N-CSRS 1 a09-31803_11ncsrs.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

Date of reporting period:		September 30, 2009

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^®

Semiannual Report

September 30, 2009

Columbia Asset Allocation Fund II

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

Investment Portfolio					5

Statement of Assets and Liabilities					16

Statement of Operations					17

Statement of Changes in Net Assets					18

Financial Highlights					20

Notes to Financial Statements					24

Important Information About This Report					33

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

President's Message

Dear Shareholder:

We are pleased to provide this shareholder report detailing your fund's performance, portfolio holdings and financial statements. We hope this information is helpful in monitoring your investments as we work through these challenging economic times. We recognize that you have entrusted us with your money and want you to know that our professional investment teams work to interpret the latest economic and market trends with the goal of optimizing portfolio construction for our clients.

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. In the third quarter, the S&P 500 Index¹ was up 15.61%. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

Retirement income planning has become an increasingly significant focus in the lives of millions of Americans. Recent economic conditions make it even more important to manage short-term obligations such as mortgages, monthly bills and credit card debt while also taking the steps necessary to prepare for or maximize retirement benefits. Better nutrition and medical services can result in U.S. citizens living longer, healthier lives. This means the risk of outliving one's assets in retirement is very real without proper planning. Financial security and retirement planning is an ongoing process that requires active management of your savings, investments and risks. We encourage you to review your retirement plan regularly so you'll be better able to meet your retirement needs in the future.

We recognize that economic uncertainty creates great challenges for many investors. Our professional investment teams work diligently to help investors navigate through difficult markets. Thank you for your business and for the opportunity to work together towards your investment goals.

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 4 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Fund Profile – Columbia Asset Allocation Fund II

Summary

^g For the six-month period that ended September 30, 2009, the fund's Class A shares returned 25.22% without sales charge. The fund's benchmarks, the Russell 1000 Index and the Barclays Capital Aggregate Bond Index, returned 35.22% and 5.59%, respectively, for the period.¹ The average return of the fund's peer group, the Lipper Mixed-Asset Target Allocation Growth Funds Classification², was 28.84%. The fund's equity portfolio performed roughly in line with its Russell benchmark, while the fixed-income portfolio came out ahead of the Barclays benchmark. We believe that the fund's focus on quality may have hampered returns versus the peer group, as both lower-quality stocks and bonds led the rally.

^g Stocks rebounded sharply, buoyed by hopes that an economic recovery would be fueled by unprecedented fiscal and monetary stimulus. In this environment, financials, industrials and materials did particularly well. Among the top contributors to the fund's positive performance were Wells Fargo (0.8% of net assets), a diversified bank benefiting from the market turnaround, and, within materials, Ashland (0.4% of net assets), whose products include chemicals, plastics and Valvoline motor oil. In the industrials sector, R.R. Donnelley & Sons (0.4% of net assets), a full-service printing company, also rallied nicely, driven by expectations for a pick-up in advertising. Consumer discretionary stocks detracted from returns, largely because the fund did not own the lower-quality sector leaders. Disappointments included consumer discretionary Apollo Group (0.1% of net assets), a for-profit education company.

^g Bonds rallied, led by high-yield and investment grade corporate issues. The fixed income portfolio gained from having a larger stake than the Barclays index in sectors with a yield advantage over Treasuries. In the corporate sector, where we increased holdings, bonds from the insurance, real estate investment trust, natural gas, financials and banking segments produced especially strong returns. Exposure to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and collateralized mortgage obligations (CMOs) further aided returns. Being slightly more sensitive than the Barclays index to interest rate changes hampered relative performance as yields rose modestly higher.

^g In an environment of continued uncertainty about the economy, we plan to stay with our long-term strategies. We use a disciplined, quantitative approach to stock selection, seeking to identify opportunities on the basis of quality, valuation, growth potential and other factors. On the fixed-income side, we expect to preserve the fund's bias toward sectors with a yield advantage over Treasuries, particularly corporate bonds, high quality ABS and government agency guaranteed mortgage bonds.

¹The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies based on market capitalization. The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

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

				+25.22%

				Class A shares (without sales charge)

				+35.22%

				Russell 1000 Index

				+5.59%

				Barclays Capital Aggregate Bond Index

Fund Profile (continued) – Columbia Asset Allocation Fund II

Portfolio Management

Anwiti Bahuguna, PhD has co-managed the fund since 2009 and has been with the advisor or its predecessors since 2002.

Colin Moore has co-managed the fund since 2009 and has been with the advisor or its predecessors since 2002.

Kent M. Peterson, PhD has co-managed the fund since 2009 and has been with the advisor or its predecessors since January 2006.

Marie M. Schofield has co-managed the fund since 2009 and has been with the advisor or its predecessors since 1990.

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

Equity investments are affected by 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.

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.

Performance Information – Columbia Asset Allocation Fund II

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		11,427		10,771
Class B		10,586		10,586
Class C		10,586		10,586
Class Z		11,698		n/a

The table above shows the change 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 on the redemption of fund shares.

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

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)		25.22		18.04		24.78		19.78		24.87		23.87		25.44
1-year		1.30		–4.53		0.56		–4.38		0.61		–0.38		1.56
5-year		1.67		0.48		0.92		0.54		0.94		0.94		1.92
10-year		1.34		0.75		0.57		0.57		0.57		0.57		1.58

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

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

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

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

Annual operating expense ratio (%)*

Class A					1.35
Class B					2.10
Class C					2.10
Class Z					1.10

*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 expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/09 ($)
Class A					19.72
Class B					19.56
Class C					19.55
Class Z					19.68

Distributions declared per share

04/01/09 – 09/30/09 ($)
Class A					0.22
Class B					0.16
Class C					0.16
Class Z					0.25

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:

^g 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.

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account 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.

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

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during this period.

Compare with other funds

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

04/01/09 – 09/30/09

	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		1,252.19		1,018.95		6.89		6.17		1.22
Class B		1,000.00		1,000.00		1,247.78		1,015.19		11.10		9.95		1.97
Class C		1,000.00		1,000.00		1,248.68		1,015.19		11.11		9.95		1.97
Class Z		1,000.00		1,000.00		1,254.40		1,020.21		5.48		4.91		0.97

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

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

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

Investment Portfolio – Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks – 62.8%
	Shares		Value ($)
Consumer Discretionary – 6.3%
Automobiles – 0.1%
Ford Motor Co. (a)		12,000		86,520
Automobiles Total				86,520
Diversified Consumer Services – 0.1%
Apollo Group, Inc., Class A (a)		700		51,569
Diversified Consumer Services Total				51,569
Hotels, Restaurants & Leisure – 0.9%
Carnival Corp. (a)		3,000		99,840
Chipotle Mexican Grill, Inc., Class A (a)		2,100		203,805
Darden Restaurants, Inc.		4,000		136,520
McDonald's Corp.		6,300		359,541
Starbucks Corp. (a)		2,200		45,430
Hotels, Restaurants & Leisure Total				845,136
Household Durables – 0.6%
Garmin Ltd.		10,900		411,366
Leggett & Platt, Inc.		6,200		120,280
Whirlpool Corp.		400		27,984
Household Durables Total				559,630
Internet & Catalog Retail – 0.1%
NetFlix, Inc. (a)		1,600		73,872
Internet & Catalog Retail Total				73,872
Leisure Equipment & Products – 0.0%
Mattel, Inc.		1,100		20,306
Leisure Equipment & Products Total				20,306
Media – 1.4%
Comcast Corp., Class A		16,100		271,929
DIRECTV Group, Inc. (a)		16,200		446,796
DISH Network Corp., Class A (a)		4,500		86,670
McGraw-Hill Companies, Inc.		4,400		110,616
Time Warner, Inc.		2,100		60,438
Viacom, Inc., Class B (a)		1,900		53,276
Walt Disney Co.		11,000		302,060
Media Total				1,331,785
Multiline Retail – 0.8%
Dollar Tree, Inc. (a)		100		4,868
J.C. Penney Co., Inc.		5,000		168,750
Kohl's Corp. (a)		1,500		85,575
Nordstrom, Inc.		6,200		189,348
Sears Holdings Corp. (a)		300		19,593
Target Corp.		7,600		354,768
Multiline Retail Total				822,902

	Shares		Value ($)
Specialty Retail – 2.0%
Aeropostale, Inc. (a)		3,300		143,451
Barnes & Noble, Inc.		600		13,332
Bed Bath & Beyond, Inc. (a)		500		18,770
Best Buy Co., Inc.		600		22,512
Gap, Inc.		21,500		460,100
Guess ?, Inc.		3,000		111,120
Home Depot, Inc.		18,300		487,512
Limited Brands, Inc.		1,500		25,485
Lowe's Companies, Inc.		5,400		113,076
Ross Stores, Inc.		3,000		143,310
Sherwin-Williams Co.		700		42,112
TJX Companies, Inc.		8,900		330,635
Specialty Retail Total				1,911,415
Textiles, Apparel & Luxury Goods – 0.3%
Coach, Inc.		1,800		59,256
Polo Ralph Lauren Corp.		3,100		237,522
Textiles, Apparel & Luxury Goods Total				296,778
Consumer Discretionary Total				5,999,913
Consumer Staples – 6.7%
Beverages – 1.3%
Brown-Forman Corp., Class B		1,500		72,330
Coca-Cola Co.		11,400		612,180
Pepsi Bottling Group, Inc.		800		29,152
PepsiCo, Inc.		9,500		557,270
Beverages Total				1,270,932
Food & Staples Retailing – 0.7%
CVS Caremark Corp.		1,600		57,184
Safeway, Inc.		1,000		19,720
Sysco Corp.		3,500		86,975
Wal-Mart Stores, Inc.		9,200		451,628
Whole Foods Market, Inc. (a)		200		6,098
Food & Staples Retailing Total				621,605
Food Products – 1.1%
Archer-Daniels-Midland Co.		5,600		163,632
Campbell Soup Co.		5,700		185,934
ConAgra Foods, Inc.		2,000		43,360
Del Monte Foods Co.		9,500		110,010
General Mills, Inc.		3,000		193,140
H.J. Heinz Co.		1,100		43,725
Kellogg Co.		2,500		123,075
Kraft Foods, Inc., Class A		6,400		168,128
Food Products Total				1,031,004

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Household Products – 1.6%
Colgate-Palmolive Co.		2,000		152,560
Kimberly-Clark Corp.		6,200		365,676
Procter & Gamble Co.		16,700		967,264
Household Products Total				1,485,500
Personal Products – 0.3%
Avon Products, Inc.		1,100		37,356
Estee Lauder Companies, Inc., Class A		100		3,708
Herbalife Ltd.		3,800		124,412
Mead Johnson Nutrition Co., Class A		3,500		157,885
Personal Products Total				323,361
Tobacco – 1.7%
Altria Group, Inc.		26,200		466,622
Lorillard, Inc.		4,400		326,920
Philip Morris International, Inc.		16,600		809,084
Reynolds American, Inc.		1,000		44,520
Tobacco Total				1,647,146
Consumer Staples Total				6,379,548
Energy – 7.1%
Energy Equipment & Services – 0.3%
ENSCO International, Inc.		800		34,032
Exterran Holdings, Inc. (a)		400		9,496
National Oilwell Varco, Inc. (a)		1,900		81,947
Patterson-UTI Energy, Inc.		800		12,080
SEACOR Holdings, Inc. (a)		1,200		97,956
Energy Equipment & Services Total				235,511
Oil, Gas & Consumable Fuels – 6.8%
Alpha Natural Resources, Inc. (a)		4,400		154,440
Anadarko Petroleum Corp.		3,500		219,555
Apache Corp.		6,700		615,261
Chevron Corp.		14,700		1,035,321
ConocoPhillips		8,500		383,860
Consol Energy, Inc.		6,900		311,259
Devon Energy Corp.		1,700		114,461
Encore Acquisition Co. (a)		100		3,740
EOG Resources, Inc.		6,400		534,464
Exxon Mobil Corp.		24,700		1,694,667
Marathon Oil Corp.		4,000		127,600
Massey Energy Co.		1,000		27,890
Murphy Oil Corp.		1,100		63,327
Newfield Exploration Co. (a)		1,000		42,560
Occidental Petroleum Corp.		1,800		141,120
Peabody Energy Corp.		7,100		264,262
Southwestern Energy Co. (a)		400		17,072

	Shares		Value ($)
Sunoco, Inc.		9,400		267,430
Tesoro Corp.		8,200		122,836
Valero Energy Corp.		2,900		56,231
XTO Energy, Inc.		7,100		293,372
Oil, Gas & Consumable Fuels Total				6,490,728
Energy Total				6,726,239
Financials – 9.7%
Capital Markets – 2.1%
Ameriprise Financial, Inc.		3,100		112,623
Bank of New York Mellon Corp.		3,300		95,667
BlackRock, Inc., Class A		192		41,629
Federated Investors, Inc., Class B		500		13,185
Franklin Resources, Inc.		900		90,540
Goldman Sachs Group, Inc.		3,800		700,530
Jefferies Group, Inc. (a)		600		16,338
Morgan Stanley		12,700		392,176
State Street Corp.		2,300		120,980
T. Rowe Price Group, Inc.		2,200		100,540
TD Ameritrade Holding Corp. (a)		15,000		294,300
Capital Markets Total				1,978,508
Commercial Banks – 1.3%
BB&T Corp.		7,300		198,852
Comerica, Inc.		800		23,736
Fifth Third Bancorp.		11,800		119,534
PNC Financial Services Group, Inc.		200		9,718
SunTrust Banks, Inc.		2,000		45,100
U.S. Bancorp		4,000		87,440
Wells Fargo & Co.		28,300		797,494
Commercial Banks Total				1,281,874
Consumer Finance – 0.7%
American Express Co.		6,200		210,180
AmeriCredit Corp. (a)		4,300		67,897
Discover Financial Services		20,200		327,846
SLM Corp. (a)		5,800		50,576
Consumer Finance Total				656,499
Diversified Financial Services – 1.6%
Citigroup, Inc.		77,300		374,132
JPMorgan Chase & Co.		26,100		1,143,702
Diversified Financial Services Total				1,517,834
Insurance – 2.3%
AFLAC, Inc.		2,700		115,398
Allied World Assurance Holdings Ltd.		2,500		119,825
Allstate Corp.		200		6,124
American Financial Group, Inc.		7,100		181,050

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Aspen Insurance Holdings Ltd.		500		13,235
Axis Capital Holdings Ltd.		4,100		123,738
Chubb Corp.		800		40,328
CNA Financial Corp. (a)		5,000		120,700
Genworth Financial, Inc., Class A		6,400		76,480
Hartford Financial Services Group, Inc.		200		5,300
PartnerRe Ltd.		800		61,552
Principal Financial Group, Inc.		1,200		32,868
Protective Life Corp.		6,400		137,088
Prudential Financial, Inc.		6,000		299,460
Reinsurance Group of America, Inc.		5,800		258,680
Transatlantic Holdings, Inc.		5,200		260,884
Travelers Companies, Inc.		3,300		162,459
Unum Group		10,900		233,696
Insurance Total				2,248,865
Real Estate Investment Trusts (REITs) – 1.5%
Annaly Capital Management, Inc.		9,300		168,702
Chimera Investment Corp.		2,400		9,168
Digital Realty Trust, Inc.		4,400		201,124
HCP, Inc.		300		8,622
Hospitality Properties Trust		500		10,185
HRPT Properties Trust		60,400		454,208
Liberty Property Trust		4,000		130,120
Nationwide Health Properties, Inc.		1,100		34,089
Public Storage		700		52,668
Simon Property Group, Inc.		3,100		215,233
Ventas, Inc.		3,800		146,300
Real Estate Investment Trusts (REITs) Total				1,430,419
Real Estate Management & Development – 0.1%
Forest City Enterprises, Inc., Class A		4,800		64,176
Real Estate Management & Development Total				64,176
Thrifts & Mortgage Finance – 0.1%
Hudson City Bancorp, Inc.		5,900		77,585
Thrifts & Mortgage Finance Total				77,585
Financials Total				9,255,760
Health Care – 8.0%
Biotechnology – 1.0%
Amgen, Inc. (a)		8,000		481,840
Biogen Idec, Inc. (a)		3,700		186,924
Gilead Sciences, Inc. (a)		5,700		265,506
Biotechnology Total				934,270

	Shares		Value ($)
Health Care Equipment & Supplies – 0.6%
Baxter International, Inc.		3,000		171,030
Hospira, Inc. (a)		1,200		53,520
Kinetic Concepts, Inc. (a)		4,200		155,316
Medtronic, Inc.		5,900		217,120
Health Care Equipment & Supplies Total				596,986
Health Care Providers & Services – 1.8%
CIGNA Corp.		3,400		95,506
Coventry Health Care, Inc. (a)		800		15,968
Health Management Associates, Inc., Class A (a)		700		5,243
Lincare Holdings, Inc. (a)		800		25,000
McKesson Corp.		6,000		357,300
Medco Health Solutions, Inc. (a)		9,800		542,038
Quest Diagnostics, Inc.		900		46,971
Tenet Healthcare Corp. (a)		700		4,116
UnitedHealth Group, Inc.		16,500		413,160
Universal Health Services, Inc., Class B		900		55,737
WellPoint, Inc. (a)		2,800		132,608
Health Care Providers & Services Total				1,693,647
Life Sciences Tools & Services – 0.1%
Thermo Fisher Scientific, Inc. (a)		2,500		109,175
Life Sciences Tools & Services Total				109,175
Pharmaceuticals – 4.5%
Abbott Laboratories		8,200		405,654
Bristol-Myers Squibb Co.		13,500		304,020
Eli Lilly & Co.		5,800		191,574
Endo Pharmaceuticals Holdings, Inc. (a)		8,000		181,040
Forest Laboratories, Inc. (a)		8,500		250,240
Johnson & Johnson		15,700		955,973
Merck & Co., Inc.		12,000		379,560
Mylan, Inc. (a)		3,900		62,439
Pfizer, Inc.		58,200		963,210
Schering-Plough Corp.		9,300		262,725
Sepracor, Inc. (a)		3,900		89,310
Wyeth		5,600		272,048
Pharmaceuticals Total				4,317,793
Health Care Total				7,651,871
Industrials – 6.5%
Aerospace & Defense – 1.9%
Boeing Co.		200		10,830
General Dynamics Corp.		2,000		129,200
Goodrich Corp.		2,000		108,680
Honeywell International, Inc.		6,400		237,760

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
ITT Corp.		2,200		114,730
Lockheed Martin Corp.		2,400		187,392
Northrop Grumman Corp.		1,000		51,750
Raytheon Co.		9,900		474,903
United Technologies Corp.		7,600		463,068
Aerospace & Defense Total				1,778,313
Air Freight & Logistics – 0.3%
C.H. Robinson Worldwide, Inc.		500		28,875
United Parcel Service, Inc., Class B		3,900		220,233
Air Freight & Logistics Total				249,108
Commercial Services & Supplies – 0.6%
Brink's Co.		800		21,528
R.R. Donnelley & Sons Co.		16,400		348,664
Waste Management, Inc.		5,600		166,992
Commercial Services & Supplies Total				537,184
Construction & Engineering – 0.2%
Fluor Corp.		1,200		61,020
KBR, Inc.		6,200		144,398
Construction & Engineering Total				205,418
Electrical Equipment – 0.6%
Emerson Electric Co.		9,200		368,736
Hubbell, Inc., Class B		1,100		46,200
Rockwell Automation, Inc.		800		34,080
Thomas & Betts Corp. (a)		4,300		129,344
Electrical Equipment Total				578,360
Industrial Conglomerates – 1.2%
3M Co.		4,000		295,200
Carlisle Companies, Inc.		1,600		54,256
General Electric Co.		50,500		829,210
Industrial Conglomerates Total				1,178,666
Machinery – 1.0%
Caterpillar, Inc.		1,900		97,527
Dover Corp.		2,100		81,396
Eaton Corp.		900		50,931
Flowserve Corp.		700		68,978
Harsco Corp.		2,600		92,066
Illinois Tool Works, Inc.		4,800		205,008
Joy Global, Inc.		5,400		264,276
Parker Hannifin Corp.		2,200		114,048
Machinery Total				974,230
Professional Services – 0.3%
Dun & Bradstreet Corp.		200		15,064
Manpower, Inc.		4,700		266,537
Robert Half International, Inc.		800		20,016
Professional Services Total				301,617

	Shares		Value ($)
Road & Rail – 0.3%
CSX Corp.		4,300		179,998
Norfolk Southern Corp.		200		8,622
Union Pacific Corp.		1,400		81,690
Road & Rail Total				270,310
Trading Companies & Distributors – 0.1%
W.W. Grainger, Inc.		1,500		134,040
Trading Companies & Distributors Total				134,040
Industrials Total				6,207,246
Information Technology – 11.6%
Communications Equipment – 1.3%
Cisco Systems, Inc. (a)		39,700		934,538
QUALCOMM, Inc.		5,500		247,390
Communications Equipment Total				1,181,928
Computers & Peripherals – 4.0%
Apple, Inc. (a)		5,200		963,924
Dell, Inc. (a)		11,900		181,594
EMC Corp. (a)		16,700		284,568
Hewlett-Packard Co.		19,300		911,153
International Business Machines Corp.		9,200		1,100,412
Teradata Corp. (a)		10,900		299,968
Western Digital Corp. (a)		1,300		47,489
Computers & Peripherals Total				3,789,108
Electronic Equipment, Instruments & Components – 0.4%
Corning, Inc.		22,100		338,351
Tech Data Corp. (a)		300		12,483
Electronic Equipment, Instruments & Components Total				350,834
Internet Software & Services – 1.0%
eBay, Inc. (a)		18,700		441,507
Google, Inc., Class A (a)		1,100		545,435
Internet Software & Services Total				986,942
IT Services – 1.0%
Alliance Data Systems Corp. (a)		200		12,216
Broadridge Financial Solutions, Inc.		4,800		96,480
Cognizant Technology Solutions Corp., Class A (a)		3,900		150,774
Computer Sciences Corp. (a)		9,300		490,203
DST Systems, Inc. (a)		2,200		98,560
Hewitt Associates, Inc., Class A (a)		400		14,572
Total System Services, Inc.		300		4,833
Western Union Co.		5,900		111,628
IT Services Total				979,266

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Office Electronics – 0.0%
Xerox Corp.		800		6,192
Office Electronics Total				6,192
Semiconductors & Semiconductor Equipment – 1.5%
Analog Devices, Inc.		1,000		27,580
Intel Corp.		41,900		819,983
Texas Instruments, Inc.		26,000		615,940
Semiconductors & Semiconductor Equipment Total				1,463,503
Software – 2.4%
Adobe Systems, Inc. (a)		5,100		168,504
BMC Software, Inc. (a)		4,200		157,626
CA, Inc.		136		2,991
Compuware Corp. (a)		900		6,597
FactSet Research Systems, Inc.		900		59,616
Microsoft Corp.		49,700		1,286,733
Oracle Corp.		28,400		591,856
Sybase, Inc. (a)		400		15,560
VMware, Inc., Class A (a)		900		36,153
Software Total				2,325,636
Information Technology Total				11,083,409
Materials – 2.4%
Chemicals – 1.4%
Ashland, Inc.		9,700		419,234
Cabot Corp.		4,100		94,751
Dow Chemical Co.		2,400		62,568
Eastman Chemical Co.		8,500		455,090
Lubrizol Corp.		1,600		114,336
Mosaic Co.		700		33,649
PPG Industries, Inc.		1,900		110,599
Terra Industries, Inc.		1,100		38,137
Chemicals Total				1,328,364
Containers & Packaging – 0.2%
Packaging Corp. of America		1,600		32,640
Temple-Inland, Inc.		6,000		98,520
Containers & Packaging Total				131,160
Metals & Mining – 0.3%
Cliffs Natural Resources, Inc.		5,000		161,800
Commercial Metals Co.		1,300		23,270
Nucor Corp.		1,900		89,319
Reliance Steel & Aluminum Co.		400		17,024
United States Steel Corp.		600		26,622
Metals & Mining Total				318,035

	Shares		Value ($)
Paper & Forest Products – 0.5%
International Paper Co.		23,000		511,290
Paper & Forest Products Total				511,290
Materials Total				2,288,849
Telecommunication Services – 2.0%
Diversified Telecommunication Services – 1.7%
AT&T, Inc.		29,300		791,393
Qwest Communications International, Inc.		72,100		274,701
Verizon Communications, Inc.		17,800		538,806
Diversified Telecommunication Services Total				1,604,900
Wireless Telecommunication Services – 0.3%
Sprint Nextel Corp. (a)		79,600		314,420
Wireless Telecommunication Services Total				314,420
Telecommunication Services Total				1,919,320
Utilities – 2.5%
Electric Utilities – 0.7%
DPL, Inc.		1,000		26,100
Edison International		1,900		63,802
Entergy Corp.		900		71,874
Exelon Corp.		7,400		367,188
FirstEnergy Corp.		1,800		82,296
FPL Group, Inc.		1,200		66,276
Electric Utilities Total				677,536
Gas Utilities – 0.6%
Energen Corp.		9,000		387,900
National Fuel Gas Co.		800		36,648
Questar Corp.		3,300		123,948
UGI Corp.		3,300		82,698
Gas Utilities Total				631,194
Independent Power Producers & Energy Traders – 0.5%
AES Corp. (a)		28,500		422,370
Mirant Corp. (a)		800		13,144
NRG Energy, Inc. (a)		700		19,733
Independent Power Producers & Energy Traders Total				455,247
Multi-Utilities – 0.7%
MDU Resources Group, Inc.		3,900		81,315
NiSource, Inc.		3,900		54,171
PG&E Corp.		200		8,098

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Public Service Enterprise Group, Inc.		15,000		471,600
Sempra Energy		900		44,829
Multi-Utilities Total				660,013
Utilities Total				2,423,990
Total Common Stocks (cost of $49,231,179)				59,936,145
Mortgage-Backed Securities – 11.2%
	Par ($)
Federal Home Loan Mortgage Corp.
5.000% 06/01/37		753,148		779,422
5.000% 07/01/38		341,871		353,778
5.000% 05/01/39		290,069		300,143
5.000% 07/01/39		722,929		748,036
5.500% 01/01/21		107,448		114,121
5.500% 07/01/21		83,044		88,072
5.500% 09/01/37		331,507		347,478
6.000% 12/01/37		993,506		1,051,005
6.500% 07/01/29		113,358		122,184
6.500% 10/01/37		324,967		346,846
6.500% 03/01/38		333,796		356,270
8.000% 09/01/25		30,678		34,797
Federal National Mortgage Association
3.199% 08/01/36 (10/01/09) (b)(c)		25,661		25,980
5.000% 10/01/20		255,505		270,177
5.500% 04/01/36		130,929		137,319
5.500% 11/01/36		277,553		291,099
5.500% 05/01/37		31,396		32,904
5.500% 06/01/37		817,952		857,231
5.500% 09/01/38		481,340		504,229
5.500% 10/01/38		325,000		340,454
6.000% 04/01/36		148,817		157,476
6.000% 06/01/36		264,120		279,488
6.000% 10/01/36		516,528		546,583
6.000% 11/01/36		15,239		16,126
6.500% 09/01/34		9,695		10,422
6.500% 01/01/37		4,446		4,762
7.500% 10/01/11		14,939		15,516
8.500% 08/01/11		8,818		9,073
10.000% 09/01/18		39,047		43,566
Government National Mortgage Association
4.500% 04/15/39		599,010		609,119
5.000% 04/15/39		1,150,499		1,193,175
5.500% 02/15/37		679,089		714,211
7.500% 12/15/23		18,152		20,247
Total Mortgage-Backed Securities (cost of $10,332,270)				10,721,309

Corporate Fixed-Income Bonds & Notes – 9.6%
	Par ($)		Value ($)
Basic Materials – 0.3%
Chemicals – 0.1%
EI Du Pont de Nemours & Co.
5.000% 07/15/13		85,000		92,591
Chemicals Total				92,591
Iron/Steel – 0.1%
Nucor Corp.
5.850% 06/01/18		100,000		109,509
Iron/Steel Total				109,509
Metals & Mining – 0.1%
Vale Overseas Ltd.
6.250% 01/23/17		125,000		133,824
Metals & Mining Total				133,824
Basic Materials Total				335,924
Communications – 1.1%
Media – 0.4%
Comcast Cable Holdings LLC
9.875% 06/15/22		51,000		63,934
Comcast Corp.
7.050% 03/15/33		100,000		113,407
News America, Inc.
6.550% 03/15/33		125,000		127,937
Viacom, Inc.
6.125% 10/05/17		60,000		64,247
Media Total				369,525
Telecommunication Services – 0.7%
AT&T, Inc.
4.950% 01/15/13		150,000		159,930
British Telecommunications PLC
5.150% 01/15/13		125,000		130,226
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14 (d)		130,000		140,488
New Cingular Wireless Services, Inc.
8.750% 03/01/31		62,000		82,129
Telefonica Emisiones SAU
5.984% 06/20/11		75,000		79,913
Vodafone Group PLC
5.750% 03/15/16		100,000		107,159
Telecommunication Services Total				699,845
Communications Total				1,069,370

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Consumer Cyclical – 0.2%
Retail – 0.2%
CVS Caremark Corp.
6.125% 09/15/39		120,000		122,067
Wal-Mart Stores, Inc.
5.800% 02/15/18		100,000		112,328
Retail Total				234,395
Consumer Cyclical Total				234,395
Consumer Non-Cyclical – 1.0%
Beverages – 0.5%
Bottling Group LLC
6.950% 03/15/14		150,000		174,818
Diageo Capital PLC
5.750% 10/23/17		150,000		164,637
Miller Brewing Co.
5.500% 08/15/13 (d)		120,000		126,820
Beverages Total				466,275
Food – 0.1%
Campbell Soup Co.
4.500% 02/15/19		60,000		61,566
ConAgra Foods, Inc.
6.750% 09/15/11		10,000		10,911
Food Total				72,477
Healthcare Services – 0.2%
Roche Holdings, Inc.
6.000% 03/01/19 (d)		150,000		166,971
Healthcare Services Total				166,971
Pharmaceuticals – 0.2%
Express Scripts, Inc.
5.250% 06/15/12		80,000		84,923
Wyeth
5.500% 02/01/14		150,000		163,816
Pharmaceuticals Total				248,739
Consumer Non-Cyclical Total				954,462
Energy – 1.1%
Oil & Gas – 0.5%
Canadian Natural Resources Ltd.
5.700% 05/15/17		75,000		79,704
Chevron Corp.
4.950% 03/03/19		125,000		133,424
Nexen, Inc.
5.875% 03/10/35		150,000		137,379

	Par ($)		Value ($)
Talisman Energy, Inc.
6.250% 02/01/38		110,000		112,215
Oil & Gas Total				462,722
Oil & Gas Services – 0.2%
Halliburton Co.
5.900% 09/15/18		75,000		82,312
Weatherford International Ltd.
5.150% 03/15/13		100,000		105,039
Oil & Gas Services Total				187,351
Pipelines – 0.4%
Enterprise Products Operating LLC
4.600% 08/01/12		70,000		72,531
Plains All American Pipeline LP/PAA Finance Corp.
6.650% 01/15/37		140,000		147,460
TransCanada Pipelines Ltd.
6.350% 05/15/67 (b)		185,000		162,086
Pipelines Total				382,077
Energy Total				1,032,150
Financials – 4.0%
Banks – 2.4%
ANZ National International Ltd.
6.200% 07/19/13 (d)		100,000		109,422
Bank of New York Mellon Corp.
5.125% 08/27/13		160,000		172,953
Capital One Financial Corp.
5.500% 06/01/15		125,000		129,446
Citigroup, Inc.
5.000% 09/15/14		190,000		180,801
Credit Suisse/New York NY
6.000% 02/15/18		100,000		104,696
Deutsche Bank AG London
4.875% 05/20/13		150,000		159,775
Goldman Sachs Group, Inc.
6.345% 02/15/34		130,000		119,390
JPMorgan Chase & Co.
6.000% 01/15/18		240,000		257,598
Keycorp
6.500% 05/14/13		120,000		122,841
Merrill Lynch & Co., Inc.
6.050% 08/15/12 (e)		200,000		213,297
Morgan Stanley
4.750% 04/01/14		100,000		99,262
Northern Trust Corp.
4.625% 05/01/14		160,000		170,248
U.S. Bank N.A.
6.300% 02/04/14		250,000		279,867

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Wachovia Corp.
4.875% 02/15/14		150,000		152,794
Banks Total				2,272,390
Commercial Banks – 0.2%
Barclays Bank PLC
6.750% 05/22/19		175,000		195,726
Commercial Banks Total				195,726
Diversified Financial Services – 0.4%
AGFC Capital Trust I
6.000% 01/15/67 (b)(d)		210,000		84,000
Ameriprise Financial, Inc.
7.300% 06/28/19		100,000		110,237
General Electric Capital Corp.
5.000% 01/08/16		175,000		175,632
Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (f)(g)		150,000		26,625
Diversified Financial Services Total				396,494
Insurance – 0.7%
Chubb Corp.
5.750% 05/15/18		50,000		54,845
Lincoln National Corp.
8.750% 07/01/19		115,000		133,005
MetLife, Inc.
6.817% 08/15/18		100,000		111,300
Principal Life Income Funding Trusts
5.300% 04/24/13		125,000		128,236
Prudential Financial, Inc.
6.100% 06/15/17		100,000		100,441
UnitedHealth Group, Inc.
5.250% 03/15/11		115,000		119,523
Insurance Total				647,350
Real Estate – 0.0%
ERP Operating LP
5.200% 04/01/13		16,000		16,289
Real Estate Total				16,289
Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
7.375% 02/15/15		115,000		118,605
Health Care Property Investors, Inc.
6.450% 06/25/12		58,000		59,796
Simon Property Group LP
5.750% 12/01/15		90,000		92,062
Real Estate Investment Trusts (REITs) Total				270,463
Financials Total				3,798,712

	Par ($)		Value ($)
Industrials – 0.5%
Aerospace & Defense – 0.1%
United Technologies Corp.
5.375% 12/15/17		120,000		130,917
Aerospace & Defense Total				130,917
Miscellaneous Manufacturing – 0.1%
Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19		45,000		48,714
Miscellaneous Manufacturing Total				48,714
Transportation – 0.3%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		75,000		84,024
Norfolk Southern Corp.
5.750% 04/01/18		100,000		108,776
United Parcel Service, Inc.
4.500% 01/15/13		100,000		107,219
Transportation Total				300,019
Industrials Total				479,650
Technology – 0.3%
Networking Products – 0.2%
Cisco Systems, Inc.
4.950% 02/15/19		125,000		131,398
Networking Products Total				131,398
Software – 0.1%
Oracle Corp.
6.500% 04/15/38		100,000		115,913
Software Total				115,913
Technology Total				247,311
Utilities – 1.1%
Electric – 0.8%
Commonwealth Edison Co.
5.950% 08/15/16		75,000		81,774
Consolidated Edison Co. of New York
5.850% 04/01/18		100,000		109,003
Dominion Resources, Inc.
5.200% 08/15/19		115,000		119,407
Indiana Michigan Power Co.
5.650% 12/01/15		100,000		105,731
NY State Electric & Gas Corp.
5.750% 05/01/23		18,000		16,703
Pacific Gas & Electric Co.
5.800% 03/01/37		100,000		108,260

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Progress Energy, Inc.
7.750% 03/01/31		100,000		125,172
Southern California Edison Co.
5.000% 01/15/14		125,000		134,337
Electric Total				800,387
Gas – 0.3%
Atmos Energy Corp.
6.350% 06/15/17		110,000		119,313
Sempra Energy
6.500% 06/01/16		105,000		116,072
Gas Total				235,385
Utilities Total				1,035,772
Total Corporate Fixed-Income Bonds & Notes (cost of $8,946,703)				9,187,746
Government & Agency Obligations – 5.6%
Foreign Government Obligations – 0.6%
Province of Ontario
5.450% 04/27/16		225,000		251,397
Province of Quebec
4.625% 05/14/18		190,000		198,021
United Mexican States
7.500% 04/08/33		151,000		179,313
Foreign Government Obligations Total				628,731
U.S. Government Agencies – 1.5%
Federal Home Loan Mortgage Corp.
3.125% 10/25/10		45,000		46,219
5.500% 08/23/17		785,000		893,595
Federal National Mortgage Association
2.500% 05/15/14		475,000		473,970
U.S. Government Agencies Total				1,413,784
U.S. Government Obligations – 3.5%
U.S. Treasury Bond
5.375% 02/15/31		1,761,000		2,092,288
U.S. Treasury Inflation Indexed Bond
3.500% 01/15/11		581,573		605,382
U.S. Treasury Notes
0.875% 05/31/11		260,000		260,619
2.250% 05/31/14		360,000		361,097
U.S. Government Obligations Total				3,319,386
Total Government & Agency Obligations (cost of $5,082,345)				5,361,901

Commercial Mortgage-Backed Securities – 4.9%
	Par ($)		Value ($)
Bear Stearns Commercial Mortgage Securities
5.629% 04/12/38 (10/01/09) (b)(c)		400,000		304,155
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		150,000		153,684
JPMorgan Chase Commercial Mortgage Securities Corp.
4.529% 01/12/37		750,000		752,389
5.440% 06/12/47		400,000		343,678
5.447% 05/15/45		180,000		172,359
5.447% 06/12/47		287,000		257,457
5.525% 04/15/43 (10/01/09) (b)(c)		828,000		631,607
LB-UBS Commercial Mortgage Trust
5.084% 02/15/31		1,200,000		1,204,241
Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.578% 12/15/30 (10/01/09) (b)(c)		1,682,621		33,647
Merrill Lynch Mortgage Trust
5.405% 11/12/37 (10/01/09) (b)(c)		790,000		673,705
Morgan Stanley Capital I
5.370% 12/15/43		226,000		167,996
Total Commercial Mortgage-Backed Securities (cost of $5,155,101)				4,694,918
Collateralized Mortgage Obligations – 3.6%
Agency – 0.6%
Federal National Mortgage Association
5.500% 08/25/17		222,099		236,270
6.000% 04/25/17		178,731		192,501
7.000% 01/25/21		18,627		20,668
Vendee Mortgage Trust
I.O.:
0.301% 03/15/29 (10/01/09) (b)(c)		6,294,968		54,013
0.438% 03/15/28 (10/01/09) (b)(c)		4,485,946		54,863
Agency Total				558,315
Non-Agency – 3.0%
Bear Stearns Adjustable Rate Mortgage Trust
5.449% 02/25/47 (10/01/09) (b)(c)		778,001		469,940
Countrywide Alternative Loan Trust
5.250% 03/25/35		616,817		490,948
5.250% 08/25/35		83,629		69,580
5.500% 10/25/35		934,744		705,637

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

Collateralized Mortgage Obligations (continued)
	Par ($)		Value ($)
Lehman Mortgage Trust
6.500% 01/25/38		424,337		304,993
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 10/25/35		780,544		651,673
Wells Fargo Alternative Loan Trust
5.500% 02/25/35		221,932		174,557
Non-Agency Total				2,867,328
Total Collateralized Mortgage Obligations (cost of $4,286,140)				3,425,643
Asset-Backed Securities – 1.1%
Citicorp Residential Mortgage Securities, Inc.
6.080% 06/25/37 (10/01/09) (b)(c)		290,000		265,674
First Plus Home Loan Trust
7.720% 05/10/24 (10/01/09) (b)(c)		6,281		6,277
Ford Credit Auto Owner Trust
5.470% 06/15/12		392,000		413,104
Harley-Davidson Motorcycle Trust
5.350% 03/15/13		345,313		356,529
Total Asset-Backed Securities (cost of $1,029,433)				1,041,584
Short-Term Obligation – 0.8%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due on 10/01/09, at 0.010%, collateralized by a U.S. Government Agency Obligation maturing 01/13/14, market value $773,850 (repurchase proceeds $757,000)		757,000		757,000
Total Short-Term Obligation (cost of $757,000)				757,000
Total Investments – 99.6% (cost of $84,820,171) (h)				95,126,246
Other Assets & Liabilities, Net – 0.4%				419,274
Net Assets – 100.0%				95,545,520

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, 2009.

(d) 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, 2009, these securities, which are not illiquid, amounted to $627,701, which represents 0.7% of net assets.

(e) Investments in affiliates during the six months ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc. 6.050%, 08/15/12

Par as of 03/31/09:	$	200,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	200,000
Net realized gain/loss:	$	–
Interest income earned:	$	6,050
Value at end of period:	$	213,297

As of January 1, 2009, Merrill Lynch & Co., Inc. is a wholly owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of this security amounted to $26,625, which represents less than 0.1% of net assets.

(g) 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, 2009, the value of this security amounted to $26,625, which represents less than 0.1% of net assets.

(h) Cost for federal income tax purposes is $84,820,171.

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	5,999,913	$	—	$	—	$	5,999,913
Consumer Staples		6,379,548		—		—		6,379,548
Energy		6,726,239		—		—		6,726,239
Financials		9,255,760		—		—		9,255,760
Health Care		7,651,871		—		—		7,651,871
Industrials		6,207,246		—		—		6,207,246
Information Technology		11,083,409		—		—		11,083,409
Materials		2,288,849		—		—		2,288,849
Telecommunication Services		1,919,320		—		—		1,919,320
Utilities		2,423,990		—		—		2,423,990
Total Common Stocks		59,936,145		—		—		59,936,145
Total Mortgage-Backed Securities		—		10,721,309		—		10,721,309
Corporate Fixed-Income Bonds & Notes
Basic Materials		—		335,924		—		335,924
Communications		—		1,069,370		—		1,069,370
Consumer Cyclical		—		234,395		—		234,395
Consumer Non-Cyclical		—		954,462		—		954,462
Energy		—		1,032,150		—		1,032,150
Financials		—		3,798,712		—		3,798,712
Industrials		—		479,650		—		479,650
Technology		—		247,311		—		247,311
Utilities		—		1,035,772		—		1,035,772
Total Corporate Fixed-Income Bonds & Notes		—		9,187,746		—		9,187,746
Total Government & Agency Obligations		3,319,386		2,042,515		—		5,361,901
Total Commercial Mortgage-Backed Securities		—		4,694,918		—		4,694,918
Total Collateralized Mortgage Obligations		—		3,425,643		—		3,425,643
Total Asset-Backed Securities		—		1,041,584		—		1,041,584
Total Short-Term Obligation		—		757,000		—		757,000
Total Investments	$	63,255,531	$	31,870,715	$	—	$	95,126,246

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund II

September 30, 2009 (Unaudited)

For more information on valuation inputs, and their aggregation into the levels used in the table above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

At September 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Common Stocks		62.8
Mortgage-Backed Securities		11.2
Corporate Fixed-Income Bonds & Notes		9.6
Government & Agency Obligations		5.6
Commercial Mortgage-Backed Securities		4.9
Collateralized Mortgage Obligations		3.6
Asset-Backed Securities		1.1
		98.8
Short-Term Obligation		0.8
Other Assets & Liabilities, Net		0.4
		100.0

Acronym				Name
I.O.				Interest Only

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Asset Allocation Fund II
September 30, 2009 (Unaudited)

		($)
Assets	Unaffiliated investments, at identified cost		84,619,179
	Affiliated investments, at identified cost		200,992
	Total investments, at identified cost		84,820,171
	Unaffiliated investments, at value		94,912,949
	Affiliated investments, at value		213,297
	Total investments, at value		95,126,246
	Cash		4,804
	Receivable for:
	Investments sold		2,575,795
	Fund shares sold		375,064
	Dividends		74,361
	Interest		249,103
	Foreign tax reclaims		1,082
	Expense reimbursement due from investment advisor		14,499
	Prepaid expenses		271
	Total Assets		98,421,225
Liabilities	Payable for:
	Investments purchased		2,593,002
	Fund shares repurchased		93,536
	Investment advisory fee		46,294
	Administration fee		4,679
	Pricing and bookkeeping fees		7,871
	Transfer agent fee		21,249
	Trustees' fees		42,231
	Audit fee		22,851
	Custody fee		4,232
	Distribution and service fees		17,450
	Chief compliance officer expenses		196
	Other liabilities		22,114
	Total Liabilities		2,875,705
	Net Assets		95,545,520
Net Assets Consist of	Paid-in capital		104,528,568
	Undistributed net investment income		15,412
	Accumulated net realized loss		(19,304,535	)
	Net unrealized appreciation on investments		10,306,075
	Net Assets		95,545,520
Class A	Net assets	$	69,973,088
	Shares outstanding		3,547,462
	Net asset value per share	$	19.72	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($19.72/0.9425)	$	20.92	(b)
Class B	Net assets	$	2,471,404
	Shares outstanding		126,361
	Net asset value and offering price per share	$	19.56	(a)
Class C	Net assets	$	687,737
	Shares outstanding		35,181
	Net asset value and offering price per share	$	19.55	(a)
Class Z	Net assets	$	22,413,291
	Shares outstanding		1,138,853
	Net asset value, offering and redemption price per share	$	19.68

(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 Asset Allocation Fund II
For the Six Months Ended September 30, 2009 (Unaudited)

		($)
Investment Income	Dividends		646,547
	Interest		924,032
	Interest from affiliates		6,050
	Total Investment Income		1,576,629
Expenses	Investment advisory fee		264,641
	Administration fee		25,801
	Disribution and service fees—Class A		81,410
	Distribution fee:
	Class B		9,268
	Class C		2,235
	Service fees:
	Class B		3,089
	Class C		745
	Pricing and bookkeeping fees		34,345
	Transfer agent fee		67,185
	Trustees' fees		8,971
	Custody fee		11,756
	Reports to shareholders		32,095
	Chief compliance officer expenses		286
	Other expenses		70,053
	Total Expenses		611,880
	Fees waived by transfer agent		(7,385	)
	Fees waived or expenses reimbursed by investment advisor		(77,376	)
	Expense reductions		(1	)
	Net Expenses		527,118
	Net Investment Income		1,049,511
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts	Net realized loss on:
	Investments		(1,938,225	)
	Futures contracts		(12,759	)
	Net realized loss		(1,950,984	)
	Net change in unrealized appreciation (depreciation) on:
	Investments		20,528,043
	Futures contracts		(15,742	)
	Net change in unrealized appreciation (depreciation)		20,512,301
	Net Gain		18,561,317
	Net Increase Resulting from Operations		19,610,828

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Asset Allocation Fund II

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2009 ($)			Year Ended March 31, 2009 ($)
Operations	Net investment income		1,049,511			2,421,006
	Net realized loss on investments and futures contracts		(1,950,984	)		(14,822,598	)
	Net change in unrealized appreciation (depreciation) on investments and futures contracts		20,512,301			(20,154,983	)
	Net increase (decrease) resulting from operations		19,610,828			(32,556,575	)
Distributions to Shareholders	From net investment income:
	Class A		(797,098	)		(1,799,103	)
	Class B		(20,719	)		(68,331	)
	Class C		(5,233	)		(9,851	)
	Class Z		(272,082	)		(558,519	)
	Total distributions to shareholders		(1,095,132	)		(2,435,804	)
	Net Capital Stock Transactions		(1,953,066	)		(13,792,725	)
	Increase from regulatory settlements		1,914			—
	Total Increase (Decrease) in Net Assets		16,564,544			(48,785,104	)
Net Assets	Beginning of period		78,980,976			127,766,080
	End of period		95,545,520			78,980,976
	Undistributed net investment income at end of period		15,412			61,033

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Asset Allocation Fund II

	Capital Stock Activity
	(Unaudited) Six Months Ended September 30, 2009						Year Ended March 31, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		33,819			596,223			164,420			3,151,717
Distributions reinvested		40,499			743,237			89,853			1,667,439
Redemptions		(198,417	)		(3,557,056	)		(817,860	)		(15,164,420	)
Net decrease		(124,099	)		(2,217,596	)		(563,587	)		(10,345,264	)
Class B
Subscriptions		6,074			102,281			9,258			172,963
Distributions reinvested		987			17,857			3,245			60,650
Redemptions		(33,427	)		(582,909	)		(190,745	)		(3,623,073	)
Net decrease		(26,366	)		(462,771	)		(178,242	)		(3,389,460	)
Class C
Subscriptions		3,092			58,850			12,900			228,443
Distributions reinvested		246			4,488			444			7,982
Redemptions		(758	)		(14,428	)		(13,661	)		(255,908	)
Net increase (decrease)		2,580			48,910			(317	)		(19,483	)
Class Z
Subscriptions		24,215			468,139			38,365			721,957
Distributions reinvested		12,918			236,846			26,566			491,545
Redemptions		(1,472	)		(26,594	)		(74,377	)		(1,252,020	)
Net increase (decrease)		35,661			678,391			(9,446	)		(38,518	)

See Accompanying Notes to Financial Statements.

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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	15.94		$	22.39		$	24.00		$	22.22		$	20.84		$	20.20
Income from Investment Operations:
Net investment income (b)		0.21			0.45			0.48			0.43			0.32			0.31	(c)
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		3.79			(6.44	)		(1.60	)		1.78			1.37			0.65	(d)
Total from investment operations		4.00			(5.99	)		(1.12	)		2.21			1.69			0.96
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.46	)		(0.49	)		(0.43	)		(0.31	)		(0.32	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	19.72		$	15.94		$	22.39		$	24.00		$	22.22		$	20.84
Total return (f)(g)		25.22	%(h)		(27.03	)%		(4.78	)%		10.06	%		8.17	%		4.80	%(i)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.22	%(k)		1.29	%		1.22	%		1.22	%		1.13	%		1.25	%
Interest expense		—			—			—	%(l)		—	%(l)		—	%(l)		—	%(l)
Net expenses (j)		1.22	%(k)		1.29	%		1.22	%		1.22	%		1.13	%		1.25	%
Waiver/Reimbursement		0.20	%(k)		0.09	%		0.07	%		0.07	%		0.04	%		0.08	%
Net investment income (j)		2.35	%(k)		2.31	%		1.99	%		1.89	%		1.49	%		1.50	%
Portfolio turnover rate		34	%(h)		67	%		63	%		55	%		102	%		136	%
Net assets, end of period (000s)	$	69,973		$	58,511		$	94,827		$	115,393		$	119,408		$	109,409

(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) Rounds to less than $0.01 per share.

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

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

(h) Not annualized.

(i) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 4.73%.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	15.81		$	22.20		$	23.81		$	22.04		$	20.67		$	20.04
Income from Investment Operations:
Net investment income (b)		0.14			0.29			0.30			0.26			0.14			0.15	(c)
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		3.77			(6.37	)		(1.60	)		1.77			1.38			0.64	(d)
Total from investment operations		3.91			(6.08	)		(1.30	)		2.03			1.52			0.79
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.31	)		(0.31	)		(0.26	)		(0.15	)		(0.16	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	19.56		$	15.81		$	22.20		$	23.81		$	22.04		$	20.67
Total return (f)(g)		24.78	%(h)		(27.55	)%		(5.54	)%		9.27	%		7.38	%		3.97	%(i)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.97	%(k)		2.04	%		1.97	%		1.97	%		1.88	%		2.00	%
Interest expense		—			—			—	%(l)		—	%(l)		—	%(l)		—	%(l)
Net expenses (j)		1.97	%(k)		2.04	%		1.97	%		1.97	%		1.88	%		2.00	%
Waiver/Reimbursement		0.20	%(k)		0.09	%		0.07	%		0.07	%		0.04	%		0.07	%
Net investment income (j)		1.60	%(k)		1.49	%		1.25	%		1.14	%		0.68	%		0.75	%
Portfolio turnover rate		34	%(h)		67	%		63	%		55	%		102	%		136	%
Net assets, end of period (000s)	$	2,471		$	2,414		$	7,349		$	15,225		$	22,247		$	43,962

(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) Rounds to less than $0.01 per share.

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

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

(h) Not annualized.

(i) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.92%.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	15.79		$	22.18		$	23.79		$	22.02		$	20.65		$	20.02
Income from Investment Operations:
Net investment income (b)		0.14			0.30			0.32			0.26			0.15			0.15	(c)
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		3.78			(6.38	)		(1.62	)		1.77			1.37			0.65	(d)
Total from investment operations		3.92			(6.08	)		(1.30	)		2.03			1.52			0.80
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.31	)		(0.31	)		(0.26	)		(0.15	)		(0.17	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	19.55		$	15.79		$	22.18		$	23.79		$	22.02		$	20.65
Total return (f)(g)		24.87	%(h)		(27.58	)%		(5.54	)%		9.28	%		7.39	%		4.02	%(i)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.97	%(k)		2.04	%		1.97	%		1.97	%		1.88	%		2.00	%
Interest expense		—			—			—	%(l)		—	%(l)		—	%(l)		—	%(l)
Net expenses (j)		1.97	%(k)		2.04	%		1.97	%		1.97	%		1.88	%		2.00	%
Waiver/Reimbursement		0.20	%(k)		0.09	%		0.07	%		0.07	%		0.04	%		0.07	%
Net investment income (j)		1.59	%(k)		1.59	%		1.32	%		1.14	%		0.73	%		0.75	%
Portfolio turnover rate		34	%(h)		67	%		63	%		55	%		102	%		136	%
Net assets, end of period (000s)	$	688		$	515		$	730		$	2,105		$	2,468		$	2,628

(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) Rounds to less than $0.01 per share.

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

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

(h) Not annualized.

(i) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 3.95%.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	15.90		$	22.34		$	23.95		$	22.17		$	20.81		$	20.18
Income from Investment Operations:
Net investment income (b)		0.23			0.50			0.54			0.49			0.37			0.36	(c)
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		3.80			(6.43	)		(1.60	)		1.78			1.36			0.64	(d)
Total from investment operations		4.03			(5.93	)		(1.06	)		2.27			1.73			1.00
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.51	)		(0.55	)		(0.49	)		(0.37	)		(0.37	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	19.68		$	15.90		$	22.34		$	23.95		$	22.17		$	20.81
Total return (f)(g)		25.44	%(h)		(26.86	)%		(4.55	)%		10.35	%		8.35	%		5.01	%(i)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		0.97	%(k)		1.04	%		0.97	%		0.97	%		0.88	%		1.00	%
Interest expense		—			—			—	%(l)		—	%(l)		—	%(l)		—	%(l)
Net expenses (j)		0.97	%(k)		1.04	%		0.97	%		0.97	%		0.88	%		1.00	%
Waiver/Reimbursement		0.20	%(k)		0.09	%		0.07	%		0.07	%		0.04	%		0.07	%
Net investment income (j)		2.59	%(k)		2.58	%		2.24	%		2.15	%		1.72	%		1.75	%
Portfolio turnover rate		34	%(h)		67	%		63	%		55	%		102	%		136	%
Net assets, end of period (000s)	$	22,413		$	17,541		$	24,859		$	24,680		$	25,336		$	26,425

(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) Rounds to less than $0.01 per share.

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

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

(h) Not annualized.

(i) Without the effect of the investment advisor's reimbursement for the Fund exceeding certain investment restrictions, total return would have been 4.94%.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Asset Allocation Fund II
September 30, 2009 (Unaudited)

Note 1. Organization

Columbia Asset Allocation Fund II (the "Fund"), 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 (the "1940 Act"), as an open-end management investment company.

Investment Objective

The Fund seeks total return, consisting of long-term capital appreciation and current income.

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. Each share class has its own expense structure and sales charges, as applicable. Effective June 22, 2009, the Fund no longer accepts investments from new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund, and exchanges by existing Class B shareholders of other Columbia Funds.

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 one year 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 one year 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

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 Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available 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 are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

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

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

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

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.

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

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 fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Management establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

• Level 3 – prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

Management is required to provide disclosures regarding the Fund's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

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

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

Treasury Inflation Protected Securities

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

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted.

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

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. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.

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 Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income, 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 provision is made for federal income or excise taxes.

Distributions to Shareholders

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

Indemnification

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2009 was as follows:

Ordinary Income*

2,435,804

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	14,962,934
Unrealized depreciation		(4,656,859	)
Net unrealized appreciation	$	10,306,075

The following capital loss carryforwards, determined as of March 31, 2009, may be available to reduce taxable income

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

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
	2012	$	1,767,986
	2017		4,810,145
Total		$	6,578,131

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA") provides investment advisory services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee at the annual rate of 0.60% of the Fund's average daily net assets.

BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction ("Transaction") includes the sale of the part of the asset management business that advises long-term mutual funds, including the Fund. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee at the annual rate of 0.12% of 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 (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

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. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund's portfolio securities, incurred by Columbia in the performance of services under the Services Agreement.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

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 $17.34 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, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to 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 Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to May 1, 2009, the Transfer Agent voluntarily waived 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) did not exceed 0.02% annually 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 minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the six month period ended September 30, 2009, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares. For the six month period ended September 30, 2009, the Distributor has retained net underwriting discounts of $840 on sales of the Fund's Class A shares and received net CDSC fees of $395 and $12 on Class B and Class C share redemptions, respectively.

The Fund has adopted distribution and shareholder servicing plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act, which require the payment of distribution and service fees. The fees are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors. The Plans require the payment of a combined distribution and shareholder servicing fee for Class A shares of the Fund. The Plans also require the payment of a monthly shareholder servicing fee and distribution fee for the Class B and Class C shares of the Fund. 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	%

Fee Waivers and Expense Reimbursements

Effective May 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.95% of the Fund's average daily net assets on an annualized basis. Columbia, in its discretion, may revise or discontinue this arrangement at any time.

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

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

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, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statement of Assets and Liabilities.

Note 5. Custody Credits

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

For the six month period ended September 30, 2009, these custody credits reduced total expenses by $1 for the Fund.

Note 6. Objectives and Strategies for Investing in Derivatives Instruments

Objectives

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

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

Interest Rate Risk: Interest rate risk refers to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities generally will decline in value upon an increase in general interest rates, and their value generally will increase upon a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

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

Futures Contracts—The Fund entered into interest rate futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark.

The use of futures contracts involves certain risks, which include, among others: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, and (3) an inaccurate prediction of the future direction of interest rates by Columbia. Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Fund's Statement of Assets and Liabilities.

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

The effect of derivative instruments on the Statement of Operations for the six month period ended September 30, 2009.

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts		Interest Rate Risk	$	(12,759	)	$	(15,742	)

Note 7. Portfolio Information

For the six month period ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $29,896,679 and $32,112,955, respectively, of which $6,661,891 and $6,971,963, respectively, were U.S. Government securities.

Note 8. Regulatory Settlements

As of September 30, 2009, the Fund had received payments of $1,914 relating to certain regulatory settlements the Fund had participated in during the period. The payments have been included in "Increase from regulatory settlements" on the Statement of Changes in Net Assets.

Note 9. Line of Credit

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

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended September 30, 2009, the Fund did not borrow under these arrangements.

Note 10. Shares of Beneficial Interest

As of September 30, 2009, 21.9% of the Fund's shares outstanding were beneficially owned by one participant account over which BOA and/or any of its affiliates had either sole or joint investment discretion. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

Subscription and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 11. Significant Risks and Contingencies

Asset-Backed Securities Risk

The value of asset-backed securities may be affected by, among other factors, changes in interest rates, the market's assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, factors concerning the interests in and structure of the issuer or the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market's assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Funds to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Legal Proceedings

Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor or affiliated entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $375 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement, among other things, requires Columbia Management Advisors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $375 million in settlement amounts described above, of which approximately $90 million has been earmarked for certain Columbia Funds and their shareholders, is being distributed in accordance with a distribution plan developed by an independent distribution consultant and approved by the SEC on December 27, 2007. Distributions under the distribution plan began in mid-June 2008.

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 Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (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. 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. 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.

Columbia Asset Allocation Fund II, September 30, 2009 (Unaudited)

Note 12. Subsequent Events

On October 15, 2009, the committed line of credit discussed in Note 9 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective January 1, 2010, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

Important Information About This Report

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

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

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

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about a fund, contact your Columbia Management representative or financial advisor or go to www.columbiamanagement.com.

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 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^®

One Financial Center
Boston, MA 02111-2621

PRSRT STD
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Columbia Management^®

Columbia Asset Allocation Fund II

Semiannual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/24709-0909 (11/09) 09/94959

Columbia Management^®

Semiannual Report

September 30, 2009

Corporate Bond Funds

^gColumbia Total Return Bond Fund

^gColumbia Short Term Bond Fund

^gColumbia High Income Fund

NOT FDIC INSURED				May Lose Value

NOT BANK ISSUED				No Bank Guarantee

Table of Contents

Columbia Total Return Bond Fund					1

Columbia Short Term Bond Fund					5

Columbia High Income Fund					9

Financial Statements

Investment Portfolios					13

Statements of Assets and Liabilities					53

Statements of Operations					55

Statements of Changes in Net Assets					57

Financial Highlights					60

Notes to Financial Statements					73

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:

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Past performance is no guarantee of future results.

Fund Profile – Columbia Total Return Bond Fund

Summary

^g For the six-month period that ended September 30, 2009, the fund's Class A shares returned 13.04% without sales charge. The fund outperformed its benchmark, the Barclays Capital Aggregate Bond Index¹, which returned 5.59%. It also outperformed the 11.46% average return of its peer group, the Lipper Intermediate Investment Grade Debt Funds Classification.² These excess returns were the result of a carefully implemented program to assume extra risk during a period in which many fixed-income sectors staged significant rebounds.

^g Whereas investors flocked to the highest-quality securities in 2008, that trend has reversed in 2009. As the tone of the market improved through a combination of government intervention and market forces, we systemically increased the risk exposure of the portfolio. We increased the fund's overweight in asset-backed securities, commercial mortgage-backed securities and corporate bonds. The fund's corporate holdings emphasized financial companies such as banks, brokers and insurers, whose market risk we offset through purchases of utilities and oil and gas producers. We increased the fund's allocation to high-yield bonds, a category that appreciated nicely during the period and accounted for a relatively high 4.0% of the portfolio by the end of the period. We also maintained exposure to non-dollar denominated securities and removed the fund's currency hedges to produce a 3.0% position in foreign currencies. These individual maneuvers added up to healthy outperformance for the period.

^g We will continue to manage the fund using an aggressive style that distinguishes it from many of the more conservatively managed funds in the Columbia family. But we do not embrace risk for risk's sake. Although future returns are impossible to predict, we have found that small changes in the fund's sector allocation, when coupled with careful adjustments to the composition of holdings within each sector, has the potential to create incremental returns without taking extreme positions in credit quality.

Portfolio Management

Alexander D. Powers has co-managed the fund since December 2007 and has been with the advisor or its predecessors since 1996.

Jonathan P. Carlson has co-managed the fund since December 2007 and has been associated with the advisor or its predecessors since 2007.

Carl W. Pappo has co-managed the fund since November 2006 and has been associated with the advisor since 1993.

¹The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Summary

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

				+13.04%

				Class A shares (without sales charge)

				+5.59%

				Barclays Capital Aggregate Bond Index

Morningstar Style Box^TM

The Morningstar Style Box^TM reveals a fund's investment strategy. 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). Information shown is based on the most recent data provided by Morningstar.

Fund Profile (continued) – Columbia Total Return Bond Fund

Lee Reddin has co-managed the fund since December 2007 and has been associated with the advisor or its predecessors since 2000.

Kevin L. Cronk has co-managed the fund since November 2004 and has been associated with the advisor or its predecessors since 1999.

Laura Ostrander has co-managed the fund since November 2004 and has been associated with the advisor or its predecessors since 1996.

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

Performance Information – Columbia Total Return Bond Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		16,635		16,094
Class B		15,453		15,453
Class C		15,416		15,416
Class Z		17,070		n/a

The table above shows the change 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 on the redemption of fund shares.

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

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)		13.04		9.40		12.74		9.74		12.62		11.62		13.30
1-year		14.57		10.82		13.84		10.84		13.72		12.72		14.85
5-year		4.04		3.35		3.27		3.27		3.27		3.27		4.30
10-year		5.22		4.87		4.45		4.45		4.42		4.42		5.49

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

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

Annual operating expense ratio (%)*

Class A					0.91
Class B					1.66
Class C					1.66
Class Z					0.66

Net asset value per share

as of 09/30/09 ($)

Class A					9.65
Class B					9.66
Class C					9.65
Class Z					9.66

Distributions declared per share

04/01/09 – 09/30/09 ($)

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

Understanding Your Expenses – Columbia Total Return Bond Fund

Estimating your actual expenses

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

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

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/09 – 09/30/09

	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		1,130.41		1,020.81		4.54		4.31		0.85
Class B		1,000.00		1,000.00		1,127.40		1,017.05		8.53		8.09		1.60
Class C		1,000.00		1,000.00		1,126.19		1,017.05		8.53		8.09		1.60
Class Z		1,000.00		1,000.00		1,133.01		1,022.06		3.21		3.04		0.60

Fund Profile – Columbia Short Term Bond Fund

Summary

^g For the six-month period that ended September 30, 2009, the fund's Class A shares returned 6.17% without sales charge. That was significantly better than the 2.84% return of its benchmark, the Barclays Capital 1-3 Year Government/Credit Index.¹ The fund outperformed the benchmark because it had more exposure to sectors outside the Treasury market. The fund trailed the average fund in its peer group, the Lipper Short Investment Grade Debt Funds Classification³, which returned 7.09%. We believe that many of the fund's peers had more exposure to lower-quality securities, which accounted for their performance advantage, as lower-quality outperformed. However, we remain committed to the fund's quality focus, which helped steady the fund during the market turmoil of 2008.

^g Within securitized sectors—those backed by tangible assets such as mortgages and auto loans—the fund's holdings in commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and collateralized mortgage obligations (CMO) aided returns, as the performance of all three sectors was very strong. Both ABS and CMBS benefited from inclusion in the government-created Term Asset-Backed Loan Facility (TALF). We increased the fund's weight in corporate bonds during the period, and that sector's outperformance compared to Treasuries also aided fund returns. Within the corporate bond area, the fund's insurance, real estate investment trust (REIT), finance and banking holdings aided results as these areas outperformed the corporate market overall. Plus, a decision to underweight supranational and sovereign debt was positive. Both groups underperformed the broad corporate market.

^g The fund's positioning was a slight drag on performance. The fund had a "barbelled" approach—emphasizing both short and long maturities within the short-term range that the fund invests in, rather than a more even distribution along the yield curve. This had a small negative impact on performance because five-year yields increased more than shorter-term yields.

^g We believe that Federal Reserve Board (the Fed) and U.S. Treasury policies will accommodate growth well into 2010, as concerns about growth outweigh concerns about inflation. Still, the bond market recognizes the inflation potential from government stimulus spending and borrowing. Against this backdrop, we plan to keep the fund's duration, a measure of interest rate sensitivity, neutral compared to the benchmark. And, we are maintaining a barbell approach to yields because we believe it could benefit performance if five-year yields, which are currently higher than normal in relationship to other maturities, decline relative to those other maturities.

¹The Barclays Capital 1-3 Year Government/Credit Index consists of Treasury or government agency securities and investment grade corporate debt securities with maturities of one to three years.

²Effective on the close of business September 25, 2009, the official name of The Merrill Lynch 1-3 Year U.S. Treasury Index was changed to The BofA Merrill Lynch 1-3 Year Treasury Index. This index measures the return of Treasury bills with maturities of 1-3 years. As of 01/01/2009, Merrill Lynch & Co., Inc. is a wholly owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

³Lipper 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.

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

Summary

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

				+6.17%

				Class A shares (without sales charges)

				+2.84%

				Barclays Capital 1-3 Year Government/Credit Index¹

				+0.67%

				BofA Merrill Lynch 1-3 Year Treasury Index²

Morningstar Style Box^TM

Fund Profile (continued) – Columbia Short Term Bond Fund

^g The portfolio continues to have more exposure than the benchmark to non-Treasury sectors. The health of the corporate market has been improving, and the supply of new issues has increased. Plus, corporate bonds look inexpensive on a historical basis. Within the financial sector, we favor financial securities—especially insurance—and utility issues, with a focus on natural gas pipelines.

Portfolio Management

Leonard Aplet has co-managed the fund since October 2004 and has been associated with the fund or its predecessors since 1987.

Ronald Stahl has co-managed the fund since November 2006 and has been associated with the fund or its predecessors since 1998.

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

Performance Information – Columbia Short Term Bond Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		15,143		14,988
Class B		14,072		14,072
Class C		14,288		14,288
Class Y		15,499		n/a
Class Z		15,499		n/a

The table above shows the change 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 on the redemptions of fund shares.

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

Share class	A				B				C				Y		Z
Inception	10/02/92				06/07/93				10/02/92				07/15/09		09/30/92
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		6.17		5.06		5.77		2.77		6.01		5.01		6.32		6.31
1-year		7.38		6.26		6.58		3.58		7.05		6.05		7.55		7.54
5-year		3.74		3.53		2.99		2.99		3.33		3.33		4.00		4.00
10-year		4.24		4.13		3.47		3.47		3.63		3.63		4.48		4.48

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 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 shown would be lower.

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

Annual operating expense ratio (%)*

Class A					0.77
Class B					1.52
Class C					1.52
Class Y					0.47
Class Z					0.52

Net asset value per share

as of 09/30/09 ($)

Class A					9.87
Class B					9.87
Class C					9.86
Class Y					9.85
Class Z					9.85

Distributions declared per share

04/01/09 – 09/30/09 ($)

Class A					0.18
Class B					0.14
Class C					0.16
Class Y					0.08
Class Z					0.19

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:

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

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/09 – 09/30/09

	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		1,061.72			1,021.41		3.77			3.70		0.73
Class B		1,000.00		1,000.00		1,057.71			1,017.65		7.63			7.49		1.48
Class C		1,000.00		1,000.00		1,060.11			1,019.85		5.37			5.27		1.04
Class Y*		1,000.00		1,000.00		1,023.40	**		1,022.66		1.04	**		2.43		0.48
Class Z		1,000.00		1,000.00		1,063.12			1,022.66		2.48			2.43		0.48

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

* Class Y shares commenced operations on July 15, 2009.

** For the period July 15, 2009 through September 30, 2009.

Fund Profile – Columbia High Income Fund

Summary

^g For the six-month period that ended September 30, 2009, the fund's Class A shares returned 31.59% without sales charge. The fund's benchmark, the Credit Suisse High Yield Index¹, returned 37.20%. The average fund in its peer group, the Lipper High Current Yield Funds Classification², returned 33.65%. We believe that the fund's conservative risk profile accounted for its underperformance relative to its benchmark and peer group.

^g In a market rally led by lower-quality securities, we maintained our focus on higher-quality securities, which is consistent with our long-term investment strategy. We gave up several percentage points of performance because of our approach, but generated solid returns from a variety of sectors. The top-performing issuers for the six-month period were Alcatel-Lucent, Ford Motor Company, GMAC and Icahn Enterprises (1.0%, 0.6%, 1.2% and 1.5% of net assets, respectively). Alcatel-Lucent, in the technology sector, signed a multi-year contract to supply equipment in China, and its shares rose strongly. An overweight in transportation had a positive impact on relative performance. Within the sector, Ford Motor Company reported better-than-expected earnings. Ford Motor Credit (1.9% of net assets) also reported improved results. Within the financials sector, GMAC performed well as investors realized that the General Motors bankruptcy had limited impact on its business. Icahn Enterprises, formerly AMR Real Estate, was a top performer following a report of strong first-quarter revenues and income versus the same period last year.

^g Three issuers had a negative impact on absolute performance for the period: Lender Processing Services, Range Resources and Ziff Davis Media (0.3%, 0.3% and less than 0.1% of net assets, respectively).

^g As cash flooded into the high-yield market over the past six months and the market appeared to assume that the recession was over, investors demonstrated their willingness to take on the riskiest credits, which drove lower-quality high-yield bonds well above higher-quality high-yield bonds. However, we continue to believe that the current recession will be more prolonged than the market seems to reflect, even though the pace of economic contraction has slowed. Our interactions with the companies in which we invest have yet to indicate that a sustainable recovery is underway. Therefore, our investment process currently requires us to remain underweight in the riskier part of the high-yield market. Our investment philosophy and process have always been to invest in the debt of companies with definable economic value, and our goal is to achieve a default rate that is well below that of

¹The Credit Suisse High Yield Index is a broad-based index that tracks the performance of high yield bonds. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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) return as of 09/30/09

				+31.59%

				Class A shares (without sales charge)

				+37.20%

				Credit Suisse High Yield Index

Morningstar Style Box^TM

Fund Profile (continued) – Columbia High Income Fund

the market. We believe that our disciplined investment process has positioned us well for the current environment and will serve us well through this market cycle.

Portfolio Management

The fund is managed by the High Yield Portfolio Management Team of MacKay Shields LLC, investment sub-advisor to the fund. J. Matthew Philo is the lead portfolio manager responsible for making the day-to-day investment decisions for the fund, and has been a portfolio manager for the fund since its inception.

Source for all security-specific commentary—MacKay Shields LLC.

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

Investments in high-yield bonds (sometimes referred to as "junk bonds") offer 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. High yield bonds issued by foreign entities have greater potential risks, including less regulation, currency fluctuations, economic instability and political developments.

Performance Information – Columbia High Income Fund

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

Sales charge	without		with
Class A		18,743		17,850
Class B		17,462		17,462
Class C		17,391		17,391
Class Z		19,281		n/a

The table above shows the change 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 on the redemption of fund shares.

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

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)		31.59		25.24		31.21		26.21		31.19		30.19		31.77
1-year		12.00		6.74		11.19		6.19		11.10		10.10		12.32
5-year		4.56		3.55		3.77		3.50		3.79		3.79		4.82
Life		6.74		6.20		5.97		5.97		5.95		5.95		7.06

The "with sales charge" returns include the maximum initial sales charge of 4.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns shown would be lower.

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

Annual operating expense ratio (%)*

Class A					1.20
Class B					1.95
Class C					1.95
Class Z					0.95

Net asset value per share

as of 09/30/09 ($)

Class A					7.47
Class B					7.45
Class C					7.41
Class Z					7.55

Distributions declared per share

04/01/09 – 09/30/09 ($)

Class A					0.29
Class B					0.26
Class C					0.26
Class Z					0.30

Understanding Your Expenses – Columbia High Income Fund

Estimating your actual expenses

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

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

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/09 – 09/30/09

	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		1,315.91		1,019.25		6.73		5.87		1.16
Class B		1,000.00		1,000.00		1,312.10		1,015.49		11.07		9.65		1.91
Class C		1,000.00		1,000.00		1,311.90		1,015.49		11.07		9.65		1.91
Class Z		1,000.00		1,000.00		1,317.72		1,020.51		5.29		4.61		0.91

Investment Portfolio – Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 36.7%
	Par (a)		Value ($)
Basic Materials – 1.7%
Chemicals – 0.3%
Dow Chemical Co.
8.550% 05/15/19		1,790,000		2,012,221
Huntsman International LLC
6.875% 11/15/13 (b)	EUR	90,000		117,214
7.875% 11/15/14		125,000		116,563
INVISTA
9.250% 05/01/12 (b)		450,000		450,000
Lubrizol Corp.
6.500% 10/01/34		1,505,000		1,571,783
Terra Capital, Inc.
7.000% 02/01/17		220,000		229,350
Chemicals Total				4,497,131
Forest Products & Paper – 0.2%
Cascades, Inc.
7.250% 02/15/13		350,000		343,000
Clearwater Paper Corp.
10.625% 06/15/16 (b)		75,000		81,094
Domtar Corp.
7.125% 08/15/15		365,000		357,700
Georgia-Pacific Corp.
8.000% 01/15/24		625,000		618,750
PE Paper Escrow GmbH
12.000% 08/01/14 (b)		200,000		216,000
Westvaco Corp.
8.200% 01/15/30		340,000		333,494
Forest Products & Paper Total				1,950,038
Iron/Steel – 0.7%
ArcelorMittal
9.850% 06/01/19		2,745,000		3,246,797
Nucor Corp.
5.000% 06/01/13		2,655,000		2,823,906
5.850% 06/01/18		2,085,000		2,283,246
Russel Metals, Inc.
6.375% 03/01/14		255,000		228,543
Steel Dynamics, Inc.
8.250% 04/15/16 (b)		560,000		562,800
United States Steel Corp.
7.000% 02/01/18		255,000		244,895
Iron/Steel Total				9,390,187
Metals & Mining – 0.5%
FMG Finance Ltd.
10.625% 09/01/16 (b)		300,000		332,250
Freeport-McMoRan Copper & Gold, Inc.
8.250% 04/01/15		2,655,000		2,824,256
8.375% 04/01/17		1,535,000		1,632,856

	Par (a)		Value ($)
Noranda Aluminium Holding Corp.
PIK, 7.163% 11/15/14 (11/16/09) (c)(d)		214,322		99,219
Teck Resources Ltd.
10.750% 05/15/19		900,000		1,046,250
Vedanta Resources PLC
9.500% 07/18/18 (b)		100,000		98,500
Metals & Mining Total				6,033,331
Basic Materials Total				21,870,687
Communications – 3.5%
Advertising – 0.0%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		85,000		80,431
10.000% 07/15/17 (b)		120,000		129,600
Advertising Total				210,031
Media – 1.5%
Charter Communications Holdings II LLC
10.250% 09/15/10 (e)		260,000		292,500
CMP Susquehanna Corp.
3.440% 05/15/14 (11/15/09) (c)(f)		27,000		12,150
Comcast Cable Holdings LLC
9.875% 06/15/22		2,159,000		2,706,527
Comcast Corp.
6.550% 07/01/39		2,025,000		2,163,968
6.950% 08/15/37		2,539,000		2,833,935
CSC Holdings, Inc.
8.500% 04/15/14 (b)		230,000		241,500
8.500% 06/15/15 (b)		190,000		199,500
DirecTV Holdings LLC
6.375% 06/15/15		2,320,000		2,349,000
DISH DBS Corp.
6.625% 10/01/14		1,135,000		1,103,787
7.875% 09/01/19 (b)(g)		145,000		146,450
Liberty Media LLC
8.250% 02/01/30		325,000		268,125
Local TV Finance LLC
PIK, 9.250% 06/15/15 (b)		178,500		55,828
News America, Inc.
6.400% 12/15/35		2,175,000		2,194,092
6.550% 03/15/33		655,000		670,392
Time Warner Cable, Inc.
7.300% 07/01/38		3,485,000		4,022,422
Media Total				19,260,176

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Telecommunication Services – 2.0%
AT&T, Inc.
5.625% 06/15/16		2,445,000		2,630,226
6.550% 02/15/39		2,715,000		2,960,007
BellSouth Corp.
5.200% 09/15/14		805,000		871,563
British Telecommunications PLC
5.150% 01/15/13		750,000		781,354
5.950% 01/15/18		2,825,000		2,861,694
CC Holdings GS V LLC/Crown Castle GS III Corp.
7.750% 05/01/17 (b)		315,000		326,025
Citizens Communications Co.
7.875% 01/15/27		765,000		698,062
Cricket Communications, Inc.
7.750% 05/15/16 (b)		480,000		487,200
Digicel Ltd.
9.250% 09/01/12 (b)		300,000		304,500
GeoEye, Inc.
9.625% 10/01/15 (b)(g)		185,000		187,313
Hellas Telecommunications Luxembourg II
6.259% 01/15/15 (10/15/09) (b)(c)(d)		145,000		22,475
Inmarsat Finance II PLC
10.375% 11/15/12		315,000		326,025
Intelsat Corp.
9.250% 06/15/16		445,000		458,350
Lucent Technologies, Inc.
6.450% 03/15/29		450,000		342,563
MetroPCS Wireless, Inc.
9.250% 11/01/14		290,000		296,525
Nextel Communications, Inc.
7.375% 08/01/15		1,100,000		987,250
NII Capital Corp.
10.000% 08/15/16 (b)		170,000		176,800
Nordic Telephone Co. Holdings ApS
8.875% 05/01/16 (b)		230,000		238,050
Orascom Telecom Finance SCA
7.875% 02/08/14 (b)		170,000		162,350
Quebecor Media, Inc.
7.750% 03/15/16		435,000		430,650
Qwest Communications International, Inc.
7.500% 02/15/14		355,000		350,562
Qwest Corp.
7.500% 10/01/14		485,000		489,850
7.500% 06/15/23		385,000		350,350
SBA Telecommunications, Inc.
8.250% 08/15/19 (b)		335,000		345,050
Sprint Capital Corp.
6.875% 11/15/28		110,000		91,850
Syniverse Technologies, Inc.
7.750% 08/15/13		180,000		166,725

	Par (a)		Value ($)
Telefonica Emisiones SAU
6.221% 07/03/17		1,075,000		1,186,701
6.421% 06/20/16		3,700,000		4,155,348
Time Warner Telecom Holdings, Inc.
9.250% 02/15/14		155,000		159,650
Verizon Communications, Inc.
6.250% 04/01/37		1,245,000		1,295,408
Wind Acquisition Finance SA
11.750% 07/15/17 (b)		1,115,000		1,363,978
Windstream Corp.
8.625% 08/01/16		855,000		874,237
Telecommunication Services Total				26,378,691
Communications Total				45,848,898
Consumer Cyclical – 2.1%
Airlines – 0.2%
Continental Airlines, Inc.
7.461% 04/01/15		2,428,083		2,264,187
Airlines Total				2,264,187
Apparel – 0.0%
Levi Strauss & Co.
9.750% 01/15/15		250,000		260,000
Apparel Total				260,000
Auto Parts & Equipment – 0.0%
Goodyear Tire & Rubber Co.
9.000% 07/01/15		262,000		271,825
10.500% 05/15/16		50,000		54,250
Auto Parts & Equipment Total				326,075
Entertainment – 0.0%
Boyd Gaming Corp.
6.750% 04/15/14		205,000		183,475
Six Flags, Inc.
9.625% 06/01/14 (h)		171,000		31,635
WMG Acquisition Corp.
7.375% 04/15/14		335,000		320,762
Entertainment Total				535,872
Home Builders – 0.1%
D.R. Horton, Inc.
5.625% 09/15/14		380,000		366,700
5.625% 01/15/16		95,000		88,825
KB Home
5.875% 01/15/15		450,000		424,125
Ryland Group, Inc.
8.400% 05/15/17		110,000		117,975
Home Builders Total				997,625

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Leisure Time – 0.0%
Royal Caribbean Cruises Ltd.
7.500% 10/15/27		400,000		312,000
Leisure Time Total				312,000
Lodging – 0.2%
Host Hotels & Resorts LP
6.750% 06/01/16		555,000		527,250
Majestic Star LLC
9.750% 01/15/11 (i)		330,000		34,650
MGM Mirage
13.000% 11/15/13 (b)		150,000		171,750
Penn National Gaming, Inc.
8.750% 08/15/19 (b)		285,000		285,713
Pinnacle Entertainment, Inc.
8.625% 08/01/17 (b)		140,000		140,700
Seminole Indian Tribe of Florida
7.804% 10/01/20 (b)		340,000		290,238
Snoqualmie Entertainment Authority
4.680% 02/01/14 (02/01/10) (b)(c)(d)		55,000		26,950
9.125% 02/01/15 (b)		265,000		140,450
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18		480,000		453,000
Wynn Las Vegas LLC
6.625% 12/01/14		330,000		318,450
Lodging Total				2,389,151
Retail – 1.6%
AmeriGas Partners LP
7.125% 05/20/16		180,000		172,800
7.250% 05/20/15		195,000		190,125
Best Buy Co., Inc.
6.750% 07/15/13		2,485,000		2,662,205
CVS Pass-Through Trust
5.298% 01/11/27 (b)		2,899,179		2,617,412
6.036% 12/10/28		3,271,171		3,153,245
8.353% 07/10/31 (b)		4,906,758		5,461,123
Inergy LP/Inergy Finance Corp.
8.250% 03/01/16		85,000		85,425
8.750% 03/01/15 (b)		120,000		123,300
Limited Brands, Inc.
8.500% 06/15/19 (b)		385,000		402,760
McDonald's Corp.
5.000% 02/01/19		545,000		580,046
5.700% 02/01/39		3,410,000		3,691,898
Phillips-Van Heusen Corp.
8.125% 05/01/13		110,000		111,925
QVC, Inc.
7.500% 10/01/19 (b)		185,000		185,231

	Par (a)		Value ($)
Starbucks Corp.
6.250% 08/15/17		1,590,000		1,701,806
Retail Total				21,139,301
Textiles – 0.0%
Mohawk Industries, Inc.
6.875% 01/15/16		285,000		283,613
Textiles Total				283,613
Consumer Cyclical Total				28,507,824
Consumer Non-Cyclical – 3.6%
Beverages – 1.0%
Anheuser-Busch InBev Worldwide, Inc.
7.750% 01/15/19 (b)(j)		5,860,000		6,933,904
8.000% 11/15/39 (b)		2,855,000		3,694,459
8.200% 01/15/39 (b)		975,000		1,285,673
Constellation Brands, Inc.
8.125% 01/15/12		495,000		495,000
Cott Beverages, Inc.
8.000% 12/15/11		170,000		168,937
Beverages Total				12,577,973
Biotechnology – 0.0%
Bio-Rad Laboratories, Inc.
7.500% 08/15/13		240,000		246,000
Biotechnology Total				246,000
Commercial Services – 0.1%
ARAMARK Corp.
8.500% 02/01/15		210,000		211,838
Corrections Corp. of America
6.250% 03/15/13		240,000		236,400
GEO Group, Inc.
8.250% 07/15/13		190,000		191,900
Iron Mountain, Inc.
8.000% 06/15/20		230,000		231,150
RSC Equipment Rental, Inc.
10.000% 07/15/17 (b)		215,000		231,125
Service Corp. International
6.750% 04/01/16		190,000		186,200
7.000% 06/15/17		45,000		43,875
Commercial Services Total				1,332,488
Food – 0.7%
Campbell Soup Co.
4.500% 02/15/19		2,640,000		2,708,888
ConAgra Foods, Inc.
7.000% 10/01/28		4,235,000		4,685,519
Del Monte Corp.
6.750% 02/15/15		325,000		320,938

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
JBS USA LLC/JBS USA Finance, Inc.
11.625% 05/01/14 (b)		265,000		284,875
New Albertsons, Inc.
8.000% 05/01/31		450,000		403,875
Smithfield Foods, Inc.
10.000% 07/15/14 (b)		320,000		336,000
Tyson Foods, Inc.
10.500% 03/01/14		355,000		402,037
Food Total				9,142,132
Healthcare Products – 0.0%
Biomet, Inc.
PIK, 10.375% 10/15/17		230,000		244,375
Healthcare Products Total				244,375
Healthcare Services – 0.5%
Community Health Systems, Inc.
8.875% 07/15/15		105,000		107,625
HCA, Inc.
9.250% 11/15/16		120,000		124,050
PIK, 9.625% 11/15/16		994,000		1,033,760
Health Net, Inc.
6.375% 06/01/17		320,000		281,600
Roche Holdings, Inc.
6.000% 03/01/19 (b)		2,495,000		2,777,282
U.S. Oncology, Inc.
9.125% 08/15/17 (b)		335,000		352,587
WellPoint, Inc.
7.000% 02/15/19		1,840,000		2,091,633
Healthcare Services Total				6,768,537
Household Products/Wares – 0.1%
American Greetings Corp.
7.375% 06/01/16		165,000		157,988
Fortune Brands, Inc.
5.125% 01/15/11		1,565,000		1,604,840
Jostens IH Corp.
7.625% 10/01/12		165,000		165,206
Household Products/Wares Total				1,928,034
Pharmaceuticals – 1.2%
Abbott Laboratories
5.600% 05/15/11 (j)		7,000,000		7,490,252
Elan Finance PLC
4.440% 11/15/11 (11/15/09) (c)(d)		70,000		68,250
8.875% 12/01/13		195,000		196,463
Novartis Securities Investment Ltd.
5.125% 02/10/19		4,165,000		4,433,888

	Par (a)		Value ($)
Omnicare, Inc.
6.750% 12/15/13		225,000		217,687
6.875% 12/15/15		150,000		144,000
Valeant Pharmaceuticals International
8.375% 06/15/16 (b)		265,000		268,975
Warner Chilcott Corp.
8.750% 02/01/15		205,000		210,125
Wyeth
5.500% 02/15/16		2,150,000		2,346,080
Pharmaceuticals Total				15,375,720
Consumer Non-Cyclical Total				47,615,259
Diversified – 0.0%
Diversified Holding Companies – 0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125% 02/15/13		355,000		341,687
Diversified Holding Companies Total				341,687
Diversified Total				341,687
Energy – 5.1%
Coal – 0.1%
Arch Western Finance LLC
6.750% 07/01/13		580,000		570,575
Massey Energy Co.
6.875% 12/15/13		600,000		579,000
Coal Total				1,149,575
Oil & Gas – 2.6%
Canadian Natural Resources Ltd.
6.250% 03/15/38		2,125,000		2,263,841
Chesapeake Energy Corp.
6.375% 06/15/15		1,040,000		965,900
9.500% 02/15/15		95,000		99,988
Cimarex Energy Co.
7.125% 05/01/17		355,000		330,150
Connacher Oil & Gas Ltd.
11.750% 07/15/14 (b)		275,000		292,875
Devon Energy Corp.
6.300% 01/15/19		1,320,000		1,456,332
Forest Oil Corp.
8.500% 02/15/14 (b)		635,000		639,762
Frontier Oil Corp.
8.500% 09/15/16		150,000		153,563
Gazprom International SA
7.201% 02/01/20 (b)		2,245,888		2,313,264
Hess Corp.
7.300% 08/15/31		3,120,000		3,507,295

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Marathon Oil Corp.
6.000% 07/01/12		2,415,000		2,640,571
6.000% 10/01/17		3,000,000		3,153,210
7.500% 02/15/19		525,000		605,549
Newfield Exploration Co.
6.625% 04/15/16		615,000		602,700
Nexen, Inc.
5.875% 03/10/35		2,745,000		2,514,047
7.500% 07/30/39		3,260,000		3,549,873
OPTI Canada, Inc.
8.250% 12/15/14		295,000		228,625
Penn Virginia Corp.
10.375% 06/15/16		190,000		205,200
PetroHawk Energy Corp.
7.875% 06/01/15		275,000		270,875
Qatar Petroleum
5.579% 05/30/11 (b)		1,104,583		1,136,053
Quicksilver Resources, Inc.
7.125% 04/01/16		245,000		212,537
Range Resources Corp.
7.500% 05/15/16		160,000		160,000
Southwestern Energy Co.
7.500% 02/01/18		235,000		237,350
Talisman Energy, Inc.
5.850% 02/01/37 (j)		2,210,000		2,125,677
7.750% 06/01/19		4,168,000		4,900,839
Tesoro Corp.
6.625% 11/01/15		475,000		439,375
Oil & Gas Total				35,005,451
Oil & Gas Services – 0.6%
Smith International, Inc.
9.750% 03/15/19		2,630,000		3,245,007
Weatherford International Ltd.
5.150% 03/15/13		3,355,000		3,524,065
7.000% 03/15/38		1,510,000		1,627,891
Oil & Gas Services Total				8,396,963
Pipelines – 1.8%
El Paso Corp.
6.875% 06/15/14		460,000		450,800
7.250% 06/01/18		135,000		132,784
Enbridge Energy Partners LP
7.500% 04/15/38		1,265,000		1,444,693
Energy Transfer Partners LP
6.000% 07/01/13		805,000		853,130
Kinder Morgan Energy Partners LP
5.625% 02/15/15		1,445,000		1,551,049
5.800% 03/01/21		1,710,000		1,737,088
6.500% 09/01/39		2,635,000		2,680,507
6.950% 01/15/38		2,220,000		2,384,455

	Par (a)		Value ($)
Kinder Morgan Finance Co. ULC
5.700% 01/05/16		480,000		457,200
MarkWest Energy Partners LP
8.500% 07/15/16		230,000		227,700
ONEOK Partners LP
6.850% 10/15/37		1,435,000		1,548,374
Plains All American Pipeline LP
5.750% 01/15/20		660,000		665,107
6.500% 05/01/18		155,000		166,020
8.750% 05/01/19		2,725,000		3,271,098
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (c)(d)		6,425,000		5,629,206
Williams Companies, Inc.
7.875% 09/01/21		85,000		91,941
Pipelines Total				23,291,152
Energy Total				67,843,141
Financials – 13.4%
Banks – 8.1%
Bank of New York Mellon Corp.
5.450% 05/15/19		2,695,000		2,913,182
Barclays Bank PLC
5.000% 09/22/16		3,195,000		3,235,794
7.375% 06/29/49 (12/01/11) (b)(c)(d)		1,165,000		1,019,375
Capital One Capital IV
6.745% 02/17/37 (02/17/32) (c)(d)		6,545,000		4,974,200
Capital One Capital V
10.250% 08/15/39		1,915,000		2,116,113
Capital One Financial Corp.
7.375% 05/23/14		680,000		758,889
Chinatrust Commercial Bank
5.625% 12/29/49 (03/17/15) (b)(c)(d)		1,220,000		1,021,904
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (b)		6,000,000		5,937,846
Citigroup, Inc.
8.125% 07/15/39		5,185,000		5,804,032
Comerica Bank
0.336% 06/30/10 (10/30/09) (c)(d)		1,250,000		1,226,001
5.200% 08/22/17		2,750,000		2,348,989
5.750% 11/21/16		615,000		556,386
Deutsche Bank AG
4.875% 05/20/13		555,000		591,168
Fifth Third Bank
4.200% 02/23/10		2,900,000		2,923,139

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
GMAC LLC
8.000% 11/01/31 (b)		155,000		124,775
JPMorgan Chase Capital XX
6.550% 09/29/36		9,120,000		8,470,218
JPMorgan Chase Capital XXII
6.450% 02/02/37		915,000		823,498
JPMorgan Chase Capital XVIII
6.950% 08/17/36		1,165,000		1,117,258
KeyBank NA
5.800% 07/01/14		2,025,000		1,963,138
Keycorp
6.500% 05/14/13 (j)		2,755,000		2,820,222
Lloyds TSB Group PLC
6.267% 12/31/49 (11/16/16) (b)(c)(d)		3,395,000		1,935,150
M&I Marshall & Ilsley Bank
5.300% 09/08/11		2,690,000		2,544,070
Merrill Lynch & Co., Inc.
5.700% 05/02/17 (k)		3,535,000		3,461,270
6.150% 04/25/13 (k)		4,615,000		4,883,127
7.750% 05/14/38 (k)		2,235,000		2,518,664
Morgan Stanley
5.625% 09/23/19		4,350,000		4,277,351
National City Bank of Cleveland
6.200% 12/15/11		890,000		950,369
National City Bank of Kentucky
6.300% 02/15/11		1,585,000		1,651,684
National City Corp.
4.900% 01/15/15		540,000		546,516
6.875% 05/15/19		1,840,000		1,997,657
Northern Trust Co.
6.500% 08/15/18		2,865,000		3,271,303
Northern Trust Corp.
5.500% 08/15/13		2,415,000		2,647,234
Regions Financial Corp.
6.375% 05/15/12		165,000		154,876
USB Capital IX
6.189% 04/15/42 (04/15/49) (c)(d)		9,690,000		7,437,075
Wachovia Capital Trust III
5.800% 03/15/42 (03/15/11) (c)(d)		10,435,000		7,200,150
Wachovia Corp.
5.500% 05/01/13		1,045,000		1,118,120
Westpac Banking Corp.
4.200% 02/27/15		9,720,000		9,879,233
Zions Bancorporation
7.750% 09/23/14		85,000		76,075
Banks Total				107,296,051

	Par (a)		Value ($)
Diversified Financial Services – 1.8%
American General Finance Corp.
6.900% 12/15/17		335,000		234,293
Ameriprise Financial, Inc.
7.300% 06/28/19		2,620,000		2,888,215
Discover Financial Services
10.250% 07/15/19		1,345,000		1,539,444
Eaton Vance Corp.
6.500% 10/02/17		2,535,000		2,737,861
Fund American Companies, Inc.
5.875% 05/15/13		3,225,000		3,081,100
General Electric Capital Corp.
6.000% 08/07/19 (j)		4,150,000		4,209,930
International Lease Finance Corp.
4.875% 09/01/10		5,754,000		5,395,486
5.650% 06/01/14		1,191,000		914,131
Lazard Group LLC
7.125% 05/15/15		395,000		398,941
Lehman Brothers Holdings, Inc.
5.625% 01/24/13 (f)(h)		11,045,000		1,960,487
6.875% 05/02/18 (f)(h)		660,000		117,150
Reliance Intermediate Holdings LP
9.500% 12/15/19 (b)		155,000		153,063
Sears Roebuck Acceptance Corp.
7.000% 02/01/11		120,000		119,700
Diversified Financial Services Total				23,749,801
Insurance – 2.3%
Asurion Corp.
6.746% 07/02/15 (10/13/09) (c)(d)(l)		210,000		199,915
Crum & Forster Holdings Corp.
7.750% 05/01/17		270,000		248,400
ING Groep NV
5.775% 12/29/49 (12/08/15) (c)(d)		4,140,000		2,649,600
Liberty Mutual Group, Inc.
7.500% 08/15/36 (b)		5,775,000		4,876,722
10.750% 06/15/58 (b)(d)		2,815,000		2,674,250
Lincoln National Corp.
8.750% 07/01/19		3,640,000		4,209,904
MetLife Capital Trust X
9.250% 04/08/38 (b)(d)		5,685,000		5,912,400
MetLife, Inc.
10.750% 08/01/39		2,225,000		2,681,125
Principal Life Income Funding Trusts
5.300% 04/24/13		4,550,000		4,667,781
Provident Companies, Inc.
7.000% 07/15/18		130,000		124,976
Unum Group
7.125% 09/30/16		3,065,000		3,101,155
Insurance Total				31,346,228

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Real Estate Investment Trusts (REITs) – 1.2%
Brandywine Operating Partnership LP
7.500% 05/15/15		4,145,000		4,146,898
Duke Realty LP
7.375% 02/15/15		4,055,000		4,182,100
8.250% 08/15/19		3,015,000		3,148,013
Highwoods Properties, Inc.
5.850% 03/15/17		1,040,000		915,963
Liberty Property LP
5.500% 12/15/16		3,310,000		2,981,946
Senior Housing Properties Trust
8.625% 01/15/12		150,000		153,000
Real Estate Investment Trusts (REITs) Total				15,527,920
Savings & Loans – 0.0%
Washington Mutual Bank
5.125% 01/15/15 (i)		6,935,000		17,338
Savings & Loans Total				17,338
Financials Total				177,937,338
Industrials – 2.5%
Aerospace & Defense – 0.5%
BE Aerospace, Inc.
8.500% 07/01/18		390,000		399,750
Boeing Co.
6.000% 03/15/19		1,800,000		2,019,076
L-3 Communications Corp.
5.875% 01/15/15		160,000		159,200
6.375% 10/15/15		485,000		489,850
Raytheon Co.
5.375% 04/01/13		2,200,000		2,408,564
7.200% 08/15/27		830,000		1,032,954
TransDigm, Inc.
7.750% 07/15/14 (g)		30,000		29,775
7.750% 07/15/15 (b)(g)		115,000		113,850
Aerospace & Defense Total				6,653,019
Building Materials – 0.0%
Owens Corning
6.500% 12/01/16		330,000		321,978
Texas Industries, Inc.
7.250% 07/15/13		225,000		216,000
Building Materials Total				537,978
Electrical Components & Equipment – 0.0%
Belden, Inc.
7.000% 03/15/17		360,000		342,450
General Cable Corp.
7.125% 04/01/17		145,000		142,100
Electrical Components & Equipment Total				484,550

	Par (a)		Value ($)
Electronics – 0.0%
Flextronics International Ltd.
6.250% 11/15/14		219,000		210,788
Electronics Total				210,788
Environmental Control – 0.0%
Clean Harbors, Inc.
7.625% 08/15/16 (b)		285,000		291,769
Environmental Control Total				291,769
Machinery – 0.2%
Caterpillar Financial Services Corp.
4.250% 02/08/13		2,315,000		2,384,561
6.200% 09/30/13		415,000		459,606
Machinery Total				2,844,167
Machinery-Construction & Mining – 0.3%
Caterpillar, Inc.
8.250% 12/15/38		2,395,000		3,267,091
Terex Corp.
8.000% 11/15/17		330,000		302,775
Machinery-Construction & Mining Total				3,569,866
Machinery-Diversified – 0.0%
CPM Holdings, Inc.
10.625% 09/01/14 (b)		145,000		149,713
Manitowoc Co., Inc.
7.125% 11/01/13		280,000		242,200
Machinery-Diversified Total				391,913
Miscellaneous Manufacturing – 0.5%
American Railcar Industries, Inc.
7.500% 03/01/14		220,000		204,600
Bombardier, Inc.
6.300% 05/01/14 (b)		650,000		627,250
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		3,315,000		3,917,100
Koppers Holdings, Inc.
(m) 11/15/14 (9.875% 11/15/09)		165,000		165,413
Trinity Industries, Inc.
6.500% 03/15/14		220,000		217,800
Tyco International Finance SA
4.125% 10/15/14		365,000		363,733
Tyco International Ltd./Tyco International Finance SA
6.875% 01/15/21		645,000		723,984
Miscellaneous Manufacturing Total				6,219,880
Packaging & Containers – 0.1%
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15		265,000		269,637
Crown Americas LLC & Crown Americas Capital Corp. II
7.625% 05/15/17 (b)		125,000		126,250

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Graphic Packaging International, Inc.
9.500% 06/15/17 (b)		45,000		47,813
Owens-Brockway Glass Container, Inc.
8.250% 05/15/13		340,000		347,650
Solo Cup Co.
10.500% 11/01/13 (b)		260,000		275,600
Packaging & Containers Total				1,066,950
Transportation – 0.9%
BNSF Funding Trust I
6.613% 12/15/55 (01/15/26) (c)(d)		2,450,000		2,278,500
Bristow Group, Inc.
7.500% 09/15/17		330,000		313,500
Burlington Northern Santa Fe Corp.
4.700% 10/01/19		1,835,000		1,856,851
Navios Maritime Holdings, Inc.
9.500% 12/15/14		205,000		193,725
RailAmerica, Inc.
9.250% 07/01/17 (b)		200,000		209,500
Ship Finance International Ltd.
8.500% 12/15/13		110,000		104,912
Stena AB
7.500% 11/01/13		25,000		23,188
Teekay Corp.
8.875% 07/15/11		170,000		174,887
TFM SA de CV
9.375% 05/01/12		320,000		324,800
Union Pacific Corp.
5.700% 08/15/18		2,775,000		2,993,301
6.650% 01/15/11		2,635,000		2,786,157
Transportation Total				11,259,321
Industrials Total				33,530,201
Technology – 0.8%
Computers – 0.0%
Seagate Technology International
10.000% 05/01/14 (b)		145,000		158,413
Computers Total				158,413
Networking Products – 0.3%
Cisco Systems, Inc.
5.900% 02/15/39		3,315,000		3,588,398
Networking Products Total				3,588,398
Semiconductors – 0.0%
Amkor Technology, Inc.
9.250% 06/01/16		140,000		144,200
Freescale Semiconductor, Inc.
12.500% 12/15/14 (d)(l)		151,023		151,401
Semiconductors Total				295,601

	Par (a)		Value ($)
Software – 0.5%
Oracle Corp.
5.000% 01/15/11		4,005,000		4,188,745
6.500% 04/15/38		2,440,000		2,828,282
Software Total				7,017,027
Technology Total				11,059,439
Utilities – 4.0%
Electric – 3.3%
AEP Texas Central Co.
6.650% 02/15/33		2,830,000		3,041,013
AES Corp.
7.750% 03/01/14		20,000		20,150
8.000% 10/15/17		910,000		915,687
Calpine Construction Finance Co. LP
8.000% 06/01/16 (b)		295,000		302,375
CMS Energy Corp.
6.875% 12/15/15		160,000		160,417
Commonwealth Edison Co.
5.900% 03/15/36		815,000		866,146
5.950% 08/15/16		3,430,000		3,739,798
6.950% 07/15/18		1,630,000		1,846,135
Consolidated Edison Co. of New York, Inc.
6.750% 04/01/38		1,900,000		2,271,199
DTE Energy Co.
7.625% 05/15/14		2,540,000		2,803,675
Dynegy Holdings, Inc.
7.125% 05/15/18		170,000		130,900
Exelon Generation Co. LLC
6.200% 10/01/17 (j)		3,000,000		3,274,092
FPL Energy National Wind LLC
5.608% 03/10/24 (b)		473,273		441,479
Hydro Quebec
8.500% 12/01/29		1,510,000		2,080,739
Intergen NV
9.000% 06/30/17 (b)		460,000		473,800
Ipalco Enterprises, Inc.
7.250% 04/01/16 (b)		230,000		230,575
Kansas City Power & Light Co.
7.150% 04/01/19		4,965,000		5,800,937
MidAmerican Energy Holdings Co.
5.000% 02/15/14		3,300,000		3,488,879
Mirant North America LLC
7.375% 12/31/13		355,000		353,225
Niagara Mohawk Power Corp.
4.881% 08/15/19 (b)		4,910,000		4,999,013
NRG Energy, Inc.
7.375% 02/01/16		700,000		677,250

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
NSG Holdings LLC/NSG Holdings, Inc.
7.750% 12/15/25 (b)		325,000		290,875
Oncor Electric Delivery Co.
5.950% 09/01/13		3,110,000		3,365,698
Southern Co.
4.150% 05/15/14		1,270,000		1,311,942
Windsor Financing LLC
5.881% 07/15/17 (b)		1,274,917		962,256
Electric Total				43,848,255
Gas – 0.7%
Atmos Energy Corp.
6.350% 06/15/17		2,065,000		2,239,833
8.500% 03/15/19		2,540,000		3,135,795
Centerpoint Energy, Inc.
5.950% 02/01/17		295,000		287,992
Nakilat, Inc.
6.067% 12/31/33 (b)		2,270,000		2,069,990
Sempra Energy
6.500% 06/01/16		1,410,000		1,558,675
Gas Total				9,292,285
Utilities Total				53,140,540
Total Corporate Fixed-Income Bonds & Notes (cost of $480,709,741)				487,695,014
Mortgage-Backed Securities – 24.4%
Federal Home Loan Mortgage Corp.
5.000% 03/01/37		6,617,990		6,848,861
5.000% 04/01/37		16,005,648		16,564,012
5.500% 12/01/17		121,403		130,272
5.500% 12/01/18		1,003,183		1,075,835
5.500% 07/01/19		712,246		760,712
5.500% 04/01/37		40,107		42,039
5.596% 08/01/37 (10/01/09) (c)(d)		7,350,164		7,737,413
5.693% 06/01/37 (10/01/09) (c)(d)		6,584,596		6,947,858
5.727% 06/01/36 (10/01/09) (c)(d)		4,816,275		5,074,206
6.000% 05/01/17		58,324		62,548
6.500% 10/01/37		22,351,722		23,856,645
8.000% 11/01/09		268		270
8.000% 04/01/10		778		792
8.500% 11/01/26		132,759		152,272
Federal National Mortgage Association
3.199% 08/01/36 (10/01/09) (c)(d)		35,340		35,779
4.000% 03/01/39		8,682,896		8,609,597
4.500% 02/01/39		32,595,588		33,060,755
4.600% 09/01/19 (f)		9,175,000		9,817,250

	Par (a)		Value ($)
4.680% 09/01/19		6,925,000		7,166,202
5.000% 05/01/36		8,065,281		8,360,504
5.000% 12/01/36		6,479,797		6,716,984
5.000% 03/01/38		26,451,767		27,364,794
5.500% 10/01/36		20,860,849		21,878,902
5.500% 05/01/37		3,531,826		3,701,427
5.500% 06/01/38		28,171,044		29,510,635
5.650% 10/01/37 (10/01/09) (c)(d)		5,983,727		6,303,740
5.854% 07/01/37 (10/01/09) (c)(d)		671,251		702,316
5.942% 06/01/32 (10/01/09) (c)(d)		15,481		16,450
6.000% 05/01/38		2,382,259		2,516,648
6.000% 11/01/38		46,667,506		49,382,972
6.001% 07/01/32 (10/01/09) (c)(d)		260,231		277,685
6.500% 09/01/36		6,513,298		6,976,625
6.500% 10/01/37		1,151,920		1,233,143
6.500% 03/01/38		6,966,289		7,457,485
7.000% 10/01/11		45,086		46,845
8.000% 12/01/09		1,028		1,035
10.000% 09/01/18		49,487		55,214
Government National Mortgage Association
4.500% 07/15/39		21,123,465		21,479,923
7.000% 01/15/30		710,718		784,356
7.500% 12/15/23		715,107		797,611
7.500% 07/20/28		281,151		313,838
8.000% 05/15/17		9,673		10,691
8.500% 02/15/25		80,272		91,835
13.000% 01/15/11		700		741
13.000% 02/15/11		478		504
Total Mortgage-Backed Securities (cost of $315,494,191)				323,926,221
Commercial Mortgage-Backed Securities – 16.2%
Bear Stearns Commercial Mortgage Securities
4.674% 06/11/41		860,000		828,527
4.740% 03/13/40		640,000		661,244
4.830% 08/15/38		3,530,000		3,599,749
4.933% 02/13/42 (10/01/09) (c)(d)		6,960,000		6,776,377
5.201% 12/11/38		4,315,000		4,002,697
5.540% 09/11/41		1,765,000		1,684,684
5.742% 09/11/42 (10/01/09) (c)(d)		5,930,000		5,549,234
5.878% 09/11/38 (10/01/09) (c)(d)		482,000		487,390
5.908% 06/11/40 (10/01/09) (c)(d)		6,870,000		6,275,415

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Commercial Mortgage-Backed Securities (continued)
	Par (a)		Value ($)
Chase Commercial Mortgage Securities Corp.
6.484% 02/12/16 (10/01/09) (b)(c)(d)		13,600,000		14,274,674
Credit Suisse Mortgage Capital Certificates
5.912% 06/15/39 (10/01/09) (c)(d)		5,745,000		4,535,464
6.020% 06/15/38 (10/01/09) (c)(d)		15,000,000		12,722,092
CS First Boston Mortgage Securities Corp.
4.577% 04/15/37		2,319,000		2,336,847
GE Capital Commercial Mortgage Corp.
5.189% 07/10/39 (10/01/09) (c)(d)		14,309,000		14,518,733
GMAC Commercial Mortgage Securities, Inc.
1.361% 07/15/29 (10/01/09) (c)(d)		8,006,162		383,671
Greenwich Capital Commercial Funding Corp.
4.533% 01/05/36		1,666,000		1,700,719
5.317% 06/10/36 (10/01/09) (c)(d)		11,640,000		11,778,112
6.116% 07/10/38 (10/01/09) (c)(d)		7,740,000		7,081,320
GS Mortgage Securities Corp. II
5.999% 08/10/45 (10/01/09) (c)(d)		6,535,000		5,400,966
JPMorgan Chase Commercial Mortgage Securities Corp.
5.050% 12/12/34		8,110,000		8,277,690
5.440% 06/12/47		4,965,000		4,265,907
5.716% 02/15/51		8,205,000		5,983,682
5.814% 06/12/43 (10/01/09) (c)(d)		2,485,000		2,343,634
LB-UBS Commercial Mortgage Trust
4.853% 09/15/31		3,555,000		3,644,897
5.084% 02/15/31		10,080,000		10,115,623
5.430% 02/15/40		4,585,000		3,720,572
Merrill Lynch Mortgage Investors, Inc.
I.O., 0.578% 12/15/30 (10/01/09) (c)(d)		23,820,068		476,328
Merrill Lynch Mortgage Trust
4.747% 06/12/43 (10/01/09) (c)(d)		6,450,000		6,242,580
Morgan Stanley Capital I
4.989% 08/13/42		4,090,000		3,979,963
5.378% 11/14/42 (10/01/09) (c)(d)		3,710,000		3,718,838
5.447% 02/12/44 (10/01/09) (c)(d)		2,305,000		1,969,130
Morgan Stanley Dean Witter Capital I
4.920% 03/12/35		2,960,000		2,995,398
5.080% 09/15/37		5,755,000		5,904,020

	Par (a)		Value ($)
Wachovia Bank Commercial Mortgage Trust
0.415% 03/15/42 (10/01/09) (b)(c)(d)		268,525,630		1,731,507
5.037% 03/15/42		4,550,000		4,594,685
5.384% 10/15/44 (10/01/09) (c)(d)		12,960,000		12,915,155
5.412% 07/15/41 (10/01/09) (c)(d)		1,205,000		1,202,891
5.416% 01/15/45 (d)		5,000,000		4,390,368
5.418% 01/15/45 (10/01/09) (c)(d)		9,000,000		8,193,630
5.609% 03/15/45 (10/01/09) (c)(d)		5,635,000		4,172,495
5.726% 06/15/45		3,894,923		3,951,418
5.765% 07/15/45 (10/01/09) (c)(d)		7,140,000		6,410,922
Total Commercial Mortgage-Backed Securities (cost of $213,989,655)				215,799,248
Government & Agency Obligations – 12.1%
Foreign Government Obligations – 3.6%
African Development Bank
1.950% 03/23/10	JPY	497,000,000		5,572,679
Belgium Government Bond
3.750% 09/28/15	EUR	650,000		995,131
Canada Housing Trust No. 1
4.000% 06/15/12 (b)	CAD	760,000		748,444
Eksportfinans A/S
1.600% 03/20/14	JPY	150,000,000		1,663,754
1.800% 06/21/10	JPY	210,000,000		2,352,791
European Investment Bank
0.134% 09/21/11 (12/21/09) (c)(d)	JPY	220,000,000		2,426,193
1.250% 09/20/12	JPY	50,000,000		569,791
1.400% 06/20/17	JPY	68,300,000		772,649
5.500% 12/07/11	GBP	190,000		327,099
Federal Republic of Germany
4.250% 07/04/17	EUR	3,210,000		5,100,289
Government of Canada
4.000% 06/01/16	CAD	415,000		414,957
Japan Finance Organization for Municipal Enterprises
1.900% 06/22/18	JPY	60,000,000		704,916
Kingdom of Belgium
3.250% 09/28/16	EUR	150,000		220,830
Kingdom of Denmark
4.000% 11/15/17	DKK	1,570,000		322,178
Kingdom of Netherlands
4.000% 07/15/16	EUR	650,000		1,005,869
Kingdom of Norway
6.000% 05/16/11	NOK	3,030,000		551,232

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Government & Agency Obligations (continued)
	Par (a)		Value ($)
Kingdom of Sweden
3.750% 08/12/17	SEK	1,700,000		252,390
Kreditanstalt fuer Wiederaufbau
4.375% 03/15/18		4,210,000		4,424,079
New South Wales Treasury Corp.
6.000% 04/01/19	AUD	175,000		154,493
Province of Ontario
1.875% 01/25/10	JPY	200,000,000		2,233,176
Province of Quebec
5.125% 11/14/16		3,060,000		3,326,856
Queensland Treasury Corp.
6.000% 10/14/15	AUD	170,000		151,745
Republic of Finland
5.375% 07/04/13	EUR	290,000		472,474
Republic of France
3.000% 10/25/15	EUR	1,760,000		2,599,317
4.250% 04/25/19	EUR	1,360,000		2,116,529
Republic of Greece
4.300% 07/20/17	EUR	282,000		419,766
Republic of Italy
5.250% 08/01/17	EUR	2,185,000		3,567,359
Republic of Poland
6.250% 10/24/15	PLN	1,000,000		355,193
Republic of Spain
4.400% 01/31/15	EUR	500,000		787,318
Svensk Exportkredit AB
5.125% 03/01/17		310,000		332,418
United Kingdom Treasury
5.000% 03/07/25	GBP	1,110,000		1,984,569
8.000% 09/27/13	GBP	450,000		876,098
Foreign Government Obligations Total				47,802,582
U.S. Government Agencies – 1.8%
Resolution Funding Corp., STRIPS
(n) 10/15/19		18,425,000		12,198,050
(n) 10/15/20		17,795,000		11,072,352
U.S. Government Agencies Total				23,270,402
U.S. Government Obligations – 6.7%
U.S. Treasury Bonds
4.250% 05/15/39		960,000		993,150
U.S. Treasury Inflation Indexed Bonds
3.375% 04/15/32 (o)		8,505,303		10,501,395
U.S. Treasury Notes
1.000% 09/30/11		3,740,000		3,742,921
1.375% 09/15/12		3,385,000		3,379,181
2.375% 09/30/14		52,100,000		52,234,418
3.125% 05/15/19		230,000		226,316
3.625% 08/15/19		17,615,000		18,080,142
U.S. Government Obligations Total				89,157,523
Total Government & Agency Obligations (cost of $152,870,585)				160,230,507

Asset-Backed Securities – 6.2%
	Par (a)		Value ($)
American Express Credit Account Master Trust
0.593% 12/15/14 (10/15/09) (b)(c)(d)		2,350,000		2,197,250
0.633% 01/15/13 (b)(d)		2,380,000		2,339,212
Bombardier Capital Mortgage Securitization Corp.
6.230% 04/15/28		89,425		74,005
Capital One Multi-Asset Execution Trust
0.223% 08/15/12 (10/13/09) (c)(d)		6,265,000		6,263,898
Carmax Auto Owner Trust
5.270% 11/15/12		12,500,000		13,104,160
Carrington Mortgage Loan Trust
0.356% 07/25/36 (10/26/09) (c)(d)		2,238,348		1,904,827
Contimortgage Home Equity Trust
6.880% 01/15/28		100,992		75,561
8.180% 12/25/29 (10/01/09) (c)(d)		36,034		35,851
Daimler Chrysler Auto Trust
4.940% 02/08/12		8,935,000		9,220,498
Discover Card Master Trust
0.563% 01/15/13 (10/15/09) (c)(d)		5,778,700		5,649,082
Discover Card Master Trust I
0.343% 08/15/12 (10/15/09) (c)(d)		5,390,000		5,343,074
First Alliance Mortgage Loan Trust
7.625% 07/25/25		727,568		507,713
First Plus Home Loan Trust
7.720% 05/10/24 (10/01/09) (c)(d)		90,723		90,670
Ford Credit Auto Owner Trust
4.950% 03/15/13		7,500,000		7,890,500
5.160% 04/15/13		5,650,000		5,971,327
Franklin Auto Trust
5.360% 05/20/16		3,200,000		3,215,096
IMC Home Equity Loan Trust
7.500% 04/25/26		185,342		184,904
Long Beach Auto Receivables Trust
4.250% 04/15/12		2,419,344		2,412,749
Money Store Home Equity Trust
0.543% 08/15/29 (10/15/09) (c)(d)		3,291,274		1,326,058
Morgan Stanley Mortgage Loan Trust
0.366% 10/25/36 (10/26/09) (c)(d)		471,995		428,565
Popular ABS Mortgage Pass-Through Trust
0.446% 02/25/36 (10/26/09) (c)(d)		1,199,016		1,157,607

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Asset-Backed Securities (continued)
	Par (a)		Value ($)
SACO I, Inc.
0.446% 04/25/35 (10/26/09) (b)(c)(d)		291,667		117,689
SLM Student Loan Trust
0.359% 03/15/17 (12/15/09) (c)(d)		2,457,699		2,402,649
0.379% 12/15/20 (12/15/09) (c)(d)		9,792,000		9,388,783
Soundview Home Equity Loan Trust
0.546% 11/25/35 (10/26/09) (c)(d)		1,769,379		1,476,707
Total Asset-Backed Securities (cost of $83,710,094)				82,778,435
Municipal Bonds – 1.5%
California – 0.9%
CA Los Angeles Community College District
Series 2008 F-1,
5.000% 08/01/33		6,200,000		6,600,334
CA State
Series 2009,
7.550% 04/01/39		4,755,000		5,305,106
California Total				11,905,440
New York – 0.6%
NY Triborough Bridge & Tunnel Authority
Series 2008 C,
5.000% 11/15/38		7,500,000		8,044,650
New York Total				8,044,650
Total Municipal Bonds (cost of $18,301,325)				19,950,090
Collateralized Mortgage Obligations – 0.5%
Non-Agency – 0.5%
Bear Stearns Alt-A Trust
0.526% 01/25/35 (10/26/09) (c)(d)		1,658,546		989,494
3.820% 10/25/33 (10/25/09) (c)(d)		1,420,143		1,265,897
Citigroup Mortgage Loan Trust, Inc.
5.839% 09/25/37 (10/01/09) (c)(d)		4,264,609		2,134,451
Morgan Stanley Mortgage Loan Trust
0.466% 02/25/47 (10/26/09) (c)(d)		7,463,033		1,614,338

	Par (a)		Value ($)
Sequoia Mortgage Trust
1.126% 07/20/34 (10/20/09) (c)(d)		1,974,299		577,110
Non-Agency Total				6,581,290
Total Collateralized Mortgage Obligations (cost of $16,801,757)				6,581,290
Preferred Stock – 0.0%
	Shares
Communications – 0.0%
Media – 0.0%
CMP Susquehanna Radio Holdings Corp., Series A (b)(d)(f)(p)		6,343		63
Media Total				63
Communications Total				63
Total Preferred Stock (cost of $63)				63
Warrant – 0.0%
Financials – 0.0%
CNB Capital Trust I
Expires 03/23/19 (f)		7,248		73
Financials Total				73
Total Warrant (cost of $73)				73
Short-Term Obligation – 1.1%
	Par (a)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency Obligation maturing 06/15/12, market value $14,155,150 (repurchase proceeds $13,877,004)		13,877,000		13,877,000
Total Short-Term Obligation (cost of $13,877,000)				13,877,000
Total Investments – 98.7% (cost of $1,295,754,484)				1,310,837,941
Other Assets & Liabilities, Net – 1.3%				17,631,090
Net Assets – 100.0%				1,328,469,031

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Notes to Investment Portfolio:

(a) Principal amount is stated in United States dollars unless otherwise noted.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities, which are not illiquid except for the following, amounted to $93,471,783, which represents 7.0% of net assets.

Security	Acquisition Date	Par/ Shares		Cost		Value
CMP Susquehanna Radio Holdings Corp., Series A, Preferred Stock	04/01/09		6,343	$	63	$	63
Local TV Finance LLC, PIK, 9.250% 06/15/15	05/07/07	$	178,500	$	172,709	$	55,828
Orascom Telecom Finance SCA 7.875% 02/08/14	02/08/07	$	170,000	$	170,000	$	162,350
Qatar Petroleum, 5.579% 05/30/11	05/26/05	$	1,104,583	$	1,104,583	$	1,136,053
Seminole Indian Tribe of Florida 7.804% 10/01/20	09/28/07	$	340,000	$	344,452	$	290,238
						$	1,644,532

(d) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2009.

(e) The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is being accrued. At September 30, 2009, the value of this security amounted to $292,500, which represents less than 0.1% of net assets.

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $11,907,173, which represents 0.9% of net assets.

(g) Security purchased on a delayed delivery basis.

(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, 2009, the value of these securities amounted to $2,109,272, which represents 0.2% of net assets.

(i) The issuer is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of these securities amounted to $51,988, which represents less than 0.01% of net assets.

(j) This security or a portion of this security is pledged for open credit default swap contracts. At September 30, 2009, the total market value of securities pledged amounted to $8,548,831.

(k) Investments in affiliates during the six month period ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc. 5.700% 05/02/17
Par as of 03/31/09:	$	3,535,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	3,535,000
Net realized gain/loss:	$	–
Interest income earned:	$	100,748
Value at end of period:	$	3,461,270
Security name: Merrill Lynch & Co., Inc. 6.150% 04/25/13.
Par as of 03/31/09:	$	4,615,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	4,615,000
Net realized gain/loss:	$	–
Interest income earned:	$	141,911
Value at end of period:	$	4,883,127

Security name: Merrill Lynch & Co., Inc. 7.750% 05/14/38.
Par as of 03/31/09:	$	2,235,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	2,235,000
Net realized gain/loss:	$	–
Interest income earned:	$	86,606
Value at end of period:	$	2,518,664

As of January 1, 2009, Merrill Lynch & Co., Inc. is a wholly owned subsidiary of Bank of America and an affiliate of Columbia Management.

(l) Loan participation agreement.

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

(n) Zero coupon bond.

(o) The security or a portion of this security is held as collateral for open futures contracts. At September 30, 2009, the total market value of securities pledged amounted to $3,086,720.

(p) Non-income producing security.

(q) Cost for federal income tax purposes is $1,295,754,575.

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—	$	21,870,687	$	—	$	21,870,687
Communications		—		45,836,748		12,150		45,848,898
Consumer Cyclical		—		26,243,636		2,264,188		28,507,824
Consumer Non-Cyclical		—		47,615,259		—		47,615,259
Diversified		—		341,687		—		341,687
Energy		—		67,843,141		—		67,843,141
Financials		—		177,937,338		—		177,937,338
Industrials		—		33,530,201		—		33,530,201
Technology		—		11,059,439		—		11,059,439
Utilities		—		53,140,540		—		53,140,540
Total Corporate Fixed-Income Bonds & Notes		—		485,418,676		2,276,338		487,695,014
Total Mortgage-Backed Securities		—		323,926,221		—		323,926,221
Total Commercial Mortgage-Backed Securities		—		215,799,248		—		215,799,248
Government & Agency Obligations
Foreign Government Obligations		—		47,802,582		—		47,802,582
U.S. Government Agencies		—		23,270,402		—		23,270,402
U.S. Government Obligations		89,157,523		—		—		89,157,523
Total Government & Agency Obligations		89,157,523		71,072,984		—		160,230,507
Total Asset-Backed Securities		—		82,778,435		—		82,778,435
Total Municipal Bonds		—		19,950,090		—		19,950,090
Total Collateralized Mortgage Obligations		—		6,581,290		—		6,581,290
Total Preferred Stock		—		—		63		63
Total Warrants		—		—		73		73
Total Short-Term Obligation		—		13,877,000		—		13,877,000
Total Investments		89,157,523		1,219,403,944		2,276,474		1,310,837,941

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Credit Default Swap Contracts	$	—		$	(1,736,063	)	$	—	$	(1,736,063	)
Forward Foreign Currency Exchange Contracts		—			(2	)		—		(2	)
Futures Contracts		(1,834,653	)		—			—		(1,834,653	)
Total	$	87,322,870		$	1,217,667,879		$	2,276,474	$	1,307,267,223

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2009		Accrued Discounts/ Premiums		Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2009
Corporate Fixed-Income Bonds & Notes	$	1,805,028	$	8,431	$	6,038	$	590,011	$	—	$	(133,170	)	$	—	$	—	$	2,276,338
Preferred Stock		63		—		—		—		—		—			—		—		63
Warrants		73		—		—		—		—		—			—		—		73
	$	1,805,164	$	8,431	$	6,038	$	590,011	$	—	$	(133,170	)	$	—	$	—	$	2,276,474

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

The change in unrealized appreciation attributed to securities owned at September 30, 2009, which were valued using significant unobservable inputs (Level 3) amounted to $590,011 This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

For more information on valuation inputs, and their aggregation into the levels used in the tables above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding on September 30, 2009 are:

Foreign Exchange Rate Risk
Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
EUR	$	95,117	$	94,995	10/14/09	$	(122	)
EUR		314,618		314,738	10/15/09		120
						$	(2	)

See Accompanying Notes to Financial Statements.

Columbia Total Return Bond Fund

September 30, 2009 (Unaudited)

At September 30, 2009, the Fund has entered into the following credit default swap contracts:

Credit Risk

Swap Counterparty	Referenced Obligation	Receive Buy/Sell Protection	Fixed Rate			Expiration Date	Notional Amount		Upfront Premium Paid (Received)			Value of Contract
Barclays Capital	Toll Brothers, Inc.
	5.150% 05/15/15	Buy		1.000	%	09/20/14	$	4,100,000	$	14,252		$	14,014
Barclays Capital	D.R. Horton, Inc. 5.375% 06/15/12	Buy		1.000	%	09/20/14		4,100,000		174,260			(41,856	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	09/20/14		5,165,000		40,574			(4,670	)
Barclays Capital	HSBC Finance Corp. 7.000% 05/15/12	Buy		5.000	%	06/20/14		2,015,000		(82,606	)		(244,952	)
Barclays Capital	Macy's, Inc. 7.450% 07/15/17	Buy		5.000	%	06/20/14		2,040,000		(82,973	)		(111,890	)
Barclays Capital	Limited Brands, Inc. 7.450% 07/15/17	Buy		5.000	%	09/20/14		3,800,000		(309,287	)		(110,817	)
JPMorgan	Macy's, Inc. 7.450% 07/15/17	Buy		1.000	%	06/20/14		7,055,000		590,572			(41,676	)
JPMorgan	D.R. Horton, Inc. 5.375% 06/15/12	Buy		1.000	%	09/20/14		5,165,000		203,926			(37,432	)
Morgan Stanley	The Home Depot, Inc. 5.875% 12/16/36	Buy		3.350	%	12/20/13		9,000,000		—			(1,022,189	)
Morgan Stanley	Limited Brands, Inc. 7.450% 07/15/17	Buy		5.000	%	09/20/14		4,000,000		(307,205	)		(134,595	)
												$	(1,736,063	)

At September 30, 2009, cash of $2,310,000 was pledged as collateral for open credit default swap contracts.

At September 30, 2009, the Fund held the following open short futures contracts:

Risk Exposure/Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
Interest Rate Risk
10-Year U.S. Treasury Notes		1,640	$	194,058,125	$	190,688,015	Dec-2009	$	(3,370,110	)
30-Year U.S. Treasury Bonds		220		26,702,500		26,072,722	Dec-2009		(629,778	)
								$	(3,999,888	)

At September 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure/Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
Interest Rate Risk
5-Year U.S. Treasury Notes		1,350	$	156,726,562	$	154,561,327	Dec-2009	$	2,165,235

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Corporate Fixed-Income Bonds & Notes		36.7
Mortgage-Backed Securities		24.4
Commercial Mortgage-Backed Securities		16.2
Government & Agency Obligations		12.1
Asset-Backed Securities		6.2
Municipal Bonds		1.5
Collateralized Mortgage Obligations		0.5
Preferred Stock		0.0	*
Warrant		0.0	*
		97.6
Short-Term Obligation		1.1
Other Assets & Liabilities, Net		1.3
		100.0

* Rounds to less than 0.1%

Acronym				Name
AUD				Australian Dollar

CAD				Canadian Dollar

DKK				Danish Krone

EUR				Euro

GBP				Great Britain Pound

I.O.				Interest Only

JPY				Japanese Yen

NOK				Norwegian Krone

PIK				Payment-In-Kind

PLN				Polish Zloty

SEK				Swedish Krona

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 30.1%
	Par ($)		Value ($)
Basic Materials – 0.7%
Chemicals – 0.3%
EI Du Pont de Nemours & Co.
5.000% 07/15/13		4,910,000		5,348,502
Chemicals Total				5,348,502
Iron/Steel – 0.1%
Nucor Corp.
5.000% 06/01/13		2,504,000		2,663,300
Iron/Steel Total				2,663,300
Metals & Mining – 0.3%
Vale Inco Ltd.
7.750% 05/15/12		5,885,000		6,404,716
Metals & Mining Total				6,404,716
Basic Materials Total				14,416,518
Communications – 3.7%
Media – 1.2%
Comcast Corp.
5.300% 01/15/14		4,100,000		4,387,254
5.500% 03/15/11		2,885,000		3,033,950
News America, Inc.
5.300% 12/15/14		4,775,000		5,140,245
Time Warner, Inc.
6.875% 05/01/12		6,235,000		6,863,613
Viacom, Inc.
4.375% 09/15/14		3,905,000		3,987,602
Media Total				23,412,664
Telecommunication Services – 2.5%
AT&T, Inc.
4.950% 01/15/13		14,000,000		14,926,800
British Telecommunications PLC
5.150% 01/15/13		6,505,000		6,776,941
Deutsche Telekom International Finance BV
8.500% 06/15/10		5,000,000		5,240,970
Telefonica Emisiones SAU
5.855% 02/04/13		2,230,000		2,428,782
5.984% 06/20/11		6,000,000		6,393,006
Verizon Wireless Capital LLC
5.550% 02/01/14 (a)		10,000,000		10,806,810
Vodafone Group PLC
7.750% 02/15/10		4,800,000		4,920,005
Telecommunication Services Total				51,493,314
Communications Total				74,905,978

	Par ($)		Value ($)
Consumer Cyclical – 0.3%
Retail – 0.3%
CVS Caremark Corp.
5.750% 08/15/11		5,997,000		6,411,561
Retail Total				6,411,561
Consumer Cyclical Total				6,411,561
Consumer Non-Cyclical – 3.6%
Beverages – 1.1%
Bottling Group LLC
6.950% 03/15/14		7,425,000		8,653,481
Diageo Capital PLC
5.200% 01/30/13		4,985,000		5,342,315
Diageo Finance BV
3.875% 04/01/11		2,585,000		2,659,205
Miller Brewing Co.
5.500% 08/15/13 (a)		3,236,000		3,419,921
SABMiller PLC
5.700% 01/15/14 (a)		2,360,000		2,547,922
Beverages Total				22,622,844
Food – 0.5%
ConAgra Foods, Inc.
7.875% 09/15/10		401,000		424,448
HJ Heinz Finance Co.
6.000% 03/15/12		5,110,000		5,534,621
6.625% 07/15/11		652,000		703,344
Kraft Foods, Inc.
5.625% 08/11/10		4,100,000		4,220,351
Food Total				10,882,764
Healthcare Services – 0.7%
Roche Holdings, Inc.
4.500% 03/01/12 (a)		9,000,000		9,523,116
UnitedHealth Group, Inc.
5.500% 11/15/12		3,641,000		3,898,896
Healthcare Services Total				13,422,012
Pharmaceuticals – 1.3%
Abbott Laboratories
5.600% 05/15/11		8,075,000		8,640,541
Express Scripts, Inc.
5.250% 06/15/12		5,795,000		6,151,618
Merck & Co., Inc.
1.875% 06/30/11		2,900,000		2,932,132
Pfizer, Inc.
4.450% 03/15/12		1,000,000		1,062,221

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Wyeth
6.950% 03/15/11		7,031,000		7,554,240
Pharmaceuticals Total				26,340,752
Consumer Non-Cyclical Total				73,268,372
Energy – 3.0%
Oil & Gas – 1.7%
Canadian Natural Resources Ltd.
5.450% 10/01/12		4,100,000		4,392,998
6.700% 07/15/11		2,000,000		2,158,170
Chevron Corp.
3.450% 03/03/12		3,315,000		3,451,137
Conoco Funding Co.
6.350% 10/15/11		10,500,000		11,505,869
Occidental Petroleum Corp.
6.750% 01/15/12		2,750,000		3,043,453
Ras Laffan Liquefied Natural Gas Co. Ltd. III
4.500% 09/30/12 (a)		9,250,000		9,580,484
Oil & Gas Total				34,132,111
Oil & Gas Services – 0.2%
Weatherford International Ltd.
5.150% 03/15/13		4,385,000		4,605,969
Oil & Gas Services Total				4,605,969
Pipelines – 1.1%
Energy Transfer Partners LP
8.500% 04/15/14		4,500,000		5,199,953
Enterprise Products Operating LLC
4.600% 08/01/12		5,000,000		5,180,770
Plains All American Pipeline LP
4.250% 09/01/12		5,500,000		5,654,082
TransCanada Pipelines Ltd.
8.625% 05/15/12		5,600,000		6,440,806
Pipelines Total				22,475,611
Energy Total				61,213,691
Financials – 14.0%
Banks – 10.1%
ANZ National International Ltd.
6.200% 07/19/13 (a)		12,735,000		13,934,930
Bank of New York Mellon Corp.
4.950% 11/01/12		2,625,000		2,844,258
5.125% 08/27/13		5,760,000		6,226,289
Barclays Bank PLC
5.200% 07/10/14		10,000,000		10,563,170
Capital One Bank
5.750% 09/15/10		6,915,000		7,089,666

	Par ($)		Value ($)
Citigroup Funding, Inc.
2.000% 03/30/12 (b)		18,000,000		18,197,244
2.125% 07/12/12 (b)		18,000,000		18,198,702
Citigroup, Inc.
5.500% 10/15/14		14,000,000		13,979,770
Credit Suisse First Boston USA, Inc.
4.875% 08/15/10		3,500,000		3,600,538
6.125% 11/15/11		6,160,000		6,649,628
Deutsche Bank AG
4.875% 05/20/13		9,650,000		10,278,871
Fifth Third Bank
4.200% 02/23/10		6,275,000		6,325,068
Goldman Sachs Group, Inc.
5.300% 02/14/12		6,325,000		6,682,141
JPMorgan Chase & Co.
2.200% 06/15/12 (b)		6,850,000		6,967,204
Keycorp
6.500% 05/14/13		6,500,000		6,653,881
Merrill Lynch & Co., Inc.
6.150% 04/25/13 (c)		2,000,000		2,116,198
Morgan Stanley
4.250% 05/15/10		2,000,000		2,033,178
6.600% 04/01/12		2,255,000		2,450,479
Northern Trust Corp.
4.625% 05/01/14		8,325,000		8,858,208
PNC Funding Corp.
4.500% 03/10/10		4,000,000		4,044,852
Regions Bank
3.250% 12/09/11 (b)		12,000,000		12,483,672
Svenska Handelsbanken AB
2.875% 09/14/12 (a)		10,000,000		10,025,150
U.S. Bank N.A.
6.300% 02/04/14		11,200,000		12,538,042
Wells Fargo & Co.
5.250% 10/23/12		13,750,000		14,670,356
Banks Total				207,411,495
Diversified Financial Services – 1.5%
Bear Stearns Cos. LLC
6.950% 08/10/12		14,600,000		16,252,501
General Electric Capital Corp.
5.900% 05/13/14		7,750,000		8,310,255
6.000% 06/15/12		5,345,000		5,724,623
Lehman Brothers Holdings, Inc.
3.950% 11/10/09 (d)(e)		5,365,000		952,288
Diversified Financial Services Total				31,239,667
Insurance – 1.8%
American International Group, Inc.
5.375% 10/18/11		6,000,000		5,550,570
Berkshire Hathaway Finance Corp.
5.000% 08/15/13		4,400,000		4,778,884

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Lincoln National Corp.
5.650% 08/27/12		3,600,000		3,733,621
Metropolitan Life Global Funding I
5.125% 04/10/13 (a)		8,650,000		8,968,562
Principal Life Income Funding Trusts
5.300% 04/24/13		7,365,000		7,555,650
Prudential Financial, Inc.
3.625% 09/17/12		2,000,000		2,012,342
4.500% 07/15/13		3,750,000		3,776,408
Insurance Total				36,376,037
Real Estate Investment Trusts (REITs) – 0.6%
Duke Realty LP
7.375% 02/15/15		6,340,000		6,538,721
Simon Property Group LP
4.875% 03/18/10		5,250,000		5,295,344
Real Estate Investment Trusts (REITs) Total				11,834,065
Financials Total				286,861,264
Industrials – 1.2%
Aerospace & Defense – 0.2%
United Technologies Corp.
6.100% 05/15/12		1,719,000		1,907,738
6.350% 03/01/11		2,000,000		2,128,058
Aerospace & Defense Total				4,035,796
Machinery – 0.3%
John Deere Capital Corp.
4.500% 04/03/13		6,215,000		6,570,896
Machinery Total				6,570,896
Miscellaneous Manufacturing – 0.3%
Tyco International Group SA
6.375% 10/15/11		6,360,000		6,856,086
Miscellaneous Manufacturing Total				6,856,086
Transportation – 0.4%
Burlington Northern Santa Fe Corp.
6.750% 07/15/11		4,310,000		4,690,431
Norfolk Southern Corp.
8.625% 05/15/10		2,205,000		2,308,381
Transportation Total				6,998,812
Industrials Total				24,461,590
Technology – 1.4%
Computers – 0.8%
Hewlett-Packard Co.
2.250% 05/27/11		6,225,000		6,341,240

	Par ($)		Value ($)
International Business Machines Corp.
6.500% 10/15/13		8,010,000		9,131,368
Computers Total				15,472,608
Networking & Telecom Equipment – 0.3%
Cisco Systems, Inc.
5.250% 02/22/11		6,390,000		6,735,328
Networking & Telecom Equipment Total				6,735,328
Software – 0.3%
Oracle Corp.
5.000% 01/15/11		6,625,000		6,928,948
Software Total				6,928,948
Technology Total				29,136,884
Utilities – 2.2%
Electric – 1.6%
Consolidated Edison Co. of New York, Inc.
4.875% 02/01/13		5,193,000		5,517,947
5.550% 04/01/14		265,000		290,035
National Rural Utilities Cooperative Finance Corp.
5.500% 07/01/13		9,325,000		10,153,601
Ohio Power Co.
5.750% 09/01/13		5,870,000		6,310,273
Pacific Gas & Electric Co.
4.200% 03/01/11		5,850,000		6,055,516
Virginia Electric Power
5.100% 11/30/12		4,535,000		4,913,863
Electric Total				33,241,235
Gas – 0.6%
Atmos Energy Corp.
5.125% 01/15/13		1,390,000		1,451,846
7.375% 05/15/11		3,875,000		4,173,894
Sempra Energy
8.900% 11/15/13		4,954,000		5,789,750
Gas Total				11,415,490
Utilities Total				44,656,725
Total Corporate Fixed-Income Bonds & Notes (cost of $600,614,943)				615,332,583
Collateralized Mortgage Obligations – 20.2%
Agency – 15.1%
Federal Home Loan Mortgage Corp.
3.100% 08/15/19 (e)		8,377,251		8,402,803
3.200% 07/15/19		25,096,377		25,437,883
3.500% 01/15/17		2,273,019		2,333,859

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Collateralized Mortgage Obligations (continued)
	Par ($)		Value ($)
4.000% 09/15/15		1,204,865		1,227,640
4.250% 04/15/33		2,179,879		2,256,906
4.500% 12/15/14		1,681,873		1,694,929
4.500% 03/15/17		958,858		989,529
4.500% 08/15/28		2,167,391		2,267,899
4.750% 08/15/19		23,169,669		24,147,195
4.750% 08/15/19		25,354,015		26,423,699
5.000% 07/15/17		9,952,451		10,564,072
5.000% 10/15/27		255,891		256,517
5.000% 10/15/34		3,837,119		3,983,915
5.000% 12/15/35		15,433,245		16,028,441
5.000% 10/15/36		11,563,590		11,848,945
5.000% 07/15/37		14,181,285		14,691,282
5.350% 05/15/29		11,207,088		11,723,655
5.500% 08/15/13		490,287		506,705
5.500% 11/15/21		4,138,717		4,273,443
5.500% 04/15/26		1,416,501		1,455,374
5.500% 12/15/26		4,407,221		4,529,171
5.500% 10/15/27		2,447,076		2,510,981
5.500% 06/15/28		1,700,000		1,766,817
5.500% 11/15/28		2,947,946		3,023,425
5.500% 01/15/29		6,079,000		6,334,834
5.500% 10/15/29		2,432,296		2,525,063
6.000% 03/15/19		1,086,910		1,103,001
6.000% 06/15/25		2,651,348		2,710,057
6.000% 09/15/27		10,248,153		10,576,469
6.000% 06/15/31		10,791		10,792
7.000% 06/15/22		87,771		94,985
I.O., 5.500% 05/15/27		38,199		283
Federal National Mortgage Association
(f) 05/25/23		937,926		826,094
3.500% 03/25/18		8,462,455		8,706,718
4.000% 06/25/23		4,618,580		4,752,878
4.250% 03/25/22		4,323,207		4,465,280
4.500% 11/25/21		4,640,889		4,801,464
4.500% 03/25/23		14,158,706		14,753,327
4.500% 12/25/23		11,601,709		12,075,520
5.000% 04/25/16		542,669		548,354
5.000% 12/25/16		3,138,736		3,230,389
5.000% 12/25/17		1,741,415		1,798,050
5.000% 11/25/24		11,778,184		12,338,741
5.000% 12/25/24		13,721,928		14,330,254
5.000% 04/25/31		1,689,765		1,740,891
5.000% 09/25/33		3,353,961		3,530,898
5.125% 10/15/15		2,443,615		2,518,180
5.500% 12/25/29		6,294,140		6,601,838
5.500% 06/25/30		1,305,594		1,370,125

	Par ($)		Value ($)
Government National Mortgage Association
4.500% 08/20/35		395,126		414,928
5.000% 05/16/27		280,201		296,851
5.000% 06/20/28		4,344,275		4,401,172
Agency Total				309,202,521
Non-Agency – 5.1%
Bank of America Mortgage Securities
4.568% 03/25/34 (10/01/09) (g)(h)		2,700,376		2,493,764
5.078% 11/25/35 (10/01/09) (g)(h)		1,348,910		1,022,159
5.250% 02/25/18		135,484		135,420
Bear Stearns Adjustable Rate Mortgage Trust
4.653% 04/25/34 (10/01/09) (g)(h)		532,475		345,606
Bear Stearns Alt-A Trust
3.358% 09/25/34 (10/01/09) (g)(h)		1,487,923		1,026,978
Chase Mortgage Finance Corp.
5.986% 03/25/37 (10/01/09) (g)(h)		627,604		501,525
Countrywide Alternative Loan Trust
0.646% 03/25/34 (10/25/09) (g)(h)		327,735		251,629
5.250% 08/25/35		4,106,263		3,416,450
5.500% 07/25/34		1,407,022		1,353,130
Countrywide Home Loan Mortgage Pass Through Trust
0.746% 03/25/34 (10/25/09) (g)(h)		1,700,216		1,472,540
5.500% 09/25/35		14,684,660		13,670,528
Credit Suisse Mortgage Capital Certificates
5.750% 02/25/36		1,273,919		1,245,731
GMAC Mortgage Corp. Loan Trust
0.746% 05/25/18 (10/25/09) (g)(h)		1,546,495		1,429,968
IMPAC CMB Trust
0.626% 08/25/35 (10/26/09) (g)(h)		1,033,263		255,117
JPMorgan Mortgage Trust
5.728% 04/25/37 (10/01/09) (g)(h)		7,992,217		6,913,715
5.752% 04/25/36 (10/01/09) (g)(h)		11,124,907		8,987,701
6.007% 10/25/36 (10/01/09) (g)(h)		9,985,611		8,180,864
MASTR Asset Securitization Trust
5.750% 05/25/36		7,292,486		7,009,272

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Collateralized Mortgage Obligations (continued)
	Par ($)		Value ($)
Residential Accredit Loans, Inc.
0.846% 07/25/32 (10/25/09) (g)(h)		24,132		17,136
Structured Adjustable Rate Mortgage Loan Trust
5.802% 07/25/36 (10/01/09) (g)(h)		3,351,415		1,732,787
Structured Asset Securities Corp.
5.500% 05/25/33		220,150		176,864
5.500% 07/25/33		123,155		122,480
5.750% 04/25/33		1,606,981		1,509,067
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 10/25/35		2,263,577		1,889,850
Washington Mutual Mortgage Pass-Through Certificates
5.515% 01/25/37 (10/01/09) (g)(h)		15,201,960		11,787,375
5.605% 11/25/36 (10/01/09) (g)(h)		10,168,585		8,063,460
5.790% 07/25/37 (10/01/09) (g)(h)		9,170,485		5,811,436
6.038% 10/25/36 (10/01/09) (g)(h)		5,859,395		4,649,353
Wells Fargo Mortgage Backed Securities Trust
4.500% 08/25/18		815,499		785,830
4.968% 09/25/35 (10/01/09) (g)(h)		2,961,056		2,683,712
5.240% 04/25/36 (10/01/09) (g)(h)		5,823,608		4,498,075
5.250% 08/25/33		16,349		16,314
Non-Agency Total				103,455,836
Total Collateralized Mortgage Obligations (cost of $431,550,607)				412,658,357
Asset-Backed Securities – 16.9%
AmeriCredit Automobile Receivables Trust
2.260% 05/15/12		9,920,000		9,940,973
4.630% 06/06/12		6,179,838		6,235,175
5.020% 11/06/12		5,700,320		5,785,822
5.190% 11/06/11		1,347,268		1,348,128
5.210% 10/06/11		57,103		57,138
5.420% 08/08/11		13,963,716		14,201,753
5.420% 05/07/12		16,295,154		16,587,809
5.640% 09/06/13		10,413,139		10,615,953
5.680% 12/12/12		6,343,000		6,466,572
Americredit Prime Automobile Receivable
5.220% 06/08/12		12,213,394		12,424,829

	Par ($)		Value ($)
Amresco Residential Securities Mortgage Loan Trust
0.726% 07/25/28 (10/26/09) (g)(h)		14,774		8,987
BMW Floorplan Master Owner Trust
1.390% 09/15/14 (a)(g)(i)		15,000,000		15,000,000
Capital Auto Receivables Asset Trust
3.740% 03/15/11		4,874,466		4,911,218
5.000% 04/15/11		409,616		414,695
5.010% 04/16/12		12,650,000		13,165,883
5.020% 09/15/11		7,358,610		7,497,129
Capital One Auto Finance Trust
5.030% 04/15/12		3,632,563		3,680,707
5.070% 07/15/11		130,964		131,173
Capital One Prime Auto Receivables Trust
5.010% 11/15/11		10,759,393		10,877,995
5.470% 06/15/11		1,234,624		1,246,443
Carmax Auto Owner Trust
5.190% 12/15/11		2,168,582		2,214,649
5.230% 12/15/11		6,284,036		6,414,635
Cityscape Home Equity Loan Trust
7.380% 07/25/28 (10/01/09) (g)(h)		616,323		580,413
7.410% 05/25/28		16,027		15,967
CNH Equipment Trust
4.060% 10/17/11		5,000,000		5,070,928
CPS Auto Trust
5.040% 09/15/11 (a)		522,672		527,706
5.330% 11/15/12 (a)		8,440,358		8,633,954
Daimler Chrysler Auto Trust
4.980% 11/08/11		4,293,559		4,383,661
Drive Auto Receivables Trust
5.090% 06/17/13 (10/15/09) (a)(h)		7,091,245		7,255,838
5.330% 04/15/14 (10/15/09) (a)(h)		3,605,421		3,616,226
5.540% 12/16/13 (10/15/09) (a)(h)		6,526,697		6,643,521
Drivetime Auto Owner Trust
5.227% 08/15/12 (10/15/09) (a)(g)(h)		874,460		877,588
Fifth Third Auto Trust
4.070% 01/17/12		8,800,000		8,882,889
First Alliance Mortgage Loan Trust
6.680% 06/25/25		65,109		51,000
8.225% 09/20/27		189,254		149,491
First Plus Home Loan Trust
7.720% 05/10/24 (10/01/09) (g)(h)		25,821		25,806

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Asset-Backed Securities (continued)
	Par ($)		Value ($)
Ford Credit Auto Owner Trust
5.160% 11/15/10		521,742		523,469
5.160% 04/15/13		10,554,000		11,154,227
5.240% 07/15/12		997,500		1,052,327
5.250% 09/15/11		1,457,977		1,491,946
Franklin Auto Trust
5.360% 05/20/16		2,498,000		2,509,785
GE Equipment Midticket LLC
4.530% 06/14/11		3,738,146		3,777,813
GS Auto Loan Trust
5.370% 12/15/10		55,247		55,412
5.480% 12/15/14		11,140,000		11,632,992
Harley-Davidson Motorcycle Trust
2.000% 07/15/12		8,830,000		8,899,837
5.100% 05/15/12		1,923,235		1,950,555
Huntington Auto Trust
3.480% 07/15/11 (a)		6,000,000		6,073,318
3.940% 06/17/13 (a)		3,000,000		3,098,499
IMC Home Equity Loan Trust
7.080% 08/20/28		16,413		15,246
7.310% 11/20/28		140,841		132,108
7.500% 04/25/26		245,438		244,857
7.520% 08/20/28		876,687		795,005
Long Beach Auto Receivables Trust
4.250% 04/15/12		1,790,314		1,785,435
4.522% 06/15/12		2,008,284		2,006,911
4.972% 10/15/11		1,176,940		1,179,980
5.500% 05/15/13		1,528,374		1,536,304
Merrill Auto Trust Securitization
4.270% 12/15/10		1,693,589		1,705,584
5.500% 03/15/12		4,200,000		4,352,439
Nissan Auto Lease Trust
5.140% 07/15/11		6,000,000		6,051,099
Nissan Auto Receivables Owner Trust
5.030% 05/16/11		671,375		681,922
Novastar Home Equity Loan
1.026% 05/25/33 (10/26/01) (g)(h)		2,601,737		1,872,521
Residential Funding Mortgage Securities II, Inc.
0.536% 08/25/33 (10/26/09) (g)(h)		19,775		11,315
4.760% 07/25/28 (10/01/09) (g)(h)		2,031,116		1,501,726
SLM Student Loan Trust
0.359% 03/15/17 (12/15/09) (g)(h)		1,280,052		1,251,380
0.379% 12/15/20 (12/15/09) (g)(h)		10,947,000		10,496,222
Terwin Mortgage Trust
1.146% 07/25/34 (10/26/09) (g)(h)		964,392		383,451

	Par ($)		Value ($)
Triad Auto Receivables Owner Trust
4.880% 04/12/13		18,579,373		18,990,065
5.260% 11/14/11		137,820		138,753
UPFC Auto Receivables Trust
5.010% 08/15/12		13,757,016		14,071,382
5.490% 05/15/12		4,769,380		4,889,363
5.530% 07/15/13		9,126,153		9,366,635
Volkswagen Auto Lease Trust
3.410% 04/16/12		7,000,000		7,201,772
Wachovia Auto Owner Trust
5.380% 03/20/13		7,499,836		7,707,323
Total Asset-Backed Securities (cost of $340,723,360)				346,531,632
Government & Agency Obligations – 11.2%
Foreign Government Obligations – 2.2%
Financement-Quebec
5.000% 10/25/12		9,921,000		10,500,495
Morocco Government AID Bond
0.631% 05/01/23 (10/01/09) (g)(h)		1,190,000		1,098,168
Province of Ontario
4.100% 06/16/14		13,175,000		13,929,466
Svensk Exportkredit AB
4.875% 09/29/11		13,090,000		13,928,886
United Mexican States
5.875% 02/17/14		5,025,000		5,376,750
Foreign Government Obligations Total				44,833,765
U.S. Government Agencies – 0.7%
Federal Home Loan Bank
3.375% 02/27/13		10,000,000		10,475,400
5.250% 06/10/11		1,780,000		1,906,658
Federal Home Loan Mortgage Corp.
3.125% 10/25/10 (j)		1,400,000		1,437,915
U.S. Government Agencies Total				13,819,973
U.S. Government Obligations – 8.3%
U.S. Treasury Inflation Indexed Bond
3.500% 01/15/11		31,244,098		32,523,168
U.S. Treasury Notes
0.875% 02/28/11		57,000,000		57,218,196
1.125% 06/30/11		37,000,000		37,213,897
1.750% 01/31/14		16,000,000		15,800,000
1.875% 02/28/14		27,500,000		27,261,520
U.S. Government Obligations Total				170,016,781
Total Government & Agency Obligations (cost of $225,773,228)				228,670,519

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Mortgage-Backed Securities – 10.7%
	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
3.585% 03/01/34 (10/01/09) (g)(h)		1,194,237		1,212,855
4.000% 05/01/11		2,431,342		2,496,094
4.000% 05/01/24		5,676,621		5,783,668
4.000% 07/01/24		14,840,272		15,120,122
4.500% 11/01/20		2,320,488		2,429,511
4.500% 03/01/21		4,550,782		4,728,863
4.500% 05/01/24		3,925,056		4,067,761
4.500% 06/01/24		9,281,167		9,618,606
4.500% 08/01/24		24,555,683		25,448,464
4.900% 04/01/35 (10/01/09) (g)(h)		653,128		674,685
5.000% 09/01/22		13,700,449		14,410,090
5.000% 01/01/24		7,797,485		8,194,840
5.000% 02/01/24		5,849,444		6,152,427
5.500% 05/01/17		93,494		100,324
5.500% 09/01/17		331,860		356,101
5.500% 01/01/19		10,241		10,938
5.500% 07/01/19		385,113		411,318
5.500% 12/01/20		4,510,013		4,790,127
5.500% 01/01/21		8,855,945		9,405,982
5.500% 02/01/21		7,807,460		8,280,178
5.618% 01/01/36 (10/01/09) (g)(h)		2,090,108		2,197,683
5.884% 07/01/36 (10/01/09) (g)(h)		73,101		76,864
6.000% 03/01/17		42,286		45,349
6.000% 04/01/17		48,110		51,594
6.000% 06/01/17		3,264		3,500
6.000% 08/01/17		139,983		150,121
6.000% 08/01/21		1,204,904		1,286,141
6.000% 09/01/21		444,970		474,970
6.000% 10/01/21		5,095,457		5,439,002
7.000% 11/01/28		280,762		310,519
7.500% 09/01/15		71,212		77,097
8.500% 07/01/30		40,011		45,981
Federal National Mortgage Association
2.414% 06/01/33 (10/01/09) (g)(h)		2,127,179		2,132,198
3.197% 07/01/34 (10/01/09) (g)(h)		1,816,536		1,851,135
3.545% 03/01/34 (10/01/09) (g)(h)		1,756,740		1,805,225
3.752% 04/01/34 (10/01/09) (g)(h)		1,659,782		1,718,488
3.802% 06/01/34 (10/01/09) (g)(h)		972,406		1,002,935
4.500% 11/01/14		1,554,759		1,610,133
4.811% 06/01/35 (10/01/09) (g)(h)		2,585,432		2,700,798

	Par ($)		Value ($)
4.896% 01/01/35 (10/01/09) (g)(h)		1,716,206		1,772,703
5.000% 07/01/22		13,770,054		14,468,239
5.019% 07/01/35 (10/01/09) (g)(h)		2,131,695		2,228,057
5.500% 05/01/21		1,038,722		1,101,938
5.500% 11/01/21		5,920,717		6,281,049
5.500% 10/01/23		5,839,962		6,185,012
5.500% 01/01/24		8,324,491		8,816,338
5.595% 10/01/35 (10/01/09) (g)(h)		1,945,824		2,023,795
5.626% 04/01/36 (10/01/09) (g)(h)		4,637,220		4,887,187
5.755% 07/01/36 (10/01/09) (g)(h)		99,941		105,657
6.000% 03/01/37		2,976,660		3,136,842
6.132% 09/01/37 (10/01/09) (g)(h)		1,381,410		1,466,712
6.500% 03/01/12		10,222		10,701
7.500% 08/01/15		36,959		40,231
7.500% 10/01/28		1,412,494		1,580,386
7.500% 01/01/29		466,048		521,443
8.000% 05/01/15		59,839		65,164
8.000% 01/01/16		127,673		138,674
8.000% 08/01/30		18,987		21,526
8.000% 05/01/31		53,025		60,116
8.000% 07/01/31		26,130		29,628
9.000% 04/01/16		493		503
TBA: 4.500% 10/01/24 (i)		5,825,000		6,030,692
5.000% 10/01/24 (i)		7,625,000		7,994,340
Government National Mortgage Association
4.250% 03/20/30 (10/01/09) (g)(h)		57,577		58,823
4.375% 04/20/22 (10/01/09) (g)(h)		1,577,988		1,614,262
4.375% 06/20/29 (10/01/09) (g)(h)		242,964		248,456
4.625% 07/20/18 (10/01/09) (g)(h)		273,016		281,057
6.500% 09/15/13		23,887		25,607
6.500% 03/15/32		2,175		2,342
6.500% 11/15/33		239,710		255,486
7.000% 11/15/13		34,628		36,876
7.000% 04/15/29		59,009		65,168
7.000% 08/15/29		2,946		3,254
8.000% 10/15/17		273,507		299,583
8.500% 04/15/10		108		109
9.000% 12/15/09		5		5

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
Small Business Administration
0.875% 06/25/22 (10/01/09) (g)(h)		165,729		164,405
Total Mortgage-Backed Securities (cost of $212,431,813)				218,695,053
Commercial Mortgage-Backed Securities – 7.9%
Bear Stearns Commercial Mortgage Securities, Inc.
5.878% 09/11/38 (10/01/09) (g)(h)		3,500,000		3,539,140
6.480% 02/15/35		765,000		793,385
7.590% 10/15/32 (g)		5,000,000		4,903,490
CS First Boston Mortgage Securities Corp.
3.727% 03/15/35		539,214		544,385
4.302% 07/15/36		1,141,460		1,139,305
4.512% 07/15/37		1,800,000		1,812,612
CW Capital Cobalt Ltd.
5.324% 05/15/46		1,186,575		1,207,834
First Union National Bank Commercial Mortgage
7.841% 05/17/32		5,507,929		5,583,623
GE Capital Commercial Mortgage Corp.
4.970% 08/11/36		1,793,965		1,864,259
6.070% 06/10/38		14,600,000		15,395,627
Greenwich Capital Commercial Funding Corp.
4.533% 01/05/36		12,676,000		12,940,161
GS Mortgage Securities Corp. II
4.475% 07/10/39		5,000,000		4,975,148
JPMorgan Chase Commercial Mortgage Securities Corp.
4.914% 07/12/37		3,608,456		3,688,563
4.980% 02/15/51		3,141,866		3,182,339
5.035% 12/15/44		2,185,811		2,205,004
5.201% 08/12/37 (10/01/09) (g)(h)		13,250,000		13,793,842
5.338% 05/12/45		5,163,048		5,248,185
5.538% 02/12/49		11,351,059		11,675,089
5.651% 06/15/49		1,519,006		1,546,779
5.738% 02/15/51		5,685,957		5,800,852
JPMorgan Commercial Mortgage Finance Corp.
6.812% 01/15/30		8,916,315		9,378,237
LB Commercial Conduit Mortgage Trust
7.020% 06/15/31		3,900,000		3,898,184
LB-UBS Commercial Mortgage Trust
4.207% 11/15/27		3,948,583		3,984,345
5.391% 02/15/40		1,551,767		1,580,709
5.611% 04/15/41		2,446,898		2,540,145
5.642% 12/15/25		2,223,739		2,291,092
Merrill Lynch Mortgage Investors, Inc.
I.O., 0.578% 12/15/30 (10/01/09) (g)(h)		4,686,579		93,717

	Par ($)		Value ($)
Morgan Stanley Capital I
4.690% 06/13/41		946,539		957,470
5.124% 03/12/44		538,988		542,301
5.257% 12/15/43		3,321,906		3,384,039
5.283% 11/12/41		1,372,000		1,380,352
Morgan Stanley Dean Witter Capital I
5.080% 09/15/37		5,000,000		5,129,470
5.980% 01/15/39		5,350,000		5,615,571
PNC Mortgage Acceptance Corp.
5.910% 03/12/34		54,862		54,821
Prudential Securities Secured Financing Corp.
7.555% 06/16/31 (10/01/09) (g)(h)		13,726,101		13,715,285
Salomon Brothers Mortgage Securities VII
6.428% 12/18/35		1,055,184		1,094,064
Wachovia Bank Commercial Mortgage Trust
5.323% 10/15/48		5,064,353		5,137,374
Total Commercial Mortgage-Backed Securities (cost of $160,449,450)				162,616,798
Short-Term Obligation – 3.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 08/01/12, market value $77,567,413 (repurchase proceeds $76,044,021)		76,044,000		76,044,000
Total Short-Term Obligation (cost of $76,044,000)				76,044,000
Total Investments – 100.7% (cost of $2,047,587,401) (k)				2,060,548,942
Other Assets & Liabilities, Net – (0.7)%				(15,188,272	)
Net Assets – 100.0%				2,045,360,670

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

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, 2009, these securities, which are not illiquid, amounted to $120,533,545, which represents 5.9% of net assets.

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

Security name: Merrill Lynch & Co., Inc., 6.150% 04/25/13

Par as of 03/31/09:	$	2,000,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	2,000,000
Net realized gain/loss:	$	–
Interest income earned:	$	61,500
Value at end of period:	$	2,116,198

As of January 1, 2009, Merrill Lynch & Co., Inc. is a wholly owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

(d) 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, 2009, the value of this security amounted to $952,288, which represents less than 0.1% of net assets.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $9,355,091, which represents 0.1% of net assets.

(f) Zero coupon bond.

(g) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2009.

(h) Parenthetical date represents the next reset date for the security.

(i) Security purchased on a delayed delivery basis.

(j) The security or a portion of the security is pledged as collateral for open futures contracts. At September 30, 2009, the total market value of securities pledged amounted to $1,232,499.

(k) Cost for federal income tax purposes is $2,047,587,401.

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—		$	14,416,518	$	—	$	14,416,518
Communications		—			74,905,978		—		74,905,978
Consumer Cyclical		—			6,411,561		—		6,411,561
Consumer Non-Cyclical		—			73,268,372		—		73,268,372
Energy		—			61,213,691		—		61,213,691
Financials		—			286,861,264		—		286,861,264
Industrials		—			24,461,590		—		24,461,590
Technology		—			29,136,884		—		29,136,884
Utilities		—			44,656,725		—		44,656,725
Total Corporate Fixed-Income Bonds & Notes		—			615,332,583		—		615,332,583
Collateralized Mortgage Obligations
Agency		—			309,202,521		—		309,202,521
Non-Agency		—			103,455,836		—		103,455,836
Total Collateralized Mortgage Obligations		—			412,658,357		—		412,658,357
Total Asset-Backed Securities		—			346,531,632		—		346,531,632
Government & Agency Obligations
Foreign Government Obligations		—			44,833,765		—		44,833,765
U.S. Government Agencies		—			13,819,973		—		13,819,973
U.S. Government Obligations		170,016,781			—		—		170,016,781
Total Government & Agency Obligations		170,016,781			58,653,738		—		228,670,519
Total Mortgage-Backed Securities		14,025,032			204,670,021		—		218,695,053
Total Commercial Mortgage-Backed Securities		—			162,616,798		—		162,616,798
Total Short-Term Obligation		—			76,044,000		—		76,044,000
Total Investments		184,041,813			1,876,507,129		—		2,060,548,942
Futures Contracts		(192,171	)		—		—		(192,171	)
Total	$	183,849,642		$	1,876,507,129	$	—	$	2,060,356,771

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2009		Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2009
Collateralized Mortgage Obligations	$	85,507	$	174		$	(42,481	)	$	38,504	$	—	$	(81,704	)	$	—	$	—		$	—
Asset-Backed Securities		9,503,516		(1,553	)		—			124,470		1,517,813		—			—		(11,144,246	)		—
	$	9,589,023	$	(1,379	)	$	(42,481	)	$	162,974	$	1,517,813	$	(81,704	)	$	—	$	(11,144,246	)	$	—

See Accompanying Notes to Financial Statements.

Columbia Short Term Bond Fund

September 30, 2009 (Unaudited)

At September 30, 2009, the Fund held the following open short futures contracts:

Risk Exposure/Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
Interest Rate Risk
2-Year U.S. Treasury Note		733	$	159,038,094	$	158,447,947	Dec-2009	$	(590,147	)

At September 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure/Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
Interest Rate Risk
5-Year U.S. Treasury Note		279	$	32,390,156	$	31,992,180	Dec-2009	$	397,976

At September 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		30.1
Collateralized Mortgage Obligations		20.2
Asset-Backed Securities		16.9
Government & Agency Obligations		11.2
Mortgage-Backed Securities		10.7
Commercial Mortgage-Backed Securities		7.9
		97.0
Short-Term Obligation		3.7
Other Assets & Liabilities, Net		(0.7	)
		100.0

Acronym				Name
I.O.				Interest Only

TBA				To Be Announced

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 88.7%
	Par (a)		Value ($)
Basic Materials – 6.6%
Chemicals – 2.2%
Agricultural Chemicals – 0.4%
Mosaic Co.
7.625% 12/01/16 (b)		1,640,000		1,749,414
Terra Capital, Inc.
7.000% 02/01/17		1,600,000		1,668,000
				3,417,414
Chemicals-Diversified – 1.8%
INVISTA
9.250% 05/01/12 (b)		5,740,000		5,740,000
NOVA Chemicals Corp.
4.538% 11/15/13 (11/15/09) (c)(d)		4,425,000		3,905,063
Olin Corp.
8.875% 08/15/19		1,545,000		1,614,525
Tronox Worldwide LLC/Tronox Finance Corp.
9.500% 12/01/12 (e)		5,525,000		2,127,125
Westlake Chemical Corp.
6.625% 01/15/16		940,000		883,600
				14,270,313
Chemicals Total				17,687,727
Forest Products & Paper – 3.2%
Forestry – 0.2%
Weyerhaeuser Co.
6.950% 10/01/27		1,965,000		1,648,900
				1,648,900
Paper & Related Products – 3.0%
Bowater, Inc.
9.375% 12/15/21 (f)		5,545,000		1,344,662
Domtar Corp.
7.875% 10/15/11		5,005,000		5,173,919
Georgia-Pacific Corp.
7.000% 01/15/15 (b)		4,750,000		4,678,750
7.750% 11/15/29		757,000		696,440
8.000% 01/15/24		921,000		911,790
8.875% 05/15/31		6,745,000		6,812,450
Norske Skog
8.625% 06/15/11		1,025,000		707,250
Smurfit Capital Funding PLC
7.500% 11/20/25		4,100,000		3,341,500
				23,666,761
Forest Products & Paper Total				25,315,661
Metals & Mining – 1.2%
Metal-Diversified – 1.2%
Allegheny Ludlum Corp.
6.950% 12/15/25		3,850,000		3,469,836

	Par (a)		Value ($)
Allegheny Technologies, Inc.
8.375% 12/15/11		2,320,000		2,456,785
Freeport-McMoRan Copper & Gold, Inc.
4.995% 04/01/15 (10/01/09) (c)(d)		1,285,000		1,287,608
8.375% 04/01/17		2,220,000		2,361,525
				9,575,754
Metals & Mining Total				9,575,754
Basic Materials Total				52,579,142
Communications – 14.7%
Advertising – 0.4%
Advertising Agencies – 0.4%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		3,171,000		3,000,559
				3,000,559
Advertising Total				3,000,559
Internet – 0.4%
E-Commerce/Services – 0.4%
Expedia, Inc.
7.456% 08/15/18		3,425,000		3,630,500
				3,630,500
Internet Total				3,630,500
Media – 4.9%
Cable TV – 3.9%
Charter Communications Operating LLC
10.000% 04/30/12 (b)(g)		5,230,000		5,321,525
Charter Incremental Term Loan
6.250% 03/06/14 (c)(h)		4,151,288		3,954,102
CSC Holdings, Inc.
6.750% 04/15/12		2,300,000		2,369,000
Rainbow National Services LLC
8.750% 09/01/12 (b)		4,605,000		4,697,100
10.375% 09/01/14 (b)		1,556,000		1,637,690
Shaw Communications, Inc.
7.500% 11/20/13	CAD	6,060,000		6,447,887
Videotron Ltee
6.375% 12/15/15		665,000		635,075
6.875% 01/15/14		5,500,000		5,445,000
				30,507,379

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Multimedia – 0.6%
Lamar Media Corp.
6.625% 08/15/15		4,320,000		3,957,675
7.250% 01/01/13		800,000		787,000
				4,744,675
Publishing-Newspapers – 0.3%
CanWest MediaWorks LP
9.250% 08/01/15 (b)(e)		550,000		55,000
Morris Publishing Group LLC
7.000% 08/01/13 (e)		5,550,000		1,276,500
Sun Media Corp.
7.625% 02/15/13		1,527,000		1,168,155
				2,499,655
Publishing-Periodicals – 0.0%
Ziff Davis Media, Inc.
PIK, 13.500% 07/15/11 (i)		849,093		179,583
				179,583
Television – 0.1%
CW Media Holdings, Inc.
PIK, 13.500% 08/15/15 (b)		1,015,000		985,819
ION Media Networks, Inc.
PIK, 10.070% 01/15/13 (b)(c)(f)		1,254,550		15,682
				1,001,501
Media Total				38,932,793
Telecommunication Services – 9.0%
Cellular Telecommunications – 1.7%
Centennial Cellular Operating Co./Centennial Communications Corp.
8.125% 02/01/14		1,535,000		1,558,025
10.125% 06/15/13		2,800,000		2,884,000
iPCS, Inc.
2.608% 05/01/13 (11/02/09) (c)(d)		270,000		228,150
Millicom International Cellular SA
10.000% 12/01/13		5,115,000		5,306,812
Rogers Wireless, Inc.
8.000% 12/15/12		3,025,000		3,108,188
				13,085,175
Media – 1.4%
Nielsen Finance LLC
2.249% 08/09/13 (10/09/09) (c)(d)(h)		4,038,607		3,770,209
4.388% 08/04/13 (c)		465,000		434,097

	Par (a)		Value ($)
Quebecor Media, Inc.
7.750% 03/15/16		6,885,000		6,816,150
9.750% 01/15/49 (b)		1,885,000		980
				11,021,436
Satellite Telecommunications – 1.6%
Inmarsat Finance II PLC
10.375% 11/15/12		5,755,000		5,956,425
Intelsat Subsidiary Holding Co., Ltd.
8.500% 01/15/13		5,785,000		5,857,312
8.875% 01/15/15 (b)		915,000		926,438
				12,740,175
Telecommunication Equipment – 1.4%
Lucent Technologies, Inc.
6.450% 03/15/29		8,960,000		6,820,800
6.500% 01/15/28		920,000		700,350
Nortel Networks Ltd.
10.750% 07/15/16 (f)		6,805,000		3,912,875
				11,434,025
Telecommunication Services – 0.4%
Colo.Com, Inc.
13.875% 03/15/10 (b)(f)(i)(j)		944,357		—
GCI, Inc.
7.250% 02/15/14		3,225,000		3,039,563
PAETEC Holding Corp.
9.500% 07/15/15		110,000		99,825
				3,139,388
Telephone-Integrated – 1.6%
Qwest Corp.
6.950% 06/30/10 (c)(h)		5,675,000		5,682,094
7.125% 11/15/43		2,950,000		2,212,500
7.250% 09/15/25		1,410,000		1,216,125
Virgin Media Finance PLC
9.125% 08/15/16		1,115,000		1,145,662
9.500% 08/15/16		2,580,000		2,715,450
				12,971,831
Wireless Equipment – 0.9%
American Tower Corp.
7.250% 05/15/19 (b)		1,405,000		1,443,638
CC Holdings GS V LLC/Crown Castle GS III Corp.
7.750% 05/01/17 (b)		5,845,000		6,049,575
				7,493,213
Telecommunication Services Total				71,885,243
Communications Total				117,449,095

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Consumer Cyclical – 12.1%
Airlines – 0.0%
Delta Air Lines, Inc.
2.875% 02/06/24 (k)		1,555,000		9,330
2.875% 02/18/49 (k)		905,000		5,430
8.000% 06/03/23 (k)		2,885,000		17,310
8.300% 12/15/29 (k)		1,023,000		6,445
9.250% 03/15/49 (k)		715,000		4,505
9.750% 05/15/49 (k)		2,335,000		14,710
10.000% 08/15/49 (k)		1,945,000		12,254
10.375% 12/15/22 (k)		2,990,000		18,837
10.375% 02/01/49 (k)		4,295,000		27,058
Northwest Airlines, Inc.
7.625% 11/15/23 (k)		2,552,500		3,063
7.875% 03/15/13 (k)		2,390,800		2,869
8.700% 03/15/49 (k)		260,000		312
8.875% 06/01/49 (k)		971,900		1,166
9.875% 03/15/37 (k)		4,278,500		5,134
10.000% 02/01/49 (k)		2,426,300		2,912
Airlines Total				131,335
Apparel – 0.5%
Textile-Apparel – 0.5%
Unifi, Inc.
11.500% 05/15/14		4,349,000		4,088,060
				4,088,060
Apparel Total				4,088,060
Auto Manufacturers – 0.6%
Auto-Cars/Light Trucks – 0.6%
Ford Motor Co.
3.510% 12/16/13 (10/15/09) (c)(d)		5,329,260		4,719,252
				4,719,252
Auto Manufacturers Total				4,719,252
Auto Parts & Equipment – 2.3%
Auto/Truck Parts & Equipment-Original – 1.0%
Collins & Aikman Products Co.
12.875% 08/15/12 (b)(f)(i)		6,910,000		691
Johnson Controls, Inc.
5.250% 01/15/11		2,055,000		2,133,628
Lear Corp.
8.750% 12/01/16 (f)		1,595,000		1,052,700
Tenneco Automotive, Inc.
8.125% 11/15/15		2,670,000		2,589,900
8.625% 11/15/14		545,000		510,938
10.250% 07/15/13		1,489,000		1,548,560
				7,836,417

	Par (a)		Value ($)
Auto/Truck Parts & Equipment-Replacement – 0.5%
Affinia Group, Inc.
9.000% 11/30/14		1,470,000		1,396,500
10.750% 08/15/16 (b)		1,000,000		1,075,000
Allison Transmission
PIK, 11.250% 11/01/15 (b)		1,525,000		1,418,250
				3,889,750
Rubber-Tires – 0.8%
Goodyear Tire & Rubber Co.
5.010% 12/01/09 (c)		2,740,000		2,736,575
8.625% 12/01/11		1,980,000		2,044,350
10.500% 05/15/16		1,815,000		1,969,275
				6,750,200
Auto Parts & Equipment Total				18,476,367
Distribution/Wholesale – 0.3%
ACE Hardware Corp.
9.125% 06/01/16 (b)		2,375,000		2,481,875
Distribution/Wholesale Total				2,481,875
Entertainment – 3.3%
Casino Services – 0.6%
American Casino & Entertainment Properties LLC
11.000% 06/15/14 (b)		2,580,000		2,296,200
Peninsula Gaming LLC
8.375% 08/15/15 (b)		930,000		930,000
10.750% 08/15/17 (b)		1,260,000		1,266,300
				4,492,500
Gambling (Non-Hotel) – 2.7%
Boyd Gaming Corp.
7.750% 12/15/12		1,751,000		1,746,623
Chukchansi Economic Development Authority
8.000% 11/15/13 (b)		1,330,000		1,050,700
Galaxy Entertainment Finance Co., Ltd.
9.875% 12/15/12 (b)		3,250,000		3,152,500
Global Cash Access LLC
8.750% 03/15/12		1,115,000		1,103,850
Isle of Capri Casinos, Inc.
7.000% 03/01/14		1,966,000		1,749,740
Jacobs Entertainment, Inc.
9.750% 06/15/14		3,955,000		3,603,994
MTR Gaming Group, Inc.
9.000% 06/01/12		810,000		607,500
Penn National Gaming, Inc.
6.750% 03/01/15		3,215,000		3,078,362
6.875% 12/01/11		1,295,000		1,288,525
Pinnacle Entertainment, Inc.
7.500% 06/15/15		925,000		818,625
8.250% 03/15/12		1,507,000		1,507,000

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Seminole Hard Rock Entertainment, Inc.
2.799% 03/15/14 (b)(c)(d)		2,045,000		1,646,225
				21,353,644
Motion Pictures & Services – 0.0%
United Artists Theatre Circuit, Inc.
9.300% 07/01/15 (i)		199,762		119,857
				119,857
Entertainment Total				25,966,001
Home Furnishings – 0.2%
Sealy Mattress Co.
10.875% 04/15/16 (b)		1,435,000		1,582,088
Home Furnishings Total				1,582,088
Housewares – 0.2%
Libbey Glass, Inc.
8.260% 06/01/11 (12/01/09) (c)(d)		1,630,000		1,458,850
Housewares Total				1,458,850
Leisure Time – 0.4%
Recreational Centers – 0.4%
Speedway Motorsports, Inc.
8.750% 06/01/16 (b)		1,780,000		1,851,200
Town Sports International, Inc.
11.000% 02/01/14		3,325,000		1,729,000
				3,580,200
Leisure Time Total				3,580,200
Lodging – 1.8%
Casino Hotels – 0.6%
FireKeepers Development Authority
13.875% 05/01/15 (b)		785,000		834,062
MGM Mirage
13.000% 11/15/13 (b)		2,760,000		3,160,200
Seneca Gaming Corp.
7.250% 05/01/12		1,275,000		1,179,375
				5,173,637
Hotels & Motels – 1.2%
Gaylord Entertainment Co.
6.750% 11/15/14		475,000		439,375
Host Hotels & Resorts LP
3.250% 04/15/24 (b)		1,185,000		1,185,000
6.375% 03/15/15		1,635,000		1,549,163
6.750% 06/01/16		1,315,000		1,249,250
6.875% 11/01/14		1,090,000		1,065,475
7.000% 08/15/12		1,355,000		1,366,856

	Par (a)		Value ($)
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18		2,190,000		2,066,812
7.875% 05/01/12		505,000		523,938
				9,445,869
Lodging Total				14,619,506
Office Furnishings – 0.2%
Interface, Inc.
11.375% 11/01/13 (b)		1,200,000		1,302,000
Office Furnishings Total				1,302,000
Retail – 2.3%
Retail-Automobiles – 0.9%
Asbury Automotive Group, Inc.
7.625% 03/15/17		2,060,000		1,823,100
8.000% 03/15/14		2,245,000		2,087,850
AutoNation, Inc.
2.509% 04/15/13 (10/15/09) (c)(d)		2,375,000		2,235,469
United Auto Group, Inc.
7.750% 12/15/16		1,320,000		1,217,700
				7,364,119
Retail-Drug Stores – 0.4%
Rite Aid Corp.
7.500% 03/01/17		2,050,000		1,804,000
8.625% 03/01/15		1,580,000		1,285,725
				3,089,725
Retail-Miscellaneous/Diversified – 0.4%
Sally Holdings LLC
9.250% 11/15/14		1,100,000		1,138,500
Susser Holdings LLC
10.625% 12/15/13		1,805,000		1,863,662
				3,002,162
Retail-Propane Distributors – 0.2%
AmeriGas Partners LP
7.125% 05/20/16		845,000		811,200
7.250% 05/20/15		890,000		867,750
				1,678,950
Retail-Restaurants – 0.1%
Wendy's International, Inc.
6.250% 11/15/11		640,000		640,000
				640,000

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Retail-Vitamins/Nutritional Supplements – 0.3%
NBTY, Inc.
7.125% 10/01/15		2,635,000		2,555,950
				2,555,950
Retail Total				18,330,906
Consumer Cyclical Total				96,736,440
Consumer Non-Cyclical – 13.1%
Agriculture – 0.6%
Tobacco – 0.6%
Alliance One International, Inc.
10.000% 07/15/16 (b)		1,580,000		1,631,350
Reynolds American, Inc.
7.625% 06/01/16		1,415,000		1,514,082
7.750% 06/01/18		1,375,000		1,500,546
				4,645,978
Agriculture Total				4,645,978
Beverages – 0.7%
Beverages-Non-Alcoholic – 0.4%
Cott Beverages, Inc.
8.000% 12/15/11		3,100,000		3,080,625
				3,080,625
Beverages-Wine/Spirits – 0.3%
Constellation Brands, Inc.
7.250% 05/15/17		1,875,000		1,865,625
8.375% 12/15/14		355,000		370,088
				2,235,713
Beverages Total				5,316,338
Biotechnology – 0.2%
Medical-Biomedical/Gene – 0.2%
Bio-Rad Laboratories, Inc.
8.000% 09/15/16 (b)		1,440,000		1,494,000
				1,494,000
Biotechnology Total				1,494,000
Commercial Services – 2.2%
Commercial Services – 1.2%
KAR Holdings, Inc.
8.750% 05/01/14		1,075,000		1,064,250
10.000% 05/01/15		4,225,000		4,246,125
Language Line Holdings, Inc.
11.125% 06/15/12		3,895,000		3,997,244
				9,307,619

	Par (a)		Value ($)
Commercial Services-Finance – 0.4%
Cardtronics, Inc.
9.250% 08/15/13		680,000		685,100
Lender Processing Services, Inc.
8.125% 07/01/16		2,340,000		2,433,600
				3,118,700
Printing-Commercial – 0.1%
Vertis, Inc.
PIK, 18.500% 10/01/12		1,908,328		791,956
				791,956
Schools – 0.5%
Knowledge Learning Corp., Inc.
7.750% 02/01/15 (b)		4,700,000		4,535,500
				4,535,500
Commercial Services Total				17,753,775
Food – 1.1%
Fisheries – 0.3%
ASG Consolidated LLC/ASG Finance, Inc.
11.500% 11/01/11		2,590,000		2,512,300
				2,512,300
Food-Meat Products – 0.3%
Tyson Foods, Inc.
10.500% 03/01/14		1,865,000		2,112,112
				2,112,112
Food-Miscellaneous/Diversified – 0.1%
Del Monte Corp.
8.625% 12/15/12		800,000		822,000
				822,000
Food-Retail – 0.4%
American Stores Co.
7.900% 05/01/17		2,425,000		2,267,375
8.000% 06/01/26		555,000		499,500
Stater Brothers Holdings
7.750% 04/15/15		395,000		383,150
8.125% 06/15/12		385,000		386,925
				3,536,950
Food Total				8,983,362
Healthcare Products – 2.9%
Medical Products – 2.9%
Angiotech Pharmaceuticals, Inc.
4.111% 12/01/13 (12/01/09) (c)(d)		2,137,000		1,805,765
Biomet, Inc.
10.000% 10/15/17		2,380,000		2,534,700
11.625% 10/15/17		2,380,000		2,594,200

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
DJO Finance LLC/DJO Finance Corp.
10.875% 11/15/14		4,700,000		4,805,750
Hanger Orthopedic Group, Inc.
10.250% 06/01/14		3,560,000		3,773,600
Invacare Corp.
9.750% 02/15/15		2,110,000		2,236,600
ReAble Therapeutics Finance LLC/ReAble Therapeutics Finance Corp.
11.750% 11/15/14		2,760,000		2,622,000
Universal Hospital Services, Inc.
4.635% 06/01/15 (12/01/09) (c)(d)		1,240,000		1,050,900
PIK, 8.500% 06/01/15		1,820,000		1,783,600
				23,207,115
Healthcare Products Total				23,207,115
Healthcare Services – 3.5%
Medical Products – 0.3%
Rural/Metro Corp.
9.875% 03/15/15		2,410,000		2,361,800
				2,361,800
Medical-Hospitals – 2.0%
Community Health Systems, Inc.
2.511% 07/15/13		150,000		140,775
2.511% 07/25/14 (c)(h)		1,203,314		1,129,311
2.622% 07/25/14 (11/30/09) (c)(d)(h)		6,348,881		5,958,425
8.875% 07/15/15		3,985,000		4,084,625
HCA, Inc.
6.300% 10/01/12		4,305,000		4,132,800
6.750% 07/15/13		360,000		344,700
Vanguard Health Holding Co. LLC
9.000% 10/01/14		455,000		464,100
				16,254,736
Medical-Nursing Homes – 0.5%
Skilled Healthcare Group, Inc.
11.000% 01/15/14		1,329,000		1,375,515
Sun Healthcare Group, Inc.
9.125% 04/15/15		2,285,000		2,273,575
				3,649,090
MRI/Medical Diagnostic Imaging – 0.7%
Alliance Imaging, Inc.
7.250% 12/15/12		5,875,000		5,669,375
				5,669,375

	Par (a)		Value ($)
Physical Therapy/Rehab Centers – 0.0%
Psychiatric Solutions, Inc.
7.750% 07/15/15		170,000		164,050
				164,050
Healthcare Services Total				28,099,051
Household Products/Wares – 0.2%
Consumer Products-Miscellaneous – 0.2%
Jarden Corp.
7.500% 05/01/17		1,225,000		1,191,313
				1,191,313
Household Products/Wares Total				1,191,313
Pharmaceuticals – 1.7%
Medical-Drugs – 1.7%
Catalent Pharma Solutions, Inc.
PIK, 10.250% 04/15/15 (10/15/09) (c)(d)		3,895,000		3,204,557
Phibro Animal Health Corp.
10.000% 08/01/13 (b)		3,285,000		3,120,750
Talecris Biotherapeutics
3.960% 12/06/13 (11/13/09) (c)(d)(h)		1,619,900		1,587,502
3.960% 12/06/13 (11/13/09) (d)		4,175		4,091
6.960% 12/06/14 (11/13/09) (c)(d)(h)		3,730,000		3,646,075
Valeant Pharmaceuticals International
8.375% 06/15/16 (b)		945,000		959,175
Warner Chilcott Corp.
8.750% 02/01/15		685,000		702,125
				13,224,275
Pharmaceuticals Total				13,224,275
Consumer Non-Cyclical Total				103,915,207
Diversified – 1.8%
Diversified Holding Companies – 1.8%
Diversified Operations – 1.8%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125% 02/15/13		4,625,000		4,451,562
8.125% 06/01/12		7,620,000		7,553,325
Leucadia National Corp.
7.125% 03/15/17		2,165,000		2,078,400
				14,083,287
Diversified Holding Companies Total				14,083,287
Diversified Total				14,083,287

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Energy – 13.8%
Coal – 0.3%
Peabody Energy Corp.
7.875% 11/01/26		1,855,000		1,780,800
6.875% 03/15/13		520,000		525,200
Coal Total				2,306,000
Energy-Alternate Sources – 0.0%
Salton Sea Funding
8.300% 05/30/11		2,034		2,135
Energy-Alternate Sources Total				2,135
Oil & Gas – 8.9%
Oil & Gas Drilling – 0.9%
Parker Drilling Co.
9.625% 10/01/13		5,885,000		5,833,506
Pride International, Inc.
7.375% 07/15/14		930,000		953,250
				6,786,756
Oil Companies-Exploration & Production – 7.6%
Berry Petroleum Co.
10.250% 06/01/14		2,205,000		2,353,837
Chaparral Energy, Inc.
8.500% 12/01/15		5,825,000		4,689,125
Chesapeake Energy Corp.
6.500% 08/15/17		2,000,000		1,835,000
6.625% 01/15/16		1,575,000		1,488,375
6.875% 11/15/20		1,885,000		1,677,650
7.500% 09/15/13		1,040,000		1,033,500
Denbury Resources, Inc.
9.750% 03/01/16		1,625,000		1,726,563
Forest Oil Corp.
7.250% 06/15/19		2,000,000		1,870,000
8.000% 12/15/11		475,000		482,125
Hilcorp Energy LP/Hilcorp Finance Co.
7.750% 11/01/15 (b)		3,030,000		2,863,350
9.000% 06/01/16 (b)		1,110,000		1,101,675
Kerr-McGee Corp.
6.950% 07/01/24		370,000		396,140
Linn Energy LLC
9.875% 07/01/18		2,390,000		2,425,850
11.750% 05/15/17 (b)		2,005,000		2,160,387
Mariner Energy, Inc.
7.500% 04/15/13		2,470,000		2,383,550
8.000% 05/15/17		190,000		173,850
Newfield Exploration Co.
6.625% 04/15/16		3,310,000		3,243,800
7.125% 05/15/18		2,930,000		2,922,675

	Par (a)		Value ($)
PetroHawk Energy Corp.
7.875% 06/01/15		2,090,000		2,058,650
10.500% 08/01/14 (b)		1,000,000		1,075,000
Petroquest Energy, Inc.
10.375% 05/15/12		3,575,000		3,396,250
Plains Exploration & Production Co.
7.000% 03/15/17		1,175,000		1,119,188
7.625% 06/01/18		930,000		911,400
10.000% 03/01/16		2,520,000		2,715,300
Range Resources Corp.
7.500% 10/01/17		2,395,000		2,383,025
SandRidge Energy, Inc.
8.000% 06/01/18 (b)		1,530,000		1,472,625
Stone Energy Corp.
6.750% 12/15/14		1,567,000		1,190,920
8.250% 12/15/11		1,100,000		1,034,000
Venoco, Inc.
8.750% 12/15/11		1,440,000		1,454,400
W&T Offshore, Inc.
8.250% 06/15/14 (b)		1,860,000		1,692,600
Whiting Petroleum Corp.
7.000% 02/01/14		5,620,000		5,549,750
				60,880,560
Oil Refining & Marketing – 0.4%
Frontier Oil Corp.
6.625% 10/01/11		475,000		475,000
8.500% 09/15/16		1,900,000		1,945,125
Holly Corp.
9.875% 06/15/17 (b)		455,000		465,238
				2,885,363
Oil & Gas Total				70,552,679
Oil & Gas Services – 0.5%
Oil-Field Services – 0.5%
Allis-Chalmers Energy, Inc.
9.000% 01/15/14		1,971,000		1,606,365
Complete Production Services, Inc.
8.000% 12/15/16		2,650,000		2,411,500
				4,017,865
Oil & Gas Services Total				4,017,865
Pipelines – 4.1%
ANR Pipeline Co.
7.375% 02/15/24		1,205,000		1,369,251
9.625% 11/01/21		5,980,000		8,324,148
Copano Energy LLC/Copano Energy Finance Corp.
7.750% 06/01/18		6,145,000		5,837,750

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
El Paso Natural Gas Co.
7.625% 08/01/10		5,240,000		5,189,486
8.375% 06/15/32		1,860,000		2,233,103
8.625% 01/15/22		1,235,000		1,500,476
MarkWest Energy Partners LP
6.875% 11/01/14		1,065,000		1,001,100
8.500% 07/15/16		5,100,000		5,049,000
8.750% 04/15/18		1,309,000		1,302,455
Regency Energy Partners LP/Regency Energy Finance Corp.
8.375% 12/15/13		1,198,000		1,209,980
Pipelines Total				33,016,749
Energy Total				109,895,428
Financials – 10.6%
Banks – 0.4%
Commercial Banks-Central US – 0.4%
CapitalSource, Inc.
12.750% 07/15/14 (b)		2,845,000		2,834,331
				2,834,331
Banks Total				2,834,331
Diversified Financial Services – 5.7%
Finance-Auto Loans – 4.2%
AmeriCredit Corp.
8.500% 07/01/15		2,610,000		2,505,600
Daimler Chrysler 2nd Lien
6.750% 08/03/13 (10/15/09) (c)(d)(h)		6,415,000		5,801,566
Ford Motor Credit Co.
5.549% 06/15/11 (12/15/09) (c)(d)		2,350,000		2,244,250
5.700% 01/15/10		2,435,000		2,434,301
7.250% 10/25/11		3,680,000		3,574,049
7.875% 06/15/10		3,670,000		3,686,082
9.875% 08/10/11		1,860,000		1,886,407
12.000% 05/15/15		1,320,000		1,454,542
GMAC LLC
6.875% 09/15/11 (b)		1,180,000		1,115,100
7.750% 01/19/10 (b)		1,735,000		1,732,831
8.000% 11/01/31 (b)		8,247,000		6,638,835
				33,073,563
Finance-Investment Banker/Broker – 0.2%
LaBranche & Co., Inc.
11.000% 05/15/12		1,795,000		1,732,175
				1,732,175

	Par (a)		Value ($)
Investment Management/Advisor Service – 0.6%
Janus Capital Group, Inc.
6.500% 06/15/12		480,000		476,925
6.950% 06/15/17		3,065,000		2,916,608
Nuveen Investments, Inc.
10.500% 11/15/15 (b)		1,685,000		1,457,525
				4,851,058
Special Purpose Entity – 0.7%
Harley-Davidson Funding Corp.
6.800% 06/15/18 (b)		5,780,000		5,628,402
				5,628,402
Diversified Financial Services Total				45,285,198
Insurance – 3.4%
Insurance Brokers – 1.8%
HUB International Holdings, Inc.
9.000% 12/15/14 (b)		5,845,000		5,640,425
Trinity Acquisition Ltd.
12.875% 12/31/16 (b)(i)		1,840,000		2,505,000
USI Holdings Corp.
4.315% 11/15/14 (11/16/09) (b)(c)(d)		1,365,000		1,134,656
9.750% 05/15/15 (b)		2,390,000		2,118,138
Willis North America, Inc.
6.200% 03/28/17		2,965,000		2,902,391
				14,300,610
Multi-Line Insurance – 0.5%
Fairfax Financial Holdings Ltd.
7.375% 04/15/18		875,000		833,438
7.750% 07/15/37		3,590,000		3,109,837
8.300% 04/15/26		185,000		165,344
				4,108,619
Mutual Insurance – 0.0%
Lumbermens Mutual Casualty
8.300% 12/01/37 (b)(f)		180,000		2,025
8.450% 12/01/97 (b)(f)		4,600,000		51,750
9.150% 07/01/26 (b)(f)		9,865,000		110,981
				164,756
Property/Casualty Insurance – 0.8%
Crum & Forster Holdings Corp.
7.750% 05/01/17		6,950,000		6,394,000
				6,394,000
Reinsurance – 0.3%
Allied World Assurance Co. Holdings Ltd.
7.500% 08/01/16		2,235,000		2,335,720
				2,335,720
Insurance Total				27,303,705

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Real Estate Investment Trusts (REITs) – 1.1%
REITS-Health Care – 0.3%
Omega Healthcare Investors, Inc.
7.000% 04/01/14		2,920,000		2,839,700
				2,839,700
REITS-Office Property – 0.2%
LNR Property
3.760% 07/12/10 (10/02/09) (c)(d)(h)		1,944,699		1,393,390
				1,393,390
REITS-Single Tenant – 0.6%
Trustreet Properties, Inc.
7.500% 04/01/15		4,605,000		4,910,915
				4,910,915
Real Estate Investment Trusts (REITs) Total				9,144,005
Financials Total				84,567,239
Industrials – 7.6%
Aerospace & Defense – 0.7%
Aerospace/Defense – 0.5%
DAE Aviation Holdings, Inc.
4.165% 07/31/14		1,165,443		1,043,072
4.240% 07/31/14 (10/30/09) (c)(d)(h)		1,191,284		1,066,199
11.250% 08/01/15 (b)		2,565,000		2,000,700
				4,109,971
Aerospace/Defense-Equipment – 0.2%
BE Aerospace, Inc.
8.500% 07/01/18		1,540,000		1,578,500
				1,578,500
Aerospace & Defense Total				5,688,471
Building Materials – 1.4%
Building & Construction Products-Miscellaneous – 0.7%
Building Materials Corp. of America
7.750% 08/01/14		1,750,000		1,684,375
Lafarge SA
6.500% 07/15/16		4,095,000		4,092,461
				5,776,836
Building Products-Cement/Aggregation – 0.7%
Texas Industries, Inc.
7.250% 07/15/13		5,830,000		5,568,000
				5,568,000
Building Materials Total				11,344,836

	Par (a)		Value ($)
Building Products – 0.2%
Chemical-Plastics – 0.2%
CPG International I, Inc.
10.500% 07/01/13		1,300,000		1,098,500
				1,098,500
Building Products Total				1,098,500
Electrical Components & Equipment – 0.3%
Wire & Cable Products – 0.3%
Belden, Inc.
7.000% 03/15/17		2,110,000		2,007,137
				2,007,137
Electrical Components & Equipment Total				2,007,137
Environmental Control – 0.7%
Pollution Control – 0.7%
Geo Sub Corp.
11.000% 05/15/12		6,165,000		5,486,850
				5,486,850
Environmental Control Total				5,486,850
Hand/Machine Tools – 0.1%
Machine Tools & Related Products – 0.1%
Thermadyne Holdings Corp.
10.500% 02/01/14		1,150,000		983,250
				983,250
Hand/Machine Tools Total				983,250
Metal Fabricate/Hardware – 0.5%
Metal Processors & Fabrication – 0.2%
Neenah Foundry Co.
9.500% 01/01/17		3,770,000		1,602,250
				1,602,250
Steel Pipe & Tube – 0.3%
Mueller Water Products, Inc.
7.375% 06/01/17		2,395,000		2,086,644
				2,086,644
Metal Fabricate/Hardware Total				3,688,894
Miscellaneous Manufacturing – 1.2%
Diversified Manufacturing Operators – 1.2%
Actuant Corp.
6.875% 06/15/17		2,215,000		2,059,950
Polypore, Inc.
8.750% 05/15/12		2,565,000		2,500,875
RBS Global, Inc. & Rexnord Corp.
9.500% 08/01/14		2,486,000		2,411,420
SPX Corp.
7.625% 12/15/14		2,335,000		2,352,513

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Tyco Electronics Group SA
6.000% 10/01/12		375,000		396,742
				9,721,500
Miscellaneous Manufacturing Total				9,721,500
Packaging & Containers – 0.7%
Containers-Metal/Glass – 0.5%
Owens-Brockway Glass Container, Inc.
6.750% 12/01/14		4,120,000		4,078,800
				4,078,800
Containers-Paper/Plastic – 0.2%
Plastipak Holdings, Inc.
10.625% 08/15/19 (b)		1,480,000		1,568,800
				1,568,800
Packaging & Containers Total				5,647,600
Transportation – 1.8%
Automotive – 0.7%
BHM Technologies
8.500% 11/26/10 (c)(e)(h)(i)		1,805,424		293,382
12.250% 11/26/10 (c)(e)(h)(i)		111,975		107,776
Navistar
3.496% 01/19/12 (10/30/09) (c)(d)(h)		5,120,000		4,940,800
				5,341,958
Transportation-Railroad – 0.5%
Kansas City Southern de Mexico SA de CV
7.375% 06/01/14		4,350,000		4,219,500
				4,219,500
Transportation-Shipping – 0.6%
CEVA Group PLC
10.000% 09/01/14 (b)		475,000		422,750
Great Lakes Dredge & Dock Corp.
7.750% 12/15/13		2,945,000		2,889,781
Greenbrier Companies, Inc.
8.375% 05/15/15		1,970,000		1,598,163
				4,910,694
Transportation Total				14,472,152
Industrials Total				60,139,190
Technology – 1.9%
Semiconductors – 0.4%
Electronic Components-Miscellaneous – 0.4%
NXP BV/NXP Funding LLC
7.875% 10/15/14		3,964,000		3,111,740
				3,111,740
Semiconductors Total				3,111,740

	Par (a)		Value ($)
Software – 1.5%
Application Software – 1.4%
SS&C Technologies, Inc.
11.750% 12/01/13		4,495,000		4,725,369
Sungard Data Systems, Inc.
4.875% 01/15/14		3,585,000		3,226,500
10.625% 05/15/15 (b)		2,725,000		2,888,500
				10,840,369
Transactional Software – 0.1%
Open Solutions, Inc.
9.750% 02/01/15 (b)		1,505,000		1,040,331
				1,040,331
Software Total				11,880,700
Technology Total				14,992,440
Utilities – 6.5%
Electric – 5.9%
Electric-Generation – 1.1%
Cedar Brakes LLC
8.500% 02/15/14 (b)		1,512,649		1,505,343
9.875% 09/01/13 (b)		2,135,639		2,165,004
Intergen NV
9.000% 06/30/17 (b)		2,215,000		2,281,450
Reliant Energy Mid-Atlantic Power Holdings LLC
9.237% 07/02/17		122,909		130,283
9.681% 07/02/26		2,490,000		2,589,600
				8,671,680
Electric-Integrated – 2.5%
Energy Future Holdings Corp.
10.875% 11/01/17		4,610,000		3,480,550
Ipalco Enterprises, Inc.
7.250% 04/01/16 (b)		2,475,000		2,481,188
PNM Resources, Inc.
9.250% 05/15/15		2,915,000		2,944,150
Public Service Co. of New Mexico
7.950% 05/15/18		3,265,000		3,293,040
Texas Competitive Electric Holdings Co. LLC
3.754% 10/10/14 (10/09/09) (c)(d)		3,305,607		2,608,950
3.754% 10/10/14 (10/09/09) (c)(d)(h)		6,428,953		5,062,880
				19,870,758
Independent Power Producer – 2.3%
AES Eastern Energy LP
9.000% 01/02/17		3,859,687		3,743,897
Calpine Corp.
3.475% 03/29/14 (c)(h)		7,879,699		7,165,601

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Reliant Energy, Inc.
7.625% 06/15/14		1,130,000		1,108,813
7.875% 06/15/17		6,700,000		6,540,875
				18,559,186
Electric Total				47,101,624
Gas Utilities – 0.6%
Retail-Propane Distributors – 0.6%
Star Gas Partners LP/Star Gas Finance Co.
10.250% 02/15/13		4,915,000		4,976,437
				4,976,437
Gas Utilities Total				4,976,437
Utilities Total				52,078,061
Total Corporate Fixed-Income Bonds & Notes (cost of $719,980,284)				706,435,529
Preferred Stocks – 0.5%
	Shares
Financials – 0.5%
Real Estate Investment Trusts (REITs) – 0.5%
REITS-Diversified – 0.5%
Sovereign Real Estate Investment Corp., 12.00% (b)		4,052		4,057,065
				4,057,065
Real Estate Investment Trusts (REITs) Total				4,057,065
Financials Total				4,057,065
Transportation – 0.0%
Automotive – 0.0%
BHM Technologies (i)(l)		1,378		14
Automotive Total				14
Transportation Total				14
Total Preferred Stocks (cost of $4,664,067)				4,057,079
Convertible Preferred Stock – 0.4%
Technology – 0.4%
Software – 0.4%
Quadramed Corp. 5.50% (b)(l)		246,600		3,523,914
Software Total				3,523,914
Technology Total				3,523,914
Total Convertible Preferred Stock (cost of $5,957,100)				3,523,914

Convertible Bonds – 0.3%
	Par (a)		Value ($)
Communications – 0.0%
Internet – 0.0%
Web Portals/ISP – 0.0%
At Home Corp.
4.750% 12/15/06 (e)(i)		3,896,787		390
				390
Internet Total				390
Communications Total				390
Consumer Cyclical – 0.0%
Airlines – 0.0%
Delta Air Lines, Inc.
8.000% 06/03/49 (k)		2,256,000		13,536
Airlines Total				13,536
Consumer Cyclical Total				13,536
Consumer Discretionary – 0.3%
Specialty Retail – 0.3%
United Auto Group, Inc.
3.500% 04/01/26		1,989,000		2,093,422
Specialty Retail Total				2,093,422
Consumer Discretionary Total				2,093,422
Total Convertible Bonds (cost of $1,351,564)				2,107,348
Common Stocks – 0.2%
	Shares
Communications – 0.0%
Media – 0.0%
Haights Cross Communications (i)(j)		275,078		—
Vertis Holdings, Inc. (i)		1,908		19
Ziff Davis Media, Inc. (i)		12,260		123
Media Total				142
Communications Total				142
Consumer Cyclical – 0.0%
Airlines – 0.0%
Delta Air Lines, Inc.(k)(l)		1,135		10,170
Airlines Total				10,170
Consumer Cyclical Total				10,170

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Consumer Non-Cyclical – 0.0%
Commercial Services – 0.0%
World Color Press, Inc. (l)		12,425		119,280
Commercial Services Total				119,280
Consumer Non-Cyclical Total				119,280
Financials – 0.0%
Diversified Financial Services – 0.0%
Adelphia Recovery Trust (i)(l)		1,410,902		14,109
Diversified Financial Services Total				14,109
Financials Total				14,109
Information Technology – 0.0%
Communications Equipment – 0.0%
Loral Space & Communications, Inc. (l)		101		2,775
Communications Equipment Total				2,775
Information Technology Total				2,775
Technology – 0.1%
Software – 0.1%
Quadramed Corp. (l)		84,873		594,111
Software Total				594,111
Technology Total				594,111
Transportation – 0.0%
Automotive – 0.0%
BHM Technologies (i)		115,119		1,151
Automotive Total				1,151
Transportation Total				1,151
Utilities – 0.1%
Gas Utilities – 0.1%
Star Gas Partners LP		198,500		720,555
Gas Utilities Total				720,555
Utilities Total				720,555
Total Common Stocks (cost of $5,541,352)				1,462,293

Warrants – 0.0%
	Units		Value ($)
Communications – 0.0%
Media – 0.0%
Multimedia – 0.0%
Haights Cross Communications Expires 12/10/11 (i)(j)(l)		1,366		—
				—
Media Total				—
Telecommunication Services – 0.0%
Colo.Com, Inc. Expires 03/15/10 (b)(i)(j)(l)		1,145		—
Telecommunication Services Total				—
Communications Total				—
Consumer Non-Cyclical – 0.0%
Commercial Services – 0.0%
World Color Press, Inc. Expires 07/20/14 (l)		14,084		35,914
Commercial Services Total				35,914
Consumer Non-Cyclical Total				35,914
Total Warrants (cost of $319,148)				35,914
	Par ($)
Short-Term Obligation – 7.9%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09, at 0.010%, collateralized by a U.S. Government Agency obligation maturing 08/25/11, market value $64,431,544 (repurchase proceeds $63,168,018)		63,168,000		63,168,000
Total Short-Term Obligation (cost of $63,168,000)				63,168,000
Total Investments – 98.0% (cost of $800,981,515) (m)				780,790,077
Other Assets & Liabilities, Net – 2.0%				16,152,079
Net Assets – 100.0%				796,942,156

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

Notes to Investment Portfolio:

(a) Principal amount is stated in United States dollars unless otherwise noted.

Security	Acquisition Date	Par/ Shares		Cost		Value
Colo.Com, Inc. 13.875% 03/15/10	01/12/04	$	944,357	$	171,420	$	—
Quadramed Corp., 5.50% Convertible Preferred Stock	06/21/05		246,600	$	5,957,100	$	3,523,914
Sovereign Real Estate Investment Corp., 12.00% Preferred Stock	08/21/00- 10/17/06		4,052	$	4,663,993	$	4,057,065
Trinity Acquisition Ltd., 12.875% 12/31/16	03/06/09	$	1,840,000	$	1,840,000	$	2,505,000
						$	10,085,979

(d) Parenthetical date represents the next reset date for the security.

(e) The issuer is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of these securities amounted to $3,860,173, which represents 0.5% of net assets.

(f) 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, 2009, the value of these securities amounted to $6,491,366, which represents 0.8% of net assets.

(g) The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain covenants. Income is being accrued. At September 30, 2009, the value of this security amounted to $5,321,525, which represents 0.7% of net assets.

(h) Loan participation agreement.

(i) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $3,222,095, which represents 0.4% of net assets.

(j) Security has no value.

(k) Position reflects anticipated residual bankruptcy claims. Income is not being accrued.

(l) Non-income producing security.

(m) Cost for federal income tax purposes is $800,981,515.

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund's assets:

Description	Quoted (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—	$	52,579,142	$	—	$	52,579,142
Communications		—		117,244,333		204,762		117,449,095
Consumer Cyclical		—		96,615,892		120,548		96,736,440
Consumer Non-Cyclical		—		103,915,207		—		103,915,207
Diversified		—		14,083,287		—		14,083,287
Energy		—		109,895,428		—		109,895,428
Financials		—		84,567,239		—		84,567,239
Industrials		—		59,738,032		401,158		60,139,190
Technology		—		14,992,440		—		14,992,440
Utilities		—		52,078,061		—		52,078,061
Total Corporate Fixed-Income Bonds & Notes		—		705,709,061		726,468		706,435,529
Preferred Stocks
Financials		—		4,057,065		—		4,057,065
Transportation		—		—		14		14
Total Preferred Stocks		—		4,057,065		14		4,057,079
Total Convertible Preferred Stock		—		3,523,914		—		3,523,914
Convertible Bonds
Communications		—		—		390		390
Consumer Cyclical		—		13,536		—		13,536
Consumer Discretionary		—		2,093,422		—		2,093,422
Total Convertible Bonds		—		2,106,958		390		2,107,348
Common Stocks
Communications		—		—		142		142
Consumer Cyclical		10,170		—		—		10,170
Consumer Non-Cyclical		119,280		—		—		119,280
Financials		—		—		14,109		14,109
Information Technology		2,775		—		—		2,775
Technology		594,111		—		—		594,111
Transportation		—		—		1,151		1,151
Utilities		720,555		—		—		720,555
Total Common Stocks		1,446,891		—		15,402		1,462,293
Total Warrants		35,914		—		—		35,914
Total Short-Term Obligation		—		63,168,000		—		63,168,000
Total Investments	$	1,482,805	$	778,564,998	$	742,274	$	780,790,077

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2009		Accrued Discounts/ Premiums			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2009
Common Stocks	$	15,402	$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	15,402
Convertible Bonds		390		—			—			—			—		—			—		—		390
Corporate Fixed-Income Bonds & Notes		1,440,161		(47,062	)		(36,543	)		(130,271	)		159,383		(659,200	)		—		—		726,468
Preferred Stock		14		—			—			—			—		—			—		—		14
	$	1,455,967	$	(47,062	)	$	(36,543	)	$	(130,271	)	$	159,383	$	(659,200	)	$	—	$	—	$	742,274

The change in unrealized depreciation attributed to securities owned at September 30, 2009, which were valued using significant unobservable inputs (Level 3) amounted to $165,497. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

See Accompanying Notes to Financial Statements.

Columbia High Income Fund

September 30, 2009 (Unaudited)

At September 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		88.7
Preferred Stocks		0.5
Convertible Preferred Stock		0.4
Convertible Bonds		0.3
Common Stocks		0.2
Warrants		0.0	*
		90.1
Short-Term Obligation		7.9
Other Assets & Liabilities, Net		2.0
		100.0

* Represents less than 0.1%

Acronym				Name
CAD				Canadian Dollar

PIK				Payment-In-Kind

See Accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities – Corporate Bond Funds
September 30, 2009 (Unaudited)

	($)		($)		($)
	Columbia Total Return Bond Fund		Columbia Short Term Bond Fund		Columbia High Income Fund
Assets
Unaffiliated investments, at identified cost		1,285,400,789		2,045,589,364		800,981,515
Affiliated investments, at identified cost		10,353,695		1,998,037		—
Total investments, at identified cost		1,295,754,484		2,047,587,401		800,981,515
Unaffiliated investments, at value		1,299,974,880		2,058,432,744		780,790,077
Affiliated investments, at value		10,863,061		2,116,198		—
Total investments, at value		1,310,837,941		2,060,548,942		780,790,077
Cash		1,161		942,526		282,595
Cash collateral for open credit default swap contracts		2,310,000		—		—
Foreign currency (cost of $42,721, $— and $—, respectively)		42,803		—		—
Unrealized appreciation on forward foreign currency exchange contracts		120		—		—
Open credit default swap contracts		14,014		—		—
Credit default swap contracts premiums paid		975,413		—		—
Receivable for:
Investments sold		47,274,284		—		1,739,561
Fund shares sold		842,592		9,111,170		461,032
Interest		12,064,842		12,657,582		16,508,751
Futures variation margin		204,140		—		—
Foreign tax reclaims		24,073		1,654		—
Expense reimbursement due from investment advisor		—		138,736		—
Trustees' deferred compensation plan		6,745		13,264		—
Other assets		12,942		7,242		1,801
Total Assets		1,374,611,070		2,083,421,116		799,783,817
Liabilities
Open credit default swap contracts		1,750,077		—		—
Credit default swap contracts premiums received		758,110		—		—
Unrealized depreciation on forward foreign currency exchange contracts		122		—		—
Payable for:
Investments purchased		36,499,625		1,950,505		1,496,000
Investments purchased on a delayed delivery basis		450,014		29,000,822		—
Fund shares repurchased		2,291,947		1,939,276		673,402
Futures variation margin		—		107,707		—
Distributions		3,644,682		3,993,712		—
Investment advisory fee		392,434		479,905		341,425
Administration fee		151,097		215,724		133,895
Pricing and bookkeeping fees		20,582		17,292		14,100
Transfer agent fee		47,844		138,822		28,773
Trustees' fees		57,196		79,698		39,522
Custody fee		18,561		5,588		2,448
Distribution and service fees		11,720		77,992		74,972
Chief compliance officer expenses		261		225		234
Trustees' deferred compensation plan		6,745		13,264		—
Other liabilities		41,022		39,914		36,890
Total Liabilities		46,142,039		38,060,446		2,841,661
Net Assets		1,328,469,031		2,045,360,670		796,942,156

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (continued) – Corporate Bond Funds
September 30, 2009 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Net Assets Consist of
Paid-in capital		1,395,479,166			2,070,281,318			902,824,218
Undistributed (Overdistributed) net investment income		(4,445,728	)		(332,538	)		235,038
Accumulated net realized loss		(74,065,752	)		(37,357,480	)		(85,930,419	)
Net unrealized appreciation (depreciation) on:
Investments		15,083,457			12,961,541			(20,191,438	)
Foreign currency translations and forward foreign currency exchange contracts		4,010			—			4,757
Futures contracts		(1,834,653	)		(192,171	)		—
Credit default swap contracts		(1,751,469	)		—			—
Net Assets		1,328,469,031			2,045,360,670			796,942,156
Class A
Net assets	$	20,061,921		$	197,721,225		$	104,525,315
Shares outstanding		2,078,263			20,029,284			13,986,401
Net asset value per share (a)	$	9.65		$	9.87		$	7.47
Maximum sales charge		3.25	%		1.00	%		4.75	%
Maximum offering price per share (b)	$	9.97		$	9.97		$	7.84
Class B
Net assets	$	4,659,924		$	10,470,686		$	39,281,583
Shares outstanding		482,569			1,061,256			5,271,332
Net asset value per share (a)	$	9.66		$	9.87		$	7.45
Class C
Net assets	$	3,994,489		$	72,091,276		$	24,029,885
Shares outstanding		413,779			7,310,894			3,241,429
Net asset value per share (a)	$	9.65		$	9.86		$	7.41
Class Y (c)
Net assets	$	—		$	29,263,689		$	—
Shares outstanding		—			2,970,578			—
Net asset value per share	$	—		$	9.85		$	—
Class Z
Net assets	$	1,299,752,697		$	1,735,813,794		$	629,105,373
Shares outstanding		134,517,656			176,160,450			83,348,615
Net asset value per share	$	9.66		$	9.85		$	7.55

(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 – Corporate Bond Funds
For the Six Months Ended September 30, 2009 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Investment Income
Dividends		—			—			201,107
Interest		34,356,234			36,258,970			32,317,436
Interest from affiliates		329,265			61,500			—
Securities lending		2,276			23,582			—
Foreign taxes withheld		—			(2,067	)		—
Total Investment Income		34,687,775			36,341,985			32,518,543
Expenses
Investment advisory fee		2,322,552			2,426,536			1,944,302
Administration fee		889,437			1,062,383			757,361
Distribution fee:
Class B		18,191			39,392			147,842
Class C		14,001			189,909			79,572
Service fee:
Class B		6,064			13,131			49,280
Class C		4,667			63,303			26,524
Distribution and service fees:
Class A		23,790			193,296			112,773
Pricing and bookkeeping fees		94,400			84,991			81,889
Transfer agent fee—Class A, Class B, Class C and Class Z		321,873			335,136			343,623
Trustees' fees		15,741			18,483			12,903
Custody fee		30,956			21,757			10,898
Chief compliance officer expenses		490			500			415
Other expenses		138,021			249,498			138,140
Total Expenses		3,880,183			4,698,315			3,705,522
Fees waived or expenses reimbursed by investment advisor and/or administrator		—			(318,105	)		—
Fees waived by distributor—Class C		—			(111,413	)		—
Expense reductions		(4	)		(35	)		(7	)
Net Expenses		3,880,179			4,268,762			3,705,515
Net Investment Income		30,807,596			32,073,223			28,813,028

See Accompanying Notes to Financial Statements.

Statements of Operations (continued) – Corporate Bond Funds
For the Six Months Ended September 30, 2009 (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, Futures Contracts and Credit Default Swap Contracts
Net realized gain (loss) on:
Investments		10,774,792			2,718,964			(42,120,692	)
Net realized loss on violation of investment restriction (See Note 12)		(38,162	)		—			—
Foreign currency transactions		(1,634,317	)		—			(15,004	)
Futures contracts		2,886,640			(865,926	)		—
Credit default swap contracts		(1,686,778	)		—			—
Reimbursement of realized loss on violation of investment restriction (See Note 12)		38,162			—			—
Net realized gain (loss)		10,340,337			1,853,038			(42,135,696	)
Net change in unrealized appreciation (depreciation) on:
Investments		118,944,934			63,159,569			206,849,811
Foreign currency translations		867,648			—			6,737
Futures contracts		(223,477	)		(924,653	)		—
Credit default swap contracts		(1,609,909	)		—			—
Net change in unrealized appreciation (depreciation)		117,979,196			62,234,916			206,856,548
Net Gain		128,319,533			64,087,954			164,720,852
Net Increase Resulting from Operations		159,127,129			96,161,177			193,533,880

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Corporate Bond Funds

Increase (Decrease)	Columbia Total Return						Columbia Short Term						Columbia High Income
in Net Assets	Bond Fund						Bond Fund						Fund
	(Unaudited) Six Months Ended September 30, 2009 ($)			March 31, 2009 ($)			(Unaudited) Six Months Ended September 30, 2009 ($)(a)			March 31, 2009 ($)			(Unaudited) Six Months Ended September 30, 2009 ($)			March 31, 2009 ($)
Operations
Net investment income		30,807,596			75,004,210			32,073,223			56,080,937			28,813,028			57,392,683
Net realized gain (loss) on investments, foreign currency transactions, futures contracts and credit default swap contracts		10,340,337			(47,179,052	)		1,853,038			1,890,508			(42,135,696	)		(42,593,087	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and credit default swap contracts		117,979,196			(93,662,940	)		62,234,916			(56,307,325	)		206,856,548			(159,043,742	)
Net increase (decrease) resulting from operations		159,127,129			(65,837,782	)		96,161,177			1,664,120			193,533,880			(144,244,146	)
Distributions to Shareholders
From net investment income:
Class A		(409,277	)		(992,675	)		(2,836,466	)		(3,827,846	)		(3,808,690	)		(6,762,477	)
Class B		(85,891	)		(249,664	)		(155,954	)		(440,891	)		(1,503,942	)		(3,648,567	)
Class C		(66,309	)		(133,621	)		(843,819	)		(985,739	)		(817,974	)		(1,577,538	)
Class Y		—			—			(229,351	)		—			—			—
Class Z		(28,454,257	)		(78,657,832	)		(27,344,579	)		(50,075,377	)		(24,276,066	)		(44,798,872	)
From net realized gains:
Class A		—			—			—			—			—			(744,301	)
Class B		—			—			—			—			—			(469,197	)
Class C		—			—			—			—			—			(195,286	)
Class Z		—			—			—			—			—			(4,685,440	)
Total distributions to shareholders		(29,015,734	)		(80,033,792	)		(31,410,169	)		(55,329,853	)		(30,406,672	)		(62,881,678	)
Net Capital Stock Transactions		(26,580,584	)		(345,366,302	)		678,665,108			154,132,956			22,028,350			82,772,300
Increase from regulatory settlements		37,740			3,547			40,837			6,972			177,264			—
Total increase (decrease) in net assets		103,568,551			(491,234,329	)		743,456,953			100,474,195			185,332,822			(124,353,524	)
Net Assets
Beginning of period		1,224,900,480			1,716,134,809			1,301,903,717			1,201,429,522			611,609,334			735,962,858
End of period		1,328,469,031			1,224,900,480			2,045,360,670			1,301,903,717			796,942,156			611,609,334
Undistributed (overdistributed) net investment income at end of period		(4,445,728	)		(6,237,590	)		(332,538	)		(995,592	)		235,038			1,828,682

(a) Class Y shares commenced operations on July 15, 2009.

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
	(Unaudited) Six Months Ended September 30, 2009						Year Ended March 31, 2009						(Unaudited) Six Months Ended September 30, 2009 (a)						Year Ended March 31, 2009
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		168,531			1,559,382			404,055			3,578,667			9,882,047			96,102,008			9,010,357			86,048,590
Distributions reinvested		33,131			308,136			85,082			755,655			243,687			2,374,062			335,479			3,209,803
Redemptions		(213,945	)		(1,961,813	)		(827,483	)		(7,475,067	)		(2,969,577	)		(28,853,118	)		(4,175,154	)		(39,743,789	)
Net increase (decrease)		(12,283	)		(94,295	)		(338,346	)		(3,140,745	)		7,156,157			69,622,952			5,170,682			49,514,604
Class B
Subscriptions		45,492			417,353			119,710			1,059,089			137,910			1,343,976			127,014			1,216,785
Distributions reinvested		7,190			66,864			21,946			195,171			13,714			133,333			38,957			373,741
Redemptions		(127,668	)		(1,180,377	)		(355,397	)		(3,184,498	)		(199,837	)		(1,942,541	)		(476,096	)		(4,560,754	)
Net decrease		(74,986	)		(696,160	)		(213,741	)		(1,930,238	)		(48,213	)		(465,232	)		(310,125	)		(2,970,228	)
Class C
Subscriptions		51,181			475,249			162,011			1,423,328			4,331,950			42,096,340			3,151,689			30,058,483
Distributions reinvested		4,148			38,574			8,067			71,352			57,119			556,296			63,710			608,097
Redemptions		(46,462	)		(428,679	)		(93,363	)		(824,923	)		(875,693	)		(8,491,262	)		(1,304,482	)		(12,405,109	)
Net increase (decrease)		8,867			85,144			76,715			669,757			3,513,376			34,161,374			1,910,917			18,261,471
Class Y
Subscriptions		—			—			—			—			3,600,022			35,028,185			—			—
Distributions reinvested		—			—			—			—			3,736			36,724			—			—
Redemptions		—			—			—			—			(633,180	)		(6,205,000	)		—			—
Net increase		—			—			—			—			2,970,578			28,859,909			—			—
Class Z
Subscriptions		9,659,731			88,896,799			20,480,028			185,365,087			81,896,586			794,345,476			44,428,970			425,054,819
Distributions reinvested		842,289			7,844,184			2,360,282			20,993,268			812,126			7,893,637			1,792,719			17,158,946
Redemptions		(13,339,716	)		(122,616,256	)		(62,341,691	)		(547,323,431	)		(26,461,797	)		(255,753,008	)		(36,950,138	)		(352,886,656	)
Net increase (decrease)		(2,837,696	)		(25,875,273	)		(39,501,381	)		(340,965,076	)		56,246,915			546,486,105			9,271,551			89,327,109

(a) Class Y shares commenced operations on July 15, 2009.

See Accompanying Notes to Financial Statements.

	Columbia High Income Fund
	(Unaudited) Six Months Ended September 30, 2009						Year Ended March 31, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		3,439,239			23,395,701			5,988,663			42,803,769
Distributions reinvested		427,316			2,932,487			831,113			5,732,753
Redemptions		(1,846,817	)		(12,757,916	)		(7,180,568	)		(52,486,092	)
Net increase (decrease)		2,019,738			13,570,272			(360,792	)		(3,949,570	)
Class B
Subscriptions		148,829			996,212			265,822			1,758,334
Distributions reinvested		136,203			927,139			367,188			2,538,733
Redemptions		(1,224,823	)		(8,373,556	)		(2,512,623	)		(17,454,327	)
Net decrease		(939,791	)		(6,450,205	)		(1,879,613	)		(13,157,260	)
Class C
Subscriptions		393,148			2,721,064			931,515			5,907,948
Distributions reinvested		75,353			511,701			160,500			1,096,492
Redemptions		(289,993	)		(1,969,239	)		(1,413,827	)		(9,816,481	)
Net increase (decrease)		178,508			1,263,526			(321,812	)		(2,812,041	)
Class Y
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Redemptions		—			—			—			—
Net increase		—			—			—			—
Class Z
Subscriptions		18,851,175			130,558,393			42,874,424			297,133,259
Distributions reinvested		1,135,160			7,818,092			2,250,474			15,464,375
Redemptions		(17,983,416	)		(124,731,728	)		(31,102,146	)		(209,906,463	)
Net increase (decrease)		2,002,919			13,644,757			14,022,752			102,691,171

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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	8.72		$	9.51		$	9.74		$	9.56		$	9.80		$	10.17
Income from Investment Operations:
Net investment income (b)		0.21			0.43			0.45			0.44			0.35			0.31
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.92			(0.76	)		(0.23	)		0.18			(0.17	)		(0.19	)
Total from investment operations		1.13			(0.33	)		0.22			0.62			0.18			0.12
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.46	)		(0.45	)		(0.44	)		(0.39	)		(0.34	)
From net realized gains		—			—			—			—			(0.03	)		(0.15	)
Total distributions to shareholders		(0.20	)		(0.46	)		(0.45	)		(0.44	)		(0.42	)		(0.49	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.65		$	8.72		$	9.51		$	9.74		$	9.56		$	9.80
Total return (d)		13.04	%(e)(f)		(3.45	)%		2.34	%		6.65	%		1.84	%(g)		1.21	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.85	%(i)		0.85	%		0.85	%		0.79	%		0.79	%		0.83	%
Interest expense		—			—	%(j)		—			—			—			—
Net expenses (h)		0.85	%(i)		0.85	%		0.85	%		0.79	%		0.79	%		0.83	%
Waiver/Reimbursement		—			—			—			—			0.06	%(k)		0.08	%(k)
Net investment income (h)		4.58	%(i)		4.79	%		4.74	%		4.60	%		3.91	%		3.08	%
Portfolio turnover rate		83	%(e)		223	%		253	%		320	%		199	%		402	%
Net assets, end of period (000s)	$	20,062		$	18,221		$	23,087		$	24,704		$	35,849		$	30,409

(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) Not annualized.

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

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

(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 —% and 0.06% for the periods ended March 31, 2006 and March 31, 2005, respectively.

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 B Shares	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	8.72		$	9.51		$	9.74		$	9.57		$	9.81		$	10.17
Income from Investment Operations:
Net investment income (b)		0.18			0.36			0.38			0.37			0.28			0.23
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.92			(0.76	)		(0.23	)		0.17			(0.17	)		(0.18	)
Total from investment operations		1.10			(0.40	)		0.15			0.54			0.11			0.05
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.39	)		(0.38	)		(0.37	)		(0.32	)		(0.26	)
From net realized gains		—			—			—			—			(0.03	)		(0.15	)
Total distributions to shareholders		(0.16	)		(0.39	)		(0.38	)		(0.37	)		(0.35	)		(0.41	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.66		$	8.72		$	9.51		$	9.74		$	9.57		$	9.81
Total return (d)		12.74	%(e)(f)		(4.16	)%		1.58	%		5.75	%		1.09	%(g)		0.55	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.60	%(i)		1.60	%		1.60	%		1.54	%		1.54	%		1.58	%
Interest expense		—			—	%(j)		—			—			—			—
Net expenses (h)		1.60	%(i)		1.60	%		1.60	%		1.54	%		1.54	%		1.58	%
Waiver/Reimbursement		—			—			—			—			0.06	%(k)		0.08	%(k)
Net investment income (h)		3.82	%(i)		4.04	%		3.99	%		3.85	%		3.14	%		2.32	%
Portfolio turnover rate		83	%(e)		223	%		253	%		320	%		199	%		402	%
Net assets, end of period (000s)	$	4,660		$	4,861		$	7,334		$	8,735		$	10,108		$	9,707

(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) Not annualized.

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

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	8.72		$	9.51		$	9.74		$	9.56		$	9.80		$	10.17
Income from Investment Operations:
Net investment income (b)		0.18			0.36			0.38			0.37			0.28			0.23
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.91			(0.76	)		(0.23	)		0.18			(0.17	)		(0.19	)
Total from investment operations		1.09			(0.40	)		0.15			0.55			0.11			0.04
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.39	)		(0.38	)		(0.37	)		(0.32	)		(0.26	)
From net realized gains		—			—			—			—			(0.03	)		(0.15	)
Total distributions to shareholders		(0.16	)		(0.39	)		(0.38	)		(0.37	)		(0.35	)		(0.41	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.65		$	8.72		$	9.51		$	9.74		$	9.56		$	9.80
Total return (d)		12.62	%(e)(f)		(4.17	)%		1.57	%		5.86	%		1.08	%(g)		0.45	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.60	%(i)		1.60	%		1.60	%		1.54	%		1.54	%		1.58	%
Interest expense		—			—	%(j)		—			—			—			—
Net expenses (h)		1.60	%(i)		1.60	%		1.60	%		1.54	%		1.54	%		1.58	%
Waiver/Reimbursement		—			—			—			—			0.06	%(k)		0.08	%(k)
Net investment income (h)		3.83	%(i)		4.04	%		3.97	%		3.84	%		3.20	%		2.32	%
Portfolio turnover rate		83	%(e)		223	%		253	%		320	%		199	%		402	%
Net assets, end of period (000s)	$	3,994		$	3,529		$	3,120		$	2,275		$	2,956		$	1,470

(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) Not annualized.

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

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	8.72		$	9.51		$	9.75		$	9.57		$	9.81		$	10.17
Income from Investment Operations:
Net investment income (b)		0.22			0.45			0.48			0.47			0.37			0.33
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.93			(0.76	)		(0.24	)		0.18			(0.16	)		(0.18	)
Total from investment operations		1.15			(0.31	)		0.24			0.65			0.21			0.15
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.48	)		(0.48	)		(0.47	)		(0.42	)		(0.36	)
From net realized gains		—			—			—			—			(0.03	)		(0.15	)
Total distributions to shareholders		(0.21	)		(0.48	)		(0.48	)		(0.47	)		(0.45	)		(0.51	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.66		$	8.72		$	9.51		$	9.75		$	9.57		$	9.81
Total return (d)		13.30	%(e)(f)		(3.20	)%		2.49	%		6.91	%		2.10	%(g)		1.56	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.60	%(i)		0.60	%		0.60	%		0.54	%		0.54	%		0.58	%
Interest expense		—			—	%(j)		—			—			—			—
Net expenses (h)		0.60	%(i)		0.60	%		0.60	%		0.54	%		0.54	%		0.58	%
Waiver/Reimbursement		—			—			—			—			0.06	%(k)		0.08	%(k)
Net investment income (h)		4.82	%(i)		5.03	%		4.98	%		4.85	%		4.13	%		3.30	%
Portfolio turnover rate		83	%(e)		223	%		253	%		320	%		199	%		402	%
Net assets, end of period (000s)	$	1,299,753		$	1,198,289		$	1,682,595		$	1,865,289		$	1,997,046		$	1,861,448

(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) Not annualized.

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

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Short Term 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	9.47		$	9.89		$	9.84		$	9.75		$	9.82		$	10.07
Income from Investment Operations:
Net investment income (b)		0.18			0.42			0.44			0.40			0.31			0.21
Net realized and unrealized gain (loss) on investments and futures contracts		0.40			(0.42	)		0.05			0.09			(0.07	)		(0.23	)
Total from investment operations		0.58			—			0.49			0.49			0.24			(0.02	)
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.42	)		(0.44	)		(0.40	)		(0.31	)		(0.21	)
From net realized gains		—			—			—			—			—			(0.02	)
Total distributions to shareholders		(0.18	)		(0.42	)		(0.44	)		(0.40	)		(0.31	)		(0.23	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.87		$	9.47		$	9.89		$	9.84		$	9.75		$	9.82
Total return (d)(e)		6.17	%(f)		0.03	%		5.13	%		5.12	%		2.47	%		(0.19	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.73	%(h)		0.73	%		0.73	%		0.73	%		0.72	%		0.73	%
Waiver/Reimbursement		0.04	%(h)		0.04	%		0.02	%		0.02	%		0.08	%(i)		0.10	%(i)
Net investment income (g)		3.74	%(h)		4.43	%		4.43	%		4.05	%		3.27	%		2.10	%
Portfolio turnover rate		34	%(f)		58	%		58	%		72	%		80	%		128	%
Net assets, end of period (000s)	$	197,721		$	121,914		$	76,196		$	85,635		$	83,675		$	38,130

(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 fees 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) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.02% and 0.08% for the periods ended March 31, 2006 and March 31, 2005, respectively.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Short Term 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	9.47		$	9.89		$	9.84		$	9.74		$	9.81		$	10.07
Income from Investment Operations:
Net investment income (b)		0.15			0.35			0.36			0.32			0.25			0.14
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			(0.42	)		0.06			0.11			(0.08	)		(0.24	)
Total from investment operations		0.54			(0.07	)		0.42			0.43			0.17			(0.10	)
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.35	)		(0.37	)		(0.33	)		(0.24	)		(0.14	)
From net realized gains		—			—			—			—			—			(0.02	)
Total distributions to shareholders		(0.14	)		(0.35	)		(0.37	)		(0.33	)		(0.24	)		(0.16	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.87		$	9.47		$	9.89		$	9.84		$	9.74		$	9.81
Total return (d)(e)		5.77	%(f)		(0.72	)%		4.35	%		4.45	%		1.71	%		(1.03	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		1.48	%(h)		1.48	%		1.48	%		1.48	%		1.47	%		1.48	%
Waiver/Reimbursement		0.04	%(h)		0.04	%		0.02	%		0.02	%		0.08	%(i)		0.10	%(i)
Net investment income (g)		3.05	%(h)		3.69	%		3.69	%		3.30	%		2.69	%		1.37	%
Portfolio turnover rate		34	%(f)		58	%		58	%		72	%		80	%		128	%
Net assets, end of period (000s)	$	10,471		$	10,502		$	14,035		$	20,303		$	28,061		$	1,477

(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 fees 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.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Short Term 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	9.46		$	9.88		$	9.83		$	9.74		$	9.81		$	10.07
Income from Investment Operations:
Net investment income (b)		0.17			0.39			0.41			0.37			0.26			0.13
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			(0.42	)		0.05			0.09			(0.07	)		(0.23	)
Total from investment operations		0.56			(0.03	)		0.46			0.46			0.19			(0.10	)
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.39	)		(0.41	)		(0.37	)		(0.26	)		(0.14	)
From net realized gains		—			—			—			—			—			(0.02	)
Total distributions to shareholders		(0.16	)		(0.39	)		(0.41	)		(0.37	)		(0.26	)		(0.16	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.86		$	9.46		$	9.88		$	9.83		$	9.74		$	9.81
Total return (d)(e)		6.01	%(f)		(0.29	)%		4.80	%		4.80	%		1.94	%		(1.03	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		1.04	%(h)		1.04	%		1.04	%		1.04	%		1.20	%		1.48	%
Waiver/Reimbursement		0.48	%(h)		0.48	%		0.46	%		0.46	%		0.35	%(i)		0.10	%(i)
Net investment income (g)		3.39	%(h)		4.12	%		4.12	%		3.75	%		2.69	%		1.36	%
Portfolio turnover rate		34	%(f)		58	%		58	%		72	%		80	%		128	%
Net assets, end of period (000s)	$	72,091		$	35,926		$	18,644		$	17,598		$	22,091		$	17,980

(a) On August 22, 2005, the Funds'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 fees 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.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Short Term Bond Fund

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

Class Y Shares	(Unaudited) Period Ended September 30, 2009 (a)
Net Asset Value, Beginning of Period	$	9.70
Income from Investment Operations:
Net investment income (b)		0.08
Net realized and unrealized gain on investments and futures contracts		0.15
Total from investment operations		0.23
Less Distributions to Shareholders:
From net investment income		(0.08	)
Increase from regulatory settlements		—
Net Asset Value, End of Period	$	9.85
Total return (c)(d)(e)		2.34	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.48	%
Waiver/Reimbursement (g)(h)		—	%
Net investment income (f)(g)		3.87	%
Portfolio turnover rate (e)		34	%
Net assets, end of period (000s)	$	29,264

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

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

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

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

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Short Term 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	2009			2009			2008			2007			2006 (a)			2005
Net Asset Value, Beginning of Period	$	9.45		$	9.87		$	9.82		$	9.73		$	9.80		$	10.06
Income from Investment Operations:
Net investment income (b)		0.19			0.45			0.46			0.42			0.33			0.24
Net realized and unrealized gain (loss) on investments and futures contracts		0.40			(0.43	)		0.06			0.09			(0.07	)		(0.25	)
Total from investment operations		0.59			0.02			0.52			0.51			0.26			(0.01	)
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.44	)		(0.47	)		(0.42	)		(0.33	)		(0.23	)
From net realized gains		—			—			—			—			—			(0.02	)
Total distributions to shareholders		(0.19	)		(0.44	)		(0.47	)		(0.42	)		(0.33	)		(0.25	)
Increase from regulatory settlements		—	(c)		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.85		$	9.45		$	9.87		$	9.82		$	9.73		$	9.80
Total return (d)(e)		6.31	%(f)		0.27	%		5.39	%		5.39	%		2.73	%		(0.04	)%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.48	%(h)		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Waiver/Reimbursement		0.04	%(h)		0.04	%		0.02	%		0.02	%		0.08	%(i)		0.10	%(i)
Net investment income (g)		4.00	%(h)		4.68	%		4.67	%		4.29	%		3.40	%		2.37	%
Portfolio turnover rate		34	%(f)		58	%		58	%		72	%		80	%		128	%
Net assets, end of period (000s)	$	1,735,814		$	1,133,563		$	1,092,555		$	857,655		$	1,130,604		$	926,514

(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.

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

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

(f) Not annualized.

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

(h) Annualized.

See Accompanying Notes to Financial Statements.

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)	2009			2009			2008 (b)			2007			2006 (c)			2005
Net Asset Value, Beginning of Period	$	5.92		$	8.03		$	9.11		$	8.91		$	9.31		$	9.79
Income from Investment Operations:
Net investment income (d)		0.27			0.57			0.64			0.62			0.63			0.66
Net realized and unrealized gain (loss) on investments and foreign currency		1.57			(2.05	)		(1.00	)		0.32			(0.10	)		0.03
Total from investment operations		1.84			(1.48	)		(0.36	)		0.94			0.53			0.69
Less Distributions to Shareholders:
From net investment income		(0.29	)		(0.57	)		(0.65	)		(0.62	)		(0.66	)		(0.65	)
From net realized gains		—			(0.06	)		(0.07	)		(0.12	)		(0.27	)		(0.52	)
Total distributions to shareholders		(0.29	)		(0.63	)		(0.72	)		(0.74	)		(0.93	)		(1.17	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	7.47		$	5.92		$	8.03		$	9.11		$	8.91		$	9.31
Total return (f)		31.59	%(g)		(19.17	)%(h)		(4.22	)%(i)		11.10	%		6.03	%		7.64	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.16	%(k)		1.18	%		1.16	%		1.13	%		1.08	%		1.09	%
Interest expense		—			—			—	%(l)		—			—			—
Net expenses (j)		1.16	%(k)		1.18	%		1.16	%		1.13	%		1.08	%		1.09	%
Waiver/Reimbursement		—			—	%(l)		—			—			—			—
Net investment income (j)		7.84	%(k)		8.06	%		7.28	%		6.88	%		6.90	%		6.90	%
Portfolio turnover rate		18	%(g)		25	%		2	%(g)(m)		—			—			—
Turnover of Columbia High Income Master Portfolio		—			—			32	%(g)		44	%		34	%		33	%
Net assets, end of period (000s)	$	104,525		$	70,836		$	98,973		$	123,071		$	109,029		$	134,980

(a) Through February 27, 2008, 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) Effective February 28, 2008, the Fund converted to a stand-alone fund. Prior to February 28, 2008, the Fund operated in a master-feeder structure.

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

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

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

(g) Not annualized.

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

(i) Includes a reimbursement by the investment sub-advisor for a realized investment loss on disposal of an investment not meeting the Fund's investment restrictions. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

(m) Amount represents results after the Fund's conversion to a stand-alone structure on February 28, 2008.

See Accompanying Notes to Financial Statements.

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)	2009			2009			2008 (b)			2007			2006 (c)			2005
Net Asset Value, Beginning of Period	$	5.90		$	8.01		$	9.09		$	8.89		$	9.29		$	9.77
Income from Investment Operations:
Net investment income (d)		0.24			0.52			0.57			0.55			0.56			0.58
Net realized and unrealized gain (loss) on investments and foreign currency		1.57			(2.05	)		(1.00	)		0.32			(0.10	)		0.04
Total from investment operations		1.81			(1.53	)		(0.43	)		0.87			0.46			0.62
Less Distributions to Shareholders:
From net investment income		(0.26	)		(0.52	)		(0.58	)		(0.55	)		(0.59	)		(0.58	)
From net realized gains		—			(0.06	)		(0.07	)		(0.12	)		(0.27	)		(0.52	)
Total distributions to shareholders		(0.26	)		(0.58	)		(0.65	)		(0.67	)		(0.86	)		(1.10	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	7.45		$	5.90		$	8.01		$	9.09		$	8.89		$	9.29
Total return (f)		31.21	%(g)		(19.84	)%(h)		(4.95	)%(i)		10.29	%		5.25	%		6.89	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.91	%(k)		1.93	%		1.91	%		1.88	%		1.83	%		1.84	%
Interest expense		—			—			—	%(l)		—			—			—
Net expenses (j)		1.91	%(k)		1.93	%		1.91	%		1.88	%		1.83	%		1.84	%
Waiver/Reimbursement		—			—	%(l)		—			—			—			—
Net investment income (j)		7.15	%(k)		7.29	%		6.54	%		6.16	%		6.22	%		6.17	%
Portfolio turnover rate		18	%(g)		25	%		2	%(g)(m)		—			—			—
Turnover of Columbia High Income Master Portfolio		—			—			32	%(g)		44	%		34	%		33	%
Net assets, end of period (000s)	$	39,282		$	36,667		$	64,786		$	93,413		$	102,085		$	130,088

(b) Effective February 28, 2008, the Fund converted to a stand-alone fund. Prior to February 28, 2008, the Fund operated in a master-feeder structure.

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

(e) Rounds to 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 fees or reimbursed a portion of expenses, total return would have been reduced.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

(m) Amount represents results after the Fund's conversion to a stand-alone structure on February 28, 2008.

See Accompanying Notes to Financial Statements.

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)	2009			2009			2008 (b)			2007			2006 (c)			2005
Net Asset Value, Beginning of Period	$	5.87		$	7.97		$	9.05		$	8.86		$	9.25		$	9.74
Income from Investment Operations:
Net investment income (d)		0.24			0.52			0.57			0.55			0.56			0.58
Net realized and unrealized gain (loss) on investments and foreign currency		1.56			(2.04	)		(1.00	)		0.31			(0.09	)		0.03
Total from investment operations		1.80			(1.52	)		(0.43	)		0.86			0.47			0.61
Less Distributions to Shareholders:
From net investment income		(0.26	)		(0.52	)		(0.58	)		(0.55	)		(0.59	)		(0.58	)
From net realized gains		—			(0.06	)		(0.07	)		(0.12	)		(0.27	)		(0.52	)
Total distributions to shareholders		(0.26	)		(0.58	)		(0.65	)		(0.67	)		(0.86	)		(1.10	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	7.41		$	5.87		$	7.97		$	9.05		$	8.86		$	9.25
Total return (f)		31.19	%(g)		(19.81	)%(h)		(4.98	)%(i)		10.21	%		5.39	%		6.80	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.91	%(k)		1.93	%		1.91	%		1.88	%		1.83	%		1.84	%
Interest expense		—			—			—	%(l)		—			—			—
Net expenses (j)		1.91	%(k)		1.93	%		1.91	%		1.88	%		1.83	%		1.84	%
Waiver/Reimbursement		—			—	%(l)		—			—			—			—
Net investment income (j)		7.11	%(k)		7.32	%		6.54	%		6.16	%		6.23	%		6.21	%
Portfolio turnover rate		18	%(g)		25	%		2	%(g)(m)		—			—			—
Turnover of Columbia High Income Master Portfolio		—			—			32	%(g)		44	%		34	%		33	%
Net assets, end of period (000s)	$	24,030		$	17,991		$	26,976		$	35,639		$	39,547		$	49,066

(b) Effective February 28, 2008, the Fund converted to a stand-alone fund. Prior to February 28, 2008, the Fund operated in a master-feeder structure.

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

(e) Rounds to 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 fees or reimbursed a portion of expenses, total return would have been reduced.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

(m) Amount represents results after the Fund's conversion to a stand-alone structure on February 28, 2008.

See Accompanying Notes to Financial Statements.

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)	2009			2009			2008 (b)			2007			2006 (c)			2005
Net Asset Value, Beginning of Period	$	5.98		$	8.10		$	9.19		$	8.98		$	9.37		$	9.86
Income from Investment Operations:
Net investment income (d)		0.28			0.60			0.66			0.64			0.66			0.67
Net realized and unrealized gain (loss) on investments and foreign currency		1.59			(2.07	)		(1.01	)		0.33			(0.10	)		0.04
Total from investment operations		1.87			(1.47	)		(0.35	)		0.97			0.56			0.71
Less Distributions to Shareholders:
From net investment income		(0.30	)		(0.59	)		(0.67	)		(0.64	)		(0.68	)		(0.68	)
From net realized gains		—			(0.06	)		(0.07	)		(0.12	)		(0.27	)		(0.52	)
Total distributions to shareholders		(0.30	)		(0.65	)		(0.74	)		(0.76	)		(0.95	)		(1.20	)
Increase from regulatory settlements		—	(e)		—			—			—			—			—
Net Asset Value, End of Period	$	7.55		$	5.98		$	8.10		$	9.19		$	8.98		$	9.37
Total return (f)		31.77	%(g)		(18.92	)%(h)		(4.05	)%(i)		11.41	%		6.37	%		7.76	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		0.91	%(k)		0.93	%		0.91	%		0.88	%		0.83	%		0.84	%
Interest expense		—			—			—	%(l)		—			—			—
Net expenses (j)		0.91	%(k)		0.93	%		0.91	%		0.88	%		0.83	%		0.84	%
Waiver/Reimbursement		—			—	%(l)		—			—			—			—
Net investment income (j)		8.11	%(k)		8.41	%		7.54	%		7.14	%		7.19	%		7.09	%
Portfolio turnover rate		18	%(g)		25	%		2	%(g)(m)		—			—			—
Turnover of Columbia High Income Master Portfolio		—			—			32	%(g)		44	%		34	%		33	%
Net assets, end of period (000s)	$	629,105		$	486,116		$	545,228		$	739,921		$	681,752		$	707,834

(b) Effective February 28, 2008, the Fund converted to a stand-alone fund. Prior to February 28, 2008, the Fund operated in a master-feeder structure.

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

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

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

(g) Not annualized.

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

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

(k) Annualized.

(l) Rounds to less than 0.01%.

(m) Amount represents results after the Fund's conversion to a stand-alone structure on February 28, 2008.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Corporate Bond Funds
September 30, 2009 (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 organized as a Delaware statutory trust. Information presented in these financial statements pertains to the following diversified series of the Trust (each, a "Fund" and collectively, the "Funds"):

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.

Fund Shares

The Trust may issue an unlimited number of shares. Columbia Total Return Bond Fund and Columbia High Income Fund each offer four classes of shares: Class A, Class B, Class C and Class Z shares. Columbia Short Term Bond Fund offers five classes of shares: Class A, Class B, Class C, Class Y and Class Z. Each share class has its own expense structure and sales charges, as applicable. Class Y shares commenced operations effective July 15, 2009. Effective June 22, 2009, the Fund no longer accepts investments from new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund, and exchanges by existing Class B shareholders of other Columbia Funds.

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 one year 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 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 Y and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Y and Class Z shares, as described in each Fund's prospectus.

Note 2. Significant Accounting Policies

Management has evaluated the events and transactions that have occurred through November 20, 2009, the date the financial statements were issued, and except as disclosed in Note 14, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

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

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

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 securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

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

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.

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

Credit default swap contracts are marked to market daily based upon quotations from market makers. Quotations obtained from independent pricing services use information provided by market makers.

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. Occasionally, events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the 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. The 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.

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. 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 fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Security Transactions

Management is required to provide disclosures regarding the Funds' derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

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

Loan Participations and Commitments

The Funds 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 Funds may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Delayed Delivery Securities

Each 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. Each 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

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

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

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Foreign Currency Transactions and Translations

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

For financial statement purposes, the 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 on the Statements of Operations.

Income Recognition

Interest income is recorded on the accrual basis. Premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis. Dividend income is recorded on the ex-date.

Expenses

General expenses of the Trust are allocated to the Funds and other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to such Fund.

Determination of Class Net Asset Value

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.

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 tax-exempt or 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

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

Indemnification

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 a 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.

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2009 was as follows:

	Ordinary Income*		Long-Term Capital Gains
Columbia Total Return Bond Fund	$	80,033,792	$	—
Columbia Short Term Bond Fund		55,329,853		—
Columbia High Income Fund		56,809,056		6,072,622

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Columbia Total Return Bond Fund	$	59,180,314	$	(44,096,948	)	$	15,083,366
Columbia Short Term Bond Fund		44,148,825		(31,187,284	)		12,961,541
Columbia High Income Fund		45,140,332		(65,331,770	)		(20,191,438	)

The following capital loss carryforwards, determined as of March 31, 2009, 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
	2012		2013		2014		2015		2016		2017		Total
Columbia Total Return Bond Fund	$	—	$	325,588	$	72,823	$	1,644,323	$	10,231,964	$	66,036,800	$	78,311,498
Columbia Short Term Bond Fund		3,650,095		9,446,701		11,783,069		12,691,619		642,768		—		38,214,252
Columbia High Income Fund		—		—		—		—		—		16,962,990		16,962,990

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

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Funds. BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction ("Transaction") includes a sale of the part of the asset management business that advises long-term mutual funds, including the Funds. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Columbia receives a monthly investment advisory fee based on each Fund's average daily net assets at the following annual rates:

	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 Total Return Bond Fund		0.40	%		0.35	%		0.32	%		0.29	%		0.28	%		0.27	%
Columbia Short Term Bond Fund		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Columbia High Income Fund		0.55	%		0.52	%		0.49	%		0.46	%		0.46	%		0.46	%

For the six month period ended September 30, 2009, the annualized effective investment advisory fee rates for the Funds, as a percentage of each Fund's average daily net assets, were as follows:

	Annualized Effective Fee Rate
Columbia Total Return Bond Fund		0.36	%
Columbia Short Term Bond Fund		0.30	%
Columbia High Income Fund		0.54	%

Sub-Advisory Fee

MacKay Shields LLC ("MacKay Shields") has been retained by Columbia to serve as the investment sub-advisor to Columbia High Income Fund. As the sub-advisor, and subject to the oversight of Columbia and the Fund's Board of Trustees, MacKay Shields is responsible for the daily investment operations, including placing all orders for the purchase and sale of the portfolio securities for Columbia High Income Fund. Columbia, from the investment advisory fee it receives, pays MacKay Shields a monthly sub-advisory fee based on Columbia High Income Fund'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

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 each Fund's 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:

	Annual Fee Rate
Columbia Total Return Bond Fund		0.15	%
Columbia Short Term Bond Fund		0.14	%
Columbia High Income Fund		0.23	%

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

Prior to July 31, 2009, Columbia 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.

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 (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia 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 an additional monthly fee based on an annualized percentage rate of average daily net assets of each Fund for the month. The aggregate fee per 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. Under the Services Agreement, the Funds reimburse Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Funds' portfolio securities, incurred by Columbia in the performance of services under the Services Agreement.

Transfer Agent Fee

The Funds pay a monthly fee to the Transfer Agent for its services. All share classes with the exception of Class Y shares (the "Other Share Classes"), pay a monthly service fee (the "aggregate fee") based on the following:

(i) An annual rate of $17.34 is applied to the aggregate number of open accounts for the Other Share Classes, and

(ii) An allocated portion of fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due to 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.

The aggregate fee is allocated to the Other Share Classes based on the relative average daily net assets of each share class.

The Class Y shares of Columbia Short Term Bond Fund pay a monthly service fee based on the following:

(i) An annual rate of $17.34 is applied to the aggregate number of open accounts for Class Y shares, and

(ii) An allocated portion of fees for wire, telephone and redemption orders, Individual Retirement Account ("IRA") trustee agent fees and account transcript fees due to 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.

The Transfer Agent is also entitled to receive reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on the combined assets held in the Other Share Classes in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. Such fees are allocated to the Other Share Classes based on the relative average daily net assets of each share class. 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.

Prior to April 30, 2009, the Transfer Agent voluntarily waived 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) did not exceed 0.02% annually for Columbia High Income Fund.

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

reductions on the Statements of Operations. For the six month period ended September 30, 2009, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Funds' shares. For the six month period ended September 30, 2009, 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
Fund	Class A		Class A		Class B		Class C
Columbia Total Return Bond Fund	$	480	$	3	$	2,078	$	24
Columbia Short Term Bond Fund		36,039		5,152		3,244		9,925
Columbia High Income Fund		10,951		—		15,252		4,277

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 the 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	%

* 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.

Fee Waivers and Expense Reimbursements

Effective August 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Funds' expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds' custodian, do not exceed the following annual rates, based on each Fund's average daily net assets:

Fund	Annual rate
Columbia Total Return Bond Fund		0.70	%
Columbia Short Term Bond Fund		0.48	%
Columbia High Income Fund		1.00	%

Columbia, in its discretion, may revise or discontinue these arrangements 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 under this arrangement if such recovery does not cause the Fund's expenses to exceed the expense limitations in effect at the

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

time of recovery. At September 30, 2009, no amounts were potentially recoverable from the Fund.

Prior to August 1, 2009, Columbia contractually agreed to bear a portion of the Funds' expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds' custodian, did not exceed the following annual rates, based on each Fund's average daily net assets:

Fund	Annual rate
Columbia Total Return Bond Fund		0.60	%
Columbia Short Term Bond Fund		0.48	%
Columbia High Income Fund		0.93	%

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, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statements of Assets and Liabilities.

Note 5. 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 part of expense reductions 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 month period ended September 30, 2009, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Total Return Bond Fund	$	4
Columbia Short Term Bond Fund		35
Columbia High Income Fund		7

Note 6. Objectives and Strategies for Investing in Derivatives

Objectives

Columbia Total Return Bond Fund and Columbia Short Term Bond Fund use derivatives instruments including futures contracts, credit default swaps and forward foreign currency exchange contracts in order to meet each Fund's investment objectives. Each Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for use of derivatives do not work as intended, each Fund may not achieve its investment objectives.

In pursuit of the Funds' investment objectives, Columbia Total Return Bond Fund and Columbia Short Term Bond Fund are exposed to the following market risks:

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

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

Credit Risk: Credit risk relates to the ability of the issuer or guarantor of a fixed income security, or counter party to a derivative contract, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. Generally, lower-yield higher-quality bonds are subject to credit risk to a lesser extent than lower-grade higher-yield bonds.

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

Futures Contracts

Columbia Total Return Bond Fund and Columbia Short Term Bond Fund entered into interest rate futures contracts to manage the duration and yield curve exposure of the Funds versus the benchmarks.

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 of the future direction of interest rates by Columbia, the Funds' investment advisor.

Upon entering into a futures contract, a Fund pledges 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.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Columbia Total Return Bond Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Certain Funds may utilize forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities. Certain Funds may also enter into these contracts to reduce the exposure to adverse price movements in certain other foreign currency denominated assets. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the 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 could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

Credit Default Swaps

Columbia Total Return Bond Fund entered into credit default swap transactions as a protection buyer to reduce credit exposure to a given issuer or issuers.

Credit default swaps are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place. The Fund may

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

receive or make an upfront payment as the protection seller or make an upfront payment as the protection buyer or seller. Credit default swaps are marked to market daily based on quotations from market makers and any change is recorded as unrealized appreciation/depreciation on the Statements of Assets and Liabilities. Periodic payments received or made are recorded as a realized gain or loss and premiums received or made are amortized on the Statements of Operations.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Credit default swap agreements involve greater risks than if the Fund had invested in the referenced obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The following table is a summary of the value of the Funds' derivative instruments as of September 30, 2009.

	Fair Value of Derivative Instruments
	Asset Derivatives						Liability Derivatives
	Statement of Assets and Liabilities						Statement of Assets and Liabilities
Funds	Futures Variation Margin*		Credit Default Swaps/ Premiums		Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		Futures Variation Margin		Credit Default Swaps/ Premiums		Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
	Fair Value						Fair Value
Columbia Total Return Bond Fund	$	204,140	$	989,427	$	120	$	—	$	2,508,187	$	122
Columbia Short Term Bond Fund		—		—		—		107,707		—		—

* Includes current day's variation margin.

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

The effect of derivative instruments on the Statements of Operations for the six month period ended September 30, 2009.

		Amount of Realized Gain or (Loss) on Derivatives Recognized in Income									Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Funds	Risk Exposure	Futures Contracts			Credit Default Swaps			Realized Loss on Forward Foreign Currency Exchange Contracts			Futures Contracts			Credit Default Swaps			Unrealized Appreciation on Forward Foreign Currency Exchange Contracts
Columbia Total Return Bond Fund	Interest Rate	$	2,886,640		$	—		$	—		$	(223,477	)	$	—		$	—
	Foreign Exchange Rate		—			—			(1,588,412	)		—			—			835,932
	Credit		—			(1,686,778	)		—			—			(1,609,909	)		—
Columbia Short Term Bond Fund	Interest Rate		(865,926	)		—			—			(924,653	)		—			—

Note 7. Portfolio Information

For the six month period ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Funds were as follows:

	U.S Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Columbia Total Return Bond Fund	$	562,146,279	$	543,347,822	$	482,402,715	$	533,306,310
Columbia Short Term Bond Fund		443,239,175		161,633,802		751,052,288		383,382,837
Columbia High Income Fund		—		—		114,809,266		116,530,728

Note 8. Line of Credit

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

For the six month period ended September 30, 2009, none of the Funds borrowed under these arrangements.

Note 9. Securities Lending

Each Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

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.

Note 10. Shares of Beneficial Interest

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. The percentages of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia Total Return Bond Fund		69.4
Columbia Short Term Bond Fund		63.1
Columbia High Income Fund		56.1

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, over which BOA and/or any of its affiliates did not have investment discretion. The number of accounts and the percentages of shares of beneficial interest outstanding held therein are as follows:

				Number of Shareholders				% of Shares Outstanding Held
Columbia Total Return Bond Fund					1				9.7

Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.

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:

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

Note 11. Regulatory Settlements

During the six months ended September 30, 2009, the following Funds received payments relating to certain regulatory settlements with third parties that the Funds had participated in during the period. The payments have been included in "Increase from regulatory settlements" on the Statements of Changes in Net Assets. The payments were as follows:

Columbia Total Return Bond Fund	$	37,740
Columbia Short Term Bond Fund		40,837
Columbia High Income Fund		177,264

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

Note 12. Other

During the six month period ended September 30, 2009, the Columbia Total Return Bond Fund purchased a security in violation of investment restrictions and experienced a realized loss of $38,162. The Advisor of the Fund reimbursed the Fund for the loss.

Note 13. Significant Risks and Contingencies

Foreign Securities Risk

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 Risk

Legal Proceedings

Civil Litigation

Corporate Bond Funds, September 30, 2009 (Unaudited) (continued)

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.

Note 14. Subsequent Events

On October 15, 2009, the committed line of credit discussed in Note 8 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective January 1, 2010, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

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Important Information About This Report

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 Corporate 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, www.columbiamanagement.com.

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, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the fund, contact your Columbia Management representative or financial advisor or go to www.columbiamanagement.com.

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^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Corporate Bond Funds

Semiannual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/24710-0909 (11/09) 09/94960

Columbia Management^®

Semiannual Report

September 30, 2009

Fixed Income Sector Portfolios

^gCorporate Bond Portfolio

^gMortgage- and Asset-Backed Portfolio

NOT FDIC INSURED				May Lose Value

NOT BANK ISSUED				No Bank Guarantee

Table of Contents

Corporate Bond Portfolio					1

Mortgage- and Asset-Backed Portfolio					4

Financial Statements

Investment Portfolios					7

Statements of Assets and Liabilities					16

Statements of Operations					17

Statements of Changes in Net Assets					18

Financial Highlights					20

Notes to Financial Statements					22

Important Information About This Report					33

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

President's Message

Dear Shareholder:

We are pleased to provide this shareholder report detailing your portfolio's performance, portfolio holdings and financial statements. We hope this information is helpful in monitoring your investments as we work through these challenging economic times. We recognize that you have entrusted us with your money and want you to know that our professional investment teams work to interpret the latest economic and market trends with the goal of optimizing portfolio construction for our clients.

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Past performance is no guarantee of future results.

Portfolio Profile – Corporate Bond Portfolio

Summary

^g For the six-month period that ended September 30, 2009, the portfolio returned 20.72%, compared with 16.94% for its benchmark, the Barclays Capital U.S. Credit Bond Index.¹ Security choices made while prices were depressed helped the portfolio outperform the benchmark.

^g Timely purchases in the investment-grade and high-yield categories benefited performance. As economic anxiety abated last spring, bond investors did an about face—moving out of safer havens to seek higher returns among riskier assets. As a result of this shift in investor attitude toward risk, debt securities in the lower rating tiers outperformed bonds of higher quality. In the first quarter of 2009, we took advantage of exceptionally low valuations to expand holdings in the beaten-down financial sector. This move succeeded when our holdings in insurers Liberty Mutual, MetLife and Principal Life (1.1%, 1.4% and 1.6% of total net assets, respectively) rebounded from depressed levels that we thought were unrealistic given the quality of their investment portfolios. Our underweight in laggard sectors such as Treasuries also proved beneficial. The pipeline sector, where the portfolio maintained more exposure than the index, also drove results higher based on improving energy demand. The portfolio enjoyed solid returns from Kinder Morgan Energy Partners and Transcanada Pipelines (2.1% and 0.7% of total net assets, respectively). Although largely a BBB-rated sector, pipeline securities tend to correlate with the movements of high-yield bonds, a segment that did exceptionally well over this period.

^g The last six months produced the biggest value increase in investment-grade and high-yield bonds within memory, and the best gains may be behind us. Still, we believe today's healthy coupons provide fair compensation for investors, given the low default risk among investment-grade issues. Over the next year, we believe that yields will continue to decline and prices will rise on corporate issues, narrowing the yield advantage that corporates provide over Treasury issues. Life insurance and subordinated bank debt still appear to offer good value, as do certain mortgage bonds backed by commercial property.

Portfolio Management

Carl Pappo has managed the portfolio since November 2006 and has been associated with the advisor or its predecessors since 1993.

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

¹Barclays Capital U.S. Credit Bond Index consists of publicly issued investment grade corporate securities and dollar-denominated SEC registered global debentures. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the portfolio may not match those in an index.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please call 1-800-345-6611 for daily and most recent month-end performance updates.

Summary

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

				+20.72%

				Portfolio Performance

				+16.94%

				Barclays Capital 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 09/30/09 ($)

10.09

Distributions declared per share

04/01/09 – 09/30/09 ($)

0.31

Performance of a $10,000 investment 08/30/02 – 09/30/09 ($)

Portfolio					14,992
Barclays Capital U.S. Credit Bond Index					14,838

The table above shows the change 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 on the redemption of Portfolio shares.

The Barclays Capital U.S. Credit Bond Index consists of publicly issued investment grade corporate securities and dollar-denominated SEC registered global debentures. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the portfolio may not match those in an index.

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

Inception	08/30/02
6-month (cumulative)		20.72
1-year		24.26
5-year		5.26
Life		5.88

No fees or expenses are charged to the portfolio. Participants in wrap fee programs eligible to invest in the portfolio, however, pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. The portfolio may incur significant costs that are in addition to the wrap fees paid to the program sponsor that are not included in this table. All results shown assume reinvestment of distributions.

The table does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or on 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, however, pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. The portfolio may incur significant costs that are in addition to the wrap fees paid to the program sponsor that are not included in the table below. Please read the wrap program documents for information regarding fees charged.

The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period and held for the entire period. The amount listed in the "Actual" column is calculated using the portfolio's actual total return for the period. The amount listed in the "Hypothetical" column is calculated using a hypothetical annual return of 5%. You should not use the hypothetical account value to estimate your actual account balance.

Account value at the beginning of the period ($) 04/01/09				Account value at the end of the period ($) 09/30/09				Expenses paid during the period ($)*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,048.08		1,025.07		—		—

* 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) return as of 09/30/09

				+4.81%

				Portfolio Performance

				+4.90%

				Barclays Capital U.S. Securitized Index

Summary

^g For the six-month period that ended September 30, 2009, the portfolio returned 4.81%, which was just slightly lower than the 4.90% return for its benchmark, the Barclays Capital U.S. Securitized Index.¹ Lower-quality securities outperformed higher-quality securities for most of the period, which historically has tended to place the portfolio at a slight disadvantage to the index. However, a series of strategic steps during the period turned out well for the portfolio and enabled it to keep pace with the index's return.

^g One of the most important forces over the past six months was the government's aggressive repurchasing of agency mortgages. By the end of the period, some $800 million worth of mortgages had been repurchased out of an initial guideline of $1.2 trillion. The portfolio's response was to be well represented in those areas of the market that were being actively supported by the government. As the repurchase program injected liquidity and confidence into the underlying markets, fixed-income investors were willing to reinvest in lower-quality market sectors that had performed very poorly in 2008. In keeping with this trend, the portfolio decreased its emphasis on agency mortgages and shifted into commercial mortgage-backed securities (CMBS), increasing its exposure from 12% of the portfolio to 17% by the end of the period. The portfolio also added incremental value by purchasing mortgage pools with lower coupons. This strategy was rewarded as refinancing activity moved the average coupon rate steadily lower by the end of the summer, at which time the portfolio returned its coupon positioning to neutral.

^g Looking forward, the portfolio will closely monitor refinancing levels to see whether a down-in-coupon strategy may be warranted yet again. Meanwhile, although the government's efforts to shore up the mortgage markets may be winding down, the U.S. Treasury remains an active sponsor of an effort to encourage private investment in the CMBS sector, justifying our continued emphasis in this market sector.

Portfolio Management

Lee Reddin has co-managed the portfolio since December 2007 and has been associated with the advisor or its predecessors since 2000.

Michael Zazzarino has co-managed the portfolio since December 2007 and has been associated with the advisor or its predecessors since 2005.

Portfolio holdings and characteristics are subject to change periodically 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 Barclays Capital U.S. Securitized Index is the largest component of the U.S. Aggregate Index and consists of the U.S. MBS Index, the ERISA-Eligible CMBS Index and the fixed-rate ABS Index. The U.S. MBS Index includes both fixed-rate agency passthroughs and agency hybrid ARM securities. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the portfolio may not match those in an index.

Performance Information – Mortgage- and Asset-Backed Portfolio

Performance of a $10,000 investment 08/30/02 – 09/30/09 ($)

Portfolio					12,485
Barclays Capital U.S. Securitized Index					14,310

The table above shows the change 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 a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares.

The Barclays Capital U.S. Securitized Index is the largest component of the U.S. Aggregate Index and consists of the U.S. MBS Index, the ERISA-Eligible CMBS Index and the fixed-rate ABS Index. The U.S. MBS Index includes both fixed-rate agency pass-throughs and agency hybrid ARM securities. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the portfolio may not match those in an index.

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

Inception	08/30/02
6-month (cumulative)		4.81
1-year		7.15
5-year		2.89
Life		3.18

No fees or expenses are charged to the Portfolio. Participants in the wrap fee programs eligible to invest in the Portfolio, however, pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. The Portfolio may incur significant transaction costs that are in addition to the wrap fees paid to the program sponsor 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 may pay on Portfolio distributions or on 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 09/30/09 ($)

9.10

Distributions declared per share

04/01/09 – 09/30/09 ($)

0.20

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.

Account value at the beginning of the period ($) 04/01/09				Account value at the end of the period ($) 09/30/09				Expenses paid during the period ($)*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,207.22		1,025.07		—		—

* 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, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 93.0%
	Par ($)		Value ($)
Basic Materials – 2.5%
Chemicals – 1.4%
Dow Chemical Co.
8.550% 05/15/19		90,000		101,173
Lubrizol Corp.
6.500% 10/01/34		200,000		208,875
Chemicals Total				310,048
Iron/Steel – 0.8%
ArcelorMittal
9.850% 06/01/19		15,000		17,742
Nucor Corp.
5.000% 06/01/13		145,000		154,225
Iron/Steel Total				171,967
Metals & Mining – 0.3%
Freeport-McMoRan Copper & Gold, Inc.
8.250% 04/01/15		70,000		74,462
Metals & Mining Total				74,462
Basic Materials Total				556,477
Communications – 8.8%
Media – 4.4%
Comcast Cable Holdings LLC
9.875% 06/15/22		72,000		90,259
Comcast Corp.
6.550% 07/01/39		115,000		122,892
6.950% 08/15/37		135,000		150,682
DirecTV Holdings LLC
6.375% 06/15/15		75,000		75,937
News America, Inc.
6.400% 12/15/35		100,000		100,878
6.550% 03/15/33		35,000		35,822
Rogers Cable, Inc.
6.250% 06/15/13		6,000		6,487
Time Warner Cable, Inc.
7.300% 07/01/38		175,000		201,987
Time Warner, Inc.
6.500% 11/15/36		180,000		184,186
Media Total				969,130
Telecommunication Services – 4.4%
AT&T, Inc.
5.625% 06/15/16		130,000		139,848
6.550% 02/15/39		135,000		147,183
British Telecommunications PLC
5.950% 01/15/18		80,000		81,039
Telefonica Emisiones SAU
6.221% 07/03/17		100,000		110,391
6.421% 06/20/16		190,000		213,383

	Par ($)		Value ($)
Verizon Wireless Capital LLC
5.550% 02/01/14 (a)		240,000		259,363
Telecommunication Services Total				951,207
Communications Total				1,920,337
Consumer Cyclical – 3.6%
Airlines – 0.4%
Continental Airlines, Inc.
7.461% 04/01/15		93,131		86,845
Airlines Total				86,845
Home Builders – 0.0%
D.R. Horton, Inc.
5.625% 09/15/14		10,000		9,650
Home Builders Total				9,650
Retail – 3.2%
CVS Caremark Corp.
8.353% 07/10/31 (a)		209,435		233,097
CVS Pass-Through Trust
5.298% 01/11/27 (a)		113,842		102,778
6.036% 12/10/28		191,597		184,690
McDonald's Corp.
5.700% 02/01/39		165,000		178,640
Retail Total				699,205
Consumer Cyclical Total				795,700
Consumer Non-Cyclical – 8.5%
Beverages – 2.7%
Anheuser-Busch InBev Worldwide, Inc.
7.750% 01/15/19 (a)		130,000		153,824
8.000% 11/15/39 (a)		130,000		168,224
8.200% 01/15/39 (a)		210,000		276,914
Beverages Total				598,962
Food – 1.0%
Campbell Soup Co.
4.500% 02/15/19		125,000		128,262
ConAgra Foods, Inc.
7.000% 10/01/28		75,000		82,978
Food Total				211,240
Healthcare Services – 0.5%
WellPoint, Inc.
7.000% 02/15/19		90,000		102,308
Healthcare Services Total				102,308

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Household Products/Wares – 0.4%
Fortune Brands, Inc.
5.125% 01/15/11		90,000		92,291
Household Products/Wares Total				92,291
Pharmaceuticals – 3.9%
Abbott Laboratories
5.600% 05/15/11		395,000		422,664
Novartis Securities Investment Ltd.
5.125% 02/10/19		185,000		196,944
Wyeth
5.500% 02/01/14		225,000		245,724
Pharmaceuticals Total				865,332
Consumer Non-Cyclical Total				1,870,133
Energy – 12.3%
Oil & Gas – 5.3%
Canadian Natural Resources Ltd.
6.250% 03/15/38		240,000		255,681
Devon Energy Corp.
6.300% 01/15/19		70,000		77,230
Hess Corp.
7.300% 08/15/31		95,000		106,793
Marathon Oil Corp.
6.000% 07/01/12		25,000		27,335
6.000% 10/01/17		160,000		168,171
Nexen, Inc.
5.875% 03/10/35		160,000		146,538
7.500% 07/30/39		45,000		49,001
Qatar Petroleum
5.579% 05/30/11 (a)		40,005		41,145
Talisman Energy, Inc.
5.850% 02/01/37 (b)		140,000		134,658
7.750% 06/01/19		135,000		158,737
Oil & Gas Total				1,165,289
Oil & Gas Services – 0.9%
Smith International, Inc.
9.750% 03/15/19		130,000		160,399
Weatherford International Ltd.
5.150% 03/15/13		35,000		36,764
Oil & Gas Services Total				197,163
Pipelines – 6.1%
Enbridge Energy Partners LP
7.500% 04/15/38		80,000		91,364
Kinder Morgan Energy Partners LP
5.625% 02/15/15		65,000		69,770
5.800% 03/01/21		150,000		152,376
6.500% 09/01/39		120,000		122,073
6.950% 01/15/38		115,000		123,519

	Par ($)		Value ($)
ONEOK Partners LP
6.850% 10/15/37		90,000		97,111
Plains All American Pipeline LP/PAA Finance Corp.
5.750% 01/15/20		20,000		20,155
6.500% 05/01/18		330,000		353,462
8.750% 05/01/19		120,000		144,048
TransCanada Pipelines Ltd.
6.350% 05/15/67 (c)		185,000		162,086
Pipelines Total				1,335,964
Energy Total				2,698,416
Financials – 33.0%
Banks – 16.5%
Bank of New York Mellon Corp.
5.450% 05/15/19		60,000		64,857
Barclays Bank PLC
5.000% 09/22/16		135,000		136,724
Capital One Capital IV
6.745% 02/17/37 (c)		505,000		383,800
Capital One Financial Corp.
7.375% 05/23/14		15,000		16,740
Chinatrust Commercial Bank
5.625% 12/29/49 (a)(c)		45,000		37,693
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (a)		250,000		247,410
Citigroup, Inc.
6.875% 03/05/38		215,000		215,652
Comerica Bank
5.200% 08/22/17		250,000		213,544
Fifth Third Bank
4.200% 02/23/10		130,000		131,037
HSBC Holdings PLC
6.800% 06/01/38		170,000		190,759
7.350% 11/27/32		53,000		58,882
JPMorgan Chase Capital XX
6.550% 09/29/36		60,000		55,725
KeyBank NA
5.800% 07/01/14		250,000		242,363
Keycorp
6.500% 05/14/13		240,000		245,682
M&I Marshall & Ilsley Bank
5.300% 09/08/11		155,000		146,591
Merrill Lynch & Co., Inc.
6.050% 08/15/12 (d)		35,000		37,327
Morgan Stanley
5.625% 09/23/19		190,000		186,827
National City Corp.
4.900% 01/15/15		15,000		15,181
6.875% 05/15/19		175,000		189,995

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Northern Trust Co.
6.500% 08/15/18		180,000		205,527
Northern Trust Corp.
5.500% 08/15/13		125,000		137,020
Regions Financial Corp.
7.750% 09/15/24		32,000		24,357
Scotland International Finance No. 2
4.250% 05/23/13 (a)		127,000		123,168
USB Capital IX
6.189% 10/29/49 (c)		70,000		53,725
Wachovia Capital Trust III
5.800% 03/29/49 (c)		120,000		82,800
Wachovia Corp.
4.375% 06/01/10		135,000		137,913
Westpac Banking Corp.
4.200% 02/27/15		35,000		35,573
Banks Total				3,616,872
Diversified Financial Services – 4.4%
Ameriprise Financial, Inc.
7.300% 06/28/19		120,000		132,285
Discover Financial Services
10.250% 07/15/19		60,000		68,674
Eaton Vance Corp.
6.500% 10/02/17		110,000		118,803
Fund American Companies, Inc.
5.875% 05/15/13		110,000		105,092
General Electric Capital Corp.
6.000% 08/07/19 (b)		115,000		116,661
International Lease Finance Corp.
4.875% 09/01/10		97,000		90,956
5.625% 09/15/10		250,000		238,569
5.650% 06/01/14		25,000		19,188
Lehman Brothers Holdings, Inc.
5.625% 01/24/13 (e)(f)		370,000		65,675
6.875% 05/02/18 (e)(f)		45,000		7,987
Diversified Financial Services Total				963,890
Insurance – 8.2%
ING Groep NV
5.775% 12/29/49 (c)		85,000		54,400
Liberty Mutual Group, Inc.
7.500% 08/15/36 (a)		285,000		240,669
Lincoln National Corp.
8.750% 07/01/19		250,000		289,142
MetLife Capital Trust X
9.250% 04/08/38 (a)(c)		295,000		306,800
Principal Life Income Funding Trusts
5.300% 04/24/13		350,000		359,060
Prudential Financial, Inc.
4.500% 07/15/13		90,000		90,634
7.375% 06/15/19		290,000		323,643

	Par ($)		Value ($)
Unum Group
7.125% 09/30/16		140,000		141,652
Insurance Total				1,806,000
Real Estate Investment Trusts (REITs) – 3.9%
Brandywine Operating Partnership LP
7.500% 05/15/15		180,000		180,083
Camden Property Trust
5.375% 12/15/13		199,000		200,161
Duke Realty LP
7.375% 02/15/15		140,000		144,388
8.250% 08/15/19		135,000		140,956
Highwoods Properties, Inc.
5.850% 03/15/17		55,000		48,440
Liberty Property LP
5.500% 12/15/16		160,000		144,142
Real Estate Investment Trusts (REITs) Total				858,170
Financials Total				7,244,932
Industrials – 8.8%
Aerospace & Defense – 1.6%
Boeing Co.
6.000% 03/15/19		80,000		89,737
Raytheon Co.
5.375% 04/01/13		245,000		268,226
Aerospace & Defense Total				357,963
Machinery – 0.9%
Caterpillar Financial Services Corp.
4.250% 02/08/13		195,000		200,859
Machinery Total				200,859
Machinery – Construction & Mining – 0.7%
Caterpillar, Inc.
8.250% 12/15/38		115,000		156,875
Machinery-Construction & Mining Total				156,875
Miscellaneous Manufacturing – 1.3%
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		150,000		177,245
Tyco International Finance SA
4.125% 10/15/14		15,000		14,948
Tyco International Ltd./Tyco International Finance SA
6.875% 01/15/21		75,000		84,184
Miscellaneous Manufacturing Total				276,377
Transportation – 4.3%
BNSF Funding Trust I
6.613% 12/15/55 (c)		130,000		120,900
Burlington Northern Santa Fe Corp.
4.700% 10/01/19		80,000		80,953
7.950% 08/15/30		115,000		146,327

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Union Pacific Corp.
4.698% 01/02/24		9,867		9,500
5.700% 08/15/18		165,000		177,980
6.650% 01/15/11		385,000		407,086
Transportation Total				942,746
Industrials Total				1,934,820
Technology – 2.4%
Networking Products – 0.7%
Cisco Systems, Inc.
5.900% 02/15/39		150,000		162,371
Networking Products Total				162,371
Software – 1.7%
Oracle Corp.
5.000% 01/15/11		345,000		360,828
Software Total				360,828
Technology Total				523,199
Utilities – 13.1%
Electric – 9.5%
AEP Texas Central Co.
6.650% 02/15/33		160,000		171,930
Columbus Southern Power Co.
6.600% 03/01/33		41,000		44,620
Commonwealth Edison Co.
5.900% 03/15/36		95,000		100,962
5.950% 08/15/16		80,000		87,226
6.950% 07/15/18		95,000		107,597
Duke Energy Corp.
5.300% 10/01/15		285,000		310,571
Exelon Generation Co. LLC
6.200% 10/01/17		220,000		240,100
Kansas City Power & Light Co.
7.150% 04/01/19		250,000		292,091
MidAmerican Energy Holdings Co.
5.000% 02/15/14		197,000		208,275
6.125% 04/01/36		70,000		75,561
Niagara Mohawk Power Corp.
4.881% 08/15/19 (a)		215,000		218,898
Oncor Electric Delivery Co.
5.950% 09/01/13		155,000		167,744
Southern Co.
4.150% 05/15/14		60,000		61,981
Electric Total				2,087,556

	Par ($)		Value ($)
Gas – 3.6%
Atmos Energy Corp.
6.350% 06/15/17		100,000		108,466
8.500% 03/15/19		115,000		141,975
Nakilat, Inc.
6.067% 12/31/33 (a)		510,000		465,064
Sempra Energy
6.500% 06/01/16		60,000		66,327
Gas Total				781,832
Utilities Total				2,869,388
Total Corporate Fixed-Income Bonds & Notes (cost of $19,516,106)				20,413,402
Government & Agency Obligations – 5.7%
Foreign Government Obligations – 4.2%
International Bank for Reconstruction & Development
5.000% 04/01/16 (b)		535,000		589,269
Province of Ontario
3.375% 05/20/11		115,000		119,334
Province of Quebec
5.125% 11/14/16		200,000		217,442
Foreign Government Obligations Total				926,045
U.S. Government Obligations – 1.5%
U.S. Treasury Bond
4.250% 05/15/39		120,000		124,144
U.S. Treasury Note
3.625% 08/15/19		190,000		195,017
U.S. Government Obligations Total				319,161
Total Government & Agency Obligations (cost of $1,211,820)				1,245,206
Municipal Bond – 0.6%
California – 0.6%
CA State Series 2009, 7.550% 04/01/39		125,000		139,461
California Total				139,461
Total Municipal Bond (cost of $117,622)				139,461
Total Investments – 99.3% (cost of $20,845,548) (g)				21,798,069
Other Assets & Liabilities, Net – 0.7%				164,237
Net Assets – 100.0%				21,962,306

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2009 (Unaudited)

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, 2009, the values of these securities, which are not illiquid, except for the following, amounted to $2,875,047, which represents 13.1% of net assets.

Security				Acquisition Date				Par				Cost				Value
Qatar Petroleum 5.579% 05/30/11					05/19/06			$	40,005			$	40,005			$	41,145

(b) This security or a portion of this security is pledged as collateral for open credit default swap contracts. At September 30, 2009, the total market value of securities pledged amounted to $420,627.

(d) Investments in affiliates during the six months ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc., 6.050%, 08/15/12
Par as of 03/31/09:	$	35,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	35,000
Net realized gain (loss):	$	–
Interest income earned:	$	1,059
Value at end of period:	$	37,327

As of 01/01/2009, Merrill Lynch & Co., Inc. is a wholly owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $73,662, which represents 0.3% of net assets.

(g) Cost for federal income tax purposes is $20,845,548.

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Portfolio's assets:

Description	Quoted Prices in (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—		$	556,477		$	—	$	556,477
Communications		—			1,920,337			—		1,920,337
Consumer Cyclical		—			708,855			86,845		795,700
Consumer Non-Cyclical		—			1,870,133			—		1,870,133
Energy		—			2,698,416			—		2,698,416
Financials		—			7,244,932			—		7,244,932
Industrials		—			1,934,820			—		1,934,820
Technology		—			523,199			—		523,199
Utilities		—			2,869,388			—		2,869,388
Total Corporate Fixed-Income Bonds & Notes		—			20,326,557			86,845		20,413,402
Total Government & Agency Obligations		319,161			926,045			—		1,245,206
Total Municipal Bond		—			139,461			—		139,461
Total Investments		319,161			21,392,063			86,845		21,798,069
Credit Default Swap Contracts		—			(79,993	)		—		(79,993	)
Futures Contracts		(44,083	)		—			—		(44,083	)
Total	$	275,078		$	21,312,070		$	86,845	$	21,673,993

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investment in Securities				Balance as of March 31, 2009				Accrued Discounts/ (Premiums)				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers into Level 3				Transfers out of Level 3				Balance as of September 30, 2009
Corporate Fixed-Income Bonds & Notes Consumer Cyclical				$	68,767			$	328			$	215			$	22,643			$	—			$	(5,108	)		$	—			$	—			$	86,845

The change in unrealized appreciation attributable to the security owned at September 30, 2009 which was valued using significant unobservable inputs (Level 3) amounted to $22,643. This amount is included in net change in unrealized appreciation on the Statement of Changes in Net Assets.

See Accompanying Notes to Financial Statements.

Corporate Bond Portfolio

September 30, 2009 (Unaudited)

At September 30, 2009, the Portfolio has entered into the following credit default swap contracts:

Credit Risk

Swap Counterparty	Referenced Obligation	Receive Buy/Sell Protection	Fixed Rate			Expiration Date	Notional Amount		Upfront Premium Paid (Received)			Value of Contract
Barclays Capital	D.R. Horton, Inc. 5.375% 06/15/12	Buy		1.000	%	09/20/14	$	215,000	$	9,138		$	(2,195	)
Barclays Capital	HSBC Financial Corp. 7.000% 05/15/12	Buy		5.000	%	06/20/14		95,000		(3,895	)		(11,549	)
Barclays Capital	Macy's, Inc. 7.450% 07/15/17	Buy		5.000	%	06/20/14		175,000		(7,118	)		(9,598	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	09/20/14		215,000		1,689			(194	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	09/20/14		215,000		747			735
Barclays Capital	The Home Depot, Inc. 5.875% 12/16/36	Buy		2.930	%	12/20/13		435,000		—			(41,985	)
JPMorgan	D.R. Horton, Inc. 5.375% 06/15/12	Buy		1.000	%	09/20/14		215,000		8,489			(1,558	)
JPMorgan	Macy's, Inc. 7.450% 07/15/17	Buy		1.000	%	06/20/14		260,000		21,765			(1,535	)
Morgan Stanley	Limited Brands, Inc. 7.450% 07/15/17	Buy		5.000	%	09/20/14		360,000		(27,648	)		(12,114	)
												$	(79,993	)

At September 30, 2009, the Portfolio held the following open short futures contracts:

Risk Exposure/Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
Interest Rate Risk
30-Year U.S. Treasury Bonds		16	$	1,942,000	$	1,897,917	Dec-2009	$	(44,083	)

As of September 30, 2009, cash of $99,000 was pledged as collateral for open futures contracts.

At September 30, 2009, the Portfolio held investments in the following sectors:

Sector	% of Net Assets
Financials		33.0
Utilities		13.1
Energy		12.3
Industrials		8.8
Communications		8.8
Consumer Non-Cyclical		8.5
Consumer Cyclical		3.6
Basic Materials		2.5
Technology		2.4
		93.0
Government & Agency Obligations		5.7
Municipal Bond		0.6
Other Assets & Liabilities, Net		0.7
		100.0

See Accompanying Notes to Financial Statements.

Investment Portfolio – Mortgage- and Asset-Backed Portfolio

September 30, 2009 (Unaudited)

Mortgage-Backed Securities – 71.0%
	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
5.000% 05/01/37		436,171		451,387
5.000% 12/01/37		2,748,054		2,845,639
5.500% 05/01/37		2,263,955		2,373,026
5.596% 08/01/37 (10/01/09) (a)(b)		953,908		1,004,166
5.693% 06/01/37 (10/01/09) (a)(b)		853,681		900,777
5.727% 06/01/36 (10/01/09) (a)(b)		1,088,964		1,147,282
5.888% 04/01/37 (10/01/09) (a)(b)		232,295		245,671
6.500% 11/01/32		8,322		8,949
Federal National Mortgage Association
4.000% 03/01/39		1,000,624		992,177
4.500% 02/01/39		1,624,929		1,648,118
4.500% 04/01/39		247,821		251,382
4.500% 09/01/39		2,000,000		2,028,542
4.680% 06/01/19		114,802		119,675
4.680% 09/01/19		215,000		222,488
5.000% 05/01/38		855,280		884,801
5.500% 02/01/37		77,027		80,786
5.500% 04/01/37		1,007,838		1,056,591
5.500% 05/01/37		579,247		607,063
5.500% 06/01/38		507,671		531,812
5.650% 10/01/37 (10/01/09) (a)(b)		776,195		817,706
6.000% 09/01/36		1,603,107		1,696,388
6.000% 02/01/38		252,549		267,008
6.000% 06/01/38		619,571		654,522
6.000% 11/01/38		4,402,595		4,658,771
6.500% 10/01/37		339,068		362,976
7.000% 02/01/32		12,229		13,511
Government National Mortgage Association
5.000% 04/20/39		2,560,955		2,653,569
7.000% 03/15/31		1,471		1,626
Total Mortgage-Backed Securities (cost of $27,974,190)				28,526,409
Commercial Mortgage-Backed Securities – 17.9%
Bear Stearns Commercial Mortgage Securities
4.740% 03/13/40		95,848		99,030
4.830% 08/15/38		123,627		126,070
4.933% 02/13/42 (10/01/09) (a)(b)		140,679		136,967
5.201% 12/11/38		474,847		440,479
5.540% 09/11/41		55,000		52,497
5.742% 09/11/42 (10/01/09) (a)(b)		145,000		135,690

	Par ($)		Value ($)
Bear Stearns Commercial Mortgage Securities, Inc.
6.480% 02/15/35		183,000		189,790
Credit Suisse Mortgage Capital Certificates
5.912% 06/15/39 (10/01/09) (a)(b)		110,000		86,841
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		425,000		435,437
GMAC Commercial Mortgage Securities, Inc.
5.667% 05/10/40 (10/01/09) (a)(b)		80,000		83,448
Greenwich Capital Commercial Funding Corp.
5.317% 06/10/36 (10/01/09) (a)(b)		430,000		435,102
6.116% 07/10/38 (10/01/09) (a)(b)		310,000		283,619
GS Mortgage Securities Corp. II
5.999% 08/10/45 (10/01/09) (a)(b)		125,000		103,308
JPMorgan Chase Commercial Mortgage Securities Corp.
5.122% 01/15/49		146,604		148,776
5.170% 05/15/47		356,559		362,686
5.255% 07/12/37 (a)		30,000		31,105
5.440% 06/12/47		240,000		206,207
5.716% 02/15/51		135,000		98,452
5.814% 06/12/43 (10/01/09) (a)(b)		116,300		109,684
LB-UBS Commercial Mortgage Trust
4.810% 01/15/36 (10/11/09) (a)(b)		554,190		418,668
4.853% 09/15/31		392,196		402,114
5.430% 02/15/40		140,000		113,605
Merrill Lynch Mortgage Trust
6.022% 06/12/50 (10/01/09) (a)(b)		445,483		349,002
Morgan Stanley Capital I
4.989% 08/13/42		135,000		131,368
5.332% 12/15/43		419,566		375,628
5.378% 11/14/42 (10/01/09) (a)(b)		134,284		134,604
5.447% 02/12/44 (10/01/09) (a)(b)		130,021		111,075
5.984% 08/12/41 (10/01/09) (a)(b)		120,000		92,658
Morgan Stanley Dean Witter Capital I
4.920% 03/12/35		400,722		405,514
Wachovia Bank Commercial Mortgage Trust
4.748% 02/15/41		265,000		268,046
5.037% 03/15/42		220,000		222,161
5.384% 10/15/44 (10/01/09) (a)(b)		470,000		468,374

See Accompanying Notes to Financial Statements.

Mortgage- and Asset-Backed Portfolio

September 30, 2009 (Unaudited)

Commercial Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
5.466% 01/15/45 (10/01/09) (a)(b)		45,000		33,293
5.609% 03/15/45 (10/01/09) (a)(b)		45,000		33,321
5.997% 06/15/45		85,000		84,875
Total Commercial Mortgage-Backed Securities (cost of $7,125,793)				7,209,494
Asset-Backed Securities – 7.5%
Capital Auto Receivables Asset Trust
5.020% 09/15/11		156,626		159,574
Capital One Multi-Asset Execution Trust
4.950% 08/15/12		205,000		205,370
Carrington Mortgage Loan Trust
0.356% 07/25/36 (10/26/09) (a)(b)		78,127		66,486
Citibank Credit Card Issuance Trust
0.409% 05/21/12 (11/23/09) (a)(b)		230,000		229,387
Discover Card Master Trust
0.563% 01/15/13 (10/15/09) (a)(b)		130,000		127,084
Discover Card Master Trust I
0.343% 08/15/12 (10/15/09) (a)(b)		160,000		158,607
Ford Credit Auto Owner Trust
5.160% 04/15/13		389,000		411,123
Franklin Auto Trust
5.360% 05/20/16		100,000		100,472
Morgan Stanley Mortgage Loan Trust
0.366% 10/25/36 (10/26/09) (a)(b)		60,321		54,771
SACO I, Inc.
0.446% 04/25/35 (10/26/09) (a)(b)(c)		13,515		5,453
SLM Student Loan Trust
0.359% 03/15/17 (12/15/09) (a)(b)		152,838		149,415
0.379% 12/15/20 (12/15/09) (a)(b)		649,000		622,275
Soundview Home Equity Loan Trust
0.546% 11/25/35 (10/26/09) (a)(b)		60,234		50,271
Terwin Mortgage Trust
1.146% 07/25/34 (10/26/09) (a)(b)		53,294		21,190
USAA Auto Owner Trust
5.070% 06/15/13		639,000		672,159
Total Asset-Backed Securities (cost of $3,034,941)				3,033,637

Collateralized Mortgage Obligations – 0.5%
	Par ($)		Value ($)
Non-Agency – 0.5%
Bear Stearns Alt-A Trust
0.526% 01/25/35 (10/26/09) (a)(b)		70,654		42,152
Morgan Stanley Mortgage Loan Trust
0.466% 02/25/47 (10/26/09) (a)(b)		636,597		137,703
Non-Agency Total				179,855
Total Collateralized Mortgage Obligations (cost of $707,250)				179,855
Short-Term Obligation – 2.6%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 06/29/11, market value $1,068,188 (repurchase proceeds $1,044,000)		1,044,000		1,044,000
Total Short-Term Obligation (cost of $1,044,000)				1,044,000
Total Investments – 99.5% (cost of $39,886,174) (d)				39,993,395
Other Assets & Liabilities, Net – 0.5%				210,091
Net Assets – 100.0%				40,203,486

Notes to Investment Portfolio:

(a) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2009.

(b) Parenthetical date represents the next reset date for the security.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, the value of this security, which is not illiquid, amounted to $5,453, which represents less than 0.1% of net assets.

(d) Cost for federal income tax purposes is $39,886,174.

Significant observable inputs (level 2 measurements) including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others were used in determining value for all securities in the Portfolio as of September 30, 2009.

For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

See Accompanying Notes to Financial Statements.

Mortgage- and Asset-Backed Portfolio

September 30, 2009 (Unaudited)

At September 30, 2009, the asset allocation of the Portfolio is as follows:

Asset Allocation	% of Net Assets
Mortgage-Backed Securities		71.0
Commercial Mortgage-Backed Securities		17.9
Asset-Backed Securities		7.5
Collateralized Mortgage Obligations		0.5
		96.9
Short-Term Obligation		2.6
Other Assets & Liabilities, Net		0.5
		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, 2009 (Unaudited)

	($)			($)
	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
Assets
Unaffiliated investments, at identified cost		20,810,578			39,886,174
Affiliated investments, at identified cost		34,970			—
Total investments, at identified cost		20,845,548			39,886,174
Unaffiliated investments, at value		21,760,742			39,993,395
Affiliated investments, at value		37,327			—
Total investments, at value		21,798,069			39,993,395
Cash		—			879
Cash collateral for open futures contracts		99,000			—
Open credit default swap contracts		735			—
Credit default swap contracts premiums paid		39,974			—
Receivable for:
Investments sold		406,447			217,954
Interest		328,233			254,041
Futures variation margin		4,000			—
Foreign tax reclaims		235			—
Other assets		4,530			—
Total Assets		22,681,223			40,466,269
Liabilities
Payable to custodian bank		294,895			—
Open credit default swap contracts		80,728			—
Credit default swap contracts premiums received		37,379			—
Payable for:
Investments purchased		305,915			254,334
Portfolio shares repurchased		—			8,449
Total Liabilities		718,917			262,783
Net Assets		21,962,306			40,203,486
Net Assets Consist of
Paid-in capital		25,078,197			53,750,603
Undistributed net investment income		38,909			27,335
Accumulated net realized loss		(3,975,542	)		(13,681,673	)
Net unrealized appreciation (depreciation) on:
Investments		952,521			107,221
Credit default swap contracts		(87,696	)		—
Futures contracts		(44,083	)		—
Net Assets		21,962,306			40,203,486
Shares outstanding		2,175,672			4,417,108
Net asset value price per share		10.09			9.10

See Accompanying Notes to Financial Statements.

Statements of Operations – Fixed Income Sector Portfolios
For the Six Months Ended September 30, 2009 (Unaudited)

	($)			($)
	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
Investment Income
Interest		681,011			912,642
Interest from affiliate		1,059			—
Securities lending		3			—
Total Investment Income		682,073			912,642
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Credit Default Swap Contracts
Net realized gain (loss) on:
Investments		312,117			443,089
Futures contracts		(15,543	)		—
Credit default swap contracts		(100,813	)		—
Net realized gain		195,761			443,089
Net change in unrealized appreciation (depreciation) on:
Investments		3,145,710			668,354
Futures contracts		(44,083	)		—
Credit default swap contracts		(25,465	)		—
Net change in unrealized appreciation (depreciation)		3,076,162			668,354
Net Gain		3,271,923			1,111,443
Net Increase Resulting from Operations		3,953,996			2,024,085

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, 2009 ($)			Year Ended March 31, 2009 ($)			(Unaudited) Six Months Ended September 30, 2009 ($)			Year Ended March 31, 2009 ($)
Operations
Net investment income		682,073			2,571,838			912,642			4,460,548
Net realized gain (loss) on investments, futures contracts and credit default swap contracts		195,761			(5,463,777	)		443,089			(8,226,295	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and credit default swap contracts		3,076,162			(995,918	)		668,354			2,656,222
Net increase (decrease) resulting from operations		3,953,996			(3,887,857	)		2,024,085			(1,109,525	)
Distributions to Shareholders
From net investment income		(698,449	)		(2,585,812	)		(949,904	)		(4,513,649	)
Net Capital Stock Transactions		(847,853	)		(47,774,916	)		(8,999,028	)		(84,444,399	)
Total increase (decrease) in net assets		2,407,694			(54,248,585	)		(7,924,847	)		(90,067,573	)
Net Assets
Beginning of period		19,554,612			73,803,197			48,128,333			138,195,906
End of period		21,962,306			19,554,612			40,203,486			48,128,333
Undistributed net investment income at end of period		38,909			55,285			27,335			64,597

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (continued) – Capital Stock Activity

	Corporate Bond Portfolio												Mortgage- and Asset-Backed Portfolio
	(Unaudited) Six Months Ended September 30, 2009						Year Ended March 31, 2009						(Unaudited) Six Months Ended September 30, 2009						Year Ended March 31, 2009
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		239,658			2,178,692			176,063			1,580,494			172,161			1,547,106			2,498,322			22,601,096
Distributions reinvested		770			7,201			1,682			14,980			9,443			84,660			20,921			185,920
Redemptions		(327,164	)		(3,033,746	)		(5,554,673	)		(49,370,390	)		(1,187,160	)		(10,630,794	)		(11,926,680	)		(107,231,415	)
Net decrease		(86,736	)		(847,853	)		(5,376,928	)		(47,774,916	)		(1,005,556	)		(8,999,028	)		(9,407,437	)		(84,444,399	)

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,
	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	8.64		$	9.66		$	10.06		$	9.93		$	10.19		$	10.58
Income from Investment Operations:
Net investment income (a)		0.30			0.56			0.58			0.55			0.49			0.48
Net realized and unrealized gain (loss) on investments, futures contracts and credit default swap contracts		1.46			(1.01	)		(0.40	)		0.13			(0.25	)		(0.36	)
Total from investment operations		1.76			(0.45	)		0.18			0.68			0.24			0.12
Less Distributions to Shareholders:
From net investment income		(0.31	)		(0.57	)		(0.58	)		(0.55	)		(0.49	)		(0.48	)
From net realized gains		—			—			—			—			(0.01	)		(0.03	)
Total distributions to shareholders		(0.31	)		(0.57	)		(0.58	)		(0.55	)		(0.50	)		(0.51	)
Net Asset Value, End of Period	$	10.09		$	8.64		$	9.66		$	10.06		$	9.93		$	10.19
Total return (b)		20.72	%(c)		(4.65	)%		1.81	%(d)		7.01	%		2.34	%		1.25	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		—			—			—			—			—			—
Net investment income (e)		6.46	%(f)		6.10	%		5.84	%		5.55	%		4.83	%		4.69	%
Portfolio turnover rate		87	%(c)		137	%		189	%		114	%		62	%		39	%
Net assets, end of period (000s)	$	21,962		$	19,555		$	73,803		$	78,588		$	64,597		$	52,698

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

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

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

(e) The net investment income and expense ratios exclude expenses charged directly to shareholders.

(f) Annualized.

See Accompanying Notes to Financial Statements.

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,
	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	8.88		$	9.32		$	10.01		$	9.85		$	10.01		$	10.19
Income from Investment Operations:
Net investment income (a)		0.19			0.44			0.54			0.54			0.40			0.26
Net realized and unrealized gain (loss) on investments		0.23			(0.44	)		(0.67	)		0.14			(0.12	)		(0.01	)
Total from investment operations		0.42			—			(0.13	)		0.68			0.28			0.25
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.44	)		(0.53	)		(0.52	)		(0.40	)		(0.26	)
From net realized gains		—			—			(0.03	)		—			(0.04	)		(0.17	)
Total distributions to shareholders		(0.20	)		(0.44	)		(0.56	)		(0.52	)		(0.44	)		(0.43	)
Net Asset Value, End of Period	$	9.10		$	8.88		$	9.32		$	10.01		$	9.85		$	10.01
Total return (b)		4.81	%(c)		0.10	%		(1.34	)%		7.12	%		2.85	%		2.57	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (d)		—			—			—			—			—			—
Net investment income (d)		4.29	%(e)		4.92	%		5.50	%		5.41	%		4.00	%		2.61	%
Portfolio turnover rate		62	%(c)		142	%		369	%		543	%		561	%		765	%
Net assets, end of period (000s)	$	40,203		$	48,128		$	138,196		$	135,358		$	89,569		$	78,216

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

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

(d) The net investment income and expense ratios exclude expenses charged directly to shareholders.

(e) Annualized.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Fixed Income Sector Portfolios
September 30, 2009 (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 organized as a Delaware statutory trust. Information presented in these financial statements pertains to Corporate Bond Portfolio and Mortgage- and Asset-Backed Portfolio (each, a "Portfolio" and collectively, the "Portfolios"), each a series of the Trust.

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 available only to certain eligible investors through certain wrap fee programs, certain other managed accounts and certain registered investment companies, including those sponsored or managed by Bank of America Corporation ("BOA") and certain of its affiliates.

Note 2. Significant Accounting Policies

Management has evaluated the events and transactions that have occurred through November 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures except as disclosed in Note 11. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

Security Valuation

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

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

Credit default swap contracts are marked to market daily based upon quotations from market makers. Quotations obtained from independent pricing services use information provided by market makers.

Certain Portfolios 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.

Management establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Security Transactions

Management is required to provide disclosures regarding the Portfolios' derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 5.

Repurchase Agreements

Each Portfolio may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Portfolios' investment advisor, has determined are creditworthy. Each Portfolio, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Columbia is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on 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 the Portfolios seek to assert their 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 all debt securities, unless otherwise noted. Dividend income is recorded on the ex-date.

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 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.

Distributions to Shareholders

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

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

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 a 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, 2009 was as follows:

	Ordinary Income*
Corporate Bond Portfolio	$	2,585,812
Mortgage- and Asset-Backed Portfolio		4,513,649

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Corporate Bond Portfolio	$	1,625,930	$	(673,409	)	$	952,521
Mortgage- and Asset-Backed Portfolio		946,766		(839,545	)		107,221

	Expiring in
	2014		2015		2016		2017		Total
Corporate Bond Portfolio	$	190,899	$	595,089	$	576,674	$	2,121,554	$	3,484,216
Mortgage- and Asset-Backed Portfolio		—		—		976,265		12,534,859		13,511,124

Management is required to determine whether a tax position of the Portfolios is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by each Portfolio is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Portfolios' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of BOA, provides investment advisory services to the Portfolios.

Columbia does not receive any fees for its investment advisory services. In addition, under its investment advisory

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

agreement, Columbia has agreed to bear all fees and expenses of the Portfolios (exclusive of brokerage fees and commissions, taxes, interest expense and extraordinary expenses, but inclusive of custodian charges relating to overdrafts, if any).

The Portfolios do not incur any fees or expenses except brokerage fees and commissions, taxes, interest expense 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.

BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction ("Transaction") includes a sale of the part of the asset management business that advises long-term mutual funds, including the Portfolios. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

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, is the principal underwriter of the Portfolios' shares. The Distributor does not receive a fee for its services as distributor.

Note 5. Objectives and Strategies for Investing in Derivative Instruments

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

In pursuit of its investment objectives, the Portfolio is exposed to the following market risks:

Interest Rate Risk: Interest rate risk relates to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities generally will decline in value upon an increase in general interest rates and their value generally will increase upon a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

Credit Risk: Credit risk relates to the ability of the issuer or guarantor of a fixed income security, or counterparty to a derivative contract, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. Generally, lower-yield higher-quality bonds are subject to credit risk to a lesser extent than lower-grade higher-yield bonds.

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

Futures Contracts

Corporate Bond Portfolio entered into interest rate futures contracts to manage the duration and yield curve exposure of the Portfolio versus the benchmark.

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

prediction of the future direction of interest rates by Columbia. Upon entering into a futures contract, the Portfolio pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the 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. The Portfolio recognizes a realized gain or loss when the contract is closed or expires.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Portfolio's Statement of Assets and Liabilities.

Credit Default Swap Contracts

Corporate Bond Portfolio entered into credit default swap transactions as a protection buyer to reduce overall credit exposure.

Credit default swaps are agreements in which one party pays fixed periodic payments to counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place. The Portfolio may receive or make an upfront payment as the protection buyer or seller. Credit default swaps are marked to market daily based on quotations from market makers and any change is recorded as unrealized appreciation/depreciation on the Statement of Assets and Liabilities. Periodic payments received or made are recorded as a realized gain or loss and premiums received or made are amortized on the Statement of Operations.

If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Credit default swap agreements involve greater risks than if the Portfolio had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

The following table is a summary of the value of Corporate Bond Portfolio's derivative instruments as of September 30, 2009.

	Fair Value of Derivative Instruments
	Asset derivatives	Liability derivatives
Corporate Bond Portfolio	Statement of Assets and Liabilities	Statement of Assets and Liabilities	Fair Value
	Futures Variation Margin	—	$	4,000	*
	Open Credit Default Swap Contracts/Premiums paid	—	$	40,709
	—	Open Credit Default Swap Contracts/Premiums received	$	118,107

* Includes only current day's variation margin.

The effect of derivative instruments on the Statement of Operations for the six month period ended September 30, 2009.

	Amount of Realized Loss and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Corporate Bond Portfolio	Risk Exposure	Net Realized Loss			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate Risk	$	(15,543	)	$	(44,083	)
Credit Default Swap Contracts	Credit Risk		(100,813	)		(25,465	)
Total		$	(116,356	)	$	(69,548	)

Note 6. Portfolio Information

For the six month period ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Portfolios were as follows:

	U.S Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
Corporate Bond Portfolio	$	4,037,046	$	3,887,165	$	13,942,460	$	15,125,837
Mortgage- and Asset-Backed Portfolio		21,340,581		17,805,115		4,586,111		10,111,666

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

Note 7. Line of Credit

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

For the six month period ended September 30, 2009, the Portfolios did not borrow under these arrangements.

Note 8. Securities Lending

Each Portfolio 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 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.

Note 9. Shares of Beneficial Interest

As of September 30, 2009, the Portfolios had shareholders that held greater than 5% of the shares outstanding of a Portfolio, whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. The percentages of shares of beneficial interest outstanding held therein are as follows:

	Number of Shareholders		% of Shares Outstanding Held
Corporate Bond Portfolio		1		97.9
Mortgage- and Asset-Backed Portfolio		2		98.1

Subscription and redemption activity of these accounts may have a significant effect on the operations of the Portfolios.

Note 10. Significant Risks and Contingencies

Foreign Securities Risk

Asset-Backed Securities Risk

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

interest rates, causing the Portfolios to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market's assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Portfolios to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Legal Proceedings

Civil Litigation

Fixed Income Sector Portfolios, September 30, 2009 (Unaudited) (continued)

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.

Note 11. Subsequent Event

On October 15, 2009 the committed line of credit discussed in Note 7 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

This page intentionally left blank.

Important Information About This Report

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 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) 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, www.columbiamanagement.com.

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, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Please read and consider the investment objectives, risks, charges and expenses for any portfolio carefully before investing. For a prospectus which contains this and other important information about a portfolio, contact your Columbia Management representative or financial advisor.

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, 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

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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Columbia Management^®

Fixed Income Sector Portfolios

Semiannual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-44/24566-0909 (11/09) 09/95446

Columbia Management^®

Semiannual Report

September 30, 2009

Columbia LifeGoal^TM Portfolios

^gColumbia LifeGoal^TM Growth Portfolio

^gColumbia LifeGoal^TM Balanced Growth Portfolio

^gColumbia LifeGoal^TM Income and Growth Portfolio

^gColumbia LifeGoal^TM Income Portfolio

NOT FDIC INSURED				May Lose Value

NOT BANK ISSUED				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

Financial Statements

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

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:

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Past performance is no guarantee of future results.

Portfolio Profile – Columbia LifeGoal Growth Portfolio

Summary

^g For the six-month period that ended September 30, 2009, the portfolio's Class A shares returned 40.63% without sales charge. The portfolio outperformed its benchmark, the S&P 500 Index¹, which returned 34.02% for the period. The portfolio's return was also higher than the 33.67% average return of its peer group, the Lipper Large-Cap Core Funds Classification.²

^g On August 1, 2009, the portfolio modified its principal investment strategies to allow for greater flexibility to allow the portfolio to allocate its assets among not only Columbia mutual funds and equity and fixed income securities, which would include Treasury Inflation Protected Securities (TIPS), but also (subject to regulatory restrictions) in exchange traded funds (ETFs) and third party-advised funds and other instruments such as commodity-related derivative instruments and futures. To date, the portfolio has not exercised its ability to invest in any of these additional instruments.

^g Equity prices rose sharply during the period. The rally began with investors noting green shoots of economic improvement. While optimism sometimes lapsed on concerns that the global recession was more entrenched than originally expected, sentiment improved as the period progressed. Stabilizing economic data and a series of pleasant surprises refueled the market's ascent: China and other major emerging markets experienced better-than-anticipated growth, and both new and existing U.S. homes sales stabilized. Stock prices benefited from corporate news as well. Earnings reports often came in better than expected, although from significantly lowered expectations, as cost-cutting measures cushioned the impact of revenue shortfalls at many companies. However, unemployment remained a concern throughout the period, as well as a mounting budget deficit and the possibility of future inflation.

^g Against this backdrop, the portfolio maintained an emphasis on small-cap and emerging markets equities relative to its underlying target allocation ranges. This emphasis benefited performance. Even though the portfolio's holdings in small-cap and emerging markets underperformed their respective benchmarks, they generated very strong positive returns for the period. In light of strengthening economic data and strong price improvements in both categories, we plan to reduce the portfolio's exposure and reallocate assets to large-cap and developed international equities in the period ahead.

^g Several of the portfolio's underlying funds outperformed their benchmarks. These included Columbia Value and Restructuring Fund, Columbia Contrarian Core Fund and Columbia Acorn USA. However, Columbia International Value Fund, Columbia Convertible Securities Fund, Columbia Mid Cap Value Fund, Columbia Large Cap Value Fund, Columbia Small Cap Growth Fund II and Columbia Mid Cap Growth Fund all trailed their benchmarks.

Summary

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

				+40.63%

				Class A shares (without sales charge)

				+34.02%

				S&P 500 Index

Portfolio Profile (continued) – Columbia LifeGoal Growth Portfolio

Portfolio Management

Anwiti Bahuguna, PhD, has co-managed the portfolio since February 2009 and has been associated with the advisor or its predecessors since 2002.

Colin Moore has co-managed the portfolio since February 2009 and has been associated with the advisor or its predecessors since 2002.

Kent M. Peterson, PhD has co-managed the portfolio since February 2009 and has been associated with the advisor or its predecessors since 2006.

Marie M. Schofield has co-managed the portfolio since February 2009 and has been associated with the advisor or its predecessors since 1990.

Columbia LifeGoal Portfolios reserve the right to add or remove underlying funds at any time.

The portfolio is a "fund of funds." 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, among others, stock market fluctuations due to business and economic developments.

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

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

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

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Performance Information – Columbia LifeGoal Growth Portfolio

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		14,229		13,412
Class B		13,189		13,189
Class C		13,165		13,165
Class R		14,096		n/a
Class Z		14,550		n/a

The table above shows the change 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 on the redemption of portfolio shares.

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

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)		40.63		32.50		39.99		34.99		39.83		38.83		40.49		40.56
1-year		–0.76		–6.45		–1.44		–6.34		–1.57		–2.55		–0.99		–0.52
5-year		4.18		2.96		3.40		3.12		3.38		3.38		3.99		4.45
10-year		3.59		2.98		2.81		2.81		2.79		2.79		3.49		3.82

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

All results shown assume reinvestment of distributions. Class R shares are sold at net asset value with distribution and service (Rule 12b-1) fees. Class Z shares are sold at net asset value with no distribution and service (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 table does not reflect the deduction of taxes that a shareholder may pay on portfolio distributions or on the redemption of portfolio shares.

The inception date of the portfolio's Class R shares is January 23, 2006. Class R shares have no performance prior to their inception date. The performance shown for Class R shares prior to their inception date is that of Class A shares. If Class R shares fees and expenses were included, performance would be lower.

Annual operating expense ratio (%)*

Class A					1.49
Class B					2.24
Class C					2.24
Class R					1.74
Class Z					1.24

* The annual operating expense ratio is as stated in the portfolio's prospectus that is current as of the date of this report and includes the expenses incurred by the underlying funds in which the portfolio invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the underlying funds, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share

as of 09/30/09 ($)

Class A					9.37
Class B					8.63
Class C					8.55
Class R					9.31
Class Z					9.50

Distributions declared per share

04/01/09 – 09/30/09 ($)

Class A					0.02
Class B					0.01
Class C					0.01
Class R					0.02
Class Z					0.02

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 financial intermediary, contact your financial intermediary to obtain your account balance.

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

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 fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (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, which is invested at the beginning of the period and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the 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 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 portfolio and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

04/01/09 – 09/30/09

	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		1,406.31		1,022.56		3.02		2.54		0.50
Class B		1,000.00		1,000.00		1,399.89		1,018.80		7.52		6.33		1.25
Class C		1,000.00		1,000.00		1,398.29		1,018.80		7.52		6.33		1.25
Class R		1,000.00		1,000.00		1,404.91		1,021.31		4.52		3.80		0.75
Class Z		1,000.00		1,000.00		1,405.61		1,023.82		1.51		1.27		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 365.

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 funds. If these transaction costs were included, your costs would have been higher.

As a shareholder of the underlying funds in which it invests, the portfolio will bear its allocable share of the costs and expenses of these underlying funds. These costs and expenses are not included in expense information in the table above.

Portfolio Profile – Columbia LifeGoal Balanced Growth Portfolio

Summary

^g For the six-month period that ended September 30, 2009, the portfolio's Class A shares returned 32.40% without sales charge. The portfolio's return was in line with the 28.84% average return of its peer group, the Lipper Mixed-Asset Target Allocation Growth Funds Classification.¹ The portfolio's equity benchmark, the S&P 500 Index², returned 34.02%, while its fixed-income benchmark, the Barclays Capital Aggregate Bond Index³, returned 5.59%.

^g Against this backdrop, the portfolio's emphasis on small cap and emerging-markets equities benefited performance. Within the fixed-income allocation, an overweight in high-yield bonds, particularly those with a low implied default rate, also improved results. (An implied default rate is calculated based on expectations of the likelihood a security will default, based on its current price, coupon, yield and expected recovery rate—the final amount a creditor would receive on a defaulted credit.) By the end of the period, we reduced the portfolio's exposure to small-cap and emerging-markets equities in light of strengthening economic data and strong price improvements in those categories and redeployed the proceeds into large-cap domestic and developed international equities. We also lowered the portfolio's overweight in investment-grade debt because of less attractive valuations in that category. However, we maintained the portfolio's overweight in high-yield debt, maintaining our conservative approach by emphasizing high-yield bonds with lower implied default rates.

^g Several of the portfolio's underlying funds outperformed their benchmarks. These included: Columbia Value and Restructuring Fund, Columbia Total Return Bond Fund, Columbia Income Fund and Columbia Contrarian Core Fund. In contrast,

¹Lipper 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 portfolio. Lipper makes no adjustment for the effect of sales loads.

²The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

³The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Summary

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

				+32.40%

				Class A shares (without sales charge)

				+5.59%

				Barclays Capital Aggregate Bond Index

				+34.02%

				S&P 500 Index

Portfolio Profile (continued) – Columbia LifeGoal Balanced Growth Portfolio

Columbia International Value Fund, Columbia Convertible Securities Fund, Columbia Mid Cap Value Fund, Columbia Large Cap Value Fund, Columbia Small Cap Growth Fund II and Columbia High Income Fund trailed their benchmarks.