Distributor are entitled to recover from Columbia Small Cap Growth Fund II any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver or reimbursement, if such recovery does not cause the Fund's total operating expenses to exceed the expense limitations in effect at the time of recovery.

At September 30, 2007, the amounts potentially recoverable by Columbia from Columbia Small Cap Growth Fund II pursuant to this arrangement is $335,159, expiring March 31, 2008.

Custody Credits

For the six month period ended September 30, 2007, these credits reduced total expenses as follows:

	Custody Credits
Columbia Asset Allocation Fund II	$	85
Columbia Marsico Growth Fund		4
Columbia Large Cap Core Fund		11
Columbia Marsico Focused Equities Fund		5
Columbia Small Cap Growth Fund II		15

Fees Paid to Officers and Trustees

As a result of fund mergers, certain Funds assumed the assets and liabilities of the deferred compensation plan of an acquired fund. The deferred compensation plan of the acquired fund may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Stock Funds, September 30, 2007 (Unaudited)

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	U.S Government Securities						Other Investment Securities
	Purchases			Sales			Purchases			Sales
Columbia Asset Allocation Fund II	$	23,319,632		$	25,360,200		$	33,653,493		$	43,056,614
Columbia Marsico Growth Fund		—	*		—	*		—	*		—	*
Columbia Large Cap Core Fund		—	*		—	*		—	*		—	*
Columbia Marsico Focused Equities Fund		—	*		—	*		—	*		—	*
Columbia Small Cap Growth Fund II		—	*		—	*		—	*		—	*

* See corresponding Master Trust notes to financial statements for tax basis information.

Note 6. Shares of Beneficial Interest

An unlimited number of shares of beneficial interest without par value were authorized for the Trust. The Trust's Declaration of Trust authorizes the Board of Trustees to classify or reclassify any authorized but unissued shares into one or more additional classes or series of shares.

Class B shares generally convert to Class A shares as follows:

Class B shares purchased:				Will convert to Class A shares after:
– after November 15, 1998				Eight years
– between August 1, 1997				and November 15, 1998
$0 - $249,999				Nine years
$250,000 - $499,999				Six years
$500,000 - $999,999				Five years
– before August 1, 1997				Nine years

	% of Shares Outstanding Held
Columbia Asset Allocation Fund II		16.0
Columbia Marsico Growth Fund		19.7
Columbia Large Cap Core Fund		58.0
Columbia Marsico Focused Equities Fund		8.3
Columbia Small Cap Growth Fund II		40.8

As of September 30, 2007, several of the Funds had shareholders that held greater than 5% of the shares outstanding over which BOA and/or any of its affiliates did not have investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. The number of such accounts and the percentage of shares of beneficial interest outstanding held therein are as follows:

	Number of Shareholders	% of Shares Outstanding Held
Columbia Marsico Growth Fund	2	29.9
Columbia Large Cap Core Fund	1	13.6
Columbia Marsico Focused Equities Fund	2	20.4

Stock Funds, September 30, 2007 (Unaudited)

Note 7. Line of Credit

For the six months ended September 30, 2007, Columbia Asset Allocation Fund II borrowed under these arrangements with an average daily loan balance outstanding of $2,000,000 at a weighted average interest rate of 5.88%.

Note 8. Securities Lending

Columbia Asset Allocation Fund II commenced a securities lending program in August 2006 and may lend their securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Funds. Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Funds. The Funds bear the risk of loss with respect to the investment of collateral. For the six months ended September 30, 2007, Columbia Asset Allocation Fund II did not lend any securities.

Note 9. Significant Risks and Contingencies

Foreign Securities

There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Asset-Backed Securities

Investing in asset-backed securities is subject to certain risks. For example, the value of asset-backed securities may be affected by, among other factors, changes in: interest rates, the market's assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, information concerning the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement.

Legal Proceedings

Stock Funds, September 30, 2007 (Unaudited)

Corporation Form 8-K filing on February 10, 2005 and a copy of the SEC Order is available on the SEC's website.

Civil Litigation

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Stock Funds, September 30, 2007 (Unaudited)

That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

Note 10. Business Combinations and Mergers

As of the close of business on September 22, 2006, Columbia Small Company Equity Fund merged into Columbia Small Cap Growth Fund II. Columbia Small Cap Growth Fund II received a tax-free transfer of assets from Columbia Small Company Equity Fund as follows:

Shares Issued				Net Assets Received				Unrealized Depreciation*
	13,634,952			$	184,102,330			$	(11,128,807	)

Net Assets of Columbia Small Cap Growth Fund II Prior to Combination				Net Assets of Columbia Small Company Equity Fund Immediately Prior to Combination				Net Assets of Columbia Small Cap Growth Fund II Immediately After Combination
$	386,854,349			$	184,102,330			$	570,956,679

* Unrealized depreciation is included in the respective Net Assets Received.

Columbia Funds Master Investment Trust, LLC

Columbia Marsico Growth Master Portfolio, Columbia Large Cap Core Master Portfolio, Columbia Marsico Focused Equities Master Portfolio and Columbia Small Cap Growth Master Portfolio Semiannual Reports (Unaudited)

September 30, 2007

The following pages should be read in conjunction with Columbia Marsico Growth Fund, Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II Semiannual Reports.

Investment Portfolio – Columbia Marsico Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks – 92.3%

	Shares		Value ($)
Consumer Discretionary – 21.8%
Automobiles – 2.2%
Toyota Motor Corp., ADR		1,258,014		147,011,516
Automobiles Total				147,011,516
Hotels, Restaurants & Leisure – 15.1%
Las Vegas Sands Corp. (a)		1,756,409		234,340,089
McDonald's Corp.		4,317,111		235,153,036
MGM Mirage (a)		1,845,254		165,039,518
Station Casinos, Inc.		333,615		29,184,640
Wynn Resorts Ltd.		1,633,070		257,306,509
Yum! Brands, Inc.		3,501,212		118,446,002
Hotels, Restaurants & Leisure Total				1,039,469,794
Media – 2.6%
Comcast Corp., Class A (a)		7,401,821		178,976,032
Media Total				178,976,032
Specialty Retail – 1.9%
Lowe's Companies, Inc.		4,602,822		128,971,072
Specialty Retail Total				128,971,072
Consumer Discretionary Total				1,494,428,414
Consumer Staples – 2.9%
Beverages – 1.5%
Heineken NV, ADR		3,077,534		100,708,299
Beverages Total				100,708,299
Food & Staples Retailing – 1.4%
CVS Caremark Corp.		2,417,290		95,797,203
Food & Staples Retailing Total				95,797,203
Consumer Staples Total				196,505,502
Energy – 8.1%
Energy Equipment & Services – 7.0%
Cameron International Corp. (a)		458,686		42,332,131
Schlumberger Ltd.		3,187,478		334,685,190
Transocean, Inc. (a)		902,613		102,040,399
Energy Equipment & Services Total				479,057,720
Oil, Gas & Consumable Fuels – 1.1%
Devon Energy Corp.		385,034		32,034,829
Petroleo Brasileiro SA, ADR		639,904		48,312,752
Oil, Gas & Consumable Fuels Total				80,347,581
Energy Total				559,405,301

	Shares		Value ($)
Financials – 11.5%
Capital Markets – 6.4%
Goldman Sachs Group, Inc.		1,358,567		294,455,812
Lehman Brothers Holdings, Inc.		2,069,935		127,777,087
Morgan Stanley		280,462		17,669,106
Capital Markets Total				439,902,005
Commercial Banks – 4.3%
China Merchants Bank Co., Ltd., Class H		5,091,500		22,221,793
Industrial & Commercial Bank of China, Class H		217,584,000		151,710,475
Wells Fargo & Co.		3,379,340		120,372,091
Commercial Banks Total				294,304,359
Thrifts & Mortgage Finance – 0.8%
Federal National Mortgage Association		901,435		54,816,262
Thrifts & Mortgage Finance Total				54,816,262
Financials Total				789,022,626
Health Care – 9.7%
Biotechnology – 4.0%
Amylin Pharmaceuticals, Inc. (a)		1,597,073		79,853,650
Genentech, Inc. (a)		2,489,184		194,206,136
Biotechnology Total				274,059,786
Health Care Providers & Services – 4.7%
UnitedHealth Group, Inc.		6,762,944		327,529,378
Health Care Providers & Services Total				327,529,378
Pharmaceuticals – 1.0%
Schering-Plough Corp.		2,134,560		67,516,133
Pharmaceuticals Total				67,516,133
Health Care Total				669,105,297
Industrials – 10.5%
Aerospace & Defense – 7.2%
Boeing Co.		1,128,075		118,436,595
General Dynamics Corp.		2,056,851		173,742,204
Lockheed Martin Corp.		1,826,037		198,106,754
Aerospace & Defense Total				490,285,553
Air Freight & Logistics – 1.2%
FedEx Corp.		803,592		84,176,262
Air Freight & Logistics Total				84,176,262

See Accompanying Notes to Financial Statements.
78

Columbia Marsico Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Road & Rail – 2.1%
Union Pacific Corp.		1,275,372		144,193,558
Road & Rail Total				144,193,558
Industrials Total				718,655,373
Information Technology – 14.4%
Communications Equipment – 3.8%
Cisco Systems, Inc. (a)		5,961,580		197,387,914
Juniper Networks, Inc. (a)		1,790,311		65,543,286
Communications Equipment Total				262,931,200
Computers & Peripherals – 4.5%
Apple, Inc. (a)		1,420,483		218,100,960
Hewlett-Packard Co.		1,871,751		93,194,482
Computers & Peripherals Total				311,295,442
Internet Software & Services – 1.8%
Google, Inc., Class A (a)		213,279		120,986,778
Internet Software & Services Total				120,986,778
IT Services – 2.1%
Mastercard, Inc., Class A		992,603		146,875,466
IT Services Total				146,875,466
Semiconductors & Semiconductor Equipment – 2.2%
Intel Corp.		5,721,526		147,958,662
Semiconductors & Semiconductor Equipment Total				147,958,662
Information Technology Total				990,047,548
Materials – 6.2%
Chemicals – 5.0%
Air Products & Chemicals, Inc.		380,364		37,184,385
Monsanto Co.		2,155,969		184,852,782
Praxair, Inc.		1,474,861		123,534,357
Chemicals Total				345,571,524
Metals & Mining – 1.2%
Freeport-McMoRan Copper & Gold, Inc.		775,235		81,314,399
Metals & Mining Total				81,314,399
Materials Total				426,885,923
Telecommunication Services – 7.2%
Diversified Telecommunication Services – 2.9%
AT&T, Inc.		4,686,687		198,293,727
Diversified Telecommunication Services Total				198,293,727

	Shares		Value ($)
Wireless Telecommunication Services – 4.3%
America Movil SA de CV, ADR, Series L		1,652,816		105,780,224
China Mobile Ltd.		11,742,925		192,211,818
Wireless Telecommunication Services Total				297,992,042
Telecommunication Services Total				496,285,769
Total Common Stocks (Cost of $4,619,180,802)				6,340,341,753
Short-Term Obligations – 7.8%
	Par ($)
U.S. Government Obligations – 2.7%
U. S. Treasury Bill
3.250% 11/01/07		5,071,000		5,056,806
3.658% 01/03/08		44,587,000		44,173,703
3.765% 01/10/08		75,923,000		75,145,527
3.878% 01/31/08		31,180,000		30,783,754
3.934% 02/07/08		29,621,000		29,217,662
U.S. Government Obligations Total				184,377,452
Repurchase Agreement – 5.1%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by various U.S. Government Agency Obligations with maturities to 08/22/16, market value of $362,948,525 (repurchase proceeds $355,966,626)		355,824,000		355,824,000
Repurchase Agreement Total				355,824,000
Total Short-Term Obligations (Cost of $540,201,452)				540,201,452
Total Investments – 100.1% (Cost of $5,159,382,254) (b)				6,880,543,205
Other Assets & Liabilities, Net – (0.1)%				(7,959,383	)
Net Assets – 100.0%				6,872,583,822

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $5,159,382,254.

See Accompanying Notes to Financial Statements.
79

Columbia Marsico Growth Master Portfolio, September 30, 2007 (Unaudited)

At September 30, 2007, the Master Portfolio held investments in the following sectors:

Sector	% of Net Assets
Consumer Discretionary		21.8
Information Technology		14.4
Financials		11.5
Industrials		10.5
Health Care		9.7
Energy		8.1
Telecommunication Services		7.2
Materials		6.2
Consumer Staples		2.9
		92.3
Short-Term Obligations		7.8
Other Assets & Liabilities, Net		(0.1	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.
80

Investment Portfolio – Columbia Large Cap Core Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks – 99.5%

	Shares		Value ($)
Consumer Discretionary – 9.2%
Hotels, Restaurants & Leisure – 1.7%
McDonald's Corp. (a)		308,830		16,821,970
Starwood Hotels & Resorts Worldwide, Inc. (b)		229,995		13,972,196
Hotels, Restaurants & Leisure Total				30,794,166
Media – 3.3%
CBS Corp., Class B		356,877		11,241,625
EchoStar Communications Corp., Class A (b)		116,800		5,467,408
Time Warner, Inc.		1,112,000		20,416,320
Viacom, Inc., Class B (b)		301,314		11,742,207
Walt Disney Co.		252,730		8,691,385
Media Total				57,558,945
Multiline Retail – 1.3%
Kohl's Corp. (b)		170,755		9,789,384
Macy's, Inc.		146,388		4,731,260
Nordstrom, Inc. (c)		191,486		8,978,779
Multiline Retail Total				23,499,423
Specialty Retail – 0.9%
GameStop Corp., Class A (b)		166,770		9,397,490
Sherwin-Williams Co.		88,365		5,806,464
Specialty Retail Total				15,203,954
Textiles, Apparel & Luxury Goods – 2.0%
Coach, Inc. (b)		180,270		8,521,363
NIKE, Inc., Class B		179,830		10,548,828
Polo Ralph Lauren Corp.		109,405		8,506,238
V.F. Corp.		91,100		7,356,325
Textiles, Apparel & Luxury Goods Total				34,932,754
Consumer Discretionary Total				161,989,242
Consumer Staples – 9.6%
Beverages – 3.7%
Coca-Cola Co.		424,632		24,403,601
Diageo PLC, ADR		155,040		13,601,659
PepsiCo, Inc.		364,974		26,737,995
Beverages Total				64,743,255
Food & Staples Retailing – 1.1%
CVS Caremark Corp.		291,567		11,554,800
Kroger Co.		252,470		7,200,445
Food & Staples Retailing Total				18,755,245
Household Products – 3.3%
Colgate-Palmolive Co.		325,091		23,185,490
Kimberly-Clark Corp.		221,792		15,583,106
Procter & Gamble Co.		267,177		18,793,230
Household Products Total				57,561,826

	Shares		Value ($)
Personal Products – 1.1%
Avon Products, Inc.		518,595		19,462,870
Personal Products Total				19,462,870
Tobacco – 0.4%
Altria Group, Inc.		116,437		8,095,865
Tobacco Total				8,095,865
Consumer Staples Total				168,619,061
Energy – 11.1%
Energy Equipment & Services – 2.5%
Halliburton Co.		253,929		9,750,874
Noble Corp.		267,430		13,117,441
Tidewater, Inc. (c)		133,125		8,365,575
Weatherford International Ltd. (b)		185,500		12,461,890
Energy Equipment & Services Total				43,695,780
Oil, Gas & Consumable Fuels – 8.6%
Chevron Corp.		642,815		60,154,628
ConocoPhillips		333,960		29,311,669
Devon Energy Corp.		97,168		8,084,378
Exxon Mobil Corp.		316,070		29,255,439
Valero Energy Corp.		182,232		12,242,346
XTO Energy, Inc.		184,538		11,411,830
Oil, Gas & Consumable Fuels Total				150,460,290
Energy Total				194,156,070
Financials – 19.1%
Capital Markets – 2.8%
Affiliated Managers Group, Inc. (b)(c)		39,060		4,980,541
Ameriprise Financial, Inc.		103,480		6,530,623
Goldman Sachs Group, Inc.		60,980		13,216,805
Lazard Ltd., Class A (c)		226,121		9,587,530
State Street Corp.		209,640		14,289,062
Capital Markets Total				48,604,561
Commercial Banks – 3.1%
BB&T Corp.		215,450		8,702,026
PNC Financial Services Group, Inc.		190,865		12,997,907
TCF Financial Corp. (c)		320,290		8,385,192
U.S. Bancorp		730,759		23,771,590
Commercial Banks Total				53,856,715
Consumer Finance – 1.0%
American Express Co.		264,252		15,688,641
Discover Financial Services (b)		124,756		2,594,925
Consumer Finance Total				18,283,566

See Accompanying Notes to Financial Statements.
81

Columbia Large Cap Core Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Diversified Financial Services – 5.1%
Citigroup, Inc.		561,954		26,226,393
CME Group, Inc.		22,460		13,191,881
JPMorgan Chase & Co.		944,975		43,298,754
Nasdaq Stock Market, Inc. (b)		183,854		6,927,619
Diversified Financial Services Total				89,644,647
Insurance – 5.1%
ACE Ltd.		326,689		19,787,553
American International Group, Inc.		145,486		9,842,128
Aon Corp.		170,803		7,653,682
Aspen Insurance Holdings Ltd.		291,241		8,128,536
Hartford Financial Services Group, Inc.		122,138		11,303,872
MBIA, Inc. (c)		101,770		6,213,059
MetLife, Inc.		127,566		8,895,177
Prudential Financial, Inc.		87,025		8,491,900
Unum Group		405,228		9,915,929
Insurance Total				90,231,836
Thrifts & Mortgage Finance – 2.0%
Fannie Mae		417,725		25,401,857
Washington Mutual, Inc.		250,410		8,841,977
Thrifts & Mortgage Finance Total				34,243,834
Financials Total				334,865,159
Health Care – 11.7%
Biotechnology – 0.8%
Genentech, Inc. (b)		52,342		4,083,723
Genzyme Corp. (b)		92,515		5,732,229
Vertex Pharmaceuticals, Inc. (b)(c)		140,587		5,399,947
Biotechnology Total				15,215,899
Health Care Equipment & Supplies – 1.7%
Cytyc Corp. (b)		167,465		7,979,707
Medtronic, Inc.		203,610		11,485,640
Zimmer Holdings, Inc. (b)		127,335		10,312,862
Health Care Equipment & Supplies Total				29,778,209
Health Care Providers & Services – 3.6%
CIGNA Corp.		244,235		13,015,283
Coventry Health Care, Inc. (b)(c)		177,660		11,052,228
Express Scripts, Inc. (b)		196,880		10,989,842
Laboratory Corp. of America Holdings (b)		100,981		7,899,744
Manor Care, Inc. (c)		118,945		7,660,058
McKesson Corp.		217,051		12,760,428
Health Care Providers & Services Total				63,377,583

	Shares		Value ($)
Life Sciences Tools & Services – 0.8%
Waters Corp. (b)		203,992		13,651,145
Life Sciences Tools & Services Total				13,651,145
Pharmaceuticals – 4.8%
Abbott Laboratories		304,680		16,336,942
Johnson & Johnson		421,125		27,667,912
Merck & Co., Inc.		461,765		23,868,633
Pfizer, Inc.		490,920		11,993,176
Schering-Plough Corp.		139,480		4,411,752
Pharmaceuticals Total				84,278,415
Health Care Total				206,301,251
Industrials – 11.6%
Aerospace & Defense – 4.6%
General Dynamics Corp.		130,205		10,998,416
Goodrich Corp.		147,925		10,092,923
Honeywell International, Inc.		296,900		17,656,643
L-3 Communications Holdings, Inc.		55,820		5,701,455
Rockwell Collins, Inc.		139,035		10,155,116
United Technologies Corp.		315,755		25,411,963
Aerospace & Defense Total				80,016,516
Commercial Services & Supplies – 2.6%
Dun & Bradstreet Corp.		145,275		14,325,567
Equifax, Inc.		202,815		7,731,308
Republic Services, Inc.		282,642		9,245,220
Waste Management, Inc. (c)		392,889		14,827,631
Commercial Services & Supplies Total				46,129,726
Construction & Engineering – 0.5%
KBR, Inc. (b)		217,967		8,450,580
Construction & Engineering Total				8,450,580
Electrical Equipment – 0.5%
Emerson Electric Co.		172,580		9,184,708
Electrical Equipment Total				9,184,708
Industrial Conglomerates – 1.6%
General Electric Co.		694,945		28,770,723
Industrial Conglomerates Total				28,770,723
Machinery – 1.8%
Dover Corp.		83,760		4,267,572
Eaton Corp.		91,365		9,048,790
ITT Corp.		125,885		8,551,368
Parker Hannifin Corp.		89,926		10,056,424
Machinery Total				31,924,154
Industrials Total				204,476,407

See Accompanying Notes to Financial Statements.
82

Columbia Large Cap Core Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Information Technology – 16.5%
Communications Equipment – 3.3%
Cisco Systems, Inc. (a)(b)		1,107,469		36,668,299
Nokia Oyj, ADR (a)		312,490		11,852,746
QUALCOMM, Inc.		217,640		9,197,466
Communications Equipment Total				57,718,511
Computers & Peripherals – 5.1%
Apple, Inc. (b)		106,433		16,341,723
EMC Corp.		801,373		16,668,558
Hewlett-Packard Co. (a)		640,290		31,880,039
International Business Machines Corp. (a)		216,067		25,452,693
Computers & Peripherals Total				90,343,013
Electronic Equipment & Instruments – 0.6%
Agilent Technologies, Inc. (b)		280,608		10,348,823
Electronic Equipment & Instruments Total				10,348,823
Internet Software & Services – 1.2%
Akamai Technologies, Inc. (b)(c)		187,227		5,379,032
Google, Inc., Class A (b)		26,364		14,955,506
Internet Software & Services Total				20,334,538
IT Services – 0.4%
Cognizant Technology Solutions Corp., Class A (b)		81,480		6,499,660
IT Services Total				6,499,660
Semiconductors & Semiconductor Equipment – 3.3%
ASML Holding N.V., N.Y. Registered Shares (b)(c)		355,525		11,682,552
Intel Corp.		448,740		11,604,416
Intersil Corp., Class A		200,100		6,689,343
MEMC Electronic Materials, Inc. (b)		102,627		6,040,625
National Semiconductor Corp.		414,320		11,236,358
NVIDIA Corp. (b)		300,162		10,877,871
Semiconductors & Semiconductor Equipment Total				58,131,165
Software – 2.6%
Adobe Systems, Inc. (b)		336,454		14,689,582
Autodesk, Inc. (b)		176,694		8,829,399
Microsoft Corp.		726,807		21,411,734
VMware, Inc., Class A (b)(c)		7,945		675,325
Software Total				45,606,040
Information Technology Total				288,981,750

	Shares		Value ($)
Materials – 3.7%
Chemicals – 1.7%
Dow Chemical Co.		214,130		9,220,438
Praxair, Inc.		246,561		20,651,949
Chemicals Total				29,872,387
Construction Materials – 0.2%
Vulcan Materials Co.		37,570		3,349,366
Construction Materials Total				3,349,366
Containers & Packaging – 0.6%
Packaging Corp. of America		349,380		10,156,477
Containers & Packaging Total				10,156,477
Metals & Mining – 0.8%
Companhia Vale do Rio Doce, ADR		403,538		13,692,044
Metals & Mining Total				13,692,044
Paper & Forest Products – 0.4%
Domtar Corp. (b)		953,120		7,815,584
Paper & Forest Products Total				7,815,584
Materials Total				64,885,858
Telecommunication Services – 3.5%
Diversified Telecommunication Services – 2.8%
AT&T, Inc.		320,830		13,574,317
Citizens Communications Co. (c)		441,489		6,322,123
Qwest Communications International, Inc. (b)(c)		1,424,070		13,044,481
Time Warner Telecom, Inc., Class A (b)(c)		197,404		4,336,966
Verizon Communications, Inc.		254,510		11,269,703
Diversified Telecommunication Services Total				48,547,590
Wireless Telecommunication Services – 0.7%
ALLTEL Corp.		54,425		3,792,334
Rogers Communications, Inc., Class B		205,540		9,358,236
Wireless Telecommunication Services Total				13,150,570
Telecommunication Services Total				61,698,160
Utilities – 3.5%
Electric Utilities – 2.4%
American Electric Power Co., Inc.		272,803		12,570,762
Entergy Corp.		129,754		14,051,061
FPL Group, Inc.		265,230		16,147,202
Electric Utilities Total				42,769,025

See Accompanying Notes to Financial Statements.
83

Columbia Large Cap Core Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Independent Power Producers & Energy Traders – 0.4%
Mirant Corp. (b)		176,320		7,172,698
Independent Power Producers & Energy Traders Total				7,172,698
Multi-Utilities – 0.7%
Public Service Enterprise Group, Inc.		130,158		11,452,602
Multi-Utilities Total				11,452,602
Utilities Total				61,394,325
Total Common Stocks (Cost of $1,419,674,239)				1,747,367,283
Securities Lending Collateral – 3.9%
State Street Navigator Securities Lending Prime Portfolio (d) (7 day yield of 5.320%)		68,578,979		68,578,979
Total Securities Lending Collateral (Cost of $68,578,979)				68,578,979
Short-Term Obligation – 0.5%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by U.S. Government Agency Obligation maturing on 09/13/10, market value of $9,939,788 (repurchase proceeds $9,743,904)		9,740,000		9,740,000
Total Short-Term Obligation (Cost of $9,740,000)				9,740,000
Total Investments – 103.9% (Cost of $1,497,993,218)(e)				1,825,686,262
Other Assets & Liabilities, Net – (3.9)%				(69,041,809	)
Net Assets – 100.0%				1,756,644,453

Notes to Investment Portfolio:

(a) A portion of this security is pledged as collateral for written option contracts.

(b) Non-income producing security.

(c) All or a portion of this security was on loan at September 30, 2007. The market value of securities on loan at September 30, 2007 was $66,951,045.

(d) Investment made with cash collateral received from securities lending activity.

(e) Cost for federal income tax purposes is $1,497,993,218.

For the six months ended September 30, 2007, transactions in written options contracts were as follows:

	Number of contracts			Premium received
Options outstanding at March 31, 2007		10,560		$	1,181,875
Options written		30,288			972,723
Options terminated in closing purchase transactions		(2,182	)		(360,420	)
Options exercised		(7,340	)		(641,936	)
Options expired		(29,481	)		(1,086,288	)
Options outstanding at September 30, 2007		1,845		$	65,954

At September 30, 2007, the Fund held the following written call options:

Name of Issuer	Strike Price		Number of Contracts		Expiration Date	Premium		Value
Cisco Systems, Inc.	$	35.0		540	10/20/07	$	10,260	$	7,560
Hewlett-Packard Co.		55.0		350	10/20/07		4,025		3,500
International Business Machines Corp.		125.0		150	10/20/07		6,225		8,250
McDonald's Corp.		57.5		325	10/20/07		15,925		6,500
Nokia Oyj, ADR.		40.0		480	10/20/07		29,519		33,600

Total written call options (proceeds $65,954)

59,410

At September 30, 2007, the Master Portfolio held investments in the following sectors:

Sector	% of Net Assets
Financials		19.1
Information Technology		16.5
Health Care		11.7
Industrials		11.6
Energy		11.1
Consumer Staples		9.6
Consumer Discretionary		9.2
Materials		3.7
Telecommunication Services		3.5
Utilities		3.5
		99.5
Securities Lending Collateral		3.9
Short-Term Obligation		0.5
Other Assets & Liabilities, Net		(3.9	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.
84

Investment Portfolio – Columbia Marsico Focused Equities Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks – 98.1%

	Shares		Value ($)
Consumer Discretionary – 25.7%
Automobiles – 2.8%
Toyota Motor Corp., ADR		1,252,315		146,345,531
Automobiles Total				146,345,531
Hotels, Restaurants & Leisure – 17.4%
Las Vegas Sands Corp. (a)		2,122,038		283,122,310
McDonald's Corp.		4,660,575		253,861,520
MGM Mirage (a)		1,394,758		124,747,155
Wynn Resorts Ltd.		1,497,003		235,867,793
Hotels, Restaurants & Leisure Total				897,598,778
Media – 3.0%
Comcast Corp., Class A (a)		6,419,431		155,221,842
Media Total				155,221,842
Specialty Retail – 2.5%
Lowe's Companies, Inc.		4,519,762		126,643,731
Specialty Retail Total				126,643,731
Consumer Discretionary Total				1,325,809,882
Consumer Staples – 3.2%
Food & Staples Retailing – 3.2%
Costco Wholesale Corp.		97,758		5,999,408
CVS Caremark Corp.		3,974,581		157,512,645
Food & Staples Retailing Total				163,512,053
Consumer Staples Total				163,512,053
Energy – 11.5%
Energy Equipment & Services – 9.4%
Schlumberger Ltd.		3,144,001		330,120,105
Transocean, Inc. (a)		1,343,349		151,865,604
Energy Equipment & Services Total				481,985,709
Oil, Gas & Consumable Fuels – 2.1%
Petroleo Brasileiro SA, ADR		1,455,475		109,888,363
Oil, Gas & Consumable Fuels Total				109,888,363
Energy Total				591,874,072
Financials – 13.0%
Capital Markets – 5.4%
Goldman Sachs Group, Inc.		1,290,036		279,602,403
Capital Markets Total				279,602,403

	Shares		Value ($)
Commercial Banks – 6.0%
Industrial & Commercial Bank of China, Class H		312,492,900		217,885,718
Wells Fargo & Co.		2,599,591		92,597,432
Commercial Banks Total				310,483,150
Real Estate Investment Trusts (REITs) – 1.6%
ProLogis		1,267,876		84,123,572
Real Estate Investment Trusts (REITs) Total				84,123,572
Financials Total				674,209,125
Health Care – 9.4%
Biotechnology – 4.1%
Genentech, Inc. (a)		2,713,366		211,696,815
Biotechnology Total				211,696,815
Health Care Providers & Services – 5.3%
UnitedHealth Group, Inc.		5,670,648		274,629,483
Health Care Providers & Services Total				274,629,483
Health Care Total				486,326,298
Industrials – 7.3%
Aerospace & Defense – 5.1%
General Dynamics Corp.		1,231,472		104,022,440
Lockheed Martin Corp.		1,482,928		160,882,858
Aerospace & Defense Total				264,905,298
Road & Rail – 2.2%
Union Pacific Corp.		987,828		111,683,834
Road & Rail Total				111,683,834
Industrials Total				376,589,132
Information Technology – 17.6%
Communications Equipment – 4.7%
Cisco Systems, Inc. (a)		7,392,894		244,778,720
Communications Equipment Total				244,778,720
Computers & Peripherals – 6.8%
Apple, Inc. (a)		1,590,419		244,192,933
Hewlett-Packard Co.		2,090,165		104,069,316
Computers & Peripherals Total				348,262,249
Internet Software & Services – 3.1%
Google, Inc., Class A (a)		283,947		161,074,615
Internet Software & Services Total				161,074,615

See Accompanying Notes to Financial Statements.
85

Columbia Marsico Focused Equities Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Semiconductors & Semiconductor Equipment – 3.0%
Intel Corp.		6,059,520		156,699,187
Semiconductors & Semiconductor Equipment Total				156,699,187
Information Technology Total				910,814,771
Materials – 6.5%
Chemicals – 4.3%
Air Products & Chemicals, Inc.		409,942		40,075,930
Monsanto Co.		2,149,062		184,260,576
Chemicals Total				224,336,506
Metals & Mining – 2.2%
Freeport-McMoRan Copper & Gold, Inc.		1,075,330		112,791,364
Metals & Mining Total				112,791,364
Materials Total				337,127,870
Telecommunication Services – 3.9%
Diversified Telecommunication Services – 3.9%
AT&T, Inc.		4,809,871		203,505,642
Diversified Telecommunication Services Total				203,505,642
Telecommunication Services Total				203,505,642
Total Common Stocks (Cost of $3,574,563,842)				5,069,768,845
Short-Term Obligations – 2.0%
	Par ($)
U.S. Government Obligations – 0.7%
United States Treasury Bill
3.658% 01/03/08 (b)		8,651,000		8,570,810
3.765% 01/10/08 (b)		14,730,000		14,579,161
3.878% 01/31/08 (b)		6,050,000		5,973,114
3.934% 02/07/08 (b)		5,747,000		5,668,745
U.S. Government Obligations Total				34,791,830

	Par ($)		Value ($)
Repurchase Agreement – 1.3%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due on 10/01/07, at 4.810%, collateralized by various U.S. Government Agency Obligations with maturities through 09/04/12, market value $70,510,900 (repurchase proceeds $69,153,708)		69,126,000		69,126,000
Repurchase Agreement Total				69,126,000
Total Short-Term Obligations (Cost of $103,917,830)				103,917,830
Total Investments – 100.1% (Cost of $3,678,481,672) (c)				5,173,686,675
Other Assets & Liabilities, Net – (0.1)%				(7,343,640	)
Net Assets – 100.0%				5,166,343,035

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) The rate shown represents the annualized yield at the date of purchase.

At September 30, 2007, the Master Portfolio held investments in the following sectors:

Sector	% of Net Assets
Consumer Discretionary		25.7
Information Technology		17.6
Financials		13.0
Energy		11.5
Health Care		9.4
Industrials		7.3
Materials		6.5
Telecommunication Services		3.9
Consumer Staples		3.2
		98.1
Short-Term Obligations		2.0
Other Assets & Liabilities, Net		(0.1	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.
86

Investment Portfolio – Columbia Small Cap Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks – 99.9%

	Shares		Value ($)
Consumer Discretionary – 17.2%
Diversified Consumer Services – 3.4%
Capella Education Co. (a)		114,577		6,406,000
DeVry, Inc.		145,200		5,373,852
Sotheby's		95,871		4,581,675
Strayer Education, Inc.		30,818		5,196,839
Diversified Consumer Services Total				21,558,366
Hotels, Restaurants & Leisure – 5.5%
Ambassadors Group, Inc.		103,980		3,961,638
Buffalo Wild Wings, Inc. (a)		88,800		3,349,536
California Pizza Kitchen, Inc. (a)		172,686		3,034,093
Chipotle Mexican Grill, Inc., Class A (a)		46,925		5,543,250
P.F. Chang's China Bistro, Inc. (a)		88,930		2,632,328
Vail Resorts, Inc. (a)		81,233		5,060,004
WMS Industries, Inc. (a)		330,130		10,927,303
Hotels, Restaurants & Leisure Total				34,508,152
Household Durables – 1.1%
Tempur-Pedic International, Inc.		189,835		6,786,601
Household Durables Total				6,786,601
Internet & Catalog Retail – 1.3%
Priceline.com, Inc. (a)		49,555		4,398,006
Shutterfly, Inc. (a)		117,870		3,761,232
Internet & Catalog Retail Total				8,159,238
Media – 1.7%
Knology, Inc. (a)		238,631		3,992,297
Marvel Entertainment, Inc. (a)		146,430		3,432,319
National CineMedia, Inc.		158,710		3,555,104
Media Total				10,979,720
Specialty Retail – 2.5%
Aeropostale, Inc. (a)		157,460		3,001,188
Hibbett Sports, Inc. (a)		189,440		4,698,112
J Crew Group, Inc. (a)		55,270		2,293,705
Men's Wearhouse, Inc.		118,930		6,008,343
Specialty Retail Total				16,001,348
Textiles, Apparel & Luxury Goods – 1.7%
Volcom, Inc. (a)		91,230		3,879,100
Warnaco Group, Inc. (a)		165,831		6,479,017
Textiles, Apparel & Luxury Goods Total				10,358,117
Consumer Discretionary Total				108,351,542

	Shares		Value ($)
Consumer Staples – 2.5%
Beverages – 0.2%
Central European Distribution Corp. (a)		29,510		1,413,824
Beverages Total				1,413,824
Food & Staples Retailing – 0.2%
Longs Drug Stores Corp.		30,280		1,504,008
Food & Staples Retailing Total				1,504,008
Food Products – 0.4%
Reddy Ice Holdings, Inc.		81,996		2,162,235
Food Products Total				2,162,235
Personal Products – 1.7%
Chattem, Inc. (a)		149,089		10,513,756
Personal Products Total				10,513,756
Consumer Staples Total				15,593,823
Energy – 6.3%
Energy Equipment & Services – 2.8%
Atwood Oceanics, Inc. (a)		76,677		5,870,391
Dril-Quip, Inc. (a)		93,610		4,619,654
W-H Energy Services, Inc. (a)		96,810		7,139,737
Energy Equipment & Services Total				17,629,782
Oil, Gas & Consumable Fuels – 3.5%
Atlas America, Inc.		72,040		3,719,425
ATP Oil & Gas Corp. (a)		107,524		5,056,854
Berry Petroleum Co., Class A		100,660		3,985,129
Bill Barrett Corp. (a)		129,340		5,097,290
Foundation Coal Holdings, Inc.		115,790		4,538,968
Oil, Gas & Consumable Fuels Total				22,397,666
Energy Total				40,027,448
Financials – 8.5%
Capital Markets – 2.5%
Calamos Asset Management, Inc., Class A		227,330		6,417,526
GFI Group, Inc. (a)		111,373		9,591,443
Capital Markets Total				16,008,969
Consumer Finance – 2.0%
Advanta Corp., Class B		187,507		5,141,442
First Cash Financial Services, Inc. (a)		320,210		7,499,318
Consumer Finance Total				12,640,760

See Accompanying Notes to Financial Statements.
87

Columbia Small Cap Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Diversified Financial Services – 0.6%
Portfolio Recovery Associates, Inc.		72,320		3,838,022
Diversified Financial Services Total				3,838,022
Insurance – 1.3%
ProAssurance Corp. (a)		88,252		4,754,135
Security Capital Assurance Ltd.		158,960		3,630,646
Insurance Total				8,384,781
Real Estate Investment Trusts (REITs) – 1.5%
Digital Realty Trust, Inc.		130,020		5,121,488
Home Properties, Inc.		28,972		1,511,759
Nationwide Health Properties, Inc.		87,130		2,625,227
Real Estate Investment Trusts (REITs) Total				9,258,474
Real Estate Management & Development – 0.6%
Jones Lang LaSalle, Inc.		33,700		3,463,012
Real Estate Management & Development Total				3,463,012
Financials Total				53,594,018
Health Care – 20.7%
Biotechnology – 7.0%
Acadia Pharmaceuticals, Inc. (a)		102,832		1,547,622
Alkermes, Inc. (a)		216,017		3,974,713
ArQule, Inc. (a)		280,390		1,999,181
Array Biopharma, Inc. (a)		282,719		3,174,934
BioMarin Pharmaceuticals, Inc. (a)		231,478		5,763,802
Cepheid, Inc. (a)		193,090		4,402,452
Cubist Pharmaceuticals, Inc. (a)		74,150		1,566,789
CV Therapeutics, Inc. (a)		146,767		1,317,968
Myriad Genetics, Inc. (a)		40,687		2,121,827
Omrix Biopharmaceuticals, Inc. (a)		111,554		3,938,972
Onyx Pharmaceuticals, Inc. (a)		123,585		5,378,419
Regeneron Pharmaceuticals, Inc. (a)		82,146		1,462,199
Seattle Genetics, Inc. (a)		255,371		2,870,370
United Therapeutics Corp. (a)		74,437		4,953,038
Biotechnology Total				44,472,286
Health Care Equipment & Supplies – 6.5%
Align Technology, Inc. (a)		79,870		2,023,107
China Medical Technologies, Inc.		71,680		3,067,187
Gen-Probe, Inc. (a)		48,045		3,198,836
Hologic, Inc. (a)		113,029		6,894,769
Immucor, Inc. (a)		108,199		3,868,114
Kyphon, Inc. (a)		22,500		1,575,000
Mentor Corp.		104,335		4,804,627
OraSure Technologies, Inc. (a)		232,270		2,334,314
Palomar Medical Technologies, Inc. (a)		137,380		3,913,956
Wright Medical Group, Inc. (a)		342,380		9,182,632
Health Care Equipment & Supplies Total				40,862,542

	Shares		Value ($)
Health Care Providers & Services – 2.1%
Chemed Corp.		42,550		2,644,908
Healthways, Inc. (a)		65,560		3,538,273
MWI Veterinary Supply, Inc. (a) 86,888 3,280,022 Psychiatric Solutions, Inc. (a)		104,103		4,089,166
Health Care Providers & Services Total				13,552,369
Health Care Technology – 0.2%
Allscripts Healthcare Solutions, Inc. (a)		45,760		1,236,893
Health Care Technology Total				1,236,893
Life Sciences Tools & Services – 2.9%
eResearchTechnology, Inc. (a)		287,981		3,280,104
Illumina, Inc. (a)		236,389		12,263,861
PharmaNet Development Group, Inc. (a)		101,910		2,958,447
Life Sciences Tools & Services Total				18,502,412
Pharmaceuticals – 2.0%
Adams Respiratory Therapeutics, Inc. (a)		54,060		2,083,472
Hi-Tech Pharmacal Co., Inc. (a)		155,998		1,851,696
Medicis Pharmaceutical Corp., Class A		195,541		5,965,956
Salix Pharmaceuticals Ltd. (a)		197,290		2,450,342
Pharmaceuticals Total				12,351,466
Health Care Total				130,977,968
Industrials – 16.2%
Aerospace & Defense – 1.8%
Ceradyne, Inc. (a)		57,900		4,385,346
Curtiss-Wright Corp.		94,520		4,489,700
Hexcel Corp. (a)		113,497		2,577,517
Aerospace & Defense Total				11,452,563
Air Freight & Logistics – 0.5%
HUB Group, Inc., Class A (a)		103,061		3,094,922
Air Freight & Logistics Total				3,094,922
Airlines – 0.8%
Allegiant Travel Co. (a)		172,483		5,229,684
Airlines Total				5,229,684
Commercial Services & Supplies – 5.0%
FTI Consulting, Inc. (a)		103,180		5,190,986
Geo Group, Inc. (a)		190,910		5,652,845
Huron Consulting Group, Inc. (a)		61,240		4,447,249
IHS, Inc., Class A (a)		206,904		11,688,007
Kenexa Corp. (a)		105,679		3,252,800
TeleTech Holdings, Inc. (a)		66,560		1,591,449
Commercial Services & Supplies Total				31,823,336

See Accompanying Notes to Financial Statements.
88

Columbia Small Cap Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Electrical Equipment – 2.0%
Belden CDT, Inc.		66,610		3,124,675
II-VI, Inc. (a)		123,140		4,252,024
Woodward Governor Co.		81,210		5,067,504
Electrical Equipment Total				12,444,203
Machinery – 4.0%
Actuant Corp., Class A		86,092		5,593,397
Astec Industries, Inc. (a)		81,046		4,656,093
Bucyrus International, Inc., Class A		71,170		5,190,428
Tennant Co.		65,980		3,213,226
Valmont Industries, Inc.		17,099		1,450,850
Wabtec Corp.		133,001		4,982,218
Machinery Total				25,086,212
Marine – 1.1%
Kirby Corp. (a)		159,300		7,031,502
Marine Total				7,031,502
Road & Rail – 1.0%
Celadon Group, Inc. (a)		249,841		2,940,629
Genesee & Wyoming, Inc., Class A (a)		114,778		3,310,197
Road & Rail Total				6,250,826
Industrials Total				102,413,248
Information Technology – 22.9%
Communications Equipment – 3.2%
Anaren, Inc. (a)		123,698		1,744,142
Finisar Corp. (a)		641,412		1,795,954
Foundry Networks, Inc. (a)		163,862		2,911,828
Ixia (a)		254,859		2,222,370
NETGEAR, Inc. (a)		100,448		3,055,628
Polycom, Inc. (a)		317,960		8,540,405
Communications Equipment Total				20,270,327
Computers & Peripherals – 0.4%
Synaptics, Inc. (a)		47,430		2,265,257
Computers & Peripherals Total				2,265,257
Electronic Equipment & Instruments – 3.0%
Anixter International, Inc. (a)		47,860		3,946,057
Daktronics, Inc.		201,530		5,485,646
FLIR Systems, Inc. (a)		57,798		3,201,431
Itron, Inc. (a)		26,128		2,431,733
Rofin-Sinar Technologies, Inc. (a)		27,208		1,910,274
Tech Data Corp. (a)		58,440		2,344,613
Electronic Equipment & Instruments Total				19,319,754

	Shares		Value ($)
Internet Software & Services – 3.4%
Digital River, Inc. (a)		76,050		3,403,237
Equinix, Inc. (a)		74,672		6,622,660
j2 Global Communications, Inc. (a)		136,367		4,463,292
SAVVIS, Inc. (a)		112,833		4,375,664
SINA Corp. (a)		55,130		2,637,970
Internet Software & Services Total				21,502,823
IT Services – 1.2%
Gartner, Inc. (a)		136,040		3,327,539
SRA International, Inc., Class A (a)		146,800		4,122,144
IT Services Total				7,449,683
Semiconductors & Semiconductor Equipment – 6.0%
Atheros Communications, Inc. (a)		337,525		10,115,624
Monolithic Power Systems, Inc. (a)		179,830		4,567,682
Netlogic Microsystems, Inc. (a)		178,048		6,429,313
ON Semiconductor Corp. (a)		412,692		5,183,412
Power Integrations, Inc. (a)		154,770		4,598,217
Tessera Technologies, Inc. (a)		44,859		1,682,212
Verigy Ltd. (a)		212,373		5,247,737
Semiconductors & Semiconductor Equipment Total				37,824,197
Software – 5.7%
Advent Software, Inc. (a)		33,853		1,590,075
ANSYS, Inc. (a)		153,721		5,252,647
Aspen Technology, Inc. (a)		123,420		1,767,374
CDC Corp., Class A (a)		579,960		4,251,107
Macrovision Corp. (a)		194,996		4,802,752
Micros Systems, Inc. (a)		29,270		1,904,599
Nuance Communications, Inc. (a)		149,362		2,884,180
Progress Software Corp. (a)		159,323		4,827,487
The9 Ltd., ADR (a)		125,240		4,319,528
THQ, Inc. (a)		177,045		4,422,584
Software Total				36,022,333
Information Technology Total				144,654,374
Materials – 3.6%
Chemicals – 1.6%
Flotek Industries, Inc. (a)		35,566		1,570,239
Hercules, Inc.		178,530		3,752,701
Koppers Holdings, Inc.		50,220		1,938,994
Terra Industries, Inc. (a)		84,520		2,642,095
Chemicals Total				9,904,029
Containers & Packaging – 0.4%
Greif, Inc., Class A		42,110		2,555,235
Containers & Packaging Total				2,555,235

See Accompanying Notes to Financial Statements.
89

Columbia Small Cap Growth Master Portfolio, September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Metals & Mining – 1.6%
Brush Engineered Materials, Inc. (a)		53,603		2,781,459
Kaiser Aluminum Corp.		37,540		2,649,198
Metal Management, Inc.		27,410		1,485,622
RTI International Metals, Inc. (a)		43,820		3,473,173
Metals & Mining Total				10,389,452
Materials Total				22,848,716
Telecommunication Services – 1.6%
Diversified Telecommunication Services – 1.6%
Cbeyond, Inc. (a)		244,880		9,988,655
Diversified Telecommunication Services Total				9,988,655
Telecommunication Services Total				9,988,655
Utilities – 0.4%
Electric Utilities – 0.4%
ITC Holdings Corp.		50,760		2,515,158
Electric Utilities Total				2,515,158
Utilities Total				2,515,158
Total Common Stocks (Cost of $569,405,831)				630,964,950
Short-Term Obligation – 0.2%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 3.910%, collateralized by a U.S. Government Obligation maturing 05/15/20, market value of $1,626,530 (repurchase proceeds $1,663,444)		1,626,000		1,626,000
Total Short-Term Obligation (Cost of $1,626,000)				1,626,000
Total Investments – 100.1% (Cost of $571,031,831)(b)				632,590,950
Other Assets & Liabilities, Net – (0.1)%				(895,473	)
Net Assets – 100.0%				631,695,477

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $571,031,831.

For the six months ended September 30, 2007, transactions in written options contracts were as follows:

	Number of contracts			Premium received
Options outstanding at March 31, 2007		—		$	—
Options written		766			53,778
Options expired		(766	)		(53,778	)
Options outstanding at September 30, 2007		—		$	—

At September 30, 2007, the Master Portfolio held investments in the following sectors:

Sector	% of Net Assets
Information Technology		22.9
Health Care		20.7
Consumer Discretionary		17.2
Industrials		16.2
Financials		8.5
Energy		6.3
Materials		3.6
Consumer Staples		2.5
Telecommunication Services		1.6
Utilities		0.4
		99.9
Short-Term Obligation		0.2
Other Assets & Liabilities, Net		(0.1	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.
90

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Statements of Assets and Liabilities – Columbia Funds Master Investment Trust, LLC September 30, 2007 (Unaudited)

	($)		($)		($)		($)
	Columbia Marsico Growth Master Portfolio		Columbia Large Cap Core Master Portfolio		Columbia Marsico Focused Equities Master Portfolio		Columbia Small Cap Growth Master Portfolio
Assets
Investments, at identified cost		5,159,382,254		1,497,993,218		3,678,481,672		571,031,831
Investments, at value (including securities on loan of $—, $66,951,045, $— and $—, respectively)		6,880,543,205		1,825,686,262		5,173,686,675		632,590,950
Cash		551		3,667		361		969
Receivable for:
Investments sold		6,920,833		27,057,756		18,664,474		14,758,305
Interest		142,626		3,904		27,708		530
Dividends		2,051,496		2,028,785		2,292,709		157,515
Foreign tax reclaim		—		38,486		—		—
Securities lending		—		18,060		—		—
Total Assets		6,889,658,711		1,854,836,920		5,194,671,927		647,508,269
Liabilities
Collateral on securities loaned		—		68,578,979		—		—
Written options at value (premium of $—, $65,954, $— and $—, respectively)		—		59,410		—		—
Payable for:
Investments purchased		13,120,130		28,623,717		25,292,916		15,342,386
Investment advisory fee		3,278,212		753,420		2,507,943		350,922
Administration fee		525,218		57,990		390,695		14,100
Pricing and bookkeeping fees		13,175		12,288		12,163		11,533
Trustees' fees		54,054		54,764		54,295		42,483
Custody fee		9,639		2,332		848		17,165
Other liabilities		74,461		49,567		70,032		34,203
Total Liabilities		17,074,889		98,192,467		28,328,892		15,812,792
Net Assets		6,872,583,822		1,756,644,453		5,166,343,035		631,695,477

See Accompanying Notes to Financial Statements.

Statements of Operations – Columbia Funds Master Investment Trust, LLC

For the Six Months Ended September 30, 2007 (Unaudited)

	($)			($)			($)			($)
	Columbia Marsico Growth Master Portfolio			Columbia Large Cap Core Master Portfolio			Columbia Marsico Focused Equities Master Portfolio			Columbia Small Cap Growth Master Portfolio
Investment Income
Dividends		31,130,484			14,726,160			23,609,442			1,066,271
Interest		14,218,671			110,090			5,072,304			201,519
Securities lending		—			75,923			—			6,446
Foreign taxes withheld		(2,094,839	)		(78,615	)		(1,622,438	)		—
Total Investment Income		43,254,316			14,833,558			27,059,308			1,274,236
Expenses
Investment advisory fee		19,170,957			4,671,151			14,964,256			2,205,058
Administration fee		3,054,539			361,273			2,324,599			88,454
Pricing and bookkeeping fees		79,763			75,205			74,607			72,322
Trustees' fees		9,301			9,299			9,299			9,301
Custody fee		148,396			26,265			116,824			31,963
Other expenses		78,081			47,089			71,967			32,263
Expenses before interest expense		22,541,037			5,190,282			17,561,552			2,439,361
Interest expense		—			6,955			3,227			1,938
Total Expenses		22,541,037			5,197,237			17,564,779			2,441,299
Expense reductions		(875	)		(236	)		(406	)		(17,397	)
Net Expenses		22,540,162			5,197,001			17,564,373			2,423,902
Net Investment Income (Loss)		20,714,154			9,636,557			9,494,935			(1,149,666	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Written Options:
Net realized gain (loss) on:
Investments		90,836,115			61,862,012			225,005,872			83,119,722
Foreign currency transactions		(10,903	)		(167	)		(367	)		—
Written options		—			1,086,288			—			53,778
Net realized gain		90,825,212			62,948,133			225,005,505			83,173,500
Net change in net unrealized appreciation (depreciation) on:
Investments		728,205,156			100,636,852			396,665,124			(11,198,468	)
Foreign currency translations		—			899			—			—
Written options		—			(86,139	)		—			—
Net change in unrealized appreciation (depreciation)		728,205,156			100,551,612			396,665,124			(11,198,468	)
Net Gain		819,030,368			163,499,745			621,670,629			71,975,032
Net Increase Resulting from Operations		839,744,522			173,136,302			631,165,564			70,825,366

See Accompanying Notes to Financial Statements.
93

Statements of Changes in Net Assets – Columbia Funds Master Investment Trust, LLC

	Columbia Marsico Growth						Columbia Large Cap Core
Increase (Decrease) in Net Assets	Master Portfolio						Master Portfolio
	(Unaudited) Six Month Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Month Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income (loss)		20,714,154			24,426,397			9,636,557			23,329,462
Net realized gain on investments, foreign currency transactions and written options		90,825,212			14,471,691			62,948,133			100,527,675
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and written options		728,205,156			185,265,873			100,551,612			68,270,849
Net increase resulting from operations		839,744,522			224,163,961			173,136,302			192,127,986
Contributions		995,175,532			2,188,083,613			85,058,753			185,946,065
Withdrawals		(725,602,296	)		(1,011,668,981	)		(212,955,297	)		(278,518,354	)
Net contributions/withdrawals		269,573,236			1,176,414,632			(127,896,544	)		(92,572,289	)
Net increase (decrease) in net assets		1,109,317,758			1,400,578,593			45,239,758			99,555,697
Net Assets
Beginning of period		5,763,266,064			4,362,687,471			1,711,404,695			1,611,848,998
End of period		6,872,583,822			5,763,266,064			1,756,644,453			1,711,404,695

See Accompanying Notes to Financial Statements.
94

	Columbia Marsico Focused Equities						Columbia Small Cap Growth
Increase (Decrease) in Net Assets	Master Portfolio						Master Portfolio
	(Unaudited) Six Month Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Month Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income (loss)		9,494,935			14,104,201			(1,149,666	)		(1,835,908	)
Net realized gain on investments, foreign currency transactions and written options		225,005,505			108,959,130			83,173,500			81,359,817
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and written options		396,665,124			50,464,854			(11,198,468	)		(58,455,198	)
Net increase resulting from operations		631,165,564			173,528,185			70,825,366			21,068,711
Contributions		646,367,829			1,443,092,198			46,379,548			261,206,484
Withdrawals		(787,837,140	)		(1,088,798,390	)		(96,045,576	)		(163,705,076	)
Net contributions/withdrawals		(141,469,311	)		354,293,808			(49,666,028	)		97,501,408
Net increase (decrease) in net assets		489,696,253			527,821,993			21,159,338			118,570,119
Net Assets
Beginning of period		4,676,646,782			4,148,824,789			610,536,139			491,966,020
End of period		5,166,343,035			4,676,646,782			631,695,477			610,536,139

See Accompanying Notes to Financial Statements.
95

Financial Highlights – Columbia Marsico Growth Master Portfolio

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
	2007			2007			2006			2005			2004			2003
Total return		14.22	%(a)		4.07	%		15.11	%		8.30	%		33.81	%		(18.90	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (b)		0.72	%(c)		0.73	%		0.75	%		0.83	%		0.87	%		0.87	%
Interest expense		—			—			—			—	%(d)		—	%(d)		—	%(d)
Net expenses (b)		0.72	%(c)		0.73	%		0.75	%		0.83	%		0.87	%		0.87	%
Net investment income (loss) (b)		0.66	%(c)		0.50	%		0.31	%		0.25	%		0.07	%		(0.05	)%
Portfolio turnover rate		30	%(a)		42	%		62	%		62	%		94	%		107	%

(a) Not annualized.

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

(d) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
96

Financial Highlights – Columbia Large Cap Core Master Portfolio

	(Unaudited) Six Month Ended September 30,			Year Ended March 31,												Period Ended March 31,
	2007			2007			2006			2005			2004			2003 (a)
Total return		10.45	%(b)		12.48	%		12.68	%		5.18	%		32.80	%		(22.08	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.60	%(c)(d)		0.60	%(c)		0.61	%(c)		0.67	%		0.71	%(c)(e)		0.71	%(c)(d)(f)
Interest expense		—	%(d)(g)		—	%(g)		—	%(g)		—			—	%(g)		—	%(d)(f)(g)
Net expenses		0.60	%(c)(d)		0.60	%(c)		0.61	%(c)		0.67	%		0.71	%(c)(e)		0.71	%(c)(d)(f)
Waiver/Reimbursement		—			—			—			0.01	%		—	%(g)		—
Net investment income		1.11	%(c)(d)		1.43	%(c)		1.28	%(c)		1.34	%		0.74	%(c)		0.96	%(c)(d)
Portfolio turnover rate		41	%(b)		148	%		106	%		122	%		47	%		77	%(b)

(a) Columbia Large Cap Core Master Portfolio commenced operations on May 13, 2002.

(b) Not annualized.

(d) Annualized.

(e) The reimbursement from the investment advisor had an impact of less than 0.01%.

(f) Allocated from Blue Chip Master Portfolio.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
97

Financial Highlights – Columbia Marsico Focused Equities Master Portfolio

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
	2007			2007			2006			2005			2004			2003
Total return		13.92	%(a)		3.84	%		19.81	%		5.76	%		32.78	%		(19.02	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (b)		0.73	%(c)		0.74	%		0.75	%		0.83	%		0.86	%		0.86	%
Interest expense		—	%(c)(d)		—			—			—	%(d)		—	%(d)		—	%(d)
Net expenses (b)		0.73	%(c)		0.74	%		0.75	%		0.83	%		0.86	%		0.86	%
Net investment income (loss) (b)		0.40	%(c)		0.33	%		0.21	%		0.11	%		(0.01	)%		(0.08	)%
Portfolio turnover rate		48	%(a)		52	%		71	%		89	%		96	%		115	%

(a) Not annualized.

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

(d) Rounds to less than 0.01%

See Accompanying Notes to Financial Statements.
98

Financial Highlights – Columbia Small Cap Growth Master Portfolio

	(Unaudited) Six Month Ended September 30,			Year Ended March 31,									Period Ended March 31,
	2007			2007			2006			2005			2004 (a)
Total return		11.85	%(b)		0.54	%		31.47	%		0.50	%		51.50	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.76	%(c)(d)		0.77	%(e)		0.78	%(e)		0.90	%(e)		0.98	%(d)
Interest expense		—	%(d)(f)		—			—			—			—
Net expenses		0.76	%(c)(d)		0.77	%(e)		0.78	%(e)		0.90	%(e)		0.98	%(d)
Net investment income (loss)		(0.36	)%(c)(d)		(0.35	)%(e)		(0.39	)%(e)		0.56	%(e)		(0.66	)%(d)
Portfolio turnover rate		137	%(b)		188	%		117	%		59	%		26	%(b)

(a) Columbia Small Cap Growth Master Portfolio commenced operations on November 1, 2003.

(b) Not annualized.

(d) Annualized.

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

(f) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
99

Notes to Financial Statements – Stock Funds
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Funds Master Investment Trust, LLC (the "Master Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Information presented in these financial statements pertains to the following series of the Master Trust (each a "Master Portfolio" and collectively, the "Master Portfolios"):

Columbia Marsico Growth Master Portfolio

Columbia Large Cap Core Master Portfolio

Columbia Marsico Focused Equities Master Portfolio

Columbia Small Cap Growth Master Portfolio

The series of the Master Trust serve as master portfolios for the Columbia Funds that operate as feeder funds in a master/feeder structure.

The following investors (each a "Feeder Fund" and collectively, the "Feeder Funds") were invested in the Master Portfolios at September 30, 2007:

Columbia Marsico Growth Master Portfolio:
Columbia Marsico Growth Fund	99.3	%
Columbia Marsico Growth Fund (Offshore)	0.3	%
Banc of America Capital Management Funds I, LLC – Growth Fund	0.4%
Columbia Large Cap Core Master Portfolio:
Columbia Large Cap Core Fund	99.5	%
Columbia Large Cap Core Fund (Offshore)	0.5	%
Columbia Marsico Focused Equities Master Portfolio:
Columbia Marsico Focused Equities Fund	99.8	%
Columbia Marsico Focused Equities Fund (Offshore)	0.2	%
Columbia Small Cap Growth Master Portfolio:
Columbia Small Cap Growth Fund II	99.3	%
Columbia Small Cap Growth Fund II (Offshore)	0.7	%

Each of the Master Portfolios is a diversified fund except for Columbia Marsico Focused Equities Master Portfolio which is a non-diversified fund.

At a Board meeting held in June 2007, the Board of Trustees voted to take various actions to convert Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II into stand-alone funds, investing directly in individual portfolio securities rather than in their respective Master Portfolios. Among other actions, the Board adopted an advisory agreement with Columbia Management Advisors, LLC ("Columbia") and a sub-advisory agreement with Marsico Capital Management, LLC ("Marsico") for Columbia Marsico Focused Equities Fund on the same terms as are currently in place at the Master Portfolio level. These actions will not result in any changes in the investment objective or principal investment strategies of, or total fees charged to, Columbia Large Cap Core Fund, Columbia Marsico Focused Equities Fund and Columbia Small Cap Growth Fund II. Nor will they result in a change in the principal risks of investing in these Funds, except that the risks of investing in a master-feeder structure will no longer apply. There will be no transaction or other costs charged to Fund shareholders and no federal income tax consequences as a result of these actions. Fund shareholder approval is not required to implement these actions and, therefore, will not be requested. The conversion is expected to take place in late February 2008.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("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 Master Portfolios in the preparation of their financial statements.

Security Valuation

Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Debt securities generally are valued by pricing services approved by the Master Portfolios' Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

100

Stock Funds, September 30, 2007 (Unaudited)

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Options are valued at the last reported sale price, or in the absence of a sale, the mean between the last quoted bid and ask price.

Security Transactions

Options

Each Master Portfolio may write call and put options on futures they own or in which they may invest. Writing put options tends to increase the Master Portfolios' exposure to the underlying instrument. Writing call options tends to decrease the Master Portfolios' exposure to the underlying instrument. When the Master Portfolios write a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying future transaction to determine the realized gain or loss. Each Master Portfolio as a writer of an option has no control over whether the underlying future may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future underlying the written option. There is the risk the Master Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Master Portfolios' custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

Certain Master Portfolios may also write call options on a security the Master Portfolios own. Writing call options tends to decrease a Master Portfolio's exposure to the underlying security. When a Master Portfolio writes a call option, an amount equal to the premium received is recorded as a liability. Premiums received from writing call options which have expired are treated as realized gains.

Each Master Portfolio may also purchase put and call options. Purchasing call options tends to increase the Master Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Master Portfolios may pay a premium, which is included in the Master Portfolios' Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future transaction to determine the realized gain or loss.

Repurchase Agreements

Each Master Portfolio may engage in repurchase agreement transactions with institutions determined to be credit worthy by Columbia, the Master Portfolios' investment advisor. Each Master Portfolio, through its custodian, receives delivery of underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon each Master Portfolio's ability to dispose of the underlying securities and a

101

Stock Funds, September 30, 2007 (Unaudited)

possible decline in the value of the underlying securities during the period while the Master Portfolios seek to assert their rights.

Foreign Currency Transactions

For financial statement purposes, the Master Portfolios do 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 Statements of Operations.

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on debt securities. Dividend income is recorded on the ex-date.

The Master Portfolios estimate components of distributions from real estate investment trust (REITs). Distributions received from real estate investment trusts (REITs) in excess of their income are recorded as a reduction of the cost of the related investments and/or realized gain as applicable. If the Master Portfolios no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Each investor in the Master Portfolios is treated as an owner of its proportionate share of the net assets, income, expenses, realized and unrealized gains and losses of the Master Portfolios.

Expenses

General expenses of the Master Trust are allocated to the Master Portfolios based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Master Portfolio are charged directly to that Master Portfolio.

Federal Income Tax Status

The Master Portfolios are treated as partnerships for federal income tax purposes and therefore are not subject to federal income tax. Each investor in the Master Portfolios will be subject to taxation on its allocated share of that Master Portfolio's ordinary income and capital gains.

Each Master Portfolio's assets, income and distributions will be managed in such a way that a Feeder Fund will be able to continue to qualify as a registered investment company by investing its assets through its Master Portfolio.

Indemnification

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

Note 3. Federal Tax Information

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia Marsico Growth Master Portfolio	$	6,880,543,205	$	(5,159,382,254	)	$	1,721,160,951
Columbia Large Cap Core Master Portfolio		337,262,958		(9,569,914	)		327,693,044
Columbia Marsico Focused Equities Master Portfolio		1,497,644,664		(2,439,661	)		1,495,205,003
Columbia Small Cap Growth Master Portfolio		84,396,322		(22,837,203	)		61,559,119

102

Stock Funds, September 30, 2007 (Unaudited)

The Master Portfolios' adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Master Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Master Portfolio. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Master Portfolios' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

	Fees on Average Net Assets
	First $500 Million			$500 Million to $1 Billion			$1 Billion to $1.5 Billion			$1.5 Billion to $3 Billion			$3 Billion to $6 Billion			Over $6 Billion
Columbia Marsico Growth Master Portfolio		0.75	%		0.70	%		0.65	%		0.60	%		0.58	%		0.56	%
Columbia Large Cap Core Master Portfolio		0.60	%		0.55	%		0.50	%		0.45	%		0.43	%		0.41	%
Columbia Marsico Focused Equities Master Portfolio		0.75%			0.70%			0.65%			0.60%			0.58%			0.56%
Columbia Small Cap Growth
Master Portfolio		0.70	%		0.65	%		0.60	%		0.60	%		0.60	%		0.60	%

For the six months ended September 30, 2007, the annualized effective investment advisory fee rates for the Master Portfolios, as a percentage of the Master Portfolios' average daily net assets, were as follows:

	Annualized Effective Fee Rate
Columbia Marsico Growth Master Portfolio		0.61	%
Columbia Large Cap Core Master Portfolio		0.54	%
Columbia Marsico Focused Equities
Master Portfolio		0.62	%
Columbia Small Cap Growth Master Portfolio		0.69	%

Sub-Advisory Fee

Marsico, a wholly-owned subsidiary of BOA, has been retained by Columbia as the investment sub-advisor to Columbia Marsico Growth Master Portfolio and Columbia Marsico Focused Equities Master Portfolio. As the sub-advisor, Marsico is responsible for daily investment operations, including placing all orders for the purchase and sale of the portfolio securities for the Master Portfolios. Columbia, from the investment advisory fee it receives, pays Marsico a monthly sub-advisory fee at the annual rate of 0.45% of each respective Master Portfolio's average daily net assets.

On June 14, 2007, Thomas F. Marsico, founder and Chief Executive Officer of Marsico, announced that he and a company he controls had signed a definitive agreement to acquire Marsico from Bank of America. The transaction is expected to close during the fourth quarter of 2007, and is subject to customary client consents and other mutual fund shareholder approvals.

Administration Fee

Columbia provides administrative and other services to the Master Portfolios. Under the administration agreement, Columbia is entitled to receive an administration fee, computed daily and paid monthly, based on the Master Portfolios' average daily net assets at the annual rates listed

103

Stock Funds, September 30, 2007 (Unaudited)

below less the fees payable by the Master Portfolios as described under the Pricing and Bookkeeping Fees note below:

	Annual Rate
Columbia Marsico Growth Master Portfolio		0.10	%
Columbia Large Cap Core Master Portfolio		0.05	%
Columbia Marsico Focused Equities Master Portfolio		0.10%
Columbia Small Cap Growth Master Portfolio		0.05	%

Pricing and Bookkeeping Fees

The Master Portfolios have entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Master Portfolios. The Master Portfolios have also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Master Portfolios. Under the State Street Agreements, each Master Portfolio pays State Street an annual fee of $38,000 paid monthly plus a monthly fee based on an annualized percentage rate of average daily net assets of each Master Portfolio for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Master Portfolios also reimburse State Street for certain out-of-pocket expenses and charges.

The Master Portfolios entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Master Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Master Portfolios reimburse Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Master Portfolio expenses. Fees related to the requirements of the Sarbanes-Oxley Act of 2002 are paid by the Feeder Funds and are included in "Pricing and bookkeeping fees" on the Feeder Funds' Statements of Operations.

For the six months ended September 30, 2007, the amounts charged to the Master Portfolios by affiliates included in the Statements of Operations under "Pricing and bookkeeping fees" were as follows:

	Amounts Charged by Affiliates		Amounts Unpaid to Affiliates
Columbia Marsico Growth Master Portfolio	$	4,429	$	419
Columbia Large Cap Core Master Portfolio		4,429		419
Columbia Marsico Focused Equities Master Portfolio		4,429		419
Columbia Small Cap Growth Master Portfolio		4,429		419

Custody Credits

Each Master Portfolio has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses in the Statements of Operations. The Master Portfolios could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if they had not entered into such an agreement.

For the six month period ended September 30, 2007, these credits reduced total expenses as follows:

	Custody Credits
Columbia Marsico Growth Master Portfolio	$	875
Columbia Large Cap Core Master Portfolio		236
Columbia Marsico Focused Equities Master Portfolio		406
Columbia Small Cap Growth Master Portfolio		17,397

Fees Paid to Officers and Trustees

All officers of the Master Portfolios are employees of Columbia or its affiliates and, with the exception of the Master Portfolios' Chief Compliance Officer, receive no compensation from the Master Portfolios. The Board of Trustees has appointed a Chief Compliance Officer to the Master Portfolios in accordance with federal securities regulations.

104

Stock Funds, September 30, 2007 (Unaudited)

on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, a portfolio of Columbia Funds Series Trust, another registered investment company advised by Columbia. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statements of Assets and Liabilities.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	Investment Securities
	Purchases		Sales
Columbia Marsico Growth Master Portfolio	$	1,971,716,041	$	1,695,766,686
Columbia Large Cap Core Master Portfolio		712,506,554		829,086,968
Columbia Marsico Focused Equities Master Portfolio		2,331,290,591		2,203,112,552
Columbia Small Cap Growth Master Portfolio		855,262,980		890,471,220

Note 6. Line of Credit

The Master Portfolios and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unused committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned among each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund or Master Portfolio. The commitment fee and structuring fee are included in "Other expenses" in the Statements of Operations.

For the six months ended September 30, 2007, the average daily loan balance outstanding on days where borrowing existed, and the weighted average interest rate of each Portfolio were as follows:

	Average Borrowings		Weighted Average Interest Rates
Columbia Large Cap Core Master Portfolio	$	3,307,692		5.81	%
Columbia Marsico Focused Equities Master Portfolio		4,000,000		5.80	%
Columbia Small Cap Growth Master Portfolio		3,000,000		5.81	%

Note 7. Securities Lending

Each Master Portfolio commenced a securities lending program in August 2006 and may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Master Portfolio and any additional required collateral is delivered to the Master Portfolio on the next business day. The collateral received is invested and the income generated by the

105

Stock Funds, September 30, 2007 (Unaudited)

investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Master Portfolio. Generally, in the event of borrower default, the Master Portfolio has the right to use the collateral to offset any losses incurred. In the event a Master Portfolio is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Master Portfolio. The Master Portfolio bears the risk of loss with respect to the investment of collateral.

Note 8. Significant Risks and Contingencies

Foreign Securities

Certain Master Portfolios invest in securities of foreign issuers. There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Legal Proceedings

Civil Litigation

106

Stock Funds, September 30, 2007 (Unaudited)

behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

107

Board Consideration and Approval of New Investment Sub-Advisory Agreements with Marsico Capital Management, LLC

Columbia Marsico Growth Master Portfolio and Columbia Marsico Focused Equities Master Portfolio

Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees of Columbia Funds Master Investment Trust, LLC (the "Master Trust") (the "Board"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements of the Master Trust and are not "interested persons" of the Master Trust, as defined in the 1940 Act (the "Independent Trustees"), will approve any new investment advisory or sub-advisory agreements of the Master Trust and annually consider renewal of such agreements. The 1940 Act also requires that an advisory agreement (including a sub-advisory agreement) of an investment company provide for automatic termination in the event of its "assignment."

At Board meetings held on August 9-10, 2007, the Board, including the Independent Trustees, unanimously approved new investment sub-advisory agreements with Marsico Capital Management, LLC ("Marsico") in connection with the anticipated change of control of Marsico (the "Transaction") and automatic termination of the Master Trust's existing investment sub-advisory agreements with Marsico. Specifically, the Board approved new investment sub-advisory agreements with Marsico on behalf of Columbia Marsico Growth Master Portfolio and Columbia Marsico Focused Equities Master Portfolio (the "Master Portfolios"). The existing investment sub-advisory agreement with Marsico is referred to as the "Current Sub-Advisory Agreement" and the Master Portfolios' new investment sub-advisory agreements with Marsico are referred to as the "New Sub-Advisory Agreements."

The Board, including the Independent Trustees advised by their independent legal counsel and the independent fee consultant appointed pursuant to the NYAG Settlement, considered the factors and reached the conclusions described below relating to the approval of the New Sub-Advisory Agreements. The Board's review and conclusions are based on comprehensive consideration of all information presented to them and not the result of any single controlling factor.

Nature, Extent and Quality of Services. The Board received and considered information that it believed necessary to evaluate the on-going nature, extent and quality of the services provided by Marsico as well as the ability of Marsico to continue to provide those services to the Master Portfolios following the closing of the Transaction. Among other information, the Board received and considered Marsico's responses to a detailed series of requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees. The Board reviewed and analyzed those materials, which included, among other things, information about how Marsico's ownership, management, operations and finances would be structured following the Transaction, including that certain debt obligations of the parent companies of Marsico would be collateralized by security interests in Marsico's rights under the advisory and sub-advisory agreements with its clients and in equity interests that the parent companies of Marsico hold in Marsico.

The Board members noted that the Transaction is not expected to result in any significant change to the personnel who manage the Master Portfolios or in the manner in which the Master Portfolios are managed. In this regard, the Board considered that Marsico's portfolio management team and the research analysts supporting them are generally expected to remain the same after the closing of the Transaction. The Board also evaluated the ability of Marsico to continue to attract and retain qualified investment professionals, including research, advisory and supervisory personnel, following the Transaction. The Board noted Marsico's representations that its new ownership structure would allow it additional flexibility to attract and retain qualified personnel by providing employees the opportunity to obtain equity interests in an indirect parent company of Marsico.

The Board considered the effectiveness of Marsico's policies in achieving the best execution of portfolio transactions, whether and to what extent soft dollar credits are sought and how any such credits are utilized, any benefits that may be realized by using an affiliated broker, the extent to which efforts are made to recapture transaction costs, and the controls applicable to brokerage allocation procedures. The Board also reviewed Marsico's methods for allocating portfolio investment opportunities among the Master Portfolios and other clients.

Investment Performance. The Board received and considered the Master Portfolios' short-term and long-term investment performance over various periods of time as compared to both relevant indices and peer groups. The Board took note that over the short-term the Master Portfolios had underperformed

108

their primary benchmarks and peer groups and received an explanation of the factors contributing to such short-term underperformance, as well as a summary of steps being taken as part of Marsico's strategy to improve relative performance. The Board also noted that overall Marsico was delivering satisfactory performance results consistent with the long-term investment strategies being pursued by the Master Portfolios.

Sub-Advisory Fee Rates for the Funds and Other Clients. The Board considered the sub-advisory fee rates payable by Columbia Management Advisors, LLC ("CMA") to Marsico under the New Sub-Advisory Agreements, which the Board noted are the same as the sub-advisory fee rates payable under the Current Sub-Advisory Agreement. The Board also noted Marsico's undertaking not to seek to increase its sub-advisory fee rates for a two-year period following the closing of the Transaction. In addition, the Board received and reviewed information about the services and fee rates payable to Marsico by its other clients, including other registered investment companies sub-advised by Marsico. In this regard, the Board noted that, while there is a range of fee rates charged by Marsico to other sub-advised funds, Marsico's fees are paid by CMA out of CMA's advisory fees, and are not paid directly by the Master Portfolios. The Board indicated its intention to continue to monitor the range of fee rates and to take those into account from time to time in connection with its periodic review of contracts, including but not limited to its forthcoming review in October 2007.

Profitability. The Board received and considered information relating to Marsico's current and projected profitability following consummation of the Transaction. The Board noted, among other things, Marsico's statement that it anticipated that key aspects of its financial condition, such as its revenue generation and operating expenses, are not expected to change significantly in the initial years after the completion of the Transaction. The Board also noted Marsico's statement that terms relating to the debt financing for the Transaction allow Marsico to continue to operate its business soundly by using the same percentage of its revenues that it currently does to fund operating expenses and using a percentage of its remaining revenues to pay debt service.

Economies of Scale. The Board did not review specific information regarding whether there have been economies of scale with respect to management of the Master Portfolios because it regards that information as less relevant at the sub-adviser level. Rather, it reviews extensive information regarding economies of scale in the context of annually considering the Master Portfolios' investment advisory agreements with CMA for re-approval.

Other Benefits to Marsico. The Board received and considered information regarding any "fall-out" or ancillary benefits received by Marsico as a result of its relationship with the Master Portfolios. Such benefits could include, among others, benefits attributable to Marsico's relationships with the Master Portfolios (such as soft-dollar credits) and benefits potentially derived from an increase in Marsico's business as a result of the relationship with the Master Portfolios (such as the ability to market to shareholders other financial products offered by Marsico). The Board concluded that the benefits were not unreasonable.

Conclusion. No single factor was cited as determinative to the decision of the Board. Rather, after considering all of the above-described factors, including information about all material aspects of the Transaction, the Board, including the Independent Trustees, unanimously concluded that the terms of the New Sub-Advisory Agreements are fair and equitable. Accordingly, the Board unanimously approved the New Sub-Advisory Agreements on behalf of the Master Portfolios.

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Important Information About This Report – Stock Funds

Please consider the investment objectives, risks, charges and expenses for a fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about a fund. You should read it carefully before you invest.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

Columbia Management Services, Inc. P.O. Box 8081 Boston, MA 02266-8081 800.345.6611

Distributor

Columbia Management Distributors, Inc. One Financial Center Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC 100 Federal Street Boston, MA 02110

113

Stock Funds

Semiannual Report – September 30, 2007

Columbia Management®

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SHC-44/136402-0907(11/07) 07/46138

Columbia Management®

Columbia LifeGoal^TM Portfolios

Semiannual Report – September 30, 2007

^g Columbia LifeGoal^TM Growth Portfolio

^g Columbia LifeGoal^TM Balanced Growth Portfolio

^g Columbia LifeGoal^TM Income and Growth Portfolio

^g Columbia LifeGoal^TM Income Portfolio

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of Contents

LifeGoal^TM Growth Portfolio					1

LifeGoal^TM Balanced Growth Portfolio					5

LifeGoal^TM Income and Growth Portfolio					9

LifeGoal^TM Income Portfolio					13

Investment Portfolios					17

Statements of Assets and Liabilities					21

Statements of Operations					23

Statements of Changes in Net Assets					24

Financial Highlights					30

Notes to Financial Statements					49

Important Information About This Report					61

President's Message

Dear Shareholder:

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed versus its benchmark, though it's important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

Portfolio Manager's Report

Other Information

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Portfolio Profile – Columbia LifeGoal Growth Portfolio

Summary

^g For the six-month period ended September 30, 2007, the portfolio's Class A shares returned 9.54% without sales charge. That was higher than the 8.44% return of the portfolio's benchmark, the S&P 500 Index, during the period.¹ The portfolio's return was also higher than the 8.00% average return of its peer group, the Morningstar Large Blend Category.²

^g A decision to overweight large cap stock funds helped performance as large caps generally did better than mid- and small-cap stocks during the period. Likewise, the portfolio's tilt toward growth aided performance. Several underlying funds also bolstered the portfolio's relative returns, including Columbia Large Cap Core Fund and Columbia Marsico Focused Equities Fund. By contrast, the portfolio's exposure to international markets through Columbia International Value Fund detracted from performance as the fund's return fell significantly short of the return of the MSCI EAFE Index, a broad measure of stock market performance in industrialized countries.³ However, the impact of this weak performance was contained because the fund represented only 5.12% of the portfolio's net assets.

^g Despite weakness in the US credit markets and lackluster job growth, particularly in the manufacturing sector, we believe that the US economy will grow at a modest, albeit slower, pace into 2008. The housing sector remains mired in a steep downturn. Yet, vehicle sales have been solid, shoring up consumer spending. And, a weak dollar is likely to help improve both the trade balance and the manufacturing sector. We have positioned the portfolio to take advantage of this environment, and while diversification does not ensure a profit or guarantee against loss, we believe that the portfolio's broad diversification among stock and bond funds offers investors a potential cushion against disappointments.

Portfolio Management

Vikram Kuriyan has co-managed the portfolio since August 2004 and has been with the advisor or its predecessors or affiliate organizations since 2000.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for the portfolio may differ from that presented for other Columbia Funds.

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

²©2007 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933. Morningstar Categories compare the performance of funds with similar investment objectives and strategies.

³The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada.

Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

Summary

6-month (cumulative) return as of 09/30/07

	+9.54	%

Class A shares (without sales charge)

	+8.44	%

S&P 500 Index

Morningstar Style Box

Portfolio Profile (continued) – Columbia LifeGoal Growth Portfolio

A fund of funds bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and a potentially higher expense ratio than would be associated with an investment in a fund that invests and trades directly in financial instruments under the direction of a single manager. Risks include stock market fluctuations due to business and economic developments.

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

Investments in small- and mid-cap stocks may present certain risks. They tend to be more volatile and may be less liquid than the stocks of larger companies. Small-cap stocks often have narrower markets, limited financial resources and tend to be more thinly traded than stocks of larger companies.

Some of the countries in which the portfolio invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Columbia LifeGoal Portfolios reserve the right to add or remove funds at any time.

Performance Information – Columbia LifeGoal Growth Portfolio

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		20,900		19,697
Class B		19,404		19,404
Class C		19,343		19,343
Class R		20,822		n/a
Class Z		21,305		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia LifeGoal Growth Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or the redemption of portfolio shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				R		Z
Inception	10/15/96				08/12/97				10/15/96				01/23/06		10/15/96
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		9.54		3.22		9.20		4.20		9.11		8.11		9.42		9.67
1-year		21.16		14.22		20.38		15.38		20.35		19.35		20.96		21.53
5-year		18.00		16.61		17.13		16.92		17.12		17.12		17.92		18.30
10-year		7.65		7.01		6.85		6.85		6.82		6.82		7.61		7.86

Performance results reflect any fee waivers or reimbursements of portfolio expenses by the investment advisor and/or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results would have been lower.

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value ("NAV") with no Rule 12b-1 fees. Class R shares are sold at NAV with Rule 12b-1 fees. Class R and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

The returns for Class R shares include the returns of Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. These returns have not been restated to reflect any differences in expenses between Class A shares and the newer class of shares. If differences in expenses had been reflected, the returns shown for the periods prior to the inception of Class R shares would have been lower, since the newer class of shares is subject to a higher Rule 12b-1 fee.

Annual operating expense ratio (%)*

Class A					1.42
Class B					2.17
Class C					2.17
Class R					1.67
Class Z					1.17

*The annual operating expense ratio is as stated in the portfolio's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					15.66
Class B					14.81
Class C					14.71
Class R					15.63
Class Z					15.79

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.42
Class B					0.39
Class C					0.39
Class R					0.41
Class Z					0.43

Understanding Your Expenses – Columbia LifeGoal Growth Portfolio

Estimating your actual expenses

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

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

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

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

Analyzing your portfolio's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000.00, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "actual" column is calculated using the portfolio's actual operating expenses and total return for the period. The amount listed in the "hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 09/30/07

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Portfolio's annualized expense ratio (%)*
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,047.70		1,022.50		2.56		2.53		0.50
Class B		1,000.00		1,000.00		1,046.00		1,018.75		6.39		6.31		1.25
Class C		1,000.00		1,000.00		1,045.55		1,018.75		6.39		6.31		1.25
Class R		1,000.00		1,000.00		1,047.10		1,021.25		3.84		3.79		0.75
Class Z		1,000.00		1,000.00		1,048.35		1,023.75		1.28		1.26		0.25

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

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

*Columbia LifeGoal Growth Portfolio's expense ratios do not include fees and expenses incurred by the underlying funds.

Portfolio Profile – Columbia LifeGoal Balanced Growth Portfolio

Summary

^g For the six-month period ended September 30, 2007, the portfolio's Class A shares returned 6.49% without sales charge. That compares favorably with the 5.80% average return of its peer group, the Morningstar Moderate Allocation Category.¹ The portfolio's return was also higher than the 60/40 blended return of its two benchmarks, which was 6.02%. The portfolio's equity benchmark, the S&P 500 Index, returned 8.44% while its fixed-income benchmark, the Lehman Brothers U.S. Aggregate Bond Index, returned 2.31%.²

^g The portfolio's bias for equities versus bonds represented a good tactical decision as equities generally outperformed bonds for the period. A decision to overweight large-cap stock funds also helped performance as large caps generally did better than mid- and small-cap stocks during the period. Likewise, the portfolio's tilt toward growth aided performance. Several underlying funds also bolstered the portfolio's relative returns, including Columbia Large Cap Core Fund and Columbia Marsico Focused Equities Fund. By contrast, the portfolio's exposure to international markets through Columbia International Value Fund detracted from performance as the fund's return fell significantly short of the return of the MSCI EAFE Index, a broad measure of stock market performance in industrialized countries.³ Positions in Columbia High Income Fund and Columbia Total Return Bond Fund also hampered the portfolio's returns as they fell short of their benchmarks.

¹©2007 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933. Morningstar Categories compare the performance of funds with similar investment objectives and strategies.

²The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization US stocks. The Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Summary

6-month (cumulative) return as of 09/30/07

	+6.49	%

	Class A shares (without sales charge)

	+2.31	%

	Lehman Brothers U.S. Aggregate Bond Index

	+8.44	%

	S&P 500 Index

Portfolio Profile (continued) – Columbia LifeGoal Balanced Growth Portfolio

Morningstar Style Box

Portfolio Management

Vikram Kuriyan has co-managed the portfolio since August 2004 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The portfolio is a "fund of funds."

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

Bond investing poses special risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yield and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Investing in high-yield securities (commonly known as "junk" bonds) offers the potential for high current income and attractive total return but involves certain risks. Changes in economic conditions or other circumstances may adversely affect a junk bond issuer's ability to make principal and interest payments. Rising interest rates tend to lower the value of all bonds.

Columbia LifeGoal Portfolios reserve the right to add or remove funds at any time.

Performance Information – Columbia LifeGoal Balanced Growth Portfolio

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		20,815		19,611
Class B		19,373		19,373
Class C		19,427		19,427
Class R		20,726		n/a
Class Z		21,301		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia LifeGoal Balanced Growth Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or the redemption of portfolio shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				R		Z
Inception	10/15/96				08/13/97				10/15/96				01/23/06		10/15/96
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		6.49		0.33		6.21		1.21		6.15		5.15		6.45		6.72
1-year		15.17		8.53		14.40		9.40		14.34		13.34		14.89		15.49
5-year		12.81		11.49		12.00		11.75		11.99		11.99		12.72		13.11
10-year		7.61		6.97		6.84		6.84		6.87		6.87		7.56		7.85

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value ("NAV") with no Rule 12b-1 fees. Class R shares are sold at NAV wih Rule 12b-1 fees. Class R and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

The returns for Class R shares include the returns of Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. These returns have not been restated to reflect any differences in expenses between Class A shares and the newer class of shares. If differences in expenses had been reflected, the returns shown for the periods prior to the inception of Class R shares would have been lower, since the newer class of shares is subject to a higher Rule 12b-1 fee.

Annual operating expense ratio (%)*

Class A					1.28
Class B					2.03
Class C					2.03
Class R					1.53
Class Z					1.03

Net asset value per share

as of 09/30/07 ($)

Class A					12.77
Class B					12.71
Class C					12.84
Class R					12.77
Class Z					12.75

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.40
Class B					0.36
Class C					0.36
Class R					0.39
Class Z					0.42

Understanding Your Expenses – Columbia LifeGoal Balanced Growth Portfolio

Estimating your actual expenses

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

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

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your portfolio's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000.00, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "actual" column is calculated using the portfolio's actual operating expenses and total return for the period. The amount listed in the "hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 09/30/07

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Portfolio's annualized expense ratio (%)*
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,032.45		1,022.50		2.54		2.53		0.50
Class B		1,000.00		1,000.00		1,031.05		1,018.75		6.35		6.31		1.25
Class C		1,000.00		1,000.00		1,030.75		1,018.75		6.35		6.31		1.25
Class R		1,000.00		1,000.00		1,032.25		1,021.25		3.81		3.79		0.75
Class Z		1,000.00		1,000.00		1,033.60		1,023.75		1.27		1.26		0.25

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

*Columbia LifeGoal Balanced Growth Portfolio's expense ratios do not include fees and expenses incurred by the underlying funds.

Portfolio Profile – Columbia LifeGoal Income and Growth Portfolio

Summary

^g For the six-month period ended September 30, 2007, the portfolio's Class A shares returned 4.28% without sales charge. The portfolio's return was higher than the 3.48% average return for its peer group, the Morningstar Conservative Allocation Category.¹ The portfolio's equity benchmark, the S&P 500 Index, returned 8.44%. The portfolio's fixed income benchmark, the Lehman Brothers U.S. Aggregate Bond Index, returned 2.31%.²

^gThe portfolio's bias for equities versus bonds represented a good tactical decision as equities generally outperformed bonds for the period. A decision to overweight large-cap stock funds also helped performance as large caps generally did better than mid- and small-cap stocks during the period. Likewise, the portfolio's tilt toward growth aided performance. Several underlying funds also bolstered the portfolio's relative returns, including Columbia Large Cap Core Fund and Columbia Marsico Focused Equities Fund. By contrast, the portfolio's exposure to international markets through Columbia International Value Fund detracted from performance as the fund's return fell significantly short of the return of the MSCI EAFE Index, a broad measure of stock market performance in industrialized countries.³ Positions in Columbia High Income Fund and Columbia Short Term Bond Fund also hampered the portfolio's return, as they fell short of their respective benchmarks.

^gDespite weakness in the US credit markets and lackluster job growth, particularly in the manufacturing sector, we believe that the US economy will grow at a modest, albeit slower, pace into 2008. The housing sector remains mired in a steep downturn. Yet, vehicle sales have been solid, shoring up consumer spending. And, a weak dollar is likely to help improve both the trade balance and the manufacturing sector. We have positioned the portfolio to take advantage of this environment, and while diversification does not ensure a profit or guarantee against loss, we believe that the portfolio's broad diversification among stock and bond funds offers investors a potential cushion against disappointments.

²The Standard and Poor's (S&P) 500 Index tracks the performance of 500 widely held, large capitalization US stocks. The Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Summary

6-month (cumulative) return as of 09/30/07

	+4.28	%

	Class A shares (without sales charge)

	+2.31	%

	Lehman Brothers U.S. Aggregate Bond Index

	+8.44	%

	S&P 500 Index

Portfolio Profile (continued) – Columbia LifeGoal Income and Growth Portfolio

Morningstar Style Box

Portfolio Management

Vikram Kuriyan has managed the portfolio since August 2004 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The portfolio is a "fund of funds."

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

Columbia LifeGoal Portfolios reserve the right to add or remove funds at any time.

Performance Information – Columbia LifeGoal Income and Growth Portfolio

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		17,925		16,894
Class B		16,662		16,662
Class C		16,585		16,585
Class R		17,847		n/a
Class Z		18,279		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia LifeGoal Income and Growth Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or the redemption of portfolio shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				R		Z
Inception	10/15/96				08/07/97				10/15/96				01/23/06		10/15/96
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		4.28		-1.69		3.91		-1.09		3.93		2.93		4.15		4.44
1-year		10.39		4.07		9.51		4.51		9.56		8.56		10.11		10.64
5-year		8.62		7.33		7.80		7.50		7.81		7.81		8.52		8.89
10-year		6.01		5.38		5.24		5.24		5.19		5.19		5.96		6.22

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value ("NAV") with no Rule 12b-1 fees. Class R shares are sold at NAV with Rule 12b-1 fees. Class R and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

The returns for Class R shares include the returns of Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. These returns have not been restated to reflect any differences in expenses between Class A shares and the newer class of shares. If differences in expenses had been reflected, the returns shown for the periods prior to the inception of Casss R shares would have been lower, since the newer class of shares is subject to a higher Rule 12b-1 fee.

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

Annual operating expense ratio (%)*

Class A					1.18
Class B					1.93
Class C					1.93
Class R					1.43
Class Z					0.93

Net asset value per share

as of 09/30/07 ($)

Class A					11.15
Class B					11.11
Class C					11.05
Class R					11.15
Class Z					11.07

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.36
Class B					0.31
Class C					0.31
Class R					0.34
Class Z					0.37

Understanding Your Expenses – Columbia LifeGoal Income and Growth Portfolio

Estimating your actual expenses

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

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

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your portfolio's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000.00, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "actual" column is calculated using the portfolio's actual operating expenses and total return for the period. The amount listed in the "hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 09/30/07

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Portfolio's annualized expense ratio (%)*
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,021.40		1,022.50		2.53		2.53		0.50
Class B		1,000.00		1,000.00		1,019.55		1,018.75		6.31		6.31		1.25
Class C		1,000.00		1,000.00		1,019.65		1,018.75		6.31		6.31		1.25
Class R		1,000.00		1,000.00		1,020.75		1,021.25		3.79		3.79		0.75
Class Z		1,000.00		1,000.00		1,022.20		1,023.75		1.26		1.26		0.25

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

*Columbia LifeGoal Income and Growth Portfolio's expense ratios do not include fees and expenses incurred by the underlying funds.

Portfolio Profile – Columbia LifeGoal Income Portfolio

Summary

^g For the six-month period ended September 30, 2007, the portfolio's Class A shares returned 1.76% without sales charge. The portfolio underperformed its benchmark, the Lehman Brothers U.S. Aggregate 1-3 Years Index, which returned 3.02%. The portfolio's return was lower than the 2.55% return for the blended 80% Lehman Brothers U.S. Aggregate 1-3 Years Index/20% Lehman Brothers U.S. High Yield Index, a customized benchmark created by Columbia Management Advisors.¹ However, the portfolio's return was higher than the 1.40% average return of its peer group, the Morningstar Intermediate-Term Bond Category.²

^g We decided to overweight cash over other fixed-income asset classes, which was a good decision for the period. Holding convertible securities also aided performance, as convertibles performed well during the reporting period. However, some of the underlying fixed-income funds in the portfolio underperformed their benchmarks during the period, namely Columbia High Income Fund and Columbia Short Term Bond Fund. These positions detracted from performance.

^g Despite weakness in the US credit markets and lackluster job growth, particularly in the manufacturing sector, we believe that the US economy will grow at a modest, albeit slower, pace into 2008. The housing sector remains mired in a steep downturn. Yet, vehicle sales have been solid, shoring up consumer spending. And, a weak dollar is likely to help improve both the trade balance and the manufacturing sector. We have positioned the portfolio to take advantage of this environment, and while diversification does not ensure a profit or guarantee against loss, we believe that the portfolio's broad diversification offers investors a potential cushion against disappointment.

Portfolio Management

Vikram Kuriyan has managed the portfolio since August 2004 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The portfolio is a "fund of funds."

¹Lehman Brothers U.S. Aggregate 1-3 Years Index is an index of publicly-issued investment-grade corporate, US Treasury and government agency securities with remaining maturities of one to three years. This blend is 80% Lehman Brothers U.S. Aggregate 1-3 Years Index and 20% Lehman Brothers U.S. High Yield Index. Lehman Brothers High Yield Index is an index of fixed-rate, non-investment-grade bonds with at least one year remaining to maturity. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

²©2007 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933. Morningstar Categories compare the performance of funds with similar investment objectives and strategies.

Summary

6-month (cumulative) return as of 09/30/07

	+1.76	%

	Class A shares (without sales charge)

	+3.02	%

	Lehman Brothers U.S. Aggregate 1-3 Years Index

	+2.55	%

	Blended 80% Lehman Brothers U.S. Aggregate 1-3 Years Index/20% Lehman Brothers U.S. High Yield Index

Portfolio Profile (continued) – Columbia LifeGoal Income Portfolio

Morningstar Style Box

The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows a fund's investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar's database as of month-end. Although the data is gathered from reliable sources. Morningstar cannot guarantee its completeness and accuracy. Information shown is as of 09/30/07.

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

Columbia LifeGoal Portfolios reserve the right to add or remove funds at any time.

Performance Information – Columbia LifeGoal Income Portfolio

Performance of a $10,000 investment 09/04/03 – 09/30/07 ($)

Sales charge	without		with
Class A		12,062		11,665
Class B		11,685		11,685
Class C		11,675		11,675
Class Z		12,170		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia LifeGoal Income Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or the redemption of portfolio shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	09/04/03				09/04/03				09/05/03				09/04/03
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		1.76		-1.51		1.28		-1.70		1.39		0.39		1.79
1-year		5.67		2.22		4.79		1.79		4.90		3.90		5.83
Life		4.71		3.85		3.90		3.90		3.88		3.88		4.94

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Annual operating expense ratio (%)*

Class A					1.73
Class B					2.48
Class C					2.48
Class Z					1.48

Annual operating expense ratio

after contractual waivers (%)*

Class A					1.19
Class B					1.94
Class C					1.94
Class Z					0.94

*The annual operating expense ratio and annual operating expense ratio after contractual waivers are stated in the portfolio's prospectus that is current as of the date of this report. The contractual waiver expires 07/31/08. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					10.16
Class B					10.14
Class C					10.13
Class Z					10.15

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.24
Class B					0.20
Class C					0.20
Class Z					0.25

Understanding Your Expenses – Columbia LifeGoal Income Portfolio

Estimating your actual expenses

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

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

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your portfolio's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000.00, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "actual" column is calculated using the portfolio's actual operating expenses and total return for the period. The amount listed in the "hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 9/30/07

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Portfolio's annualized expense ratio (%)*
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,008.80		1,021.65		3.36		3.39		0.67
Class B		1,000.00		1,000.00		1,006.40		1,017.90		7.12		7.16		1.42
Class C		1,000.00		1,000.00		1,006.95		1,017.90		7.12		7.16		1.42
Class Z		1,000.00		1,000.00		1,008.95		1,022.90		2.11		2.12		0.42

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

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, total return would have been reduced.

*Columbia LifeGoal Income Portfolio's expense ratios do not include fees and expenses incurred by the underlying funds.

Investment Portfolio – Columbia LifeGoal Growth Portfolio

September 30, 2007 (Unaudited)

Investment Companies (a) – 100.1%

	Shares		Value ($)
Columbia Acorn International, Class Z		1,216,486		58,221,008
Columbia Acorn USA, Class Z		675,764		20,529,721
Columbia Convertible Securities Fund, Class Z		1,114,424		19,056,650
Columbia International Value Fund, Class Z		1,678,224		43,080,013
Columbia Large Cap Core Fund, Class Z		8,614,709		138,782,959
Columbia Large Cap Value Fund, Class Z		8,508,616		130,947,601
Columbia Marsico Focused Equities Fund, Class Z		6,062,789		153,146,054
Columbia Marsico International Opportunities Fund, Class Z		2,786,959		49,189,822
Columbia Mid Cap Growth Fund, Class Z		3,137,956		93,197,289
Columbia Mid Cap Value Fund, Class Z		5,371,915		82,781,218
Columbia Small Cap Growth Fund II, Class Z		1,095,279		16,724,906
Columbia Small Cap Value Fund II, Class Z		2,550,405		37,108,395
Total Investment Companies (Cost of $674,643,560)				842,765,636
Total Investments – 100.1% (Cost of $674,643,560)(b)				842,765,636
Other Assets & Liabilities, Net – (0.1)%				(993,548	)
Net Assets – 100.0%				841,772,088

Notes to Investment Portfolio:

(a) Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(b) Cost for federal income tax purposes is $674,643,560.

See Accompanying Notes to Financial Statements.
17

Investment Portfolio – Columbia LifeGoal Balanced Growth Portfolio

September 30, 2007 (Unaudited)

Investment Companies (a) – 100.1%

	Shares		Value ($)
Columbia Acorn International, Class Z		1,685,404		80,663,446
Columbia Acorn USA, Class Z		614,390		18,665,160
Columbia Cash Reserves, Capital Class Shares		32,239,308		32,239,308
Columbia Convertible Securities Fund, Class Z		1,331,838		22,774,430
Columbia High Income Fund, Class Z		7,936,501		70,238,031
Columbia International Value Fund, Class Z		1,581,636		40,600,595
Columbia Large Cap Core Fund, Class Z		6,138,386		98,889,392
Columbia Large Cap Value Fund, Class Z		5,748,539		88,470,012
Columbia Marsico Focused Equities Fund, Class Z		4,586,887		115,864,766
Columbia Marsico International Opportunities Fund, Class Z		3,845,827		67,878,845
Columbia Mid Cap Growth Fund, Class Z		1,912,092		56,789,119
Columbia Mid Cap Value Fund, Class Z		2,850,797		43,930,781
Columbia Small Cap Growth Fund II, Class Z		1,115,250		17,029,873
Columbia Small Cap Value Fund II, Class Z		2,430,783		35,367,896
Columbia Total Return Bond Fund, Class Z		31,963,162		307,485,618
Total Investment Companies (Cost of $952,248,978)				1,096,887,272
Total Investments – 100.1% (Cost of $952,248,978)(b)				1,096,887,272
Other Assets & Liabilities, Net – (0.1)%				(688,025	)
Net Assets – 100.0%				1,096,199,247

Notes to Investment Portfolio:

(a) Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(b) Cost for federal income tax purposes is $952,248,978.

See Accompanying Notes to Financial Statements.
18

Investment Portfolio – Columbia LifeGoal Income and Growth Portfolio

September 30, 2007 (Unaudited)

Investment Companies (a) – 100.1%

	Shares		Value ($)
Columbia Acorn International, Class Z		185,051		8,856,554
Columbia Acorn USA, Class Z		45,722		1,389,035
Columbia Cash Reserves, Capital Class Shares		15,098,036		15,098,036
Columbia Convertible Securities Fund, Class Z		557,515		9,533,506
Columbia High Income Fund, Class Z		2,730,903		24,168,495
Columbia International Value Fund, Class Z		225,918		5,799,319
Columbia Large Cap Core Fund, Class Z		749,678		12,077,318
Columbia Large Cap Value Fund, Class Z		644,733		9,922,439
Columbia Marsico Focused Equities Fund, Class Z		596,247		15,061,209
Columbia Marsico International Opportunities Fund, Class Z		355,920		6,281,996
Columbia Mid Cap Growth Fund, Class Z		200,947		5,968,128
Columbia Mid Cap Value Fund, Class Z		227,213		3,501,345
Columbia Short Term Bond Fund, Class Z		6,295,475		61,821,564
Columbia Small Cap Growth Fund II, Class Z		61,667		941,655
Columbia Small Cap Value Fund II, Class Z		159,351		2,318,556
Columbia Total Return Bond Fund, Class Z		5,120,661		49,260,761
Total Investment Companies (Cost of $219,544,425)				231,999,916
Total Investments – 100.1% (Cost of $219,544,425)(b)				231,999,916
Other Assets & Liabilities, Net – (0.1)%				(168,526	)
Net Assets – 100.0%				231,831,390

Notes to Investment Portfolio:

(a) Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(b) Cost for federal income tax purposes is $219,544,425.

See Accompanying Notes to Financial Statements.
19

Investment Portfolio – Columbia LifeGoal Income Portfolio

September 30, 2007 (Unaudited)

Investment Companies (a) – 100.5%

	Shares		Value ($)
Columbia Cash Reserves, Capital Class Shares		3,204,592		3,204,592
Columbia Convertible Securities Fund, Class Z		105,068		1,796,663
Columbia High Income Fund, Class Z		627,461		5,553,033
Columbia Large Cap Value Fund, Class Z		94,558		1,455,247
Columbia Mid Cap Value Fund, Class Z		30,538		470,596
Mortgage- and Asset-Backed Portfolio		393,814		3,843,628
Columbia Short Term Bond Fund, Class Z		1,268,720		12,458,835
Columbia Small Cap Value Fund II, Class Z		17,393		253,062
Columbia Total Return Bond Fund, Class Z		689,288		6,630,946
Total Investment Companies (Cost of $35,571,913)				35,666,602
Total Investments – 100.5% (Cost of $35,571,913)(b)				35,666,602
Other Assets & Liabilities, Net – (0.5)%				(163,817	)
Net Assets – 100.0%				35,502,785

Notes to Investment Portfolio:

(a) Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC.

(b) Cost for federal income tax purposes is $35,571,913.

See Accompanying Notes to Financial Statements.
20

Statements of Assets and Liabilities – Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

	($)			($)		($)		($)
	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio		Columbia LifeGoal Income and Growth Portfolio		Columbia LifeGoal Income Portfolio
Assets
Affiliated investments, at identified cost		674,643,560			952,248,978		219,544,425		35,571,913
Affiliated investments, at value		842,765,636			1,096,887,272		231,999,916		35,666,602
Cash		—			—		120		—
Receivable for Portfolio shares sold		2,087,703			1,790,323		615,677		57,873
Expense reimbursement due from Investment Advisor		—			—		—		24,007
Total Assets		844,853,339			1,098,677,595		232,615,713		35,748,482
Liabilities
Payable for:
Investments purchased		1,315,273			937,929		469,663		46,171
Portfolio shares redeemed		1,324,981			901,187		176,085		55,921
Distributions		—			215		467		—
Investment advisory fee		165,040			217,891		46,450		1,074
Administration fee		—			—		—		1,969
Transfer agent fee		—			—		—		2,371
Pricing and bookkeeping fees		—			—		—		3,302
Trustees' fees		—			—		—		47,438
Audit fee		—			—		—		14,501
Custody fee		—			—		—		417
Distribution and service fees		275,957			421,126		91,658		15,269
Chief compliance officer expenses		—			—		—		138
Other liabilities		—			—		—		57,126
Total Liabilities		3,081,251			2,478,348		784,323		245,697
Net Assets		841,772,088			1,096,199,247		231,831,390		35,502,785
Net Assets Consist of
Paid-in capital		662,467,748			940,071,662		217,719,661		35,918,855
Undistributed (overdistributed) net investment income		(550,651	)		107,560		50,032		8,264
Accumulated net realized gain (loss)		11,732,915			11,381,731		1,606,206		(519,023	)
Unrealized appreciation on investments		168,122,076			144,638,294		12,455,491		94,689
Net Assets		841,772,088			1,096,199,247		231,831,390		35,502,785

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities – Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio			Columbia LifeGoal Income and Growth Portfolio			Columbia LifeGoal Income Portfolio
Class A
Net assets	$	236,032,162		$	295,891,039		$	52,370,487		$	14,754,049
Shares outstanding		15,068,181			23,167,063			4,697,079			1,452,673
Net asset value and redemption price per share (a)	$	15.66		$	12.77		$	11.15		$	10.16
Maximum sales charge		5.75	%		5.75	%		5.75	%		3.25	%
Maximum offering price per share	$	16.62	(b)	$	13.55	(b)	$	11.83	(b)	$	10.50	(c)
Class B
Net assets	$	181,075,628		$	329,411,380		$	72,988,518		$	9,344,814
Shares outstanding		12,230,483			25,925,988			6,567,014			921,140
Net asset value and offering price per share (a)	$	14.81		$	12.71		$	11.11		$	10.14
Class C
Net assets	$	111,425,984		$	124,809,912		$	25,709,913		$	5,371,936
Shares outstanding		7,574,915			9,719,703			2,326,226			530,253
Net asset value and offering price per share (a)	$	14.71		$	12.84		$	11.05		$	10.13
Class R
Net assets	$	1,106,061		$	1,661,098		$	790,649		$	—
Shares outstanding		70,778			130,124			70,903			—
Net asset value, redemption and offering price per share (a)	$	15.63		$	12.77		$	11.15		$	—
Class Z
Net assets	$	312,132,253		$	344,425,818		$	79,971,823		$	6,031,986
Shares outstanding		19,767,503			27,019,190			7,225,693			593,994
Net asset value, redemption and offering price per share (a)	$	15.79		$	12.75		$	11.07		$	10.15

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

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

See Accompanying Notes to Financial Statements.

Statements of Operations – Columbia LifeGoal Portfolios
For the Six Months Ended September 30, 2007 (Unaudited)

	($)			($)			($)			($)
	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio			Columbia LifeGoal Income and Growth Portfolio			Columbia LifeGoal Income Portfolio
Investment Income
Dividends from affiliates		5,129,385			15,131,295			4,529,570			897,927
Expenses
Investment advisory fee		981,324			1,307,112			280,790			9,146
Administration fee		—			—			—			17,714
Distribution fee:
Class B		663,608			1,228,319			277,455			35,312
Class C		387,615			453,054			90,308			19,100
Class R		3,002			4,523			2,199			—
Service fee:
Class A		277,990			349,337			65,326			18,333
Class B		221,203			409,440			92,485			11,770
Class C		129,205			151,018			30,103			6,367
Transfer agent fee		—			—			—			12,191
Pricing and bookkeeping fees		—			—			—			18,646
Trustees' fees		—			—			—			8,641
Custody fee		—			—			—			2,500
Audit fee		—			—			—			13,901
Registration fees		—			—			—			35,607
Legal fees		—			—			—			30,605
Chief compliance officer expenses		—			—			—			276
Other expenses		—			—			—			15,179
Total Expenses		2,663,947			3,902,803			838,666			255,288
Fees and expenses waived or reimbursed by Investment Advisor		—			—			—			(93,444	)
Expense reductions		(2,701	)		(1,776	)		(167	)		(20	)
Net Expenses		2,661,246			3,901,027			838,499			161,824
Net Investment Income		2,468,139			11,230,268			3,691,071			736,103
Net realized gain (loss) on affiliated investments		3,330,259			5,954,814			1,106,157			(20,151	)
Capital gains distributions received		13,446,211			10,739,114			1,268,512			88,497
Net change in unrealized appreciation on investments		50,948,836			36,991,907			3,150,423			(264,961	)
Net Gain (Loss)		67,725,306			53,685,835			5,525,092			(196,615	)
Net Increase Resulting from Operations		70,193,445			64,916,103			9,216,163			539,488

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Columbia LifeGoal Portfolios

	Columbia						Columbia						Columbia						Columbia
Increase (Decrease) in Net Assets	LifeGoal Growth Portfolio						LifeGoal Balanced Growth Portfolio						LifeGoal Income and Growth Portfolio						LifeGoal Income Portfolio
	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income		2,468,139			4,363,987			11,230,268			20,667,040			3,691,071			6,541,799			736,103			1,249,535
Net realized gain (loss) on investments and capital gains distributions received		16,776,470			38,046,695			16,693,928			38,521,101			2,374,669			5,228,695			68,346			(88,795	)
Net change in unrealized appreciation (depreciation) on investments		50,948,836			22,510,269			36,991,907			27,177,504			3,150,423			3,608,939			(264,961	)		807,164
Net increase resulting from operations		70,193,445			64,920,951			64,916,103			86,365,645			9,216,163			15,379,433			539,488			1,967,904
Distributions to Shareholders
From net investment income:
Class A		(975,970	)		(1,304,661	)		(3,400,167	)		(5,937,532	)		(923,901	)		(1,652,740	)		(341,159	)		(653,785	)
Class B		(473,580	)		(654,919	)		(2,724,087	)		(5,527,710	)		(1,016,906	)		(1,981,162	)		(184,163	)		(375,559	)
Class C		(278,690	)		(326,851	)		(1,001,614	)		(1,879,419	)		(343,597	)		(596,635	)		(100,834	)		(189,751	)
Class R		(4,729	)		(3,931	)		(18,907	)		(22,908	)		(13,813	)		(14,849	)		—			—
Class Z		(1,367,291	)		(1,988,478	)		(4,240,064	)		(7,286,459	)		(1,421,851	)		(2,242,841	)		(117,208	)		(58,817	)
From net realized gains:
Class A		(5,063,653	)		(7,072,179	)		(5,480,314	)		(6,376,653	)		(762,870	)		(1,101,298	)		—			—
Class B		(4,235,332	)		(6,783,411	)		(6,486,975	)		(8,595,236	)		(1,063,797	)		(1,726,859	)		—			—
Class C		(2,492,755	)		(3,485,123	)		(2,366,059	)		(2,895,863	)		(347,693	)		(507,562	)		—			—
Class R		(28,495	)		(36,294	)		(35,811	)		(32,042	)		(12,857	)		(10,675	)		—			—
Class Z		(6,211,561	)		(8,489,097	)		(6,065,761	)		(7,138,915	)		(1,042,356	)		(1,433,581	)		—			—
Total Distributions to Shareholders		(21,132,056	)		(30,144,944	)		(31,819,759	)		(45,692,737	)		(6,949,641	)		(11,268,202	)		(743,364	)		(1,277,912	)
Net Capital Share Transactions		64,760,985			141,884,045			57,804,388			76,609,553			9,603,871			(2,280,480	)		2,411,233			(512,541	)
Net Increase in Net Assets		113,822,374			176,660,052			90,900,732			117,282,461			11,870,393			1,830,751			2,207,357			177,451
Net Assets
Beginning of period		727,949,714			551,289,662			1,005,298,515			888,016,054			219,960,997			218,130,246			33,295,428			33,117,977
End of period		841,772,088			727,949,714			1,096,199,247			1,005,298,515			231,831,390			219,960,997			35,502,785			33,295,428
Undistributed (overdistributed) net investment income at end of period		(550,651	)		81,470			107,560			262,131			50,032			79,029			8,264			15,525

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia LifeGoal Growth Portfolio												Columbia LifeGoal Balanced Growth Portfolio
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007						(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		2,320,579			35,311,399			5,243,346			73,695,039			3,337,840			41,993,541			6,174,510			74,063,850
Distributions reinvested		370,775			5,602,413			558,898			7,839,002			665,170			8,301,706			963,113			11,463,641
Redemptions		(1,691,125	)		(25,759,677	)		(2,001,882	)		(28,097,881	)		(2,370,178	)		(29,845,007	)		(4,092,671	)		(48,944,087	)
Net increase		1,000,229			15,154,135			3,800,362			53,436,160			1,632,832			20,450,240			3,044,952			36,583,404
Class B
Subscriptions		661,250			9,518,251			1,887,633			25,184,731			967,766			12,127,306			2,540,368			30,208,820
Distributions reinvested		309,942			4,435,285			524,578			6,986,738			702,793			8,715,169			1,128,860			13,343,770
Redemptions		(1,010,230	)		(14,518,370	)		(1,729,250	)		(22,971,676	)		(2,152,639	)		(26,888,341	)		(4,246,632	)		(50,417,798	)
Net increase (decrease)		(39,038	)		(564,834	)		682,961			9,199,793			(482,080	)		(6,045,866	)		(577,404	)		(6,865,208	)
Class C
Subscriptions		1,270,486			18,199,455			2,895,735			38,339,089			1,168,532			14,780,357			2,907,996			34,864,529
Distributions reinvested		148,476			2,111,325			211,291			2,802,153			200,895			2,517,769			285,162			3,408,793
Redemptions		(817,359	)		(11,596,934	)		(1,151,701	)		(15,258,383	)		(1,194,260	)		(15,105,673	)		(1,882,369	)		(22,595,345	)
Net increase		601,603			8,713,846			1,955,325			25,882,859			175,167			2,192,453			1,310,789			15,677,977
Class R
Subscriptions		4,649			72,668			108,499			1,561,445			1,498			19,072			180,327			2,200,480
Distributions reinvested		2,202			33,224			2,795			40,225			4,392			54,718			4,498			54,951
Redemptions		(15,782	)		(233,151	)		(32,332	)		(470,539	)		(30,636	)		(380,350	)		(30,814	)		(379,470	)
Net increase (decrease)		(8,931	)		(127,259	)		78,962			1,131,131			(24,746	)		(306,560	)		154,011			1,875,961
Class Z
Subscriptions		3,078,674			47,360,164			4,412,039			63,115,546			3,759,056			47,250,219			3,914,199			47,158,340
Distributions reinvested		459,418			6,996,941			709,097			10,005,919			812,822			10,126,090			1,202,559			14,282,260
Redemptions		(834,356	)		(12,772,008	)		(1,486,400	)		(20,887,363	)		(1,266,989	)		(15,862,188	)		(2,685,216	)		(32,103,181	)
Net increase		2,703,736			41,585,097			3,634,736			52,234,102			3,304,889			41,514,121			2,431,542			29,337,419

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia LifeGoal Income and Growth Portfolio												Columbia LifeGoal Income Portfolio
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31,2007						(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		830,107			9,207,904			1,394,520			15,079,731			178,107			1,811,467			420,176			4,249,685
Distributions reinvested		135,084			1,486,584			219,970			2,365,242			26,919			273,406			53,811			541,548
Redemptions		(873,726	)		(9,649,831	)		(1,463,196	)		(15,864,229	)		(243,582	)		(2,483,792	)		(552,697	)		(5,578,977	)
Net increase (decrease)		91,465			1,044,657			151,294			1,580,744			(38,556	)		(398,919	)		(78,710	)		(787,744	)
Class B
Subscriptions		197,860			2,188,709			523,786			5,642,583			64,249			653,840			120,347			1,210,393
Distributions reinvested		172,850			1,895,872			314,924			3,372,495			15,059			152,772			31,233			313,762
Redemptions		(630,717	)		(6,973,381	)		(1,633,864	)		(17,625,783	)		(97,649	)		(994,645	)		(308,625	)		(3,109,586	)
Net decrease		(260,007	)		(2,888,800	)		(795,154	)		(8,610,705	)		(18,341	)		(188,033	)		(157,045	)		(1,585,431	)
Class C
Subscriptions		421,136			4,632,488			784,819			8,424,263			88,030			894,356			77,844			784,070
Distributions reinvested		48,273			526,717			81,151			865,174			7,892			79,934			14,127			141,664
Redemptions		(369,957	)		(4,060,684	)		(608,850	)		(6,547,102	)		(29,991	)		(304,438	)		(237,738	)		(2,383,504	)
Net increase (decrease)		99,452			1,098,521			257,120			2,742,335			65,931			669,852			(145,767	)		(1,457,770	)
Class R
Subscriptions		129			1,429			116,219			1,276,095			—			—			—			—
Distributions reinvested		2,423			26,670			2,329			25,523			—			—			—			—
Redemptions		(12,853	)		(140,080	)		(38,281	)		(422,668	)		—			—			—			—
Net increase (decrease)		(10,301	)		(111,981	)		80,267			878,950			—			—			—			—
Class Z
Subscriptions		1,162,444			12,808,837			2,025,013			21,965,165			253,280			2,576,900			343,830			3,508,777
Distributions reinvested		220,150			2,406,336			338,798			3,616,462			8,564			86,830			3,608			36,720
Redemptions		(430,799	)		(4,753,699	)		(2,316,464	)		(24,453,431	)		(32,919	)		(335,397	)		(22,639	)		(227,093	)
Net increase		951,795			10,461,474			47,347			1,128,196			228,925			2,328,333			324,799			3,318,404

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.69		$	13.92		$	12.19		$	11.28		$	7.82		$	10.68
Income from Investment Operations:
Net investment income (b)(c)		0.06			0.13			0.05			0.04			0.02			0.02
Net realized and unrealized gain (loss) on investments		1.33			1.32			2.34			0.95			3.46			(2.87	)
Total from Investment Operations		1.39			1.45			2.39			0.99			3.48			(2.85	)
Less Distributions to Shareholders:
From net investment income		(0.07	)		(0.11	)		(0.09	)		(0.08	)		(0.02	)		(0.01	)
From net realized gains		(0.35	)		(0.57	)		(0.57	)		—			—			—
Total Distributions to Shareholders		(0.42	)		(0.68	)		(0.66	)		(0.08	)		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	15.66		$	14.69		$	13.92		$	12.19		$	11.28		$	7.82
Total return (d)		9.54	%(e)		10.74	%		20.01	%		8.76	%		44.51	%		(26.68	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.50	%(g)(h)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (c)		0.81	%(g)(h)		0.91	%		0.37	%		0.37	%		0.20	%		0.20	%
Portfolio turnover rate		2	%(e)		8	%		30	%		13	%		6	%		13	%
Net assets, end of period (000's)	$	236,032		$	206,715		$	142,967		$	93,070		$	64,267		$	21,559

(a) On August 22, 2005, the Portfolio's Investor A shares were renamed Class A shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
30

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	13.93		$	13.28		$	11.72		$	10.91		$	7.61		$	10.46
Income from Investment Operations:
Net investment income (loss) (b)(c)		0.00	(d)		0.02			(0.05	)		(0.04	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.27			1.26			2.25			0.91			3.35			(2.81	)
Total from Investment Operations		1.27			1.28			2.20			0.87			3.30			(2.85	)
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.06	)		(0.07	)		(0.06	)		—	(d)		—
From net realized gains		(0.35	)		(0.57	)		(0.57	)		—			—			—
Total Distributions to Shareholders		(0.39	)		(0.63	)		(0.64	)		(0.06	)		—	(d)		—
Net Asset Value, End of Period	$	14.81		$	13.93		$	13.28		$	11.72		$	10.91		$	7.61
Total return (e)		9.20	%(f)		9.90	%		19.13	%		7.95	%		43.39	%		(27.25	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (g)		1.25	%(h)(i)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (c)		0.06	%(h)(i)		0.15	%		(0.38	)%		(0.38	)%		(0.55	)%		(0.55	)%
Portfolio turnover rate		2	%(f)		8	%		30	%		13	%		6	%		13	%
Net assets, end of period (000's)	$	181,076		$	170,971		$	153,920		$	119,995		$	88,969		$	35,069

(a) On August 22, 2005, the Portfolio's Investor B shares were renamed Class B shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(f) Not annualized.

(g) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(i) Annualized.

See Accompanying Notes to Financial Statements.
31

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	13.85		$	13.20		$	11.66		$	10.85		$	7.57		$	10.40
Income from Investment Operations:
Net investment income (loss) (b)(c)		0.00	(d)		0.02			(0.05	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.25			1.26			2.23			0.91			3.32			(2.79	)
Total from Investment Operations		1.25			1.28			2.18			0.87			3.28			(2.83	)
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.06	)		(0.07	)		(0.06	)		—	(d)		—
From net realized gains		(0.35	)		(0.57	)		(0.57	)		—			—			—
Total Distributions to Shareholders		(0.39	)		(0.63	)		(0.64	)		(0.06	)		—	(d)		—
Net Asset Value, End of Period	$	14.71		$	13.85		$	13.20		$	11.66		$	10.85		$	7.57
Total return (e)		9.11	%(f)		9.97	%		19.06	%		8.00	%		43.38	%		(27.21	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (g)		1.25	%(h)(i)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (loss) (c)		0.06	%(h)(i)		0.17	%		(0.38	)%		(0.38	)%		(0.55	)%		(0.55	)%
Portfolio turnover rate		2	%(f)		8	%		30	%		13	%		6	%		13	%
Net assets, end of period (000's)	$	111,426		$	96,558		$	66,261		$	36,008		$	19,340		$	4,559

(a) On August 22, 2005, the Portfolio's Investor C shares were renamed Class C shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(f) Not annualized.

(g) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(i) Annualized.

See Accompanying Notes to Financial Statements.
32

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

Class R Shares	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	14.67		$	13.92		$	13.19
Income from Investment Operations:
Net investment income (loss) (b)(c)		0.04			0.20			(0.03	)
Net realized and unrealized gain on investments		1.33			1.21			0.76
Total from Investment Operations		1.37			1.41			0.73
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.09	)		—
From net realized gains		(0.35	)		(0.57	)		—
Total Distributions to Shareholders		(0.41	)		(0.66	)		—
Net Asset Value, End of Period	$	15.63		$	14.67		$	13.92
Total return (d)		9.42	%(e)		10.45	%		5.53	%(e)
Ratios to Average Net Assets/Supplemental Data:
Expenses (f)		0.75	%(g)(h)		0.75	%		0.75	%(h)
Net investment income (c)		0.58	%(g)(h)		1.36	%		(1.15	)%(h)
Portfolio turnover rate		2	%(e)		8	%		30	%(e)
Net assets, end of period (000's)	$	1,106		$	1,169		$	10

(a) The Portfolio's Class R Shares commenced operations on January 23, 2006.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
33

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.80		$	14.01		$	12.24		$	11.30		$	7.82		$	10.68
Income from Investment Operations:
Net investment income (b)(c)		0.08			0.16			0.08			0.07			0.05			0.04
Net realized and unrealized gain (loss) on investments		1.34			1.34			2.36			0.96			3.46			(2.87	)
Total from Investment Operations		1.42			1.50			2.44			1.03			3.51			(2.83	)
Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.14	)		(0.10	)		(0.09	)		(0.03	)		(0.03	)
From net realized gains		(0.35	)		(0.57	)		(0.57	)		—			—			—
Total Distributions to Shareholders		(0.43	)		(0.71	)		(0.67	)		(0.09	)		(0.03	)		(0.03	)
Net Asset Value, End of Period	$	15.79		$	14.80		$	14.01		$	12.24		$	11.30		$	7.82
Total return (d)		9.67	%(e)		11.01	%		20.33	%		9.07	%		44.84	%		(26.53	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.25	%(g)(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (c)		1.05	%(g)(h)		1.15	%		0.62	%		0.62	%		0.45	%		0.45	%
Portfolio turnover rate		2	%(e)		8	%		30	%		13	%		6	%		13	%
Net assets, end of period (000's)	$	312,132		$	252,536		$	188,132		$	132,748		$	110,400		$	61,985

(a) On August 22, 2005, the Portfolio's Primary A shares were renamed Class Z shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
34

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.38		$	11.86		$	11.50		$	11.20		$	8.79		$	10.41
Income from Investment Operations:
Net investment income (b)(c)		0.15			0.30			0.22			0.16			0.15			0.16
Net realized and unrealized gain (loss) on investments		0.64			0.84			1.08			0.47			2.44			(1.59	)
Total from Investment Operations		0.79			1.14			1.30			0.63			2.59			(1.43	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.30	)		(0.27	)		(0.22	)		(0.17	)		(0.19	)
From net realized gains		(0.25	)		(0.32	)		(0.67	)		(0.11	)		(0.01	)		—
Total Distributions to Shareholders		(0.40	)		(0.62	)		(0.94	)		(0.33	)		(0.18	)		(0.19	)
Net Asset Value, End of Period	$	12.77		$	12.38		$	11.86		$	11.50		$	11.20		$	8.79
Total return (d)		6.49	%(e)		9.95	%		11.75	%		5.75	%		29.60	%		(13.77	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.50	%(g)(h)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (c)		2.40	%(g)(h)		2.50	%		1.89	%		1.45	%		1.38	%		1.72	%
Portfolio turnover rate		3	%(e)		18	%		46	%		17	%		24	%		26	%
Net assets, end of period (000's)	$	295,891		$	266,506		$	219,302		$	156,938		$	111,325		$	37,750

(a) On August 22, 2005, the Portfolio's Investor A shares were renamed Class A shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
35

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.31		$	11.81		$	11.45		$	11.16		$	8.77		$	10.39
Income from Investment Operations:
Net investment income (b)(c)		0.10			0.21			0.13			0.08			0.07			0.09
Net realized and unrealized gain (loss) on investments		0.66			0.82			1.08			0.46			2.43			(1.57	)
Total from Investment Operations		0.76			1.03			1.21			0.54			2.50			(1.48	)
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.21	)		(0.18	)		(0.14	)		(0.10	)		(0.14	)
From net realized gains		(0.25	)		(0.32	)		(0.67	)		(0.11	)		(0.01	)		—
Total Distributions to Shareholders		(0.36	)		(0.53	)		(0.85	)		(0.25	)		(0.11	)		(0.14	)
Net Asset Value, End of Period	$	12.71		$	12.31		$	11.81		$	11.45		$	11.16		$	8.77
Total return (d)		6.21	%(e)		9.00	%		10.99	%		4.94	%		28.63	%		(14.33	)%
Total Return
Expenses (f)		1.25	%(g)(h)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (c)		1.64	%(g)(h)		1.75	%		1.14	%		0.70	%		0.63	%		0.97	%
Portfolio turnover rate		3	%(e)		18	%		46	%		17	%		24	%		26	%
Net assets, end of period (000's)	$	329,411		$	325,190		$	318,564		$	271,691		$	208,372		$	87,911

(a) On August 22, 2005, the Portfolio's Investor B shares were renamed Class B shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
36

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.44		$	11.92		$	11.56		$	11.26		$	8.85		$	10.49
Income from Investment Operations:
Net investment income (b)(c)		0.10			0.21			0.14			0.08			0.08			0.09
Net realized and unrealized gain (loss) on investments		0.66			0.84			1.07			0.47			2.45			(1.60	)
Total from Investment Operations		0.76			1.05			1.21			0.55			2.53			(1.51	)
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.21	)		(0.18	)		(0.14	)		(0.11	)		(0.13	)
From net realized gains		(0.25	)		(0.32	)		(0.67	)		(0.11	)		(0.01	)		—
Total Distributions to Shareholders		(0.36	)		(0.53	)		(0.85	)		(0.25	)		(0.12	)		(0.13	)
Net Asset Value, End of Period	$	12.84		$	12.44		$	11.92		$	11.56		$	11.26		$	8.85
Total return (d)		6.15	%(e)		9.09	%		10.88	%		4.99	%		28.67	%		(14.41	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		1.25	%(g)(h)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (c)		1.64	%(g)(h)		1.75	%		1.14	%		0.70	%		0.63	%		0.97	%
Portfolio turnover rate		3	%(e)		18	%		46	%		17	%		24	%		26	%
Net assets, end of period (000's)	$	124,810		$	118,747		$	98,160		$	62,615		$	39,204		$	7,620

(a) On August 22, 2005, the Portfolio's Investor C shares were renamed Class C shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
37

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

Class R Shares	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	12.37		$	11.86		$	11.59
Income from Investment Operations:
Net investment income (b)(c)		0.13			0.33			0.03
Net realized and unrealized gain on investments		0.66			0.77			0.28
Total from Investment Operations		0.79			1.10			0.31
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.27	)		(0.04	)
From net realized gains		(0.25	)		(0.32	)		—
Total Distributions to Shareholders		(0.39	)		(0.59	)		(0.04	)
Net Asset Value, End of Period	$	12.77		$	12.37		$	11.86
Total return (d)		6.45	%(e)		9.59	%		2.68	%(e)
Ratios to Average Net Assets/Supplemental Data:
Expenses (f)		0.75	%(g)(h)		0.75	%		0.75	%(h)
Net investment income (c)		2.13	%(g)(h)		2.67	%		1.13	%(h)
Portfolio turnover rate		3	%(e)		18	%		46	%(e)
Net assets, end of period (000's)	$	1,661		$	1,916		$	10

(a) The Portfolio's Class R Shares commenced operations on January 23, 2006.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
38

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.35		$	11.84		$	11.48		$	11.18		$	8.77		$	10.38
Income from Investment Operations:
Net investment income (b)(c)		0.17			0.33			0.25			0.19			0.17			0.18
Net realized and unrealized gain (loss) on investments		0.65			0.83			1.08			0.47			2.44			(1.58	)
Total from Investment Operations		0.82			1.16			1.33			0.66			2.61			(1.40	)
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.33	)		(0.30	)		(0.25	)		(0.19	)		(0.21	)
From net realized gains		(0.25	)		(0.32	)		(0.67	)		(0.11	)		(0.01	)		—
Total Distributions to Shareholders		(0.42	)		(0.65	)		(0.97	)		(0.36	)		(0.20	)		(0.21	)
Net Asset Value, End of Period	$	12.75		$	12.35		$	11.84		$	11.48		$	11.18		$	8.77
Total return (d)		6.72	%(e)		10.15	%		12.05	%		6.02	%		29.95	%		(13.51	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.25	%(g)(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (c)		2.64	%(g)(h)		2.75	%		2.14	%		1.70	%		1.63	%		1.97	%
Portfolio turnover rate		3	%(e)		18	%		46	%		17	%		24	%		26	%
Net assets, end of period (000's)	$	344,426		$	292,939		$	251,980		$	220,296		$	216,997		$	158,377

(a) On August 22, 2005, the Portfolio's Primary A shares were renamed Class Z shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
39

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	11.04		$	10.80		$	11.04		$	11.11		$	9.67		$	10.41
Income from Investment Operations:
Net investment income (b)(c)		0.20			0.36			0.28			0.23			0.22			0.24
Net realized and unrealized gain (loss) on investments		0.27			0.48			0.54			0.10			1.50			(0.71	)
Total from Investment Operations		0.47			0.84			0.82			0.33			1.72			(0.47	)
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.36	)		(0.32	)		(0.28	)		(0.22	)		(0.24	)
From net realized gains		(0.16	)		(0.24	)		(0.74	)		(0.12	)		(0.06	)		(0.03	)
Total Distributions to Shareholders		(0.36	)		(0.60	)		(1.06	)		(0.40	)		(0.28	)		(0.27	)
Net Asset Value, End of Period	$	11.15		$	11.04		$	10.80		$	11.04		$	11.11		$	9.67
Total return (d)		4.28	%(e)		8.07	%		7.91	%		3.05	%		17.93	%		(4.49	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.50	%(g)(h)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (c)		3.54	%(g)(h)		3.37	%		2.61	%		2.03	%		1.95	%		2.47	%
Portfolio turnover rate		5	%(e)		25	%		30	%		34	%		14	%		34	%
Net assets, end of period (000's)	$	52,370		$	50,829		$	48,112		$	42,816		$	33,141		$	11,027

(a) On August 22, 2005, the Portfolio's Investor A shares were renamed Class A shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
40

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	11.00		$	10.77		$	11.01		$	11.08		$	9.66		$	10.41
Income from Investment Operations:
Net investment income (b)(c)		0.15			0.28			0.20			0.14			0.13			0.17
Net realized and unrealized gain (loss) on investments		0.27			0.47			0.54			0.11			1.50			(0.71	)
Total from Investment Operations		0.42			0.75			0.74			0.25			1.63			(0.54	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.28	)		(0.24	)		(0.20	)		(0.15	)		(0.18	)
From net realized gains		(0.16	)		(0.24	)		(0.74	)		(0.12	)		(0.06	)		(0.03	)
Total Distributions to Shareholders		(0.31	)		(0.52	)		(0.98	)		(0.32	)		(0.21	)		(0.21	)
Net Asset Value, End of Period	$	11.11		$	11.00		$	10.77		$	11.01		$	11.08		$	9.66
Total return (d)		3.91	%(e)		7.20	%		7.12	%		2.30	%		16.94	%		(5.20	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		1.25	%(g)(h)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (c)		2.77	%(g)(h)		2.60	%		1.86	%		1.28	%		1.20	%		1.72	%
Portfolio turnover rate		5	%(e)		25	%		30	%		34	%		14	%		34	%
Net assets, end of period (000's)	$	72,989		$	75,119		$	82,098		$	85,762		$	80,486		$	43,905

(a) On August 22, 2005, the Portfolio's Investor B shares were renamed Class B shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
41

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.94		$	10.71		$	10.96		$	11.03		$	9.62		$	10.37
Income from Investment Operations:
Net investment income (b)(c)		0.15			0.28			0.20			0.14			0.13			0.17
Net realized and unrealized gain (loss) on investments		0.27			0.47			0.53			0.11			1.49			(0.71	)
Total from Investment Operations		0.42			0.75			0.73			0.25			1.62			(0.54	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.28	)		(0.24	)		(0.20	)		(0.15	)		(0.18	)
From net realized gains		(0.16	)		(0.24	)		(0.74	)		(0.12	)		(0.06	)		(0.03	)
Total Distributions to Shareholders		(0.31	)		(0.52	)		(0.98	)		(0.32	)		(0.21	)		(0.21	)
Net Asset Value, End of Period	$	11.05		$	10.94		$	10.71		$	10.96		$	11.03		$	9.62
Total return (d)		3.93	%(e)		7.24	%		7.06	%		2.32	%		16.95	%		(5.23	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		1.25	%(g)(h)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (c)		2.78	%(g)(h)		2.62	%		1.86	%		1.28	%		1.20	%		1.72	%
Portfolio turnover rate		5	%(e)		25	%		30	%		34	%		14	%		34	%
Net assets, end of period (000's)	$	25,710		$	24,367		$	21,104		$	17,708		$	17,469		$	5,066

(a) On August 22, 2005, the Portfolio's Investor C shares were renamed Class C shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
42

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

Class R Shares	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.04		$	10.80		$	10.69
Income from Investment Operations:
Net investment income (b)(c)		0.18			0.38			0.05
Net realized and unrealized gain on investments		0.27			0.44			0.12
Total from Investment Operations		0.45			0.82			0.17
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.34	)		(0.06	)
From net realized gains		(0.16	)		(0.24	)		—
Total Distributions to Shareholders		(0.34	)		(0.58	)		(0.06	)
Net Asset Value, End of Period	$	11.15		$	11.04		$	10.80
Total return (d)		4.15	%(e)		7.80	%		1.62	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.75	%(g)(h)		0.75	%		0.75	%(h)
Net investment income (c)		3.26	%(g)(h)		3.46	%		2.61	%(h)
Portfolio turnover rate		5	%(e)		25	%		30	%(e)
Net assets, end of period (000's)	$	791		$	896		$	10

(a) The Portfolio's Class R shares commenced operations on January 23, 2006.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
43

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.96		$	10.73		$	10.97		$	11.04		$	9.62		$	10.35
Income from Investment Operations:
Net investment income (b)(c)		0.21			0.39			0.31			0.25			0.23			0.27
Net realized and unrealized gain (loss) on investments		0.27			0.47			0.54			0.11			1.49			(0.71	)
Total from Investment Operations		0.48			0.86			0.85			0.36			1.72			(0.44	)
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.39	)		(0.35	)		(0.31	)		(0.24	)		(0.26	)
From net realized gains		(0.16	)		(0.24	)		(0.74	)		(0.12	)		(0.06	)		(0.03	)
Total Distributions to Shareholders		(0.37	)		(0.63	)		(1.09	)		(0.43	)		(0.30	)		(0.29	)
Net Asset Value, End of Period	$	11.07		$	10.96		$	10.73		$	10.97		$	11.04		$	9.62
Total return (d)		4.44	%(e)		8.30	%		8.22	%		3.32	%		18.08	%		(4.22	)%
Ratios to Average Net Assets/ Supplemental Data:
Expenses (f)		0.25	%(g)(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (c)		3.78	%(g)(h)		3.63	%		2.86	%		2.28	%		2.20	%		2.72	%
Portfolio turnover rate		5	%(e)		25	%		30	%		34	%		14	%		34	%
Net assets, end of period (000's)	$	79,972		$	68,749		$	66,806		$	56,897		$	59,040		$	33,316

(a) On August 22, 2005, the Portfolio's Primary A shares were renamed Class Z shares.

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

(c) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

(e) Not annualized.

(f) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.
44

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,									Period Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004 (b)
Net Asset Value, Beginning of Period	$	10.22		$	9.99		$	10.07		$	10.31		$	10.00
Income from Investment Operations:
Net investment income (c)(d)		0.24			0.43			0.38			0.31			0.21
Net realized and unrealized gain (loss) on investments		(0.06	)		0.24			(0.06	)		(0.09	)		0.30
Total from Investment Operations		0.18			0.67			0.32			0.22			0.51
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.44	)		(0.38	)		(0.42	)		(0.20	)
From net realized gains		—			—			(0.02	)		(0.04	)		—
Total Distributions to Shareholders		(0.24	)		(0.44	)		(0.40	)		(0.46	)		(0.20	)
Net Asset Value, End of Period	$	10.16		$	10.22		$	9.99		$	10.07		$	10.31
Total return (e)(f)		1.76	%(g)		6.91	%		3.22	%		2.12	%		5.18	%(g)
Ratios to Average Net Assets/Supplemental Data:
Expenses (h)		0.67	%(i)(j)		0.67	%		0.67	%		0.67	%		0.67	%(j)
Waiver/Reimbursement		0.55	%(j)		0.54	%		0.37	%		0.45	%		0.50	%(j)
Net investment income (d)		4.63	%(i)(j)		4.31	%		3.60	%		3.01	%		3.14	%(j)
Portfolio turnover rate		9	%(g)		42	%		19	%		48	%		5	%(g)
Net assets, end of period (000's)	$	14,754		$	15,240		$	15,687		$	25,211		$	35,964

(a) On August 22, 2005, the Portfolio's Investor A shares were renamed Class A shares.

(b) The Portfolio's Investor A shares commenced operations on September 4, 2003.

(d) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(g) Not annualized.

(h) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j) Annualized.

See Accompanying Notes to Financial Statements.
45

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,									Period Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004 (b)
Net Asset Value, Beginning of Period	$	10.21		$	9.98		$	10.06		$	10.30		$	10.00
Income from Investment Operations:
Net investment income (c)(d)		0.20			0.36			0.29			0.24			0.16
Net realized and unrealized gain (loss) on investments		(0.07	)		0.24			(0.05	)		(0.10	)		0.31
Total from Investment Operations		0.13			0.60			0.24			0.14			0.47
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.37	)		(0.30	)		(0.34	)		(0.17	)
From net realized gains		—			—			(0.02	)		(0.04	)		—
Total Distributions to Shareholders		(0.20	)		(0.37	)		(0.32	)		(0.38	)		(0.17	)
Net Asset Value, End of Period	$	10.14		$	10.21		$	9.98		$	10.06		$	10.30
Total return (e)(f)		1.28	%(g)		6.13	%		2.44	%		1.35	%		4.70	%(g)
Ratios to Average Net Assets/Supplemental Data:
Expenses (h)		1.42	%(i)(j)		1.42	%		1.42	%		1.42	%		1.42	%(j)
Waiver/Reimbursement		0.55	%(j)		0.54	%		0.37	%		0.45	%		0.50	%(j)
Net investment income (d)		3.89	%(i)(j)		3.55	%		2.85	%		2.36	%		2.39	%(j)
Portfolio turnover rate		9	%(g)		42	%		19	%		48	%		5	%(g)
Net assets, end of period (000's)	$	9,345		$	9,591		$	10,946		$	12,740		$	9,269

(a) On August 22, 2005, the Portfolio's Investor B shares were renamed Class B shares.

(b) The Portfolio's Investor B shares commenced operations on September 4, 2003.

(d) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(g) Not annualized.

(h) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j) Annualized.

See Accompanying Notes to Financial Statements.
46

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,									Period Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004 (b)
Net Asset Value, Beginning of Period	$	10.19		$	9.97		$	10.05		$	10.28		$	10.00
Income from Investment Operations:
Net investment income (c)(d)		0.20			0.36			0.30			0.24			0.16
Net realized and unrealized gain (loss) on investments		(0.06	)		0.23			(0.06	)		(0.09	)		0.29
Total from Investment Operations		0.14			0.59			0.24			0.15			0.45
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.37	)		(0.30	)		(0.34	)		(0.17	)
From net realized gains		—			—			(0.02	)		(0.04	)		—
Total Distributions to Shareholders		(0.20	)		(0.37	)		(0.32	)		(0.38	)		(0.17	)
Net Asset Value, End of Period	$	10.13		$	10.19		$	9.97		$	10.05		$	10.28
Total return (e)(f)		1.39	%(g)		6.03	%		2.45	%		1.46	%		4.49	%(g)
Ratios to Average Net Assets/Supplemental Data:
Expenses (h)		1.42	%(i)(j)		1.42	%		1.42	%		1.42	%		1.42	%(j)
Waiver/Reimbursement		0.55	%(j)		0.54	%		0.37	%		0.45	%		0.50	%(j)
Net investment income (d)		3.91	%(i)(j)		3.56	%		2.85	%		2.36	%		2.39	%(j)
Portfolio turnover rate		9	%(g)		42	%		19	%		48	%		5	%(g)
Net assets, end of period (000's)	$	5,372		$	4,734		$	6,082		$	9,881		$	8,340

(a) On August 22, 2005, the Portfolio's Investor C shares were renamed Class C shares.

(b) The Portfolio's Investor C shares commenced operations on September 5, 2003.

(d) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(g) Not annualized.

(h) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j) Annualized.

See Accompanying Notes to Financial Statements.
47

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,									Period Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004 (b)
Net Asset Value, Beginning of Period	$	10.22		$	10.00		$	10.08		$	10.31		$	10.00
Income from Investment Operations:
Net investment income (c)(d)		0.25			0.47			0.38			0.32			0.23
Net realized and unrealized gain (loss) on investments		(0.07	)		0.22			(0.04	)		(0.07	)		0.30
Total from Investment Operations		0.18			0.69			0.34			0.25			0.53
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.47	)		(0.40	)		(0.44	)		(0.22	)
From net realized gains		—			—			(0.02	)		(0.04	)		—
Total Distributions to Shareholders		(0.25	)		(0.47	)		(0.42	)		(0.48	)		(0.22	)
Net Asset Value, End of Period	$	10.15		$	10.22		$	10.00		$	10.08		$	10.31
Total return (e)(f)		1.79	%(g)		7.07	%		3.47	%		2.47	%		5.31	%(g)
Ratios to Average Net Assets/Supplemental Data:
Expenses (h)		0.42	%(i)(j)		0.42	%		0.42	%		0.42	%		0.42	%(j)
Waiver/Reimbursement		0.55	%(j)		0.54	%		0.37	%		0.45	%		0.50	%(j)
Net investment income (d)		4.93	%(i)(j)		4.62	%		3.85	%		3.26	%		3.39	%(j)
Portfolio turnover rate		9	%(g)		42	%		19	%		48	%		5	%(g)
Net assets, end of period (000's)	$	6,032		$	3,731		$	403		$	667		$	2,060

(a) On August 22, 2005, the Portfolio's Primary A shares were renamed Class Z shares.

(b) The Portfolio's Primary A shares commenced operations on September 4, 2003.

(d) Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the Portfolio invests.

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

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

(g) Not annualized.

(h) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j) Annualized.

See Accompanying Notes to Financial Statements.
48

Notes to Financial Statements – Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia LifeGoal Growth Portfolio

Columbia LifeGoal Balanced Growth Portfolio

Columbia LifeGoal Income and Growth Portfolio

Columbia LifeGoal Income Portfolio

Investment Objectives

Columbia LifeGoal Growth Portfolio seeks capital appreciation. Columbia LifeGoal Balanced Growth Portfolio seeks total return, consisting of capital appreciation and current income. Columbia LifeGoal Income and Growth Portfolio seeks total return, consisting of current income and modest capital appreciation. Columbia LifeGoal Income Portfolio seeks current income, consistent with relative stability of principal.

The Portfolios normally invest in the Mortgage- and Asset-Backed Portfolio of Columbia Funds Series Trust and Class Z shares and Capital Class shares of other Columbia Funds (the "Underlying Funds") advised by Columbia Management Advisors, LLC ("Columbia") and its affiliates.

The financial statements of the underlying funds in which the Portfolios invest should be read in conjunction with the Portfolios' financial statements and are available at www.columbiafunds.com.

Portfolio Shares

The Trust is authorized to issue an unlimited number of shares without par value. Columbia LifeGoal Income Portfolio offers four classes of shares: Class A, Class B, Class C and Class Z shares. Columbia LifeGoal Growth Portfolio, Columbia LifeGoal Balanced Growth Portfolio and Columbia LifeGoal Income and Growth Portfolio each offer five classes of shares: Class A, Class B, Class C, Class R and Class Z shares. 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% for each Portfolio with the exception of Columbia LifeGoal Income Portfolio. Columbia LifeGoal Income Portfolio is subject to a maximum front-end sales charge of 3.25% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% for each Portfolio with the exception of Columbia LifeGoal Income Portfolio and 3.00% for Columbia LifeGoal Income Portfolio, based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Portfolios' prospectuses.

Note 2. Significant Accounting Policies

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

Security Transactions

Income Recognition

Distributions from the Underlying Funds are recorded on the ex-dividend date. Each Portfolio's investment income and realized and unrealized gains and losses are allocated among its share classes based upon the relative net assets of each class of shares.

Determination of Class Net Asset Values

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

Distributions to Shareholders

Distributions from net investment income are declared and paid quarterly for each of the Portfolios. Net realized capital gains, if any, are distributed at least annually.

Federal Income Tax Status

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

Indemnification

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

	Ordinary Income*		Long-Term Capital Gains
Columbia LifeGoal Growth Portfolio	$	5,727,715	$	24,417,229
Columbia LifeGoal
Balanced Growth Portfolio		21,442,736		24,250,001
Columbia LifeGoal Income
and Growth Portfolio		6,973,312		4,294,890
Columbia LifeGoal Income Portfolio		1,277,912		—

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia LifeGoal Growth Portfolio	$	168,968,152	$	(846,076	)	$	168,122,076
Columbia LifeGoal Balanced Growth Portfolio		150,907,656		(6,269,362	)		144,638,294
Columbia LifeGoal Income and Growth Portfolio		15,257,143		(2,801,652	)		12,455,491
Columbia LifeGoal Income Portfolio		381,139		(286,450	)		94,689

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

The following capital loss carryforwards, determined as of March 31, 2007 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration		Capital Loss Carryforward
LifeGoal Income Portfolio		2014	$	83,390
		2015		52,711
Total			$	136,101

The Portfolios adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes- an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Portfolio. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Portfolios' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

	Annual Fee Rate
Columbia LifeGoal Growth Portfolio		0.25	%
Columbia LifeGoal Balanced Growth Portfolio		0.25	%
Columbia LifeGoal Income and Growth Portfolio		0.25	%
Columbia LifeGoal Income Portfolio		0.50	%*

* Columbia is entitled to receive an investment advisory fee based on Columbia LifeGoal Income Portfolio's assets that are invested in individual securities, the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio of the Columbia Funds Series Trust. Columbia LifeGoal Income Portfolio is not charged an advisory fee on its assets that are invested in other Columbia Funds (excluding the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio. Actual management fees will be charged to Columbia LifeGoal Income Portfolio based on a weighted average of applicable underlying assets of the Portfolio.)

Columbia has contractually agreed to waive 0.10% of advisory fees payable by the Columbia LifeGoal Income Portfolio on its assets that are invested in individual securities, the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio until July 31, 2008.

Under its investment advisory agreement, Columbia has agreed to bear all fees and expenses of the Portfolios excluding Columbia LifeGoal Income Portfolio (exclusive of investment advisory fees, distribution fees and service fees, brokerage commissions, interest, taxes and extraordinary expenses, if any).

Administration Fee

Columbia provides administrative and other services to the Portfolios. Under the administration agreement, Columbia does not receive any compensation for its services from the Portfolios, excluding Columbia LifeGoal Income Portfolio.

With respect to Columbia LifeGoal Income Portfolio, Columbia is entitled to receive an administration fee, computed daily and paid monthly, at the annual rate of 0.23% of its average daily net assets, less the fees payable by the Portfolio as described under Pricing and Bookkeeping Fees below.

Effective August 1, 2007, Columbia has contractually agreed to waive 0.10% of administration fees on Columbia LifeGoal Income Portfolio's assets that are invested in Underlying Funds (excluding the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio) until July 31, 2008.

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

Pricing and Bookkeeping Fees

The Portfolios have entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Portfolios. The Portfolios have also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Portfolios. Under the State Street Agreements, Columbia LifeGoal Income Portfolio pays State Street an annual fee of $26,000 paid monthly. Columbia LifeGoal Income Portfolio also reimburses State Street for certain out-of-pocket expenses and charges.

The Portfolios entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Columbia LifeGoal Income Portfolio reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Portfolio expenses. In addition, Columbia LifeGoal Income Portfolio reimburses Columbia for services related to the requirements of the Sarbanes-Oxley Act of 2002. The fees for these services are included in "Pricing and bookkeeping fees" on the Statement of Operations of Columbia LifeGoal Income Portfolio.

For the six months ended September 30, 2007, the amount charged to the Columbia LifeGoal Income Portfolio by affiliates included in the Statement of Operations under "Pricing and bookkeeping fees" aggregated $5,658, of which $1,598 is unpaid.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Portfolios and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account for Columbia LifeGoal Income Portfolio plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. 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 Portfolios. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due the Transfer Agent from shareholders of the Portfolios and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Portfolios. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

	Account Balance Fee Reductions
Columbia LifeGoal Growth Portfolio	$	2,701
Columbia LifeGoal Balanced Growth Portfolio		1,776
Columbia LifeGoal Income and Growth Portfolio		167
Columbia LifeGoal Income Portfolio		20

For the six months ended September 30, 2007, Columbia LifeGoal Income Portfolio's annualized effective transfer agent fee rate, inclusive of out-of-pocket expenses, sub-transfer agent fees, and net of minimum account balance fees and waivers, if applicable, was 0.07% of the Portfolio's average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Portfolios'

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts on the sales of Class A shares and received net CDSC fees on Class A, Class B and Class C share redemptions as follows:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class A		Class B		Class C
Columbia LifeGoal Growth Portfolio	$	136,127	$	147	$	163,095	$	12,823
Columbia LifeGoal Balanced Growth Portfolio		161,001		34		274,670		12,729
Columbia LifeGoal Income and Growth Portfolio		31,557		—		64,358		2,167
Columbia LifeGoal Income Portfolio		1,574		—		6,840		—

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of each Portfolio and a combined distribution and shareholder servicing plan for Class A shares of each Portfolio. The Trust has also adopted a distribution plan for Class R shares of Columbia LifeGoal Growth Portfolio, Columbia LifeGoal Balanced Growth Portfolio and Columbia LifeGoal Income and Growth Portfolio. The shareholder servicing plans permit the Portfolios to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Portfolios to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of each Portfolio directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%
Class R Distribution Plan		0.50	%		0.50	%

Expense Limits and Fee Waivers

For Columbia LifeGoal Income Portfolio, Columbia and/or some of the Portfolio's other service providers have contractually agreed to waive fees and reimburse certain expenses through July 31, 2008, so that the expenses incurred by the Portfolio (exclusive of distribution and service fees, brokerage commissions, interest, taxes, expenses associated with the Portfolio's investments in other investment companies and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any.) after giving effect to any balance credits from the Portfolio's custodian, will not exceed 0.42% annually of the Portfolio's average daily net assets. There is no guarantee that this expense limitation will continue after July 31, 2008.

Fees Paid to Officers and Trustees

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

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

another portfolio of the Trust. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statements of Assets and Liabilities.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	Purchases		Sales
Columbia LifeGoal Growth Portfolio	$	72,480,945	$	12,063,784
Columbia LifeGoal Balanced Growth Portfolio		76,688,962		28,784,100
Columbia LifeGoal Income and Growth Portfolio		18,175,812		10,631,339
Columbia LifeGoal Income Portfolio		5,693,399		3,165,667

Note 6. Shares of Beneficial Interest

Class B shares generally convert to Class A shares as follows:

Class B shares purchased:				Will convert to Class A shares after:
— after November 15, 1998				Eight years
— between August 1, 1997 and November 15, 1998
$0 - $249,999				Nine years
$250,000 - $499,999				Six years
$500,000 - $999,999				Five years
— before August 1, 1997				Nine years

As of September 30, 2007, the Portfolios had shareholders whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Portfolios. The percentage of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia LifeGoal Growth Portfolio		27.3
Columbia LifeGoal Balanced Growth Portfolio		26.0
Columbia LifeGoal Income and Growth Portfolio		29.0

As of September 30, 2007, the Columbia LifeGoal Income Portfolio had one shareholder that held 10.9% of the Portfolio's shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion. Subscription and redemption activity of this account may have a significant effect on the operations of the Portfolio.

Note 7. Line of Credit

The Portfolios and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

For the six months ended September 30, 2007, the Portfolios did not borrow under these arrangements.

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

Note 8. Significant Risks and Contingencies

Risk Factors of the Portfolios and the Underlying Funds

Investing in the Underlying Funds through the Portfolios involves certain additional expenses and possible risks that would not be present in a direct investment in the Underlying Funds. Under certain circumstances, an Underlying Fund may pay a redemption request by a Portfolio wholly or partly by a distribution in kind of securities from its portfolio, instead of cash, in accordance with the rules of the Securities and Exchange Commission. In such cases, the Portfolios may hold securities distributed by an Underlying Fund and incur custody and other costs until Columbia determines that it is appropriate to dispose of such securities.

The officers and certain Trustees of the Trust also serve as officers and Trustees of the Underlying Funds. Conflicts may arise as these companies seek to fulfill their fiduciary responsibilities to both the Portfolio and the Underlying Funds.

From time to time, one or more of the Underlying Funds in which a Portfolio invests may experience relatively large investments or redemptions due to reallocations or rebalancing by the Portfolios as recommended by Columbia. In such event, the Underlying Funds that experience redemptions as a result of the reallocations or rebalancing may have to sell portfolio securities, and the Underlying Funds that receive additional cash will have to invest such cash. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management to the extent that the Underlying Funds may be required to sell securities or invest cash at times when they would not otherwise have to do so.

These transactions could have tax consequences if sales of securities resulted in gains and could also increase transaction costs. Columbia, representing the interests of the Underlying Funds, is committed to minimizing the impact of Portfolio transactions on the Underlying Funds to the extent it is consistent with pursuing the investment objectives of the Portfolios. Columbia may, nevertheless, face conflicts of interest in fulfilling its responsibilities to both the Portfolios and the Underlying Funds.

Investing in the Underlying Funds also presents certain risks. Each of the Underlying Funds may invest in certain specified derivative securities, including but not limited to: interest rate and equity swaps, caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain Underlying Funds may invest in restricted securities; instruments issued by trusts, partnerships or other issuers, including pass-through certificates representing participations in, or debt instruments backed by, the securities owned by such issuers. These Underlying Funds also may engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain Underlying Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts and various other investment vehicles, each with inherent risks.

Legal Proceedings

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions. Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent Chairman, are comprised of at least 75% independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Civil Litigation

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action — Mehta v AIG Sun America Life Assurance Company — involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Columbia LifeGoal Portfolios
September 30, 2007 (Unaudited)

on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

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Important Information About This Report – Columbia LifeGoal Portfolios

The portfolios mail one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of the Columbia LifeGoal Portfolios.

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

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

Please consider the investment objectives, risks, changes and expenses for each portfolio carefully before investing. Contact your financial adviser for a prospectus, which contains this and other important information about each portfolio. You should read it carefully before you invest.

Transfer Agent

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

Distributor

Columbia Management Distributors, Inc. One Financial Center Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC 100 Federal Street Boston, MA 02110

Columbia LifeGoal^TM Portfolios

Semiannual Report – September 30, 2007

Columbia Management®

PRSRT STD

U.S. Postage

PAID

Holliston, MA

Permit NO. 20

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136404-0907(11/07) 07/45935

Columbia Management®

Columbia International Value Fund

Semiannual Report – September 30, 2007

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of Contents

Fund Profile					1

Performance Information					3

Understanding Your Expenses					4

Financial Statements					5

Investment Portfolio					6

Statement of Assets and Liabilities					7

Statement of Operations					8

Statement of Changes in Net Assets					9

Financial Highlights					11

Notes to Financial Statements					15

Columbia International Value Master Portfolio					22

Financial Statements					23

Important Information About This Report					37

President's Message

Dear Shareholder:

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed versus its benchmark, though it's important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

Portfolio Manager's Report

Other Information

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Fund Profile – Columbia International Value Fund

Summary

^g For the six-month period ended September 30, 2007, the fund's Class A shares returned 4.39% without sales charge. The MSCI EAFE Index¹ returned 8.72% during the same period.

^g Declines for holdings based in Japan, such as Takefuji and Aiful, in the consumer finance industry, and Mitsubishi UFJ Financial Group in the commercial banking industry, detracted from performance. Weak performance from Canadian communications equipment company Nortel Networks also weighed on returns.

^g Gains for the fund's positions in the diversified telecommunication services, electric utilities, and food products industries contributed to positive performance. Top performers from these industries included Telefonica SA (Spain—diversified telecommunication services), Centrais Electricas Brasileiras SA (Brazil—electric utilities), and Nestle SA (Switzerland—food products). The fund's holdings in the household durables and food & staples retailing industries also tended to advance. Fund holdings in South Korea, the Netherlands, and Brazil provided positive returns, including LG Electronics (South Korea—household durables), Koninklijke Ahold NV (Netherlands—food & staples retailing), and Tele Norte Leste Participacoes SA (Brazil—diversified telecommunication services).

^g Although we monitor short-term developments in international equity markets, our investment philosophy focuses on company-by-company analysis. We take a long-term perspective and believe that very little short-term "market news" provides useful information to investors. In all market environments, we search for and hold companies that we believe to be fundamentally sound, whose shares are trading at discounts to our estimates of their fair values. We believe this strategy has the potential to provide patient investors with favorable results.

¹The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

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

Summary

6-month (cumulative) return as of 09/30/07

	4.39	%

Class A shares (without sales charge)

	8.72	%

MSCI EAFE Index

Net asset value per share

as of 09/30/07 ($)

Class A					25.48
Class B					24.77
Class C					24.74
Class Z					25.67

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					1.69
Class B					1.69
Class C					1.69
Class Z					1.69

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Fund Profile – Columbia International Value Fund (continued)

Morningstar Style Box

Holdings discussed in this report

as of 09/30/07 (%)

Takefuji					0.9
Aiful					0.9
Mitsubishi UFJ Financial Group					1.7
Nortel Networks					1.6
Telefonica SA					2.6
Centrais Electricas Brasileiras SA					2.8
Nestle SA					2.2
LG Electronics					2.3
Koninklijke Ahold NV					2.6
Tele Norte Leste Participacoes					1.7

Information provided is calculated as a percentage of net assets.

Portfolio Management

Brandes Investment Partners, L.P. is the investment sub-advisor to Columbia International Value Fund. The following are the six voting members of Brandes' Large Cap Investment Committee who are jointly responsible for making day-to-day investment decisions for the fund and the master portfolio: Glenn Carlson, Brent Woods, Amelia Morris, Keith Colestock, W. James Brown and Brent Fredberg. Chief Executive Officer (CEO) Glenn Carlson has been with Brandes since 1996, serving as Managing Partner from 1996-2002, co-CEO from 2002-2004, and CEO since 2004. Brent Woods has been Managing Director of Investments since 2002, and served as Managing Partner from 1998-2002. Amelia Morris has served as Director of Investments since 2004, and served as a Senior Research Analyst from 1998-2004. Keith Colestock has served as Director of Investments since 2004, and served as a Senior Research Analyst from 2001-2004. W. James Brown has served as Director of Investments since 2004, and served as a Senior Research Analyst from 1996-2004. Brent Fredberg has served as a Senior Research Analyst since 2003, and served as an Analyst from 1999-2003.

The fund is a feeder fund that invests all or substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.

Source for all statistical data—Brandes Investment Partners, L.P.

Some of the countries in which the fund invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Performance Information – Columbia International Value Fund

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		35,057		33,034
Class B		32,654		32,654
Class C*		32,350		32,350
Class Z		35,700		n/a

*06/15/98 (inception)–09/30/07

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia International Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	12/27/95				05/22/98				06/15/98				12/27/95
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		4.39		–1.62		4.00		–0.87		4.01		3.04		4.52
1-year		19.55		12.69		18.63		13.63		18.60		17.60		19.82
5-year		25.27		23.79		24.33		24.16		24.33		24.33		25.58
10-year/Life		13.36		12.69		12.56		12.56		13.47		13.47		13.57

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

Class B shares commenced operations on May 22, 1998 and have no performance prior to that date. Performance prior to May 22, 1998 is that of Class A shares at NAV, which reflect Rule 12b-1 fees of 0.25%. If Class B shares Rule 12b-1 fees had been reflected, total returns would have been lower.

Annual operating expense ratio (%)*

Class A					1.32
Class B					2.07
Class C					2.07
Class Z					1.07

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Understanding Your Expenses – Columbia International Value Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

Analyzing your fund's expenses by share class

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 09/30/07

	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		1,043.90		1,018.45		6.69		6.61		1.31
Class B		1,000.00		1,000.00		1,040.00		1,014.70		10.51		10.38		2.06
Class C		1,000.00		1,000.00		1,040.10		1,014.70		10.51		10.38		2.06
Class Z		1,000.00		1,000.00		1,045.20		1,019.70		5.42		5.35		1.06

Financial Statements – Columbia International Value Fund, September 30, 2007 (Unaudited)

A guide to understanding your fund's financial statements

Investment Portfolio				The investment portfolio details all of the fund's holdings and their values as of the last day of the reporting period. Portfolio holdings are organized by type of asset, industry, country or geographic region (if applicable) to demonstrate areas of concentration and diversification.

Statement of Assets and Liabilities				This statement details the fund's assets, liabilities, net assets and share price for each share class as of the last day of the reporting period. Net assets are calculated by subtracting all the fund's liabilities (including any unpaid expenses) from the total of the fund's investment and non-investment assets. The share price for each class is calculated by dividing net assets for that class by the number of shares outstanding in that class as of the last day of the reporting period.

Statement of Operations				This statement details income earned by the fund and the expenses accrued by the fund during the reporting period. This statement also shows any net gain or loss the fund realized on the sales of its holdings during the period, as well as any unrealized gains or losses recognized over the period. The total of these results represents the fund's net increase or decrease in net assets from operations.

Statement of Changes in Net Assets				This statement demonstrates how the fund's net assets were affected by its operating results, distributions to shareholders and shareholder transactions (e.g., subscriptions, redemptions and dividend reinvestments) during the reporting period. This statement also details changes in the number of shares outstanding.

Financial Highlights				The financial highlights demonstrate how the fund's net asset value per share was affected by the fund's operating results. The financial highlights table also discloses performance for each class of shares and certain key ratios (e.g., class expenses and net investment income as a percentage of average net assets).

Notes to Financial Statements				These notes disclose the organizational background of the fund, its significant accounting policies (including those surrounding security valuation, income recognition and distributions to shareholders), federal tax information, fees and compensation paid to affiliates and significant risks and contingencies.

Investment Portfolio – Columbia International Value Fund
September 30, 2007 (Unaudited)

Investment Company – 100.1%
	Value ($)
Investment in Columbia Funds Master Investment Trust, LLC, Columbia International Value Master Portfolio (a)		3,807,205,132
Total Investments – 100.1%		3,807,205,132
Other Assets & Liabilities, Net – (0.1)%		(4,283,464	)
Net Assets – 100.0%		3,802,921,668

Notes to Investment Portfolio:

(a) The financial statements of Columbia International Value Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with Columbia International Value Fund's financial statements.

Columbia International Value Fund invests only in Columbia International Value Master Portfolio. At September 30, 2007, Columbia International Value Fund owned 88.0% of Columbia International Value Master Portfolio. Columbia International Value Master Portfolio was invested in the following countries at September 30, 2007.

Summary of Securities By Country	Value ($)		% of Total Investments
Japan		1,018,229,370		20.3
United States*		788,661,269		15.7
United Kingdom		608,620,854		12.1
Netherlands		512,255,713		10.2
France		424,219,755		8.4
South Korea		378,242,774		7.5
Germany		224,707,794		4.5
Brazil		211,964,754		4.2
Switzerland		171,165,428		3.4
Italy		139,214,119		2.8
Spain		99,738,498		2.0
Bermuda		83,145,833		1.7
Portugal		78,406,043		1.6
Mexico		78,159,601		1.6
Taiwan		61,933,973		1.2
Canada		59,610,497		1.2
Singapore		49,846,940		0.9
New Zealand		36,779,526		0.7
		5,024,902,741		100.0

* Includes short-term obligation and securities lending collateral.

Certain securities are listed by country of underlying exposure but may trade predominantly on other exchanges.

See Accompanying Notes to Financial Statements.
6

Statement of Assets and Liabilities – Columbia International Value Fund
September 30, 2007 (Unaudited)

		($)
Assets	Investment in Master Portfolio, at identified cost		2,974,876,451
	Investment in Master Portfolio, at value		3,807,205,132
	Cash		74
	Receivable for Fund shares sold		153,725
	Total Assets		3,807,358,931
Liabilities	Payable for:
	Fund shares redeemed		2,570,200
	Administration fee		512,712
	Transfer agent fee		707,122
	Trustees' fees		34,135
	Pricing and bookkeeping fees		3,445
	Service and distribution fees		417,733
	Custody fee		492
	Chief compliance officer expenses		290
	Other liabilities		191,134
	Total Liabilities		4,437,263
	Net Assets		3,802,921,668
Net Assets Consist of	Paid-in capital		2,549,060,115
	Undistributed net investment income		50,910,071
	Accumulated net realized gain		370,622,801
	Unrealized appreciation on investments		832,328,681
	Net Assets		3,802,921,668
Class A	Net assets		1,062,845,162
	Shares outstanding		41,719,151
	Net asset value per share (a)(b)		25.48
	Maximum sales charge		5.75	%
	Maximum offering price per share ($25.48/0.9425)(c)		27.03
Class B	Net assets		96,594,126
	Shares outstanding		3,899,245
	Net asset value and offering price per share (a)(b)		24.77
Class C	Net assets		159,662,720
	Shares outstanding		6,452,831
	Net asset value and offering price per share (a)(b)		24.74
Class Z	Net assets		2,483,819,660
	Shares outstanding		96,760,519
	Net asset value, redemption and offering price per share (b)		25.67

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

(b) Redemption price per share is equal to net asset value less any applicable redemption fees.

See Accompanying Notes to Financial Statements.
7

Statement of Operations – Columbia International Value Fund
For the Six Months Ended September 30, 2007 (Unaudited)

		($)
Investment Income	Allocated from Master Portfolio:
	Dividends (net of foreign taxes withheld of $14,576,847)		67,725,041
	Interest		2,184,019
	Securities lending		5,623,649
	Total Income		75,532,709
Expenses
	Expenses allocated from Master Portfolio		15,938,336
	Administration fee		3,346,915
	Distribution fee:
	Class B		396,840
	Class C		616,645
	Service fee:
	Class A		1,356,573
	Class B		132,280
	Class C		205,548
	Transfer agent fee		1,524,675
	Trustees' fees		3,409
	Pricing and bookkeeping fees		20,783
	Custody fee		2,012
	Chief compliance officer expenses		1,306
	Other expenses		210,029
	Total Expenses		23,755,351
	Expense reductions		(1,285	)
	Net Expenses		23,754,066
	Net Investment Income		51,778,643
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain (loss) allocated from Master Portfolio on:
	Investments		372,074,683
	Foreign currency transactions		(847,164	)
	Net realized gain		371,227,519
	Net change in unrealized appreciation on investments allocated from Master Portfolio		(248,254,536	)
	Net Gain		122,972,983
	Net Increase Resulting from Operations		174,751,626

See Accompanying Notes to Financial Statements.
8

Statement of Changes in Net Assets – Columbia International Value Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations	Net investment income		51,778,643			49,800,001
	Net realized gain on investments and foreign currency transactions		371,227,519	(a)		527,564,282	(a)
	Net change in unrealized appreciation (depreciation) on investments		(248,254,536	)(a)		153,551,812	(a)
	Net Increase Resulting from Operations		174,751,626			730,916,095
Distributions to Shareholders	From net investment income:
	Class A		—			(14,062,577	)
	Class B		—			(831,862	)
	Class C		—			(1,277,433	)
	Class Z		—			(38,271,216	)
	From net realized gains:
	Class A		(68,863,774	)		(133,186,314	)
	Class B		(6,845,003	)		(14,213,607	)
	Class C		(10,615,267	)		(21,458,685	)
	Class Z		(165,656,390	)		(327,372,752	)
	Total Distributions to Shareholders		(251,980,434	)		(550,674,446	)
	Net Capital Share Transactions		(126,805,544	)		(52,838,946	)
	Redemption fees		28,471			23,212
	Net Increase in Net Assets		(204,005,881	)		127,425,915
Net Assets	Beginning of period		4,006,927,549			3,879,501,634
	End of period		3,802,921,668			4,006,927,549
	Undistributed net investment income at end of period		50,910,071			(868,572	)

(a) Allocated from Columbia International Value Master Portfolio.

See Accompanying Notes to Financial Statements.
9

Statement of Changes in Net Assets (continued) – Capital Stock Activity

--	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		3,330,895			86,340,130			8,880,356			221,294,787
Distributions reinvested		2,276,325			58,114,579			5,124,801			122,140,018
Redemptions		(5,156,388	)		(132,859,215	)		(13,194,201	)		(330,986,223	)
Net Increase		450,832			11,595,494			810,956			12,448,582
Class B
Subscriptions		33,136			825,499			78,369			1,825,379
Distributions reinvested		224,892			5,593,058			527,817			12,265,228
Redemptions		(712,238	)		(17,902,920	)		(935,890	)		(22,742,025	)
Net Decrease		(454,210	)		(11,484,363	)		(329,704	)		(8,651,418	)
Class C
Subscriptions		125,833			3,125,831			309,929			7,245,205
Distributions reinvested		281,089			6,982,247			659,733			15,324,874
Redemptions		(674,518	)		(17,166,413	)		(1,135,070	)		(27,767,999	)
Net Decrease		(267,596	)		(7,058,335	)		(165,408	)		(5,197,920	)
Class Z
Subscriptions		1,883,554			49,374,155			1,879,407			46,956,866
Distributions reinvested		3,534,113			90,826,707			7,900,734			189,194,368
Redemptions		(9,989,966	)		(260,059,202	)		(11,511,055	)		(287,589,424	)
Net Decrease		(4,572,299	)		(119,858,340	)		(1,730,914	)		(51,438,190	)

See Accompanying Notes to Financial Statements.
10

Financial Highlights – Columbia International Value Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	26.02		$	24.97		$	22.34		$	20.64		$	11.62		$	16.61
Income from Investment Operations:
Net investment income (c)		0.32			0.29			0.31			0.23			0.15			0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.83			4.34			4.73			2.51			9.04			(4.92	)
Total from Investment Operations		1.15			4.63			5.04			2.74			9.19			(4.77	)
Less Distributions to Shareholders:
From net investment income		—			(0.34	)		(0.35	)		(0.25	)		(0.17	)		(0.13	)
From net realized gains		(1.69	)		(3.24	)		(2.06	)		(0.79	)		—			(0.09	)
Total Distributions to Shareholders		(1.69	)		(3.58	)		(2.41	)		(1.04	)		(0.17	)		(0.22	)
Redemption fees:
Redemption fees added to paid-in-capital		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—
Net Asset Value, End of Period	$	25.48		$	26.02		$	24.97		$	22.34		$	20.64		$	11.62
Total return (e)		4.39	%(f)		20.46	%		24.28	%		13.38	%		79.17	%		(28.97	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.31	%(g)(h)		1.30	%(g)		1.27	%		1.33	%		1.36	%		1.42	%
Interest expense		—			—	%(i)		—	%(i)		—			—			—
Net expenses		1.31	%(g)(h)		1.30	%(g)		1.27	%		1.33	%		1.36	%		1.42	%
Waiver/Reimbursement		—			—			0.06	%(j)		0.07	%(j)		0.09	%(j)		0.06	%
Net investment income		2.49	%(h)		1.15	%		1.38	%		1.10	%		0.89	%		0.91	%
Net assets, end of period (000's)	$	1,062,845		$	1,073,616		$	1,010,361		$	906,848		$	792,857		$	482,196

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) Amount represents less than $0.01 per share.

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

(j) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the wavier/reimbursement ratio would have been -%, 0.04% and 0.06% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
11

Financial Highlights – Columbia International Value Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	25.43		$	24.54		$	22.00		$	20.35		$	11.47		$	16.39
Income from Investment Operations:
Net investment income (c)		0.22			0.11			0.15			0.08			0.02			0.03
Net realized and unrealized gain (loss) on investments and foreign currency		0.81			4.22			4.63			2.45			8.91			(4.84	)
Total from Investment Operations		1.03			4.33			4.78			2.53			8.93			(4.81	)
Less Distributions to Shareholders:
From net investment income		—			(0.20	)		(0.18	)		(0.09	)		(0.05	)		(0.02	)
From net realized gains		(1.69	)		(3.24	)		(2.06	)		(0.79	)		—			(0.09	)
Total Distributions to Shareholders		(1.69	)		(3.44	)		(2.24	)		(0.88	)		(0.05	)		(0.11	)
Redemption fees:
Redemption fees added to paid-in-capital		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—
Net Asset Value, End of Period	$	24.77		$	25.43		$	24.54		$	22.00		$	20.35		$	11.47
Total return (e)		4.00	%(f)		19.51	%		23.36	%		12.54	%		77.89	%		(29.54	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		2.06	%(g)(h)		2.05	%(g)		2.02	%		2.08	%		2.11	%		2.17	%
Interest expense		—			—	%(i)		—	%(i)		—			—			—
Net expenses		2.06	%(g)(h)		2.05	%(g)		2.02	%		2.08	%		2.11	%		2.17	%
Waiver/Reimbursement		—			—			0.06	%(j)		0.07	%(j)		0.09	%(j)		0.06	%
Net investment income		1.75	%(h)		0.45	%		0.67	%		0.35	%		0.14	%		0.16	%
Net assets, end of period (000's)	$	96,594		$	110,726		$	114,932		$	111,402		$	112,798		$	73,283

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

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

(d) Amount represents less than $0.01 per share.

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
12

Financial Highlights – Columbia International Value Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	25.40		$	24.52		$	21.98		$	20.33		$	11.46		$	16.39
Income from Investment Operations:
Net investment income (c)		0.22			0.10			0.15			0.08			0.02			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		0.81			4.22			4.63			2.45			8.90			(4.82	)
Total from Investment Operations		1.03			4.32			4.78			2.53			8.92			(4.80	)
Less Distributions to Shareholders:
From net investment income		—			(0.20	)		(0.18	)		(0.09	)		(0.05	)		(0.04	)
From net realized gains		(1.69	)		(3.24	)		(2.06	)		(0.79	)		—			(0.09	)
Total Distributions to Shareholders		(1.69	)		(3.44	)		(2.24	)		(0.88	)		(0.05	)		(0.13	)
Redemption fees:
Redemption fees added to paid-in-capital		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—
Net Asset Value, End of Period	$	24.74		$	25.40		$	24.52		$	21.98		$	20.33		$	11.46
Total return (e)		4.01	%(f)		19.48	%		23.38	%		12.54	%		77.85	%		(29.52	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		2.06	%(g)(h)		2.05	%(g)		2.02	%		2.08	%		2.11	%		2.17	%
Interest expense		—			—	%(i)		—	%(i)		—			—			—
Net expenses		2.06	%(g)(h)		2.05	%(g)		2.02	%		2.08	%		2.11	%		2.17	%
Waiver/Reimbursement		—			—			0.06	%(j)		0.07	%(j)		0.09	%(j)		0.06	%
Net investment income		1.75	%(h)		0.42	%		0.67	%		0.35	%		0.14	%		0.16	%
Net assets, end of period (000's)	$	159,663		$	170,731		$	168,819		$	162,797		$	170,702		$	113,594

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

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

(d) Amount represents less than $0.01 per share.

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
13

Financial Highlights – Columbia International Value Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended August 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	26.17		$	25.09		$	22.42		$	20.71		$	11.65		$	16.67
Income from Investment Operations:
Net investment income (c)		0.36			0.36			0.38			0.29			0.19			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		0.83			4.35			4.75			2.51			9.07			(4.92	)
Total from Investment Operations		1.19			4.71			5.13			2.80			9.26			(4.76	)
Less Distributions to Shareholders:
From net investment income		—			(0.39	)		(0.40	)		(0.30	)		(0.20	)		(0.17	)
From net realized gains		(1.69	)		(3.24	)		(2.06	)		(0.79	)		—			(0.09	)
Total Distributions to Shareholders		(1.69	)		(3.63	)		(2.46	)		(1.09	)		(0.20	)		(0.26	)
Redemption fees:
Redemption fees added to paid-in-capital		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—	(c)(d)		—
Net Asset Value, End of Period	$	25.67		$	26.17		$	25.09		$	22.42		$	20.71		$	11.65
Total return (e)		4.52	%(f)		20.70	%		24.66	%		13.63	%		79.67	%		(28.81	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.06	%(g)(h)		1.05	%(g)		1.02	%		1.08	%		1.11	%		1.17	%
Interest expense		—			—	%(i)		—	%(i)		—			—			—
Net expenses		1.06	%(g)(h)		1.05	%(g)		1.02	%		1.08	%		1.11	%		1.17	%
Waiver/Reimbursement		—			—			0.06	%(j)		0.07	%(j)		0.09	%(j)		0.06	%
Net investment income		2.76	%(h)		1.43	%		1.69	%		1.35	%		1.14	%		1.16	%
Net assets, end of period (000's)	$	2,483,820		$	2,651,855		$	2,585,390		$	2,577,677		$	2,488,701		$	1,614,750

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

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

(d) Amount represents less than $0.01 per share.

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
14

Notes to Financial Statements – Columbia International Value Fund
September 30, 2007 (Unaudited)

Note 1. Organization

Investment Objective

The Fund seeks long-term capital appreciation.

The Fund seeks to achieve its investment objective by investing all or substantially all of its assets in Columbia International Value Master Portfolio (the "Master Portfolio"). The Master Portfolio is a series of Columbia Funds Master Investment Trust, LLC (the "Master Trust"). The Master Portfolio has the same investment objective as the Fund. The value of the Fund's investment in the Master Portfolio, included in the Statement of Assets and Liabilities, reflects the Fund's proportionate amount of beneficial interests in the net assets of the Master Portfolio and is equal to 88.0% at September 30, 2007. The financial statements of the Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with the Fund's financial statements. Other funds that are managed by Columbia Management Advisors, LLC, that are not registered under the 1940 Act and whose financial statements are not presented here, also invest in the Master Portfolio.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers four classes of shares: Class A, Class B, Class C and Class Z shares. Subject to certain limited exceptions, the Fund is no longer accepting new investments from current or prospective investors. 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 amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares generally will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Fund's prospectus.

Note 2. Significant Accounting Policies

Security Valuation

The Fund invests substantially all of its assets in the Master Portfolio. See the Notes to Financial Statements for the Master Portfolio included elsewhere in this report for the Master Portfolio's valuation policies.

Security Transactions

Foreign Currency Transactions

Columbia International Value Fund, September 30, 2007 (Unaudited)

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.

Determination of Class Net Asset Values

All income, expenses (other than class-specific expenses, as shown on 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.

The Fund records its proportionate share of investment income, realized and unrealized gains (losses) and expenses reported by the Master Portfolio on a daily basis. The investment income, realized and unrealized gains (losses) and expenses are allocated daily to investors of the Master Portfolio based upon the relative value of their investment in the Master Portfolio.

Distributions to Shareholders

Dividends from net investment income, if any, are distributed at least annually. Net realized capital gains, if any, are distributed at least annually.

Federal Income Tax Status

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

Indemnification

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

Fund				Ordinary Income*				Long-Term Capital Gains
Columbia International Value Fund				$	111,210,985			$	439,463,461

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

Unrealized Appreciation				Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
N/A*				N/A*				N/A*

* See the Master Portfolio notes to financial statements for tax basis information.

The Fund adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has

Columbia International Value Fund, September 30, 2007 (Unaudited)

evaluated the known implications of FIN 48 on its computation of net assets for the Fund. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly-owned subsidiary of Bank of America Corporation ("BOA"), is the investment advisor to the Master Portfolio. The Fund indirectly pays for investment advisory and sub-advisory services through its investment in the Master Portfolio. (See Note 4 of Notes to Financial Statements of the Master Portfolio.)

Administration Fee

Columbia provides administrative and other services to the Fund. Under the administration agreement, Columbia is entitled to receive an administration fee, computed daily and paid monthly, at the annual rate of 0.17% based on the Fund's average daily net assets less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below.

Pricing and Bookkeeping Fees

The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly. The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Fund reimburses Columbia for out-of pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002.

For the six months ended September 30, 2007, the amount charged to the Fund by affiliates included in the Statement of Operations under "Pricing and bookkeeping fees" aggregated $1,783, of which $834 is unpaid.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Funds. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For the six months ended September 30, 2007, the annualized effective transfer agent fee rate for the Fund, inclusive of out-of-pocket expenses, sub-transfer agent fees, and net of minimum account balance fee, and waivers if applicable, was 0.08% of the Fund's average daily net assets.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial

Columbia International Value Fund, September 30, 2007 (Unaudited)

minimum investment requirements for such accounts to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as a reduction of total expenses on the Statement of Operations. For the six months ended September 30, 2007, these minimum account balance fees reduced total expenses by $1,285.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Fund's shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts of $245 on sales of the Fund's Class A shares and received net CDSC fees of $17, $12,647 and $219 on Class A, Class B and Class C share redemptions, respectively.

The Trust has adopted shareholder servicing plans ("Servicing Plans") and distribution plans ("Distribution Plans") for the Class B and Class C shares of the Fund and a combined distribution and shareholder servicing plan for Class A shares of the Fund. The shareholder servicing plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of the Fund directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate	Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan	0.25%	0.25%
Class B and Class C Shareholder Servicing Plans	0.25%	0.25%
Class B and Class C Distribution Plans	0.75%	0.75%

Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees fees" in the Statement of Assets and Liabilities.

Note 5. Shares of Beneficial Interest

Columbia International Value Fund, September 30, 2007 (Unaudited)

Class B shares generally convert to Class A shares as follows:

Class B shares purchased:		Will convert to Class A shares after:
	– after November 15, 1998	Eight years
	– between August 1, 1997 and November 15, 1998
$	0 - $249,999	Nine years
$	250,000 - $499,999	Six years
$	500,000 - $999,999	Five years
	– before August 1, 1997	Nine years

As of September 30, 2007, the Fund had one shareholder that held 38.7% of the Fund's shares outstanding, which were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. Subscription and redemption activity of this account may have a significant effect on the operations of the Fund.

As of September 30, 2007, the Fund had three shareholders that held 24.4% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 6. Redemption Fees

The Fund may impose a 2.00% redemption fee on shares that are redeemed within 60 days of purchase. The redemption fee is designed to offset brokerage commissions and other costs associated with short term trading of the Fund. The redemption fees, which are retained by the Fund, are accounted for as an addition to paid-in capital and are allocated to each class of the Fund based on the relative net assets at the time of the redemption. For the six months ended September 30, 2007, the Fund assessed redemption fees of $7,825, $758, $1,183 and $18,705 for Class A, Class B, Class C and Class Z shares, respectively, of the Fund.

Note 7. Line of Credit

The Fund and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unused committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund based on the fund's borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund. The commitment fee and structuring fee are included in "Other expenses" in the Statement of Operations.

For the six months ended September 30, 2007, the Fund did not borrow under this arrangement.

Note 8. Significant Risks and Contingencies

Foreign Securities

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.

Columbia International Value Fund, September 30, 2007 (Unaudited)

Legal Proceedings

Civil Litigation

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action—Mehta v AIG Sun America Life Assurance Company—involving the pricing of mutual

Columbia International Value Fund, September 30, 2007 (Unaudited)

funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

Columbia Funds Master Investment Trust, LLC

Columbia International Value Master Portfolio (Unaudited)

September 30, 2007

The following pages should be read in conjunction with Columbia International Value Fund's Semiannual Report.

Investment Portfolio – Columbia International Value Master Portfolio

September 30, 2007 (Unaudited)

Common Stocks – 97.9%

	Shares		Value ($)
Consumer Discretionary – 6.9%
Household Durables – 3.0%
LG Electronics, Inc.		945,128		88,054,892
Sony Corp. (a)		897,900		43,176,573
Household Durables Total				131,231,465
Media – 2.2%
British Sky Broadcasting Group PLC		1,083,100		15,395,397
ITV PLC		37,586,400		79,004,428
Media Total				94,399,825
Multiline Retail – 1.4%
Marks & Spencer Group PLC, ADR (a)		828,580		62,342,276
Multiline Retail Total				62,342,276
Specialty Retail – 0.3%
Kingfisher PLC		3,390,900		12,406,268
Specialty Retail Total				12,406,268
Consumer Discretionary Total				300,379,834
Consumer Staples – 12.4%
Food & Staples Retailing – 8.1%
Carrefour SA (a)		1,200,660		84,102,081
Carrefour SA (b)		252,730		17,702,862
Koninklijke Ahold NV (c)		6,433,147		97,221,697
Seven & I Holdings Co. Ltd.		962,100		24,764,183
Wm. Morrison Supermarkets PLC		22,134,765		127,720,564
Food & Staples Retailing Total				351,511,387
Food Products – 4.3%
Nestle SA, Registered Shares		187,700		84,309,539
Unilever NV (a)		3,314,404		102,231,102
Food Products Total				186,540,641
Consumer Staples Total				538,052,028
Financials – 18.4%
Commercial Banks – 9.7%
ABN AMRO Holding NV, ADR (a)		1,349,243		70,835,257
HSBC Holdings PLC		2,508,132		46,395,061
Intesa Sanpaolo SpA		8,435,186		65,095,512
Mitsubishi UFJ Financial Group, Inc. (a)		7,039,000		63,914,120
Mitsubishi UFJ Financial Group, Inc., ADR (a)		4,344,631		39,449,249

	Shares		Value ($)
Chuo Mitsui Trust Holdings, Inc.		1,436,000		11,148,334
Mizuho Financial Group, Inc. (a)		12,349		69,983,934
Natixis		1,026,000		22,745,025
San-In Godo Bank Ltd.		233,000		1,843,113
Sumitomo Mitsui Financial Group, Inc. (a)		2,501		19,383,178
Yamaguchi Financial Group, Inc.		754,000		7,850,307
Commercial Banks Total				418,643,090
Consumer Finance – 1.5%
Aiful Corp. (a)		2,149,600		33,594,270
Takefuji Corp. (a)		1,689,230		33,465,302
Consumer Finance Total				67,059,572
Diversified Financial Services – 1.2%
Jardine Matheson Holdings Ltd., ADR (a)		1,742,900		49,846,940
Diversified Financial Services Total				49,846,940
Insurance – 5.7%
Aegon NV		4,971,404		95,112,739
Millea Holdings, Inc., Tokyo		1,658,800		66,567,891
Mitsui Sumitomo Insurance Co., Ltd. (a)		7,087,000		82,908,610
Insurance Total				244,589,240
Thrifts & Mortgage Finance – 0.3%
Hypo Real Estate Holding AG, ADR (a)		253,261		14,407,031
Thrifts & Mortgage Finance Total				14,407,031
Financials Total				794,545,873
Health Care – 13.8%
Health Care Equipment & Supplies – 0.6%
Covidien Ltd. (a)(c)		591,912		24,564,348
Health Care Equipment & Supplies Total				24,564,348
Pharmaceuticals – 13.2%
AstraZeneca PLC		2,677,185		133,935,897
Daiichi Sankyo Co., Ltd. (a)		2,252,000		67,512,038
GlaxoSmithKline PLC		4,954,900		131,420,962
Ono Pharmaceutical Co., Ltd. (a)		1,486,700		79,560,695
Sanofi-Aventis (a)		1,587,086		134,545,769
Taisho Pharmaceutical Co., Ltd. (a)		382,000		7,509,926
Takeda Pharmaceutical Co., Ltd. (a)		274,000		19,236,655
Pharmaceuticals Total				573,721,942
Health Care Total				598,286,290

See Accompanying Notes to Financial Statements
23

Columbia International Value Master Portfolio

September 30, 2007 (Unaudited)

Common Stocks (continued)

	Shares		Value ($)
Industrials – 1.4%
Commercial Services & Supplies – 1.4%
Contax Participacoes SA, ADR		2,827,200		4,179,450
Dai Nippon Printing Co., Ltd. (a)		3,974,000		56,653,182
Commercial Services & Supplies Total				60,832,632
Industrials Total				60,832,632
Information Technology – 14.7%
Communications Equipment – 3.5%
Alcatel-Lucent (a)		5,236,100		53,811,142
Alcatel-Lucent, ADR (a)		3,835,200		39,042,336
Nortel Networks Corp. (a)(c)		3,510,630		59,610,497
Communications Equipment Total				152,463,975
Electronic Equipment & Instruments – 4.9%
FUJIFILM Holdings Corp. (a)		1,054,805		48,485,286
Hitachi Ltd. (a)		3,889,000		25,811,456
Hitachi Ltd., ADR (a)		1,199,825		79,356,426
Tyco Electronics Ltd. (a)		1,653,443		58,581,485
Electronic Equipment & Instruments Total				212,234,653
Semiconductors & Semiconductor Equipment – 6.3%
Infineon Technologies AG (c)		1,882,209		32,379,500
Infineon Technologies AG (b)		349,505		6,012,510
Qimonda AG, ADR (c)		861,840		9,738,792
Rohm Co., Ltd.		622,300		54,874,804
Samsung Electronics Co., Ltd.		57,300		35,955,615
STMicroelectronics NV (a)		4,215,100		70,801,890
United Microelectronics Corp. (d)		86,155,806		61,933,973
Semiconductors & Semiconductor Equipment Total				271,697,084
Information Technology Total				636,395,712
Materials – 1.8%
Chemicals – 1.8%
Akzo Nobel NV		923,400		76,053,028
Chemicals Total				76,053,028
Materials Total				76,053,028
Telecommunication Services – 23.5%
Diversified Telecommunication Services – 21.7%
Brasil Telecom Participacoes SA, ADR (a)		241,760		18,040,131
Deutsche Telekom AG, ADR (a)		6,010,800		117,992,004
Deutsche Telekom AG, Registered Shares		2,249,000		44,177,958
France Telecom SA (a)		2,157,812		72,270,540
KT Corp., ADR		2,914,300		73,003,215

	Shares		Value ($)
Nippon Telegraph & Telephone Corp.		4,575		21,348,480
Nippon Telegraph & Telephone Corp., ADR (a)		2,571,180		59,831,359
Portugal Telecom SGPS SA, ADR		5,584,476		78,406,043
Swisscom AG, ADR (a)		2,291,700		86,855,888
Tele Norte Leste Participacoes SA, ADR		2,827,200		63,498,912
Telecom Corp. of New Zealand Ltd., ADR		2,168,604		36,779,526
Telecom Italia SpA, ADR		1,649,181		49,920,709
Telecom Italia SpA, Savings Shares (a)		10,039,010		24,197,898
Telecomunicacoes Brasileiras SA, ADR		663,200		15,870,376
Telefonica SA, ADR		1,190,481		99,738,498
Telefonos de Mexico SA de CV, ADR, Class L		2,377,840		78,159,601
Diversified Telecommunication Services Total				940,091,138
Wireless Telecommunication Services – 1.8%
SK Telecom Co. Ltd., ADR (a)		1,987,439		59,026,938
SK Telecom Co., Ltd.		57,077		13,083,431
Tim Participacoes SA, ADR (a)		61,418		2,491,114
Vivo Participacoes SA (a)		426,216		2,114,032
Wireless Telecommunication Services Total				76,715,515
Telecommunication Services Total				1,016,806,653
Utilities – 5.0%
Electric Utilities – 5.0%
Centrais Electricas Brasileiras SA, ADR		7,275,467		105,770,739
Korea Electric Power Corp., ADR		4,713,550		109,118,683
Electric Utilities Total				214,889,422
Utilities Total				214,889,422
Total Common Stocks (Cost of $3,282,806,407)				4,236,241,472
Securities Lending Collateral – 17.2%
State Street Navigator Securities Lending Prime Portfolio (e) (7 day yield of 5.320%)		744,423,269		744,423,269
Total Securities Lending Collateral (Cost of $744,423,269)				744,423,269

See Accompanying Notes to Financial Statements
24

Columbia International Value Master Portfolio

September 30, 2007 (Unaudited)

Short-Term Obligation – 1.0%

	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07, at 3.910%, collateralized by a U.S. Government Agency Obligation maturing 10/09/09, market value $45,124,500 (repurchase proceeds $44,252,414)		44,238,000		44,238,000
Total Short-Term Obligation (Cost of $44,238,000)				44,238,000
Total Investments – 116.1% (Cost of $4,071,467,676) (f)				5,024,902,741
Other Assets & Liabilities, Net – (16.1)%				(697,145,261	)
Net Assets – 100.0%				4,327,757,480

Notes to Investment Portfolio:

(a) All or a portion of this security was on loan at September 30, 2007. The total market value of securities on loan at September 30, 2007 is $700,913,528.

(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 September 30, 2007, the value of these securities, which is not illiquid, amounted to $23,715,372 which represents 0.6% of net assets.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

(e) Investment made with cash collateral received from securities lending activity.

(f) Cost for federal income tax purposes is $4,071,467,676.

Investments in affiliate during the period ended September 30, 2007: Security name: Compania Anonima Nacional Telefonos de Venezuela, ADR

Shares as of 03/31/07:		2,878,864
Shares purchased:		–
Shares sold:		(2,878,864	)
Shares as of 09/30/07:		–
Net realized gain/loss:	$	(1,677,992	)
Dividend income earned:	$	7,937,794
Value at end of period:	$	–

The Master Portfolio was invested in the following countries at September 30, 2007:

Summary of Securities By Country	Value ($)		% of Total Investments
Japan		1,018,229,370		20.3
United States *		788,661,269		15.7
United Kingdom		608,620,854		12.1
Netherlands		512,255,713		10.2
France		424,219,755		8.4
South Korea		378,242,774		7.5
Germany		224,707,794		4.5
Brazil		211,964,754		4.2
Switzerland		171,165,428		3.4
Italy		139,214,119		2.8
Spain		99,738,498		2.0
Bermuda		83,145,833		1.7
Portugal		78,406,043		1.6
Mexico		78,159,601		1.6
Taiwan		61,933,973		1.2
Canada		59,610,497		1.2
Singapore		49,846,940		0.9
New Zealand		36,779,526		0.7
		5,024,902,741		100.0

* Includes short-term obligation and securities lending collateral.

Certain securities are listed by country of underlying exposure but may trade predominantly on other exchanges.

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.
25

Statement of Assets and Liabilities – Columbia International Value Master Portfolio
September 30, 2007 (Unaudited)

		($)
Assets	Investments, at identified cost		4,071,467,676
	Investments, at value (including securities on loan of $700,913,528)		5,024,902,741
	Cash		1,188,437
	Foreign currency (cost of $18,581)		18,778
	Receivable for:
	Investments sold		37,167,808
	Interest		14,805
	Dividends		23,597,833
	Securities lending income		177,726
	Total assets		5,087,068,128
Liabilities	Collateral on securities loaned		744,423,269
	Payable for:
	Investments purchased		11,934,332
	Investment advisory fee		2,524,699
	Administration fee		160,919
	Pricing and bookkeeping fees		13,456
	Trustees' fees		53,641
	Custody fee		121,050
	Other liabilities		79,282
	Total liabilities		759,310,648
	Net Assets		4,327,757,480

See Accompanying Notes to Financial Statements.
26

Statement of Operations – Columbia International Value Master Portfolio
For the Six Months Ended September 30, 2007 (Unaudited)

		($)
Investment Income	Dividends (Net of foreign taxes withheld of $16,656,128)		74,274,814
	Dividends from affiliates		7,937,794
	Interest		2,494,933
	Securities lending		6,428,212
	Total income		91,135,753
Expenses	Investment advisory fee		16,451,726
	Administration fee		1,058,069
	Pricing and bookkeeping fees		80,085
	Trustees' fees		9,299
	Custody fee		542,634
	Other expenses		81,002
	Total Expenses		18,222,815
	Expense reductions		(17,631	)
	Net Expenses		18,205,184
	Net Investment Income		72,930,569
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain (loss) on:
	Investments		426,329,958
	Affiliated investments		(1,677,992	)
	Foreign currency transactions		(965,079	)
	Net realized gain		423,686,887
	Net change in unrealized appreciation (depreciation) on:
	Investments		(289,006,125	)
	Foreign currency translations		191
	Net change in unrealized appreciation		(289,005,934	)
	Net Gain		134,680,953
	Net Increase Resulting from Operations		207,611,522

See Accompanying Notes to Financial Statements.
27

Statement of Changes in Net Assets – Columbia International Value Master Portfolio

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations	Net investment income		72,930,569			74,024,116
	Net realized gain on investments and foreign currency transactions		423,686,887			604,868,524
	Net change in unrealized appreciation (depreciation) on investments		(289,005,934	)		175,449,991
	Net Increase Resulting from Operations		207,611,522			854,342,631
	Contributions		145,296,862			279,432,207
	Withdrawals		(643,540,617	)		(974,514,599	)
	Net Increase (Decrease) in Net Assets		(290,632,233	)		159,260,239
Net Assets	Beginning of period		4,618,389,713			4,459,129,474
	End of period		4,327,757,480			4,618,389,713

See Accompanying Notes to Financial Statements.
28

Financial Highlights – Columbia International Value Master Portfolio

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
	2007			2007			2006			2005			2004			2003
Total return		4.78	%(a)		20.95	%		24.88	%		13.85	%		79.88	%		(28.54	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (b)		0.80	%(c)		0.80	%		0.80	%		0.86	%		0.90	%		0.90	%
Interest expense		—			—	%(d)		—	%(d)		—	%(d)		—	%(d)		—	%(d)
Net expenses (b)		0.80	%(c)		0.80	%		0.80	%		0.86	%		0.90	%		0.90	%
Waiver/Reimbursement		—			—			—			0.05	%		0.06	%		0.06	%
Net investment income		3.22	%(c)		1.66	%		1.88	%		1.57	%		1.34	%		1.45	%
Portfolio turnover rate		15	%(a)		19	%		20	%		21	%		15	%		25	%

(a) Not annualized.

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

(d) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
29

Notes to Financial Statements – Columbia International Value Master Portfolio
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Funds Master Investment Trust, LLC (the "Master Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Information presented in these financial statements pertains only to Columbia International Value Master Portfolio (the "Master Portfolio").

The following investors were invested in the Master Portfolio at September 30, 2007:

Columbia International Value Master Portfolio:

Columbia International Value Fund
(the "Feeder Fund") 88.0%

Columbia International Value Fund (Offshore) 0.3%

Banc of America Capital Management Funds VII,
LLC – International Value Fund 11.7%

The series of the Master Trust serve as master portfolios for the Columbia Funds that operate as feeder funds in a master/feeder structure.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("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 Master Portfolio in the preparation of its financial statements.

Security Valuation

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Master Portfolio's interests are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Master Portfolio's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their "fair value" using procedures approved by the Board of Trustees. The Master Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security.

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 of Trustees. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security.

Security Transactions

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

Repurchase Agreements

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

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Master Portfolio or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Master Portfolio will not incur any registration costs upon such resale.

Foreign Currency Transactions

For financial statement purposes, the Master Portfolio 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.

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on debt securities. Dividend income is recorded on the ex-date, except for certain foreign securities which are recorded as soon after ex-date as the fund becomes aware of such, net of non-reclaimable tax withholdings.

Each investor in the Master Portfolio is treated as an owner of its proportionate share of the net assets, income, expenses, realized and unrealized gains and losses of the Master Portfolio.

Expenses

General expenses of the Master Trust are allocated to the Master Portfolio based upon relative net assets or other expense allocation methodologics determined by the nature of the expense. Expenses directly attributable to the Master Portfolio are charged directly to the Master Portfolio.

Federal Income Tax Status

The Master Portfolio is treated as a partnership for federal income tax purposes and therefore is not subject to federal income tax. Each investor in the Master Portfolio will be subject to taxation on its allocated share of the Master Portfolio's ordinary income and capital gains.

The Master Portfolio's assets, income and distributions will be managed in such a way that the Feeder Fund will be able to continue to qualify as a registered investment company by investing its assets through its Master Portfolio.

The Master Portfolio may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Master Portfolio accrues 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.

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

Indemnification

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

Note 3. Federal Tax Information

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

Unrealized Appreciation				Unrealized Depreciation				Net Unrealized Appreciation
$	1,204,246,098			$	(250,811,033	)		$	953,435,065

The Master Portfolio adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Master Portfolio. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Master Portfolio's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.85	%
$500 million to $1 billion		0.80	%
$1 billion to $1.5 billion		0.75	%
$1.5 billion to $3 billion		0.70	%
$3 billion to $6 billion		0.68	%
Over $6 billion		0.66	%

For the six months ended September 30, 2007, the annualized effective investment advisory fee rate for the Master Portfolio was 0.73% of the Master Portfolio's average daily net assets.

Sub-Advisory Fee

Brandes Investment Partners, L.P. ("Brandes") has been retained by Columbia as the investment sub-advisor to the Master Portfolio. As the sub-advisor, Brandes is responsible for daily investment operations, including placing all orders for the purchase and sale of the portfolio securities for the Master Portfolio. Columbia, from the investment advisory fee it receives, pays Brandes a monthly sub-advisory fee at the annual rate of 0.50% of the Master Portfolio's average daily net assets.

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

Administration Fee

Columbia provides administrative and other services to the Master Portfolio. Under the administration agreement, Columbia is entitled to receive an administration fee, computed daily and paid monthly, at the annual rate of 0.05% of the Master Portfolio's average daily net assets less the fees payable by the Master Portfolio as described under the Pricing and Bookkeeping Fees note below.

Pricing and Bookkeeping Fees

The Master Portfolio has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Master Portfolio. The Master Portfolio has also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Master Portfolio. Under the State Street Agreements, the Master Portfolio pays State Street an annual fee of $38,000 paid monthly, plus a monthly fee based on an annualized percentage rate of average daily net assets of the Master Portfolio for the month. The Master Portfolio's aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Master Portfolio also reimburses State Street for certain out-of-pocket expenses and charges.

The Master Portfolio has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Master Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Master Portfolio reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Master Portfolio expenses. Fees related to the requirements of the Sarbanes-Oxley Act of 2002 are paid by the Feeder Fund and are included in "Pricing and bookkeeping fees" on the Feeder Fund's Statement of Operations.

For the six months ended September 30, 2007, the amount charged to the Master Portfolio by affiliates included in the Statement of Operations under "Pricing and bookkeeping fees" aggregated to $4,429, of which $419 is unpaid.

Expense Limits and Fee Waivers

Columbia and/or some of the Master Portfolio's other service providers have voluntarily agreed to reimburse the Master Portfolio for certain expenses so that total expenses (exclusive of brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, will not exceed the annual rate of 0.90% of the Master Portfolio's average daily net assets. This arrangement may be revised or discontinued by Columbia at any time.

Custody Credits

The Master Portfolio has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Master Portfolio could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six months ended September 30, 2007 these credits reduced total expenses by $17,631.

Fees Paid to Officers and Trustees

All officers of the Master Portfolio are employees of Columbia or its affiliates and receive no compensation from the Master Portfolio. The Board of Trustees has appointed a Chief Compliance Officer to the Master Portfolio in accordance with federal securities regulations.

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

by Columbia. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statement of Assets and Liabilities.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities excluding short-term obligations were $651,854,176 and $974,026,679, respectively.

Note 6. Line of Credit

The Master Portfolio and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unused committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund or Master Portfolio. The commitment fee and structuring fee are included in "Other expenses" in the Statement of Operations.

For the six months ended September 30, 2007, the Master Portfolio did not borrow under this arrangement.

Note 7. Securities Lending

The Master Portfolio commenced a securities lending program in August 2006 and may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Master Portfolio and any additional required collateral is delivered to the Master Portfolio on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Master Portfolio. Generally, in the event of borrower default, the Master Portfolio has the right to use the collateral to offset any losses incurred. In the event the Master Portfolio is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Master Portfolio. The Master Portfolio bears the risk of loss with respect to the investment of collateral.

Note 8. Significant Risks and Contingencies

Foreign Securities

Legal Proceedings

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

Corporation Form 8-K filing on February 10, 2005 and a copy of the SEC Order is available on the SEC's website.

Civil Litigation

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Columbia International Value Master Portfolio, September 30, 2007 (Unaudited)

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

Important Information About This Report – Columbia International Value Fund

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

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

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

Please consider the investment objectives, risks, charges and expenses for the fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the fund. You should read it carefully before you invest.

Transfer Agent

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

Distributor

Columbia Management Distributors, Inc. One Financial Center Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC 100 Federal Street Boston, MA 02110

Columbia International Value Fund

Semiannual Report – September 30, 2007

Columbia Management®

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SHC-44/136203-0907(11/07) 07 46090

Columbia Management®

Government & Corporate
Bond Funds

Semiannual Report – September 30, 2007

^gColumbia Total Return Bond Fund

^gColumbia Short Term Bond Fund

^gColumbia High Income Fund

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of Contents

Columbia Total Return Bond Fund					1

Columbia Short Term Bond Fund					4

Columbia High Income Fund					7

Financial Statements					10

Investment Portfolios					11

Statements of Assets and Liabilities					33

Statements of Operations					35

Statements of Changes in Net Assets					37

Financial Highlights					40

Notes to Financial Statements					52

Columbia High Income Master Portfolio					64

Important Information About This Report					89

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

President's Message

Dear Shareholder:

We know that for many investors, the information contained in shareholder reports can seem very technical, so we would like to take this opportunity to walk you through some of the sections in the beginning of your shareholder report, explain their purpose and point out some of the highlights we think you'll find useful. In future reports, we will discuss how to use the financial statements in your shareholder reports.

Performance Information

Understanding Your Expenses

This section explains the costs associated with your Columbia Funds investment. It includes both general information about mutual fund expenses and specific information pertinent to your fund.

Other Information

Every shareholder report includes a page containing "Important Information About This Fund," which includes instructions for requesting additional copies of the shareholder report, as well as contact information for the fund's Transfer Agent, Distributor and Investment Advisor.

Annual reports contain additional information, such as an auditor's report and biographies of the fund's trustees and officers. This information is not included in semiannual reports.

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserving precious natural resources. For even more information about your fund, visit our Web site at www.columbiafunds.com. There you will find prospectuses, shareholder reports and fund fact sheets for all of the funds in the Columbia Funds family.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Fund Profile – Columbia Total Return Bond Fund

Summary

^g For the six-month period that ended September 30, 2007, the fund's Class A shares returned 1.04% without sales charge. The fund trailed its benchmark, the Lehman Brothers U.S. Aggregate Bond Index,¹ and the average return of its peer group, the Lipper Intermediate Investment Grade Debt Funds Classification,² which gained 2.31% and 1.39%, respectively. As investors became more risk averse and US Treasuries beat other domestic fixed-income sectors, the fund's focus on bonds outside the Treasury market caused it to lag its benchmark.

^g A minimal stake in Treasuries and above-average exposure to bonds with a yield advantage over Treasuries, including investment-grade and a few high-yield issues, hurt returns. Within the investment-grade sector, higher quality commercial mortgage-backed securities (CMBS) with longer durations (or greater sensitivity to interest rate changes), home equity loan asset-backed securities (ABS) and corporate bonds were all disappointments. CMBS are bonds backed by the interest and principal payments from mortgages on large commercial properties, such as apartments, office buildings or shopping malls. ABS are bonds secured by pools of assets from receivables, including the payments on home equity loans. On the upside were non-dollar securities, which benefited as foreign currencies appreciated versus the dollar.

^g We sought to minimize losses by cutting the fund's stake in home equity loan floaters, which are ABS securities whose payments float at a margin above LIBOR (the London Interbank Offered Rate)—the interest rate international banks with good credit ratings charge each other for large loans. The floaters performed poorly, as prepayment rates slowed and delinquency rates rose.

^g We believe moderate economic growth and contained inflation may allow the Federal Reserve Board to continue lowering short-term interest rates. Although market volatility and investor uncertainty may continue, we expect to maintain the fund's exposure to asset classes outside the Treasury market because we believe they have the potential to produce strong gains once fixed-income markets stabilize.

Portfolio Management

Leonard Aplet has co-managed Columbia Total Return Bond Fund since October 2004. He is associated with Columbia Management Advisors, LLC, investment advisor to the fund.

Kevin Cronk has co-managed the fund since November 2004. He is associated with Columbia Management Advisors, LLC, investment advisor to the fund.

Thomas LaPointe has co-managed the fund since March 2005. He is associated with Columbia Management Advisors, LLC, investment advisor to the fund.

Laura Ostrander has co-managed the fund since November 2004. She is associated with Columbia Management Advisors, LLC, investment advisor to the fund.

Carl Pappo has co-managed the fund since November 2006. He is associated with Columbia Management Advisors, LLC, investment advisor to the fund.

¹The Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper Intermediate Investment Grade Debt Funds Classification invest at least 65% of the assets in investment grade debt issues with dollar-weighted average maturities of five to ten years.

Summary

6-month (cumulative) returns as of 09/30/07

	+1.04	%

Class A shares (without sales charge)

	+2.31	%

Lehman Brothers U.S. Aggregate Bond Index

Morningstar Style Box

Performance Information – Columbia Total Return Bond Fund

Annual operating expense ratio (%)*

Class A					0.84
Class B					1.59
Class C					1.59
Class Z					0.59

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					9.61
Class B					9.62
Class C					9.61
Class Z					9.62

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.23
Class B					0.19
Class C					0.19
Class Z					0.24

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		16,274		15,753
Class B		15,159		15,159
Class C		15,135		15,135
Class Z		16,684		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Total Return Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	11/19/92				06/07/93				11/16/92				10/30/92
Sales charge	without		with		without		with		without		with		without
6-month
(cumulative)		1.04		–2.27		0.77		–2.20		0.66		–0.32		1.17
1-year		4.13		0.80		3.47		0.49		3.36		2.37		4.40
5-year		3.89		3.20		3.11		3.11		3.11		3.11		4.14
10-year		4.99		4.65		4.25		4.25		4.23		4.23		5.25

The "with sales charge" returns include the maximum initial sales charge of 3.25% for Class A shares, the applicable contingent deferred sales charge of 3.00% in the first year, declining to 1.00% in the fourth year, and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. Class Z shares are sold at net asset value with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectus for details.

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

Understanding Your Expenses – Columbia Total Return Bond Fund

Analyzing your fund's expenses by share class

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1. Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

04/01/07 – 09/30/07

	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		1,010.40		1,020.75		4.27		4.29		0.85
Class B		1,000.00		1,000.00		1,007.70		1,017.00		8.03		8.07		1.60
Class C		1,000.00		1,000.00		1,006.60		1,017.00		8.03		8.07		1.60
Class Z		1,000.00		1,000.00		1,011.70		1,022.00		3.02		3.03		0.60

Fund Profile – Columbia Short Term Bond Fund

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

Summary

6-month (cumulative) returns as of 09/30/07

	+2.32	%

Class A shares (without sales charges)

	+3.39	%

Merrill Lynch 1-3 Year U.S. Treasury Index

Morningstar Style Box

Summary

^g For the six-month period that ended September 30, 2007, the fund's Class A shares returned 2.32% without sales charge. That was less than the 3.39% return of its benchmark, the Merrill Lynch 1-3 Year U.S. Treasury Index.¹ However, the fund's return exceeded the 1.76% average return of its peer group, the Lipper Short Investment Grade Debt Funds Classification.² In a risk-averse market, the fund's exposure to bond sectors outside the Treasury market caused it to underperform its benchmark, but other allocation decisions created a performance advantage versus competing funds.

^g A slowdown in the housing market and the well-publicized difficulties experienced by subprime mortgages caused a flight to quality that made Treasury securities the best-performing asset class during the period. These factors also affected the mortgage-backed securities market. As a result, the fund was hurt by its overweight position in commercial mortgage-backed securities, which underperformed even though their high quality underlying loans performed well during the period. Our heavy exposure to financial bonds also hurt results, as financials underperformed both industrials and utilities. However, the fund benefited from its decision to reduce the overall size of its corporate bond position, especially within the home equity sector. Capital goods, technology, and communications bond holdings enhanced performance as these sectors outpaced the rest of the corporate bond market. The fund also benefited by having a slightly longer duration than the benchmark late in the period, when the Federal Reserve Board (the Fed) cut the federal funds rate from 5.25% to 4.75%. Duration is a measure of interest rate sensitivity. We lengthen duration when we expect interest rates to decline and shorten it when we expect rates to rise. If we are right, as we were during this period, our decision can aid performance.

^g We believe moderate economic growth and contained inflation may lead the Fed to continue to reduce short-term interest rates. The current level of volatility and uncertainty in the marketplace may remain for a while. However, experience has taught us that when markets stabilize, positive excess returns are potentially available from asset classes outside the Treasury market and we have maintained our exposure to those sectors.

Portfolio Management

Leonard Aplet has co-managed the Columbia Short Term Bond Fund since October 2004. Mr. Aplet is affiliated with Columbia Management Advisors, LLC, investment advisor to the fund.

Ronald Stahl has co-managed the fund since November 2006. Mr. Stahl is affiliated with Columbia Management Advisors, LLC, investment advisor to the fund.

¹The Merrill Lynch 1-3 Year U.S. Treasury Index tracks the performance of soverign debt publicly issued in the US domestic market with maturities of 1-3 years and a minimum amount outstanding of $1 billion. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

Performance Information – Columbia Short Term Bond Fund

Performance of a $10,000 investment 10/01/97 – 09/30/07 ($)

Sales charge	without		with
Class A		15,284		15,130
Class B		14,360		14,360
Class C		14,416		14,416
Class Z		15,630		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Short Term Bond Fund during the stated time period and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemptions of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	10/02/92				06/07/93				10/02/92				09/30/92
Sales charge	without		with		without		with		without		with		without
6-month
(cumulative)		2.32		1.29		1.83		–1.16		2.16		1.16		2.45
1-year		4.85		3.79		4.07		1.07		4.52		3.52		5.11
5-year		2.71		2.51		1.95		1.95		2.11		2.11		2.95
10-year		4.33		4.23		3.68		3.68		3.73		3.73		4.57

The "with sales charge" returns include the maximum initial sales charge of 1.00% for Class A shares, the applicable contingent deferred sales charge of 3.00% in the first year, declining to 1.00% in the fourth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

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

Annual operating expense ratio (%)*

Class A					0.73
Class B					1.48
Class C					1.48
Class Z					0.48

Annual operating expense ratio

after contractual waivers (%)*

Class A					0.71
Class B					1.46
Class C					1.46
Class Z					0.46

*The annual operating expense ratio and annual operating expense ratio after contractual waivers are as stated in the fund's prospectus that is current as of the date of this report. The contractual waiver expires 07/31/2008. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					9.84
Class B					9.83
Class C					9.83
Class Z					9.82

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.23
Class B					0.19
Class C					0.21
Class Z					0.24

Understanding Your Expenses – Columbia Short Term Bond Fund

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

Analyzing your fund's expenses by share class

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 – 09/30/07

	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		1,023.20		1,021.35		3.69		3.69		0.73
Class B		1,000.00		1,000.00		1,018.30		1,017.60		7.47		7.47		1.48
Class C		1,000.00		1,000.00		1,021.60		1,019.80		5.26		5.25		1.04
Class Z		1,000.00		1,000.00		1,024.50		1,022.60		2.43		2.43		0.48

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

Fund Profile – Columbia High Income Fund

Summary

^g For the six-month period that ended September 30, 2007, the fund's Class A shares returned 0.13% without sales charge. The fund's benchmark, the Credit Suisse High Yield Index,¹ returned 0.69%. The fund's return was slightly less than the 0.25% average return of its peer group, the Lipper High Current Yield Funds Classification.² An emphasis on the airline sector and a small position in subprime mortgage lenders detracted from performance. Above-benchmark exposure to utilities and energy helped offset weak results from underperformers.

^g In the airline sector, Northwest Airlines, Inc. (Northwest) and Delta Air Lines, Inc. (Delta) were disappointments (1.1% and 0.6% of net assets, respectively). Although US airlines, in general, have experienced their highest profits since 2000, and both Northwest and Delta have received high marks from Wall Street, negative investor sentiment and record high oil prices continued to drag the sector down. We remain positive on the business prospects of both Northwest and Delta and continue to own the stocks and certain fixed income securities. Although the fund had no direct exposure to subprime loans, our positions in companies that make those loans, including Fremont General Corp. (sold from the fund) and General Motors Acceptance Corp. (GMAC) (1.8% of net assets), hampered performance as the subprime mortgage debacle continued to rock the financial sector. Elsewhere in the fund, Bowater, Inc. and Alcatel-Lucent detracted from relative performance (0.5% and 1.4% of net assets, respectively).

^g A decision to overweight both utilities and energy aided performance. Within utilities, Calpine Corp. (3.0% of net assets) was a top performer as the company made progress toward emerging from bankruptcy. AES Corp. (1.9% of net assets), another strong performer, reported record revenues and net cash from operating activities. InterGen (0.7% of net assets), a global power generation firm, reaped the benefits of refinancing debt and also performed well. Within energy, Pogo Producing Company (0.7% of net assets) was one of the fund's top performers after announcing that it would be acquired at a modest premium. Star Gas Partners, L.P. (0.8% of net assets) also traded higher as the result of strong earnings results and expectations for the remainder of the year.

^g After an early summer sell off, followed by a late summer Treasury rally, the yield difference between Treasuries and the high-yield market widened to approximately 420 basis points—making the high yield sector more attractively valued than it was earlier this year. (A basis point is one-hundredth of one percent.) Meanwhile, the overall prospects for the high-yield sector remain positive. Default rates are low, the world economy is growing and corporate earnings have generally matched expectations. As a result, we have taken the opportunity to put some of the fund's cash to work in selected lower-rated credits that were available at what we believe are attractive prices. Nevertheless, the fund maintains its conservative positioning and we plan to move cautiously in raising the fund's risk exposure in the current environment.

Portfolio Management

The master portfolio is managed by the High Yield Portfolio Management Team of MacKay Shields LLC, investment sub-advisor to the master portfolio. J. Matthew Philo is the lead portfolio manager responsible for making the day-to-day investment decisions for the master portfolio, and has been a portfolio manager for the master portfolio since its inception.

The fund is a feeder fund that invests substantially all of its assets in a master portfolio. Holdings information referenced in this section is that of the master portfolio.

Investing in high-yield bonds (sometimes referred to as "junk bonds") offers the potential for high current income and attractive total return, but involves certain risks. Changes in economic conditions or other circumstances may adversely affect a junk bond issuer's ability to make principal and interest payments. Rising interest rates tend to lower the value of all bonds.

Source for all security-specific commentary—MacKay Shields LLC.

Source for all statistical data—Columbia Management Advisors, LLC.

¹The Credit Suisse High Yield Index is a broad-based index that tracks the performance of high yield bonds. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads. Funds in the Lipper High Current Yield Funds Category aim at high (relative) current yield from fixed income securities and have no quality or maturity restrictions.

Summary

6-month (cumulative) returns as of 09/30/07

	+ 0.13	%

Class A shares (without sales charge)

	+ 0.69	%

Credit Suisse High Yield Index

Morningstar Style Box

Performance Information – Columbia High Income Fund

Annual operating expense ratio (%)*

Class A					1.16
Class B					1.91
Class C					1.91
Class Z					0.91

*The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/07 ($)

Class A					8.78
Class B					8.76
Class C					8.72
Class Z					8.85

Distributions declared per share

04/01/07 – 09/30/07 ($)

Class A					0.34
Class B					0.31
Class C					0.31
Class Z					0.35

Performance of a $10,000 investment 02/14/00 – 09/30/07 ($)

Sales charge	without		with
Class A		18,422		17,545
Class B		17,424		17,424
Class C		17,354		17,354
Class Z		18,836		n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia High Income Fund during the stated time period and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares.

Average annual total return as of 09/30/07 (%)

Share class	A				B				C				Z
Inception	02/14/00				02/17/00				03/08/00				02/14/00
Sales charge	without		with		without		with		without		with		without
6-month
(cumulative)		0.13		–4.59		–0.25		–5.07		–0.25		–1.22		0.14
1-year		7.59		2.45		6.80		1.80		6.83		5.83		7.80
5-year		13.21		12.11		12.36		12.10		12.35		12.35		13.43
Life		8.34		7.65		7.56		7.56		7.56		7.56		8.66

The "with sales charge" returns include the maximum initial sales charge of 4.75% for Class A shares, the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

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

Understanding Your Expenses – Columbia High Income Fund

Analyzing your fund's expenses by share class

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

Estimating your actual expenses

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

^gFor shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.Divide your ending account balance by $1,000.00. For example, if an account balance was $8,600.00 at the end of the period, the result would be 8.6.

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

04/01/07 – 09/30/07

	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		1,001.30		1,019.20		5.80		5.86		1.16
Class B		1,000.00		1,000.00		997.50		1,015.45		9.54		9.62		1.91
Class C		1,000.00		1,000.00		997.50		1,015.45		9.54		9.62		1.91
Class Z		1,000.00		1,000.00		1,001.40		1,020.45		4.55		4.60		0.91

Financial Statements – Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

A guide to understanding your fund's financial statements

Investment Portfolio				The investment portfolio details all of the fund's holdings and their values as of the last day of the reporting period. Portfolio holdings are organized by type of asset, industry, country or geographic region (if applicable) to demonstrate areas of concentration and diversification.

Statement of Assets and Liabilities				This statement details the fund's assets, liabilities, net assets and share price for each share class as of the last day of the reporting period. Net assets are calculated by subtracting all the fund's liabilities (including any unpaid expenses) from the total of the fund's investment and non-investment assets. The share price for each class is calculated by dividing net assets for that class by the number of shares outstanding in that class as of the last day of the reporting period.

Statement of Operations				This statement details income earned by the fund and the expenses accrued by the fund during the reporting period. This statement also shows any net gain or loss the fund realized on the sales of its holdings during the period, as well as any unrealized gains or losses recognized over the period. The total of these results represents the fund's net increase or decrease in net assets from operations.

Statement of Changes in Net Assets				This statement demonstrates how the fund's net assets were affected by its operating results, distributions to shareholders and shareholder transactions (e.g., subscriptions, redemptions and dividend reinvestments) during the reporting period. This statement also details changes in the number of shares outstanding.

Financial Highlights				The financial highlights demonstrate how the fund's net asset value per share was affected by the fund's operating results. The financial highlights table also discloses performance for each class of shares and certain key ratios (e.g., class expenses and net investment income as a percentage of average net assets).

Notes to Financial Statements				These notes disclose the organizational background of the fund, its significant accounting policies (including those surrounding security valuation, income recognition and distributions to shareholders), federal tax information, fees and compensation paid to affiliates and significant risks and contingencies.

Investment Portfolio – Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Mortgage-Backed Securities – 34.3%
	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
5.000% 03/01/37		24,884,339		23,736,493
5.000% 04/01/37		34,766,109		33,162,444
5.000% 05/01/37		19,972,522		19,051,245
5.000% 06/01/37		14,892,203		14,205,267
5.500% 12/01/17		218,246		218,287
5.500% 12/01/18		1,498,944		1,497,755
5.500% 07/01/19		1,138,670		1,136,552
5.500% 04/01/22		25,931,478		25,855,073
5.500% 05/01/22		1,048,711		1,045,622
5.500% 04/01/37		59,021		57,793
5.500% 05/01/37		69,269,489		67,827,663
5.954% 04/01/37 (a)		5,074,771		5,141,544
6.000% 05/01/17		97,611		99,060
6.000% 07/01/17		2,029,916		2,060,048
6.000% 02/01/20		3,226,481		3,272,614
6.000% 05/01/21		13,124,586		13,312,246
8.000% 11/01/09		9,192		9,451
8.000% 04/01/10		7,573		7,803
8.500% 11/01/26		168,940		181,219
TBA:
5.000% 10/11/37 (b)		31,000,000		29,566,250
5.500% 10/11/37 (b)		6,330,000		6,197,462
6.000% 10/11/37 (b)		80,000,000		80,075,040
Federal National Mortgage Association
5.000% 05/01/37		8,694,993		8,296,488
5.500% 11/01/36		6,975,026		6,833,222
5.500% 12/01/36		9,956,239		9,753,826
5.500% 01/01/37		3,574,037		3,501,376
5.500% 03/01/37		19,507,567		19,107,619
5.500% 04/01/37		36,728,026		35,975,020
5.500% 05/01/37		48,883,378		47,881,160
5.991% 06/01/32 (a)		33,005		33,492
6.080% 07/01/32 (a)		286,787		290,748
6.500% 08/01/36		28,340,822		28,860,877
6.500% 10/01/36		21,665,152		22,062,709
6.500% 11/01/36		16,578,309		16,882,522
6.500% 01/01/37		12,746,850		12,980,755
7.000% 10/01/11		157,399		162,184
7.199% 08/01/36 (a)		49,553		49,749
8.000% 12/01/09		52,555		52,587
10.000% 09/01/18		66,355		74,351
TBA:
5.500% 10/10/37 (b)		13,344,000		13,068,780
6.000% 10/10/37 (b)		69,966,000		70,053,458
6.500% 10/10/37 (b)		26,111,000		26,584,262
Government National Mortgage Association
7.000% 01/15/30		1,001,820		1,049,899
7.500% 12/15/23		994,484		1,043,761
7.500% 07/20/28		394,514		412,701
8.000% 05/15/17		12,521		13,229
8.500% 02/15/25		111,812		120,833

	Par ($) (e)		Value ($)
9.500% 09/15/09		1,044		1,081
13.000% 01/15/11		3,361		3,767
13.000% 02/15/11		1,763		1,976
Total Mortgage-Backed Securities (Cost of $656,822,326)				652,869,363
Corporate Fixed-Income Bonds & Notes – 30.3%
Basic Materials – 0.6%
Chemicals – 0.1%
Chemtura Corp.
6.875% 06/01/16		270,000		256,500
EquiStar Chemicals LP
10.625% 05/01/11		120,000		125,400
Huntsman International LLC
6.875% 11/15/13 (c)	EUR	155,000		226,548
7.875% 11/15/14		285,000		303,525
Ineos Group Holdings PLC
8.500% 02/15/16 (c)		295,000		282,463
Lyondell Chemical Co.
6.875% 06/15/17		250,000		271,250
8.000% 09/15/14		195,000		214,500
8.250% 09/15/16		265,000		298,787
MacDermid, Inc.
9.500% 04/15/17 (c)		200,000		193,000
Mosaic Co.
7.625% 12/01/16 (c)		335,000		357,194
Chemicals Total				2,529,167
Forest Products & Paper – 0.4%
Abitibi-Consolidated, Inc.
8.375% 04/01/15		310,000		225,525
Domtar, Inc.
7.125% 08/15/15		260,000		249,600
Georgia-Pacific Corp.
8.000% 01/15/24		355,000		346,125
NewPage Corp.
10.000% 05/01/12		145,000		152,612
12.000% 05/01/13		70,000		75,075
Norske Skog
8.625% 06/15/11		245,000		191,100
Weyerhaeuser Co.
7.375% 03/15/32		5,700,000		5,719,192
Forest Products & Paper Total				6,959,229
Metals & Mining – 0.1%
FMG Finance Ltd.
10.625% 09/01/16 (c)		440,000		518,100
Freeport-McMoRan Copper & Gold, Inc.
8.375% 04/01/17		425,000		464,313
Noranda Aluminium Holding Corp.
PIK,
11.146% 11/15/14 (c)		260,000		241,800

See Accompanying Notes to Financial Statements.
11

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Vale Overseas Ltd.
6.875% 11/21/36		1,450,000		1,493,887
Metals & Mining Total				2,718,100
Basic Materials Total				12,206,496
Communications – 4.0%
Media – 2.6%
Atlantic Broadband Finance LLC
9.375% 01/15/14		250,000		242,500
Cablevision Systems Corp.
8.000% 04/15/12		235,000		227,950
CanWest MediaWorks LP
9.250% 08/01/15 (c)(d)		355,000		358,550
Charter Communications Holdings I LLC
9.920% 04/01/14		575,000		494,500
11.000% 10/01/15		170,000		172,125
Clear Channel Communications, Inc.
5.500% 12/15/16		375,000		285,628
CMP Susquehanna Corp.
9.875% 05/15/14		340,000		316,200
Comcast Cable Holdings LLC
9.875% 06/15/22		2,159,000		2,829,611
Comcast Corp.
6.300% 11/15/17		4,890,000		4,970,362
6.950% 08/15/37		5,220,000		5,478,964
CSC Holdings, Inc.
7.625% 04/01/11		460,000		461,150
7.625% 07/15/18		200,000		191,000
Dex Media, Inc.
(f) 11/15/13 (9.000% 11/15/08)		600,000		564,000
DirecTV Holdings LLC
6.375% 06/15/15		320,000		303,600
EchoStar DBS Corp.
6.625% 10/01/14		445,000		447,225
Idearc, Inc.
8.000% 11/15/16		305,000		304,237
Insight Midwest LP
9.750% 10/01/09		182,000		182,228
Local TV Finance LLC
PIK,
9.250% 06/15/15 (c)		270,000		253,800
Quebecor Media, Inc.
7.750% 03/15/16		230,000		219,363
7.750% 03/15/16 (b)(c)		115,000		109,681
R.H. Donnelley Corp.
8.875% 01/15/16		265,000		269,969
Reader's Digest Association, Inc.
9.000% 02/15/17 (c)		270,000		243,000
Time Warner, Inc.
5.875% 11/15/16		7,265,000		7,107,277
6.500% 11/15/36 (d)		1,800,000		1,736,599
9.125% 01/15/13 (d)		2,472,000		2,833,943

	Par ($) (e)		Value ($)
Univision Communications, Inc.
PIK,
9.750% 03/15/15 (c)		475,000		463,125
Viacom, Inc.
5.750% 04/30/11		13,180,000		13,307,503
6.875% 04/30/36		4,965,000		4,944,316
Media Total				49,318,406
Telecommunication Services – 1.4%
Cincinnati Bell, Inc.
7.000% 02/15/15		280,000		270,200
Citizens Communications Co.
7.875% 01/15/27		445,000		433,875
Cricket Communications, Inc.
9.375% 11/01/14		485,000		492,275
Digicel Group Ltd.
PIK,
9.125% 01/15/15 (a)(c)(d)		487,000		452,403
Dobson Cellular Systems, Inc.
8.375% 11/01/11		540,000		573,075
9.875% 11/01/12		255,000		275,400
Embarq Corp.
7.082% 06/01/16		150,000		155,504
Hellas Telecommunications Luxembourg II
11.110% 01/15/15 (a)(c)		145,000		140,288
Inmarsat Finance II PLC
(f) 11/15/12 (10.375% 11/15/08)		315,000		301,613
Intelsat Bermuda Ltd.
11.250% 06/15/16		345,000		369,581
Intelsat Intermediate Holdings Co., Ltd.
(f) 02/01/15 (9.250% 02/01/10)		230,000		189,175
Lucent Technologies, Inc.
6.450% 03/15/29		385,000		319,550
MetroPCS Wireless, Inc.
9.250% 11/01/14 (c)		465,000		474,300
Nextel Communications, Inc.
6.875% 10/31/13		995,000		998,979
7.375% 08/01/15		2,920,000		2,967,611
Nordic Telephone Co. Holdings
8.250% 05/01/16 (c)	EUR	245,000		365,952
Orascom Telecom Finance SCA
7.875% 02/08/14 (c)		170,000		160,863
PanAmSat Corp.
9.000% 08/15/14		185,000		190,550
Qwest Communications International, Inc.
7.500% 02/15/14		225,000		227,813
Qwest Corp.
7.500% 10/01/14		110,000		114,400
7.500% 06/15/23		505,000		497,425
Rogers Wireless, Inc.
8.000% 12/15/12		140,000		146,506
Rural Cellular Corp.
8.621% 06/01/13 (a)(c)		260,000		266,500
11.106% 11/01/12 (a)		345,000		351,900

See Accompanying Notes to Financial Statements.
12

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($) (e)		Value ($)
Sprint Capital Corp.
6.125% 11/15/08		1,009,000		1,016,425
6.875% 11/15/28		950,000		916,843
8.750% 03/15/32		4,532,000		5,197,021
Syniverse Technologies, Inc.
7.750% 08/15/13		180,000		171,900
Telefonica Emisiones SAU
6.221% 07/03/17 (d)		1,075,000		1,085,981
7.045% 06/20/36		3,700,000		3,941,170
Telenet Group Holding NV
(f) 06/15/14 (c) (11.500% 12/15/08)		278,000		275,220
Time Warner Telecom Holdings, Inc.
9.250% 02/15/14		290,000		300,875
Verizon Communications, Inc.
6.250% 04/01/37		2,810,000		2,825,862
Virgin Media Finance PLC
8.750% 04/15/14	EUR	165,000		238,517
West Corp.
11.000% 10/15/16 (d)		220,000		231,000
Wind Acquisition Financial SA
PIK,
12.610% 12/21/11 (g)		463,014		450,852
Windstream Corp.
8.625% 08/01/16		310,000		330,537
Telecommunication Services Total				27,717,941
Communications Total				77,036,347
Consumer Cyclical – 3.4%
Airlines – 0.1%
Continental Airlines, Inc.
7.461% 04/01/15		2,742,847		2,713,704
Airlines Total				2,713,704
Apparel – 0.0%
Broder Brothers Co.
11.250% 10/15/10		215,000		187,050
Levi Strauss & Co.
9.750% 01/15/15		280,000		294,000
Phillips-Van Heusen Corp.
8.125% 05/01/13		175,000		179,813
Apparel Total				660,863
Auto Manufacturers – 0.1%
Ford Motor Co.
7.450% 07/16/31		360,000		282,600
General Motors Corp.
8.375% 07/15/33		645,000		565,181
Auto Manufacturers Total				847,781
Auto Parts & Equipment – 0.1%
Commercial Vehicle Group, Inc.
8.000% 07/01/13		265,000		250,425

	Par ($) (e)		Value ($)
Goodyear Tire & Rubber Co.
8.625% 12/01/11 (c)		81,000		84,645
9.000% 07/01/15		222,000		236,985
Hayes Lemmerz Finance Luxembourg SA
8.250% 06/15/15 (c)	EUR	260,000		333,672
TRW Automotive, Inc.
7.000% 03/15/14 (c)		240,000		232,800
Auto Parts & Equipment Total				1,138,527
Distribution/Wholesale – 0.0%
Buhrmann U.S., Inc.
7.875% 03/01/15		300,000		280,500
Distribution/Wholesale Total				280,500
Entertainment – 0.1%
Global Cash Access LLC
8.750% 03/15/12		255,000		263,925
Six Flags, Inc.
9.625% 06/01/14		280,000		231,350
Steinway Musical Instruments, Inc.
7.000% 03/01/14 (c)		270,000		256,500
WMG Acquisition Corp.
7.375% 04/15/14		255,000		221,850
WMG Holdings Corp.
(f) 12/15/14 (9.500% 12/15/09)		280,000		196,000
Entertainment Total				1,169,625
Home Builders – 0.4%
D.R. Horton, Inc.
5.625% 09/15/14		3,140,000		2,669,393
5.625% 01/15/16		325,000		273,097
6.500% 04/15/16 (d)		4,160,000		3,643,748
K. Hovnanian Enterprises, Inc.
6.375% 12/15/14		355,000		275,125
KB Home
5.875% 01/15/15		235,000		199,750
Lennar Corp.
6.500% 04/15/16 (d)		685,000		619,200
Toll Brothers Finance Corp.
5.150% 05/15/15		1,370,000		1,173,356
Home Builders Total				8,853,669
Home Furnishings – 0.0%
Sealy Mattress Co.
8.250% 06/15/14		220,000		221,650
Home Furnishings Total				221,650
Leisure Time – 0.0%
Royal Caribbean Cruises Ltd.
7.000% 06/15/13		400,000		397,779
Town Sports International, Inc.
(f) 02/01/14 (11.000% 02/01/09)		309,000		288,143
Leisure Time Total				685,922

See Accompanying Notes to Financial Statements.
13

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Lodging – 0.3%
Buffalo Thunder Development Authority
9.375% 12/15/14 (c)		165,000		155,100
Galaxy Entertainment Finance Co., Ltd.
9.875% 12/15/12 (c)		450,000		463,500
Greektown Holdings LLC
10.750% 12/01/13 (c)		405,000		400,950
Harrah's Operating Co., Inc.
5.625% 06/01/15		2,280,000		1,812,600
Jacobs Entertainment, Inc.
9.750% 06/15/14		265,000		263,675
Majestic Star LLC
9.750% 01/15/11		220,000		184,800
MGM Mirage
7.500% 06/01/16		415,000		412,406
Mohegan Tribal Gaming Authority
6.875% 02/15/15		210,000		206,587
Pinnacle Entertainment, Inc.
7.500% 06/15/15 (c)		440,000		416,350
8.250% 03/15/12		75,000		75,938
Snoqualmie Entertainment Authority
9.063% 02/01/14 (a)(c)		55,000		53,488
9.125% 02/01/15 (c)		55,000		54,175
Station Casinos, Inc.
6.625% 03/15/18		645,000		540,187
Lodging Total				5,039,756
Retail – 2.3%
AmeriGas Partners LP
7.125% 05/20/16		195,000		189,638
Asbury Automotive Group, Inc.
8.000% 03/15/14		185,000		178,525
AutoNation, Inc.
7.000% 04/15/14		130,000		124,150
7.360% 04/15/13 (a)		90,000		85,950
Buffets, Inc.
12.500% 11/01/14		220,000		154,000
CVS Caremark Corp.
5.298% 01/11/27 (c)		2,311,496		2,216,956
CVS Lease Pass-Through
6.036% 12/10/28 (c)		3,826,351		3,716,649
Dave & Buster's, Inc.
11.250% 03/15/14		170,000		171,700
Federated Department Stores, Inc.
6.900% 04/01/29		2,101,000		1,975,940
Federated Retail Holdings, Inc.
5.350% 03/15/12		580,000		568,761
Home Depot, Inc.
5.875% 12/16/36		2,340,000		1,998,732
JC Penney Corp., Inc.
7.400% 04/01/37 (d)		5,660,000		5,970,213
KAR Holdings, Inc.
10.000% 05/01/15 (c)		225,000		210,938

	Par ($)		Value ($)
Landry's Restaurants, Inc.
7.500% 12/15/14		130,000		129,350
Limited Brands, Inc.
6.900% 07/15/17		5,355,000		5,380,709
6.950% 03/01/33		1,805,000		1,685,126
7.600% 07/15/37		4,270,000		4,299,531
Macy's Retail Holdings, Inc.
5.900% 12/01/16		2,600,000		2,488,122
Michaels Stores, Inc.
11.375% 11/01/16		215,000		219,838
Rite Aid Corp.
9.375% 12/15/15 (c)		410,000		381,300
Starbucks Corp.
6.250% 08/15/17		3,345,000		3,374,185
United Auto Group, Inc.
7.750% 12/15/16		275,000		263,313
Wal-Mart Stores, Inc.
4.125% 02/15/11		7,135,000		6,931,367
5.250% 09/01/35		1,685,000		1,477,713
Retail Total				44,192,706
Textiles – 0.0%
INVISTA
9.250% 05/01/12 (c)		205,000		215,250
Textiles Total				215,250
Consumer Cyclical Total				66,019,953
Consumer Non-Cyclical – 2.3%
Agriculture – 0.0%
Reynolds American, Inc.
7.625% 06/01/16		255,000		271,499
Agriculture Total				271,499
Beverages – 0.2%
Constellation Brands, Inc.
8.125% 01/15/12		185,000		188,237
Cott Beverages, Inc.
8.000% 12/15/11		195,000		192,075
SABMiller PLC
6.200% 07/01/11 (c)		3,720,000		3,843,199
Beverages Total				4,223,511
Biotechnology – 0.0%
Bio-Rad Laboratories, Inc.
7.500% 08/15/13		240,000		243,600
Biotechnology Total				243,600
Commercial Services – 0.2%
ACE Cash Express, Inc.
10.250% 10/01/14 (c)		190,000		190,475
Ashtead Capital, Inc.
9.000% 08/15/16 (c)		15,000		14,794

See Accompanying Notes to Financial Statements.
14

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Ashtead Holdings PLC
8.625% 08/01/15 (c)		335,000		325,787
Corrections Corp. of America
6.250% 03/15/13		240,000		236,400
GEO Group, Inc.
8.250% 07/15/13		355,000		358,550
Hertz Corp.
8.875% 01/01/14		205,000		211,150
Quebecor World Capital Corp.
8.750% 03/15/16 (c)		210,000		190,575
Quebecor World, Inc.
9.750% 01/15/15 (c)		145,000		138,837
Rental Service Corp.
9.500% 12/01/14 (d)		420,000		401,100
Seminole Indian Tribe of Florida
7.804% 10/01/20 (c)		130,000		132,113
Service Corp. International
6.750% 04/01/16		190,000		184,062
7.375% 10/01/14		35,000		35,963
United Rentals North America, Inc.
6.500% 02/15/12		135,000		136,688
Commercial Services Total				2,556,494
Cosmetics/Personal Care – 0.0%
DEL Laboratories, Inc.
8.000% 02/01/12 (d)		240,000		220,800
Elizabeth Arden, Inc.
7.750% 01/15/14		260,000		256,100
Cosmetics/Personal Care Total				476,900
Food – 1.2%
ConAgra Foods, Inc.
7.000% 10/01/28		8,650,000		9,080,493
Dean Foods Co.
7.000% 06/01/16		185,000		175,750
Dole Food Co., Inc.
8.625% 05/01/09		228,000		228,570
Fred Meyer, Inc.
7.450% 03/01/08		1,630,000		1,643,017
Kraft Foods, Inc.
6.500% 08/11/17		7,940,000		8,201,631
Kroger Co.
7.500% 04/01/31 (d)		1,750,000		1,927,795
8.000% 09/15/29		970,000		1,076,739
Pinnacle Foods Finance LLC
9.250% 04/01/15 (c)		270,000		257,175
Reddy Ice Holdings, Inc.
(f) 11/01/12 (10.500% 11/01/08)		355,000		333,700
Food Total				22,924,870
Healthcare Services – 0.1%
DaVita, Inc.
7.250% 03/15/15		440,000		441,100

	Par ($)		Value ($)
HCA, Inc.
9.250% 11/15/16 (c)		320,000		340,000
PIK,
9.625% 11/15/16 (c)		290,000		309,575
Tenet Healthcare Corp.
9.875% 07/01/14		405,000		370,575
U.S. Oncology Holdings, Inc.
PIK,
10.009% 03/15/12 (c)		195,000		173,550
Healthcare Services Total				1,634,800
Household Products/Wares – 0.2%
American Greetings Corp.
7.375% 06/01/16		260,000		252,200
Amscan Holdings, Inc.
8.750% 05/01/14		395,000		365,375
Fortune Brands, Inc.
5.125% 01/15/11 (d)		1,565,000		1,551,532
Jarden Corp.
7.500% 05/01/17		325,000		314,437
Jostens IH Corp.
7.625% 10/01/12		265,000		269,638
Household Products/Wares Total				2,753,182
Pharmaceuticals – 0.4%
Elan Finance PLC
8.875% 12/01/13		505,000		496,163
Mylan Laboratories, Inc.
6.375% 08/15/15		275,000		295,281
NBTY, Inc.
7.125% 10/01/15		270,000		270,000
Omnicare, Inc.
6.750% 12/15/13		250,000		233,125
Wyeth
5.500% 02/01/14		4,475,000		4,449,958
5.500% 02/15/16		2,150,000		2,106,161
Pharmaceuticals Total				7,850,688
Consumer Non-Cyclical Total				42,935,544
Energy – 3.4%
Coal – 0.0%
Arch Western Finance LLC
6.750% 07/01/13		295,000		289,100
Massey Energy Co.
6.875% 12/15/13		290,000		270,425
Coal Total				559,525
Energy-Alternate Sources – 0.0%
VeraSun Energy Corp.
9.375% 06/01/17 (c)		255,000		219,300
Energy-Alternate Sources Total				219,300

See Accompanying Notes to Financial Statements.
15

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Oil & Gas – 2.0%
Canadian Natural Resources Ltd.
6.250% 03/15/38		4,745,000		4,577,359
Chesapeake Energy Corp.
7.500% 06/15/14		470,000		481,750
Cimarex Energy Co.
7.125% 05/01/17		205,000		203,462
Compton Petroleum Corp.
7.625% 12/01/13		265,000		255,725
Energy XXI Gulf Coast, Inc.
10.000% 06/15/13 (c)		260,000		245,700
Forest Oil Corp.
8.000% 12/15/11		225,000		233,437
Gazprom International SA
7.201% 02/01/20 (c)		3,136,158		3,214,562
Hess Corp.
7.300% 08/15/31 (d)		5,280,000		5,788,052
KCS Energy, Inc.
7.125% 04/01/12		215,000		208,550
Marathon Oil Corp.
6.000% 07/01/12		2,415,000		2,477,744
6.000% 10/01/17		3,000,000		3,004,350
Newfield Exploration Co.
6.625% 04/15/16		45,000		43,988
Nexen, Inc.
5.875% 03/10/35		2,745,000		2,514,143
OPTI Canada, Inc.
8.250% 12/15/14 (c)		280,000		282,100
PetroHawk Energy Corp.
9.125% 07/15/13		165,000		174,075
Petroplus Finance Ltd.
6.750% 05/01/14 (c)		75,000		72,000
7.000% 05/01/17 (c)		75,000		71,250
Qatar Petroleum
5.579% 05/30/11 (c)		2,208,917		2,215,625
Quicksilver Resources, Inc.
7.125% 04/01/16		245,000		241,325
Talisman Energy, Inc.
5.850% 02/01/37		2,210,000		1,970,487
Tesoro Corp.
6.625% 11/01/15		265,000		265,000
United Refining Co.
10.500% 08/15/12 (c)		155,000		159,650
Valero Energy Corp.
6.625% 06/15/37		5,960,000		6,048,721
6.875% 04/15/12 (d)		2,035,000		2,144,367
Oil & Gas Total				36,893,422
Oil & Gas Services – 0.0%
Seitel, Inc.
9.750% 02/15/14		165,000		155,925
Oil & Gas Services Total				155,925

	Par ($)		Value ($)
Pipelines – 1.4%
Atlas Pipeline Partners LP
8.125% 12/15/15		185,000		182,225
Colorado Interstate Gas Co.
6.800% 11/15/15		100,000		103,521
Duke Capital LLC
4.370% 03/01/09		4,046,000		3,997,812
El Paso Corp.
6.875% 06/15/14		155,000		156,432
Energy Transfer Partners LP
6.125% 02/15/17		3,835,000		3,701,086
Kinder Morgan Energy Partners LP
6.950% 01/15/38		2,220,000		2,250,532
ONEOK Partners LP
6.850% 10/15/37		2,470,000		2,489,434
Plains All American Pipeline LP
6.650% 01/15/37		2,835,000		2,820,136
TEPPCO Partners LP
7.625% 02/15/12		3,991,000		4,280,723
TransCanada Pipelines Ltd.
6.350% 05/15/67 (a)		6,315,000		6,060,783
Pipelines Total				26,042,684
Energy Total				63,870,856
Financials – 12.4%
Banks – 4.4%
Capital One Financial Corp.
5.700% 09/15/11		6,635,000		6,646,014
Chinatrust Commercial Bank
5.625% 12/29/49 (a)(c)		1,220,000		1,131,862
First Union National Bank
5.800% 12/01/08		7,489,000		7,557,966
HSBC Bank USA
3.875% 09/15/09		6,645,000		6,515,814
JPMorgan Chase Bank NA
6.000% 10/01/17		6,385,000		6,446,896
Lloyds TSB Group PLC
6.267% 12/31/49 (a)(c)		3,500,000		3,201,373
M&I Marshall & Ilsley Bank
5.300% 09/08/11		5,535,000		5,566,040
Marshall & Ilsley Corp.
4.375% 08/01/09		1,330,000		1,318,057
PNC Funding Corp.
5.125% 12/14/10		5,941,000		5,946,341
5.625% 02/01/17		1,880,000		1,837,424
Regions Financing Trust II
6.625% 05/15/47 (a)		1,520,000		1,438,256
Royal Bank of Scotland Group PLC
6.990% 10/29/49 (a)(b)(c)		2,200,000		2,241,162
7.640% 03/31/49 (a)(b)		400,000		418,384

See Accompanying Notes to Financial Statements.
16

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Union Planters Corp.
4.375% 12/01/10		3,820,000		3,692,569
USB Capital IX
6.189% 04/15/42 (a)		8,650,000		8,655,744
Wachovia Capital Trust III
5.800% 03/15/42 (a)		11,120,000		11,045,396
Wells Fargo & Co.
5.300% 08/26/11		3,515,000		3,534,427
5.764% 03/10/08 (a)		1,400,000		1,400,734
5.794% 09/15/09 (a)		5,000,000		4,995,470
Banks Total				83,589,929
Diversified Financial Services – 5.3%
AmeriCredit Corp.
8.500% 07/01/15 (c)		15,000		13,275
Bear Stearns Companies, Inc.
5.550% 01/22/17 (d)		835,000		788,213
6.400% 10/02/17		1,795,000		1,787,025
Capital One Capital IV
6.745% 02/17/37 (a)		4,565,000		4,070,862
CIT Group, Inc.
5.850% 09/15/16 (d)		5,045,000		4,752,067
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (c)		6,000,000		6,918,162
Citigroup Global Markets Holdings, Inc.
6.500% 02/15/08		2,557,000		2,567,727
Countrywide Home Loan, Inc.
3.250% 05/21/08		2,465,000		2,375,646
Eaton Vance Corp.
6.500% 10/02/17		4,865,000		4,847,340
Ford Motor Credit Co.
7.375% 10/28/09		1,755,000		1,720,878
7.375% 02/01/11		1,600,000		1,533,157
7.800% 06/01/12 (d)		165,000		156,965
8.000% 12/15/16		265,000		247,909
Fund American Companies, Inc.
5.875% 05/15/13		3,225,000		3,179,721
General Electric Capital Corp.
6.750% 03/15/32		3,280,000		3,611,191
GMAC LLC
6.875% 09/15/11		1,931,000		1,837,663
8.000% 11/01/31		640,000		627,892
Goldman Sachs Capital II
5.793% 12/29/49 (a)		1,000,000		946,249
Goldman Sachs Group, Inc.
6.250% 09/01/17		10,065,000		10,285,323
International Lease Finance Corp.
4.875% 09/01/10		6,000,000		5,959,074
JPMorgan Chase & Co.
5.375% 10/01/12		1,650,000		1,651,765

	Par ($)		Value ($)
LaBranche & Co., Inc.
11.000% 05/15/12		215,000		215,537
Lehman Brothers Holdings, Inc.
6.200% 09/26/14		10,000,000		10,039,610
LVB Acquisition Merger Sub, Inc.
PIK,
10.375% 10/15/17 (c)		435,000		420,319
Merrill Lynch & Co., Inc.
5.700% 05/02/17 (d)		2,125,000		2,065,997
6.050% 08/15/12		2,035,000		2,086,524
6.050% 05/16/16		2,875,000		2,870,949
Morgan Stanley
5.750% 10/18/16		5,990,000		5,908,967
Prudential Funding LLC
6.600% 05/15/08 (c)		6,773,000		6,811,769
Residential Capital Corp.
6.375% 06/30/10		4,130,000		3,427,900
6.500% 06/01/12		1,150,000		931,500
Residential Capital LLC
6.500% 04/17/13		1,160,000		936,700
SLM Corp.
5.000% 10/01/13		190,000		165,907
5.375% 05/15/14		3,110,000		2,714,066
Wimar Opco LLC
9.625% 12/15/14 (c)		305,000		236,375
Windsor Financing LLC
5.881% 07/15/17 (c)		1,559,592		1,585,372
Diversified Financial Services Total				100,295,596
Insurance – 0.6%
Asurion Corp.
12.165% 07/02/15		210,000		204,663
Crum & Forster Holdings Corp.
7.750% 05/01/17		315,000		299,250
HUB International Holdings, Inc.
10.250% 06/15/15 (c)		260,000		241,800
ING Groep NV
5.775% 12/29/49 (a)		2,855,000		2,697,515
Liberty Mutual Group, Inc.
7.500% 08/15/36 (c)		5,775,000		5,919,548
Metlife, Inc.
6.400% 12/15/36		1,450,000		1,378,734
USI Holdings Corp.
9.750% 05/15/15 (c)		180,000		161,550
Insurance Total				10,903,060
Real Estate – 0.2%
ERP Operating LP
5.750% 06/15/17		4,310,000		4,118,459

See Accompanying Notes to Financial Statements.
17

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Realogy Corp.
10.500% 04/15/14 (c)		190,000		161,975
12.375% 04/15/15 (c)(d)		165,000		124,575
Real Estate Total				4,405,009
Real Estate Investment Trusts (REITs) – 1.3%
Archstone-Smith Trust
5.750% 03/15/16 (d)		1,245,000		1,228,773
Camden Property Trust
5.375% 12/15/13		5,483,000		5,293,453
Health Care Property Investors, Inc.
6.300% 09/15/16		6,285,000		6,167,653
Highwoods Properties, Inc.
5.850% 03/15/17		1,040,000		985,538
Hospitality Properties Trust
5.625% 03/15/17		2,730,000		2,530,025
iStar Financial, Inc.
5.800% 03/15/11		5,500,000		5,299,673
Liberty Property LP
5.500% 12/15/16		3,310,000		3,097,716
Rouse Co. LP/TRC Co-Issuer, Inc.,
6.750% 05/01/13 (c)		270,000		264,852
Real Estate Investment Trusts (REITs) Total				24,867,683
Savings & Loans – 0.6%
Washington Mutual Bank
5.125% 01/15/15		4,000,000		3,725,592
Washington Mutual Preferred Funding Delaware
6.534% 03/29/49 (a)(c)		8,400,000		7,687,764
Savings & Loans Total				11,413,356
Financials Total				235,474,633
Industrials – 1.5%
Aerospace & Defense – 0.2%
DRS Technologies, Inc.
6.875% 11/01/13		75,000		75,000
L-3 Communications Corp.
6.375% 10/15/15		260,000		255,450
Raytheon Co.
5.375% 04/01/13		2,200,000		2,191,688
7.200% 08/15/27		830,000		930,354
Sequa Corp.
9.000% 08/01/09		230,000		239,200
Aerospace & Defense Total				3,691,692
Building Materials – 0.0%
NTK Holdings, Inc.
(f) 03/01/14 (10.750% 09/01/09)		215,000		132,225
Building Materials Total				132,225

	Par ($)		Value ($)
Electrical Components & Equipment – 0.0%
Belden CDT, Inc.
7.000% 03/15/17 (c)		305,000		301,950
General Cable Corp.
7.125% 04/01/17 (d)		125,000		122,500
7.735% 04/01/15 (a)		125,000		121,250
Electrical Components & Equipment Total				545,700
Electronics – 0.0%
Flextronics International Ltd.
6.250% 11/15/14		370,000		345,950
NXP BV/NXP Funding LLC
9.500% 10/15/15 (d)		225,000		209,813
Electronics Total				555,763
Engineering & Construction – 0.0%
Esco Corp.
8.625% 12/15/13 (c)		160,000		157,600
Engineering & Construction Total				157,600
Environmental Control – 0.1%
Aleris International, Inc.
10.000% 12/15/16		145,000		128,325
PIK,
9.000% 12/15/14		220,000		203,500
Allied Waste North America, Inc.
7.875% 04/15/13		350,000		361,375
Environmental Control Total				693,200
Hand/Machine Tools – 0.0%
Baldor Electric Co.
8.625% 02/15/17		180,000		188,100
Hand/Machine Tools Total				188,100
Machinery-Construction & Mining – 0.0%
Terex Corp.
7.375% 01/15/14		280,000		284,200
Machinery-Construction & Mining Total				284,200
Machinery-Diversified – 0.0%
Columbus McKinnon Corp.
8.875% 11/01/13		225,000		231,750
Manitowoc Co., Inc.
7.125% 11/01/13		295,000		293,525
Machinery-Diversified Total				525,275
Metal Fabricate/Hardware – 0.0%
TriMas Corp.
9.875% 06/15/12		4,000		4,080
Metal Fabricate/Hardware Total				4,080
Miscellaneous Manufacturing – 0.4%
American Railcar Industries, Inc.
7.500% 03/01/14		220,000		218,900

See Accompanying Notes to Financial Statements.
18

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Bombardier, Inc.
6.300% 05/01/14 (c)		250,000		245,000
General Electric Co.
5.000% 02/01/13		5,783,000		5,732,491
J.B. Poindexter & Co.
8.750% 03/15/14		195,000		175,500
Koppers Holdings, Inc.
(f) 11/15/14 (9.875% 11/15/09)		260,000		222,300
Trinity Industries, Inc.
6.500% 03/15/14		295,000		283,200
Miscellaneous Manufacturing Total				6,877,391
Packaging & Containers – 0.1%
Berry Plastics Holding Corp.
10.250% 03/01/16		245,000		240,100
Jefferson Smurfit Corp.
8.250% 10/01/12		300,000		300,750
Owens-Brockway Glass Container, Inc.
8.250% 05/15/13		400,000		414,000
Owens-Illinois, Inc.
7.500% 05/15/10		335,000		337,513
Solo Cup Co.
8.500% 02/15/14		195,000		172,575
Packaging & Containers Total				1,464,938
Transportation – 0.7%
BNSF Funding Trust I
6.613% 12/15/55 (a)		2,450,000		2,210,172
Burlington Northern Santa Fe Corp.
6.200% 08/15/36 (d)		900,000		874,049
6.750% 07/15/11		4,184,000		4,410,413
CHC Helicopter Corp.
7.375% 05/01/14		315,000		299,250
Navios Maritime Hldgs, Inc.
9.500% 12/15/14		280,000		288,750
PHI, Inc.
7.125% 04/15/13		205,000		196,800
QDI LLC
9.000% 11/15/10		290,000		276,225
Ship Finance International Ltd.
8.500% 12/15/13		255,000		262,012
TFM SA de CV
9.375% 05/01/12		320,000		335,200
Union Pacific Corp.
6.650% 01/15/11		3,635,000		3,749,343
Transportation Total				12,902,214
Industrials Total				28,022,378
Technology – 0.1%
Computers – 0.0%
Sungard Data Systems, Inc.
9.125% 08/15/13		410,000		426,400
Computers Total				426,400

	Par ($)		Value ($)
Semiconductors – 0.1%
Advanced Micro Devices, Inc.
7.750% 11/01/12		160,000		147,200
Freescale Semiconductor, Inc.
10.125% 12/15/16 (d)		525,000		488,250
PIK,
9.125% 12/15/14		235,000		217,375
Semiconductors Total				852,825
Software – 0.0%
Open Solutions, Inc.
9.750% 02/01/15 (c)		290,000		279,125
Software Total				279,125
Technology Total				1,558,350
Utilities – 2.6%
Electric – 2.4%
AEP Texas Central Co.
6.650% 02/15/33		5,830,000		5,909,731
AES Corp.
7.750% 03/01/14		400,000		406,000
Appalachian Power Co.
3.600% 05/15/08		1,804,000		1,781,704
CMS Energy Corp.
6.875% 12/15/15		260,000		261,661
Commonwealth Edison Co.
4.700% 04/15/15		1,125,000		1,041,942
5.900% 03/15/36		815,000		763,111
5.950% 08/15/16		3,430,000		3,418,276
6.950% 07/15/18		1,630,000		1,676,862
Duke Energy Corp.
5.300% 10/01/15		6,000,000		5,874,288
Dynegy Holdings, Inc.
7.125% 05/15/18		415,000		378,688
7.750% 06/01/19 (c)		200,000		191,250
Edison Mission Energy
7.000% 05/15/17 (c)		495,000		487,575
Exelon Generation Co. LLC
6.200% 10/01/17		3,000,000		3,002,418
6.950% 06/15/11		800,000		837,808
FPL Energy National Wind LLC
5.608% 03/10/24 (c)		552,315		543,771
Hydro Quebec
8.500% 12/01/29		2,000,000		2,725,196
Intergen NV
9.000% 06/30/17 (c)		495,000		519,750
MidAmerican Energy Holdings Co.
5.000% 02/15/14		3,300,000		3,181,447
Mirant North America LLC
7.375% 12/31/13		405,000		411,075

See Accompanying Notes to Financial Statements.
19

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($) (e)		Value ($)
NRG Energy, Inc.
7.250% 02/01/14		65,000		65,163
7.375% 02/01/16		315,000		315,788
7.375% 01/15/17		160,000		160,000
NSG Holdings LLC/NSG Holdings, Inc.
7.750% 12/15/25 (c)		240,000		237,600
Pacific Gas & Electric Co.
4.200% 03/01/11		3,476,000		3,361,431
6.050% 03/01/34		2,462,000		2,417,908
Progress Energy, Inc.
7.750% 03/01/31 (d)		3,000,000		3,456,375
Reliant Energy, Inc.
7.875% 06/15/17 (d)		185,000		186,156
Sierra Pacific Resources
6.750% 08/15/17		290,000		285,288
Southern Power Co.
6.375% 11/15/36		965,000		908,792
Electric Total				44,807,054
Gas – 0.2%
Atmos Energy Corp.
6.350% 06/15/17		2,065,000		2,097,765
Nakilat, Inc.
6.067% 12/31/33 (c)		2,140,000		2,064,822
Gas Total				4,162,587
Utilities Total				48,969,641
Total Corporate Fixed-Income Bonds & Notes (Cost of $585,203,042)				576,094,198
Government & Agency Obligations – 12.6%
Foreign Government Obligations – 5.4%
African Development Bank

1.950% 03/23/10	JPY	497,000,000	4,406,908
Aries Vermoegensverwaltungs GmbH
7.750% 10/25/09	EUR	750,000	1,131,117
Asian Development Bank/Pasig
1.150% 10/06/08	JPY	300,000,000	2,613,914
Belgium Government Bond
3.750% 09/28/15	EUR	1,305,000	1,781,108
Canada Housing Trust No. 1
3.950% 12/15/11	CAD	760,000	750,617
Corp. Andina de Fomento
6.375% 06/18/09	EUR	870,000	1,269,986
Eksportfinans A/S
1.800% 06/21/10	JPY	310,000,000	2,746,031
European Investment Bank
0.781% 09/21/11 (a)	JPY	175,000,000	1,523,151
1.250% 09/20/12	JPY	50,000,000	435,511
3.625% 10/15/13	EUR	1,130,000	1,547,054
5.125% 05/30/17 (d)		6,110,000	6,126,191
5.500% 12/07/11	GBP	190,000	389,114

	Par ($) (e)		Value ($)
Export-Import Bank of Korea
4.625% 03/16/10		2,425,000		2,414,679
Federal Republic of Germany
4.250% 07/04/14	EUR	4,300,000		6,129,928
5.000% 07/04/12	EUR	3,780,000		5,581,222
Government of Canada
4.500% 06/01/15	CAD	650,000		661,018
Inter-American Development Bank
1.900% 07/08/09	JPY	330,000,000		2,916,983
International Bank for Reconstruction & Development
2.000% 02/18/08	JPY	315,000,000		2,751,377
Kingdom of Norway
6.000% 05/16/11	NOK	4,155,000		802,414
Kingdom of Spain
5.000% 07/30/12	EUR	3,015,000		4,438,018
5.500% 07/30/17	EUR	500,000		771,760
Kingdom of Sweden
4.000% 12/01/09	SEK	1,405,000		217,571
5.500% 10/08/12	SEK	3,920,000		642,009
Kreditanst Fur Wie
0.456% 08/08/11 (a)	JPY	100,000,000		870,583
Netherlands Government Bond
3.250% 07/15/15	EUR	1,820,000		2,409,566
Province of Manitoba
5.000% 02/15/12		1,640,000		1,654,811
Province of New Brunswick
5.200% 02/21/17 (d)		390,000		392,597
Province of Nova Scotia
5.125% 01/26/17		3,000,000		3,005,502
Province of Ontario
1.875% 01/25/10	JPY	415,000,000		3,684,636
4.950% 06/01/12		4,360,000		4,410,881
5.000% 10/18/11		4,250,000		4,296,814
Province of Quebec
5.000% 03/01/16		4,800,000		4,767,605
6.000% 10/01/12	CAD	650,000		696,058
Republic of Finland
5.375% 07/04/13	EUR	725,000		1,090,859
Republic of France
3.000% 10/25/15	EUR	1,865,000		2,420,024
4.000% 04/25/14	EUR	2,825,000		3,963,331
4.750% 10/25/12	EUR	2,755,000		4,018,022
Republic of Ireland
5.000% 04/18/13	EUR	1,000,000		1,474,960
Republic of Italy
4.250% 11/01/09	EUR	1,300,000		1,859,092
4.250% 02/01/15	EUR	1,500,000		2,120,209
Republic of Poland
5.750% 03/24/10	PLN	1,155,000		441,007
Swedish Export Credit
5.125% 03/01/17 (d)		310,000		306,480

See Accompanying Notes to Financial Statements.
20

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Government & Agency Obligations (continued)

	Par ($) (e)		Value ($)
Swedish Government Bond
4.500% 08/12/15	SEK	1,500,000		235,867
United Kingdom Treasury
4.750% 06/07/10	GBP	571,000		1,161,758
5.000% 09/07/14	GBP	1,810,000		3,690,851
8.000% 09/27/13	GBP	450,000		1,058,703
Western Australia Treasury Corp.
8.000% 06/15/13	AUD	280,000		262,415
Foreign Government Obligations Total				102,340,312
U.S. Government Agencies – 2.3%
Federal Home Loan Bank
3.875% 06/14/13 (d)		2,500,000		2,396,575
4.375% 09/11/09		3,455,000		3,453,618
5.375% 07/17/09 (d)		2,300,000		2,337,577
Federal Home Loan Mortgage Corp.
5.125% 01/15/12	EUR	1,620,000		2,368,342
5.250% 07/18/11 (d)		9,935,000		10,182,461
6.750% 03/15/31 (d)		2,000,000		2,395,794
Federal National Mortgage Association
2.125% 10/09/07	JPY	560,000,000		4,876,122
5.000% 02/13/17 (d)		13,150,000		13,177,102
7.250% 05/15/30		2,417,000		3,044,939
U.S. Government Agencies Total				44,232,530
U.S. Government Obligations – 4.9%
U.S. Treasury Bonds
4.500% 05/15/17 (d)		875,000		870,078
4.500% 02/15/36 (d)		1,859,000		1,762,419
4.750% 02/15/37 (d)		4,765,000		4,699,110
6.250% 08/15/23 (d)		17,824,000		20,476,710
7.250% 05/15/16 (d)		8,800,000		10,475,441
U.S. Treasury Inflation Indexed Securities
1.625% 01/15/15 (d)		6,545,460		6,262,166
3.875% 01/15/09 (d)		12,803,112		13,065,179
U.S. Treasury Notes
3.625% 01/15/10 (d)(h)		15,000,000		14,885,160
4.625% 02/29/12		1,480,000		1,506,246
4.625% 02/15/17 (d)		10,920,000		10,970,330
U.S. Treasury STRIPS
P.O.,
(i) 11/15/13 (d)		10,000,000		7,697,700
U.S. Government Obligations Total				92,670,539
Total Government & Agency Obligations (Cost of $235,600,146)				239,243,381

Collateralized Mortgage Obligations – 10.5%
	Par ($)		Value ($)
Agency – 2.9%
Federal Home Loan Mortgage Corp.
4.000% 09/15/15		3,620,000		3,569,644
4.000% 11/15/16		10,000,000		9,738,919
4.500% 10/15/18		2,216,530		2,196,759
4.500% 08/15/28		2,960,000		2,893,132
5.500% 06/15/34		15,000,000		14,676,660
6.000% 06/15/31		1,487,684		1,498,243
6.500% 10/15/23		510,000		528,200
Federal National Mortgage Association
5.500% 08/25/17		8,781,320		8,852,956
6.000% 04/25/17		8,178,200		8,411,493
Government National Mortgage Association
4.500% 04/16/28		2,090,000		2,073,368
Agency Total				54,439,374
Non - Agency – 7.6%
Bear Stearns Adjustable Rate Mortgage Trust
5.484% 02/25/47 (a)		17,552,449		17,631,847
Bear Stearns Alt-A Trust
5.411% 01/25/35 (a)		3,505,433		3,490,090
5.481% 10/25/33 (a)		2,443,450		2,442,437
Bear Stearns Asset Backed Securities, Inc.
5.000% 01/25/34		2,434,876		2,415,806
Bear Stearns Mortgage Funding Trust
5.291% 10/25/36 (a)		6,962,926		6,098,709
Countrywide Alternative Loan Trust
5.221% 03/25/36 (a)		800,763		798,504
5.250% 08/25/35		5,189,537		5,183,362
5.531% 03/25/34 (a)		1,536,868		1,532,042
Countrywide Home Loan Mortgage Pass Through Trust
4.591% 12/19/33 (a)		2,979,122		2,910,055
5.000% 02/25/33		9,198,000		9,161,794
IMPAC CMB Trust
5.391% 04/25/35 (a)		3,497,454		3,438,873
5.621% 10/25/34 (a)		1,296,638		1,283,430
JPMorgan Alternative Loan Trust
5.231% 06/25/37 (a)		16,515,039		16,388,106
JPMorgan Mortgage Trust
5.000% 09/25/20		11,557,063		11,442,222
6.050% 10/25/36 (a)		6,840,612		6,859,619
Morgan Stanley Mortgage Loan Trust
5.351% 02/25/47 (a)		8,815,576		8,802,150
New Century Alternative Mortgage Loan Trust
5.191% 07/25/36 (a)		6,534,289		6,525,938
Sequoia Mortgage Trust
6.376% 07/20/34 (a)		2,717,497		2,716,213
Structured Asset Securities Corp.
5.500% 07/25/33		2,446,698		2,353,703

See Accompanying Notes to Financial Statements.
21

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Collateralized Mortgage Obligations (continued)

	Par ($)		Value ($)
WaMu Mortgage Pass-Through Certificates
5.658% 11/25/36 (a)		8,764,829		8,717,235
5.717% 02/25/37 (a)		18,361,844		18,361,178
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 07/25/35		6,281,133		6,252,093
Non-Agency Total				144,805,406
Total Collateralized Mortgage Obligations (Cost of $201,634,279)				199,244,780
Asset-Backed Securities – 9.5%
ACE Securities Corp.
5.271% 02/25/36 (a)		5,451,947		5,267,940
5.291% 09/25/35 (a)		912,972		876,815
AmeriCredit Automobile Receivables Trust
4.050% 02/06/10		5,016,547		4,994,295
5.640% 09/06/13		5,000,000		5,046,211
Bear Stearns Asset Backed Security, Inc.
5.481% 03/25/35 (a)		559,411		558,209
Bombardier Capital Mortgage Securitization Corp.
6.230% 04/15/28		129,522		130,729
Capital Auto Receivables Asset Trust
3.580% 01/15/09		6,426,698		6,404,065
Chase Issuance Trust
4.960% 09/17/12 (b)		10,000,000		10,000,000
Chase Manhattan Auto Owner Trust
2.780% 06/15/10		301,837		301,537
Contimortgage Home Equity Trust
6.880% 01/15/28		165,581		168,414
8.180% 12/25/29		395,236		393,929
Credit-Based Asset Servicing & Securitization LLC
5.281% 07/25/36 (a)(c)		7,347,112		7,290,821
First Alliance Mortgage Loan Trust
7.625% 07/25/25		866,164		863,262
First Plus Home Loan Trust
7.720% 05/10/24		149,321		147,666
GSAA Trust
5.231% 03/25/47 (a)		16,849,152		16,808,580
Harley-Davidson Motorcycle Trust
1.890% 02/15/11		125,031		124,157
2.960% 02/15/12		846,927		831,209
IMC Home Equity Loan Trust
7.310% 11/20/28		2,823,937		2,815,641
7.500% 04/25/26		301,546		299,686
7.520% 08/20/28		1,456,969		1,453,148
Indymac Seconds Asset Backed Trust
5.231% 05/25/36 (a)		3,110,786		3,093,741
Keycorp Sudent Loan Trust
5.670% 07/25/29 (a)		10,095,725		10,140,907
Lake Country Mortgage Loan Trust
5.261% 07/25/34 (a)(c)		8,863,565		8,827,557
Long Beach Auto Receivables Trust
4.250% 04/15/12		5,000,000		4,941,786

	Par ($)		Value ($)
Master Asset Backed Securities Trust
5.271% 02/25/36 (a)		3,271,487		3,255,404
5.281% 11/25/35 (a)		1,990,955		1,984,115
Master Second Lien Trust
5.291% 03/25/36 (a)		3,804,246		3,499,911
Merrill Lynch Mortgage Investors, Inc.
5.281% 05/25/37 (a)		1,144,416		960,270
Money Store Home Equity Trust
6.053% 08/15/29 (a)		4,617,214		4,494,717
Morgan Stanley Mortgage Loan Trust
5.251% 10/25/36 (a)		2,658,437		2,658,627
5.251% 10/25/46 (a)		5,364,215		5,354,740
5.261% 08/25/36 (a)		4,747,444		4,398,855
5.381% 11/25/35 (a)		3,926,609		3,906,198
Park Place Securities, Inc.
6.331% 10/25/34 (a)		1,000,000		906,046
SACO I, Inc.
5.281% 04/25/36 (a)		6,464,183		5,466,356
5.281% 05/25/36 (a)		7,478,888		6,269,785
5.301% 03/25/36 (a)		4,859,276		4,565,759
5.331% 04/25/35 (a)(c)		1,333,577		1,313,641
5.331% 07/25/36 (a)		6,495,692		5,969,294
SLM Student Loan Trust
5.470% 04/25/17 (a)		4,082,205		4,091,513
5.754% 03/15/17 (a)		7,887,969		7,901,644
5.774% 12/15/20 (a)		9,792,000		9,791,706
Structured Asset Investment Loan Trust
5.831% 08/25/33 (a)		6,800,000		6,181,975
Structured Asset Securities Corp.
5.241% 02/25/36 (a)(c)		6,524,257		4,442,028
WFS Financial Owner Trust
2.340% 08/22/11		685,752		681,471
Total Asset-Backed Securities (Cost of $186,929,458)				179,874,360
Commercial Mortgage-Backed Securities – 8.4%
Bear Stearns Commercial Mortgage Securities
5.624% 03/11/39 (a)		9,165,000		9,048,147
5.870% 09/11/38 (a)		482,000		488,132
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.648% 10/15/48		8,000,000		7,923,718
Credit Suisse First Boston Mortgage Securities Corp.
4.577% 04/15/37		2,319,000		2,290,997
Credit Suisse Mortgage Capital Certificates
5.268% 02/15/40		6,000,000		5,989,545
5.509% 09/15/39		5,000,000		4,897,396
GMAC Commercial Mortgage Securities, Inc.
1.367% 07/15/29 (a)		11,976,199		605,732
Greenwich Capital Commercial Funding Corp.
4.533% 01/05/36		1,666,000		1,641,034
GS Mortgage Securities Corp. II
5.778% 08/10/45 (a)		20,000,000		20,326,734

See Accompanying Notes to Financial Statements.
22

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

Commercial Mortgage-Backed Securities (continued)

	Par ($) (e)		Value ($)
JPMorgan Chase Commercial Mortgage Securities Corp.
5.464% 01/15/49 (a)		10,000,000		9,715,834
5.525% 04/15/43 (a)		15,592,000		15,370,460
5.992% 06/15/49 (a)		25,000,000		25,488,317
LB-UBS Commercial Mortgage Trust
5.084% 02/15/31		10,080,000		10,078,755
5.103% 11/15/30		10,000,000		10,017,595
Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.833% 12/15/30 (a)		62,335,249		943,064
Merrill Lynch Mortgage Trust
5.417% 11/12/37 (a)		6,320,000		6,174,994
Morgan Stanley Capital I
5.370% 12/15/43 (a)		13,400,000		12,975,968
5.773% 07/12/44		15,000,000		14,984,604
Nationslink Funding Corp.
6.888% 11/10/30		491,456		491,366
Total Commercial Mortgage-Backed Securities (Cost of $161,498,811)				159,452,392
Municipal Bonds – 0.1%
Arizona – 0.1%
AZ Educational Loan Marketing Corp.
Series 2004 A-1,
5.721% 12/01/13 (a)		1,466,667		1,466,667
Arizona Total				1,466,667
Virginia – 0.0%
VA Tobacco Settlement Financing Corp.
Series 2007 A1,
6.706% 06/01/46		310,000		287,794
Virginia Total				287,794
Total Municipal Bonds (cost of $1,777,803)				1,754,461
Securities Lending Collateral – 7.5%
	Shares
State Street Navigator Securities Lending Prime Portfolio (7 day yield of 5.320%) (j)		143,089,374		143,089,374
Total Securities Lending Collateral (Cost of $143,089,374)				143,089,374

Short-Term Obligation – 6.5%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by U.S. Government Agency Obligations with various maturity dates to 10/09/09, market value of $126,921,619 (repurchase proceeds $124,478,875)		124,429,000		124,429,000
Total Short-Term Obligation (Cost of $124,429,000)				124,429,000
Total Investments – 119.7% (Cost of $2,296,984,239)(k)				2,276,051,309
Other Assets & Liabilities, Net – (19.7)%				(375,465,762	)
Net Assets – 100.0%	$1,900,585,547

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(b) Security, or a portion thereof, purchased on a delayed delivery basis.

(d) All or a portion of this security was on loan at September 30, 2007. The total market value of securities on loan at September 30, 2007 is $140,350,178.

(e) Principal amount is stated in United States dollars unless otherwise noted.

(f) Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

(g) Loan participation agreement.

(h) The security or a portion of the security is pledged as collateral for open futures contracts. At September 30, 2007, the total market value of securities pledged amounted to $550,751.

(i) Zero coupon bond.

(j) Investment made with cash collateral received from securities lending activity.

(k) Cost for federal income tax purposes is $2,297,084,352.

At September 30, 2007, the Fund had entered into the following forward currency exchange contracts:

Forward Currency Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Depreciation
CAD	$	402,201	$	380,185	10/11/07	$	(22,016	)
CAD		452,530		439,668	10/22/07		(12,862	)
EUR		593,032		577,020	10/22/07		(16,012	)
EUR		585,077		580,355	10/29/07		(4,722	)
GBP		1,022,520		998,000	10/22/07		(24,520	)
SEK		232,900		225,659	10/17/07		(7,241	)
						$	(87,373	)

See Accompanying Notes to Financial Statements.
23

Columbia Total Return Bond Fund
September 30, 2007 (Unaudited)

At September 30, 2007, the Fund held the following open short futures contracts:
Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
10-Year U.S. Treasury Notes		256	$	27,976,000	$	27,765,168	Dec-2007	$	(210,832	)
U.S. Treasury Bonds		460		51,218,125		51,146,980	Dec-2007		(71,145	)
								$	(281,977	)

At September 30, 2007, the Fund held the following open long futures contracts:

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
2-Year U.S. Treasury Notes		590	$	122,157,657	$	121,575,309	Dec-2007	$	582,348
5-Year U.S. Treasury Notes		551		58,974,219		58,601,502	Dec-2007		372,717
								$	955,065

At September 30, 2007, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Mortgage-Backed Securities		34.3
Corporate Fixed-Income Bonds & Notes		30.3
Government & Agency Obligations		12.6
Collateralized Mortgage Obligations		10.5
Asset-Backed Securities		9.5
Commercial Mortgage-Backed Securities		8.4
Municipal Bonds		0.1
		105.7
Securities Lending Collateral		7.5
Short-Term Obligation		6.5
Other Assets & Liabilities, Net		(19.7	)
		100.0

Acronym				Name
AUD				Australian Dollar

CAD				Canadian Dollar

EUR				Euro

GBP				Great Britain Pound

I.O.				Interest Only

JPY				Japanese Yen

NOK				Norwegian Krone

NZD				New Zealand Dollar

PIK				Payment-In-Kind

PLN				Polish Zloty

P.O.				Principal Only

SEK				Swedish Krona

STRIPS				Separate Trading of Registered Interest and Principal of Securities

TBA				To Be Announced

See Accompanying Notes to Financial Statements.
24

Investment Portfolio – Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 30.4%

	Par ($)		Value ($)
Communications – 3.9%
Media – 0.9%
Comcast Corp.
5.850% 01/15/10		2,500,000		2,539,818
Jones Intercable, Inc.
7.625% 04/15/08(a)		1,875,000		1,897,719
Time Warner Entertainment Co. LP
7.250% 09/01/08		3,785,000		3,827,358
Media Total				8,264,895
Telecommunication Services – 3.0%
AT&T, Inc.
4.125% 09/15/09		6,000,000		5,902,374
Deutsche Telekom International
Finance BV
3.875% 07/22/08(a)		5,250,000		5,191,232
Sprint Capital Corp.
6.375% 05/01/09		3,750,000		3,808,350
Telecom Italia Capital SA
4.000% 01/15/10		3,660,000		3,563,438
Verizon Global Funding Corp.
4.000% 01/15/08		5,175,000		5,155,413
Vodafone Group PLC
7.750% 02/15/10		4,475,000		4,724,803
Telecommunication Services Total				28,345,610
Communications Total				36,610,505
Consumer Cyclical – 1.9%
Auto Manufacturers – 0.4%
DaimlerChrysler NA Holding Corp.
4.750% 01/15/08		3,950,000		3,938,991
Auto Manufacturers Total				3,938,991
Home Builders – 0.5%
DR Horton, Inc.
4.875% 01/15/10		4,775,000		4,426,731
Home Builders Total				4,426,731
Retail – 1.0%
Wal-Mart Stores, Inc.
6.875% 08/10/09		8,750,000		9,044,796
Retail Total				9,044,796
Consumer Cyclical Total				17,410,518

	Par ($)		Value ($)
Consumer Non-Cyclical – 1.5%
Beverages – 0.7%
Coca-Cola Enterprises, Inc.
5.750% 11/01/08		1,275,000		1,281,228
Diageo Capital PLC
3.500% 11/19/07		5,000,000		4,986,885
Beverages Total				6,268,113
Food – 0.4%
Fred Meyer, Inc.
7.450% 03/01/08		1,000,000		1,007,986
Kraft Foods, Inc.
5.625% 08/11/10		3,100,000		3,149,687
Food Total				4,157,673
Healthcare Services – 0.4%
UnitedHealth Group, Inc.
4.125% 08/15/09		3,515,000		3,448,271
Healthcare Services Total				3,448,271
Consumer Non-Cyclical Total				13,874,057
Energy – 0.9%
Oil & Gas – 0.6%
USX Corp.
6.850% 03/01/08		5,550,000		5,584,382
Oil & Gas Total				5,584,382
Pipelines – 0.3%
TransCanada Pipelines Ltd.
6.125% 02/19/10		2,500,000		2,576,950
Pipelines Total				2,576,950
Energy Total				8,161,332
Financials – 16.7%
Banks – 3.7%
Fifth Third Bank
4.200% 02/23/10		6,275,000		6,170,252
Marshall & Ilsley Corp.
4.375% 08/01/09		6,489,000		6,430,729
Mellon Funding Corp.
6.375% 02/15/10		3,360,000		3,451,217
PNC Funding Corp.
4.500% 03/10/10(a)		2,000,000		1,977,550
Regions Financial Corp.
4.500% 08/08/08		2,385,000		2,365,052
SunTrust Banks, Inc.
4.250% 10/15/09		4,225,000		4,161,908

See Accompanying Notes to Financial Statements.
25

Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
U.S. Bancorp
3.125% 03/15/08		5,000,000		4,945,730
Wells Fargo & Co.
3.120% 08/15/08		5,200,000		5,098,865
Banks Total				34,601,303
Diversified Financial Services – 9.4%
American Express Centurion Bank
4.375% 07/30/09		1,000,000		988,477
American Express Credit Corp.
3.000% 05/16/08(a)		6,500,000		6,421,902
Bear Stearns Co., Inc.
4.550% 06/23/10		4,425,000		4,310,246
Capital One Bank
5.750% 09/15/10		4,650,000		4,697,109
CIT Group, Inc.
5.500% 11/30/07		4,000,000		3,990,640
Citigroup, Inc.
4.250% 07/29/09		10,000,000		9,875,970
Countrywide Home Loans, Inc.
4.125% 09/15/09		4,625,000		4,250,764
Credit Suisse First Boston USA, Inc.
4.625% 01/15/08(a)		6,000,000		5,992,590
General Electric Capital Corp.
4.250% 01/15/08		6,225,000		6,205,615
Goldman Sachs Group, Inc.
4.500% 06/15/10		5,135,000		5,061,154
HSBC Finance Corp.
6.400% 06/17/08		5,725,000		5,761,526
JPMorgan & Co.
6.000% 01/15/09		8,250,000		8,326,972
JPMorgan Chase & Co.
3.800% 10/02/09		2,500,000		2,448,288
Lehman Brothers Holdings, Inc.
3.950% 11/10/09		4,865,000		4,751,105
Merrill Lynch & Co., Inc.
4.125% 01/15/09		4,500,000		4,417,439
Morgan Stanley
3.875% 01/15/09		5,400,000		5,318,422
SLM Corp.
4.000% 01/15/09		4,000,000		3,855,256
Diversified Financial Services Total				86,673,475
Insurance – 1.6%
Allstate Corp.
7.200% 12/01/09		4,000,000		4,184,496
American International Group, Inc.
2.875% 05/15/08		8,885,000		8,742,067
Genworth Financial, Inc.
4.750% 06/15/09(a)		2,010,000		1,996,376
Insurance Total				14,922,939

	Par ($)		Value ($)
Real Estate Investment Trusts (REITs) – 0.5%
Simon Property Group LP
4.875% 03/18/10		4,350,000		4,306,013
Real Estate Investment Trusts (REITs) Total				4,306,013
Savings & Loans – 1.5%
Washington Mutual, Inc.
4.000% 01/15/09		4,600,000		4,518,028
Western Financial Bank
9.625% 05/15/12		9,050,000		9,715,039
Savings & Loans Total				14,233,067
Financials Total				154,736,797
Industrials – 2.1%
Aerospace & Defense – 0.5%
Boeing Capital Corp., Ltd.
7.375% 09/27/10(a)		3,526,000		3,763,462
United Technologies Corp.
6.500% 06/01/09		1,000,000		1,021,038
Aerospace & Defense Total				4,784,500
Machinery – 1.1%
Caterpillar Financial Services Corp.
4.300% 06/01/10(a)		5,455,000		5,367,491
John Deere Capital Corp.
4.875% 03/16/09		4,650,000		4,642,193
Machinery Total				10,009,684
Miscellaneous Manufacturing – 0.2%
3M Co.
5.125% 11/06/09(a)		1,850,000		1,871,782
Miscellaneous Manufacturing Total				1,871,782
Transportation – 0.3%
Union Pacific Corp.
3.875% 02/15/09		2,825,000		2,766,895
Transportation Total				2,766,895
Industrials Total				19,432,861
Technology – 1.0%
Computers – 0.8%
International Business Machines Corp.
3.800% 02/01/08		7,815,000		7,778,230
Computers Total				7,778,230
Office/Business Equipment – 0.2%
Pitney Bowes Credit Corp.
5.750% 08/15/08		1,525,000		1,527,268
Office/Business Equipment Total				1,527,268
Technology Total				9,305,498

See Accompanying Notes to Financial Statements.
26

Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Utilities – 2.4%
Electric – 2.0%
American Electric Power Co., Inc.
5.375% 03/15/10(a)		4,740,000		4,760,003
Commonwealth Edison Co.
3.700% 02/01/08		4,325,000		4,295,828
Dominion Resources, Inc.
5.687% 05/15/08(b)		4,140,000		4,141,817
National Rural Utilities Cooperative Finance Corp.
5.750% 08/28/09		4,850,000		4,905,484
Electric Total				18,103,132
Gas – 0.4%
Sempra Energy
4.750% 05/15/09		3,810,000		3,780,050
Gas Total				3,780,050
Utilities Total				21,883,182
Total Corporate Fixed-Income Bonds & Notes (cost of $282,002,440)				281,414,750

Collateralized Mortgage Obligations – 28.1%

Agency – 5.8%
Federal Home Loan Mortgage Corp.
4.000% 09/15/15	3,059,308	3,022,778
5.500% 11/15/21	10,576,687	10,678,276
5.500% 12/15/26	11,431,117	11,484,090
5.500% 10/15/27	4,507,125	4,535,323
6.000% 06/15/25	4,798,428	4,858,588
6.000% 06/15/31	377,867	380,549
7.000% 06/15/22	122,809	122,643
I.O.:
5.500% 01/15/23	149,895	1,035
5.500% 05/15/27	596,993	33,263
Federal National Mortgage Association
(c) 05/25/23	1,295,000	1,043,729
5.000% 04/25/31	3,017,634	3,001,033
5.500% 02/25/28	4,082,787	4,080,592
Government National Mortgage Association
4.500% 08/20/35	670,000	663,036
5.000% 05/16/27	372,062	365,302
5.000% 06/20/28	9,620,000	9,576,883
Agency Total		53,847,120
Non-Agency – 22.3%
Bank of America Mortgage Securities
5.250% 02/25/18(d)	778,261	778,494
Bear Stearns Adjustable Rate Mortgage Trust
3.520% 06/25/34(b)	4,153,400	4,099,901

	Par ($)		Value ($)
Chase Mortgage Finance Corp.
6.024% 03/25/37(b)		918,809		925,401
Countrywide Alternative Loan Trust
5.250% 08/25/35		7,644,304		7,635,208
5.531% 03/25/34(b)		624,686		622,724
Countrywide Home Loan Mortgage Pass Through Trust
5.500% 09/25/35		25,998,456		26,015,219
5.631% 03/25/34(b)		3,471,156		3,452,312
Credit Suisse Mortgage Capital Certificates
5.750% 02/25/36		10,392,804		10,425,890
GMAC Mortgage Corporation Loan Trust
5.631% 05/25/18(b)		2,637,169		2,626,035
JPMorgan Mortgage Trust
5.717% 04/25/37(b)		13,194,615		13,194,830
5.754% 04/25/36(b)		16,672,628		16,699,868
6.050% 10/25/36(b)		17,641,579		17,690,596
MASTR Asset Securitization Trust
5.750% 05/25/36		15,182,485		15,234,678
PNC Mortgage Securities Corp.
(c) 04/28/27		4,703		4,703
Residential Accredit Loans, Inc.
5.731% 07/25/32(b)		40,373		40,258
SACO I, Inc.
7.000% 08/25/36(e)		177,888		177,833
Structured Adjustable Rate Mortgage Loan Trust
5.812% 07/25/36(b)		5,572,855		5,595,736
Structured Asset Securities Corp.
5.500% 05/25/33		320,937		318,970
5.500% 07/25/33		213,856		205,728
5.750% 04/25/33		2,085,251		2,082,561
Washington Mutual Mortgage Pass-Through Certificates
5.650% 11/25/36(b)		16,563,456		16,473,515
5.901% 07/25/37(b)		13,063,106		13,186,369
Washington Mutual Mortgage Securities Corp.
5.500% 10/25/35		3,691,966		3,692,547
Washington Mutual, Inc.
5.546% 01/25/37(b)		21,932,565		21,625,509
6.074% 10/25/36(b)		10,860,946		10,846,079
Wells Fargo Mortgage Backed Securities Trust
4.500% 08/25/18		2,093,650		2,066,256
5.240% 04/25/36(b)		7,621,411		7,568,726
5.250% 08/25/33		2,887,963		2,862,354
Non-Agency Total				206,148,300
Total Collateralized Mortgage Obligations (cost of $260,631,564)				259,995,420
Mortgage-Backed Securities – 12.1%
Federal Home Loan Mortgage Corp.
4.000% 05/01/11		4,027,700		3,929,028
4.000% 06/01/11		12,370,828		12,067,514

See Accompanying Notes to Financial Statements.
27

Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

Mortgage-Backed Securities (continued)

	Par ($)		Value ($)
4.500% 10/01/14		12,534,713		12,370,705
4.500% 11/01/20		2,942,920		2,833,180
4.500% 03/01/21		6,797,643		6,543,930
5.500% 05/01/17		153,278		153,306
5.500% 09/01/17		549,621		549,723
5.500% 12/01/17		2,711,422		2,711,922
5.500% 01/01/19		13,149		13,125
5.500% 07/01/19		513,201		512,246
5.500% 02/01/21		13,974,824		13,935,737
5.500% 08/01/21		36,953,372		36,850,016
6.000% 03/01/17		72,772		73,853
6.000% 04/01/17		79,526		80,706
6.000% 06/01/17		5,197		5,275
6.000% 08/01/17		218,434		221,676
6.000% 09/01/21		830,444		840,939
7.500% 09/01/15		127,898		133,000
8.500% 07/01/30		62,817		67,263
Federal National Mortgage Association
4.500% 11/01/14		2,827,029		2,786,278
5.500% 11/01/21		11,374,169		11,349,502
6.000% 03/01/09		143,768		145,389
6.000% 05/01/09		32,509		32,875
6.500% 03/01/12		31,031		31,759
7.500% 08/01/15		62,699		64,862
8.000% 05/01/15		108,600		114,009
8.000% 08/01/30		26,640		28,078
8.000% 05/01/31		54,658		57,608
8.000% 07/01/31		42,051		44,314
9.000% 04/01/16		163,205		168,735
Government National Mortgage Association
6.375% 04/20/22(b)		2,156,254		2,174,040
6.375% 06/20/29(b)		459,023		463,175
6.500% 09/15/13		52,518		53,971
6.500% 03/15/32		3,531		3,618
6.500% 11/15/33		408,920		418,732
7.000% 11/15/13		68,332		70,775
7.000% 04/15/29		61,957		64,925
7.000% 08/15/29		3,869		4,055
Small Business Administration
5.875% 06/25/22(b)		238,490		240,182
Total Mortgage-Backed Securities (cost of $112,567,650)				112,210,026
Asset-Backed Securities – 10.4%
ABFS Mortgage Loan Trust
4.428% 12/15/33		6,205		6,127
AmeriCredit Automobile Receivables Trust
4.050% 02/06/10		4,013,572		3,995,769
5.610% 03/08/10		657,046		657,477
Amresco Residential Securities Mortgage Loan Trust
5.611% 07/25/28(b)		18,370		17,647

	Par ($)		Value ($)
Cityscape Home Equity Loan Trust
7.380% 07/25/28		169,728		169,162
7.410% 05/25/28		38,744		38,607
CNH Equipment Trust
4.990% 10/15/10		14,021,000		13,995,587
Credit-Based Asset Servicing & Securitization LLC
5.721% 01/25/37		500,000		496,824
Daimler Chrysler Auto Trust
2.580% 04/08/09		1,477,899		1,476,971
First Alliance Mortgage Loan Trust
6.680% 06/25/25		112,308		111,923
8.225% 09/20/27		299,597		298,829
First Plus Home Loan Trust
7.720% 05/10/24(b)		42,499		42,028
GMAC Mortgage Corporation Loan Trust
3.970% 09/25/34(b)		475,697		472,577
Harley-Davidson Motorcycle Trust
5.100% 05/15/12		4,500,000		4,502,290
IMC Home Equity Loan Trust
7.080% 08/20/28		45,705		45,583
7.310% 11/20/28		79,243		79,010
7.500% 04/25/26		204,381		203,120
7.520% 08/20/28		523,764		522,391
Long Beach Auto Receivables Trust
2.841% 07/15/10		3,646,962		3,592,111
4.972% 10/15/11		5,000,000		4,989,216
Navistar Financial Corp. Owner Trust
3.250% 10/15/10		2,691,377		2,675,865
Nissan Auto Lease Trust
5.200% 05/17/10		1,100,000		1,108,508
Novastar Home Equity Loan
5.521% 05/25/33(b)		3,266,556		3,212,200
Onyx Acceptance Grantor Trust
3.890% 02/15/11		236,106		234,060
Residential Asset Mortgage Products, Inc.
3.981% 04/25/29		29,131		29,131
5.471% 03/25/33(b)		474,675		466,719
Residential Funding Mortgage Securities II, Inc.
4.760% 07/25/28		2,180,000		2,072,773
5.421% 08/25/33(b)		36,413		35,710
SLM Student Loan Trust
5.754% 03/15/17(b)		2,933,335		2,938,420
5.774% 12/15/20(b)		9,415,000		9,414,718
Terwin Mortgage Trust
5.581% 07/25/34(b)		964,392		940,073
UPFC Auto Receivables Trust
5.010% 08/15/12		5,200,000		5,195,121
USAA Auto Owner Trust
4.130% 11/15/11		3,245,000		3,213,110
4.170% 02/15/11		10,000,000		9,885,254
Wachovia Auto Loan Owner Trust
5.080% 04/20/12(e)		9,500,000		9,491,783

See Accompanying Notes to Financial Statements.
28

Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

	Par ($)		Value ($)
WFS Financial Owner Trust
2.810% 08/22/11		9,297,674		9,248,798
3.540% 11/21/11		1,045,725		1,037,358
Total Asset-Backed Securities (cost of $96,745,963)				96,912,850
Government & Agency Obligations – 9.0%
Foreign Government Obligations – 2.0%
Morocco Government AID Bond
5.094% 05/01/23(b)		1,040,000		1,045,148
Province of Quebec
5.000% 07/17/09(a)		6,655,000		6,718,429
Svensk Exportkredit AB
5.000% 05/22/09(a)		4,915,000		4,960,026
United Mexican States
4.625% 10/08/08		6,000,000		5,973,000
Foreign Government Obligations Total				18,696,603
U.S. Government Agencies – 4.8%
Federal Home Loan Bank
5.125% 08/08/08(a)(f)		1,000,000		1,003,679
Federal Home Loan Mortgage Corp.
6.625% 09/15/09(a)		14,500,000		15,099,459
Federal National Mortgage Association
4.000% 09/02/08		26,350,000		26,201,492
5.000% 04/20/09(b)		1,835,000		1,850,133
U.S. Government Agencies Total				44,154,763
U.S. Government Obligations – 2.2%
U.S. Treasury Notes
3.500% 02/15/10(a)		5,000,000		4,942,970
4.875% 08/31/08(a)		15,500,000		15,600,502	(f)
U.S. Government Obligations Total				20,543,472
Total Government & Agency Obligations (cost of $82,847,144)				83,394,838
Commercial Mortgage-Backed Securities – 7.3%
CS First Boston Mortgage Securities Corp.
6.480% 05/17/40		18,152,103		18,246,834
JPMorgan Chase Commercial Mortgage Securities Corp.
4.914% 07/12/37		8,863,135		8,850,215
5.538% 02/12/49		15,143,782		15,273,775
5.651% 06/15/49		2,930,567		2,960,234
LB-UBS Commercial Mortgage Trust
5.642% 12/15/25		6,592,434		6,658,780

	Par ($)		Value ($)
Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.833% 12/15/30(b)		12,264,410		185,547
Morgan Stanley Capital I
5.257% 12/15/43		5,085,383		5,099,503
Nationslink Funding Corp.
6.888% 11/10/30		445,775		445,694
Nomura Asset Securities Corp.
6.590% 03/15/30		5,769,343		5,790,609
PNC Mortgage Acceptance Corp.
5.910% 03/12/34		1,362,643		1,372,461
Prudential Securities Secured Financing Corp.
6.480% 11/01/31		2,484,133		2,504,818
Total Commercial Mortgage-Backed Securities (cost of $68,492,954)				67,388,470
	Shares
Securities Lending Collateral – 5.6%
State Street Navigator Securities Lending Prime Portfolio (7 day yield 5.320%)(g)		51,698,445		51,698,445
Total Securities Lending Collateral (cost of $51,698,445)				51,698,445
	Par ($)
Short-Term Obligation – 2.4%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by a U.S. Government Agency Obligation maturing 10/09/09, market value $23,029,575 (repurchase proceeds $22,585,049)		22,576,000		22,576,000
Total Short-Term Obligation (cost of $22,576,000)				22,576,000
Total Investments – 105.3% (cost of $977,562,160)(h)				975,590,799
Other Assets & Liabilities, Net – (5.3)%				(49,001,690	)
Net Assets – 100.0%			$	926,589,109

Notes to Investment Portfolio:

(a) All or a portion of this security was on loan at September 30, 2007. The total market value of securities on loan at September 30, 2007 is $50,762,984.

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

See Accompanying Notes to Financial Statements.
29

Columbia Short Term Bond Fund
September 30, 2007 (Unaudited)

(d) Investments in a security issued by an affiliate during the period ended September 30, 2007:
Security name: Bank of America Mortgage Securities, 5.250% 02/25/18

Par as of 03/31/07:	$	941,027
Par sold:	$	162,766
Par as of 09/30/07:	$	778,261
Net realized loss:	$	(2,445	)
Interest income earned:	$	22,102
Value at end of period:	$	778,494

(e) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2007, these securities, which are not illiquid, amounted to $9,669,616, which represents 1.0% of net assets.

(f) The security or a portion of the security is pledged as collateral for open futures contracts. At September 30, 2007, the total market value of securities pledged amounted to $200,736.

(g) Investment made with cash collateral received from securities lending activity.

(h) Cost for federal income tax purposes is $977,562,160

At September 30, 2007, the Fund held the following open short futures contracts:

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
2 Year U.S. Treasury Note		66	$	13,665,094	$	13,600,129	Dec-2007	$	(64,965	)
5 Year U.S. Treasury Note		55	$	5,886,719	$	5,848,728	Dec-2007	$	(37,991	)
Total								$	(102,956	)

At September 30, 2007, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		30.4
Collateralized Mortgage Obligations		28.1
Mortgage-Backed Securities		12.1
Asset-Backed Securities		10.4
Government & Agency Obligations		9.0
Commercial Mortgage-Backed Securities		7.3
		97.3
Securities Lending Collateral		5.6
Short-Term Obligation		2.4
Other Assets & Liabilities, Net		(5.3	)
		100.0

Acronym				Name
I.O.				Interest Only

See Accompanying Notes to Financial Statements.
30

Investment Portfolio – Columbia High Income Fund
September 30, 2007 (Unaudited)

	Value ($)
Investment Company – 100.0%
Investment in Columbia Funds Master Investment Trust, LLC, Columbia High Income Master Portfolio*		907,361,641
Total Investments – 100.0% (cost of $902,568,826)		907,361,641
Other Assets & Liabilities, Net – 0.0%		32,142
Net Assets – 100.0%	$	907,393,783

* The financial statements of the Columbia High Income Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with Columbia High Income Fund's financial statements.

Columbia High Income Fund invests only in Columbia High Income Master Portfolio. At September 30, 2007, Columbia High Income Fund owned 98.8% of Columbia High Income Master Portfolio. Columbia High Income Master Portfolio was invested in the following asset allocation at September 30, 2007:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		84.1
Common Stocks		3.3
Convertible Bonds		1.4
Preferred Stocks		1.3
Convertible Preferred Stocks		0.7
Warrants		0.0	*
		90.8
Short-Term Obligation		7.4
Other Assets & Liabilities, Net		1.8
		100.0

* Represents less than 0.1%.

See Accompanying Notes to Financial Statements.
31

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Statements of Assets and Liabilities – Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

	($)		($)		($)
	Columbia Total Return Bond Fund		Columbia Short Term Bond Fund		Columbia High Income Fund
Assets
Unaffiliated investments, at cost		2,296,984,239		976,772,334		—
Affiliated investments, at cost		—		789,826		—
Total investments, at identified cost		2,296,984,239		977,562,160		—
Investment in master portfolio, at cost		—		—		902,568,826
Unaffiliated investments, at value (including securities on loan of $140,350,178, $50,762,984 and $—, respectively)		2,276,051,309		974,812,305		—
Affiliated investments, at value		—		778,494		—
Total investments, at value		2,276,051,309		975,590,799		—
Investment in master portfolio, at value		—		—		907,361,641
Cash		265,697		428,158		—
Foreign currency (cost of $125,652, $ — and $—, respectively)		125,658		—		—
Receivable for:
Investments sold		12,955,394		—		—
Investments sold on a delayed delivery basis		1,974,622		—		—
Fund shares sold		3,052,273		631,751		1,727,674
Interest		15,233,856		5,631,718		—
Futures variation margin		—		3,094		—
Foreign tax reclaims		17,559		—		—
Securities lending income		58,847		9,651		—
Expense reimbursement due from Investment Advisor		—		356		—
Trustees' deferred compensation plan		8,586		22,393		—
Other assets		2,857		3,548		—
Total assets		2,309,746,658		982,321,468		909,089,315
Liabilities
Unrealized depreciation on foreign forward currency contracts		87,373		—		—
Collateral on securities loaned		143,089,374		51,698,445		—
Payable for:
Investments purchased on a delayed delivery basis		250,734,997		—		—
Investments purchased		7,272,437		—		—
Fund shares repurchased		1,358,900		1,055,563		1,127,574
Futures variation margin		3,657		—		—
Distributions		5,422,133		2,250,398		209
Investment advisory fee		509,248		235,406		—
Administration fee		220,291		81,629		129,276
Transfer agent fee		228,069		46,662		194,525
Pricing and bookkeeping fees		17,479		19,530		3,445
Trustees' fees		96,792		131,546		24,858
Distribution and service fees		13,382		37,053		116,571
Custody fee		—		7,777		559
Chief compliance officer expenses		200		—		84
Trustees' deferred compensation plan		8,586		22,393		—
Other liabilities		98,193		145,957		98,431
Total liabilities		409,161,111		55,732,359		1,695,532
Net Assets		1,900,585,547		926,589,109		907,393,783

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities – Government & Corporate Bond Funds (Continued)
September 30, 2007 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Net Assets Consist of
Paid-in capital		1,932,371,004			957,524,523			896,705,895
Undistributed (overdistributed) net investment income		(36,793	)		(1,042,841	)		2,445,517
Accumulated net realized gain (loss)		(11,448,514	)		(27,818,256	)		3,449,556
Unrealized appreciation (depreciation) on:
Investments		(20,932,930	)		(1,971,361	)		4,792,815
Foreign currency translations		47,065			—			—
Forward foreign currency exchange contracts		(87,373	)		—			—
Futures contracts		673,088			(102,956	)		—
Net Assets		1,900,585,547			926,589,109			907,393,783
Class A
Net assets	$	23,869,647		$	69,695,529		$	107,291,945
Shares outstanding		2,483,415			7,082,743			12,218,821
Net asset value per share (a)	$	9.61		$	9.84		$	8.78
Maximum sales charge		3.25	%		1.00	%		4.75	%
Maximum offering price per share (b)	$	9.93		$	9.94		$	9.22
Class B
Net assets	$	7,594,452		$	16,579,659		$	80,454,031
Shares outstanding		789,852			1,686,038			9,186,210
Net asset value per share (a)	$	9.62		$	9.83		$	8.76
Class C
Net assets	$	2,442,129		$	16,128,687		$	33,145,271
Shares outstanding		254,087			1,640,754			3,801,545
Net asset value per share (a)	$	9.61		$	9.83		$	8.72
Class Z
Net assets	$	1,866,679,319		$	824,185,234		$	686,502,536
Shares outstanding		194,035,191			83,921,628			77,535,508
Net asset value, offering and redemption price per share	$	9.62		$	9.82		$	8.85

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

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

See Accompanying Notes to Financial Statements.

Statements of Operations – Government & Corporate Bond Funds
For the Six Months Ended September 30, 2007 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Investment Income
Interest		52,976,702			25,185,728			—
Interest from affiliates		—			22,102			—
Securities lending		244,863			34,755			—
Foreign taxes withheld		(419	)		—			—
Allocated from master portfolio:
Interest		—			—			39,157,897
Dividends		—			—			292,563
Foreign taxes withheld		—			—			(641	)
Total Income		53,221,146			25,242,585			39,449,819
Expenses
Expenses allocated from Master Portfolio		—			—			2,856,898
Investment advisory fee		3,245,082			1,424,766			—
Administration fee		1,342,454			587,475			837,210
Distribution fee:
Class B		29,990			68,487			327,906
Class C		8,381			62,149			129,581
Service fee:
Class A		30,132			98,100			145,749
Class B		9,996			22,829			109,302
Class C		2,794			20,716			43,194
Transfer agent fee		794,564			111,321			506,055
Pricing and bookkeeping fees		108,356			91,095			20,783
Trustees' fees		10,010			10,010			2,098
Custody fee		39,870			20,930			2,024
Chief compliance officer expenses		823			350			539
Other expenses		162,318			150,652			121,850
Total Expenses		5,784,770			2,668,880			5,103,189
Expenses waived/reimbursed by Administrator		—			(94,984	)		—
Fees waived by Distributor—Class C		—			(36,461	)		—
Fees waived by Investment Advisor		—			(356	)		—
Expense reductions		(19,883	)		(14,269	)		(748	)
Net Expenses		5,764,887			2,522,810			5,102,441
Net Investment Income		47,456,259			22,719,775			34,347,378

See Accompanying Notes to Financial Statements.

Statements of Operations – Government & Corporate Bond Funds (Continued)
For the Six Months Ended September 30, 2007 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Futures Contracts
Net realized gain (loss) on:
Unaffiliated investments		(8,679,657	)		(1,449,546	)		—
Affiliated investments		—			(2,445	)		—
Foreign currency transactions		(41,099	)		—			—
Futures contracts		572,137			(345,403	)		—
Allocated from master portfolio:
Investments		—			—			3,861,781
Foreign currency transactions		—			—			12,730
Net realized gain (loss)		(8,148,619	)		(1,797,394	)		3,874,511
Net change in unrealized appreciation (depreciation) on:
Investments		(17,173,669	)		1,507,186			—
Foreign currency translations		6,840			—			—
Forward foreign currency exchange contracts		(39,363	)		—			—
Futures contracts		105			(102,956	)		—
Allocated from master portfolio investments		—			—			(37,127,521	)
Net change in unrealized appreciation (depreciation)		(17,206,087	)		1,404,230			(37,127,521	)
Net Loss		(25,354,706	)		(393,164	)		(33,253,010	)
Net Increase Resulting From Operations		22,101,553			22,326,611			1,094,368

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Government & Corporate Bond Funds

Increase (Decrease) in Net Assets	Columbia Total Return Bond Fund						Columbia Short Term Bond Fund						Columbia High Income Fund
	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income		47,456,259			94,026,633			22,719,775			46,323,079			34,347,378			66,763,443
Net realized gain (loss) on investments, foreign currency transactions and futures contracts		(8,148,619	)		5,048,561			(1,797,394	)		(8,439,264	)		3,874,511	(a)		3,876,280	(a)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and futures contracts		(17,206,087	)		28,477,335			1,404,230			18,992,758			(37,127,521	)(a)		32,123,686	(a)
Net Increase Resulting from Operations		22,101,553			127,552,529			22,326,611			56,876,573			1,094,368			102,763,409
Distributions to Shareholders
From net investment income:
Class A		(574,912	)		(1,263,627	)		(1,805,739	)		(3,132,885	)		(3,999,450	)		(8,253,345	)
Class B		(160,604	)		(360,687	)		(351,809	)		(796,833	)		(2,686,121	)		(6,033,569	)
Class C		(44,933	)		(96,960	)		(355,713	)		(741,078	)		(1,072,392	)		(2,335,708	)
Class Z		(46,609,692	)		(92,094,934	)		(20,264,084	)		(42,075,851	)		(25,395,707	)		(50,545,707	)
From net realized gains:
Class A		—			—			—			—			(387,965	)		(1,327,383	)
Class B		—			—			—			—			(284,535	)		(1,286,366	)
Class C		—			—			—			—			(113,011	)		(497,755	)
Class Z		—			—			—			—			(2,236,349	)		(8,389,949	)
Total Distributions to Shareholders		(47,390,141	)		(93,816,208	)		(22,777,345	)		(46,746,647	)		(36,175,530	)		(78,669,782	)
Net Capital Share Transactions		24,871,110			(178,692,296	)		(54,150,871	)		(293,369,962	)		(49,569,370	)		35,537,596
Net Increase (Decrease) in Net Assets		(417,478	)		(144,955,975	)		(54,601,605	)		(283,240,036	)		(84,650,532	)		59,631,223
Net Assets
Beginning of period		1,901,003,025			2,045,959,000			981,190,714			1,264,430,750			992,044,315			932,413,092
End of period		1,900,585,547			1,901,003,025			926,589,109			981,190,714			907,393,783			992,044,315
Undistributed (overdistributed) net investment income, at end of period		(36,793	)		(102,911	)		(1,042,841	)		(985,271	)		2,445,517			1,251,809

(a) Allocated from the Master Portfolio.

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia Total Return Bond Fund												Columbia Short Term Bond Fund												Columbia High Income Fund
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007						(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007						(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		215,124			2,067,395			255,305			2,467,116			411,861			4,040,470			2,627,369			25,821,932			2,594,782			23,246,280			7,870,258			70,057,781
Distributions reinvested		45,367			435,920			95,437			919,577			128,788			1,263,765			257,515			2,519,244			349,314			3,105,161			751,340			6,661,410
Redemptions		(313,565	)		(3,005,921	)		(1,562,500	)		(14,960,178	)		(2,158,285	)		(21,176,406	)		(2,770,716	)		(27,098,930	)		(4,229,486	)		(37,741,788	)		(7,350,929	)		(65,881,079	)
Net Increase (Decrease)		(53,074	)		(502,606	)		(1,211,758	)		(11,573,485	)		(1,617,636	)		(15,872,171	)		114,168			1,242,246			(1,285,390	)		(11,390,347	)		1,270,669			10,838,112
Class B
Subscriptions		48,569			465,645			81,681			785,426			4,440			43,595			94,937			924,823			216,904			1,945,883			783,967			6,981,437
Distributions reinvested		13,646			131,158			30,078			289,991			29,522			289,451			65,930			644,551			199,360			1,767,313			488,482			4,308,318
Redemptions		(168,909	)		(1,623,557	)		(271,693	)		(2,617,564	)		(412,000	)		(4,038,136	)		(978,125	)		(9,550,393	)		(1,505,745	)		(13,374,574	)		(2,477,227	)		(22,098,251	)
Net Decrease		(106,694	)		(1,026,754	)		(159,934	)		(1,542,147	)		(378,038	)		(3,705,090	)		(817,258	)		(7,981,019	)		(1,089,481	)		(9,661,378	)		(1,204,778	)		(10,808,496	)
Class C
Subscriptions		49,633			474,630			44,184			425,636			179,333			1,758,963			366,916			3,587,181			485,948			4,332,274			813,442			7,232,776
Distributions reinvested		2,189			21,038			4,816			46,390			25,859			253,480			54,980			537,260			80,905			713,858			186,990			1,643,169
Redemptions		(31,295	)		(300,662	)		(124,509	)		(1,196,377	)		(354,218	)		(3,472,972	)		(901,305	)		(8,802,688	)		(702,677	)		(6,235,641	)		(1,528,454	)		(13,588,309	)
Net Increase (Decrease)		20,527			195,006			(75,509	)		(724,351	)		(149,026	)		(1,460,529	)		(479,409	)		(4,678,247	)		(135,824	)		(1,189,509	)		(528,022	)		(4,712,364	)
Class Z
Subscriptions		16,544,313			159,190,830			23,789,701			229,371,108			8,421,691			82,470,896			13,308,563			129,877,080			12,246,616			110,740,053			26,158,720			234,374,389
Distributions reinvested		1,402,725			13,485,974			2,746,363			26,486,882			660,268			6,467,025			1,067,956			10,429,840			819,402			7,331,331			1,468,999			13,137,713
Redemptions		(15,255,719	)		(146,471,340	)		(43,816,690	)		(420,710,303	)		(12,466,013	)		(122,051,002	)		(43,312,809	)		(422,259,862	)		(16,070,906	)		(145,399,520	)		(23,012,445	)		(207,291,758	)
Net Increase (Decrease)		2,691,319			26,205,464			(17,280,626	)		(164,852,313	)		(3,384,054	)		(33,113,081	)		(28,936,290	)		(281,952,942	)		(3,004,888	)		(27,328,136	)		4,615,274			40,220,344

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Total Return Bond Fund

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

	(Unaudited) Six Months Ended
	September 30,			Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.74		$	9.56		$	9.80		$	10.17		$	9.99		$	9.65
Income from Investment Operations:
Net investment income (b)		0.23			0.44			0.35			0.31			0.34			0.33
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		(0.13	)		0.18			(0.17	)		(0.19	)		0.24			0.53
Total from Investment Operations		0.10			0.62			0.18			0.12			0.58			0.86
Less Distributions to Shareholders:
From net investment income		(0.23	)		(0.44	)		(0.39	)		(0.34	)		(0.34	)		(0.35	)
From net realized gains		—			—			(0.03	)		(0.15	)		(0.06	)		(0.17	)
Total Distributions to Shareholders		(0.23	)		(0.44	)		(0.42	)		(0.49	)		(0.40	)		(0.52	)
Net Asset Value, End of Period	$	9.61		$	9.74		$	9.56		$	9.80		$	10.17		$	9.99
Total return (c)		1.04	%(d)		6.65	%		1.84	%(e)		1.21	%(e)		5.92	%(e)		9.05	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.85	%(g)		0.79	%		0.79	%		0.83	%		0.90	%		0.92	%
Waiver/Reimbursement		—			—			0.06	%(h)		0.08	%(h)		0.03	%(h)		—
Net investment income (f)		4.78	%(g)		4.60	%		3.91	%		3.08	%		3.36	%		3.25	%
Portfolio turnover rate		129	%(d)		320	%		199	%		402	%		398	%		488	%
Net assets, end of period (000's)	$	23,870		$	24,704		$	35,849		$	30,409		$	38,114		$	43,828

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

(d) Not annualized.

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

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

(g) Annualized.

(h) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been —%, 0.06% and 0.01% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
40

Financial Highlights – Columbia Total Return Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.74		$	9.57		$	9.81		$	10.17		$	9.99		$	9.66
Income from Investment Operations:
Net investment income (b)		0.19			0.37			0.28			0.23			0.26			0.25
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		(0.12	)		0.17			(0.17	)		(0.18	)		0.24			0.52
Total from Investment Operations		0.07			0.54			0.11			0.05			0.50			0.77
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.37	)		(0.32	)		(0.26	)		(0.26	)		(0.27	)
From net realized gains		—			—			(0.03	)		(0.15	)		(0.06	)		(0.17	)
Total Distributions to Shareholders		(0.19	)		(0.37	)		(0.35	)		(0.41	)		(0.32	)		(0.44	)
Net Asset Value, End of Period	$	9.62		$	9.74		$	9.57		$	9.81		$	10.17		$	9.99
Total return (c)		0.77	%(d)		5.75	%		1.09	%(e)		0.55	%(e)		5.13	%(e)		8.13	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.60	%(g)		1.54	%		1.54	%		1.58	%		1.65	%		1.67	%
Waiver/Reimbursement		—			—			0.06	%(h)		0.08	%(h)		0.03	%(h)		—
Net investment income (f)		4.03	%(g)		3.85	%		3.14	%		2.32	%		2.61	%		2.50	%
Portfolio turnover rate		129	%(d)		320	%		199	%		402	%		398	%		488	%
Net assets, end of period (000's)	$	7,594		$	8,735		$	10,108		$	9,707		$	13,518		$	18,783

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

(d) Not annualized.

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

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
41

Financial Highlights – Columbia Total Return Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.74		$	9.56		$	9.80		$	10.17		$	9.99		$	9.65
Income from Investment Operations:
Net investment income (b)		0.19			0.37			0.28			0.23			0.26			0.25
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		(0.13	)		0.18			(0.17	)		(0.19	)		0.24			0.53
Total from Investment Operations		0.06			0.55			0.11			0.04			0.50			0.78
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.37	)		(0.32	)		(0.26	)		(0.26	)		(0.27	)
From net realized gains		—			—			(0.03	)		(0.15	)		(0.06	)		(0.17	)
Total Distributions to Shareholders		(0.19	)		(0.37	)		(0.35	)		(0.41	)		(0.32	)		(0.44	)
Net Asset Value, End of Period	$	9.61		$	9.74		$	9.56		$	9.80		$	10.17		$	9.99
Total return (c)		0.66	%(d)		5.86	%		1.08	%(e)		0.45	%(e)		5.13	%(e)		8.24	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.60	%(g)		1.54	%		1.54	%		1.58	%		1.65	%		1.67	%
Waiver/Reimbursement		—			—			0.06	%(h)		0.08	%(h)		0.03	%(h)		—
Net investment income (f)		4.02	%(g)		3.84	%		3.20	%		2.32	%		2.61	%		2.50	%
Portfolio turnover rate		129	%(d)		320	%		199	%		402	%		398	%		488	%
Net assets, end of period (000's)	$	2,442		$	2,275		$	2,956		$	1,470		$	1,823		$	2,823

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(d) Not annualized.

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

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
42

Financial Highlights – Columbia Total Return Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.75		$	9.57		$	9.81		$	10.17		$	10.00		$	9.66
Income from Investment Operations:
Net investment income (b)		0.24			0.47			0.37			0.33			0.36			0.35
Net realized and unrealized gain (loss) on investments, foreign currency and futures contracts		(0.13	)		0.18			(0.16	)		(0.18	)		0.23			0.53
Total from Investment Operations		0.11			0.65			0.21			0.15			0.59			0.88
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.47	)		(0.42	)		(0.36	)		(0.36	)		(0.37	)
From net realized gains		—			—			(0.03	)		(0.15	)		(0.06	)		(0.17	)
Total Distributions to Shareholders		(0.24	)		(0.47	)		(0.45	)		(0.51	)		(0.42	)		(0.54	)
Net Asset Value, End of Period	$	9.62		$	9.75		$	9.57		$	9.81		$	10.17		$	10.00
Total return (c)		1.17	%(d)		6.91	%		2.10	%(e)		1.56	%(e)		6.07	%(e)		9.32	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.60	%(g)		0.54	%		0.54	%		0.58	%		0.65	%		0.67	%
Waiver/Reimbursement		—			—			0.06	%(h)		0.08	%(h)		0.03	%(h)		—
Net investment income (f)		5.02	%(g)		4.85	%		4.13	%		3.30	%		3.61	%		3.50	%
Portfolio turnover rate		129	%(d)		320	%		199	%		402	%		398	%		488	%
Net assets, end of period (000's)	$	1,866,679		$	1,865,289		$	1,997,046		$	1,861,448		$	2,260,519		$	2,482,229

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

(d) Not annualized.

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

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
43

Financial Highlights – Columbia Short Term Bond Fund

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

	(Unaudited) Ended September 30,			Six Months Year Ended March 31,
Class A Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.84		$	9.75		$	9.82		$	10.07		$	10.10		$	9.83
Income from Investment Operations:
Net investment income (b)		0.23			0.40			0.31			0.21			0.20			0.28
Net realized and unrealized gain (loss) on investments		—			0.09			(0.07	)		(0.23	)		0.02			0.30
Total from Investment Operations		0.23			0.49			0.24			(0.02	)		0.22			0.58
Less Distributions to Shareholders:
From net investment income		(0.23	)		(0.40	)		(0.31	)		(0.21	)		(0.20	)		(0.28	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.03	)
Total Distributions to Shareholders		(0.23	)		(0.40	)		(0.31	)		(0.23	)		(0.25	)		(0.31	)
Net Asset Value, End of Period	$	9.84		$	9.84		$	9.75		$	9.82		$	10.07		$	10.10
Total return (c)(d)		2.32	%(e)		5.12	%		2.47	%		(0.19	)%		2.23	%		6.01	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.73	%(g)		0.73	%		0.72	%		0.73	%		0.72	%		0.75	%
Waiver/Reimbursement		0.02	%(g)		0.02	%		0.08	%(h)		0.10	%(h)		0.13	%(h)		0.10	%
Net investment income (f)		4.60	%(g)		4.05	%		3.27	%		2.10	%		1.99	%		2.74	%
Portfolio turnover rate		30	%(e)		72	%		80	%		128	%		164	%		54	%
Net assets, end of period (000's)	$	69,696		$	85,635		$	83,675		$	38,130		$	122,202		$	130,036

(a) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

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

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

(e) Not annualized.

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

(g) Annualized.

(h) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.02%, 0.08% and 0.10% for the years ended March 31, 2006, March 31, 2005 and March 31, 2004, respectively.

See Accompanying Notes to Financial Statements.
44

Financial Highlights – Columbia Short Term Bond Fund

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

	(Unaudited) Ended September 30,			Six Months Year Ended March 31,
Class B Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.84		$	9.74		$	9.81		$	10.07		$	10.09		$	9.83
Income from Investment Operations:
Net investment income (b)		0.19			0.32			0.25			0.14			0.13			0.21
Net realized and unrealized gain (loss) on investments		(0.01	)		0.11			(0.08	)		(0.24	)		0.03			0.29
Total from Investment Operations		0.18			0.43			0.17			(0.10	)		0.16			0.50
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.33	)		(0.24	)		(0.14	)		(0.13	)		(0.21	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.03	)
Total Distributions to Shareholders		(0.19	)		(0.33	)		(0.24	)		(0.16	)		(0.18	)		(0.24	)
Net Asset Value, End of Period	$	9.83		$	9.84		$	9.74		$	9.81		$	10.07		$	10.09
Total return (c)(d)		1.83	%(e)		4.45	%		1.71	%		(1.03	)%		1.58	%		5.12	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.48	%(g)		1.48	%		1.47	%		1.48	%		1.47	%		1.50	%
Waiver/Reimbursement		0.02	%(g)		0.02	%		0.08	%(h)		0.10	%(h)		0.13	%(h)		0.10	%
Net investment income (f)		3.85	%(g)		3.30	%		2.69	%		1.37	%		1.24	%		1.99	%
Portfolio turnover rate		30	%(e)		72	%		80	%		128	%		164	%		54	%
Net assets, end of period (000's)	$	16,580		$	20,303		$	28,061		$	1,477		$	1,775		$	2,170

(a) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
45

Financial Highlights – Columbia Short Term Bond Fund

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

	(Unaudited) Ended September 30,			Six Months Year Ended March 31,
Class C Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.83		$	9.74		$	9.81		$	10.07		$	10.09		$	9.83
Income from Investment Operations:
Net investment income (b)		0.21			0.37			0.26			0.13			0.13			0.21
Net realized and unrealized gain (loss) on investments		—			0.09			(0.07	)		(0.23	)		0.03			0.29
Total from Investment Operations		0.21			0.46			0.19			(0.10	)		0.16			0.50
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.37	)		(0.26	)		(0.14	)		(0.13	)		(0.21	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.03	)
Total Distributions to Shareholders		(0.21	)		(0.37	)		(0.26	)		(0.16	)		(0.18	)		(0.24	)
Net Asset Value, End of Period	$	9.83		$	9.83		$	9.74		$	9.81		$	10.07		$	10.09
Total return (c)(d)		2.16	%(e)		4.80	%		1.94	%		(1.03	)%		1.58	%		5.12	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.04	%(g)		1.04	%		1.20	%		1.48	%		1.47	%		1.50	%
Waiver/Reimbursement		0.46	%(g)		0.46	%		0.35	%(h)		0.10	%(h)		0.13	%(h)		0.10	%
Net investment income (f)		4.28	%(g)		3.75	%		2.69	%		1.36	%		1.24	%		1.99	%
Portfolio turnover rate		30	%(e)		72	%		80	%		128	%		164	%		54	%
Net assets, end of period (000's)	$	16,129		$	17,598		$	22,091		$	17,980		$	32,267		$	54,350

(a) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
46

Financial Highlights – Columbia Short Term Bond Fund

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

	(Unaudited) Ended September 30,			Six Months Year Ended March 31,
Class Z Shares	2007			2007			2006 (a)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.82		$	9.73		$	9.80		$	10.06		$	10.08		$	9.82
Income from Investment Operations:
Net investment income (b)		0.24			0.42			0.33			0.24			0.22			0.31
Net realized and unrealized gain (loss) on investments		—			0.09			(0.07	)		(0.25	)		0.04			0.29
Total from Investment Operations		0.24			0.51			0.26			(0.01	)		0.26			0.60
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.42	)		(0.33	)		(0.23	)		(0.23	)		(0.31	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.03	)
Total Distributions to Shareholders		(0.24	)		(0.42	)		(0.33	)		(0.25	)		(0.28	)		(0.34	)
Net Asset Value, End of Period	$	9.82		$	9.82		$	9.73		$	9.80		$	10.06		$	10.08
Total return (c)(d)		2.45	%(e)		5.39	%		2.73	%		(0.04	)%		2.60	%		6.18	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.48	%(g)		0.48	%		0.47	%		0.48	%		0.47	%		0.50	%
Waiver/Reimbursement		0.02	%(g)		0.02	%		0.08	%(h)		0.10	%(h)		0.13	%(h)		0.10	%
Net investment income (f)		4.83	%(g)		4.29	%		3.40	%		2.37	%		2.24	%		2.99	%
Portfolio turnover rate		30	%(e)		72	%		80	%		128	%		164	%		54	%
Net assets, end of period (000's)	$	824,185		$	857,655		$	1,130,604		$	926,514		$	1,099,131		$	791,981

(a) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
47

Financial Highlights – Columbia High Income Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.11		$	8.91		$	9.31		$	9.79		$	8.52		$	8.80
Income from Investment Operations:
Net investment income (c)		0.32			0.62			0.63			0.66			0.70			0.75
Net realized and unrealized gain (loss) on investments and foreign currency		(0.31	)		0.32			(0.10	)		0.03			1.36			(0.28	)
Total from Investment Operations		0.01			0.94			0.53			0.69			2.06			0.47
Less Distributions to Shareholders:
From net investment income		(0.31	)		(0.62	)		(0.66	)		(0.65	)		(0.70	)		(0.75	)
From net realized gains		(0.03	)		(0.12	)		(0.27	)		(0.52	)		(0.09	)		—
Total Distributions to Shareholders		(0.34	)		(0.74	)		(0.93	)		(1.17	)		(0.79	)		(0.75	)
Net Asset Value, End of Period	$	8.78		$	9.11		$	8.91		$	9.31		$	9.79		$	8.52
Total return (d)		0.13	%(e)		11.10	%		6.03	%		7.64	%		24.88	%		6.07	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.16	%(g)		1.13	%		1.08	%		1.09	%		1.09	%		1.15	%
Net investment income (f)		7.10	%(g)		6.88	%		6.90	%		6.90	%		7.37	%		9.22	%
Net assets, end of period (000's)	$	107,292		$	123,071		$	109,029		$	134,980		$	163,916		$	97,154

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

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
48

Financial Highlights – Columbia High Income Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.09		$	8.89		$	9.29		$	9.77		$	8.51		$	8.80
Income from Investment Operations:
Net investment income (c)		0.28			0.55			0.56			0.58			0.64			0.69
Net realized and unrealized gain (loss) on investments and foreign currency		(0.30	)		0.32			(0.10	)		0.04			1.35			(0.29	)
Total from Investment Operations		(0.02	)		0.87			0.46			0.62			1.99			0.40
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.55	)		(0.59	)		(0.58	)		(0.64	)		(0.69	)
From net realized gains		(0.03	)		(0.12	)		(0.27	)		(0.52	)		(0.09	)		—
Total Distributions to Shareholders		(0.31	)		(0.67	)		(0.86	)		(1.10	)		(0.73	)		(0.69	)
Net Asset Value, End of Period	$	8.76		$	9.09		$	8.89		$	9.29		$	9.77		$	8.51
Total return (d)		(0.25	)%(e)		10.29	%		5.25	%		6.89	%		23.91	%		5.20	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.91	%(g)		1.88	%		1.83	%		1.84	%		1.84	%		1.90	%
Net investment income (f)		6.37	%(g)		6.16	%		6.22	%		6.17	%		6.62	%		8.47	%
Net assets, end of period (000's)	$	80,454		$	93,413		$	102,085		$	130,088		$	144,762		$	95,110

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

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
49

Financial Highlights – Columbia High Income Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.05		$	8.86		$	9.25		$	9.74		$	8.47		$	8.77
Income from Investment Operations:
Net investment income (c)		0.28			0.55			0.56			0.58			0.64			0.69
Net realized and unrealized gain (loss) on investments and foreign currency		(0.30	)		0.31			(0.09	)		0.03			1.36			(0.30	)
Total from Investment Operations		(0.02	)		0.86			0.47			0.61			2.00			0.39
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.55	)		(0.59	)		(0.58	)		(0.64	)		(0.69	)
From net realized gains		(0.03	)		(0.12	)		(0.27	)		(0.52	)		(0.09	)		—
Total Distributions to Shareholders		(0.31	)		(0.67	)		(0.86	)		(1.10	)		(0.73	)		(0.69	)
Net Asset Value, End of Period	$	8.72		$	9.05		$	8.86		$	9.25		$	9.74		$	8.47
Total return (d)		(0.25	)%(e)		10.21	%		5.39	%		6.80	%		24.15	%		5.09	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		1.91	%(g)		1.88	%		1.83	%		1.84	%		1.84	%		1.90	%
Net investment income (f)		6.37	%(g)		6.16	%		6.23	%		6.21	%		6.62	%		8.47	%
Net assets, end of period (000's)	$	33,145		$	35,639		$	39,547		$	49,066		$	63,005		$	32,453

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

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
50

Financial Highlights – Columbia High Income Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares (a)	2007			2007			2006 (b)			2005			2004			2003
Net Asset Value, Beginning of Period	$	9.19		$	8.98		$	9.37		$	9.86		$	8.57		$	8.86
Income from Investment Operations:
Net investment income (c)		0.33			0.64			0.66			0.67			0.73			0.77
Net realized and unrealized gain (loss) on investments and foreign currency		(0.32	)		0.33			(0.10	)		0.04			1.38			(0.29	)
Total from Investment Operations		0.01			0.97			0.56			0.71			2.11			0.48
Less Distributions to Shareholders:
From net investment income		(0.32	)		(0.64	)		(0.68	)		(0.68	)		(0.73	)		(0.77	)
From net realized gains		(0.03	)		(0.12	)		(0.27	)		(0.52	)		(0.09	)		—
Total Distributions to Shareholders		(0.35	)		(0.76	)		(0.95	)		(1.20	)		(0.82	)		(0.77	)
Net Asset Value, End of Period	$	8.85		$	9.19		$	8.98		$	9.37		$	9.86		$	8.57
Total return (d)		0.14	%(e)		11.41	%		6.37	%		7.76	%		25.30	%		6.19	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.91	%(g)		0.88	%		0.83	%		0.84	%		0.84	%		0.90	%
Net investment income (f)		7.37	%(g)		7.14	%		7.19	%		7.09	%		7.62	%		9.47	%
Net assets, end of period (000's)	$	686,503		$	739,921		$	681,752		$	707,834		$	798,398		$	460,639

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

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

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

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.
51

Notes to Financial Statements – Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Total Return Bond Fund

Columbia Short Term Bond Fund

Columbia High Income Fund

Investment Objectives

Columbia Total Return Bond Fund seeks total return, consisting of current income and capital appreciation. Columbia Short Term Bond Fund seeks current income, consistent with minimal fluctuation of principal. Columbia High Income Fund seeks total return, consisting of a high level of income and capital appreciation.

Columbia High Income Fund (the "Feeder Fund") seeks to achieve its investment objective by investing all or substantially all of its assets in Columbia High Income Master Portfolio (the "Master Portfolio"). The Master Portfolio is a series of Columbia Funds Master Investment Trust, LLC (the "Master Trust"). The Master Portfolio has the same investment objective as the Feeder Fund. The value of the Feeder Fund's investment in the Master Portfolio included in the Statements of Assets and Liabilities, reflects the Feeder Fund's proportionate amount of beneficial interest in the net assets of the Master Portfolio and is equal to 98.8% at September 30, 2007. The financial statements of the Master Portfolio, including its investment portfolio, are included elsewhere within this report and should be read in conjunction with the Feeder Fund's financial statements. Other funds that are managed by Columbia Management Advisors, LLC, ("Columbia"), that are not registered under the 1940 Act and whose financial statements are not presented here, also invest in the Master Portfolio.

At a Board of Trustees (the "Board") meeting held in June 2007, the Board voted to take various actions to convert the Feeder Fund into a stand-alone fund, investing directly in individual portfolio securities rather than the Master Portfolio. Among other actions, the Board adopted an advisory agreement with Columbia and a sub-advisory agreement with MacKay Shields LLC for the Feeder Fund on the same terms as are currently in place at the Master Portfolio level. These actions will not result in any changes in the investment objective or principal investment strategies of, or total fees charged to, the Feeder Fund. Nor will they result in a change in the principal risks of investing in the Feeder Fund, except that the risks of investing in a master-feeder structure will no longer apply. There will be no transaction or other costs charged to Fund shareholders and no federal income tax consequences as a result of these actions. Fund shareholder approval is not required to implement these actions and, therefore, will not be requested. The conversion is expected to take place in late February 2008.

Fund Shares

Class A shares are subject to a maximum front-end sales charge of 1.00%, 3.25% and 4.75% for Columbia Short Term Bond Fund, Columbia Total Return Bond Fund and Columbia High Income Fund, respectively, based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 3.00%, 3.00% and 5.00% for Columbia Short Term Bond Fund, Columbia Total Return Bond Fund and Columbia High Income Fund, respectively, based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Funds' prospectuses.

Note 2. Significant Accounting Policies

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

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 Funds in the preparation of their financial statements.

Security Valuation

Equity securities and securities of certain investment company shares are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Investments in other open-end investment companies are valued at net asset value.

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

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Funds' shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Funds' net asset values. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their "fair value" using procedures approved by the Board of Trustees. Certain Funds may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security.

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 of Trustees. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security.

Similar policies are followed by the Master Portfolio in which the Feeder Fund invests. See the Notes to Financial Statements for the Master Portfolio included elsewhere in this report for more information on the valuation policies of the Master Portfolio.

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

about fair value measurements. Management is evaluating the impact the application of SFAS 157 will have on the Funds' financial statement disclosures.

Security Transactions

Futures Contracts

With the exception of the Feeder Fund, each Fund may invest in futures contracts to gain or reduce exposure to particular securities or segments of the bond markets. Futures contracts are financial instruments whose values depend on, or are derived from, the value of the underlying security, index or currency. The Funds may use futures contracts for both hedging and non-hedging purposes, such as to adjust the Funds' sensitivity to changes in interest rates, or to offset a potential loss in one position by establishing an opposite position. The Funds typically use futures contracts in an effort to achieve more efficiently, economic exposure similar to that which they could have achieved through the purchase and sale of fixed income securities.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction by Columbia, the Funds' investment advisor, of the future direction of interest rates. Any of these risks may involve amounts exceeding the variation margin recorded in the Funds' Statement of Assets and Liabilities at any given time.

Upon entering into a futures contract, a Fund deposits cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed or expires.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between trade and settlement date of the contract. The Funds, with the exception of the Feeder Fund, may utilize forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities. The Funds may also enter into these contracts to hedge certain other foreign currency denominated assets. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are used to hedge the Funds' investments against currency fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Funds' portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Funds are also exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

Foreign Currency Transactions

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

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 Statements of Operations.

Delayed Delivery Securities

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

Stripped Securities

Stripped mortgage-backed securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in an interest-only security. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that a Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Repurchase Agreements

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

Treasury Inflation Protected Securities

The Funds, with the exception of the Feeder Fund, may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically for inflation based on a monthly published index. Interest payments are based on the inflation-adjusted principal at the time the interest is paid.

Loan Participations and Commitments

The Funds, with the exception of the Feeder Fund, may invest in loan participations. When a Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Income Recognition

Interest income is recorded on the accrual basis. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis. Premium and discount are amortized and accreted, respectively, on debt securities. Dividend income is recorded on ex-dividend date.

Determination of Class Net Asset Values

All income, expenses (other than class-specific expenses, as shown on the Statements of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis for purposes of determining the net asset value of each class. Income and expenses are allocated to each class based on the settled shares method, while realized and unrealized gains (losses) are allocated based on the relative net assets of each class.

The Feeder Fund records its share of investment income, realized and unrealized gains and losses and expenses reported by the Master Portfolio on a daily basis. The investment income, realized and unrealized gains and losses and expenses are allocated daily to investors of the Master Portfolio based upon the relative value of their investment in the Master Portfolio.

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

Distributions to Shareholders

Dividends from net investment income are declared daily and paid monthly for each Fund, except the Feeder Fund. The Feeder Fund declares and pays dividends monthly. Net realized capital gains, if any, are distributed at least annually.

Federal Income Tax Status

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

Indemnification

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

	Ordinary Income*		Long-Term Capital Gains
Columbia Total Return Bond Fund	$	93,816,208	$	—
Columbia Short Term Bond Fund		46,746,647		—
Columbia High Income Fund		67,432,980		11,236,802

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Depreciation
Columbia Total Return Bond Fund	$	12,585,885	$	(33,618,928	)	$	(21,033,043	)
Columbia Short Term Bond Fund		3,235,987		(5,207,348	)		(1,971,361	)
Columbia High Income Fund	*		*			*

* See corresponding Master Portfolio's notes to financial statements for tax basis information.

	Expiring in 2012		Expiring in 2013		Expiring in 2014		Expiring in 2015		Total
Columbia Total Return Bond Fund	$	—	$	325,588	$	72,823	$	1,644,323	$	2,042,734
Columbia Short Term Bond Fund		1,127,032		4,476,378		7,426,061		12,691,619		25,721,090

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

During the year ended March 31, 2007, Columbia Short-Term Bond Fund had expired capital loss carryforwards of $1,103,186.

The Funds adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Fund. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Funds' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of Bank of America Corporation ("BOA"), is the investment advisor to the Funds and Columbia High Income Master Portfolio. Columbia receives an investment advisory fee, calculated daily and payable monthly, based on the average daily net assets of each Fund at the following annual rates:

Fees on Average Net Assets	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund
First $500 Million		0.40	%		0.30	%
$500 Million to $1 Billion		0.35	%		0.30	%
$1 Billion to $1.5 Billion		0.32	%		0.30	%
$1.5 Billion to $3 Billion		0.29	%		0.30	%
$3 Billion to $6 Billion		0.28	%		0.30	%
Over $6 Billion		0.27	%		0.30	%

The Feeder Fund indirectly pays for investment advisory and sub-advisory services through its investment in the Master Portfolio (see Note 4 of Notes to Financial Statements of the Master Portfolio).

For the six months ended September 30, 2007, the annualized effective investment advisory fee rates for Columbia Total Return Bond Fund and Columbia Short Term Bond Fund, as a percentage of each Fund's average daily net assets, were 0.34% and 0.30%, respectively.

Administration Fee

	Annual Fee Rate
Columbia Total Return Bond Fund		0.15	%
Columbia Short Term Bond Fund		0.14	%
Columbia High Income Fund		0.18	%

Columbia has contractually agreed to waive a portion of its administration fee for Columbia Short Term Bond Fund at an annual rate of 0.02% of Columbia Short Term Bond Fund's average daily net assets. Columbia, at its discretion, may revise or discontinue this arrangement at any time.

Pricing and Bookkeeping Fees

The Funds have entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds have also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Funds. Under the State Street Agreements, each Fund pays State Street an annual fee of $38,000 paid monthly. In addition, each of the Funds, with the exception of the Feeder Fund, pays State Street a monthly fee based on an annualized percentage rate of

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

average daily net assets of each Fund for the month. The aggregate fee for each Fund will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket expenses and charges.

The Funds have entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Each of the Funds, with the exception of the Feeder Fund, reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services relating to Fund expenses and to the requirements of the Sarbanes-Oxley Act of 2002.

For the six months ended September 30, 2007, the amounts charged to the Funds by affiliates included in the Statements of Operations under "Pricing and Bookkeeping Fees" were as follows:

	Amounts Charged by Affiliates	Amounts Unpaid to Affiliates
Columbia Total Return Bond Fund	$7,442	$1,313
Columbia Short Term Bond Fund	7,442	1,313
Columbia High Income Fund	1,783	834

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Funds and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. 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 Funds. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Funds. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

The Transfer Agent has voluntarily agreed to waive a portion of its fees, for accounts other than omnibus accounts, so that transfer agent fees (exclusive of out-of-pocket expenses and sub-transfer agent fees) will not exceed 0.02% annually for Columbia High Income Fund. Columbia, at its discretion, may revise or discontinue this arrangement at any time.

	Account Balance Fee Reductions
Columbia Total Return Bond Fund	$	6,171
Columbia Short Term Bond Fund		5,426
Columbia High Income Fund		739

For the six months ended September 30, 2007, the annualized effective transfer agent fee rates for the Funds, inclusive of out-of-pocket expenses, sub-transfer agent fees and net of minimum account balance fees and waivers if applicable, as a percentage of the Funds' average daily net assets, were as follows:

	Annualized Effective Fee Rates
Columbia Total Return Bond Fund		0.08	%
Columbia Short Term Bond Fund		0.02	%
Columbia High Income Fund		0.11	%

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Funds' shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts on the sales of Class A shares and received net CDSC fees on Class A, Class B and Class C share redemptions as follows:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class A		Class B		Class C
Columbia Total Return Bond Fund	$	284	$	1	$	3,908	$	49
Columbia Short Term Bond Fund		995		20		2,486		1,239
Columbia High Income Fund		13,074		—		88,540		2,540

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%*		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%

* Columbia Short Term Bond Fund pays its shareholder servicing fees, at the rates shown above, under a separate shareholder servicing plan.

The Distributor has voluntarily agreed to waive 0.44% of the distribution fees on Class C shares for Columbia Short Term Bond Fund. This arrangement may be modified or terminated by the Distributor at any time.

Expense Limits and Fee Waivers

Columbia has contractually agreed to waive fees and reimburse certain expenses through July 31, 2008, for Columbia Total Return Bond Fund and Columbia High Income Fund and voluntarily agreed to waive fees and reimburse certain expenses for Columbia Short-Term Bond Fund, so that the expenses incurred by the Funds (exclusive of distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts) after giving effect to any balance credits from the Fund's custodian, will not exceed the following annual rates, based on each Fund's average daily net assets:

	Annual rate
Columbia Total Return Bond Fund		0.60	%
Columbia Short Term Bond Fund		0.48	%
Columbia High Income Fund		0.93	%

There is no guarantee that contractual expense limitations will continue after July 31, 2008. Columbia, at its discretion, may discontinue the voluntary expense limitations agreement at any time. Columbia and/or the Distributor are entitled to recover from Columbia Total Return Bond Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitations in effect at the time of recovery.

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

At September 30, 2007, the amount potentially recoverable by Columbia from Columbia Total Return Bond Fund pursuant to this arrangement is $1,044,185, expiring March 31, 2008.

Custody Credits

	Custody Credit
Columbia Total Return Bond Fund	$	13,712
Columbia Short Term Bond Fund		8,843
Columbia High Income Fund		9

Fees Paid to Officers and Trustees

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. All benefits provided under this plan are unfunded and any payments to plan participants are paid solely out of the Funds' assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participants or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statements of Assets and Liabilities.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	U.S. Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Columbia Total Return Bond Fund	$	2,114,914,951	$	2,187,358,074	$	549,782,116	$	663,827,954
Columbia Short Term Bond Fund		115,134,449		189,366,140		160,935,815		161,508,181
Columbia High Income Fund*	*		*		*		*

* See corresponding Master Portfolio for portfolio turnover information.

Note 6. Shares of Beneficial Interest

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

Class B shares generally convert to Class A shares as follows:

Columbia Total Return Bond Fund

Class B shares purchased:		Will convert to Class A shares after:
	– after November 15, 1998	Eight years
	– between August 1, 1998 and November 15, 1998
$	0 - $249,999	Six years
$	250,000 - $499,999	Six years
$	500,000 - $999,999	Five years

Columbia High Income Fund

Class B shares purchased:		Will convert to Class A shares after:
	– after November 15, 1998	Eight years
	– between August 1, 1997 and November 15, 1998
$	0 - $249,999	Nine years
$	250,000 - $499,999	Six years
$	500,000 - $999,999	Five years
	– before August 1, 1997	Eight Years

See Schedules of capital stock activity.

	% of Shares Outstanding Held
Columbia Total Return Bond Fund		68.4
Columbia Short Term Bond Fund		59.6
Columbia High Income Fund		54.5

As of September 30, 2007, the Fund had other shareholders that held greater than 5% of the shares outstanding over which BOA and/or any of its affiliates did not have investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. The percentage of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia Total Return Bond Fund		16.2
Columbia Short Term Bond Fund		6.7
Columbia High Income Fund		7.7

Note 7. Line of Credit

Interest on the committed line of credit is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unutilized committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund based on the fund's borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund. The commitment fee and structuring fee are included in "Other expenses" in the Statements of Operations.

For the six months ended September 30, 2007, the Funds did not borrow under these arrangements.

Note 8. Securities Lending

With the exception of the Feeder Fund, each Fund may lend their securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral.

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Funds. Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Funds. The Funds bear the risk of loss with respect to the investment of collateral.

During the six months ended September 30, 2007, Columbia Total Return Bond Fund and Columbia Short Term Bond Fund participated in the program.

Note 9. Significant Risks and Contingencies

Foreign Securities

Asset-Backed Securities

Legal Proceedings

On February 9, 2005, Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC ("BACAP Distributors," now known as Columbia Management Distributors, Inc.) entered into an Assurance of Discontinuance with the New York Attorney General (the "NYAG Settlement") and consented to the entry of a cease-and-desist order by the U.S. Securities and Exchange Commission (the "SEC") (the "SEC Order") on matters relating to mutual fund trading. A copy of the NYAG Settlement is available as part of the Bank of America Corporation Form 8-K filing on February 10, 2005 and a copy of the SEC Order is available on the SEC's website. Under the terms of the SEC Order, BACAP, BACAP Distributors, and their affiliate, Banc of America Securities, LLC ("BAS") agreed, among other things, (1) to pay $250 million in disgorgement and $125 million in civil money penalties; (2) to cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; (3) to undertake various remedial measures to ensure compliance with the federal securities laws related to certain mutual fund trading practices; and (4) to retain an independent consultant to review their applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement also requires, among other things, BACAP and BACAP Distributors, along with Columbia Management Advisors, Inc. and Columbia Funds Distributors, Inc., the investment advisor to and distributor of the Columbia Funds, respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions. Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent Chairman, are comprised of at least 75% independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Government & Corporate Bond Funds
September 30, 2007 (Unaudited)

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against several other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action. On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. Among other contingencies, the settlement is contingent upon a minimum threshold amount being received by the Nations Funds shareholders and/or the Nations Funds mutual funds from the previously established regulatory settlement fund. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval. Separately, a putative class action—Mehta v AIG Sun America Life Assurance Company—involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

Columbia Funds Master Investment Trust, LLC
Columbia High Income Master Portfolio
Semiannual Report – September 30, 2007 (Unaudited)

The following pages should be read in conjunction with Columbia High Income Fund's Semiannual Report.

Investment Portfolio – Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 84.1%

	Par ($)		Value ($)
Basic Materials – 6.9%
Chemicals – 2.2%
Agricultural Chemicals – 0.4%
Mosaic Co.
7.375% 12/01/14 (a)		1,370,000		1,438,500
7.625% 12/01/16 (a)		1,640,000		1,748,650
				3,187,150
Chemical-Plastics – 0.1%
CPG International I, Inc.
10.500% 07/01/13		1,230,000		1,230,000
				1,230,000
Chemicals-Diversified – 0.9%
EquiStar Chemicals LP
10.125% 09/01/08		437,000		451,202
10.625% 05/01/11		2,649,000		2,768,205
NOVA Chemicals Corp.
8.484% 11/15/13 (b)		2,040,000		1,999,200
Phibro Animal Health Corp.
10.000% 08/01/13 (a)		3,285,000		3,334,275
				8,552,882
Chemicals-Specialty – 0.8%
EquiStar Chemicals LP
7.550% 02/15/26		2,925,000		2,603,250
Millennium America, Inc.
7.625% 11/15/26		3,525,000		3,049,125
Tronox Worldwide LLC/Tronox Finance Corp.
9.500% 12/01/12		1,930,000		1,925,175
				7,577,550
Chemicals Total				20,547,582
Forest Products & Paper – 3.2%
Paper & Related Products – 3.2%
Abitibi-Consolidated, Inc.
8.850% 08/01/30		1,645,000		1,135,050
Bowater Canada Finance
7.950% 11/15/11		935,000		769,038
Bowater, Inc.
9.375% 12/15/21		5,215,000		3,924,287
9.500% 10/15/12		105,000		87,413
Georgia-Pacific Corp.
7.000% 01/15/15 (a)		6,065,000		5,913,375
7.750% 11/15/29		2,930,000		2,783,500
8.000% 01/15/24		921,000		897,975
8.875% 05/15/31		6,745,000		6,761,862
Glatfelter
7.125% 05/01/16		3,190,000		3,174,050

	Par ($) (c)		Value ($)
Smurfit Capital Funding PLC
7.500% 11/20/25		4,100,000		3,936,000
				29,382,550
Forest Products & Paper Total				29,382,550
Iron/Steel – 0.8%
Steel-Specialty – 0.8%
Allegheny Ludlum Corp.
6.950% 12/15/25		3,850,000		3,696,000
Allegheny Technologies, Inc.
8.375% 12/15/11		2,320,000		2,447,600
UCAR Finance, Inc.
10.250% 02/15/12		1,385,000		1,443,862
				7,587,462
Iron/Steel Total				7,587,462
Metals & Mining – 0.7%
Metal-Diversified – 0.7%
Freeport-McMoRan Copper & Gold, Inc.
8.250% 04/01/15		1,580,000		1,706,400
8.375% 04/01/17		3,855,000		4,211,588
				5,917,988
Metals & Mining Total				5,917,988
Basic Materials Total				63,435,582
Communications – 15.3%
Advertising – 0.2%
Advertising Services – 0.2%
RH Donnelley Corp.
8.875% 10/15/17 (a)		1,815,000		1,842,225
				1,842,225
Advertising Total				1,842,225
Media – 7.0%
Cable TV – 0.7%
Shaw Communications, Inc.
7.500% 11/20/13	CAD	6,060,000		6,470,580
				6,470,580
Multimedia – 1.6%
CanWest MediaWorks LP
9.250% 08/01/15 (a)		3,280,000		3,312,800
Cenveo Bridge Loan
10.008% 08/31/15		2,775,000		2,775,000
LBI Media, Inc.
8.500% 08/01/17 (a)		2,320,000		2,308,400
Quebecor Media, Inc.
7.750% 03/15/16		6,885,000		6,566,569
				14,962,769

See Accompanying Notes to Financial Statements.
65

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September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Publishing-Books – 1.0%
Houghton Mifflin Co.
7.200% 03/15/11		4,490,000		4,445,100
Morris Publishing Group LLC
7.000% 08/01/13		5,605,000		4,385,912
				8,831,012
Publishing-Newspapers – 0.6%
Medianews Group, Inc.
6.875% 10/01/13		1,780,000		1,352,800
Sun Media Corp.
7.625% 02/15/13		3,800,000		3,733,500
				5,086,300
Publishing-Periodicals – 1.4%
CanWest Media, Inc.
8.000% 09/15/12		3,180,833		3,117,216
Dex Media East LLC
12.125% 11/15/12		516,000		550,830
Nielsen Finance LLC
7.360% 08/04/13 (b)(d)		6,340,959		6,153,705
Ziff Davis Media, Inc.
11.356% 05/01/12 (b)		3,090,000		2,881,425
				12,703,176
Television – 1.7%
ION Media Networks, Inc.
8.610% 01/15/12 (a)(b)		5,235,000		5,208,825
11.610% 01/15/13 (a)(b)		4,715,000		4,809,300
Videotron Ltee
6.375% 12/15/15		665,000		625,100
6.875% 01/15/14		5,500,000		5,403,750
				16,046,975
Media Total				64,100,812
Telecommunication Services – 8.1%
Cellular Telecommunications – 2.3%
Centennial Cellular Operating Co./Centennial Communications Corp.
10.125% 06/15/13		1,935,000		2,051,100
Dobson Cellular Systems, Inc.
8.375% 11/01/11		2,950,000		3,130,688
9.875% 11/01/12		1,725,000		1,863,000
Millicom International Cellular SA
10.000% 12/01/13		5,115,000		5,434,687
Rogers Wireless, Inc.
8.000% 12/15/12		5,025,000		5,258,517
9.625% 05/01/11		1,755,000		1,976,967
Rural Cellular Corp.
9.875% 02/01/10		725,000		757,625
				20,472,584

	Par ($)		Value ($)
Satellite Telecommunications – 1.5%
Inmarsat Finance II PLC
(e) 11/15/12 (10.375% 11/15/08)		5,755,000		5,510,412
Intelsat Subsidiary Holding Co., Ltd.
8.250% 01/15/13		4,615,000		4,684,225
Loral Cyberstar, Inc.
10.000% 07/15/06 (f)(g)		1,164,000		—
PanAmSat Corp.
9.000% 08/15/14		1,298,000		1,336,940
9.000% 06/15/16		2,380,000		2,451,400
				13,982,977
Telecommunication Equipment – 1.8%
Lucent Technologies, Inc.
5.500% 11/15/08		4,350,000		4,263,000
6.450% 03/15/29		9,580,000		7,951,400
6.500% 01/15/28		920,000		763,600
Nortel Networks Ltd.
10.750% 07/15/16 (a)		3,515,000		3,673,175
				16,651,175
Telecommunication Services – 0.3%
Colo.Com, Inc.
13.875% 03/15/10 (a)(f)(g)(h)		944,357		—
GCI, Inc.
7.250% 02/15/14		3,225,000		2,983,125
				2,983,125
Telephone-Integrated – 2.2%
Qwest Communications International, Inc.
7.250% 02/15/11		5,545,000		5,607,381
Qwest Corp.
6.950% 06/30/10 (b)(d)		6,500,000		6,548,750
7.125% 11/15/43		2,950,000		2,758,250
7.250% 09/15/25		1,410,000		1,385,325
7.500% 10/01/14		2,595,000		2,698,800
8.875% 03/15/12		1,130,000		1,233,113
				20,231,619
Telecommunication Services Total				74,321,480
Communications Total				140,264,517
Consumer Cyclical – 13.0%
Airlines – 0.6%
DAE Aviation Holdings, Inc.
11.250% 08/01/15 (a)		3,310,000		3,458,950
Delta Air Lines, Inc.
2.875% 02/06/24 (m)(n)		1,555,000		77,750
2.875% 02/18/49 (m)(n)		905,000		45,250
8.000% 06/03/23 (m)(n)		2,885,000		144,250

See Accompanying Notes to Financial Statements.
66

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Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
8.300% 12/15/29 (m)(n)		1,023,000		58,823
9.250% 03/15/49 (m)(n)		715,000		39,325
9.750% 05/15/49 (m)(n)		2,335,000		134,263
10.000% 08/15/08 (m)(n)		1,945,000		106,975
10.375% 12/15/22 (m)(n)		2,990,000		164,450
10.375% 02/01/49 (m)(n)		4,295,000		236,225
Northwest Airlines, Inc.
7.625% 11/15/23 (m)(n)		2,552,500		242,487
7.875% 03/15/08 (m)(n)		2,390,800		239,080
8.700% 03/15/49 (m)(n)		260,000		26,000
8.875% 06/01/49 (m)(n)		971,900		94,760
9.875% 03/15/37 (m)(n)		4,278,500		427,850
10.000% 02/01/09 (m)(n)		2,426,300		236,564
				5,733,002
Airlines Total				5,733,002
Apparel – 0.7%
Apparel Manufacturers – 0.2%
Quiksilver, Inc.
6.875% 04/15/15		2,125,000		2,034,688
				2,034,688
Textile-Apparel – 0.5%
Unifi, Inc.
11.500% 05/15/14		4,560,000		4,149,600
				4,149,600
Apparel Total				6,184,288
Auto Parts & Equipment – 2.4%
Auto/Truck Parts & Equipment-Original – 1.1%
Collins & Aikman Products Co.
12.875% 08/15/12 (a)(h)		6,910,000		6,910
Lear Corp.
8.500% 12/01/13		1,895,000		1,814,463
8.750% 12/01/16		1,700,000		1,598,000
Tenneco Automotive, Inc.
8.625% 11/15/14		3,145,000		3,168,587
10.250% 07/15/13		2,895,000		3,104,888
				9,692,848
Rubber-Tires – 1.3%
Goodyear Tire & Rubber Co.
6.375% 03/15/08		982,000		972,180
11.250% 03/01/11		10,570,000		11,323,112
				12,295,292
Auto Parts & Equipment Total				21,988,140

	Par ($)		Value ($)
Distribution/Wholesale – 0.5%
Varietal Distribution Merger Sub, Inc.
PIK,
10.250% 07/15/15 (a)		4,340,000		4,188,100
				4,188,100
Distribution/Wholesale Total				4,188,100
Entertainment – 0.4%
Motion Pictures & Services – 0.0%
United Artists Theatre Circuit, Inc.
9.300% 07/01/15 (f)		244,361		219,925
				219,925
Racetracks – 0.4%
Penn National Gaming, Inc.
6.750% 03/01/15		3,215,000		3,279,300
				3,279,300
Entertainment Total				3,499,225
Leisure Time – 0.6%
Recreational Centers – 0.6%
Town Sports International, Inc.
(e) 02/01/14 (11.000% 02/01/09)		4,200,000		3,916,500
7.375% 02/27/14 (b)(d)		2,069,813		1,961,147
				5,877,647
Leisure Time Total				5,877,647
Lodging – 4.0%
Casino Hotels – 3.4%
Boyd Gaming Corp.
7.750% 12/15/12		7,382,000		7,585,005
Caesars Entertainment, Inc.
7.000% 04/15/13		1,270,000		1,323,975
8.875% 09/15/08		335,000		342,119
Chukchansi Economic Development Authority
8.000% 11/15/13 (a)		1,475,000		1,489,750
Galaxy Entertainment Finance Co., Ltd.
9.875% 12/15/12 (a)		1,885,000		1,941,550
Jacobs Entertainment, Inc.
9.750% 06/15/14		3,955,000		3,935,225
Mandalay Resort Group
9.500% 08/01/08		2,825,000		2,888,562
Mohegan Tribal Gaming Authority
6.375% 07/15/09		3,250,000		3,233,750
7.125% 08/15/14		815,000		817,038
MTR Gaming Group, Inc.
9.000% 06/01/12		2,550,000		2,524,500
Penn National Gaming, Inc.
6.875% 12/01/11		1,025,000		1,037,813

See Accompanying Notes to Financial Statements.
67

Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Seminole Hard Rock Entertainment, Inc.
8.194% 03/15/14 (a)(b)		2,045,000		1,996,431
Wynn Las Vegas LLC
6.625% 12/01/14		2,630,000		2,577,400
				31,693,118
Hotels & Motels – 0.6%
Gaylord Entertainment Co.
6.750% 11/15/14		2,155,000		2,068,800
8.000% 11/15/13		3,135,000		3,178,106
				5,246,906
Lodging Total				36,940,024
Retail – 3.1%
Retail-Drug Stores – 1.5%
Rite Aid Corp.
7.500% 01/15/15		4,020,000		3,798,900
7.500% 03/01/17		3,185,000		2,997,881
8.625% 03/01/15		6,200,000		5,611,000
9.375% 12/15/15 (a)		605,000		562,650
9.500% 06/15/17 (a)		1,105,000		1,033,175
				14,003,606
Retail-Miscellaneous/Diversified – 0.2%
Harry & David Holdings, Inc.
9.000% 03/01/13		1,835,000		1,752,425
				1,752,425
Retail-Propane Distributors – 0.6%
Star Gas Partners LP/Star Gas Finance Co.
10.250% 02/15/13		5,640,000		5,879,700
				5,879,700
Retail-Restaurants – 0.3%
Sbarro, Inc.
10.375% 02/01/15		2,560,000		2,329,600
				2,329,600
Retail-Toy Store – 0.5%
Toys R Us, Inc.
7.625% 08/01/11		5,325,000		4,872,375
				4,872,375
Retail Total				28,837,706
Textiles – 0.7%
Textile-Products – 0.7%
INVISTA
9.250% 05/01/12 (a)		5,740,000		6,027,000
				6,027,000
Textiles Total				6,027,000
Consumer Cyclical Total				119,275,132

	Par ($)		Value ($)
Consumer Non-Cyclical – 10.2%
Agriculture – 0.5%
Tobacco – 0.5%
Reynolds American, Inc.
7.625% 06/01/16		2,645,000		2,816,139
7.750% 06/01/18		2,185,000		2,326,822
				5,142,961
Agriculture Total				5,142,961
Beverages – 0.3%
Beverages-Wine/Spirits – 0.3%
Constellation Brands, Inc.
7.250% 05/15/17 (a)		2,575,000		2,575,000
				2,575,000
Beverages Total				2,575,000
Commercial Services – 2.8%
Commercial Services – 0.5%
Language Line Holdings, Inc.
11.125% 06/15/12		3,895,000		4,177,388
				4,177,388
Commercial Services-Finance – 0.1%
Cardtronics, Inc.
9.250% 08/15/13 (a)		375,000		359,062
9.250% 08/15/13		305,000		292,038
				651,100
Marine Services – 0.2%
Great Lakes Dredge & Dock Corp.
7.750% 12/15/13		2,250,000		2,160,000
				2,160,000
Printing-Commercial – 0.8%
Phoenix Color Corp.
13.000% 02/01/09		3,391,000		3,374,045
Quebecor World, Inc.
9.750% 01/15/15 (a)		1,885,000		1,804,887
Vertis, Inc.
9.750% 04/01/09		2,605,000		2,644,075
				7,823,007
Protection-Safety – 0.7%
Protection One Alarm Monitoring
8.125% 01/15/09		4,690,000		4,830,700
Rural/Metro Corp.
9.875% 03/15/15		1,860,000		1,767,000
				6,597,700

See Accompanying Notes to Financial Statements.
68

Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Schools – 0.5%
Knowledge Learning Corp., Inc.
7.750% 02/01/15 (a)		4,450,000		4,316,500
				4,316,500
Commercial Services Total				25,725,695
Food – 1.0%
Food-Meat Products – 0.3%
Smithfield Foods, Inc.
7.750% 07/01/17		2,885,000		2,957,125
				2,957,125
Food-Miscellaneous/Diversified – 0.2%
Chiquita Brands International, Inc.
7.500% 11/01/14		1,740,000		1,496,400
				1,496,400
Food-Retail – 0.3%
Stater Brothers Holdings
7.750% 04/15/15		2,465,000		2,440,350
8.125% 06/15/12		520,000		529,750
				2,970,100
Poultry – 0.2%
Pilgrim's Pride Corp.
7.625% 05/01/15		610,000		619,150
8.375% 05/01/17		925,000		943,500
				1,562,650
Food Total				8,986,275
Healthcare Products – 1.6%
Medical Products – 1.6%
Hanger Orthopedic Group, Inc.
10.250% 06/01/14		3,560,000		3,649,000
Invacare Corp.
9.750% 02/15/15		2,110,000		2,110,000
PTS Acquisition Corp.
PIK,
9.500% 04/15/15 (a)		3,895,000		3,680,775
ReAble Therapeutics Finance LLC/ReAble Therapeutics Finance Corp.
11.750% 11/15/14		2,580,000		2,451,000
Universal Hospital Services, Inc.
8.759% 06/01/15 (a)(b)		1,240,000		1,233,800
PIK,
8.500% 06/01/15 (a)		1,240,000		1,227,600
				14,352,175
Healthcare Products Total				14,352,175

	Par ($)		Value ($)
Healthcare Services – 3.0%
Medical Products – 1.0%
BHM Technology
10.860% 07/21/13 (b)(d)		4,571,808		3,870,799
11.070% 07/21/13 (b)(d)		121,915		103,221
Talecris Biotherapeutics
9.080% 12/06/13 (b)(d)		1,657,475		1,646,425
12.080% 12/06/14 (b)(d)		3,340,000		3,335,825
				8,956,270
Medical-HMO – 0.3%
Centene Corp.
7.250% 04/01/14		2,700,000		2,646,000
				2,646,000
Medical-Hospitals – 1.6%
Community Health Systems, Inc.
8.875% 07/15/15 (a)		3,985,000		4,094,588
7.755% 07/05/14 (i)		6,230,000		6,111,630
HCA, Inc.
9.250% 11/15/16 (a)		4,045,000		4,297,812
				14,504,030
Medical-Nursing Homes – 0.1%
Skilled Healthcare Group, Inc.
11.000% 01/15/14		1,329,000		1,451,933
				1,451,933
Physical Therapy/Rehab Centers – 0.0%
Psychiatric Solutions, Inc.
7.750% 07/15/15		170,000		172,125
				172,125
Healthcare Services Total				27,730,358
Household Products/Wares – 0.6%
Consumer Products-Miscellaneous – 0.3%
Jarden Corp.
7.500% 05/01/17		2,200,000		2,128,500
				2,128,500
Office Supplies & Forms – 0.3%
ACCO Brands Corp.
7.625% 08/15/15		3,175,000		3,032,125
				3,032,125
Household Products/Wares Total				5,160,625
Pharmaceuticals – 0.4%
Medical-Drugs – 0.4%
Angiotech Pharmaceuticals, Inc.
7.750% 04/01/14		470,000		430,050
9.371% 12/01/13 (b)		2,137,000		2,190,425

See Accompanying Notes to Financial Statements.
69

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Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Warner Chilcott Corp.
7.360% 01/18/12 (b)(d)		269,018		261,621
Series B,
7.360% 01/18/12 (b)(d)		807,074		784,880
Series C,
7.360% 01/18/11 (b)(d)		322,058		313,201
				3,980,177
Vitamins & Nutrition Products – 0.0%
NBTY, Inc.
7.125% 10/01/15		175,000		175,000
				175,000
Pharmaceuticals Total				4,155,177
Consumer Non-Cyclical Total				93,828,266
Diversified – 0.2%
Holding Companies-Diversified – 0.2%
Special Purpose Acquisitions – 0.2%
ESI Tractebel Acquisition Corp.
7.990% 12/30/11		1,687,000		1,739,866
				1,739,866
Holding Companies-Diversified Total				1,739,866
Diversified Total				1,739,866
Energy – 10.8%
Coal – 0.4%
Peabody Energy Corp.
7.375% 11/01/16		2,900,000		3,059,500
7.875% 11/01/26		980,000		1,036,350
				4,095,850
Coal Total				4,095,850
Energy-Alternate Sources – 0.3%
Salton SEA Funding
8.300% 05/30/11		2,525		2,751
VeraSun Energy Corp.
9.375% 06/01/17 (a)		2,725,000		2,343,500
				2,346,251
Energy-Alternate Sources Total				2,346,251
Oil & Gas – 5.8%
Oil & Gas Drilling – 0.9%
Parker Drilling Co.
9.625% 10/01/13		5,885,000		6,296,950
Pride International, Inc.
7.375% 07/15/14		2,485,000		2,547,125
				8,844,075

	Par ($)		Value ($)
Oil Companies-Exploration & Production – 4.9%
Chaparral Energy, Inc.
8.500% 12/01/15		5,825,000		5,460,937
8.875% 02/01/17 (a)		3,280,000		3,075,000
Chesapeake Energy Corp.
6.875% 11/15/20		1,885,000		1,844,944
Forest Oil Corp.
7.250% 06/15/19 (a)		3,835,000		3,835,000
8.000% 12/15/11		2,740,000		2,842,750
Hilcorp Energy LP/Hilcorp Finance Co.
7.750% 11/01/15 (a)		2,570,000		2,512,175
9.000% 06/01/16 (a)		1,110,000		1,132,200
Mariner Energy, Inc.
7.500% 04/15/13		3,755,000		3,642,350
8.000% 05/15/17		190,000		185,725
Newfield Exploration Co.
6.625% 04/15/16		1,805,000		1,764,388
Petroquest Energy, Inc.
10.375% 05/15/12		2,970,000		3,021,975
Pogo Producing Co.
6.625% 03/15/15		270,000		270,675
6.875% 10/01/17		5,955,000		5,984,775
Stone Energy Corp.
6.750% 12/15/14		2,680,000		2,479,000
Venoco, Inc.
8.750% 12/15/11		1,440,000		1,436,400
Whiting Petroleum Corp.
7.000% 02/01/14		5,620,000		5,395,200
				44,883,494
Oil & Gas Total				53,727,569
Oil & Gas Services – 0.8%
Oil Field Machinery & Equipment – 0.3%
Complete Production Services, Inc.
8.000% 12/15/16		2,650,000		2,620,187
				2,620,187
Oil-Field Services – 0.5%
Allis-Chalmers Energy, Inc.
8.500% 03/01/17		615,000		595,013
9.000% 01/15/14		4,075,000		4,105,562
				4,700,575
Oil & Gas Services Total				7,320,762
Pipelines – 3.5%
ANR Pipeline Co.
7.375% 02/15/24		1,205,000		1,350,760
9.625% 11/01/21		5,980,000		7,966,341
El Paso Natural Gas Co.
7.500% 11/15/26		1,750,000		1,853,070
7.625% 08/01/10		5,240,000		5,407,208

See Accompanying Notes to Financial Statements.
70

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Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
8.375% 06/15/32		1,860,000		2,185,839
8.625% 01/15/22		1,235,000		1,433,996
MarkWest Energy Partners LP
6.875% 11/01/14		1,065,000		985,125
8.500% 07/15/16		4,100,000		4,038,500
Southern Natural Gas Co.
7.350% 02/15/31		2,035,000		2,131,044
8.000% 03/01/32		4,040,000		4,566,953
				31,918,836
Pipelines Total				31,918,836
Energy Total				99,409,268
Financials – 11.1%
Diversified Financial Services – 7.0%
Finance-Auto Loans – 2.9%
AmeriCredit Corp.
8.500% 07/01/15 (a)		3,150,000		2,787,750
Daimler Chrysler 2nd Lien
11.860% 08/03/13		6,415,000		6,285,096
Ford Motor Credit Co.
7.375% 10/28/09		345,000		338,292
7.875% 06/15/10		540,000		527,863
General Motors Acceptance Corp.
6.750% 12/01/14		3,605,000		3,267,489
GMAC LLC
8.000% 11/01/31		13,345,000		13,092,540
				26,299,030
Finance-Investment Banker/Broker – 0.9%
LaBranche & Co., Inc.
9.500% 05/15/09		3,440,000		3,405,600
11.000% 05/15/12		3,910,000		3,919,775
Transfirst
10.000% 06/14/14		1,150,000		1,099,687
				8,425,062
Finance-Other Services – 0.8%
AMR Real Estate Partners, LP
8.125% 06/01/12		7,620,000		7,553,325
				7,553,325
Investment Management/Advisor Service – 0.4%
LVB Acquisition Merger Sub, Inc.
10.000% 10/15/17 (a)		1,855,000		1,855,000
11.625% 10/15/17 (a)		1,990,000		1,930,300
				3,785,300
Special Purpose Entity – 2.0%
Cedar Brakes LLC
8.500% 02/15/14 (a)		1,941,368		2,092,445
9.875% 09/01/13 (a)		3,126,425		3,483,493
CEVA Group PLC
10.000% 09/01/14 (a)		2,070,000		2,070,000

	Par ($)		Value ($)
Hawker Beechcraft Acquisition Co. LLC/ Hawker Beechcraft Notes Co.
8.500% 04/01/15 (a)		1,780,000		1,820,050
9.750% 04/01/17 (a)		1,115,000		1,140,088
MXEnergy Holdings, Inc.
12.813% 08/01/11 (b)		2,830,000		2,617,750
Rainbow National Services LLC
10.375% 09/01/14 (a)		1,886,000		2,069,885
Regency Energy Partners LP/Regency Energy Finance Corp.
8.375% 12/15/13		2,398,000		2,511,905
Vanguard Health Holding Co. LLC
9.000% 10/01/14		455,000		441,350
				18,246,966
Diversified Financial Services Total				64,309,683
Insurance – 2.1%
Insurance Brokers – 1.0%
HUB International Holdings, Inc.
9.000% 12/15/14 (a)		5,845,000		5,611,200
USI Holdings Corp.
9.433% 11/15/14 (a)(b)		1,365,000		1,296,750
9.750% 05/15/15 (a)		2,390,000		2,145,025
				9,052,975
Multi-Line Insurance – 0.4%
Fairfax Financial Holdings Ltd.
7.375% 04/15/18		480,000		433,200
7.750% 07/15/37		3,590,000		3,168,175
8.300% 04/15/26		185,000		171,587
				3,772,962
Mutual Insurance – 0.0%
Lumbermens Mutual Casualty
8.300% 12/01/37 (a)(h)		180,000		1,350
8.450% 12/01/97 (a)(h)		4,600,000		34,500
9.150% 07/01/26 (a)(h)		9,865,000		73,988
				109,838
Property/Casualty Insurance – 0.7%
Crum & Forster Holdings Corp.
7.750% 05/01/17		6,350,000		6,032,500
				6,032,500
Insurance Total				18,968,275
Real Estate – 0.8%
Finance-Other Services – 0.2%
American Real Estate Partners LP
7.125% 02/15/13 (a)		1,515,000		1,443,037
				1,443,037

See Accompanying Notes to Financial Statements.
71

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September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Real Estate Management/Services – 0.6%
LNR Property Corp.
8.110% 07/12/09 (b)(d)		605,000		574,750
8.110% 07/12/11 (b)(d)		5,465,000		5,269,173
				5,843,923
Real Estate Total				7,286,960
Real Estate Investment Trusts (REITs) – 1.2%
REITS-Health Care – 0.4%
Omega Healthcare Investors, Inc.
7.000% 04/01/14		4,285,000		4,274,288
				4,274,288
REITS-Hotels – 0.1%
Host Marriott LP
6.750% 06/01/16		505,000		499,950
				499,950
REITS-Single Tenant – 0.7%
Trustreet Properties, Inc.
7.500% 04/01/15		5,950,000		6,378,269
				6,378,269
Real Estate Investment Trusts (REITs) Total				11,152,507
Financials Total				101,717,425
Industrials – 5.8%
Aerospace & Defense – 0.6%
Aerospace/Defense-Equipment – 0.6%
Sequa Corp.
8.875% 04/01/08		3,115,000		3,146,150
9.000% 08/01/09		2,635,000		2,740,400
				5,886,550
Aerospace & Defense Total				5,886,550
Building Materials – 0.9%
Building & Construction Products-Miscellaneous – 0.6%
Dayton Superior Corp.
10.750% 09/15/08		3,365,000		3,381,825
Panolam Industries International, Inc.
10.750% 10/01/13 (a)		2,520,000		2,394,000
				5,775,825
Building Products-Wood – 0.3%
Building Materials Holding Co.
11.313% 09/15/14 (b)		2,600,000		2,189,200
				2,189,200
Building Materials Total				7,965,025

	Par ($)		Value ($)
Electrical Components & Equipment – 0.1%
Wire & Cable Products – 0.1%
Belden CDT, Inc.
7.000% 03/15/17 (a)		1,135,000		1,123,650
				1,123,650
Electrical Components & Equipment Total				1,123,650
Electronics – 0.4%
Electronic Components-Miscellaneous – 0.4%
NXP BV/NXP Funding LLC
9.500% 10/15/15		3,805,000		3,548,162
				3,548,162
Electronics Total				3,548,162
Environmental Control – 0.7%
Pollution Control – 0.7%
Geo Sub Corp.
11.000% 05/15/12		5,950,000		5,890,500
				5,890,500
Environmental Control Total				5,890,500
Hand/Machine Tools – 0.2%
Machine Tools & Related Products – 0.2%
Thermadyne Holdings Corp.
10.500% 02/01/14		2,055,000		1,993,350
				1,993,350
Hand/Machine Tools Total				1,993,350
Metal Fabricate/Hardware – 0.5%
Metal Processors & Fabrication – 0.5%
Metals USA, Inc.
11.125% 12/01/15		1,465,000		1,560,225
Neenah Foundary Co.
9.500% 01/01/17		3,690,000		3,376,350
				4,936,575
Metal Fabricate/Hardware Total				4,936,575
Miscellaneous Manufacturing – 1.2%
Diversified Manufacturing Operators – 1.2%
Actuant Corp.
6.875% 06/15/17 (a)		2,215,000		2,181,775
RBS Global, Inc. & Rexnord Corp.
9.500% 08/01/14		4,790,000		4,957,650
Rental Services
8.860% 11/27/13 (b)(d)		1,144,298		1,109,969
10.750% 11/27/13 (b)(d)		837,345		812,225
Sally Holdings LLC
9.250% 11/15/14		2,000,000		2,020,000
				11,081,619
Miscellaneous Manufacturing Total				11,081,619

See Accompanying Notes to Financial Statements.
72

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September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Packaging & Containers – 0.7%
Containers-Metal/Glass – 0.7%
Owens-Brockway Glass Container, Inc.
8.750% 11/15/12		5,785,000		6,052,556
8.875% 02/15/09		270,000		274,050
				6,326,606
Packaging & Containers Total				6,326,606
Transportation – 0.3%
Transportation-Railroad – 0.1%
Kansas City Southern de Mexico SA de CV
7.375% 06/01/14 (a)		925,000		904,188
				904,188
Transportation-Trucks – 0.2%
St. Acquisition Corp.
12.500% 05/15/17 (a)		2,170,000		1,453,900
				1,453,900
Transportation Total				2,358,088
Trucking & Leasing – 0.2%
Transport-Equipment & Leasing – 0.2%
Greenbrier Companies, Inc.
8.375% 05/15/15		2,130,000		2,124,675
				2,124,675
Trucking & Leasing Total				2,124,675
Industrials Total				53,234,800
Technology – 2.9%
Computers – 1.5%
Computer Services – 1.5%
Sungard Data Systems, Inc.
3.750% 01/15/09		155,000		149,188
4.875% 01/15/14		3,585,000		3,127,912
7.356% 12/13/12 (a)(b)(d)		5,807,018		5,698,137
9.125% 08/15/13		4,235,000		4,404,400
				13,379,637
Computers Total				13,379,637
Semiconductors – 0.6%
Electronic Components-Miscellaneous – 0.6%
NXP BV/NXP Funding LLC
7.875% 10/15/14		5,745,000		5,529,562
				5,529,562
Semiconductors Total				5,529,562

	Par ($)		Value ($)
Software – 0.8%
Application Software – 0.5%
SS&C Technologies, Inc.
11.750% 12/01/13		4,495,000		4,764,700
				4,764,700
Computer Software – 0.1%
Riverdeep Interactive
12.438% 12/21/07 (b)(d)		1,076,423		1,072,386
				1,072,386
Transactional Software – 0.2%
Open Solutions, Inc.
9.750% 02/01/15 (a)		2,050,000		1,973,125
				1,973,125
Software Total				7,810,211
Technology Total				26,719,410
Utilities – 7.9%
Electric – 7.9%
Electric-Distribution – 0.6%
AES Eastern Energy LP
9.000% 01/02/17		4,283,596		4,519,194
9.670% 01/02/29		1,175,000		1,316,000
				5,835,194
Electric-Generation – 2.9%
AES Corp.
8.750% 06/15/08		5,158,000		5,228,922
9.000% 05/15/15 (a)		12,000,000		12,600,000
Intergen NV
9.000% 06/30/17 (a)		5,835,000		6,126,750
Reliant Energy Mid-Atlantic Power Holdings LLC
9.681% 07/02/26		2,490,000		2,875,950
				26,831,622
Electric-Integrated – 0.1%
PSEG Energy Holdings LLC
8.625% 02/15/08		189,000		190,457
Western Resources
7.125% 08/01/09		375,000		381,729
				572,186
Independent Power Producer – 4.3%
Calpine Corp.
8.500% 07/15/10 (a)(j)		23,187,000		25,041,960
9.875% 12/01/11 (a)(j)		2,640,000		2,811,600
NRG Energy, Inc.
7.375% 02/01/16		3,790,000		3,799,475

See Accompanying Notes to Financial Statements.
73

Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Reliant Energy, Inc.
7.625% 06/15/14		1,130,000		1,138,475
7.875% 06/15/17		6,700,000		6,741,875
				39,533,385
Electric Total				72,772,387
Utilities Total				72,772,387
Total Corporate Fixed-Income Bonds & Notes (Cost of $770,704,647)				772,396,653
Common Stocks – 3.3%
	Shares
Communications – 0.3%
Internet – 0.3%
Neon Communications Group, Inc. (k)		543,036		2,660,877
Internet Total				2,660,877
Telecommunication Services – 0.0%
Remote Dynamics, Inc. (k)		7,934		10
Telecommunication Services Total				10
Communications Total				2,660,887
Consumer Discretionary – 0.8%
Media – 0.8%
Belo Corp., Class A		93,000		1,614,480
CBS Corp., Class B		39,600		1,247,400
Gannett Co., Inc.		43,900		1,918,430
Haights Cross Communications (f)		275,078		2,654,502
Media Total				7,434,812
Consumer Discretionary Total				7,434,812
Financials – 0.0%
Diversified Financial Services – 0.0%
Adelphia Recovery Trust (k)(f)		1,410,902		14,109
Diversified Financial Services Total				14,109
Financials Total				14,109
Industrials – 1.5%
Airlines – 1.5%
Delta Air Lines, Inc. (k)		242,661		4,355,765
Northwest Airlines Corp. (k)		520,090		9,257,602
Airlines Total				13,613,367
Industrials Total				13,613,367

	Shares		Value ($)
Information Technology – 0.0%
Communications Equipment – 0.0%
Loral Space & Communications, Inc.		49		1,948
Communications Equipment Total				1,948
Information Technology Total				1,948
Materials – 0.4%
Metals & Mining – 0.4%
Goldcorp, Inc.		61,700		1,885,552
Newmont Mining Corp.		46,500		2,079,945
Metals & Mining Total				3,965,497
Materials Total				3,965,497
Technology – 0.1%
Software – 0.1%
Quadramed Corp. (k)		478,093		1,372,127
Software Total				1,372,127
Technology Total				1,372,127
Utilities – 0.2%
Gas Utilities – 0.2%
Star Gas Partners LP (k)		372,300		1,690,242
Gas Utilities Total				1,690,242
Utilities Total				1,690,242
Total Common Stocks (Cost of $29,282,918)				30,752,989
Convertible Bonds – 1.4%
	Par ($)
Communications – 1.3%
Media – 0.4%
Television – 0.4%
Sinclair Broadcast Group, Inc.
3.000% 05/15/27		3,540,000		3,318,750
				3,318,750
Media Total				3,318,750
Internet – 0.0%
Web Portals/ISP – 0.0%
At Home Corp.
4.750% 12/15/06 (f)(l)		3,896,787		389
				389
Internet Total				389

See Accompanying Notes to Financial Statements.
74

Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

Convertible Bonds (continued)

	Par ($)		Value ($)
Telecommunication Services – 0.9%
Telecommunication Equipment – 0.3%
Nortel Networks Corp.
4.250% 09/01/08		3,491,000		3,425,544
				3,425,544
Telecom Equipment-Fiber Optics – 0.6%
Ciena Corp.
3.750% 02/01/08		5,400,000		5,359,500
				5,359,500
Telecommunication Services Total				8,785,044
Communications Total				12,104,183
Consumer Cyclical – 0.0%
Airlines – 0.0%
Delta Air Lines, Inc.
8.000% 06/03/49		2,256,000		112,800
				112,800
Airlines Total				112,800
Consumer Cyclical Total				112,800
Financials – 0.1%
Insurance – 0.1%
Life/Health Insurance – 0.1%
Conseco, Inc.
(e) 09/30/35 (a) (3.500% 09/30/10)		695,000		636,794
				636,794
Insurance Total				636,794
Financials Total				636,794
Total Convertible Bonds (Cost of $12,704,138)				12,853,777
Preferred Stocks – 1.3%
	Shares
Communications – 0.1%
Media – 0.0%
Publishing-Periodicals – 0.0%
Ziff Davis Holdings, Inc. 10.00%		328		3,280
				3,280
Media Total				3,280

	Shares		Value ($)
Telecommunication Services – 0.1%
Wireless Equipment – 0.1%
Loral Skynet Corp. 12.00%, PIK (k)		3,286		657,200
				657,200
Telecommunication Services Total				657,200
Communications Total				660,480
Financials – 1.2%
Real Estate Investment Trusts (REITs) – 1.2%
REITS-Diversified – 1.2%
Sovereign Real Estate Investment Corp., 12.00% (a)		7,527,000		10,853,934
				10,853,934
Real Estate Investment Trusts (REITs) Total				10,853,934
Financials Total				10,853,934
Total Preferred Stocks (Cost of $10,451,187)				11,514,414
Convertible Preferred Stocks – 0.7%
Communications – 0.0%
Neon Communications Group, Inc. 6.00% (k)(f)		81,003		396,915
Communications Total				396,915
Technology – 0.7%
Quadramed Corp. 5.50% (k)(a)		246,600		5,918,400
Technology Total				5,918,400
Total Convertible Preferred Stocks (Cost of $6,190,389)				6,315,315
Warrants – 0.0%
	Units
Communications – 0.0%
Media – 0.0%
Multimedia – 0.0%
Haights Cross Communications Expires 12/10/11 (k)(f)		1,366		13,168
				13,168
Publishing-Periodicals – 0.0%
Ziff Davis Media, Inc., Series E Expires 08/12/12 (k)		78,048		781
				781
Media Total				13,949

See Accompanying Notes to Financial Statements.
75

Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

	Units		Value ($)
Telecommunication Services – 0.0%
Colo.Com, Inc. Expires 03/15/10 (k)(a)(f)(g)		1,145		—
				—
Telecommunication Services Total				—
Communications Total				13,949
Total Warrants (Cost of $25,624)				13,949
Short-Term Obligation – 7.4%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due on 10/01/07, at 4.810%, collateralized by a U.S. Government Agency Obligation with a maturity date 09/15/10, market value of $69,011,193 (repurchase proceeds $67,682,118)		67,655,000		67,655,000
Total Short-Term Obligation (Cost of $67,655,000)				67,655,000
Total Investments – 98.2% (Cost of $897,013,903)(o)				901,502,097
Other Assets & Liabilities, Net – 1.8%				16,737,686
Net Assets – 100.0%			$	918,239,783

Notes to Investment Portfolio:

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2007, these securities, which are not illiquid, except for the following, amounted to $200,355,014, which represents 21.8% of net assets.

Security	Acquisition Date		Acquisition Cost
Quadramed Corp., 5.50% Preferred Stock		06/21/05	$	5,957,100
Sovereign Real Estate Investment Corp., 12.00% Preferred Stock		07/27/05		10,216,488

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(d) Loan participation agreement.

(e) Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

(g) Security has no value.

(h) The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At September 30, 2007, the value of these securities amounted to $116,748, which represents less than 0.1% of net assets.

(i) Security, or a portion thereof, purchased on a delayed delivery basis.

(j) The issuer is in default of certain debt covenants. Income is being accrued. At September 30, 2007, the value of these securities amounted to $27,853,560, which represents 3.0% of net assets.

(k) Non-income producing security.

(l) The issuer is in default of certain debt covenants. Income is not being accrued. At September 30, 2007, the value of this security represents less than 0.1% of net assets.

(m) Position reflects anticipated residual bankruptcy claims.

(n) Non-income producing security.

(o) Cost for federal income tax purposes is $897,013,903.

At September 30, 2007, the asset allocation of the Master Portfolio was as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		84.1
Common Stocks		3.3
Convertible Bonds		1.4
Preferred Stocks		1.3
Convertible Preferred Stocks		0.7
Warrants		0.0	*
		90.8
Short-Term Obligation		7.4
Other Assets & Liabilities, Net		1.8
		100.0

* Represents less than 0.1%.

Acronym		Name
	CAD	Canadian Dollar

	PIK	Payment-In-Kind

See Accompanying Notes to Financial Statements.
76

Statement of Assets and Liabilities – Columbia High Income Master Portfolio

September 30, 2007 (Unaudited)

		($)
Assets	Investments, at cost		897,013,903
	Investments, at value		901,502,097
	Cash		76,188
	Receivable for:
	Investments sold		4,049,397
	Interest		17,939,621
	Dividends		27,460
	Total Assets		923,594,763
Liabilities
	Payable for:
	Investments purchased		4,812,477
	Investment advisory fee		401,676
	Administration fee		25,384
	Pricing and bookkeeping fees		16,413
	Trustees' fees		55,695
	Custody fee		1,710
	Other liabilities		41,625
	Total Liabilities		5,354,980
	Net Assets		918,239,783

See Accompanying Notes to Financial Statements.
77

Statement of Operations – Columbia High Income Master Portfolio

For the Six Months Ended September 30, 2007 (Unaudited)

		($)
Investment Income	Dividends		297,110
	Interest		39,733,804
	Foreign taxes withheld		(650	)
	Total Income		40,030,264
Expenses	Investment advisory fee		2,593,847
	Administration fee		167,945
	Pricing and bookkeeping fees		87,351
	Trustees' fees		8,800
	Custody fee		12,876
	Other expenses		41,968
	Total Expenses		2,912,787
	Expense reductions		(11,134	)
	Net Expenses		2,901,653
	Net Investment Income		37,128,611
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain on:
	Investments		3,949,889
	Foreign currency transactions		40,638
	Net realized gain		3,990,527
	Net change in unrealized appreciation (depreciation) on:
	Investments		(37,721,588	)
	Foreign currency translations		8,067
	Net change in unrealized depreciation		(37,713,521	)
	Net Loss		(33,722,994	)
	Net Increase Resulting from Operations		3,405,617

See Accompanying Notes to Financial Statements.
78

Statement of Changes in Net Assets – Columbia High Income Master Portfolio

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations	Net investment income		37,128,611			72,779,913
	Net realized gain on investments and foreign currency transactions		3,990,527			3,979,739
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(37,713,521	)		32,745,245
	Net Increase Resulting from Operations		3,405,617			109,504,897
Share Transactions
	Contributions		138,890,717			333,555,588
	Withdrawals		(235,982,584	)		(395,801,840	)
	Net Decrease		(97,091,867	)		(62,246,252	)
	Total Increase (Decrease) in Net Assets		(93,686,250	)		47,258,645
Net Assets
	Beginning of period		1,011,926,033			964,667,388
	End of period		918,239,783			1,011,926,033

See Accompanying Notes to Financial Statements.
79

Financial Highlights – Columbia High Income Master Portfolio

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
	2007			2007			2006			2005			2004			2003
`Total return		0.45	%(a)		11.69	%		6.60	%		7.99	%		25.53	%		6.47	%
Ratios to Average Net Assets/ Supplemental Data
Net expenses (b)		0.60	%(c)		0.60	%		0.60	%		0.61	%		0.61	%		0.62	%
Net investment income (b)		7.66	%(c)		7.41	%		7.41	%		7.33	%		7.85	%		9.76	%
Portfolio turnover rate		20	%(a)		44	%		34	%		33	%		51	%		50	%

(a) Not annualized.

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

See Accompanying Notes to Financial Statements.
80

Notes to Financial Statements – Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Funds Master Investment Trust, LLC (the "Master Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Information presented in these financial statements pertains only to Columbia High Income Master Portfolio (the "Master Portfolio"). The Master Portfolio is a diversified Fund.

The following investors were invested in the Master Portfolio at September 30, 2007:

Columbia High Income Master Portfolio:
Columbia High Income Fund (the "Feeder Fund")	98.8	%
Columbia High Income Fund (Offshore)	1.2	%

The series of the Master Trust serve as master portfolios for the Columbia Funds that operate as feeder funds in a master/feeder structure.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("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 Master Portfolio in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Master Portfolio's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Equity securities and certain investment companies shares are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Master Portfolio's net asset values. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their "fair value" using procedures approved by the Board of Trustees. The Master Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Delayed Delivery Securities

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

Foreign Currency Transactions

Repurchase Agreements

Loan Participations and Commitments

The Master Portfolio may invest in loan participations. When the Master Portfolio purchases a loan participation, it typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Master Portfolio assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Master Portfolio and the borrower. The Master Portfolio may not directly benefit from

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

the collateral supporting the senior loan which it has purchased from the Selling Participant.

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on debt securities. Corporate actions and dividend income are recorded on the ex-date.

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

Each investor in the Master Portfolio is treated as an owner of its proportionate share of the net assets, income, expenses, realized and unrealized gains and losses of the Master Portfolio.

Federal Income Tax Status

Indemnification

Note 3. Federal Tax Information

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:

Unrealized appreciation				Unrealized depreciation				Net unrealized appreciation
$	37,468,159			$	(32,979,965	)		$	4,488,194

The Master Portfolio adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of the Master Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based in the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Master Portfolio. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Master Portfolio's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of Bank of America Corporation ("BOA"), is the investment advisor to the Master Portfolio. Columbia receives an investment advisory fee, calculated daily and payable monthly, based on the

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

average daily net assets of the Master Portfolio at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.55	%
$500 million to $1 billion		0.52	%
$1 billion to $1.5 billion		0.49	%
Over $1.5 billion		0.46	%

For the six months ended September 30, 2007, the annualized effective investment advisory fee rate for the Master Portfolio was 0.54% of the Master Portfolio's average daily net assets.

Sub-Advisory Fee

MacKay Shields LLC ("MacKay Shields") has been retained by Columbia as the investment sub-advisor to the Master Portfolio. As the sub-advisor, MacKay Shields is responsible for daily investment operations, including placing all orders for the purchase and sale of the portfolio securities for the Master Portfolio. Columbia, from the investment advisory fee it receives, pays MacKay Shields a monthly sub-advisory fee based on the Master Portfolio's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $100 million		0.400	%
$100 million to $200 million		0.375	%
Over $200 million		0.350	%

Administration Fee

Pricing and Bookkeeping Fees

The Master Portfolio has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Master Portfolio. The Master Portfolio has also entered into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") pursuant to which State Street provides accounting services to the Master Portfolio. Under the State Street Agreements, the Master Portfolio pays State Street an annual fee of $38,000 paid monthly plus a monthly fee based on an annualized percentage rate of average daily net assets of the Master Portfolio for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Master Portfolio also reimburses State Street for certain out-of-pocket expenses and charges.

The Master Portfolio has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Master Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. The Master Portfolio reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services performed in connection with Master Portfolio expenses. Fees related to the requirements of the Sarbanes-Oxley Act of 2002 are paid by the Feeder Fund and are included in "Pricing and Bookkeeping Fees" on the Feeder Fund's Statement of Operations.

For the six months ended September 30, 2007, the amount charged to the Master Portfolio by affiliates included in the Statement of Operations under "Pricing and Bookkeeping Fees" aggregated to $4,429 of which $419 is unpaid.

Custody Credits

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

Fees Paid to Officers and Trustees

The Master Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Master Portfolio's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, a portfolio of Columbia Funds Series Trust, another registered investment company advised by Columbia. The expense for the deferred compensation plan is included in "Trustees' fees" in the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" in the Statement of Assets and Liabilities.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were $177,042,956 and $242,444,921, respectively.

Note 6. Line of Credit

Interest on the committed line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unutilized committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund or Master Portfolio based on its borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned among each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund or Master Portfolio. The commitment fee and structuring fee are included in "Other expenses" in the Statement of Operations.

For the six months ended September 30, 2007, the Master Portfolio did not borrow under these arrangements.

Note 7. Significant Risks and Contingencies

Unfunded Loans

As of September 30, 2007, the Master Portfolio had unfunded loan commitments pursuant to the following loan agreements:

Borrower:	Unfunded Commitment
Community Health Systems Delay Draw	$	608,250
LNR Property Corp. Term Loan		606,134

Foreign Securities

Asset Backed Securities

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

be affected by the exhaustion, termination or expiration of any credit enhancement.

High-Yield Securities

Investing in high-yield securities may involve greater credit risk and considerations not typically associated with investing in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Legal Proceedings

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against several other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action. On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Columbia High Income Master Portfolio
September 30, 2007 (Unaudited)

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

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Important Information About This Report

Government & Corporate Bond Funds

Transfer Agent

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

Distributor

Columbia Management
Distributors, Inc.
One Financial Center
Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Government & Corporate Bond Funds

Semiannual Report – September 30, 2007

Columbia Management®

PRSRT STD

U.S. Postage

PAID

Holliston, MA

Permit NO. 20

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136403-0907 (11/07) 07/45934

Columbia Management®

Fixed Income Sector Portfolios

Semiannual Report – September 30, 2007

^g Corporate Bond Portfolio

^g Mortgage- and Asset-Backed Portfolio

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Table of contents

Corporate Bond Portfolio					1

Mortgage- and Asset-Backed Portfolio					4

Investment Portfolios					7

Statements of Assets and Liabilities					15

Statements of Operations					16

Statements of Changes in Net Assets					17

Financial Highlights					19

Notes to Financial Statements					21

Important Information About This Report					29

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

President's Message

September 30, 2007

Dear Shareholder:

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed versus its benchmark, though it's important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

This section explains the ongoing costs associated with your portfolios investment. It includes both general information about mutual fund expenses and specific information pertinent to your portfolio.

You can use the information to estimate the expenses you paid over the reporting period. You will need your account balance at the end of the period, which can be found by checking your most recent account statement, calling our service center at 800.345.6611 or contacting your financial advisor. Once you have your balance, the section explains how to calculate your estimated expenses step by step.

Portfolio Manager's Report

The Portfolio Manager's Report is where you will find your portfolio manager's thoughts on what happened during the reporting period. Commentary from your portfolio manager(s) includes a summary of the portfolio's performance, along with a comparison of the portfolio's performance versus the benchmark indices.

The portfolio manager will also discuss market conditions that impacted the portfolio, as well as the investment strategy during the period. Please note: In semiannual reports, the portfolio manager's comments are included in the Fund Profile section.

Other Information

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserve precious natural resources. For even more information about your portfolios, prospectuses, shareholder reports and portfolio fact sheets for the funds in the Columbia Funds family please call 1-800-345-6611.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

Christopher L. Wilson
President, Columbia Funds

Portfolio Profile – Corporate Bond Portfolio

Summary

^g For the six-month period that ended September 30, 2007, the portfolio returned 0.72%, compared with the 1.33% return for its benchmark, the Lehman Brothers U.S. Credit Bond Index.¹

^g As bond investors sought the safety of higher quality sectors of the market, we reduced the portfolio's exposure to lower-rated securities. However, the portfolio remained overweight in lower-rated securities relative to its benchmark, which contributed to its underperformance. The portfolio also had more exposure than the index to financials, which underperformed as subprime debt faced significant write downs and a number of banks were burdened with levered loans that they were committed to financing, but unable to float as the high-yield and levered loan market shut down. On the plus side, the portfolio benefited from an overweight in media/cable bonds, which it has maintained for the past year. Business prospects for both Comcast Corp. and Time Warner, Inc. continued to improve and both credits outperformed the market (1.4% and 1.7% of net assets, respectively).

^g Recent action by the Federal Reserve Board Open Market Committee gave the bond market an important shot in the arm near the end of the period. As a result, we believe the new issue market may revitalize after a dormant summer, bringing new residential-backed mortgage and high-yield bonds to the marketplace and providing potential support for our decision to maintain a modest overweight in riskier sectors of the market going forward.

Portfolio Management

Carl Pappo has managed the portfolio since November 2006. He is associated with Columbia Management Advisors, LLC, investment advisor to the portfolio.

¹Lehman Brothers U.S. Credit Bond Index is an index of publicly issued investment grade corporate securities and dollar-denominated SEC registered global debentures. It is not available for investment and does not reflect fees, brokerage commissions or other expenses of investing.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please call 1-800-345-6611 for daily and most recent month-end performance updates.

Summary

6-month (cumulative) returns as of 09/30/07

				+0.72%

				Portfolio Performance

				+1.33%

				Lehman Brothers U.S. Credit Bond Index

Performance Information – Corporate Bond Portfolio

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please call 1-800-345-6611 for daily and most recent month-end performance updates.

Net asset value per share

as of 09/30/07 ($)

9.84

Distributions declared per share

04/01/07 – 09/30/07 ($)

0.29

Performance of a $10,000 investment 08/30/02 – 09/30/07 ($)

Portfolio

12,884

The table above shows the growth in value of a hypothetical $10,000 investment in the Corporate Bond Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or the redemption of Portfolio shares.

Average annual total return as of 09/30/07 (%)

Inception	08/30/02
6-month (cumulative)		0.72
1-year		3.56
5-year		4.69
Life		5.11

No fees or expenses are charged to the Portfolio. Participants in wrap fee programs pay asset based fees that are not included in this table. All results shown assume reinvestment of distributions.

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

Understanding Your Expenses – Corporate Bond Portfolio

The information on this page is intended to help you understand your ongoing costs of investing in the Portfolio.

The table below reflects the fact that no fees or expenses are charged to the Portfolio. Participants in the wrap fee programs eligible to invest in the Portfolio pay an asset-based fee for, which is negotiable, investment services, brokerage services and investment consultation. Please read the wrap program documents for information regarding fees charged.

The information in the table is based on an initial investment of $1,000, which is invested at the beginning of the six-month reporting period and held for the entire period. The amount listed as "actual" is calculated using the Portfolio's actual total return for the period. The amount listed as "hypothetical" is calculated using a hypothetical annual return of 5%. You should not use the hypothetical account value to estimate your actual account balance.

Beginning account value 04/01/07				Ending account value 09/30/07				Expenses paid during period*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,007.20		1,025.00		—		—

* No fees or expenses are charged to the Portfolio. Participants in wrap fee programs pay an asset-based fee that is not included in this table.

Portfolio Profile – Mortgage- and Asset-Backed Portfolio

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please call 1-800-345-6611 for daily and most recent month-end performance updates.

Summary

6-month (cumulative) returns as of 09/30/07

				+0.55%

				Portfolio Performance

				+2.13%

				Lehman Brothers U.S. Mortgage-Backed Securities Fixed Rate Index

				+2.07%

				Lehman Brothers U.S. Securitized Index

Summary

^g For the six-month period that ended September 30, 2007, the portfolio returned 0.55%, compared to the 2.13% and 2.07% returns of its benchmarks, the Lehman Brothers U.S. Mortgage-Backed Securities Fixed Rate Index and the Lehman Brothers U.S. Securitized Index¹, respectively. The investment climate for the period was highly risk averse, and the portfolio's exposure to bond sectors outside mortgage-backed securities issued by US agencies caused the portfolio to underperform its benchmark. Beginning on August 31, 2007, the portfolio's benchmark has changed to Lehman Brothers U.S. Securitized Index from Lehman Brothers U.S. Mortgage-Backed Securities Fixed Rate Index. The benchmark change reflects the changes to the composition of the mortgage related sector of the Lehman Aggregate Bond Index. With the growth in the weighting of the Commercial Mortgage-backed Security sector and the addition of Agency guaranteed hybrid ARM securities to the benchmark, the U.S. Securitized Index is a better benchmark for a mortgage related portfolio.

^g The housing market has been hit hard by delinquencies and foreclosures related to subprime and other low-quality mortgages. During the past six months, the worst-performing sectors were commercial mortgage-backed securities (CMBS) and home equity loan asset-backed securities. The portfolio had more exposure than the index to both of these sectors. We elected to maintain our positions in CMBSs. Even though these high-quality securities have not been immune to negative market sentiment, they are backed by loans with strong performance histories. However, we reduced our exposure to home equity loan floating-rate securities as the period wore on, a loss-cutting maneuver that helped the portfolio yield a positive return over the six months. Within the securitized index, the best-performing bonds were premium-priced mortgage pass through securities, which benefited from a slowing in the prepayment rate of the underlying mortgages.

^g We believe that moderate economic growth and contained inflation may lead the Federal Reserve Board to continue to reduce short-term interest rates. The level of uncertainty and volatility in the marketplace may persist for a while, but our experience suggests that when markets stabilize, above-average returns can be potentially realized from asset classes outside the US Treasury market, and we have maintained our exposure to those sectors.

Portfolio Management

Leonard Aplet has managed Mortgage- and Asset-Backed Portfolio since July 2007. He is associated with Columbia Management Advisors, LLC, investment advisor to the portfolio.

¹Lehman Brothers U.S. Mortgage-Backed Securities Fixed Rate Index is an index of mortgage passthrough securities issued by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). It is not available for investment and does not reflect fees, brokerage commissions or other expenses of investing.

Lehman Brothers U.S. Securitized Index is an index of mortgage passthrough securities issued by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Agency Hybrid ARM securities and the U.S. Securitized indices. It is not available for investment and does not reflect fees, brokerage commissions or other expenses of investing.

Performance Information – Mortgage- and Asset-Backed Portfolio

Performance of a $10,000 investment 08/30/02 – 09/30/07 ($)

Portfolio

12,128

The table above shows the growth in value of a hypothetical $10,000 investment in the Mortgage and Asset-Backed Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or the redemption of Portfolio shares.

Average annual total return as of 09/30/07 (%)

Inception	08/30/02
6-month (cumulative)		0.55
1-year		3.68
5-year		3.80
Life		3.86

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

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please call 1-800-345-6611 for daily and most recent month-end performance updates.

Net asset value per share

as of 09/30/07 ($)

9.76

Distributions declared per share

04/01/07 – 09/30/07 ($)

0.30

Understanding Your Expenses – Mortgage- and Asset-Backed Portfolio

The information on this page is intended to help you understand your ongoing costs of investing in the Portfolio.

The table below reflects the fact that no fees or expenses are charged to the portfolio. Participants in the wrap fee programs eligible to invest in the Portfolio pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. Please read the wrap program documents for information regarding fees charged.

Beginning account value 04/01/07				Ending account value 09/30/07				Expenses paid during period*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,005.50		1,025.00		—		—

* No fees or expenses are charged to the Portfolio. Participants in wrap fee programs pay an asset-based fee that is not included in this table.

Investment Portfolio – Corporate Bond Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 89.8%

	Par ($)		Value ($)
Basic Materials – 1.2%
Forest Products & Paper – 0.9%
Weyerhaeuser Co.
7.375% 03/15/32		735,000		737,475
Forest Products & Paper Total				737,475
Metals & Mining – 0.3%
Vale Overseas Ltd.
6.875% 11/21/36		190,000		195,751
Metals & Mining Total				195,751
Basic Materials Total				933,226
Communications – 6.9%
Media – 4.8%
Comcast Cable Holdings LLC
9.875% 06/15/22		192,000		251,638
Comcast Corp.
6.300% 11/15/17		125,000		127,054
6.950% 08/15/37		695,000		729,479
Rogers Cable, Inc.
6.250% 06/15/13 (a)		11,000		11,141
Time Warner, Inc.
5.875% 11/15/16		605,000		591,865
6.500% 11/15/36		220,000		212,251
9.125% 01/15/13		440,000		504,424
Viacom, Inc.
5.750% 04/30/11		530,000		535,127
6.875% 04/30/36		740,000		736,917
Media Total				3,699,896
Telecommunication Services – 2.1%
Nextel Communications, Inc.
6.875% 10/31/13		105,000		105,420
7.375% 08/01/15		380,000		386,196
Sprint Capital Corp.
8.750% 03/15/32		100,000		114,674
Telefonica Emisiones SAU
6.221% 07/03/17 (b)		250,000		252,554
7.045% 06/20/36		380,000		404,769
Verizon Communications, Inc.
6.250% 04/01/37		370,000		372,088
Telecommunication Services Total				1,635,701
Communications Total				5,335,597
Consumer Cyclical – 7.7%
Airlines – 0.3%
Continental Airlines, Inc.
7.461% 04/01/15		263,013		260,218
Airlines Total				260,218

	Par ($)		Value ($)
Home Builders – 1.4%
D.R. Horton, Inc.
5.625% 09/15/14		225,000		191,278
5.625% 01/15/16 (b)		40,000		33,612
6.500% 04/15/16 (b)		710,000		621,890
Lennar Corp.
6.500% 04/15/16 (b)		95,000		85,875
Toll Brothers Finance Corp.
5.150% 05/15/15		190,000		162,728
Home Builders Total				1,095,383
Lodging – 0.2%
Harrah's Operating Co., Inc.
5.625% 06/01/15		190,000		151,050
Lodging Total				151,050
Retail – 5.8%
CVS Caremark Corp.
5.298% 01/11/27 (c)		191,536		183,703
6.036% 12/10/28 (c)		545,919		530,267
Federated Department Stores, Inc.
6.900% 04/01/29		280,000		263,333
Federated Retail Holdings, Inc.
5.350% 03/15/12		70,000		68,644
Home Depot, Inc.
5.875% 12/16/36		300,000		256,248
JC Penney Corp., Inc.
7.400% 04/01/37 (b)		350,000		369,183
Limited Brands, Inc.
6.900% 07/15/17		525,000		527,520
6.950% 03/01/33 (b)		250,000		233,397
7.600% 07/15/37		630,000		634,357
Macy's Retail Holdings, Inc.
5.900% 12/01/16		320,000		306,230
Starbucks Corp.
6.250% 08/15/17		445,000		448,883
Wal-Mart Stores, Inc.
4.125% 02/15/11		580,000		563,447
5.250% 09/01/35		130,000		114,007
Retail Total				4,499,219
Consumer Cyclical Total				6,005,870
Consumer Non-Cyclical – 5.6%
Beverages – 0.6%
SABMiller PLC
6.200% 07/01/11 (c)		425,000		439,075
Beverages Total				439,075
Food – 3.6%
ConAgra Foods, Inc.
7.000% 10/01/28		770,000		808,321

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Fred Meyer, Inc.
7.450% 03/01/08		384,000		387,067
Kraft Foods, Inc.
6.500% 08/11/17		390,000		402,851
Kroger Co.
6.400% 08/15/17		700,000		713,773
7.500% 04/01/31 (b)		405,000		446,147
8.000% 09/15/29		75,000		83,253
Food Total				2,841,412
Household Products/Wares – 0.3%
Fortune Brands, Inc.
5.125% 01/15/11		240,000		237,934
Household Products/Wares Total				237,934
Pharmaceuticals – 1.1%
Wyeth
5.500% 02/01/14		670,000		666,251
5.500% 02/15/16		200,000		195,922
Pharmaceuticals Total				862,173
Consumer Non-Cyclical Total				4,380,594
Energy – 14.0%
Oil & Gas – 9.0%
Canadian Natural Resources Ltd.
6.250% 03/15/38		595,000		573,979
Gazprom International SA
7.201% 02/01/20 (c)		249,261		255,493
Hess Corp.
7.300% 08/15/31 (b)		740,000		811,204
Marathon Oil Corp.
6.000% 07/01/12		315,000		323,184
6.000% 10/01/17		2,000,000		2,002,900
Nexen, Inc.
5.875% 03/10/35		400,000		366,360
Pemex Project Funding Master Trust
7.875% 02/01/09		25,000		25,815
8.625% 02/01/22		392,000		483,509
Qatar Petroleum
5.579% 05/30/11 (c)		213,336		213,984
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.838% 09/30/27 (c)		350,000		319,662
Talisman Energy, Inc.
5.850% 02/01/37 (b)		275,000		245,196
Valero Energy Corp.
6.625% 06/15/37		865,000		877,876
6.875% 04/15/12		503,000		530,033
Oil & Gas Total				7,029,195

	Par ($)		Value ($)
Pipelines – 5.0%
Duke Capital LLC
4.370% 03/01/09		418,000		413,022
Energy Transfer Partners LP
6.125% 02/15/17		510,000		492,191
Kinder Morgan Energy Partners LP
6.950% 01/15/38		285,000		288,920
ONEOK Partners LP
6.850% 10/15/37		1,000,000		1,007,868
Plains All American Pipeline LP
6.650% 01/15/37		470,000		467,536
TEPPCO Partners LP
7.625% 02/15/12		346,000		371,117
TransCanada Pipelines Ltd.
6.350% 05/15/67 (d)		850,000		815,782
Pipelines Total				3,856,436
Energy Total				10,885,631
Financials – 42.8%
Banks – 14.1%
Capital One Financial Corp.
5.700% 09/15/11		965,000		966,602
Chinatrust Commercial Bank
5.625% 12/29/49 (c)(d)		105,000		97,414
HSBC Holdings PLC
7.350% 11/27/32		123,000		132,932
JPMorgan Chase Bank NA
6.000% 10/01/17		1,750,000		1,766,964
Lloyds TSB Group PLC
6.267% 12/31/49 (c)(d)		270,000		246,963
M&I Marshall & Ilsley Bank
5.300% 09/08/11		800,000		804,486
PNC Funding Corp.
5.125% 12/14/10		590,000		590,530
5.625% 02/01/17		240,000		234,565
Regions Financial Corp.
7.750% 09/15/24		87,000		102,152
Regions Financing Trust II
6.625% 05/15/47 (d)		195,000		184,513
Royal Bank of Scotland Group PLC
6.990% 10/29/49 (c)(d)		900,000		916,839
7.640% 03/31/49 (d)		800,000		836,768
Scotland International Finance
4.250% 05/23/13 (c)		322,000		300,042
Union Planters Corp.
4.375% 12/01/10		385,000		372,157
USB Capital IX
6.189% 04/15/42 (d)		980,000		980,651
Wachovia Capital Trust III
5.800% 03/15/42 (d)		1,310,000		1,301,211

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Wachovia Corp.
4.375% 06/01/10		335,000		329,901
Wells Fargo & Co.
5.300% 08/26/11		410,000		412,266
5.794% 09/15/09 (d)		400,000		399,638
Banks Total				10,976,594
Diversified Financial Services – 20.4%
Bear Stearns Companies, Inc.
5.550% 01/22/17 (b)		215,000		202,953
6.400% 10/02/17		610,000		607,290
Capital One Capital IV
6.745% 02/17/37 (b)(d)		580,000		517,218
CIT Group, Inc.
5.850% 09/15/16 (b)		460,000		433,291
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (a)(c)		500,000		576,514
Citigroup Global Markets Holdings, Inc.
6.500% 02/15/08		210,000		210,881
Citigroup, Inc.
6.000% 02/21/12 (b)		237,000		243,584
Countrywide Home Loans, Inc.
3.250% 05/21/08		320,000		308,400
Eaton Vance Corp.
6.500% 10/02/17		1,670,000		1,663,938
Ford Motor Credit Co.
5.800% 01/12/09		254,000		245,329
7.375% 02/01/11		758,000		726,333
Fund American Companies, Inc.
5.875% 05/15/13		275,000		271,139
General Electric Capital Corp.
6.750% 03/15/32 (e)		567,000		624,252
Goldman Sachs Capital II
5.793% 12/29/49 (d)		600,000		567,749
Goldman Sachs Group, Inc.
6.250% 09/01/17		460,000		470,069
Household Finance Corp.
4.625% 01/15/08		300,000		299,292
International Lease Finance Corp.
4.875% 09/01/10		1,000,000		993,179
JP Morgan Chase Capital XVII
5.850% 08/01/35 (b)		500,000		447,339
Lehman Brothers Holdings, Inc.
6.200% 09/26/14		3,500,000		3,513,864
Merrill Lynch & Co., Inc.
5.700% 05/02/17		300,000		291,670
6.050% 08/15/12		295,000		302,469
6.050% 05/16/16		300,000		299,577
Morgan Stanley
5.750% 10/18/16		750,000		739,854

	Par ($)		Value ($)
Residential Capital Corp.
6.375% 06/30/10		610,000		506,300
6.500% 06/01/12 (b)		150,000		121,500
Residential Capital LLC
6.500% 04/17/13		120,000		96,900
SLM Corp.
5.000% 10/01/13		30,000		26,196
5.375% 05/15/14		395,000		344,713
Windsor Financing LLC
5.881% 07/15/17 (c)		173,288		176,152
Diversified Financial Services Total				15,827,945
Insurance – 1.5%
ING Groep NV
5.775% 12/29/49 (d)		250,000		236,210
Liberty Mutual Group, Inc.
7.500% 08/15/36 (c)		710,000		727,771
Metlife, Inc.
6.400% 12/15/36		195,000		185,416
Insurance Total				1,149,397
Real Estate – 0.7%
ERP Operating LP
5.750% 06/15/17		565,000		539,891
Real Estate Total				539,891
Real Estate Investment Trusts (REITs) – 3.4%
Archstone-Smith Trust
5.750% 03/15/16		120,000		118,436
Camden Property Trust
5.375% 12/15/13		509,000		491,404
Health Care Property Investors, Inc.
6.300% 09/15/16		765,000		750,717
Highwoods Properties, Inc.
5.850% 03/15/17		130,000		123,192
Hospitality Properties Trust
5.625% 03/15/17		350,000		324,362
iStar Financial, Inc.
5.800% 03/15/11		500,000		481,789
Liberty Property LP
5.500% 12/15/16		400,000		374,346
Real Estate Investment Trusts (REITs) Total				2,664,246
Savings & Loans – 2.7%
Washington Mutual Bank
5.125% 01/15/15		750,000		698,548
Washington Mutual Preferred Funding Delaware
6.534% 03/29/49 (c)(d)		1,500,000		1,372,815
Savings & Loans Total				2,071,363
Financials Total				33,229,436

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2007 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($)		Value ($)
Industrials – 4.2%
Aerospace & Defense – 0.8%
Raytheon Co.
5.375% 04/01/13		620,000		617,658
Aerospace & Defense Total				617,658
Machinery – 0.9%
Caterpillar Financial Services Corp.
4.300% 06/01/10		675,000		664,172
Machinery Total				664,172
Miscellaneous Manufacturing – 0.6%
General Electric Co.
5.000% 02/01/13		508,000		503,563
Miscellaneous Manufacturing Total				503,563
Transportation – 1.9%
BNSF Funding Trust I
6.613% 12/15/55 (d)		325,000		293,186
Burlington Northern Santa Fe Corp.
6.200% 08/15/36 (b)		120,000		116,540
6.750% 07/15/11 (b)		222,000		234,013
7.950% 08/15/30		285,000		330,427
Union Pacific Corp.
4.698% 01/02/24		20,135		19,141
6.650% 01/15/11		475,000		489,941
Transportation Total				1,483,248
Industrials Total				3,268,641
Utilities – 7.4%
Electric – 6.7%
AEP Texas Central Co.
6.650% 02/15/33		400,000		405,470
Appalachian Power Co.
3.600% 05/15/08		97,000		95,801
Columbus Southern Power Co.
6.600% 03/01/33		111,000		114,355
Commonwealth Edison Co.
4.700% 04/15/15 (b)		125,000		115,771
5.900% 03/15/36		230,000		215,357
5.950% 08/15/16		460,000		458,428
6.950% 07/15/18		230,000		236,613
Duke Energy Corp.
5.300% 10/01/15		500,000		489,524
Exelon Generation Co. LLC
6.200% 10/01/17		1,250,000		1,251,008
MidAmerican Energy Holdings Co.
5.000% 02/15/14		507,000		488,786
6.125% 04/01/36		175,000		169,887

	Par ($)		Value ($)
Pacific Gas & Electric Co.
4.200% 03/01/11		275,000		265,936
6.050% 03/01/34		295,000		289,717
Progress Energy, Inc.
7.100% 03/01/11		100,000		105,171
7.750% 03/01/31 (b)		370,000		426,286
Southern Power Co.
6.375% 11/15/36		110,000		103,593
Electric Total				5,231,703
Gas – 0.7%
Atmos Energy Corp.
6.350% 06/15/17		260,000		264,126
Nakilat, Inc.
6.067% 12/31/33 (c)		260,000		250,866
Gas Total				514,992
Utilities Total				5,746,695
Total Corporate Fixed-Income Bonds & Notes (Cost of $70,731,604)				69,785,690
Government & Agency Obligations – 5.4%
Foreign Government Obligations – 5.3%
European Investment Bank
5.125% 05/30/17 (b)		775,000		777,054
Export-Import Bank of Korea
4.625% 03/16/10		225,000		224,042
Hydro Quebec
8.500% 12/01/29		200,000		272,520
Province of Manitoba
5.000% 02/15/12		300,000		302,709
Province of Nova Scotia
5.125% 01/26/17		400,000		400,734
Province of Ontario
4.950% 06/01/12		710,000		718,286
5.000% 10/18/11		500,000		505,507
Province of Quebec
5.000% 03/01/16 (b)		700,000		695,276
Republic of South Africa
6.500% 06/02/14		233,000		245,232
Foreign Government Obligations Total				4,141,360
U.S. Government Obligations – 0.1%
U.S. Treasury Notes
4.625% 02/29/12 (b)		70,000		71,242
U.S. Government Obligations Total				71,242
Total Government & Agency Obligations (Cost of $4,163,065)				4,212,602

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2007 (Unaudited)

Commercial Mortgage-Backed Securities – 2.8%

	Par ($)		Value ($)
Commercial Mortgage-Backed Securities – 2.8%
CS First Boston Mortgage Securities Corp.
5.230% 12/15/40 (d)		250,000		239,292
GS Mortgage Securities Corp. II
5.993% 08/10/45 (d)		800,000		801,768
JPMorgan Chase Commercial Mortgage Securities Corp.
5.937% 02/12/49 (d)		800,000		797,746
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.902% 06/12/50 (d)		350,000		348,867
Total Commercial Mortgage-Backed Securities (Cost of $2,190,493)				2,187,673
Collateralized Mortgage Obligations – 0.6%
Non-Agency – 0.6%
Nomura Asset Acceptance Corp.
5.515% 01/25/36 (d)		500,000		491,078
Non-Agency Total				491,078
Total Collateralized Mortgage Obligations (Cost of $499,994)				491,078
Securities Lending Collateral – 7.7%
	Shares
State Street Navigator Securities Lending Prime Portfolio (f) (7 day yield of 5.32%)		6,029,220		6,029,220
Total Securities Lending Collateral (Cost of $6,029,220)				6,029,220
Short-Term Obligation – 0.9%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by a U.S. Government Agency Obligation maturing on 10/09/09, market value of $668,325 (repurchase proceeds $652,261)		652,000		652,000
Total Short-Term Obligation (Cost of $652,000)				652,000
Total Investments – 107.2% (Cost of $84,266,376)(g)				83,358,263
Other Assets & Liabilities, Net – (7.2)%				(5,637,128	)
Net Assets – 100.0%			$	77,721,135

Notes to Investment Portfolio:

(a) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration. At September 30, 2007, the value of these securities, which are not illiquid except for the following, amounted to $587,655 which represents 0.8% of net assets.

Security	Acquisition Date	Par		Acquisition Cost		Market Value
Citicorp Lease 8.040% 12/15/19	10/26/2004	$	500,000	$	619,029	$	576,514
Rogers Cable, Inc. 6.250% 06/15/13	06/19/2003		11,000		11,054		11,141
						$	587,655

(b) All or a portion of this security was on loan at September 30, 2007. The total market value of securities on loan at September 30, 2007 is $5,935,992.

(d) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(e) A portion of this security with a market value of $82,573 is pledged as collateral for open futures contracts.

(f) Investment made with cash collateral received from securities lending activity.

(g) Cost for federal income tax purposes is $84,266,376.

At September 30, 2007, the Portfolio held the following open short futures contract:

Type				Number of Contracts				Aggregate Face Value				Value				Expiration Date				Unrealized Appreciation
U.S. Treasury Bonds					50			$	5,586,843			$	5,567,187			Dec. 2007				$	19,656

At September 30, 2007, the asset allocation of the Portfolio is
as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		89.8
Government & Agency Obligations		5.4
Commercial Mortgage-Backed Securities		2.8
Collateralized Mortgage Obligations		0.6
		98.6
Securities Lending Collateral		7.7
Short-Term Obligation		0.9
Other Assets & Liabilities, Net		(7.2	)
		100.0

See Accompanying Notes to Financial Statements.

Investment Portfolio – Mortgage- and Asset-Backed Portfolio

September 30, 2007 (Unaudited)

Mortgage-Backed Securities – 70.7%

	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
5.000% 05/01/37		5,991,757		5,715,374
5.000% 06/01/37		8,162,839		7,786,310
5.500% 10/01/20		2,091,360		2,085,993
5.500% 05/01/22		449,715		448,390
5.500% 05/01/37		7,979,496		7,813,405
5.954% 04/01/37 (a)		670,253		679,072
6.500% 11/01/32		30,283		31,004
TBA:
5.000% 10/01/37 (b)		10,324,000		9,960,020
6.000% 10/01/37 (b)		9,700,000		9,743,785
6.500% 10/01/37 (b)		2,600,000		2,646,311
Federal National Mortgage Association
5.500% 10/01/36		927,379		908,525
5.500% 02/01/37		262,740		257,398
5.500% 03/01/37		1,419,513		1,390,410
5.500% 04/01/37		17,367,405		17,011,617
5.500% 05/01/37		4,869,549		4,769,713
6.500% 11/01/36		7,151,283		7,282,510
7.000% 02/01/32		53,257		55,472
7.000% 06/01/32		1,686		1,754
TBA:
6.000% 10/01/37 (b)		18,515,000		18,538,144
6.500% 10/01/37 (b)		8,500,000		8,654,062
Government National Mortgage Association
7.000% 03/15/31		5,679		5,945
Total Mortgage-Backed Securities (Cost of $106,342,229)				105,785,214
Asset-Backed Securities – 23.4%
ACE Securities Corp.
5.271% 02/25/36 (a)		876,206		846,633
5.291% 09/25/35 (a)		273,892		263,045
Bear Stearns Asset Backed Security, Inc.
5.481% 03/25/35 (a)		50,856		50,746
Chase Credit Card Master Trust
5.863% 02/15/11 (a)		475,000		474,715
Chase Issuance Trust
4.960% 09/17/12 (b)		1,500,000		1,500,000
Countrywide Asset-Backed Certificates
5.221% 11/25/35 (a)		1,314,037		1,301,992
5.241% 06/25/21 (a)		827,270		816,646
Credit-Based Asset Servicing & Securitization LLC
5.191% 10/25/36 (a)		1,391,876		1,377,250
5.281% 07/25/36 (a)(c)		1,130,325		1,121,665
CSAB Mortgage Backed Trust
5.231% 06/25/36 (a)		374,140		373,440
GSAA Trust
5.231% 03/25/47 (a)		1,684,915		1,680,858
GSAMP Trust
5.231% 10/25/36 (a)		704,951		647,593

	Par ($)		Value ($)
Indymac Seconds Asset Backed Trust
5.231% 05/25/36 (a)		518,464		515,623
Keycorp Sudent Loan Trust
5.670% 07/25/29 (a)		877,889		881,818
Lake Country Mortgage Loan Trust
5.261% 07/25/34 (a)(c)		886,357		882,756
Master Asset Backed Securities Trust
5.271% 02/25/36 (a)		363,499		361,712
5.281% 11/25/35 (a)		282,052		281,083
Master Second Lien Trust
5.291% 03/25/36 (a)		1,086,191		999,297
Merrill Lynch Mortgage Investors, Inc.
5.281% 05/25/37 (a)		1,144,416		960,270
5.311% 09/25/36 (a)		1,007,927		991,947
Morgan Stanley Mortgage Loan Trust
5.251% 10/25/36 (a)		797,531		797,588
5.251% 10/25/46 (a)		1,341,054		1,338,685
5.261% 08/25/36 (a)		890,146		824,785
5.381% 11/25/35 (a)		1,090,725		1,085,055
Nomura Asset Acceptance Corp.
5.301% 08/25/36 (a)		1,497,529		1,347,776
Novastar Home Equity Loan
5.191% 05/25/36 (a)		111,818		111,750
Park Place Securities, Inc.
6.331% 10/25/34 (a)		1,200,000		1,087,255
Residential Funding Mortgage Securities II, Inc.
5.231% 02/25/36 (a)		1,035,827		1,031,222
SACO I, Inc.
5.281% 04/25/36 (a)		1,342,561		1,135,320
5.281% 05/25/36 (a)		1,447,527		1,213,507
5.301% 03/25/36 (a)		656,659		616,995
5.331% 04/25/35 (a)(c)		119,272		117,489
5.331% 07/25/36 (a)		785,769		722,092
5.411% 07/25/35 (a)		49,008		48,982
Securitized Asset Backed Receivables LLC Trust
5.191% 03/25/36 (a)		425,846		423,518
SLM Student Loan Trust
5.470% 04/25/17 (a)		385,114		385,992
5.754% 03/15/17 (a)		1,150,327		1,152,322
5.774% 12/15/20 (a)		1,522,000		1,521,954
Soundview Home Equity Loan Trust
5.191% 06/25/36 (a)		343,097		342,654
Structured Asset Investment Loan Trust
5.831% 08/25/33 (a)		1,200,000		1,090,937
Structured Asset Securities Corp.
5.241% 02/25/36 (a)(c)		901,389		613,709
Terwin Mortgage Trust
5.581% 07/25/34 (a)		125,014		121,861
USAA Auto Owner Trust
5.070% 06/15/13 (b)		1,500,000		1,499,904
Total Asset-Backed Securities (Cost of $36,685,127)				34,960,441

See Accompanying Notes to Financial Statements.

Mortgage- and Asset-Backed Portfolio

September 30, 2007 (Unaudited)

Collateralized Mortgage Obligations – 17.4%

	Par ($)		Value ($)
Agency – 3.8%
Federal Home Loan Mortgage Corp.
4.000% 09/15/15		2,450,000		2,415,919
Federal National Mortgage Association
5.500% 08/25/17		304,089		306,570
6.000% 04/25/17		291,000		299,301
Government National Mortgage Association
5.000% 06/20/28		2,700,000		2,687,899
Agency Total				5,709,689
Non-Agency – 13.6%
Bear Stearns Adjustable Rate Mortgage Trust
5.483% 02/25/47 (a)		2,410,579		2,421,483
Bear Stearns Alt-A Trust
5.411% 01/25/35 (a)		350,543		349,009
Bear Stearns Mortgage Funding Trust
5.281% 12/25/36 (a)		1,582,086		1,388,146
5.291% 10/25/36 (a)		1,392,585		1,219,742
Countrywide Alternative Loan Trust
5.221% 03/25/36 (a)		664,551		662,676
IMPAC CMB Trust
5.391% 04/25/35 (a)		349,745		343,887
5.621% 10/25/34 (a)		330,260		326,896
5.631% 04/25/35 (a)		617,896		588,794
JPMorgan Alternative Loan Trust
5.231% 06/25/37 (a)		1,835,004		1,820,901
Morgan Stanley Mortgage Loan Trust
5.351% 02/25/47 (a)		1,763,115		1,760,430
Sequoia Mortgage Trust
6.106% 01/20/47 (a)		2,838,769		2,839,545
Washington Mutual Mortgage Pass-Through Certificates
5.648% 11/25/36 (a)		2,070,432		2,059,189
5.717% 02/25/37 (a)		2,413,374		2,413,286
5.895% 08/25/46 (a)		2,119,925		2,122,502
Non-Agency Total				20,316,486
Total Collateralized Mortgage Obligations (Cost of $26,418,150)				26,026,175
Commercial Mortgage-Backed Securities – 16.7%
Bear Stearns Commercial Mortgage Securities
5.449% 12/11/40		1,060,000		1,042,332
5.624% 03/11/39 (a)		1,000,000		987,250
5.870% 09/11/38 (a)		1,750,000		1,772,264
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.366% 12/11/49		440,000		429,964
Commercial Mortgage Pass Through Certificates
6.701% 05/15/32		3,000,000		3,042,570
Credit Suisse Mortgage Capital Certificates
5.268% 02/15/40		2,000,000		1,996,515
5.509% 09/15/39		2,345,000		2,296,879

	Par ($)		Value ($)
GMAC Commercial Mortgage Securities, Inc.
4.754% 05/10/43		1,500,000		1,412,607
GS Mortgage Securities Corp. II
5.778% 08/10/45		3,000,000		3,049,010
JPMorgan Chase Commercial Mortgage Securities Corp.
5.525% 04/15/43		2,271,000		2,238,732
5.804% 06/15/49 (a)		3,000,000		3,058,598
5.815% 02/12/49 (a)		2,117,000		2,147,390
LB-UBS Commercial Mortgage Trust
4.810% 01/15/36 (a)		1,300,000		1,248,676
Morgan Stanley Capital I
5.447% 02/12/44 (a)		305,000		300,960
Total Commercial Mortgage-Backed Securities (Cost of $24,979,510)				25,023,747
Government & Agency Obligations – 0.6%
U.S. Government Obligations – 0.6%
U.S. Treasury Bonds
7.250% 05/15/16		800,000		952,313
U.S. Government Obligations Total				952,313
Total Government & Agency Obligations (Cost of $964,897)				952,313
Municipal Bond – 0.1%
Arizona – 0.1%
AZ Educational Loan Marketing Corp.
Series 2004 A-1,
5.721% 12/01/13 (a)		133,333		133,333
Arizona Total				133,333
Total Municipal Bond (Cost of $133,441)				133,333
Short-Term Obligation – 5.8%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/28/07, due 10/01/07 at 4.810%, collateralized by a U.S. Government Agency Obligation maturing 05/21/13, market value $8,859,075 (repurchase proceeds $8,684,480)		8,681,000		8,681,000
Total Short-Term Obligation (Cost of $8,681,000)				8,681,000
Total Investments – 134.7% (Cost of $204,204,354)(d)				201,562,223
Other Assets & Liabilities, Net – (34.7)%				(51,971,379	)
Net Assets – 100.0%			$	149,590,844

See Accompanying Notes to Financial Statements.

Mortgage- and Asset-Backed Portfolio

September 30, 2007 (Unaudited)

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2007.

(b) Security purchased on a delayed delivery basis.

(d) Cost for federal income tax purposes is $204,204,354.

At September 30, 2007, the asset allocation of the Portfolio is as follows:

Asset Allocation	% of Net Assets
Mortgage-Backed Securities		70.7
Asset-Backed Securities		23.4
Collateralized Mortgage Obligations		17.4
Commercial Mortgage-Backed Securities		16.7
Government & Agency Obligations		0.6
Municipal Bond		0.1
		128.9
Short-Term Obligation		5.8
Other Assets & Liabilities, Net		(34.7	)
		100.0

Acronym				Name
TBA				To Be Announced

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities – Fixed Income Sector Portfolios
September 30, 2007 (Unaudited)

	($)			($)
	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
Assets
Investments, at identified cost		84,266,376			204,204,354
Investments, at value (Including securities on loan of $5,935,992 and $—, respectively)		83,358,263			201,562,223
Cash		176			53,828
Receivable for:
Investments sold		4,862,878			—
Portfolio shares sold		149,962			286,084
Interest		866,510			636,456
Foreign tax reclaim		692			—
Securities lending		4,574			—
Total Assets		89,243,055			202,538,591
Liabilities
Collateral on securities loaned		6,029,220			—
Payable for:
Investments purchased		5,492,700			—
Investments purchased on a delayed delivery basis		—			52,947,747
Total Liabilities		11,521,920			52,947,747
Net Assets		77,721,135			149,590,844
Net Assets consist of
Paid-in capital		80,164,636			152,932,463
Undistributed net investment income		65,287			113,744
Accumulated net realized loss		(1,620,331	)		(813,232	)
Unrealized appreciation (depreciation) on:
Investments		(908,113	)		(2,642,131	)
Futures contracts		19,656			—
Net Assets		77,721,135			149,590,844
Shares outstanding		7,896,152			15,331,334
Net asset value per share		9.84			9.76

See Accompanying Notes to Financial Statements.

Statements of Operations – Fixed Income Sector Portfolios
For the Six Months Ended September 30, 2007 (Unaudited)

	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
	($)			($)
Investment Income
Interest		2,234,602			3,983,556
Securities lending		15,610			—
Total Investment Income (net of foreign taxes withheld of $1,645 and $—)		2,250,212			3,983,556
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investments		(716,833	)		(781,635	)
Futures contracts		30,360			—
Net realized loss		(686,473	)		(781,635	)
Net change in unrealized appreciation (depreciation) on:
Investments		(868,652	)		(2,373,877	)
Futures contracts		(51,768	)		—
Net change in unrealized appreciation (depreciation)		(920,420	)		(2,373,877	)
Net Loss		(1,606,893	)		(3,155,512	)
Net Increase Resulting from Operations		643,319			828,044

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Fixed Income Sector Portfolios

Increase (Decrease) in Net Assets:	Corporate Bond Portfolio						Mortgage- and Asset-Backed Portfolio
	(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)			(Unaudited) Six Months Ended September 30, 2007 ($)			Year Ended March 31, 2007 ($)
Operations
Net investment income		2,250,212			3,947,090			3,983,556			6,038,003
Net realized gain (loss) on investments and futures contracts		(686,473	)		(477,586	)		(781,635	)		1,338,153
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(920,420	)		1,372,667			(2,373,877	)		465,730
Net increase resulting from operations		643,319			4,842,171			828,044			7,841,886
Distributions to Shareholders
From net investment income		(2,256,385	)		(3,920,830	)		(3,991,243	)		(5,983,563	)
From net realized gains		—			—			(427,583	)		—
Total Distributions to Shareholders		(2,256,385	)		(3,920,830	)		(4,418,826	)		(5,983,563	)
Net Capital Share Transactions		746,178			13,069,984			17,823,646			43,930,399
Net Increase (Decrease) in Net Assets		(866,888	)		13,991,325			14,232,864			45,788,722
Net Assets
Beginning of period		78,588,023			64,596,698			135,357,980			89,569,258
End of period		77,721,135			78,588,023			149,590,844			135,357,980
Undistributed net investment income, at end of period		65,287			71,460			113,744			121,431

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Capital Stock Activity

	Corporate Bond Portfolio												Mortgage- and Asset-Backed Portfolio
	(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007						(Unaudited) Six Months Ended September 30, 2007						Year Ended March 31, 2007
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		710,068			6,986,146			1,781,604			17,814,460			2,061,786			20,272,566			5,415,912			53,717,290
Distributions reinvested		1,784			17,585			3,339			33,367			14,716			144,373			24,613			243,569
Redemptions		(630,014	)		(6,257,553	)		(477,249	)		(4,777,843	)		(264,289	)		(2,593,293	)		(1,011,716	)		(10,030,460	)
Net increase		81,838			746,178			1,307,694			13,069,984			1,812,213			17,823,646			4,428,809			43,930,399

See Accompanying Notes to Financial Statements.

Financial Highlights – Corporate Bond Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
	2007			2007			2006			2005			2004			2003 (a)
Net Asset Value, Beginning of Period	$	10.06		$	9.93		$	10.19		$	10.58		$	10.33		$	10.00
Income from Investment Operations:
Net investment income (b)		0.29			0.55			0.49			0.48			0.46			0.41
Net realized and unrealized gain (loss) on investments and futures contracts		(0.22	)		0.13			(0.25	)		(0.36	)		0.33			0.27
Total from investment operations		0.07			0.68			0.24			0.12			0.79			0.68
Less Distributions to Shareholders:
From net investment income		(0.29	)		(0.55	)		(0.49	)		(0.48	)		(0.47	)		(0.26	)
From net realized gains		—			—			(0.01	)		(0.03	)		(0.07	)		(0.09	)
Total Distributions to Shareholders		(0.29	)		(0.55	)		(0.50	)		(0.51	)		(0.54	)		(0.35	)
Net Asset Value, End of Period	$	9.84		$	10.06		$	9.93		$	10.19		$	10.58		$	10.33
Total return (c)		0.72	%(d)		7.01	%		2.34	%		1.25	%		7.83	%		6.99	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		—			—			—			—			—			—
Net investment income (e)		5.84	%(f)		5.55	%		4.83	%		4.69	%		4.40	%		4.33	%(f)
Portfolio turnover rate		97	%(d)		114	%		62	%		39	%		126	%		183	%(d)
Net assets, end of period (in 000's)	$	77,721		$	78,588		$	64,597		$	52,698		$	61,193		$	14,772

(a) The Portfolio commenced operations on August 30, 2002.

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

(d) Not annualized.

(e) The net investment income and expense ratios exclude expenses charged directly to shareholders.

(f) Annualized.

See Accompanying Notes to Financial Statements.
19

Financial Highlights – Mortgage- and Asset-Backed Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
	2007			2007			2006			2005			2004			2003 (a)
Net Asset Value, Beginning of Period	$	10.01		$	9.85		$	10.01		$	10.19		$	10.15		$	10.00
Income from Investment Operations:
Net investment income (b)		0.28			0.54			0.40			0.26			0.22			0.17
Net realized and unrealized gain (loss) on investments		(0.23	)		0.14			(0.12	)		(0.01	)		0.13			0.14
Total from investment operations		0.05			0.68			0.28			0.25			0.35			0.31
Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.52	)		(0.40	)		(0.26	)		(0.22	)		(0.10	)
From net realized gains		(0.03	)		—			(0.04	)		(0.17	)		(0.09	)		(0.06	)
Total Distributions to Shareholders		(0.30	)		(0.52	)		(0.44	)		(0.43	)		(0.31	)		(0.16	)
Net Asset Value, End of Period	$	9.76		$	10.01		$	9.85		$	10.01		$	10.19		$	10.15
Total return (c)		0.55	%(d)		7.12	%		2.85	%		2.57	%		3.53	%		3.08	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		—			—			—			—			—			—
Net investment income (e)		5.62	%(f)		5.41	%		4.00	%		2.61	%		2.26	%		1.82	%(f)
Portfolio turnover rate		206	%(d)		543	%		561	%		765	%		941	%		688	%(d)
Net assets, end of period (in 000's)	$	149,591		$	135,358		$	89,569		$	78,216		$	86,411		$	9,205

(a) The Portfolio commenced operations on August 30, 2002.

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

(d) Not annualized.

(e) The net investment income and expense ratios exclude expenses charged directly to shareholders.

(f) Annualized.

See Accompanying Notes to Financial Statements.
20

Notes to Financial Statements – Fixed Income Sector Portfolios
September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Funds Series Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Information presented in these financial statements pertains to Corporate Bond Portfolio and Mortgage- and Asset-Backed Portfolio (each a "Portfolio" and collectively, the "Portfolios").

Investment Goals

Corporate Bond Portfolio and Mortgage- and Asset-Backed Portfolio each seek total return, consisting of current income and capital appreciation.

Portfolio Shares

The Portfolios are authorized to issue an unlimited number of shares without par value and are only available only to certain eligible investors through certain wrap fee programs and certain other managed accounts, including those sponsored or managed by Bank of America Corporation ("BOA") and its affiliates.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("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 Portfolios in the preparation of their financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Portfolios' Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Security Transactions

Futures Contracts

The Portfolios may invest in futures contracts to gain or reduce exposure to particular securities or segments of the bond markets. Futures contracts are financial instruments whose values depend on, or are derived from, the value of the underlying security, index or currency. The Portfolios may use futures contracts for both hedging and non-hedging purposes, such as to adjust the Portfolios' sensitivity to changes in interest rates, or to offset a potential loss in one position by establishing an opposite position. The Portfolios typically use futures contracts in an effort to achieve, more efficiently, economic exposure similar to that which they could have achieved through the purchase and sale of fixed income securities.

Fixed Income Sector Portfolios

September 30, 2007 (Unaudited)

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction by Columbia Management Advisors, LLC ("Columbia"), the Portfolios' investment advisor, of the future direction of interest rates. Any of these risks may involve amounts exceeding the variation margin recorded in the Portfolios' Statement of Assets and Liabilities at any given time.

Upon entering into a futures contract, a Portfolio deposits cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. A Portfolio recognizes a realized gain or loss when the contract is closed or expires.

Delayed Delivery Securities

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

Repurchase Agreements

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

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Portfolios or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Portfolios will not incur any registration costs upon such resale.

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on debt securities. Dividend income is recorded on the ex-date.

Distributions to Shareholders

Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

Federal Income Tax Status

Indemnification

Fixed Income Sector Portfolios

September 30, 2007 (Unaudited)

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:

	March 31, 2007
Portfolio	Ordinary Income*		Long-Term Capital Gains
Corporate Bond Portfolio	$	3,920,830	$	—
Mortgage- and Asset-Backed Portfolio		5,983,563	$	—

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes was:

Portfolio	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Depreciation
Corporate Bond Portfolio	$	616,772	$	(1,524,885	)	$	(908,113	)
Mortgage- and Asset-Backed Portfolio		371,932		(3,014,063	)		(2,642,131	)

Portfolio				Expiring in 2014				Expiring in 2015				Total
Corporate Bond Portfolio				$	190,899			$	595,089			$	785,988

The Portfolios adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 ("FIN 48") effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Portfolio. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Portfolios' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of BOA, is the investment advisor to the Portfolios.

Columbia does not receive any fee for its investment advisory services. In addition, under its investment advisory agreement, Columbia has agreed to bear all fees and expenses of the Portfolios (exclusive of brokerage fees and commissions, taxes, interest expenses of borrowing money and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any).

Fixed Income Sector Portfolios

September 30, 2007 (Unaudited)

The Portfolios do not incur any fees or expenses except brokerage fees and commissions, taxes, interest expenses of borrowing money and extraordinary expenses. Participants in the wrap fee programs eligible to invest in the Portfolios are required to pay fees to the program sponsor pursuant to separate agreements and should review the wrap program disclosure document for fees and expenses charged.

Administration Fee

Columbia provides administrative and other services to the Portfolios. Under the administration agreement, Columbia does not receive any compensation from the Portfolios for its services.

Transfer Agent Fee

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Portfolios' shares. The Distributor does not receive a fee for its services as distributor.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the aggregate cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	U.S Government Securities				Other Investment Securities
Portfolio	Purchases		Sales		Purchases		Sales
Corporate Bond Portfolio	$	24,017,013	$	25,847,053	$	51,391,590	$	47,285,077
Mortgage-and Asset-Backed Portfolio		362,613,095		371,461,811		31,914,475		40,647,829

Note 6. Shares of Beneficial Interest

As of September 30, 2007, the Portfolios had shareholders whose shares were beneficially owned by participant accounts over which BOA and/or its affiliates had either sole or joint investment discretion. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Portfolios. The percentage of shares of beneficial interest outstanding held therein is as follows:

Portfolio	% of Shares Outstanding Held
Corporate Bond Portfolio		98.5
Mortgage- and Asset-Backed Portfolio		96.0

Note 7. Line of Credit

The Portfolios and other affiliated funds participate in a $350,000,000 committed, unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unutilized committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund based on the fund's borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets

Fixed Income Sector Portfolios

September 30, 2007 (Unaudited)

of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund. The commitment fee and structuring fee are included in "Other expenses" in the Statements of Operations.

For the six months ended September 30, 2007, the Portfolios did not borrow under these arrangements.

Note 8. Securities Lending

Each Portfolio may lend their securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Portfolios and any additional required collateral is delivered to the Portfolios on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Portfolios. Generally, in the event of borrower default, the Portfolios have the right to use the collateral to offset any losses incurred. In the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Portfolios. The Portfolios bear the risk of loss with respect to the investment of collateral.

During the six months ended September 30, 2007, Corporate Bond Portfolio participated in the security lending program.

Note 9. Disclosure of Significant Risks and Contingencies

Foreign Securities

There are certain additional risks involved when investing in foreign securities that are not inherent with investments in domestic securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Legal Proceedings

On February 9, 2005, Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC ("BACAP Distributors," now known as Columbia Management Distributors, Inc.) entered into an Assurance of Discontinuance with the New York Attorney General (the "NYAG Settlement") and consented to the entry of a cease and- desist order by the U.S. Securities and Exchange Commission (the "SEC") (the "SEC Order") on matters relating to mutual fund trading. A copy of the NYAG Settlement is available as part of the Bank of America Corporation Form 8-K filing on February 10, 2005 and a copy of the SEC Order is available on the SEC's website. Under the terms of the SEC Order, BACAP, BACAP Distributors, and their affiliate, Banc of America Securities, LLC ("BAS") agreed, among other things, (1) to pay $250 million in disgorgement and $125 million in civil money penalties; (2) to cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; (3) to undertake various remedial measures to ensure compliance with the federal securities laws related to certain mutual fund trading practices; and (4) to retain an independent consultant to review their applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement also requires, among other things, BACAP and BACAP Distributors, along with Columbia Management Advisors, Inc. and Columbia Funds Distributors, Inc., the investment advisor to and distributor of the Columbia Funds, respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions. Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent

Fixed Income Sector Portfolios

September 30, 2007 (Unaudited)

Chairman, are comprised of at least 75% independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Civil Litigation

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. Among other contingencies, the settlement is contingent upon a minimum threshold amount being received by the Nations Funds shareholders and/or the Nations Funds mutual funds from the previously established regulatory settlement fund. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Separately, a putative class action — Mehta v AIG Sun America Life Assurance Company — involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust's motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff's attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust's motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

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Important Information About This Report

Fixed Income Sector Portfolios

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

Please consider the investment objectives, risk, charges and expenses for the portfolios carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the portfolios. You should read it carefully before you invest.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

Columbia Management
Distributors, Inc.
One Financial Center
Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

Fixed Income Sector Portfolios

Semiannual Report – September 30, 2007

Columbia Management®

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Holliston, MA

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SHC-44/136305-0907 (11/07) 07-46050

LOGO

Columbia Masters Global Equity Portfolio

Semiannual Report – September 30, 2007


NOT FDIC INSURED		May Lose Value
NOT BANK ISSUED		No Bank Guarantee

Table of Contents



Fund Profile		1

Performance Information		3

Understanding Your Expenses		4

Financial Statements		5
Investment Portfolio		6
Statement of Assets and Liabilities		7
Statement of Operations		8
Statement of Changes in Net Assets		9
Financial Highlights		11
Notes to Financial Statements		15

Important Information About This Report		25

President’s Message – Columbia Masters Global Equity Portfolio

Dear Shareholder:

We know that for many investors the information contained in shareholder reports can seem very technical, so we would like to take this opportunity to walk you through some of the sections in the beginning of your shareholder report, explain their purpose and point out some of the highlights we think you’ll find useful. In future reports, we will discuss how to use the financial statements in your shareholder reports.

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables

that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed versus its benchmark, though it’s important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

Portfolio Manager’s Report

The Portfolio Manager’s Report is where you will find your portfolio manager’s thoughts on what happened during the reporting period. Commentary from your portfolio manager(s) includes a summary of the fund’s performance, along with a comparison of the fund’s performance versus the relevant peer group and benchmark indices.

The portfolio manager will also discuss market conditions that impacted the fund, as well as the investment strategy during the period. Please note: In semiannual reports, the portfolio manager’s comments are included in the Fund Profile section.

Other Information

Every shareholder report includes a page containing “Important Information About This Report,” which includes instructions for requesting additional copies of the shareholder report, as well as contact information for the fund’s Transfer Agent, Distributor and Investment Advisor.

Annual reports contain additional information, such as an independent registered public accounting firm’s report and biographies of the fund’s trustees and officers. This information is not included in semiannual reports.

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserve precious natural resources. For even more information about your fund, visit our Web site at www.columbiafunds.com. There you will find prospectuses, shareholder reports and fund fact sheets for all of the funds in the Columbia Funds family.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

LOGO

Christopher L. Wilson

President, Columbia Funds

Fund Profile – Columbia Masters Global Equity Portfolio

Summary

6-month (cumulative) return as of 09/30/07



		+13.73% Class A shares (without sales charge)

		+9.02% MSCI World Index


Net asset value per share

as of 09/30/07 ($)

Class A		12.47
Class B		12.39
Class C		12.40
Class Z		12.51


Distributions declared per share

04/01/07 - 09/30/07 ($)

Class A		0.11
Class B		0.11
Class C		0.11
Class Z		0.11

Summary

For the six-month period ended September 30, 2007, the portfolio’s Class A shares returned 13.73% without sales charge. This was higher than the 9.02% return for the MSCI World Index over the same period.¹ The portfolio’s return was also higher than the 10.24% average return for the portfolio’s peer group, the Morningstar World Stock Category.² The portfolio invests in shares of four Columbia funds, dividing its assets as follows: Columbia Strategic Investor Fund—25%; Columbia Marsico 21st Century Fund—25%; Columbia Multi-Advisor International Equity Fund—40%; and Columbia Acorn International—10%. Stock selection in all four funds was the main contributor to performance.

Columbia Marsico 21st Century Fund and Columbia Strategic Investor Fund, which make up the equity portion of the portfolio, outperformed their benchmarks. Columbia Marsico 21st Century Fund benefited from investments in the consumer discretionary, energy and technology sectors. Columbia Strategic Investor Fund was helped by stocks in the information technology and energy sectors. The international equity portion of the portfolio comprises investments in Columbia Multi-Advisor International Equity Fund and Columbia Acorn International, both of which outperformed their benchmarks. The return for Columbia Multi-Advisor International Equity Fund was enhanced by holdings in the energy and telecommunications sectors and a lower-than-index weight in the financials sector. An underweight in financials also helped boost the performance of Columbia Acorn International. Other areas of strength included stocks in the energy and industrial sectors.

The primary engine of global demand—the US consumer—is losing steam. Deep in debt, unnerved by falling real estate values, confronted with tighter credit conditions and facing uncertain job prospects, the US consumer can no longer be counted on to shoulder the burden of global growth. However, this fundamental shift in the global economy is not necessarily a cause for worry as weak consumption in the United States has the potential to be offset by consumption in other markets, including emerging markets where economic growth rates are significantly higher than in the United States.

¹	The Morgan Stanley Capital International (MSCI) World Index tracks the performance of global stocks. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

^©2007 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for noncommercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933. Morningstar Categories compare the performance of funds with similar investment objectives and strategies.

Fund Profile (continued) – Columbia Masters Global Equity Portfolio

Portfolio Management

Vikram Kuriyan has managed the portfolio since February 2006 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The outlook for this portfolio may differ from that presented for other Columbia Funds.

Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.

A “fund of funds” bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and a potentially higher expense ratio than would be associated with an investment in a fund that invests and trades directly in financial instruments under the direction of a single manager. Risks include stock market fluctuations due to business and economic developments.

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

Value stocks may also be subject to specific business risks that have caused the stocks to be out of favor.

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Performance Information – Columbia Masters Global Equity Portfolio


Performance of a $10,000 investment 02/15/06 – 09/30/07 ($)

Sales charge	without	with
Class A	13,244	12,482
Class B	13,093	12,693
Class C	13,102	13,102
Class Z	13,308	n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Masters Global Equity Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of portfolio shares.


Average annual total return as of 09/30/07 (%)

Share class	A		B		C		Z
Inception	02/15/06		02/15/06		02/15/06		02/15/06
Sales charge	without	with	without	with	without	with	without
6 months (cumulative)	13.73	7.15	13.31	8.31	13.30	12.30	13.88
1-year	27.10	19.74	26.26	21.26	26.23	25.23	27.47
Life	18.88	14.62	18.04	15.81	18.09	18.09	19.23


Annual operating expense ratio (%)*

Class A		2.60
Class B		3.35
Class C		3.35
Class Z		2.35

Annual operating expense ratio after contractual waivers (%)*

Class A		1.20
Class B		1.95
Class C		1.95
Class Z		0.95

The annual operating expense ratio and annual operating expense ratio after contractual waivers are as stated in the portfolio’s prospectus that is current as of the date of this report. The contractual waiver expires on 02/15/2008. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios.

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

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Understanding Your Expenses – Columbia Masters Global Equity Portfolio

Estimating your actual expenses

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

For shareholders who receive their account statements from Columbia Management Services, Inc., your account balance is available online at www.columbiafunds.com or by calling Shareholder Services at 800.345.6611.

For shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

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

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

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

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

Analyzing your portfolio’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “actual” column is calculated using the portfolio’s actual operating expenses and total return for the period. The amount listed in the “hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio’s actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/07 - 09/30/07



	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Portfolio’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,068.65	1,023.75	1.29	1.26	0.25
Class B	1,000.00	1,000.00	1,066.55	1,020.00	5.17	5.05	1.00
Class C	1,000.00	1,000.00	1,066.50	1,020.00	5.17	5.05	1.00
Class Z	1,000.00	1,000.00	1,069.40	1,025.00	–	–	–

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the portfolio’s most recent fiscal half-year and divided by 366.

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

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

*	Columbia Masters Global Equity Portfolio’s expense ratios do not include fees and expenses incurred by the underlying funds.

Financial Statements – Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)


		A guide to understanding your portfolio’s financial statements

Investment Portfolio		The investment portfolio details all of the portfolio’s holdings and their values as of the last day of the reporting period. Portfolio holdings are organized by type of asset, industry, country or geographic region (if applicable) to demonstrate areas of concentration and diversification.

Statement of Assets and Liabilities		This statement details the portfolio’s assets, liabilities, net assets and share price for each share class as of the last day of the reporting period. Net assets are calculated by subtracting all the portfolio’s liabilities (including any unpaid expenses) from the total of the portfolio’s investment and non-investment assets. The share price for each class is calculated by dividing net assets for that class by the number of shares outstanding in that class as of the last day of the reporting period.

Statement of Operations		This statement details income earned by the portfolio and the expenses accrued by the portfolio during the reporting period. This statement also shows any net gain or loss the portfolio realized on the sales of its holdings during the period, as well as any unrealized gains or losses recognized over the period. The total of these results represents the portfolio’s net increase or decrease in net assets from operations.

Statement of Changes in Net Assets		This statement demonstrates how the portfolio’s net assets were affected by its operating results, distributions to shareholders and shareholder transactions (e.g., subscriptions, redemptions and dividend reinvestments) during the reporting period. This statement also details changes in the number of shares outstanding.

Financial Highlights		The financial highlights demonstrate how the portfolio’s net asset value per share was affected by the portfolio’s operating results. The financial highlights table also discloses performance for each class of shares and certain key ratios (e.g., class expenses and net investment income as a percentage of average net assets).

Notes to Financial Statements		These notes disclose the organizational background of the portfolio, its significant accounting policies (including those surrounding security valuation, income recognition and distributions to shareholders), federal tax information, fees and compensation paid to affiliates and significant risks and contingencies.

Investment Portfolio – Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)


Investment Companies (a) – 100.1%		Shares	Value ($)
	Columbia Acorn International, Class Z	85,090	4,072,429
	Columbia Marsico 21st Century Fund, Class Z	598,534	10,037,421
	Columbia Multi-Advisor International Equity Fund, Class Z	840,097	16,213,873
	Columbia Strategic Investor Fund, Class Z	441,458	10,091,721

	Total Investment Companies (cost of $34,947,070)		40,415,444


	Total Investments – 100.1% (cost of $34,947,070) (b)		40,415,444


	Other Assets & Liabilities, Net – (0.1)%		(40,586	)


	Net Assets – 100.0%		40,374,858

Notes to Investment Portfolio:

(a)

Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC or its affiliates.

(b)

Cost for federal income tax purposes is $34,947,070.

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)


		($)
Assets	Affiliated investments, at cost	34,947,070

	Affiliated investments, at value	40,415,444
	Receivable for portfolio shares sold	203,743
	Expense reimbursement due from Investment Advisor	23,616

	Total Assets	40,642,803

Liabilities	Payable for:
	Investments purchased	103,951
	Portfolio shares repurchased	28,339
	Transfer agent fee	2,958
	Pricing and bookkeeping fees	2,881
	Trustees’ fees	23,675
	Custody fee	483
	Legal fee	52,511
	Registration fee	15,417
	Distribution and service fees	16,412
	Chief compliance officer expenses	138
	Other liabilities	21,180

	Total Liabilities	267,945


	Net Assets	40,374,858

Net Assets Consist of	Paid-in capital	34,443,168
	Undistributed net investment income	90,803
	Accumulated net realized gain	372,513
	Net unrealized appreciation on investments	5,468,374

	Net Assets	40,374,858

Class A	Net assets	24,160,461
	Shares outstanding	1,937,221
	Net asset value per share	12.47	(a)
	Maximum sales charge	5.75	%
	Maximum offering price per share ($12.47/0.9425)	13.23	(b)

Class B	Net assets	8,788,809
	Shares outstanding	709,608
	Net asset value and offering price per share	12.39	(a)

Class C	Net assets	6,502,390
	Shares outstanding	524,535
	Net asset value and offering price per share	12.40	(a)

Class Z	Net assets	923,198
	Shares outstanding	73,796
	Net asset value and offering price per share	12.51	(c)

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

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

(c)	Redemption price per share is equal to net asset value less any applicable redemption fees.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Masters Global Equity Portfolio

For the Six Months Ended September 30, 2007 (Unaudited)


		($)
Investment Income	Dividends from affiliates	185,845


Expenses	Distribution fee:
	Class B	29,439
	Class C	21,679
	Service fee:
	Class A	26,884
	Class B	9,813
	Class C	7,226
	Transfer agent fee	20,615
	Pricing and bookkeeping fees	16,148
	Trustees’ fees	10,725
	Custody fee	2,521
	Audit fee	12,664
	Legal fee	33,041
	Registration fee	25,744
	Reports to shareholders	17,958
	Chief compliance officer expenses	277
	Other expenses	4,381


	Total Expenses	239,115

	Fees and expenses waived or reimbursed by Investment Advisor	(143,952	)
	Expense reductions	(121	)


	Net Expenses	95,042


	Net Investment Income	90,803

Net Realized and Unrealized Gain (Loss) on Investments and Capital Gains Distributions Received	Capital gains distributions received	439,496
	Net realized loss on affiliated investments	(20,322	)
	Net change in unrealized appreciation on investments	4,008,878


	Net Gain	4,428,052


	Net Increase Resulting from Operations	4,518,855

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Masters Global Equity Portfolio


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)		Year Ended March 31, 2007 ($)
Operations	Net investment income	90,803		443,698
	Net realized gain on investments and capital gains distributions received	419,174		1,051,429
	Net change in unrealized appreciation on investments	4,008,878		1,371,203

	Net Increase Resulting from Operations	4,518,855		2,866,330

Distributions to Shareholders	From net investment income:
	Class A	—		(312,461	)
	Class B	—		(101,748	)
	Class C	—		(63,794	)
	Class Z	—		(9,598	)
	From net realized gains:
	Class A	(207,334	)	(414,171	)
	Class B	(76,058	)	(177,727	)
	Class C	(56,393	)	(111,431	)
	Class Z	(5,580	)	(11,777	)

	Total Distributions to Shareholders	(345,365	)	(1,202,707	)

Share Transactions	Class A:
	Subscriptions	5,163,526		15,129,704
	Distributions reinvested	200,230		690,781
	Redemptions	(2,339,416	)	(2,130,669	)

	Net Increase	3,024,340		13,689,816

	Class B:
	Subscriptions	1,372,165		5,213,235
	Distributions reinvested	71,217		264,002
	Redemptions	(480,862	)	(433,918	)

	Net Increase	962,520		5,043,319

	Class C:
	Subscriptions	1,395,618		4,028,880
	Distributions reinvested	53,572		161,596
	Redemptions	(523,774	)	(437,667	)

	Net Increase	925,416		3,752,809

	Class Z:
	Subscriptions	366,552		516,910
	Distributions reinvested	5,270		19,766
	Redemptions	(84,978	)	(37,733	)

	Net Increase	286,844		498,943
	Net Increase from Share Transactions	5,199,120		22,984,887
	Redemption fees	1,834		4,294


	Total Increase in Net Assets	9,374,444		24,652,804

Net Assets	Beginning of period	31,000,414		6,347,610
	End of period	40,374,858		31,000,414
	Undistributed net investment income at end of period	90,803		—

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Masters Global Equity Portfolio


		(Unaudited) Six Months Ended September 30, 2007		Year Ended March 31, 2007
Changes in Shares	Class A:
	Subscriptions	439,034		1,434,620
	Issued for distributions reinvested	16,997		63,491
	Redemptions	(197,181	)	(199,032	)

	Net Increase	258,850		1,299,079

	Class B:
	Subscriptions	117,055		499,375
	Issued for distributions reinvested	6,077		24,309
	Redemptions	(41,558	)	(40,443	)

	Net Increase	81,574		483,241

	Class C:
	Subscriptions	119,285		382,402
	Issued for distributions reinvested	4,567		14,852
	Redemptions	(44,896	)	(42,015	)

	Net Increase	78,956		355,239

	Class Z:
	Subscriptions	30,579		49,061
	Issued for distributions reinvested	447		1,815
	Redemptions	(7,381	)	(3,454	)

	Net Increase	23,645		47,422

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Global Equity Portfolio

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


Class A Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.07		$	10.29		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.05			0.26			—	(d)
Net realized and unrealized gain on investments and capital gains distributions received		1.46			1.09			0.29

Total from Investment Operations		1.51			1.35			0.29

Less Distributions to Shareholders:
From net investment income		—			(0.25	)		—
From net realized gains		(0.11	)		(0.32	)		—

Total Distributions to Shareholders		(0.11	)		(0.57	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.47		$	11.07		$	10.29
Total return (e)(f)		13.73	%(g)		13.17	%		2.90	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		0.25	%(j)		0.25	%		0.25	%(j)
Waiver/Reimbursement		0.80	%(j)		1.40	%		21.19	%(j)
Net investment income (loss) (c)(i)		0.79	%(j)		2.47	%		(0.25	)%(j)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	24,160		$	18,588		$	3,902

(a)	Class A shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Global Equity Portfolio

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


Class B Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.04		$	10.28		$	10.00

Income from Investment Operations:
Net investment income (loss) (b)(c)		—	(d)		0.19			(0.01	)
Net realized and unrealized gain on investments and capital gains distributions received		1.46			1.08			0.29

Total from Investment Operations		1.46			1.27			0.28

Less Distributions Declared to Shareholders:
From net investment income		—			(0.19	)		—
From net realized gains		(0.11	)		(0.32	)		—

Total Distributions Declared to Shareholders		(0.11	)		(0.51	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.39		$	11.04		$	10.28
Total return (e)(f)		13.31	%(g)		12.40	%		2.80	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.80	%(j)		1.40	%		21.19	%(j)
Net investment income (loss) (c)(i)		0.04	%(j)		1.79	%		(1.00	)%(j)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	8,789		$	6,933		$	1,488

(a)	Class B shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Global Equity Portfolio

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


Class C Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.05		$	10.29		$	10.00

Income from Investment Operations:
Net investment income (loss) (b)(c)		—	(d)		0.19			(0.01	)
Net realized and unrealized gain on investments and capital gains distributions received		1.46			1.08			0.30

Total from Investment Operations		1.46			1.27			0.29

Less Distributions Declared to Shareholders:
From net investment income		—			(0.19	)		—
From net realized gains		(0.11	)		(0.32	)		—

Total Distributions Declared to Shareholders		(0.11	)		(0.51	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.40		$	11.05		$	10.29
Total return (e)(f)		13.30	%(g)		12.38	%		2.90	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.80	%(j)		1.40	%		21.19	%(j)
Net investment income (loss) (c)(i)		0.03	%(j)		1.83	%		(1.00	)%(j)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	6,502		$	4,923		$	929

(a)	Class C shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Global Equity Portfolio

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


Class Z Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.09		$	10.29		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.05			0.29			—	(d)
Net realized and unrealized gain on investments and capital gains distributions received		1.48			1.09			0.29

Total from Investment Operations		1.53			1.38			0.29

Less Distributions Declared to Shareholders:
From net investment income		—			(0.26	)		—
From net realized gains		(0.11	)		(0.32	)		—

Total Distributions Declared to Shareholders		(0.11	)		(0.58	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.51		$	11.09		$	10.29
Total return (e)(f)		13.88	%(g)		13.56	%		2.90	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		—			—			—
Waiver/Reimbursement		0.80	%(j)		1.40	%		21.19	%(j)
Net investment income (c)(i)		0.90	%(j)		2.69	%		—	%(j)(k)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	923		$	556		$	28

(a)	Class Z shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

(k)	Rounds to less than 0.01%

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Masters Global Equity Portfolio (the “Portfolio”), a series of Columbia Funds Series Trust (the “Trust”), is a diversified portfolio. The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

Investment Goal

The Portfolio seeks capital appreciation. The Portfolio generally invests in Class Z shares of Columbia Multi-Advisor International Equity Fund, Columbia Strategic Investor Fund, Columbia Marsico 21^st Century Fund and Columbia Acorn International (the “Underlying Funds”). The Underlying Funds are advised by Columbia Management Advisors, LLC (“Columbia”) or its affiliates.

The financial statements of the Underlying Funds in which the Portfolio invests should be read in conjunction with the Portfolio’s financial statements and are available at www.columbiafunds.com.

Portfolio Shares

The Trust is authorized to issue an unlimited number of shares, and the Portfolio offers four classes of shares: Class A, Class B, Class C and Class Z shares. 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 amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Portfolio’s prospectus.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“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 Portfolio in the preparation of its financial statements.

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of the Class Z shares of the respective Underlying Funds determined as of the close of the New York Stock Exchange on the valuation date.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued. SFAS 157 is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is evaluating the impact the application of SFAS 157 will have on the Portfolio’s financial statement disclosures.

Security Transactions

Income Recognition

Distributions from the Underlying Funds are recorded on the ex-dividend date.

Distributions to Shareholders

Distributions from net investment income are declared and paid annually. The Portfolio may, however, declare and pay distributions from net investment income more frequently. The Portfolio will distribute net realized capital gains (including net short-term capital gains) at least annually after the fiscal year in which the capital gains were earned, unless offset by any available capital loss carryforward. Distributions are recorded on ex-dividend date. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

Federal Income Tax Status

The Portfolio 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 earnings to its shareholders. Therefore, no provision is made for federal income or excise taxes.

Indemnification

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

Determination of Class Net Asset Value

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:


	March 31, 2007
Distributions paid from:
Ordinary Income*	$	455,618
Long-Term Capital Gains		747,089

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes was:



Unrealized appreciation	$	5,468,374
Unrealized depreciation		—
Net unrealized appreciation	$	5,468,374

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 (“FIN 48”) effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Portfolio. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Portfolio’s financial statements. However, management’s conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly-owned subsidiary of Bank of America Corporation (“BOA”), is the investment advisor to the Portfolio. The Portfolio does not pay any fee to Columbia for its investment advisory services.

Administration Fee

Columbia provides administrative and other services to the Portfolio. Under the Administration Agreement, Columbia does not receive any compensation for its services from the Portfolio.

Pricing and Bookkeeping Fees

The Portfolio entered into a Financial Reporting Services Agreement (the “Financial Reporting Services Agreement”) with State Street Bank & Trust Company (“State Street”) and Columbia pursuant to which State Street provides financial reporting services to the Portfolio. The Portfolio also entered

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

into an Accounting Services Agreement with State Street and Columbia (collectively with the Financial Reporting Services Agreement, the “State Street Agreements”) pursuant to which State Street provides accounting services to the Portfolio. Under the State Street Agreements, the Portfolio pays State Street an annual fee of $26,000 paid monthly. The Portfolio also reimburses State Street for certain out-of-pocket expenses and charges.

The Portfolio entered into a Pricing and Bookkeeping Oversight and Services Agreement (the “Services Agreement”) with Columbia. Under the Services Agreement, Columbia provides services related to Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Portfolio reimburses Columbia for out-of-pocket expenses and direct internal costs relating to accounting oversight and for services relating to Portfolio expenses.

For the six months ended September 30, 2007, the amount charged to the Portfolio by affiliates included in the Statement of Operations under “Pricing and bookkeeping fees” aggregated $5,658, of which $1,598 is unpaid. For the six months ended September 30, 2007, the annualized effective pricing and bookkeeping fee rate for the Portfolio, inclusive of out-of-pocket expenses, was 0.090% of the Portfolio’s average daily net assets.

Transfer Agent Fee

Columbia Management Services, Inc. (the “Transfer Agent”), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Portfolio and has contracted with Boston Financial Data Services (“BFDS”) to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. 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 Portfolio. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due the Transfer Agent from shareholders of the Portfolio and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Portfolio. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For six months ended September 30, 2007, the Portfolio’s annualized effective transfer agent fee rate, inclusive of out-of-pocket expenses and sub-transfer agent fees, and net of minimum account balance fees and waivers, was 0.11% of the Portfolio’s average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the “Distributor”), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Portfolios’ shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts of $14,895 on sales of the Portfolio’s Class A shares and received net CDSC fees of $9,074 and $1,316 on Class B and Class C share redemptions, respectively.

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of the Portfolio and a combined distribution and shareholder servicing plan for Class A shares of the Portfolio. The shareholder servicing plans permit the Portfolio to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Portfolio to compensate or reimburse the distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes’ shares. Payments for the shareholder servicing plans are made at an annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares. Payments

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

for the distribution plans are made at an annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares. Payments under the plans are charged as expenses directly to the applicable share class.

Fees Paid to Officers and Trustees

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

The Portfolio’s Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Portfolio’s assets.

Expense Limits and Fee Waivers

Columbia has contractually agreed to waive fees and reimburse certain expenses through February 15, 2008, so that expenses incurred by the Portfolio (exclusive of distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses and expenses associated with the Portfolio’s investments in other investment companies, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Portfolio’s custodian, will not exceed 0.00% of the Portfolio’s average net assets.

Custody Credits

The Portfolio has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statement of Operations. The Portfolio could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six months ended September 30, 2007, these credits reduced total expenses by $21.

Note 5. Portfolio Information

For the six months ended September 30, 2007, the cost of purchases and proceeds from sales of securities were $6,675,884 and $1,278,906, respectively.

Note 6. Redemption Fees

The Portfolio may impose a 2.00% redemption fee on the proceeds of Portfolio shares that are redeemed within 60 days of their purchase. The redemption fee is designed to offset brokerage commissions and other costs associated with short term trading of the Portfolio. The redemption fees, which are retained by the Portfolio, are accounted for as an addition to paid-in capital and are allocated to each class based on the net asset value of each class based on the relative net assets at the time of redemption. For the six months ended September 30, 2007, the redemption fees for Class A, Class B, Class C and Class Z shares of the Portfolio amounted to $1,075, $413, $311, and $35, respectively.

Note 7. Line of Credit

The Portfolio and other affiliated funds participate in a $350,000,000 committed unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Borrowings are available for temporary or emergency purposes.

Interest on the committed line of credit is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum is accrued and apportioned among the participating funds based on their pro-rata portion of the unused committed line of credit. Interest on the uncommitted line of credit is charged to each participating fund based on the fund’s borrowings at a variable rate per annum equal to the Federal Funds Rate plus a spread, as determined and quoted by State Street at the time of the request for a loan. A one-time structuring fee of $30,000 is also accrued and apportioned to each fund participating in the uncommitted line of credit based on the average net assets of the participating funds. In addition, if the uncommitted line of credit is extended for an additional period, an annual administration fee of $15,000 will be charged and apportioned among each participating fund. The commitment fee and structuring fee are included in “Other expenses” in the Statement of Operations. For the six months ended September 30, 2007, the Portfolio did not borrow under these arrangements.

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

Note 8. Significant Risks and Contingencies

Risk Factors of the Portfolios and the Underlying Funds

Investing in the Underlying Funds through the Portfolio involves certain additional expenses and possible risks that would not be present in a direct investment in the Underlying Funds. Under certain circumstances, an Underlying Fund may pay a redemption request by a Portfolio wholly or partly by a distribution in kind of securities from its portfolio, instead of cash, in accordance with the rules of the Securities and Exchange Commission. In such cases, the Portfolio may hold securities distributed by an Underlying Fund and incur custody and other costs until Columbia determines that it is appropriate to dispose of such securities.

The officers and certain Trustees of the Trust also serve as Officers and Trustees of the Underlying Funds. Conflicts may arise as these companies seek to fulfill their fiduciary responsibilities to both the Portfolio and the Underlying Funds.

From time to time, one or more of the Underlying Funds in which a Portfolio invests may experience relatively large investments or redemptions due to reallocations or rebalancing by the Portfolio as recommended by Columbia. In such event, the Underlying Funds that experience redemptions as a result of the reallocations or rebalancing may have to sell portfolio securities, and the Underlying Funds that receive additional cash will have to invest such cash. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on the Portfolio’s management to the extent that the Underlying Funds may be required to sell securities or invest cash at times when they would not otherwise have to do so.

These transactions could also have tax consequences if sales of securities resulted in gains, and could also increase transaction costs. Columbia, representing the interests of the Underlying Funds, is committed to minimizing the impact of Portfolio transactions on the Underlying Funds to the extent it is consistent with pursuing the investment objectives of the Portfolio. Columbia may, nevertheless, face conflicts of interest in fulfilling its responsibilities to both the Portfolio and the Underlying Funds.

Investing in the Underlying Funds also presents certain risks. Each of the Underlying Funds may invest in certain specified derivative securities, including but not limited to: interest rate and equity swaps, caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain Underlying Funds may invest in restricted securities; instruments issued by trusts, partnerships or other issuers, including pass-through certificates representing participations in, or debt instruments backed by, the securities owned by such issuers. These Underlying Funds may also engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain Underlying Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts and various other investment vehicles, each with inherent risks.

Legal Proceedings

Columbia Masters Global Equity Portfolio did not commence operations until after the events that resulted in the regulatory proceedings and litigation described below.

On February 9, 2005, Banc of America Capital Management, LLC (“BACAP,” now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (“BACAP Distributors,” now known as Columbia Management Distributors, Inc.) entered into an Assurance of Discontinuance with the New York Attorney General (the “NYAG Settlement”) and consented to the entry of a cease-and-desist order by the U.S. Securities and Exchange Commission (the “SEC”) (the “SEC Order”) on matters relating to mutual fund trading. A copy of the NYAG Settlement is available as part of the Bank of America Corporation Form 8-K filing on February 10, 2005 and a copy of the SEC Order is available on the SEC’s website.

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

supervisory, compliance, control and other policies and procedures. The NYAG Settlement also requires, among other things, BACAP and BACAP Distributors, along with Columbia Management Advisors, Inc. and Columbia Funds Distributors, Inc., the investment advisor to and distributor of the Columbia Funds, respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions. Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent Chairman, are comprised of at least 75% independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively “BAC”), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the “MDL”). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action - Mehta v AIG Sun America Life Assurance Company - involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Columbia Masters Global Equity Portfolio

September 30, 2007 (Unaudited)

asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust’s motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

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Important Information About This Report

Columbia Masters Global Equity Portfolio

Transfer Agent

Columbia Management Services, Inc.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC

100 Federal Street

Boston, MA 02110

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

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

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

Please consider the investment objectives, risks, charges and expenses for the portfolio carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the portfolio. You should read it carefully before you invest.

Columbia Management Group, LLC (“Columbia Management”) is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Columbia Masters Global Equity Portfolio

Semiannual Report – September 30, 2007

LOGO

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136410-0907 (11/07) 07/46060

LOGO

Columbia Masters Heritage Portfolio

Semiannual Report – September 30, 2007


NOT FDIC INSURED		May Lose Value
NOT BANK ISSUED		No Bank Guarantee

Table of contents



Fund Profile		1

Performance Information		3

Understanding Your Expenses		4

Financial Statements		5
Investment Portfolio		6
Statement of Assets and Liabilities		7
Statement of Operations		8
Statement of Changes in Net Assets		9
Financial Highlights		11
Notes to Financial Statements		15

Important Information about This Report		25

President’s Message – Columbia Masters Heritage Portfolio

Dear Shareholder:

We know that for many investors the information contained in shareholder reports can seem very technical, so we would like to take this opportunity to walk you through some of the sections in the beginning of your shareholder report, explain their purpose and point out some of the highlights we think you’ll find useful. In future reports, we will discuss how to use the financial statements in your shareholder reports.

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables

Understanding Your Expenses

Portfolio Manager’s Report

The portfolio manager will also discuss market conditions that impacted the fund, as well as the investment strategy during the period. Please note: In semiannual reports, the portfolio manager’s comments are included in the Fund Profile section.

Other Information

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserve precious natural resources. For even more information about your fund, visit our Web site at www.columbiafunds.com. There you will find prospectuses, shareholder reports and fund fact sheets for all of the funds in the Columbia Funds family.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

LOGO

Christopher L. Wilson

President, Columbia Funds

Fund Profile – Columbia Masters Heritage Portfolio

Summary

6-month (cumulative) return as of 09/30/2007



		+10.60% Class A shares (without sales charge)

		+8.44% S&P 500 Index

		+2.72% Lehman Brothers Intermediate Government/Credit Bond Index


Net asset value per share

as of 09/30/07 ($)
Class A		11.40
Class B		11.40
Class C		11.40
Class Z		11.39

Distributions declared per share

04/01/07 – 09/30/07 ($)
Class A		0.12
Class B		0.08
Class C		0.08
Class Z		0.13

Summary

For the six-month period ended September 30, 2007, the portfolio’s Class A shares returned 10.60% without sales charge. This compares with an 8.44% return for the S&P 500 Index and a return of 2.72% for the Lehman Brothers Intermediate Government/Credit Bond Index.¹ The portfolio’s return was more than the 5.80% average return of funds in its peer group, the Morningstar Moderate Allocation Category.² The portfolio invests in shares of three Columbia funds, dividing its assets approximately equally among Columbia Strategic Investor Fund, Columbia Marsico 21st Century Fund and Columbia Strategic Income Fund. In the equity portion of the portfolio, stock selection contributed the most to return. In the fixed-income portion of the portfolio, the position in high-yield bonds was disappointing.

The portfolio’s equity investments, Columbia Marsico 21st Century Fund and Columbia Strategic Investor Fund, outperformed their benchmarks. For Columbia Marsico 21st Century Fund, stocks in the consumer discretionary, energy and technology sectors aided results. Columbia Strategic Investor Fund benefited from stocks in the information technology and energy sectors. While Columbia Strategic Income Fund posted a positive return and beat its benchmark, its performance was held back by investments in high-yield bonds. During the period, the high-yield area of the fixed-income market suffered, as concerns about subprime mortgage lending, a slowdown in the housing market and a credit crunch came to light.

Despite weakness in the US credit markets and lackluster job growth, particularly in the manufacturing sector, the US economy continues to exhibit signs of slow but sustained growth. The housing sector remains mired in a steep downturn. Yet, vehicle sales have been solid, shoring up consumer spending. A weak dollar is likely to help improve both the trade balance and the manufacturing sector. When markets are volatile and the economy’s prospects are uncertain, we believe that patience is a prudent course. An investment in a diversified portfolio of stocks and bonds may help you achieve your goals over the long term.

Portfolio Management

Vikram Kuriyan has managed the portfolio since February 2006 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The outlook for this portfolio may differ from that presented for other Columbia Funds.

The S&P 500 Index tracks the performance of 500 widely held, large capitalization US stocks. The Lehman Brothers Intermediate Government/Credit Bond Index tracks the performance of intermediate term US government and corporate bonds. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

Fund Profile (continued) – Columbia Masters Heritage Portfolio

Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.

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

Value stocks may also be subject to specific business risks that have caused the stocks to be out of favor.

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

Performance Information – Columbia Masters Heritage Portfolio


Annual operating expense ratio (%)*

Class A		1.63
Class B		2.38
Class C		2.38
Class Z		1.38

Annual operating expense ratio after contractual waivers (%)*

Class A		1.15
Class B		1.90
Class C		1.90
Class Z		0.90


Performance of a $10,000 investment 02/15/06 – 09/30/07 ($)

Sales charge	without	with
Class A	12,271	11,565
Class B	12,124	11,724
Class C	12,124	12,124
Class Z	12,310	n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Masters Heritage Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of portfolio shares.


Average annual total return as of 09/30/07 (%)

Share class	A		B		C		Z
Inception	02/15/06		02/15/06		02/15/06		02/15/06
Sales charge	without	with	without	with	without	with	without
6-month (cumulative)	10.60	4.20	10.19	5.19	10.19	9.19	10.74
1-year	19.60	12.68	18.72	13.72	18.72	17.72	19.91
Life	13.42	9.36	12.59	10.29	12.59	12.59	13.65

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

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no Rule 12b-1 fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Understanding Your Expenses – Columbia Masters Heritage Portfolio

Estimating your actual expenses

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

For shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

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

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

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

Analyzing your portfolio’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “actual” column is calculated using the portfolio’s actual operating expenses and total return for the period. The amount listed in the “hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio’s actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.


04/01/07 – 09/30/07

	Account value at the beginning of the period		Account value at the end of the period ($)		Expenses paid during the period ($)		Portfolio’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,053.00	1,023.75	1.28	1.26	0.25
Class B	1,000.00	1,000.00	1,050.95	1,020.00	5.13	5.05	1.00
Class C	1,000.00	1,000.00	1,050.95	1,020.00	5.13	5.05	1.00
Class Z	1,000.00	1,000.00	1,053.70	1,025.00	—	—	—

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the portfolio’s most recent fiscal half-year and divided by 366.

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

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

*	Columbia Masters Heritage Portfolio’s expense ratios do not include fees and expenses incurred by the underlying funds.

Financial Statements – Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited)


		A guide to understanding your portfolio’s financial statements

Investment Portfolio		The investment portfolio details all of the portfolio’s holdings and their values as of the last day of the reporting period. Portfolio holdings are organized by type of asset, industry, country or geographic region (if applicable) to demonstrate areas of concentration and diversification.

Statement of Assets and Liabilities		This statement details the portfolio’s assets, liabilities, net assets and share price for each share class as of the last day of the reporting period. Net assets are calculated by subtracting all the portfolio’s liabilities (including any unpaid expenses) from the total of the portfolio’s investment and non-investment assets. The share price for each class is calculated by dividing net assets for that class by the number of shares outstanding in that class as of the last day of the reporting period.

Statement of Operations		This statement details income earned by the portfolio and the expenses accrued by the portfolio during the reporting period. This statement also shows any net gain or loss the portfolio realized on the sales of its holdings during the period, as well as any unrealized gains or losses recognized over the period. The total of these results represents the portfolio’s net increase or decrease in net assets from operations.

Statement of Changes in Net Assets		This statement demonstrates how the portfolio’s net assets were affected by its operating results, distributions to shareholders and shareholder transactions (e.g., subscriptions, redemptions and dividend reinvestments) during the reporting period. This statement also details changes in the number of shares outstanding.

Financial Highlights		The financial highlights demonstrate how the portfolio’s net asset value per share was affected by the portfolio’s operating results. The financial highlights table also discloses performance for each class of shares and certain key ratios (e.g., class expenses and net investment income as a percentage of average net assets).

Notes to Financial Statements		These notes disclose the organizational background of the portfolio, its significant accounting policies (including those surrounding security valuation, income recognition and distributions to shareholders), federal tax information, fees and compensation paid to affiliates and significant risks and contingencies.

Investment Portfolio – Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited)


		Shares	Value ($)
Investment Companies (a) – 99.8%
	Columbia Marsico 21st Century Fund, Class Z	2,259,534	37,892,380
	Columbia Strategic Income Fund, Class Z	6,172,986	36,605,807
	Columbia Strategic Investor Fund, Class Z	1,643,237	37,564,399

	Total Investment Companies (Cost of $100,599,135)		112,062,586


	Total Investments – 99.8% (Cost of $100,599,135) (b)		112,062,586


	Other Assets & Liabilities, Net – 0.2%		241,284


	Net Assets – 100.0%		112,303,870

Notes to Investment Portfolio:

(a)

Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC or its affiliates.

(b)

Cost for federal income tax purposes is $100,599,135.

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited)


		($)
Assets	Affiliated investments, at cost		100,599,135

	Affiliated investments, at value		112,062,586
	Receivable for portfolio shares sold		529,133
	Expense reimbursement due from Investment Advisor		21,605

	Total Assets		112,613,324

Liabilities	Payable for:
	Investments purchased		71,807
	Portfolio shares repurchased		84,624
	Transfer agent fee		7,272
	Pricing and bookkeeping fees		2,866
	Trustees’ fees		22,502
	Distribution and service fees		48,100
	Custody fee		66
	Legal fee		45,003
	Chief compliance officer expenses		145
	Other liabilities		27,069

	Total Liabilities		309,454


	Net Assets		112,303,870

Net Assets Consist of	Paid-in capital		100,579,277
	Overdistributed net investment income		(6,428	)
	Accumulated net realized gain		267,570
	Net unrealized appreciation on investments		11,463,451

	Net Assets		112,303,870

Class A	Net assets	$	64,961,098
	Shares outstanding		5,696,504
	Net asset value per share	$	11.40	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($11.40/0.9425)	$	12.10	(b)

Class B
	Net assets	$	23,510,799
	Shares outstanding		2,061,705
	Net asset value and offering price per share	$	11.40	(a)

Class C
	Net assets	$	21,879,290
	Shares outstanding		1,918,491
	Net asset value and offering price per share	$	11.40	(a)

Class Z
	Net assets	$	1,952,683
	Shares outstanding		171,406
	Net asset value, offering and redemption price per share	$	11.39

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

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

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Masters Heritage Portfolio

For the Six Months Ended September 30, 2007 (Unaudited)


		($)
Investment Income	Dividends from affiliates	1,254,314


Expenses	Distribution fee:
	Class B	80,189
	Class C	73,562
	Service fee:
	Class A	75,143
	Class B	26,730
	Class C	24,521
	Transfer agent fee	44,487
	Pricing and bookkeeping fees	16,137
	Trustees’ fees	9,552
	Custody fee	2,522
	Registration fees	28,296
	Legal fees	30,543
	Chief compliance officer expenses	289
	Other expenses	27,774

	Total Expenses	439,745
	Fees and expenses waived/reimbursed by Investment Advisor	(159,482	)
	Expense reductions	(122	)

	Net Expenses	280,141


	Net Investment Income	974,173

Net Realized and Unrealized Gain on Investments and Capital Gains Distributions Received	Capital gains distributions received	281,214
	Net realized gain on affiliated investments	18,676
	Net change in unrealized appreciation on investments	8,979,358

	Net Gain	9,279,248


	Net Increase Resulting from Operations	10,253,421

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Masters Heritage Portfolio


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)		Year Ended March 31, 2007 ($)
Operations	Net investment income	974,173		1,808,581
	Net realized gain on investments and capital gains distributions received	299,890		2,786,586
	Net change in unrealized appreciation on investments	8,979,358		2,294,934

	Net Increase Resulting from Operations	10,253,421		6,890,101

Distributions to Shareholders	From net investment income:
Distributions to Shareholders	Class A	(678,024	)	(1,172,078	)
	Class B	(159,722	)	(312,065	)
	Class C	(147,520	)	(258,345	)
	Class Z	(24,961	)	(61,152	)
	From net realized gains:
	Class A	—		(1,617,269	)
	Class B	—		(604,992	)
	Class C	—		(525,875	)
	Class Z	—		(74,077	)

	Total Distributions to Shareholders	(1,010,227	)	(4,625,853	)

Share Transactions	Class A:
	Subscriptions	11,937,832		43,234,531
	Distributions reinvested	639,744		2,654,735
	Redemptions	(6,690,713	)	(6,593,832	)

	Net Increase	5,886,863		39,295,434

	Class B:
	Subscriptions	3,028,547		14,574,850
	Distributions reinvested	154,207		883,679
	Redemptions	(986,477	)	(1,279,492	)

	Net Increase	2,196,277		14,179,037

	Class C:
	Subscriptions	4,180,613		14,855,976
	Distributions reinvested	132,331		717,982
	Redemptions	(1,920,290	)	(1,202,118	)

	Net Increase	2,392,654		14,371,840

	Class Z:
	Subscriptions	377,893		2,518,240
	Distributions reinvested	24,220		131,134
	Redemptions	(481,636	)	(976,302	)

	Net Increase (Decrease)	(79,523	)	1,673,072
	Net Increase from Share Transactions	10,396,271		69,519,383


	Total Increase in Net Assets	19,639,465		71,783,631

Net Assets	Beginning of period	92,664,405		20,880,774
	End of period	112,303,870		92,664,405
	Undistributed (Overdistributed) net investment income at end of period	(6,428	)	29,626

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Masters Heritage Portfolio


		(Unaudited) Six Months Ended September 30, 2007		Year Ended March 31, 2007
Changes in Shares	Class A:
	Subscriptions	1,098,674		4,245,245
	Issued for distributions reinvested	57,446		258,220
	Redemptions	(613,470	)	(638,315	)

	Net Increase	542,650		3,865,150

	Class B:
	Subscriptions	278,626		1,437,199
	Issued for distributions reinvested	13,861		85,881
	Redemptions	(90,973	)	(124,077	)

	Net Increase	201,514		1,399,003

	Class C:
	Subscriptions	383,723		1,456,573
	Issued for distributions reinvested	11,895		69,728
	Redemptions	(176,699	)	(116,950	)

	Net Increase	218,919		1,409,351

	Class Z:
	Subscriptions	34,530		249,445
	Issued for distributions reinvested	2,180		12,788
	Redemptions	(43,097	)	(93,427	)

	Net Increase (Decrease)	(6,387	)	168,806

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Heritage Portfolio

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


Class A Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	10.42		$	10.19		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.12			0.31			0.03
Net realized and unrealized gain on investments and capital gains distributions received		0.98			0.56			0.17

Total from Investment Operations		1.10			0.87			0.20

Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.28	)		(0.01	)
From net realized gains		—			(0.36	)		—

Total Distributions to Shareholders		(0.12	)		(0.64	)		(0.01	)

Net Asset Value, End of Period	$	11.40		$	10.42		$	10.19
Total return (d)(e)		10.60	%(f)		8.77	%		2.01	%(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)(h)		0.25	%(i)		0.25	%		0.25	%(i)
Waiver/Reimbursement		0.31	%(i)		0.48	%		6.51	%(i)
Net investment income (c)(h)		2.18	%(i)		2.98	%		2.04	%(i)
Portfolio turnover rate		4	%(f)		2	%		—
Net assets, end of period (000’s)	$	64,961		$	53,710		$	13,131

(a)	Class A shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

(f)	Not annualized.

(g)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(i)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Heritage Portfolio

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


Class B Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	10.42		$	10.19		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.08			0.23			0.01
Net realized and unrealized gain on investments and capital gains distributions received		0.98			0.57			0.18

Total from Investment Operations		1.06			0.80			0.19

Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.21	)		—	(d)
From net realized gains		—			(0.36	)		—

Total Distributions to Shareholders		(0.08	)		(0.57	)		—	(d)

Net Asset Value, End of Period	$	11.40		$	10.42		$	10.19
Total return (e)(f)		10.19	%(g)		7.96	%		1.91	%(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.31	%(j)		0.48	%		6.51	%(j)
Net investment income (c)(i)		1.43	%(j)		2.24	%		0.90	%(j)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	23,511		$	19,388		$	4,700

(a)	Class B shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Heritage Portfolio

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


Class C Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	10.42		$	10.19		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.08			0.23			0.01
Net realized and unrealized gain on investments and capital gains distributions received		0.98			0.57			0.18

Total from Investment Operations		1.06			0.80			0.19

Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.21	)		—	(d)
From net realized gains		—			(0.36	)		—

Total Distributions to Shareholders		(0.08	)		(0.57	)		—	(d)

Net Asset Value, End of Period	$	11.40		$	10.42		$	10.19
Total return (e)(f)		10.19	%(g)		7.96	%		1.91	%(g)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.31	%(j)		0.48	%		6.51	%(j)
Net investment income (c)(i)		1.43	%(j)		2.23	%		0.80	%(j)
Portfolio turnover rate		4	%(g)		2	%		—
Net assets, end of period (000’s)	$	21,879		$	17,715		$	2,958

(a)	Class C shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters Heritage Portfolio

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


Class Z Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	10.41		$	10.18		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.13			0.35			0.02
Net realized and unrealized gain on investments and capital gains distributions received		0.98			0.55			0.17

Total from Investment Operations		1.11			0.90			0.19

Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.31	)		(0.01	)
From net realized gains		—			(0.36	)		—

Total Distributions to Shareholders		(0.13	)		(0.67	)		(0.01	)

Net Asset Value, End of Period	$	11.39		$	10.41		$	10.18
Total return (d)(e)		10.74	%(f)		9.04	%		1.94	%(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)(h)		—			—			—
Waiver/Reimbursement		0.31	%(i)		0.48	%		6.51	%(i)
Net investment income (c)(h)		2.42	%(i)		3.45	%		1.48	%(i)
Portfolio turnover rate		4	%(f)		2	%		—
Net assets, end of period (000’s)	$	1,953		$	1,851		$	92

(a)	Class Z shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

(f)	Not annualized.

(g)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(i)	Annualized.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Masters Heritage Portfolio (the “Portfolio”), a series of Columbia Funds Series Trust (the “Trust”), is a diversified portfolio. The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

Investment Goal

The Portfolio seeks capital appreciation. The Portfolio generally invests in Class Z shares of Columbia Strategic Investor Fund, Columbia Marsico 21^st Century Fund and Columbia Strategic Income Fund (the “Underlying Funds”). The Underlying Funds are advised by Columbia Management Advisors, LLC (“Columbia”) or its affiliates.

The financial statements of the Underlying Funds in which the Portfolio invests should be read in conjunction with the Portfolio’s financial statements and are available at www.columbiafunds.com.

Portfolio Shares

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Portfolio’s prospectus.

Note 2. Significant Accounting Policies

Security Valuation

Security Transactions

Income Recognition

Distributions from the Underlying Funds are recorded on the ex-dividend date.

Distributions to Shareholders

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

Federal Income Tax Status

Indemnification

Determination of Class Net Asset Value

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:


	March 31, 2007
Distributions paid from:
Ordinary Income*	$	1,808,739
Long-Term Capital Gains		2,817,114

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes was:



Unrealized appreciation	$	11,499,077
Unrealized depreciation		(35,626	)
Net unrealized appreciation	$	11,463,451

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109 (“FIN 48”) effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Portfolio. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Portfolio’s financial statements. However, management’s conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Administration Fee

Columbia provides administrative and other services to the Portfolio. Under the Administration Agreement, Columbia does not receive any compensation for its services from the Portfolio.

Pricing and Bookkeeping Fees

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

Transfer Agent Fee

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the “Distributor”), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Portfolios’ shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts of $49,613 on sales of the Portfolio’s Class A shares and received net CDSC fees of $21,348 and $7,615 on Class B and Class C share redemptions, respectively.

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

attributable to Class A, Class B and Class C shares. Payments for the distribution plans are made at an annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares. Payments under the plans are charged as expenses directly to the applicable share class.

Fees Paid to Officers and Trustees

The Portfolio’s Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Portfolio’s assets.

Expense Limits and Fee Waivers

Custody Credits

Note 5. Portfolio Information

For the six months ended September 30, 2007, the cost of purchases and proceeds from sales of securities were $14,135,686 and $3,812,263, respectively.

Note 6. Line of Credit

Note 7. Significant Risks and Contingencies

Risk Factors of the Portfolios and the Underlying Funds

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

and Exchange Commission. In such cases, the Portfolio may hold securities distributed by an Underlying Fund and incur custody and other costs until Columbia determines that it is appropriate to dispose of such securities.

From time to time, one or more of the Underlying Funds in which a Portfolio invests may experience relatively large investments or redemptions due to reallocations or rebalancing by the Portfolio as recommended by Columbia. In such event, the Underlying Funds that experience redemptions as a result of the reallocations or rebalancing may have to sell portfolio securities, and the Underlying Funds that receive additional cash will have to invest such cash. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on the Portfolio’s management to the extent that the Underlying Funds may be required to sell securities or invest cash at times when they would not otherwise have to do so.

Investing in the Underlying Funds also presents certain risks. Each of the Underlying Funds may invest in certain specified derivative securities, including but not limited to: interest rate and equity swaps, caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain Underlying Funds may invest in restricted securities; instruments issued by trusts, partnerships or other issuers, including pass-through certificates representing participations in, or debt instruments backed by, the securities owned by such issuers. These Underlying Funds may also engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain Underlying Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts and various other investment vehicles, each with inherent risks.

Legal Proceedings

Columbia Masters Heritage Portfolio did not commence operations until after the events that resulted in the regulatory proceedings and litigation described below.

Under the terms of the SEC Order, BACAP, BACAP Distributors, and their affiliate, Banc of America Securities, LLC (“BAS”) agreed, among other things, (1) to pay $250 million in disgorgement and $125 million in civil money penalties; (2) to cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; (3) to undertake various remedial measures to ensure compliance with the federal securities laws related to certain mutual fund trading practices; and (4) to retain an independent consultant to review their applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement also requires, among other things, BACAP and BACAP Distributors, along with Columbia Management Advisors, Inc. and Columbia Funds Distributors, Inc., the investment advisor to and distributor of the Columbia Funds, respectively, to reduce the management fees of Columbia Funds, including the Nations Funds that are now known as Columbia Funds, and other mutual funds, collectively by $32 million per year for five years, for a projected total of $160 million in management fee reductions.

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

Consistent with the terms of the settlements, the Boards of the Nations Funds now known as Columbia Funds have an independent Chairman, are comprised of at least 75% independent trustees and have engaged an independent consultant with a wide range of compliance and oversight responsibilities.

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively “BAC”), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the “MDL”). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action — Mehta v AIG Sun America Life Assurance Company — involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Separately, a putative class action (Reinke v. Bank of America, N.A., et al.) was filed against Nations Funds Trust (now known as Columbia Funds Series Trust) and others on December 16, 2004, in the United States District Court for the Eastern District of Missouri relating to the conversion of common trust funds and the investment of assets held in fiduciary accounts in the Funds. The Court granted Nations Funds Trust’s motion to dismiss this action on December 16, 2005. No appeal was filed. On December 28, 2005, the same plaintiff’s attorneys filed another putative class action asserting the same claims (Siepel v. Bank of America, N.A., et al.) against Columbia Funds Series Trust (as successor to Nations Funds Trust) and others in the United States District Court for the Eastern District of Missouri. The Court granted Columbia Funds Series Trust’s motion to dismiss this action on December 27, 2006. The plaintiffs have appealed the decision dismissing this action to the United States Court of Appeals for the Eighth Circuit. That appeal is pending. On February 22, 2006, another putative class action asserting the same claims (Luleff v. Bank of America, N.A. et al.) was filed in the United States District Court for the Southern District of

Columbia Masters Heritage Portfolio

September 30, 2007 (Unaudited) (continued)

New York against Columbia Funds Series Trust, William Carmichael and others. The plaintiffs voluntarily dismissed this case against Columbia Funds Series Trust and William Carmichael on October 25, 2006. Bank of America, N.A. and Bank of America Corporation are still defendants in the case, pending a ruling on their motion to dismiss.

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Important Information About This Report

Columbia Masters Heritage Portfolio

Transfer Agent

Columbia Management Services, Inc.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC

100 Federal Street

Boston, MA 02110

Columbia Masters Heritage Portfolio

Semiannual Report – September 30, 2007

LOGO

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136213-0907 (11/07) 07/45939

LOGO

Columbia Masters International Equity Portfolio

Semiannual Report – September 30, 2007


NOT FDIC INSURED		May Lose Value
NOT BANK ISSUED		No Bank Guarantee

Table of Contents



Fund Profile		1

Performance Information		3

Understanding Your Expenses		4

Investment Portfolio		5

Statement of Assets and Liabilities		6

Statement of Operations		7

Statement of Changes in Net Assets		8

Financial Highlights		10

Notes to Financial Statements		15

Important Information About This Report		25

President’s Message – Columbia Masters International Equity Portfolio

Dear Shareholder:

We know that for many investors the information contained in shareholder reports can seem very technical, so we would like to take this opportunity to walk you through some of the sections in the beginning of your shareholder report, explain their purpose and point out some of the highlights we think you’ll find useful. In future reports, we will discuss how to use the financial statements in your shareholder reports.

Performance Information

One of the first sections in your shareholder report is the Performance Information section, which contains several tables that illustrate how your fund has performed over time. These tables can be very useful for evaluating how your fund has performed versus its benchmark, though it’s important to remember that past performance is not an indicator of future results.

Understanding Your Expenses

Portfolio Manager’s Report

The portfolio manager will also discuss market conditions that impacted the fund, as well as the investment strategy during the period. Please note: In semiannual reports, the portfolio manager’s comments are included in the Fund Profile section.

Other Information

Shareholder reports can be delivered to you electronically through our eDelivery service. Using eDelivery can help your fund save money while at the same time preserve precious natural resources. For even more information about your fund, visit our Web site at www.columbiafunds.com. There you will find prospectuses, shareholder reports and fund fact sheets for all of the funds in the Columbia Funds family.

We hope this guide to your shareholder report will help you get the most out of this important resource. Thank you for your business, and for your continued confidence in Columbia Funds.

Sincerely,

LOGO

Christopher L. Wilson

President, Columbia Funds

Fund Profile – Columbia Masters International Equity Portfolio

Summary

6-month (cumulative) return as of 09/30/07

+12.61%

Class A shares

(without sales charge)

+8.72%

MSCI EAFE Index


Net asset value per share

as of 09/30/07 ($)
Class A		13.00
Class B		12.92
Class C		12.91
Class R		12.97
Class Z		13.03

Distributions declared per share

04/01/07 – 09/30/07 ($)
Class A		0.15
Class B		0.15
Class C		0.15
Class R		0.15
Class Z		0.15

Summary

For the six-month period ended September 30, 2007, the portfolio’s Class A shares returned 12.61% without sales charge. The portfolio outperformed the MSCI EAFE Index, which returned 8.72%.¹ The average return of its peer group, the Morningstar Foreign Large Blend Category, was 10.46%.² The portfolio invests in shares of two Columbia funds, generally dividing its assets as follows: Columbia Multi-Advisor International Equity Fund—80%; and Columbia Acorn International—20%. Stock selection in several sectors was a key contributor to performance.

Columbia Multi-Advisor International Equity Fund and Columbia Acorn International produced solid results for the period, outperforming the benchmark, the MSCI EAFE Index. The return for Columbia Multi-Advisor International Equity Fund was aided by stocks in the energy and telecommunications sectors, and a lower-than-index weight in the financials sector. An underweight in financials also benefited Columbia Acorn International, as did investments in the energy and industrials sectors. Holdings in health care detracted slightly from performance.

Portfolio Management

Vikram Kuriyan has managed the portfolio since February 2006 and has been with the advisor or its predecessors or affiliate organizations since 2000.

The outlook for this portfolio may differ from that presented for other Columbia Funds.

Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.

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

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance excluding the US and Canada. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index.

Fund Profile (continued) – Columbia Masters International Equity Portfolio

Value stocks may also be subject to specific business risks that have caused the stocks to be out of favor.

Performance Information – Columbia Masters International Equity Portfolio


Performance of a $10,000 investment 02/15/06 – 09/30/07 ($)

Sales charge	without	with
Class A	13,563	12,783
Class B	13,412	13,012
Class C	13,402	13,402
Class R	13,509	n/a
Class Z	13,617	n/a

The table above shows the growth in value of a hypothetical $10,000 investment in each share class of Columbia Masters International Equity Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of portfolio shares.


Average annual total return as of 09/30/07 (%)

Share class	A		B		C		R	Z
Inception	02/15/06		02/15/06		02/15/06		02/15/06	02/15/06
Sales charge	without	with	without	with	without	with	without	without
6-month (cumulative)	12.61	6.16	12.21	7.21	12.12	11.12	12.45	12.77
1-year	28.07	20.66	27.13	22.13	27.15	26.15	27.81	28.46
Life	20.63	16.31	19.80	17.59	19.75	19.75	20.34	20.93


Annual operating expense ratio (%)*

Class A		1.74
Class B		2.49
Class C		2.49
Class R		1.99
Class Z		1.49

Annual operating expense ratio after contractual waivers (%)*

Class A		1.15
Class B		1.90
Class C		1.90
Class R		1.40
Class Z		0.90

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

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value (“NAV”) with no Rule 12b-1 fees. Class R shares are sold at NAV with Rule 12b-1 fees. Class R and Z shares have limited eligibility and the investment minimum requirements may vary. Please see the portfolio’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

Understanding Your Expenses – Columbia Masters International Equity Portfolio

Estimating your actual expenses

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

For shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

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

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

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

Analyzing your portfolio’s expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “actual” column is calculated using the portfolio’s actual operating expenses and total return for the period. The amount listed in the “hypothetical” column for each share class assumes that the return each year is 5% before expenses and is calculated based on the portfolio’s actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this reporting period.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.


04/01/07 – 09/30/07

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Portfolio’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,063.05	1,023.75	1.29	1.26	0.25
Class B	1,000.00	1,000.00	1,061.05	1,020.00	5.15	5.05	1.00
Class C	1,000.00	1,000.00	1,060.60	1,020.00	5.15	5.05	1.00
Class R	1,000.00	1,000.00	1,062.25	1,022.50	2.58	2.53	0.50
Class Z	1,000.00	1,000.00	1,063.85	1,025.00	–	–	–

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the portfolio’s most recent fiscal half-year and divided by 366.

Had the investment advisor and/or any of its affiliates not waived or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

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

*	Columbia Masters International Equity Portfolio’s expense ratios do not include fees and expenses incurred by the underlying funds.

Investment Portfolio – Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)


Investment Companies (a) – 100.0%		Shares	Value ($)
	Columbia Acorn International, Class Z	906,401	43,380,344
	Columbia Multi-Advisor International Equity Fund, Class Z	8,905,321	171,872,693

	Total Investment Companies (cost of $192,919,686)		215,253,037


	Total Investments – 100.0% (cost of $192,919,686) (b)		215,253,037


	Other Assets & Liabilities, Net – 0.0%		(23,510	)


	Net Assets – 100.0%		215,229,527

Notes to Investment Portfolio:

(a)

Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC or its affiliates.

(b)

Cost for federal income tax purposes is $192,919,686.

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)


		($)
Assets	Affiliated investments, at cost	192,919,686

	Affiliated investments, at value	215,253,037
	Receivable for portfolio shares sold	785,670
	Expense reimbursement due from Investment Advisor	40,053

	Total Assets	216,078,760

Liabilities	Payable for:
	Investments purchased	475,191
	Portfolio shares repurchased	216,289
	Transfer agent fee	11,261
	Pricing and bookkeeping fees	3,212
	Trustees’ fees	22,502
	Custody fee	437
	Legal fee	41,775
	Distribution and service fees	48,570
	Chief compliance officer expenses	149
	Other liabilities	29,847

	Total Liabilities	849,233


	Net Assets	215,229,527

Net Assets Consist of	Paid-in capital	188,348,525
	Undistributed net investment income	1,112,441
	Accumulated net realized gain	3,435,210
	Net unrealized appreciation on investments	22,333,351

	Net Assets	215,229,527

Class A	Net assets	109,771,095
	Shares outstanding	8,446,443
	Net asset value per share	13.00	(a)
	Maximum sales charge	5.75	%
	Maximum offering price per share ($13.00/0.9425)	13.79	(b)

Class B	Net assets	8,084,604
	Shares outstanding	625,717
	Net asset value and offering price per share	12.92	(a)

Class C	Net assets	28,609,319
	Shares outstanding	2,215,830
	Net asset value and offering price per share	12.91	(a)

Class R	Net assets	42,844
	Shares outstanding	3,304
	Net asset value and offering price per share	12.97	(c)

Class Z	Net assets	68,721,665
	Shares outstanding	5,275,624
	Net asset value and offering price per share	13.03	(c)

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

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

(c)	Redemption price per share is equal to net asset value less any applicable redemption fees.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Masters International Equity Portfolio

For the Six Months Ended September 30, 2007 (Unaudited)


		($)
Investment Income	Dividends from affiliates	1,385,482


Expenses	Distribution fee:
	Class B	26,318
	Class C	92,345
	Class R	51
	Service fee:
	Class A	114,773
	Class B	8,773
	Class C	30,782
	Transfer agent fee	46,767
	Pricing and bookkeeping fees	16,481
	Trustees’ fees	9,552
	Custody fee	2,671
	Registration fee	45,841
	Chief compliance officer expenses	300
	Other expenses	60,540

	Total Expenses	455,194

	Fees and expenses waived or reimbursed by Investment Advisor	(181,943	)
	Expense reductions	(210	)

	Net Expenses	273,041


	Net Investment Income	1,112,441

Net Realized and Unrealized Gain (Loss) on Investments and Capital Gains Distributions Received	Capital gains distributions received	3,519,917
	Net realized loss on affiliated investments	(29,182	)
	Net change in unrealized appreciation on investments	16,036,321

	Net Gain	19,527,056


	Net Increase Resulting from Operations	20,639,497

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Masters International Equity Portfolio


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)		Year Ended March 31, 2007 ($)
Operations	Net investment income	1,112,441		1,772,913
	Net realized gain on investments and capital gains distributions received	3,490,735		2,711,224
	Net change in unrealized appreciation on investments	16,036,321		6,140,444

	Net Increase Resulting from Operations	20,639,497		10,624,581

Distributions to Shareholders	From net investment income:
Distributions to Shareholders	Class A	—		(1,166,264	)
	Class B	—		(92,690	)
	Class C	—		(294,783	)
	Class R	—		(251	)
	Class Z	—		(277,927	)
	From net realized gains:
	Class A	(1,153,871	)	(319,620	)
	Class B	(88,553	)	(32,534	)
	Class C	(309,876	)	(103,467	)
	Class R	(159	)	(74	)
	Class Z	(640,355	)	(70,915	)

	Total Distributions to Shareholders	(2,192,814	)	(2,358,525	)

Share Transactions	Class A:
	Subscriptions	32,367,551		67,832,917
	Distributions reinvested	1,049,931		1,323,559
	Redemptions	(8,715,926	)	(4,935,256	)

	Net Increase	24,701,556		64,221,220

	Class B:
	Subscriptions	1,768,804		4,394,911
	Distributions reinvested	73,741		99,819
	Redemptions	(445,466	)	(275,768	)

	Net Increase	1,397,079		4,218,962

	Class C:
	Subscriptions	6,728,591		17,020,491
	Distributions reinvested	181,871		239,672
	Redemptions	(2,014,552	)	(876,168	)

	Net Increase	4,895,910		16,383,995

	Class R:
	Subscriptions	27,613		—
	Distributions reinvested	159		325
	Redemptions	(5	)	—

	Net Increase	27,767		325

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Masters International Equity Portfolio

(continued)


Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2007 ($)		Year Ended March 31, 2007 ($)
	Class Z:
	Subscriptions	34,913,148		30,223,080
	Distributions reinvested	65,507		90,624
	Redemptions	(2,731,122	)	(403,274	)

	Net Increase	32,247,533		29,910,430
	Net Increase from Share Transactions	63,269,845		114,734,932
	Redemption fees	12,740		11,782


	Total Increase in Net Assets	81,729,268		123,012,770

Net Assets	Beginning of period	133,500,259		10,487,489
	End of period	215,229,527		133,500,259
	Undistributed net investment income at end of period	1,112,441		—


Changes in Shares	Class A:
	Subscriptions	2,632,722		6,205,314
	Issued for distributions reinvested	85,709		116,204
	Redemptions	(713,308	)	(450,076	)

	Net Increase	2,005,123		5,871,442

	Class B:
	Subscriptions	145,425		413,232
	Issued for distributions reinvested	6,044		8,771
	Redemptions	(36,742	)	(25,663	)

	Net Increase	114,727		396,340

	Class C:
	Subscriptions	548,241		1,573,388
	Issued for distributions reinvested	14,920		21,061
	Redemptions	(166,996	)	(80,995	)

	Net Increase	396,165		1,513,454

	Class R:
	Subscriptions	2,263		—
	Issued for distributions reinvested	12		29
	Redemptions	—	(a)	—

	Net Increase	2,275		29

	Class Z:
	Subscriptions	2,840,862		2,649,249
	Issued for distributions reinvested	5,339		7,956
	Redemptions	(222,622	)	(35,945	)

	Net Increase	2,623,579		2,621,260

(a)	Rounds to less than 1 share.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters International Equity Portfolio

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


Class A Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.69		$	10.26		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.08			0.36			—	(d)
Net realized and unrealized gain on investments and capital gains distributions received		1.38			1.42			0.26

Total from Investment Operations		1.46			1.78			0.26

Less Distributions to Shareholders:
From net investment income		—			(0.28	)		—
From net realized gains		(0.15	)		(0.07	)		—

Total Distributions to Shareholders		(0.15	)		(0.35	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	13.00		$	11.69		$	10.26
Total return (e)(f)		12.61	%(g)		17.39	%		2.60	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		0.25	%(j)		0.25	%		0.25	%(j)
Waiver/Reimbursement		0.21	%(j)		0.59	%		13.23	%(j)
Net investment income (loss) (c)(i)		1.34	%(j)		3.25	%		(0.25	)%(j)
Portfolio turnover rate		1	%(g)		1	%		—
Net assets, end of period (000’s)	$	109,771		$	75,289		$	5,846

(a)	Class A shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters International Equity Portfolio

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


Class B Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.66		$	10.26		$	10.00

Income from Investment Operations:
Net investment income (loss) (b)(c)		0.04			0.31			(0.01	)
Net realized and unrealized gain on investments and capital gains distributions received		1.37			1.38			0.27

Total from Investment Operations		1.41			1.69			0.26

Less Distributions to Shareholders:
From net investment income		—			(0.22	)		—
From net realized gains		(0.15	)		(0.07	)		—

Total Distributions to Shareholders		(0.15	)		(0.29	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.92		$	11.66		$	10.26
Total return (e)(f)		12.21	%(g)		16.50	%		2.60	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.21	%(j)		0.59	%		13.23	%(j)
Net investment income (loss) (c)(i)		0.60	%(j)		2.87	%		(1.00	)%(j)
Portfolio turnover rate		1	%(g)		1	%		—
Net assets, end of period (000’s)	$	8,085		$	5,960		$	1,176

(a)	Class B shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters International Equity Portfolio

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


Class C Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.66		$	10.25		$	10.00

Income from Investment Operations:
Net investment income (loss) (b)(c)		0.04			0.31			(0.01	)
Net realized and unrealized gain on investments and capital gains distributions received		1.36			1.39			0.26

Total from Investment Operations		1.40			1.70			0.25

Less Distributions to Shareholders:
From net investment income		—			(0.22	)		—
From net realized gains		(0.15	)		(0.07	)		—

Total Distributions to Shareholders		(0.15	)		(0.29	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.91		$	11.66		$	10.25
Total return (e)(f)		12.12	%(g)		16.61	%		2.50	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		1.00	%(j)		1.00	%		1.00	%(j)
Waiver/Reimbursement		0.21	%(j)		0.59	%		13.23	%(j)
Net investment income (loss) (c)(i)		0.60	%(j)		2.82	%		(1.00	)%(j)
Portfolio turnover rate		1	%(g)		1	%		—
Net assets, end of period (000’s)	$	28,609		$	21,210		$	3,140

(a)	Class C shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters International Equity Portfolio

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


Class R Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.68		$	10.26		$	10.00

Income from Investment Operations:
Net investment income (loss) (b)(c)		0.03			0.37			(0.01	)
Net realized and unrealized gain on investments and capital gains distributions received		1.41			1.38			0.27

Total from Investment Operations		1.44			1.75			0.26

Less Distributions to Shareholders:
From net investment income		—			(0.26	)		—
From net realized gains		(0.15	)		(0.07	)		—

Total Distributions to Shareholders		(0.15	)		(0.33	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	12.97		$	11.68		$	10.26
Total return (e)(f)		12.45	%(g)		17.09	%		2.60	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		0.50	%(j)		0.50	%		0.50	%(j)
Waiver/Reimbursement		0.21	%(j)		0.59	%		13.23	%(j)
Net investment income (loss) (c)(i)		0.51	%(j)		3.40	%		(0.50	)%(j)
Portfolio turnover rate		1	%(g)		1	%		—
Net assets, end of period (000’s)	$	43		$	12		$	10

(a)	Class R shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Masters International Equity Portfolio

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


Class Z Shares
	(Unaudited) Six Months Ended September 30, 2007			Year Ended March 31, 2007			Period Ended March 31, 2006 (a)
Net Asset Value, Beginning of Period	$	11.70		$	10.26		$	10.00

Income from Investment Operations:
Net investment income (b)(c)		0.10			0.33			—	(d)
Net realized and unrealized gain on investments and capital gains distributions received		1.38			1.48			0.26

Total from Investment Operations		1.48			1.81			0.26

Less Distributions to Shareholders:
From net investment income		—			(0.30	)		—
From net realized gains		(0.15	)		(0.07	)		—

Total Distributions to Shareholders		(0.15	)		(0.37	)		—

Redemption Fees:
Redemption fees added to paid-in-capital (b)(d)		—			—			—

Net Asset Value, End of Period	$	13.03		$	11.70		$	10.26
Total return (e)(f)		12.77	%(g)		17.69	%		2.60	%(g)

Ratios to Average Net Assets/Supplemental Data:
Expenses (h)(i)		—			—			—
Waiver/Reimbursement		0.21	%(j)		0.59	%		13.23	%(j)
Net investment income (c)(i)		1.57	%(j)		2.87	%		—	%(j)(k)
Portfolio turnover rate		1	%(g)		1	%		—
Net assets, end of period (000’s)	$	68,722		$	31,029		$	316

(a)	Class Z shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

(c)	Net investment income is affected by the timing of the declaration of dividends by the investment companies in which the portfolio invests.

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

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

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

(g)	Not annualized.

(h)	Does not include expenses of the investment companies in which the portfolio invests, if these expenses were included, the expense ratios would have been higher.

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

(j)	Annualized.

(k)	Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

Note 1. Organization

Columbia Masters International Equity Portfolio (the “Portfolio”), a series of Columbia Funds Series Trust (the “Trust”), is a diversified portfolio. The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

Investment Goal

The Portfolio seeks capital appreciation. The Portfolio generally invests in Class Z shares of Columbia Multi-Advisor International Equity Fund and Columbia Acorn International (the “Underlying Funds”). The Underlying Funds are advised by Columbia Management Advisors, LLC (“Columbia”) or its affiliates.

The financial statements of the Underlying Funds in which the Portfolio invests should be read in conjunction with the Portfolio’s financial statements and are available at www.columbiafunds.com.

Portfolio Shares

The Trust is authorized to issue an unlimited number of shares, and the Portfolio offers five classes of shares: Class A, Class B, Class C, Class R and Class Z shares. 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 amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within twelve months after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within twelve months after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Portfolio’s prospectus.

Note 2. Significant Accounting Policies

Security Valuation

Security Transactions

Income Recognition

Distributions from the Underlying Funds are recorded on the ex-dividend date.

Distributions to Shareholders

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

Federal Income Tax Status

Indemnification

Determination of Class Net Asset Value

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2007 was as follows:


	March 31, 2007
Distributions paid from:
Ordinary Income*	$	1,784,591
Long-Term Capital Gains		573,934

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

Unrealized appreciation and depreciation at September 30, 2007, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	22,333,351
Unrealized depreciation		—
Net unrealized appreciation	$	22,333,351

The Portfolio adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes- an Interpretation of FASB Statement No. 109 (“FIN 48”) effective September 28, 2007. FIN 48 requires management to determine whether a tax position of a Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Portfolio. As a result of this evaluation, management believes that FIN 48 does not have any effect on the Portfolio’s financial statements. However, management’s conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions).

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Administration Fee

Columbia provides administrative and other services to the Portfolio. Under the Administration Agreement, Columbia does not receive any compensation for its services from the Portfolio.

Pricing and Bookkeeping Fees

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

Transfer Agent Fee

Columbia Management Services, Inc. (the “Transfer Agent”), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, provides shareholder services to the Portfolio and has contracted with Boston Financial Data Services (“BFDS”) to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.00 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. 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 Portfolio. The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Portfolio and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Portfolio. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For six months ended September 30, 2007, the Portfolio’s annualized effective transfer agent fee rate, inclusive of

out-of-pocket expenses and sub-transfer agent fees, and net of minimum account balance fees and waivers, was 0.05% of the Portfolio’s average daily net assets.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the “Distributor”), an affiliate of Columbia and an indirect, wholly-owned subsidiary of BOA, serves as distributor of the Portfolios’ shares. For the six months ended September 30, 2007, the Distributor has retained net underwriting discounts of $40,084 on sales of the Portfolio’s Class A shares and received net CDSC fees of $6,912 and $4,734 on Class B and Class C share redemptions, respectively.

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of the Portfolio, a distribution plan for Class R shares of the Portfolio and a combined distribution and shareholder servicing plan for Class A shares of the Portfolio. The shareholder servicing plans permit the Portfolio to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Portfolio to compensate or reimburse the distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes’ shares. Payments for the shareholder servicing plans are made at an annual rate of 0.25% of the average daily net assets

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

attributable to Class A, Class B and Class C shares. Payments for the distribution plans are made at an annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares and at an annual rate of 0.50% of the average daily net assets attributable to Class R shares. Payments under the plans are charged as expenses directly to the applicable share class.

Fees Paid to Officers and Trustees

The Portfolio’s Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Portfolio’s assets.

Expense Limits and Fee Waivers

Custody Credits

Note 5. Portfolio Information

For the six months ended September 30, 2007, the cost of purchases and proceeds from sales of securities were $67,033,034 and $1,086,604, respectively.

Note 6. Redemption Fees

The Portfolio may impose a 2.00% redemption fee on the proceeds of Portfolio shares that are redeemed within 60 days of their purchase. The redemption fee is designed to offset brokerage commissions and other costs associated with short term trading of the Portfolio. The redemption fees, which are retained by the Portfolio, are accounted for as an addition to paid-in capital and are allocated to each class based on the net asset value of each class based on the relative net assets at the time of redemption. For the six months ended September 30, 2007, the redemption fees for the Class A, Class B, Class C, Class R and Class Z shares of the Portfolio amounted to $6,774, $535, $1,855, $1 and $3,575, respectively.

Note 7. Line of Credit

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

Note 8. Significant Risks and Contingencies

Risk Factors of the Portfolios and the Underlying Funds

From time to time, one or more of the Underlying Funds in which a Portfolio invests may experience relatively large investments or redemptions due to reallocations or rebalancing by the Portfolio as recommended by Columbia. In such event, the Underlying Funds that experience redemptions as a result of the reallocations or rebalancing may have to sell portfolio securities, and the Underlying Funds that receive additional cash will have to invest such cash. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on the Portfolio’s management to the extent that the Underlying Funds may be required to sell securities or invest cash at times when they would not otherwise have to do so.

These transactions could also have tax consequences if sales of securities resulted in gains and could also increase transaction costs. Columbia, representing the interests of the Underlying Funds, is committed to minimizing the impact of Portfolio transactions on the Underlying Funds to the extent it is consistent with pursuing the investment objectives of the Portfolio. Columbia may, nevertheless, face conflicts of interest in fulfilling its responsibilities to both the Portfolio and the Underlying Funds.

Investing in the Underlying Funds also presents certain risks. Each of the Underlying Funds may invest in certain specified derivative securities, including but not limited to: interest rate and equity swaps, caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain Underlying Funds may invest in restricted securities; instruments issued by trusts, partnerships or other issuers, including pass-through certificates representing participations in, or debt instruments backed by, the securities owned by such issuers. These Underlying Funds may also engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain Underlying Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts and various other investment vehicles, each with inherent risks.

Legal Proceedings

Columbia Masters International Equity Portfolio did not commence operations until after the events that resulted in the regulatory proceedings and litigation described below.

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including BACAP and BACAP Distributors (collectively “BAC”), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the “MDL”). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases.

Separately, a putative class action – Mehta v AIG Sun America Life Assurance Company – involving the pricing of mutual funds was filed in Illinois State Court, subsequently removed to federal court and then transferred to the United States District Court for the District of Maryland for coordinated or consolidated handling in the MDL. AIG SunAmerica Life Assurance Company has made demand upon Nations Separate Account Trust (as successor to Nations Annuity Trust and now known as Columbia Funds Variable Insurance Trust I) and BACAP (as successor to Banc of America Advisors, Inc. and now known as Columbia Management Advisors, LLC) for indemnification pursuant to the terms of a Fund Participation Agreement. On June 1, 2006, the court granted a motion to dismiss this case because it was preempted by the Securities Litigation Uniform Standards Act. That dismissal has been appealed to the United States Court of Appeals for the Fourth Circuit.

Columbia Masters International Equity Portfolio

September 30, 2007 (Unaudited)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Important Information About This Report

Columbia Masters International Equity Portfolio

Transfer Agent

Columbia Management Services, Inc.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC

100 Federal Street

Boston, MA 02110

Columbia Masters International Equity Portfolio

Semiannual Report – September 30, 2007

LOGO

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/136212-0907 (11/07) 07/45938

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, since those procedures were last disclosed in response to requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable at this time.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)							Columbia Funds Series Trust


By (Signature and Title)							/s/ Christopher L. Wilson
							Christopher L. Wilson, President


Date							November 26, 2007


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)							/s/ Christopher L. Wilson
							Christopher L. Wilson, President


Date							November 26, 2007


By (Signature and Title)							/s/ J. Kevin Connaughton
							J. Kevin Connaughton, Treasurer


Date							November 26, 2007