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)
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-612-671-1947
Date of fiscal year end:	March 31
Date of reporting period:		September 30, 2010

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 Asset Allocation Fund II

Semiannual Report for the Period Ended September 30, 2010

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Investment Portfolio	3
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	21
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:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia Asset Allocation Fund II

Average annual total return as of 09/30/10 (%)

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)		1.52		–4.32		1.15		–3.85		1.15		0.15		1.64
1-year		9.88		3.58		9.05		4.05		9.05		8.05		10.12
5-year		1.79		0.59		1.03		0.65		1.04		1.04		2.03
10-year		1.04		0.44		0.27		0.27		0.27		0.27		1.27

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 the 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.

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

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

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

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

Summary

6-month (cumulative) return as of 09/30/10

	+1.52%
	Class A shares (without sales charge)
	–1.21%
	Russell 1000 Index1
	+6.05%
	Barclays Capital Aggregate Bond Index2

Net asset value per share

as of 09/30/10 ($)

Class A	21.23
Class B	21.05
Class C	21.04
Class Z	21.18

Distributions declared per share

04/01/10 – 09/30/10 ($)

Class A	0.23
Class B	0.15
Class C	0.15
Class Z	0.25

1

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 Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,015.20		1,019.05		6.06		6.07		1.20
Class B		1,000.00		1,000.00		1,011.50		1,015.29		9.83		9.85		1.95
Class C		1,000.00		1,000.00		1,011.50		1,015.29		9.83		9.85		1.95
Class Z		1,000.00		1,000.00		1,016.40		1,020.31		4.80		4.81		0.95

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.

2

Investment Portfolio – Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Common Stocks – 61.0%
	Shares		Value ($)
Consumer Discretionary – 6.3%
Automobiles – 0.5%
Ford Motor Co. (a)		37,500		459,000
Automobiles Total				459,000
Hotels, Restaurants & Leisure – 0.4%
McDonald's Corp.		5,700		424,707
Hotels, Restaurants & Leisure Total				424,707
Household Durables – 0.1%
Garmin Ltd.		4,700		142,645
Household Durables Total				142,645
Internet & Catalog Retail – 0.1%
priceline.com, Inc. (a)		200		69,668
Internet & Catalog Retail Total				69,668
Leisure Equipment & Products – 0.2%
Mattel, Inc.		6,400		150,144
Leisure Equipment & Products Total				150,144
Media – 1.8%
Comcast Corp., Class A		21,500		388,720
DIRECTV, Class A (a)		14,300		595,309
Time Warner Cable, Inc.		1,300		70,187
Time Warner, Inc.		19,700		603,805
Viacom, Inc., Class B		1,100		39,809
Media Total				1,697,830
Multiline Retail – 0.8%
Dollar Tree, Inc. (a)		2,700		131,652
Target Corp.		11,300		603,872
Multiline Retail Total				735,524
Specialty Retail – 2.2%
Advance Auto Parts, Inc.		7,100		416,628
Aeropostale, Inc. (a)		7,800		181,350
Autozone, Inc. (a)		900		206,019
Gap, Inc.		15,200		283,328
Limited Brands, Inc.		15,400		412,412
PetSmart, Inc.		2,000		70,000
Ross Stores, Inc.		3,400		185,708
TJX Companies, Inc.		8,000		357,040
Specialty Retail Total				2,112,485
Textiles, Apparel & Luxury Goods – 0.2%
Coach, Inc.		900		38,664
NIKE, Inc., Class B		1,500		120,210
V.F. Corp.		400		32,408
Textiles, Apparel & Luxury Goods Total				191,282
Consumer Discretionary Total				5,983,285
Consumer Staples – 6.8%
Beverages – 0.6%
Coca-Cola Co.		8,500		497,420
PepsiCo, Inc.		1,300		86,372
Beverages Total				583,792

	Shares		Value ($)
Food & Staples Retailing – 1.2%
CVS Caremark Corp.		600		18,882
Sysco Corp.		2,100		59,892
Wal-Mart Stores, Inc.		19,700		1,054,344
Food & Staples Retailing Total				1,133,118
Food Products – 0.5%
Archer-Daniels-Midland Co.		900		28,728
Hershey Co.		9,400		447,346
Food Products Total				476,074
Household Products – 1.8%
Colgate-Palmolive Co.		2,700		207,522
Kimberly-Clark Corp.		1,600		104,080
Procter & Gamble Co.		23,100		1,385,307
Household Products Total				1,696,909
Personal Products – 0.4%
Herbalife Ltd.		6,800		410,380
Personal Products Total				410,380
Tobacco – 2.3%
Altria Group, Inc.		30,000		720,600
Lorillard, Inc.		4,300		345,333
Philip Morris International, Inc.		18,600		1,041,972
Reynolds American, Inc.		600		35,634
Tobacco Total				2,143,539
Consumer Staples Total				6,443,812
Energy – 6.7%
Energy Equipment & Services – 0.8%
Nabors Industries Ltd. (a)		1,500		27,090
National Oilwell Varco, Inc.		12,100		538,087
Rowan Companies, Inc. (a)		5,800		176,088
Energy Equipment & Services Total				741,265
Oil, Gas & Consumable Fuels – 5.9%
Alpha Natural Resources, Inc. (a)		1,700		69,955
Apache Corp.		6,300		615,888
Chevron Corp.		16,600		1,345,430
ConocoPhillips		10,800		620,244
Devon Energy Corp.		7,400		479,076
Exxon Mobil Corp.		28,488		1,760,274
Hess Corp.		1,400		82,768
Marathon Oil Corp.		16,000		529,600
Peabody Energy Corp.		2,400		117,624
Valero Energy Corp.		2,800		49,028
Oil, Gas & Consumable Fuels Total				5,669,887
Energy Total				6,411,152

See Accompanying Notes to Financial Statements.

3

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Financials – 9.5%
Capital Markets – 1.0%
Franklin Resources, Inc.		2,300		245,870
Goldman Sachs Group, Inc.		3,200		462,656
T. Rowe Price Group, Inc.		5,100		255,332
Capital Markets Total				963,858
Commercial Banks – 0.7%
Fifth Third Bancorp.		9,500		114,285
PNC Financial Services Group, Inc.		5,200		269,932
Wells Fargo & Co.		11,500		288,995
Commercial Banks Total				673,212
Consumer Finance – 0.9%
Capital One Financial Corp.		7,600		300,580
Discover Financial Services		21,100		351,948
SLM Corp. (a)		16,100		185,955
Consumer Finance Total				838,483
Diversified Financial Services – 2.7%
Bank of America Corp.		23,700		310,707
Citigroup, Inc. (a)		235,700		919,230
JPMorgan Chase & Co.		33,200		1,263,924
NYSE Euronext		900		25,713
Diversified Financial Services Total				2,519,574
Insurance – 2.7%
AFLAC, Inc.		9,800		506,758
AON Corp.		4,100		160,351
Berkshire Hathaway, Inc., Class B (a)		3,400		281,112
Brown & Brown, Inc.		21,700		438,123
Hartford Financial Services Group, Inc.		12,800		293,760
Protective Life Corp.		16,300		354,688
Prudential Financial, Inc.		1,600		86,688
Reinsurance Group of America, Inc.		9,300		449,097
Unum Group		1,900		42,085
Insurance Total				2,612,662
Real Estate Investment Trusts (REITs) – 1.5%
Annaly Capital Management, Inc.		26,800		471,680
Apartment Investment & Management Co., Class A		20,800		444,704
Hospitality Properties Trust		4,800		107,184
Simon Property Group, Inc.		3,900		361,686
Real Estate Investment Trusts (REITs) Total				1,385,254
Financials Total				8,993,043

	Shares		Value ($)
Health Care – 6.9%
Biotechnology – 0.4%
Amgen, Inc. (a)		7,100		391,281
Biotechnology Total				391,281
Health Care Equipment & Supplies – 0.3%
Alcon, Inc.		200		33,358
Medtronic, Inc.		5,900		198,122
Stryker Corp.		100		5,005
Zimmer Holdings, Inc. (a)		1,100		57,563
Health Care Equipment & Supplies Total				294,048
Health Care Providers & Services – 2.4%
Aetna, Inc.		7,400		233,914
AmerisourceBergen Corp.		11,900		364,854
Cardinal Health, Inc.		1,000		33,040
Humana, Inc. (a)		5,600		281,344
Laboratory Corp. of America Holdings (a)		1,700		133,331
McKesson Corp.		2,500		154,450
Medco Health Solutions, Inc. (a)		7,500		390,450
UnitedHealth Group, Inc.		19,400		681,134
Health Care Providers & Services Total				2,272,517
Pharmaceuticals – 3.8%
Abbott Laboratories		10,800		564,192
Eli Lilly & Co.		17,800		650,234
Forest Laboratories, Inc. (a)		3,300		102,069
Johnson & Johnson		21,500		1,332,140
Merck & Co., Inc.		9,400		346,014
Pfizer, Inc.		11,700		200,889
Valeant Pharmaceuticals International, Inc.		6,589		165,054
Warner Chilcott PLC, Class A		12,300		276,012
Pharmaceuticals Total				3,636,604
Health Care Total				6,594,450
Industrials – 6.7%
Aerospace & Defense – 1.4%
General Dynamics Corp.		1,000		62,810
Honeywell International, Inc.		2,700		118,638
Lockheed Martin Corp.		2,400		171,072
Raytheon Co.		9,600		438,816
United Technologies Corp.		7,500		534,225
Aerospace & Defense Total				1,325,561
Air Freight & Logistics – 0.8%
United Parcel Service, Inc., Class B		12,000		800,280
Air Freight & Logistics Total				800,280

See Accompanying Notes to Financial Statements.

4

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Commercial Services & Supplies – 0.6%
R.R. Donnelley & Sons Co.		25,400		430,784
Waste Management, Inc.		2,400		85,776
Commercial Services & Supplies Total				516,560
Electrical Equipment – 0.7%
Emerson Electric Co.		12,300		647,718
Electrical Equipment Total				647,718
Industrial Conglomerates – 1.9%
3M Co.		4,600		398,866
General Electric Co.		86,900		1,412,125
Industrial Conglomerates Total				1,810,991
Machinery – 0.6%
Caterpillar, Inc.		1,500		118,020
Dover Corp.		3,900		203,619
Eaton Corp.		800		65,992
Illinois Tool Works, Inc.		300		14,106
Parker Hannifin Corp.		2,800		196,168
Machinery Total				597,905
Professional Services – 0.5%
Dun & Bradstreet Corp.		6,200		459,668
Professional Services Total				459,668
Trading Companies & Distributors – 0.2%
W.W. Grainger, Inc.		1,500		178,665
Trading Companies & Distributors Total				178,665
Industrials Total				6,337,348
Information Technology – 11.5%
Communications Equipment – 0.7%
Cisco Systems, Inc. (a)		26,800		586,920
QUALCOMM, Inc.		1,600		72,192
Communications Equipment Total				659,112
Computers & Peripherals – 3.6%
Apple, Inc. (a)		6,700		1,901,125
Dell, Inc. (a)		10,500		136,080
Hewlett-Packard Co.		21,600		908,712
Lexmark International, Inc., Class A (a)		5,000		223,100
SanDisk Corp. (a)		5,400		197,910
Computers & Peripherals Total				3,366,927
Electronic Equipment, Instruments & Components – 0.2%
Dolby Laboratories, Inc., Class A (a)		3,800		215,878
Electronic Equipment, Instruments & Components Total				215,878

	Shares		Value ($)
Internet Software & Services – 0.8%
Google, Inc., Class A (a)		1,500		788,685
Internet Software & Services Total				788,685
IT Services – 1.9%
International Business Machines Corp.		10,500		1,408,470
Teradata Corp. (a)		7,400		285,344
Western Union Co.		4,400		77,748
IT Services Total				1,771,562
Semiconductors & Semiconductor Equipment – 1.7%
Intel Corp.		54,200		1,042,266
Texas Instruments, Inc.		22,300		605,222
Semiconductors & Semiconductor Equipment Total				1,647,488
Software – 2.6%
CA, Inc.		136		2,872
Intuit, Inc. (a)		8,300		363,623
Microsoft Corp.		60,200		1,474,298
Oracle Corp.		18,900		507,465
Symantec Corp. (a)		2,900		43,993
VMware, Inc., Class A (a)		900		76,446
Software Total				2,468,697
Information Technology Total				10,918,349
Materials – 2.4%
Chemicals – 1.7%
Ashland, Inc.		4,100		199,957
Eastman Chemical Co.		7,200		532,800
Lubrizol Corp.		5,200		551,044
PPG Industries, Inc.		4,000		291,200
Chemicals Total				1,575,001
Metals & Mining – 0.7%
Cliffs Natural Resources, Inc.		1,600		102,272
Freeport-McMoRan Copper & Gold, Inc.		4,600		392,794
Newmont Mining Corp.		2,600		163,306
Metals & Mining Total				658,372
Materials Total				2,233,373
Telecommunication Services – 2.1%
Diversified Telecommunication Services – 2.1%
AT&T, Inc.		31,100		889,460
Qwest Communications International, Inc.		57,600		361,152
Verizon Communications, Inc.		22,000		716,980
Diversified Telecommunication Services Total				1,967,592
Telecommunication Services Total				1,967,592

See Accompanying Notes to Financial Statements.

5

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Common Stocks (continued)
	Shares		Value ($)
Utilities – 2.1%
Electric Utilities – 1.1%
DPL, Inc.		5,600		146,328
Edison International		2,500		85,975
Entergy Corp.		1,500		114,795
Exelon Corp.		13,600		579,088
FirstEnergy Corp.		4,200		161,868
Electric Utilities Total				1,088,054
Gas Utilities – 0.2%
Energen Corp.		3,400		155,448
Questar Corp.		4,400		77,132
Gas Utilities Total				232,580
Multi-Utilities – 0.8%
NSTAR		3,400		133,790
OGE Energy Corp.		1,600		63,792
Public Service Enterprise Group, Inc.		15,800		522,664
Multi-Utilities Total				720,246
Utilities Total				2,040,880
Total Common Stocks (cost of $46,922,021)				57,923,284
Corporate Fixed-Income Bonds & Notes – 11.0%
	Par ($)
Basic Materials – 0.3%
Iron/Steel – 0.1%
ArcelorMittal USA, Inc.
6.500% 04/15/14		100,000		110,828
Iron/Steel Total				110,828
Metals & Mining – 0.2%
Vale Overseas Ltd.
6.250% 01/23/17		125,000		143,083
Metals & Mining Total				143,083
Basic Materials Total				253,911
Communications – 1.9%
Media – 0.8%
Comcast Cable Holdings LLC
9.875% 06/15/22		51,000		71,855
DIRECTV Holdings LLC
3.550% 03/15/15		100,000		103,804
NBC Universal, Inc.
5.950% 04/01/41 (b)(c)		120,000		123,433
News America, Inc.
6.550% 03/15/33		125,000		139,518

	Par ($)		Value ($)
RR Donnelley & Sons Co.
6.125% 01/15/17		140,000		146,578
Time Warner, Inc.
6.200% 03/15/40		160,000		174,304
Media Total				759,492
Telecommunication Services – 1.1%
America Movil SAB de CV
5.625% 11/15/17		115,000		129,745
AT&T, Inc.
4.950% 01/15/13		150,000		162,996
5.350% 09/01/40 (b)		76,000		76,358
British Telecommunications PLC
5.150% 01/15/13		125,000		133,582
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14		130,000		147,011
Telecom Italia Capital SA
4.950% 09/30/14		125,000		133,091
Telefonica Emisiones SAU
0.775% 02/04/13 (11/04/10) (d)(e)		200,000		195,780
Vodafone Group PLC
5.750% 03/15/16		100,000		114,489
Telecommunication Services Total				1,093,052
Communications Total				1,852,544
Consumer Cyclical – 0.2%
Retail – 0.2%
CVS Pass-Through Trust
7.507% 01/10/32 (b)		153,311		179,889
Retail Total				179,889
Consumer Cyclical Total				179,889
Consumer Non-Cyclical – 1.1%
Beverages – 0.3%
Anheuser-Busch InBev Worldwide, Inc.
2.500% 03/26/13		125,000		128,247
Bottling Group LLC
6.950% 03/15/14		75,000		88,915
Miller Brewing Co.
5.500% 08/15/13 (b)		120,000		131,963
Beverages Total				349,125
Food – 0.4%
ConAgra Foods, Inc.
5.875% 04/15/14		115,000		131,297
Kraft Foods, Inc.
5.375% 02/10/20		125,000		139,631

See Accompanying Notes to Financial Statements.

6

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Kroger Co.
5.400% 07/15/40		115,000		119,523
Food Total				390,451
Healthcare Services – 0.2%
Roche Holdings, Inc.
6.000% 03/01/19 (b)		150,000		181,720
Healthcare Services Total				181,720
Pharmaceuticals – 0.2%
Wyeth
5.500% 02/01/14		150,000		170,227
Pharmaceuticals Total				170,227
Consumer Non-Cyclical Total				1,091,523
Energy – 1.2%
Oil & Gas – 0.7%
Anadarko Petroleum Corp.
6.200% 03/15/40		130,000		126,735
Canadian Natural Resources Ltd.
5.700% 05/15/17		75,000		86,297
Nexen, Inc.
5.875% 03/10/35		150,000		153,072
Petroleos Mexicanos
5.500% 01/21/21 (b)		125,000		133,125
Talisman Energy, Inc.
6.250% 02/01/38		110,000		120,953
Oil & Gas Total				620,182
Oil & Gas Services – 0.2%
Weatherford International Ltd.
5.150% 03/15/13		100,000		107,071
6.750% 09/15/40		120,000		125,073
Oil & Gas Services Total				232,144
Pipelines – 0.3%
Enterprise Products Operating LLC
4.600% 08/01/12		70,000		73,720
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (d)(e)		130,000		121,550
Williams Partners LP
7.250% 02/01/17		90,000		107,204
Pipelines Total				302,474
Energy Total				1,154,800
Financials – 4.0%
Banks – 2.4%
ANZ National International Ltd.
6.200% 07/19/13 (b)		100,000		111,138

	Par ($)		Value ($)
Barclays Bank PLC
6.750% 05/22/19		175,000		207,964
Bear Stearns Companies LLC
7.250% 02/01/18		225,000		274,080
Capital One Financial Corp.
5.500% 06/01/15		125,000		137,508
Citigroup, Inc.
6.125% 05/15/18		215,000		234,568
Commonwealth Bank of Australia
3.750% 10/15/14 (b)		190,000		203,056
Goldman Sachs Group, Inc.
5.350% 01/15/16		110,000		120,936
Keycorp
6.500% 05/14/13		130,000		142,472
Merrill Lynch & Co., Inc.
6.875% 04/25/18		275,000		308,466
Morgan Stanley
6.625% 04/01/18		125,000		138,582
Royal Bank of Scotland PLC
3.950% 09/21/15		150,000		151,568
Santander U.S. Debt SA Unipersonal
2.991% 10/07/13 (b)(c)		100,000		99,820
Wachovia Corp.
4.875% 02/15/14		150,000		160,284
Banks Total				2,290,442
Diversified Financial Services – 0.4%
ERAC USA Finance LLC
6.375% 10/15/17 (b)		115,000		133,693
General Electric Capital Corp.
5.000% 01/08/16		225,000		247,198
Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (f)		150,000		33,188
Diversified Financial Services Total				414,079
Insurance – 0.9%
Chubb Corp.
5.750% 05/15/18		50,000		57,864
CNA Financial Corp.
7.350% 11/15/19		120,000		134,920
Lincoln National Corp.
8.750% 07/01/19		115,000		147,931
MetLife, Inc.
6.817% 08/15/18		100,000		120,646
Prudential Financial, Inc.
6.100% 06/15/17		100,000		112,035
Transatlantic Holdings, Inc.
8.000% 11/30/39		145,000		151,076
UnitedHealth Group, Inc.
5.250% 03/15/11		115,000		117,186
Insurance Total				841,658

See Accompanying Notes to Financial Statements.

7

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
8.250% 08/15/19		75,000		88,821
ERP Operating LP
5.200% 04/01/13		16,000		17,306
Kimco Realty Corp.
4.300% 02/01/18		100,000		101,332
Simon Property Group LP
6.750% 02/01/40		80,000		94,338
Real Estate Investment Trusts (REITs) Total				301,797
Financials Total				3,847,976
Industrials – 0.7%
Aerospace & Defense – 0.2%
United Technologies Corp.
5.375% 12/15/17		120,000		140,960
Aerospace & Defense Total				140,960
Miscellaneous Manufacturing – 0.3%
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		100,000		123,733
Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19		120,000		149,376
Miscellaneous Manufacturing Total				273,109
Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		75,000		86,535
Canadian Pacific Railway Co.
4.450% 03/15/23		120,000		122,450
Transportation Total				208,985
Industrials Total				623,054
Technology – 0.3%
Networking Products – 0.2%
Cisco Systems, Inc.
4.950% 02/15/19		125,000		143,002
Networking Products Total				143,002
Software – 0.1%
Oracle Corp.
6.500% 04/15/38		100,000		124,214
Software Total				124,214
Technology Total				267,216

	Par ($)		Value ($)
Utilities – 1.3%
Electric – 1.0%
Commonwealth Edison Co.
6.150% 09/15/17		100,000		118,463
Consolidated Edison Co. of New York
5.850% 03/15/36		115,000		131,005
Dominion Resources, Inc.
5.200% 08/15/19		115,000		131,503
Indiana Michigan Power Co.
5.650% 12/01/15		100,000		112,786
Nevada Power Co.
6.500% 08/01/18		85,000		102,850
Nisource Finance Corp.
6.400% 03/15/18		95,000		110,176
NY State Electric & Gas Corp.
5.750% 05/01/23		18,000		18,376
Pacific Gas & Electric Co.
5.800% 03/01/37		100,000		111,054
Progress Energy, Inc.
7.750% 03/01/31		100,000		132,010
Electric Total				968,223
Gas – 0.3%
Atmos Energy Corp.
6.350% 06/15/17		110,000		125,967
Sempra Energy
6.500% 06/01/16		105,000		125,628
Gas Total				251,595
Utilities Total				1,219,818
Total Corporate Fixed-Income Bonds & Notes (cost of $9,757,173)				10,490,731
Government & Agency Obligations – 8.2%
Foreign Government Obligations – 0.5%
Province of Ontario
5.450% 04/27/16		225,000		265,568
Province of Quebec
4.625% 05/14/18		190,000		216,428
Foreign Government Obligations Total				481,996
U.S. Government Agencies – 1.1%
Federal Home Loan Mortgage Corp.
3.125% 10/25/10 (g)		45,000		45,087
5.500% 08/23/17		460,000		555,758
Federal National Mortgage Association
2.500% 05/15/14		475,000		498,479
U.S. Government Agencies Total				1,099,324

See Accompanying Notes to Financial Statements.

8

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Government & Agency Obligations (continued)
	Par ($)		Value ($)
U.S. Government Obligations – 6.6%
U.S. Treasury Bonds
5.375% 02/15/31		2,251,000		2,898,163
U.S. Treasury Inflation Indexed Notes
3.000% 07/15/12		727,506		772,520
U.S. Treasury Notes
2.375% 10/31/14		660,000		696,610
2.375% 02/28/15		1,800,000		1,898,712
U.S. Government Obligations Total				6,266,005
Total Government & Agency Obligations (cost of $7,145,977)				7,847,325
Mortgage-Backed Securities – 11.0%
Federal Home Loan Mortgage Corp.
4.500% 12/01/39		556,156		579,017
4.500% 06/01/40		1,170,317		1,218,422
4.500% 07/01/40		198,790		206,961
5.000% 04/01/38		400,000		420,501
5.000% 05/01/39		209,104		219,801
5.000% 07/01/39		621,741		653,545
5.000% 09/01/40		1,099,890		1,156,153
5.500% 01/01/21		78,326		84,588
5.500% 07/01/21		53,485		57,586
5.500% 02/01/38		524,948		557,193
5.500% 12/01/38		400,000		424,570
6.000% 01/01/38		400,000		429,592
6.500% 07/01/29		110,060		122,204
6.500% 10/01/37		192,064		209,445
8.000% 09/01/25		23,042		26,484
TBA:
4.500% 10/13/40 (c)		100,000		103,984
5.000% 10/13/40 (c)		350,000		367,609
Federal National Mortgage Association
2.574% 08/01/36 (10/01/10) (d)(e)		21,627		22,082
4.000% 01/01/25		356,352		372,516
4.500% 05/01/40		183,391		191,187
5.000% 10/01/20		192,673		205,508
5.000% 05/01/40		246,670		259,828
5.500% 04/01/36		86,846		92,578
5.500% 11/01/36		126,330		134,667
5.500% 02/01/37		195,216		207,692
5.500% 03/01/37		206,750		220,394
5.500% 05/01/37		19,291		20,523
5.500% 06/01/37		184,919		196,737
5.500% 04/01/39		387,699		412,477
6.000% 04/01/36		107,865		116,503
6.000% 06/01/36		177,472		191,683
6.000% 11/01/36		11,096		11,984

	Par ($)		Value ($)
6.000% 12/01/37		299,236		321,981
6.500% 09/01/34		4,831		5,357
6.500% 01/01/37		1,600		1,767
7.500% 10/01/11		7,779		7,813
8.500% 08/01/11		1,642		1,663
10.000% 09/01/18		33,233		38,247
Government National Mortgage Association
4.500% 04/15/39		546,432		575,955
7.500% 12/15/23		15,108		17,173
Total Mortgage-Backed Securities (cost of $10,251,423)				10,463,970
Commercial Mortgage-Backed Securities – 6.1%
Bear Stearns Commercial Mortgage Securities
3.970% 11/11/35 (10/01/10) (d)(e)		207,039		209,623
5.280% 10/12/42 (10/01/10) (d)(e)		200,000		212,239
5.623% 03/11/39 (10/01/10) (d)(e)		400,000		436,268
5.882% 09/11/38 (10/01/10) (d)(e)		152,000		167,753
CS First Boston Mortgage Securities Corp.
5.065% 08/15/38 (10/01/10) (d)(e)		291,893		307,967
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		150,000		159,752
JPMorgan Chase Commercial Mortgage Securities Corp.
4.529% 01/12/37		750,000		764,603
4.659% 07/15/42		433,935		457,054
5.201% 08/12/37 (10/01/10) (d)(e)		195,727		206,889
5.440% 06/12/47		400,000		419,275
5.447% 05/15/45		180,000		191,062
5.447% 06/12/47		287,000		307,489
5.506% 12/12/44 (10/01/10) (d)(e)		311,068		334,340
LB-UBS Commercial Mortgage Trust
5.279% 11/15/38		157,959		160,617
5.403% 02/15/40		320,000		344,056
Merrill Lynch Mortgage Investors, Inc.
I.O.,
0.576% 12/15/30 (10/01/10) (d)(e)		1,472,284		28,122
Morgan Stanley Capital I
5.325% 12/15/43		380,000		416,736
Morgan Stanley Dean Witter Capital I
4.390% 09/15/37		139,355		141,089

See Accompanying Notes to Financial Statements.

9

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Commercial Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
Wachovia Bank Commercial Mortgage Trust
5.090% 07/15/42 (10/01/10) (d)(e)		463,893		494,401
Total Commercial Mortgage-Backed Securities (cost of $5,450,796)				5,759,335
Collateralized Mortgage Obligations – 1.7%
Agency – 0.5%
Federal Home Loan Mortgage Corp.
5.500% 09/15/33		180,000		195,231
Federal National Mortgage Association
6.000% 04/25/17		134,511		146,497
7.000% 01/25/21		15,028		16,984
Vendee Mortgage Trust
I.O.:
0.301% 03/15/29 (10/01/10) (d)(e)		5,813,392		50,574
0.428% 03/15/28 (10/01/10) (d)(e)		3,932,450		45,596
Agency Total				454,882
Non-Agency – 1.2%
Countrywide Alternative Loan Trust
5.500% 10/25/35		721,817		622,444
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 10/25/35		553,431		519,237
Non-Agency Total				1,141,681
Total Collateralized Mortgage Obligations (cost of $1,629,242)				1,596,563
Asset-Backed Securities – 0.9%
Capital Auto Receivables Asset Trust
5.300% 05/15/14		400,000		413,606
Harley-Davidson Motorcycle Trust
5.350% 03/15/13		154,808		157,280
Santander Drive Auto Receivables Trust
0.950% 08/15/13		125,000		125,019
Volkswagen Auto Loan Enhanced Trust
5.470% 03/20/13		120,661		124,574
Total Asset-Backed Securities (cost of $820,687)				820,479

	Par ($)		Value ($)
Short-Term Obligation – 0.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due on 10/01/10 at 0.230%, collateralized by a U.S. Government Agency obligation maturing 11/20/14, market value $664,844 (repurchase proceeds $648,004)		648,000		648,000
Total Short-Term Obligation (cost of $648,000)				648,000
Total Investments – 100.6% (cost of $82,625,319) (h)				95,549,687
Other Assets & Liabilities, Net – (0.6)%				(532,098	)
Net Assets – 100.0%				95,017,589

Notes to Investment Portfolio:

(a)  Non-income producing security.

(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, these securities, which are not illiquid, amounted to $1,374,195, which represents 1.4% of net assets.

(c)  Security purchased on a delayed delivery basis.

(d)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(e)  Parenthetical date represents the next interest rate reset date for the security.

(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, 2010, the value of this security amounted to $33,188, which represents less than 0.1% of net assets.

(g)  A portion of this security with a market value of $35,068 is pledged as collateral for open futures contracts.

(h)  Cost for federal income tax purposes is $82,625,319.

Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Interest Income		Value, end of period
Merrill Lynch & Co., Inc., 6.050% 08/15/12	$	213,601	$	—	$	—	$	1,008	$	—

As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

See Accompanying Notes to Financial Statements.

10

Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	57,923,284		$	—	$	—	$	57,923,284
Total Corporate Fixed-Income Bonds & Notes		—			10,490,731		—		10,490,731
Government & Agency Obligations
Foreign Government Obligations		—			481,996		—		481,996
U.S. Government Agencies		—			1,099,324		—		1,099,324
U.S. Government Obligations		6,266,005			—		—		6,266,005
Total Government & Agency Obligations		6,266,005			1,581,320		—		7,847,325
Total Mortgage-Backed Securities		471,593			9,992,377		—		10,463,970
Total Commercial Mortgage-Backed Securities		—			5,759,335		—		5,759,335
Total Collateralized Mortgage Obligations		—			1,596,563		—		1,596,563
Total Asset-Backed Securities		—			820,479		—		820,479
Total Short-Term Obligation		—			648,000		—		648,000
Total Investments		64,660,882			30,888,805		—		95,549,687
Unrealized Depreciation on Futures Contracts		(28,465	)		—		—		(28,465	)
Total	$	64,632,417		$	30,888,805	$	—	$	95,521,222

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

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

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, 2010, the Fund held the following open short futures contracts:

Interest Rate Risk

Type	Number of Contracts	Value	Aggregate Face Value	Expiration Date	Unrealized Depreciation
5-Year U.S. Treasury Notes	23	$2,779,945	$2,751,480	December 2010		$(28,465)

At September 30, 2010, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Common Stocks		61.0
Corporate Fixed-Income Bonds & Notes		11.0
Mortgage-Backed Securities		11.0
Government & Agency Obligations		8.2
Commercial Mortgage-Backed Securities		6.1
Collateralized Mortgage Obligations		1.7
Asset-Backed Securities		0.9
		99.9
Short-Term Obligation		0.7
Other Assets & Liabilities, Net		(0.6	)
		100.0

Acronym	Name
I.O.	Interest Only
TBA	To Be Announced

See Accompanying Notes to Financial Statements.

11

Statement of Assets and Liabilities – Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

		($)
Assets	Investments, at identified cost		82,625,319
	Investments, at value		95,549,687
	Cash		46
	Receivable for:
	Investments sold		355,699
	Fund shares sold		10,587
	Dividends		72,428
	Interest		240,416
	Expense reimbursement due from investment advisor		11,660
	Prepaid expenses		1,185
	Total Assets		96,241,708
Liabilities	Payable for:
	Investments purchased on a delayed delivery basis		691,793
	Fund shares repurchased		340,829
	Futures variation margin		1,078
	Investment advisory fee		46,716
	Administration fee		4,763
	Transfer agent fee		5,671
	Pricing and bookkeeping fees		7,817
	Trustees' fees		63,143
	Legal fee		18,767
	Custody fee		5,318
	Distribution and service fees		16,796
	Other liabilities		21,428
	Total Liabilities		1,224,119
	Net Assets		95,017,589
Net Assets Consist of	Paid-in capital		96,943,103
	Undistributed net investment income		51,311
	Accumulated net realized loss		(14,872,728	)
	Net unrealized appreciation (depreciation) on:
	Investments		12,924,368
	Futures contracts		(28,465	)
	Net Assets		95,017,589

See Accompanying Notes to Financial Statements.

12

Statement of Assets and Liabilities(continued) – Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Class A	Net assets	$	69,108,282
	Shares outstanding		3,255,177
	Net asset value per share	$	21.23	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($21.23/0.9425)	$	22.53	(b)
Class B	Net assets	$	1,436,299
	Shares outstanding		68,247
	Net asset value and offering price per share	$	21.05	(a)
Class C	Net assets	$	886,426
	Shares outstanding		42,138
	Net asset value and offering price per share	$	21.04	(a)
Class Z	Net assets	$	23,586,582
	Shares outstanding		1,113,490
	Net asset value, offering and redemption price per share	$	21.18

(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.

13

Statement of Operations – Columbia Asset Allocation Fund II

For the Six Months Ended September 30, 2010 (Unaudited)

		($)
Investment Income	Dividends		817,119
	Interest		826,874
	Interest from affiliates		1,008
	Total Investment Income		1,645,001
Expenses	Investment advisory fee		288,021
	Administration fee		29,910
	Distribution and service fees—Class A		87,458
	Distribution fee:
	Class B		6,027
	Class C		3,230
	Service fee:
	Class B		2,009
	Class C		1,077
	Transfer agent fee		76,938
	Pricing and bookkeeping fees		36,584
	Trustees' fees		19,176
	Custody fee		12,377
	Chief compliance officer expenses		394
	Other expenses		96,374
	Total Expenses		659,575
	Fees waived or expenses reimbursed by investment advisor		(103,729	)
	Expense reductions		(12	)
	Net Expenses		555,834
	Net Investment Income		1,089,167
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts	Net realized gain (loss) on:
	Investments		3,087,027
	Futures contracts		(159,816	)
	Net realized gain		2,927,211
	Net change in unrealized appreciation (depreciation) on:
	Investments		(2,597,509	)
	Futures contracts		(39,270	)
	Net change in unrealized appreciation (depreciation)		(2,636,779	)
	Net Gain		290,432
	Net Increase Resulting from Operations		1,379,599

See Accompanying Notes to Financial Statements.

14

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

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations	Net investment income		1,089,167			2,009,113
	Net realized gain (loss) on investments and futures contracts		2,927,211			(446,388	)
	Net change in unrealized appreciation (depreciation) on investments and futures contracts		(2,636,779	)		25,738,908
	Net increase resulting from operations		1,379,599			27,301,633
Distributions to Shareholders	From net investment income:
	Class A		(749,160	)		(1,488,754	)
	Class B		(10,687	)		(33,825	)
	Class C		(6,284	)		(10,178	)
	Class Z		(283,718	)		(528,747	)
	Total distributions to shareholders		(1,049,849	)		(2,061,504	)
	Net Capital Stock Transactions		(4,629,618	)		(4,905,562	)
	Increase from regulatory settlements		—			1,914
	Total increase (decrease) in net assets		(4,299,868	)		20,336,481
Net Assets	Beginning of period		99,317,457			78,980,976
	End of period		95,017,589			99,317,457
	Undistributed net investment income at end of period		51,311			11,993

See Accompanying Notes to Financial Statements.

15

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

	Capital Stock Activity
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		61,504			1,302,383			85,822			1,664,491
Distributions reinvested		18,330			380,460			71,862			1,389,350
Redemptions		(243,338	)		(5,087,305	)		(410,564	)		(7,883,419	)
Net decrease		(163,504	)		(3,404,462	)		(252,880	)		(4,829,578	)
Class B
Subscriptions		898			18,542			8,222			146,335
Distributions reinvested		266			5,493			1,533			28,971
Redemptions		(26,929	)		(562,724	)		(68,470	)		(1,290,760	)
Net decrease		(25,765	)		(538,689	)		(58,715	)		(1,115,454	)
Class C
Subscriptions		3,097			63,547			8,666			169,390
Distributions reinvested		142			2,957			381			7,219
Redemptions		(827	)		(16,952	)		(1,922	)		(38,180	)
Net increase		2,412			49,552			7,125			138,429
Class Z
Subscriptions		10,395			219,200			29,914			584,656
Distributions reinvested		11,299			236,735			23,361			451,485
Redemptions		(57,874	)		(1,191,954	)		(6,797	)		(135,100	)
Net increase (decrease)		(36,180	)		(736,019	)		46,478			901,041

See Accompanying Notes to Financial Statements.

16

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	21.14		$	15.94		$	22.39		$	24.00		$	22.22		$	20.84
Income from Investment Operations:
Net investment income (b)		0.21			0.41			0.45			0.48			0.43			0.32
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		0.11			5.21			(6.44	)		(1.60	)		1.78			1.37
Total from investment operations		0.32			5.62			(5.99	)		(1.12	)		2.21			1.69
Less Distributions to Shareholders:
From net investment income		(0.23	)		(0.42	)		(0.46	)		(0.49	)		(0.43	)		(0.31	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	21.23		$	21.14		$	15.94		$	22.39		$	24.00		$	22.22
Total return (e)(f)		1.52	%(g)		35.54	%		(27.03	)%		(4.78	)%		10.06	%		8.17	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.20	%(i)		1.21	%		1.29	%		1.22	%		1.22	%		1.13	%
Interest expense		—			—			—			—	%(d)		—	%(d)		—	%(d)
Net expenses (h)		1.20	%(i)		1.21	%		1.29	%		1.22	%		1.22	%		1.13	%
Waiver/Reimbursement		0.22	%(i)		0.20	%		0.09	%		0.07	%		0.07	%		0.04	%
Net investment income (h)		2.23	%(i)		2.14	%		2.31	%		1.99	%		1.89	%		1.49	%
Portfolio turnover rate		36	%(g)		80	%		67	%		63	%		55	%		102	%
Net assets, end of period (000s)	$	69,108		$	72,267		$	58,511		$	94,827		$	115,393		$	119,408

(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)  Rounds to less than $0.01 per share.

(d)  Rounds to less than 0.01%.

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

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

(g)  Not annualized.

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

(i)  Annualized.

See Accompanying Notes to Financial Statements.

17

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	20.96		$	15.81		$	22.20		$	23.81		$	22.04		$	20.67
Income from Investment Operations:
Net investment income (b)		0.15			0.27			0.29			0.30			0.26			0.14
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		0.09			5.16			(6.37	)		(1.60	)		1.77			1.38
Total from investment operations		0.24			5.43			(6.08	)		(1.30	)		2.03			1.52
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.28	)		(0.31	)		(0.31	)		(0.26	)		(0.15	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	21.05		$	20.96		$	15.81		$	22.20		$	23.81		$	22.04
Total return (d)(e)		1.15	%(f)		34.52	%		(27.55	)%		(5.54	)%		9.27	%		7.38	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.95	%(h)		1.96	%		2.04	%		1.97	%		1.97	%		1.88	%
Interest expense		—			—			—			—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		1.95	%(h)		1.96	%		2.04	%		1.97	%		1.97	%		1.88	%
Waiver/Reimbursement		0.22	%(h)		0.20	%		0.09	%		0.07	%		0.07	%		0.04	%
Net investment income (g)		1.44	%(h)		1.42	%		1.49	%		1.25	%		1.14	%		0.68	%
Portfolio turnover rate		36	%(f)		80	%		67	%		63	%		55	%		102	%
Net assets, end of period (000s)	$	1,436		$	1,970		$	2,414		$	7,349		$	15,225		$	22,247

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

18

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	20.95		$	15.79		$	22.18		$	23.79		$	22.02		$	20.65
Income from Investment Operations:
Net investment income (b)		0.15			0.26			0.30			0.32			0.26			0.15
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		0.09			5.18			(6.38	)		(1.62	)		1.77			1.37
Total from investment operations		0.24			5.44			(6.08	)		(1.30	)		2.03			1.52
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.28	)		(0.31	)		(0.31	)		(0.26	)		(0.15	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	21.04		$	20.95		$	15.79		$	22.18		$	23.79		$	22.02
Total return (d)(e)		1.15	%(f)		34.63	%		(27.58	)%		(5.54	)%		9.28	%		7.39	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.95	%(h)		1.96	%		2.04	%		1.97	%		1.97	%		1.88	%
Interest expense		—			—			—			—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		1.95	%(h)		1.96	%		2.04	%		1.97	%		1.97	%		1.88	%
Waiver/Reimbursement		0.22	%(h)		0.20	%		0.09	%		0.07	%		0.07	%		0.04	%
Net investment income (g)		1.49	%(h)		1.38	%		1.59	%		1.32	%		1.14	%		0.73	%
Portfolio turnover rate		36	%(f)		80	%		67	%		63	%		55	%		102	%
Net assets, end of period (000s)	$	886		$	832		$	515		$	730		$	2,105		$	2,468

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

19

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	21.09		$	15.90		$	22.34		$	23.95		$	22.17		$	20.81
Income from Investment Operations:
Net investment income (b)		0.26			0.46			0.50			0.54			0.49			0.37
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency		0.08			5.20			(6.43	)		(1.60	)		1.78			1.36
Total from investment operations		0.34			5.66			(5.93	)		(1.06	)		2.27			1.73
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.47	)		(0.51	)		(0.55	)		(0.49	)		(0.37	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	21.18		$	21.09		$	15.90		$	22.34		$	23.95		$	22.17
Total return (d)(e)		1.64	%(f)		35.90	%		(26.86	)%		(4.55	)%		10.35	%		8.35	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.95	%(h)		0.96	%		1.04	%		0.97	%		0.97	%		0.88	%
Interest expense		—			—			—			—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		0.95	%(h)		0.96	%		1.04	%		0.97	%		0.97	%		0.88	%
Waiver/Reimbursement		0.22	%(h)		0.20	%		0.09	%		0.07	%		0.07	%		0.04	%
Net investment income (g)		2.48	%(h)		2.39	%		2.58	%		2.24	%		2.15	%		1.72	%
Portfolio turnover rate		36	%(f)		80	%		67	%		63	%		55	%		102	%
Net assets, end of period (000s)	$	23,587		$	24,248		$	17,541		$	24,859		$	24,680		$	25,336

(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)  Rounds to less than $0.01 per share.

(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.

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

20

Notes to Financial Statements – Columbia Asset Allocation Fund II

September 30, 2010 (Unaudited)

Note 1. Organization

Columbia Asset Allocation Fund II (the "Fund"), a series of Columbia Funds Series Trust (the "Trust"), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Delaware statutory trust.

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. 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 the 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 maximum contingent deferred sales charge ("CDSC") of 1.00% based upon the holding period 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.

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and, except as disclosed in Note 12, 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 Fund in the preparation of its financial statements.

Security Valuation

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

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

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.

21

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

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.

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.

GAAP 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.

Derivative Instruments

The Fund may invest in derivative instruments. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for

22

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

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.

Delayed Delivery Securities

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

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is 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. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, 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.

23

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

Note 3. Federal Tax Information

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

Distributions paid from:	March 31, 2010
Ordinary Income*	$	2,061,504

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	14,266,363
Unrealized depreciation		(1,341,995	)
Net unrealized appreciation	$	12,924,368

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Capital Loss Carryforwards
2012	$	1,767,986
2017		4,810,145
2018		10,216,453
Total	$	16,794,584

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

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Fund. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Fund and subsequently changed its name to Columbia Management Investment Advisers, LLC (the "New Advisor"). The New Advisor receives a monthly investment advisory fee at the annual rate of 0.60% of the Fund's average daily net assets.

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Fund under the same fee structure.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Fund under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Fund, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor receives 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. Prior to the Closing, Columbia provided administrative services to the Fund at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Fund entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank and Trust

24

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. 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.

Also prior to the Closing, the Fund entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimbursed 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. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Fund and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New 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 New 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 New Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Fund. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Fund and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the six month period ended September 30, 2010, the Fund's annualized effective transfer agent fee rate for each class as a percentage of average daily net assets was as follows:

Class A, Class B, Class C and Class Z: 0.16%

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the six month period ended September 30, 2010, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Fund and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor").

For the six month period ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $2,131 and net CDSC fees paid by shareholders on certain redemptions of Class B, shares amounted to $1,251, respectively.

25

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

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 New 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 the New 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	%

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Fund's shares. There were no changes to the underwriting discount structure of the Fund or the service or distribution fee rates paid by the Fund as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective May 1, 2010, the New Advisor 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. This arrangement may be modified or terminated by the New Advisor at any time. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Fund's expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Fund are employees of the New Advisor or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, the Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust's eligible Trustees may participate in a 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 Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant's deferral account was based on the rate of return of BofA Treasury Reserves (formerly known as Columbia Treasury Reserves). 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 are included in "Trustees' fees" on the Statement of Operations. Liabilities under the deferred compensation plan are 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, 2010, these custody credits reduced total expenses by $12 for the Fund.

26

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

Note 6. Objectives and Strategies for Investing in Derivative Instruments

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

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

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

The following provides more detailed information about the 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 these: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, and (3) an inaccurate prediction of the future direction of interest rates by the Fund's investment advisor.

Upon entering into a futures contract, the Fund identifies within its portfolio of investments cash or securities in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires.

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

During the six month period ended September 30, 2010, the Fund entered into 86 futures contracts.

The following table is a summary of the value of the Fund's derivative instruments as of September 30, 2010:

	Fair Value of Derivative Instruments Statement of Assets and Liabilities
Assets	Fair Value	Liabilities	Fair Value*
		Futures Variation Margin	$	1,078

*  Includes only the current day's variation margin.

27

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

The effect of derivative instruments on the Fund's Statement of Operations for the six months ended September 30, 2010:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate Risk	$	(159,816	)	$	(39,270	)

Note 7. Portfolio Information

For the six month period ended September 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $34,258,266 and $38,675,725, respectively, of which $5,724,427 and $6,022,129, respectively, were U.S. Government securities.

Note 8. Regulatory Settlements

During the year ended March 31, 2010, the Fund received payments totaling $1,914 relating to certain regulatory settlements with third parties that the Fund had participated in during the year. 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 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.

For the six month period ended September 30, 2010, the Fund did not borrow under these arrangements.

Note 10. Shareholder Concentration

As of September 30, 2010, two shareholder accounts owned 84.2% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

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.

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

28

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

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

Information Regarding Pending and Settled Legal Proceedings

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

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

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

29

Columbia Asset Allocation Fund II, September 30, 2010 (Unaudited)

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

Note 12. Subsequent Events

The Board of Trustees has approved a proposal to merge the Fund into Columbia LifeGoal Balanced Growth Portfolio. Shareholders of the Fund will vote on the proposed merger at a Special Meeting of Shareholders scheduled to be held during the first half of 2011.

Effective October 22, 2010, the Fund transitioned to a fund-of-fund structure, which means the Fund will seek to achieve its objective by investing primarily in shares of mutual funds managed by the New Advisor or its affiliates (Columbia Funds). The Fund may also invest in exchange-traded funds and third party-advised funds, equity and fixed income securities, including Treasury inflation protected securities, and other instruments such as derivatives.

Effective October 22, 2010, the New Advisor has contractually agreed to waive a portion of its advisory fee through January 31, 2012 so that the effective advisory fee rate will be a blend of (i) 0.00% on assets invested in other Columbia Funds, exchange-traded funds or third party mutual funds, and (ii) 0.60% on other assets.

In addition, effective October 22, 2010, the New Advisor has contractually agreed to reimburse a portion of the Fund's expenses, through January 31, 2012, so that the Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes, extraordinary expenses, acquired fund fees and expenses and certain advisory fees, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 0.51%, 1.26%, 1.26% and 0.26% of the Fund's average daily net assets attributable to Class A, Class B, Class C and Class Z shares, respectively.

Effective October 14, 2010, the line of credit disclosed in Note 9 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

30

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Important Information About This Report

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

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

33

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

Columbia Asset Allocation Fund II
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1115 A (11/10)

Corporate Bond Funds

Semiannual Report for the Period Ended September 30, 2010

>  Columbia Total Return Bond Fund

>  Columbia Short Term Bond Fund

>  Columbia High Income Fund

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Columbia Total Return Bond Fund	1
Columbia Short Term Bond Fund	3
Columbia High Income Fund	5
Investment Portfolios	7
Statements of Assets and Liabilities	45
Statements of Operations	47
Statements of Changes in Net Assets	49
Financial Highlights	52
Notes to Financial Statements	68
Board Consideration and Approval of Amendment to Investment Management Services Agreement—Columbia Short Term Bond Fund	84
Summary of Management Fee Evaluation by Independent Fee Consultant	86
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 securities should not be construed as a recommendation or investment advice.

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia Total Return Bond Fund

Average annual total return as of 09/30/10 (%)

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)		4.86		1.46		4.47		1.47		4.47		3.47		4.99
1-year		9.56		6.04		8.63		5.63		8.74		7.74		9.83
5-year		5.41		4.72		4.61		4.61		4.63		4.63		5.68
10-year		5.56		5.21		4.77		4.77		4.77		4.77		5.83

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.

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 shown 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.

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.

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

Summary

6-month (cumulative) return as of 09/30/10

	+4.86%
	Class A shares (without sales charge)
	+6.05%
	Barclays Capital Aggregate Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.11
Class B	10.11
Class C	10.11
Class Z	10.12

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.20
Class B	0.17
Class C	0.17
Class Z	0.22

1

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 Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,048.60		1,020.41		4.78		4.71		0.93
Class B		1,000.00		1,000.00		1,044.70		1,016.65		8.61		8.49		1.68
Class C		1,000.00		1,000.00		1,044.70		1,016.65		8.61		8.49		1.68
Class Z		1,000.00		1,000.00		1,049.90		1,021.66		3.49		3.45		0.68

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.

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.

2

Performance Information – Columbia Short Term Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C
Inception	10/02/92				06/07/93				10/02/92
Sales charge	without		with		without		with		without		with
6-month (cumulative)		2.09		1.07		1.71		–1.29		1.93		0.93
1-year		4.51		3.46		3.63		0.63		4.18		3.18
5-year		4.39		4.18		3.61		3.61		4.07		4.07
10-year/Life		4.17		4.06		3.39		3.39		3.61		3.61

Average annual total return as of 09/30/10 (%)

Share class	I		R		W		Y		Z
Inception	09/27/10		09/27/10		09/27/10		07/15/09		09/30/92
Sales charge	without		without		without		without		without
6-month (cumulative)	n/a		n/a		n/a			2.23		2.22
1-year	n/a		n/a		n/a			4.78		4.77
5-year	n/a		n/a		n/a			4.65		4.65
10-year/Life		0.02		0.02		0.02		4.41		4.41

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 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 I, Y and Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and W shares are sold at net asset value with a distribution and service (Rule 12b-1) fee. Class I, R, W, Y and Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

The returns for Class Y shares include the returns for Class Z shares prior to July 15, 2009, the date on which Class Y shares were initially offered by the fund. The returns shown have not been adjusted to reflect any differences in expenses between Class Y shares and Class Z shares.

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

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.

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

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

Summary

6-month (cumulative) return as of 09/30/10

	+2.09%
	Class A shares (without sales charge)
	+1.96%
	Barclays Capital 1-3 Year Government/Credit Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.02
Class B	10.01
Class C	10.01
Class I	10.00
Class R	10.02
Class W	10.02
Class Y	10.00
Class Z	10.00

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.14
Class B	0.10
Class C	0.12
Class I	0.00	*
Class R	0.00	*
Class W	0.00	*
Class Y	0.15
Class Z	0.15

*Rounds to less than $0.01.

3

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 Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,020.90			1,021.41		3.70			3.70		0.73
Class B		1,000.00		1,000.00		1,017.10			1,017.65		7.48			7.49		1.48
Class C		1,000.00		1,000.00		1,019.30			1,019.85		5.26			5.27		1.04
Class I		1,000.00		1,000.00		1,000.20	*		1,022.81		0.04	*		2.28		0.45
Class R		1,000.00		1,000.00		1,000.20	*		1,020.16		0.08	*		4.96		0.98
Class W		1,000.00		1,000.00		1,000.20	*		1,021.41		0.06	*		3.70		0.73
Class Y		1,000.00		1,000.00		1,022.30			1,022.71		2.38			2.38		0.47
Class Z		1,000.00		1,000.00		1,022.20			1,022.66		2.43			2.43		0.48

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.

*For the period September 27, 2010 through September 30, 2010. Class I, Class R and Class W commenced operations on September 27, 2010.

4

Performance Information – Columbia High Income Fund

Average annual total return as of 09/30/10 (%)

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)		5.07		0.07		4.82		–0.18		4.85		3.85		5.28
1-year		13.73		8.37		12.91		7.91		12.99		11.99		14.00
5-year		6.04		5.00		5.23		4.95		5.26		5.26		6.30
10-year		7.55		7.04		6.77		6.77		6.76		6.76		7.83

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

Performance results reflect any fee waivers or 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 prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

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.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.07%
	Class A shares (without sales charge)
	+6.18%
	Credit Suisse High Yield Index1

Net asset value per share

as of 09/30/10 ($)
Class A	7.92
Class B	7.90
Class C	7.86
Class Z	8.01

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.28
Class B	0.25
Class C	0.25
Class Z	0.29

5

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 Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,050.70		1,019.05		6.17		6.07		1.20
Class B		1,000.00		1,000.00		1,048.20		1,015.29		10.01		9.85		1.95
Class C		1,000.00		1,000.00		1,048.50		1,015.29		10.01		9.85		1.95
Class Z		1,000.00		1,000.00		1,052.80		1,020.31		4.89		4.81		0.95

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.

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.

6

Investment Portfolio – Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 42.6%
	Par ($)		Value ($)
Basic Materials – 1.4%
Chemicals – 0.6%
Celanese U.S. Holdings LLC
6.625% 10/15/18 (a)		21,000		21,473
CF Industries, Inc.
6.875% 05/01/18		395,000		425,119
Dow Chemical Co.
5.900% 02/15/15		1,455,000		1,622,443
8.550% 05/15/19		385,000		486,136
9.400% 05/15/39		125,000		176,935
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.875% 02/01/18		585,000		573,300
INEOS Finance PLC
9.000% 05/15/15 (a)		165,000		172,219
INVISTA
9.250% 05/01/12 (a)		282,000		285,525
Koppers, Inc.
7.875% 12/01/19		105,000		109,462
Lubrizol Corp.
8.875% 02/01/19		775,000		1,006,862
Lyondell Chemical Co.
8.000% 11/01/17 (a)		424,000		463,220
11.000% 05/01/18		73,000		80,756
MacDermid, Inc.
9.500% 04/15/17 (a)		235,000		245,575
NOVA Chemicals Corp.
8.375% 11/01/16		90,000		94,725
8.625% 11/01/19		135,000		143,269
Solutia, Inc.
8.750% 11/01/17		295,000		322,287
Chemicals Total				6,229,306
Forest Products & Paper – 0.2%
Cascades, Inc.
7.750% 12/15/17		325,000		338,813
Domtar Corp.
10.750% 06/01/17		400,000		498,000
Georgia-Pacific LLC
8.000% 01/15/24		800,000		898,000
PE Paper Escrow GmbH
12.000% 08/01/14 (a)		310,000		358,050
Forest Products & Paper Total				2,092,863
Iron/Steel – 0.5%
ArcelorMittal
7.000% 10/15/39		2,897,000		2,959,494
Nucor Corp.
5.000% 06/01/13		150,000		163,914
5.850% 06/01/18		2,085,000		2,456,215

	Par ($)		Value ($)
Russel Metals, Inc.
6.375% 03/01/14		295,000		291,313
United States Steel Corp.
7.000% 02/01/18		255,000		260,100
Iron/Steel Total				6,131,036
Metals & Mining – 0.1%
Freeport-McMoRan Copper & Gold, Inc.
8.375% 04/01/17		300,000		334,875
Novelis, Inc.
7.250% 02/15/15		50,000		50,875
Teck Resources Ltd.
10.750% 05/15/19		414,000		521,350
Vedanta Resources PLC
9.500% 07/18/18 (a)		265,000		286,200
Metals & Mining Total				1,193,300
Basic Materials Total				15,646,505
Communications – 4.3%
Advertising – 0.1%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		85,000		90,313
10.000% 07/15/17		360,000		420,300
inVentiv Health, Inc.
10.000% 08/15/18 (a)		250,000		248,437
Visant Corp.
7.000% 09/22/16 (10/22/10) (b)(c)		145,000		145,797
10.000% 10/01/17 (a)		120,000		125,400
Advertising Total				1,030,247
Media – 2.2%
Belo Corp.
8.000% 11/15/16		165,000		176,344
CCO Holdings LLC/CCO Holdings Capital Corp.
7.250% 10/30/17 (a)		518,000		525,123
CMP Susquehanna Corp.
3.398% 05/15/14 (11/10/10) (b)(c)(d)		27,000		15,930
Comcast Cable Holdings LLC
9.875% 06/15/22		2,089,000		2,943,228
Comcast Corp.
6.950% 08/15/37		1,294,000		1,517,331
CSC Holdings LLC
8.500% 06/15/15		190,000		207,575
DirecTV Holdings LLC
3.125% 02/15/16		4,885,000		4,932,556
6.375% 06/15/15		440,000		455,400
DISH DBS Corp.
7.875% 09/01/19		725,000		780,281

See Accompanying Notes to Financial Statements.

7

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Entravision Communications Corp.
8.750% 08/01/17 (a)		375,000		382,500
Gannett Co., Inc.
6.375% 09/01/15 (a)		120,000		118,650
Gray Television, Inc.
10.500% 06/29/15		297,000		296,629
Insight Communications Co., Inc.
9.375% 07/15/18 (a)		145,000		154,063
Liberty Media LLC
8.250% 02/01/30		355,000		342,575
NBC Universal, Inc.
5.950% 04/01/41 (a)(e)		2,810,000		2,890,397
News America, Inc.
6.400% 12/15/35		2,105,000		2,334,384
6.550% 03/15/33		655,000		731,074
Salem Communications Corp.
9.625% 12/15/16		50,000		53,125
Sinclair Television Group, Inc.
8.375% 10/15/18 (a)		100,000		100,750
9.250% 11/01/17 (a)		172,000		184,470
Sirius XM Radio, Inc.
8.750% 04/01/15 (a)		240,000		255,000
9.750% 09/01/15 (a)		405,000		446,006
Time Warner Cable, Inc.
5.850% 05/01/17		950,000		1,083,203
7.300% 07/01/38		3,375,000		4,145,654
Umbrella Acquisition, Inc.
PIK, 9.750% 03/15/15 (03/15/12) (a)(b)(c)		52,625		50,160
Media Total				25,122,408
Telecommunication Services – 2.0%
AT&T, Inc.
6.550% 02/15/39		2,295,000		2,669,025
BellSouth Corp.
5.200% 09/15/14		305,000		342,986
British Telecommunications PLC
5.150% 01/15/13		750,000		801,494
5.950% 01/15/18		520,000		579,726
Cincinnati Bell, Inc.
8.250% 10/15/17		350,000		353,500
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000% 12/01/15 (a)		275,000		296,313
Cricket Communications, Inc.
7.750% 05/15/16		595,000		631,444
Crown Castle International Corp.
9.000% 01/15/15		455,000		501,637
Digicel Group Ltd.
8.250% 09/01/17 (a)		630,000		661,500
Frontier Communications Corp.
7.875% 01/15/27		1,005,000		1,015,050

	Par ($)		Value ($)
Intelsat Corp.
9.250% 06/15/16		655,000		698,394
Intelsat Jackson Holdings SA
7.250% 10/15/20 (a)		75,000		75,375
ITC Deltacom, Inc.
10.500% 04/01/16		550,000		558,937
Level 3 Financing, Inc.
8.750% 02/15/17		360,000		320,400
9.250% 11/01/14		295,000		277,300
MetroPCS Wireless, Inc.
7.875% 09/01/18		330,000		339,900
Nextel Communications, Inc.
7.375% 08/01/15		1,100,000		1,105,500
Nielsen Finance LLC/Nielsen Finance Co.
7.750% 10/15/18 (a)(e)		375,000		372,251
NII Capital Corp.
10.000% 08/15/16		320,000		364,000
PAETEC Holding Corp.
8.875% 06/30/17		325,000		339,625
Quebecor Media, Inc.
7.750% 03/15/16		615,000		634,219
Qwest Communications International, Inc.
7.500% 02/15/14		355,000		362,100
Qwest Corp.
7.500% 10/01/14		680,000		768,400
7.500% 06/15/23		500,000		502,500
SBA Telecommunications, Inc.
8.250% 08/15/19		425,000		467,500
Sprint Capital Corp.
6.875% 11/15/28		190,000		173,850
Telefonica Emisiones SAU
6.221% 07/03/17		805,000		939,893
6.421% 06/20/16		3,405,000		3,990,895
Wind Acquisition Finance SA
11.750% 07/15/17 (a)		515,000		577,122
Windstream Corp.
8.625% 08/01/16		1,105,000		1,168,537
Telecommunication Services Total				21,889,373
Communications Total				48,042,028
Consumer Cyclical – 2.7%
Airlines – 0.2%
Continental Airlines, Inc.
7.461% 04/01/15		2,054,369		2,136,544
Airlines Total				2,136,544
Auto Manufacturers – 0.0%
Oshkosh Corp.
8.500% 03/01/20		16,000		17,320
Auto Manufacturers Total				17,320

See Accompanying Notes to Financial Statements.

8

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Auto Parts & Equipment – 0.0%
Accuride Corp.
9.500% 08/01/18 (a)		60,000		63,000
Lear Corp.
7.875% 03/15/18		200,000		212,000
8.125% 03/15/20		50,000		53,438
Tenneco, Inc.
7.750% 08/15/18 (a)		39,000		39,975
Auto Parts & Equipment Total				368,413
Distribution/Wholesale – 0.0%
McJunkin Red Man Corp.
9.500% 12/15/16 (a)		404,000		355,520
Distribution/Wholesale Total				355,520
Entertainment – 0.1%
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp.
9.125% 08/01/18 (a)		100,000		105,000
Pinnacle Entertainment, Inc.
8.625% 08/01/17		300,000		318,375
8.750% 05/15/20		280,000		275,800
Shingle Springs Tribal Gaming Authority
9.375% 06/15/15 (a)		750,000		558,750
Six Flags, Inc.
9.625% 06/01/14 (d)(f)		171,000		—
Entertainment Total				1,257,925
Home Builders – 0.2%
Beazer Homes USA, Inc.
9.125% 06/15/18		269,000		251,851
D.R. Horton, Inc.
5.625% 09/15/14		380,000		380,000
5.625% 01/15/16		165,000		164,588
K. Hovnanian Enterprises, Inc.
10.625% 10/15/16		265,000		265,331
KB Home
5.875% 01/15/15		665,000		628,425
Home Builders Total				1,690,195
Home Furnishings – 0.0%
Norcraft Companies LP/Norcraft Finance Corp.
10.500% 12/15/15		20,000		20,900
Home Furnishings Total				20,900
Lodging – 0.3%
Host Hotels & Resorts LP
6.750% 06/01/16		630,000		652,837
MGM Resorts International
11.375% 03/01/18		435,000		414,338
13.000% 11/15/13		150,000		176,250

	Par ($)		Value ($)
Penn National Gaming, Inc.
8.750% 08/15/19		285,000		302,813
Seminole Indian Tribe of Florida
7.804% 10/01/20 (a)		325,000		305,360
Snoqualmie Entertainment Authority
9.125% 02/01/15 (a)		265,000		233,200
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18		615,000		661,125
Wyndham Worldwide Corp.
6.000% 12/01/16		95,000		99,106
Lodging Total				2,845,029
Retail – 1.9%
CVS Pass-Through Trust
5.298% 01/11/27 (a)		2,462,298		2,533,625
6.036% 12/10/28		3,177,325		3,362,150
8.353% 07/10/31 (a)		4,823,326		5,977,789
Limited Brands, Inc.
8.500% 06/15/19		530,000		616,125
Macy's Retail Holdings, Inc.
5.750% 07/15/14		6,310,000		6,688,600
McDonald's Corp.
5.700% 02/01/39		1,225,000		1,411,392
Michaels Stores, Inc.
11.375% 11/01/16		65,000		70,606
Neiman Marcus Group, Inc.
10.375% 10/15/15		80,000		84,000
PIK, 9.000% 10/15/15		100,000		103,875
QVC, Inc.
7.125% 04/15/17 (a)		50,000		51,750
7.375% 10/15/20 (a)		160,000		165,600
7.500% 10/01/19 (a)		315,000		329,175
Rite Aid Corp.
8.000% 08/15/20 (a)		140,000		142,100
10.250% 10/15/19		100,000		104,125
Retail Total				21,640,912
Consumer Cyclical Total				30,332,758
Consumer Non-Cyclical – 3.0%
Beverages – 0.5%
Anheuser-Busch InBev Worldwide, Inc.
7.200% 01/15/14 (a)		2,410,000		2,808,298
7.750% 01/15/19 (a)		495,000		642,120
8.000% 11/15/39 (a)		1,815,000		2,569,323
Cott Beverages USA, Inc.
8.125% 09/01/18 (a)		88,000		93,170
Cott Beverages, Inc.
8.375% 11/15/17 (a)		90,000		95,400
Beverages Total				6,208,311

See Accompanying Notes to Financial Statements.

9

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Commercial Services – 0.2%
Cardtronics, Inc.
8.250% 09/01/18		195,000		205,238
Garda World Security Corp.
9.750% 03/15/17 (a)		80,000		85,200
Hertz Corp.
7.500% 10/15/18 (a)		180,000		180,000
Interactive Data Corp.
10.250% 08/01/18 (a)		290,000		310,300
RSC Equipment Rental, Inc.
10.000% 07/15/17 (a)		275,000		305,937
Trans Union LLC/TransUnion Financing Corp.
11.375% 06/15/18 (a)		90,000		102,375
United Rentals North America, Inc.
9.250% 12/15/19		505,000		546,662
10.875% 06/15/16		65,000		73,369
Commercial Services Total				1,809,081
Food – 1.1%
Campbell Soup Co.
4.500% 02/15/19		1,330,000		1,487,997
ConAgra Foods, Inc.
7.000% 10/01/28		3,010,000		3,630,172
Kraft Foods, Inc.
6.500% 02/09/40		5,315,000		6,223,153
Michael Foods, Inc.
9.750% 07/15/18 (a)		150,000		160,500
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.250% 09/01/17 (a)		320,000		324,000
9.250% 04/01/15		135,000		140,400
U.S. Foodservice
10.250% 06/30/15 (a)		23,000		23,115
Food Total				11,989,337
Healthcare Products – 0.0%
Biomet, Inc.
PIK, 10.375% 10/15/17		230,000		255,300
Healthcare Products Total				255,300
Healthcare Services – 0.6%
Capella Healthcare, Inc.
9.250% 07/01/17 (a)		35,000		37,450
Community Health Systems, Inc.
8.875% 07/15/15		215,000		228,438
HCA, Inc.
9.250% 11/15/16		120,000		129,900
PIK, 9.625% 11/15/16		994,000		1,078,490
Healthsouth Corp.
8.125% 02/15/20		310,000		322,400
LifePoint Hospitals, Inc.
6.625% 10/01/20 (a)		100,000		102,000

	Par ($)		Value ($)
Multiplan, Inc.
9.875% 09/01/18 (a)		183,000		191,235
Radiation Therapy Services, Inc.
9.875% 04/15/17 (a)		170,000		167,875
Roche Holdings, Inc.
6.000% 03/01/19 (a)		2,155,000		2,610,705
Select Medical Corp.
7.625% 02/01/15		165,000		161,081
Tenet Healthcare Corp.
8.000% 08/01/20 (a)		245,000		244,387
Vanguard Health Holding Co. II, LLC/ Vanguard Holding Co. II, Inc.
8.000% 02/01/18		185,000		187,775
8.000% 02/01/18 (a)		175,000		175,000
WellPoint, Inc.
7.000% 02/15/19		1,235,000		1,503,872
Healthcare Services Total				7,140,608
Household Products/Wares – 0.2%
American Greetings Corp.
7.375% 06/01/16		165,000		167,888
Fortune Brands, Inc.
5.125% 01/15/11		1,565,000		1,582,985
Spectrum Brands Holdings, Inc.
9.500% 06/15/18 (a)		240,000		257,400
Household Products/Wares Total				2,008,273
Pharmaceuticals – 0.4%
NBTY, Inc.
9.000% 10/01/18 (a)		25,000		26,250
Novartis Securities Investment Ltd.
5.125% 02/10/19		2,645,000		3,036,793
Omnicare, Inc.
6.875% 12/15/15		150,000		151,500
Patheon, Inc.
8.625% 04/15/17 (a)		195,000		199,875
Valeant Pharmaceuticals International
6.750% 10/01/17 (a)		85,000		86,700
7.000% 10/01/20 (a)		240,000		245,400
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC
7.750% 09/15/18 (a)		270,000		277,425
Pharmaceuticals Total				4,023,943
Consumer Non-Cyclical Total				33,434,853
Diversified – 0.1%
Diversified Holding Companies – 0.1%
Leucadia National Corp.
7.125% 03/15/17		270,000		270,675
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
7.750% 10/15/16 (a)		355,000		361,212
Diversified Holding Companies Total				631,887
Diversified Total				631,887

See Accompanying Notes to Financial Statements.

10

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Energy – 5.8%
Coal – 0.1%
Arch Coal, Inc.
7.250% 10/01/20		21,000		22,181
Consol Energy, Inc.
8.000% 04/01/17 (a)		200,000		216,500
8.250% 04/01/20 (a)		385,000		420,613
Coal Total				659,294
Oil & Gas – 3.3%
Anadarko Petroleum Corp.
6.200% 03/15/40		1,930,000		1,881,526
6.375% 09/15/17		3,665,000		4,038,665
Berry Petroleum Co.
8.250% 11/01/16		30,000		30,750
Brigham Exploration Co.
8.750% 10/01/18 (a)		80,000		82,400
Canadian Natural Resources Ltd.
6.250% 03/15/38		1,835,000		2,109,569
Chesapeake Energy Corp.
6.625% 08/15/20		480,000		501,600
Cimarex Energy Co.
7.125% 05/01/17		450,000		472,500
Comstock Resources, Inc.
8.375% 10/15/17		28,000		28,875
Continental Resources, Inc.
7.125% 04/01/21 (a)		120,000		124,800
Devon Energy Corp.
6.300% 01/15/19		1,140,000		1,379,459
EXCO Resources, Inc.
7.500% 09/15/18		335,000		332,906
Forest Oil Corp.
8.500% 02/15/14		795,000		868,537
Gazprom International SA
7.201% 02/01/20 (a)		1,869,542		2,023,779
Hess Corp.
7.300% 08/15/31		2,560,000		3,149,358
Hilcorp Energy I LP/Hilcorp Finance Co.
7.750% 11/01/15 (a)		300,000		303,000
Marathon Oil Corp.
6.000% 07/01/12		2,155,000		2,322,864
6.000% 10/01/17		897,000		1,043,885
7.500% 02/15/19		157,000		201,038
Newfield Exploration Co.
6.625% 04/15/16		600,000		624,000
6.875% 02/01/20		210,000		223,125
Nexen, Inc.
5.875% 03/10/35		610,000		622,494
7.500% 07/30/39		1,675,000		2,058,101

	Par ($)		Value ($)
PetroHawk Energy Corp.
7.250% 08/15/18 (a)		145,000		147,900
7.875% 06/01/15		275,000		288,063
Qatar Petroleum
5.579% 05/30/11 (a)		552,416		560,351
QEP Resources, Inc.
6.875% 03/01/21		225,000		243,563
Quicksilver Resources, Inc.
7.125% 04/01/16		190,000		187,625
8.250% 08/01/15		95,000		100,225
Range Resources Corp.
6.750% 08/01/20		185,000		192,400
7.500% 05/15/16		240,000		250,800
8.000% 05/15/19		95,000		103,788
SandRidge Energy, Inc.
PIK, 8.625% 04/01/15		187,000		187,000
Shell International Finance BV
5.500% 03/25/40		3,945,000		4,516,149
Southwestern Energy Co.
7.500% 02/01/18		235,000		265,550
Talisman Energy, Inc.
5.850% 02/01/37		1,475,000		1,550,881
7.750% 06/01/19		2,648,000		3,380,095
Oil & Gas Total				36,397,621
Oil & Gas Services – 0.3%
Expro Finance Luxembourg SCA
8.500% 12/15/16 (a)		450,000		428,625
Weatherford International Ltd.
5.125% 09/15/20		700,000		715,596
5.150% 03/15/13		815,000		872,631
7.000% 03/15/38		1,305,000		1,386,223
Oil & Gas Services Total				3,403,075
Pipelines – 2.1%
El Paso Corp.
6.875% 06/15/14		460,000		491,808
7.250% 06/01/18		135,000		145,505
Energy Transfer Equity LP
7.500% 10/15/20		365,000		384,163
Kinder Morgan Energy Partners LP
5.625% 02/15/15		1,250,000		1,401,068
6.500% 09/01/39		2,275,000		2,459,773
6.950% 01/15/38		1,915,000		2,180,095
Kinder Morgan Finance Co. ULC
5.700% 01/05/16		560,000		577,500
NGPL PipeCo LLC
6.514% 12/15/12 (a)		4,250,000		4,519,611
Plains All American Pipeline LP/PAA Finance Corp.
5.750% 01/15/20		590,000		651,513
8.750% 05/01/19		2,360,000		2,995,340

See Accompanying Notes to Financial Statements.

11

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Regency Energy Partners LP/Regency Energy Finance Corp.
8.375% 12/15/13		30,000		31,275
9.375% 06/01/16		10,000		11,025
Southern Natural Gas Co.
8.000% 03/01/32		1,830,000		2,147,571
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (b)(c)		6,160,000		5,759,600
Williams Companies, Inc.
7.875% 09/01/21		63,000		76,495
Pipelines Total				23,832,342
Energy Total				64,292,332
Financials – 17.6%
Banks – 10.7%
Bank of New York Mellon Corp.
5.450% 05/15/19		1,570,000		1,832,562
Barclays Bank PLC
3.900% 04/07/15		765,000		810,656
5.000% 09/22/16		1,790,000		1,958,489
6.860% 09/29/49 (a)		1,205,000		1,138,725
7.375% 06/29/49 (a)		865,000		869,325
7.434% 09/29/49 (a)		4,095,000		4,176,900
Capital One Capital IV
6.745% 02/17/37		5,140,000		5,114,300
Capital One Capital V
10.250% 08/15/39		4,850,000		5,250,125
Chinatrust Commercial Bank
5.625% 12/29/49 (03/29/49) (a)(b)(c)		1,220,000		1,200,142
CIT Group, Inc.
7.000% 05/01/17		1,465,000		1,433,869
Citigroup, Inc.
5.375% 08/09/20		6,180,000		6,394,026
6.010% 01/15/15		65,000		71,461
8.125% 07/15/39		5,025,000		6,347,500
Comerica Bank
5.200% 08/22/17		1,420,000		1,515,548
5.750% 11/21/16		365,000		409,644
Deutsche Bank AG London
4.875% 05/20/13		555,000		602,878
Discover Bank/Greenwood DE
8.700% 11/18/19		2,625,000		3,097,379
Discover Financial Services
10.250% 07/15/19		1,040,000		1,332,321
Fifth Third Bank
0.479% 05/17/13 (11/17/10) (b)(c)		1,205,000		1,153,468
HSBC USA, Inc.
5.000% 09/27/20		5,070,000		5,066,127

	Par ($)		Value ($)
JPMorgan Chase & Co.
7.900% 04/29/49		4,630,000		4,961,647
JPMorgan Chase Capital XX
6.550% 09/15/66		10,105,000		10,246,470
JPMorgan Chase Capital XXIII
1.376% 05/15/77 (11/15/10) (b)(c)		580,000		417,516
KeyBank NA
5.800% 07/01/14		2,025,000		2,207,849
Keycorp
3.750% 08/13/15		2,265,000		2,310,986
6.500% 05/14/13		1,645,000		1,802,823
Lloyds Banking Group PLC
6.267% 12/31/49 (11/16/16) (a)(b)(c)		725,000		514,750
6.657% 01/29/49 (a)		2,410,000		1,711,100
Lloyds TSB Bank PLC
4.375% 01/12/15 (a)		3,825,000		3,917,255
Marshall & IIsley Bank
5.300% 09/08/11		1,163,000		1,167,901
Merrill Lynch & Co., Inc.
5.700% 05/02/17 (g)		1,475,000		1,525,500
6.150% 04/25/13 (g)		2,525,000		2,759,146
6.400% 08/28/17		2,375,000		2,598,974
7.750% 05/14/38 (g)		1,320,000		1,531,015
National City Bank of Cleveland
6.200% 12/15/11		890,000		939,179
National City Bank of Kentucky
6.300% 02/15/11		1,585,000		1,617,421
National City Corp.
6.875% 05/15/19		1,420,000		1,665,688
Northern Trust Co.
6.500% 08/15/18		2,100,000		2,559,747
Northern Trust Corp.
5.500% 08/15/13		765,000		860,115
PNC Funding Corp.
3.625% 02/08/15		1,580,000		1,667,767
5.125% 02/08/20		2,245,000		2,430,388
Regions Financial Corp.
7.000% 03/01/11		7,430,000		7,516,976
Santander U.S. Debt SA Unipersonal
3.781% 10/07/15 (a)(e)		3,700,000		3,699,625
USB Capital XIII Trust
6.625% 12/15/39		8,080,000		8,263,820
Banks Total				118,669,103
Diversified Financial Services – 1.7%
Ally Financial, Inc.
7.500% 09/15/20 (a)		185,000		197,025
8.000% 03/15/20 (a)		820,000		895,850
8.000% 11/01/31		235,000		252,038

See Accompanying Notes to Financial Statements.

12

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
American General Finance Corp.
6.900% 12/15/17		670,000		559,450
E*Trade Financial Corp.
7.375% 09/15/13		70,000		68,425
7.875% 12/01/15		170,000		166,175
PIK, 12.500% 11/30/17		240,000		273,600
Eaton Vance Corp.
6.500% 10/02/17		1,695,000		2,007,444
ERAC USA Finance LLC
2.750% 07/01/13 (a)		3,040,000		3,105,670
5.250% 10/01/20 (a)		2,175,000		2,323,105
Ford Motor Credit Co.
6.625% 08/15/17		170,000		181,124
7.500% 08/01/12		1,260,000		1,337,564
8.000% 12/15/16		890,000		1,006,030
Fund American Companies, Inc.
5.875% 05/15/13		3,120,000		3,277,123
International Lease Finance Corp.
8.750% 03/15/17 (a)		194,000		208,065
8.875% 09/01/17		255,000		275,400
Lehman Brothers Holdings, Inc.
5.625% 01/24/13 (h)		8,525,000		1,960,750
6.875% 05/02/18 (h)		660,000		155,100
Pinafore LLC/Pinafore, Inc.
9.000% 10/01/18 (a)		45,000		47,250
Diversified Financial Services Total				18,297,188
Insurance – 4.2%
Asurion Corp.
6.757% 07/02/15 (10/12/10) (b)(c)(i)		210,000		199,833
CNA Financial Corp.
5.850% 12/15/14		778,000		833,836
7.350% 11/15/19		1,737,000		1,952,965
ING Groep NV
5.775% 12/29/49 (12/08/15) (b)(c)		7,760,000		6,964,600
Liberty Mutual Group, Inc.
7.500% 08/15/36 (a)		4,465,000		4,541,427
10.750% 06/15/88 (a)		2,975,000		3,510,500
Lincoln National Corp.
8.750% 07/01/19		815,000		1,048,384
MetLife Capital Trust X
9.250% 04/08/38 (a)		1,640,000		1,935,200
MetLife, Inc.
10.750% 08/01/69		7,565,000		9,815,588
Provident Companies, Inc.
7.000% 07/15/18		130,000		142,302
Prudential Financial, Inc.
8.875% 06/15/68 (06/15/18) (b)(c)		9,575,000		10,676,125

	Par ($)		Value ($)
Transatlantic Holdings, Inc.
8.000% 11/30/39		2,920,000		3,042,366
Unum Group
7.125% 09/30/16		1,795,000		2,071,575
Insurance Total				46,734,701
Investment Companies – 0.0%
Offshore Group Investments Ltd.
11.500% 08/01/15 (a)		385,000		404,250
Investment Companies Total				404,250
Real Estate Investment Trusts (REITs) – 1.0%
Brandywine Operating Partnership LP
7.500% 05/15/15		905,000		1,014,475
Duke Realty LP
7.375% 02/15/15		2,040,000		2,325,871
8.250% 08/15/19		3,175,200		3,760,355
Highwoods Properties, Inc.
5.850% 03/15/17		930,000		956,539
Liberty Property LP
5.500% 12/15/16		2,860,000		3,118,839
Real Estate Investment Trusts (REITs) Total				11,176,079
Savings & Loans – 0.0%
Washington Mutual Bank
5.125% 01/15/15 (h)		6,935,000		13,870
Savings & Loans Total				13,870
Financials Total				195,295,191
Industrials – 2.0%
Aerospace & Defense – 0.4%
Embraer Overseas Ltd.
6.375% 01/15/20		2,485,000		2,721,075
Esterline Technologies Corp.
7.000% 08/01/20 (a)		15,000		15,525
Kratos Defense & Security Solutions, Inc.
10.000% 06/01/17		220,000		233,200
L-3 Communications Corp.
6.375% 10/15/15		485,000		500,156
Raytheon Co.
7.200% 08/15/27		830,000		1,095,565
Aerospace & Defense Total				4,565,521
Building Materials – 0.0%
Gibraltar Industries, Inc.
8.000% 12/01/15		120,000		117,000
Nortek, Inc.
11.000% 12/01/13		125,000		132,813
Building Materials Total				249,813
Electrical Components & Equipment – 0.1%
Belden, Inc.
7.000% 03/15/17		500,000		501,250

See Accompanying Notes to Financial Statements.

13

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
WireCo WorldGroup
9.500% 05/15/17 (a)		130,000		133,575
Electrical Components & Equipment Total				634,825
Environmental Control – 0.0%
Clean Harbors, Inc.
7.625% 08/15/16		257,000		267,280
Environmental Control Total				267,280
Machinery-Construction & Mining – 0.0%
Terex Corp.
8.000% 11/15/17		410,000		410,512
Machinery-Construction & Mining Total				410,512
Machinery-Diversified – 0.1%
Case New Holland, Inc.
7.875% 12/01/17 (a)		405,000		439,931
CPM Holdings, Inc.
10.625% 09/01/14 (a)		145,000		156,238
Manitowoc Co., Inc.
7.125% 11/01/13		270,000		269,325
Machinery-Diversified Total				865,494
Miscellaneous Manufacturing – 0.5%
Bombardier, Inc.
6.300% 05/01/14 (a)		650,000		671,125
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		2,865,000		3,544,965
SPX Corp.
6.875% 09/01/17 (a)		119,000		126,140
Tyco International Ltd./Tyco International Finance SA
6.875% 01/15/21		485,000		603,057
Miscellaneous Manufacturing Total				4,945,287
Packaging & Containers – 0.1%
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15		370,000		385,262
Crown Americas LLC & Crown Americas Capital Corp. II
7.625% 05/15/17		245,000		264,600
Graphic Packaging International, Inc.
7.875% 10/01/18		43,000		44,183
9.500% 06/15/17		304,000		323,760
Packaging & Containers Total				1,017,805
Transportation – 0.8%
BNSF Funding Trust I
6.613% 12/15/55 (01/15/26) (b)(c)		3,420,000		3,437,100
Bristow Group, Inc.
7.500% 09/15/17		415,000		425,375
Kansas City Southern de Mexico SA de CV
7.625% 12/01/13		295,000		305,325

	Par ($)		Value ($)
Union Pacific Corp.
5.700% 08/15/18		1,745,000		2,034,542
6.650% 01/15/11		2,550,000		2,590,711
Transportation Total				8,793,053
Industrials Total				21,749,590
Technology – 0.5%
Networking Products – 0.2%
Cisco Systems, Inc.
5.900% 02/15/39		2,100,000		2,426,960
Networking Products Total				2,426,960
Semiconductors – 0.0%
Amkor Technology, Inc.
9.250% 06/01/16		140,000		150,150
Freescale Semiconductor, Inc.
9.250% 04/15/18 (a)		150,000		156,000
NXP BV/NXP Funding LLC
9.750% 08/01/18 (a)		295,000		314,175
Semiconductors Total				620,325
Software – 0.3%
First Data Corp.
8.875% 08/15/20 (a)		255,000		264,562
9.875% 09/24/15		300,000		244,425
Oracle Corp.
6.500% 04/15/38		1,630,000		2,024,685
Software Total				2,533,672
Technology Total				5,580,957
Utilities – 5.2%
Electric – 4.7%
AEP Texas Central Co.
6.650% 02/15/33		2,830,000		3,270,467
CMS Energy Corp.
4.250% 09/30/15		1,890,000		1,906,307
6.875% 12/15/15		160,000		177,359
Commonwealth Edison Co.
5.900% 03/15/36		815,000		908,816
5.950% 08/15/16		3,430,000		4,069,873
6.950% 07/15/18		1,460,000		1,738,131
DTE Energy Co.
7.625% 05/15/14		2,540,000		3,019,928
Dynegy Holdings, Inc.
7.500% 06/01/15		130,000		102,375
7.750% 06/01/19		142,000		97,270
Edison Mission Energy
7.000% 05/15/17		175,000		126,438
Energy Future Holdings Corp.
10.000% 01/15/20 (a)		400,000		397,104

See Accompanying Notes to Financial Statements.

14

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Exelon Generation Co. LLC
6.200% 10/01/17		3,000,000		3,517,191
FPL Energy National Wind LLC
5.608% 03/10/24 (a)		429,707		455,378
Georgia Power Co.
4.750% 09/01/40		4,200,000		4,141,712
Hydro Quebec
8.500% 12/01/29		1,510,000		2,321,849
Intergen NV
9.000% 06/30/17 (a)		460,000		486,450
Ipalco Enterprises, Inc.
7.250% 04/01/16 (a)		310,000		333,250
MidAmerican Energy Holdings Co.
5.000% 02/15/14		3,300,000		3,619,394
Nevada Power Co.
5.375% 09/15/40		570,000		587,946
Niagara Mohawk Power Corp.
4.881% 08/15/19 (a)		4,665,000		5,127,003
NRG Energy, Inc.
7.375% 02/01/16		1,110,000		1,141,913
Oncor Electric Delivery Co. LLC
5.250% 09/30/40 (a)		4,060,000		4,135,394
5.950% 09/01/13		3,110,000		3,484,236
Southern California Edison Co.
4.500% 09/01/40		4,830,000		4,722,571
Southern Co.
4.150% 05/15/14		1,270,000		1,375,867
Windsor Financing LLC
5.881% 07/15/17 (a)		1,125,688		1,014,762
Electric Total				52,278,984
Gas – 0.5%
Atmos Energy Corp.
6.350% 06/15/17		1,785,000		2,044,096
Centerpoint Energy, Inc.
5.950% 02/01/17		295,000		331,794
Nakilat, Inc.
6.067% 12/31/33 (a)		1,915,000		2,106,500
Sempra Energy
6.500% 06/01/16		1,410,000		1,687,009
Gas Total				6,169,399
Utilities Total				58,448,383
Total Corporate Fixed-Income Bonds & Notes (cost of $441,894,418)				473,454,484
Mortgage-Backed Securities – 17.6%
Federal Home Loan Mortgage Corp.
4.500% 06/01/40		9,903,206		10,340,334
5.576% 08/01/37 (10/01/10) (b)(c)		4,267,286		4,532,203

	Par ($)		Value ($)
6.000% 05/01/17		43,355		47,045
6.000% 02/01/39		3,208,665		3,442,357
8.500% 11/01/26		125,850		146,751
TBA,
5.500% 10/01/40 (e)		26,500,000		28,106,563
Federal National Mortgage Association
2.574% 08/01/36 (10/01/10) (b)(c)		29,785		30,412
4.000% 10/01/39		6,289,834		6,472,700
4.500% 06/01/40		8,846,162		9,288,723
4.500% 07/01/40		30,405,282		31,926,620
5.500% 07/01/39		9,504,471		10,191,045
5.829% 07/01/37 (10/01/10) (b)(c)		549,014		591,419
5.862% 07/01/32 (10/01/10) (b)(c)		159,947		170,792
5.965% 06/01/32 (10/01/10) (b)(c)		11,613		12,389
6.000% 05/01/37		9,292,053		9,998,369
6.000% 05/01/38		1,832,278		1,969,265
6.000% 08/01/38		21,320,111		22,914,065
6.000% 12/01/38		7,932,277		8,525,317
7.000% 10/01/11		14,555		14,966
10.000% 09/01/18		42,118		48,473
TBA:
3.500% 10/01/40 (e)		33,200,000		33,443,821
4.000% 10/01/40 (e)		11,500,000		11,819,838
Government National Mortgage Association
7.000% 01/15/30		624,346		712,814
7.500% 12/15/23		595,171		676,510
7.500% 07/20/28		240,534		274,145
8.000% 05/15/17		6,716		7,511
8.500% 02/15/25		69,636		82,329
13.000% 02/15/11		63		63
Total Mortgage-Backed Securities (cost of $194,250,524)				195,786,839
Government & Agency Obligations – 17.1%
Foreign Government Obligations – 1.0%
Kreditanstalt fuer Wiederaufbau
4.375% 03/15/18		4,210,000		4,805,138
Province of Quebec
5.125% 11/14/16		3,060,000		3,578,621
Republic of Italy
5.375% 06/12/17		2,075,000		2,290,985
Svensk Exportkredit AB
5.125% 03/01/17		310,000		359,713
Foreign Government Obligations Total				11,034,457

See Accompanying Notes to Financial Statements.

15

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Government & Agency Obligations (continued)
	Par ($)		Value ($)
U.S. Government Obligations – 16.1%
U.S. Treasury Bond
4.375% 05/15/40		12,831,500		14,411,442
U.S. Treasury Notes
0.750% 05/31/12		1,210,000		1,217,236
0.750% 08/15/13		3,005,000		3,016,269
1.750% 07/31/15		1,745,000		1,786,985
1.875% 06/30/15		25,310,000		26,081,170
2.500% 06/30/17		39,755,000		41,419,741
2.625% 08/15/20		52,786,200		53,281,070
3.250% 07/31/16		10,410,000		11,393,256
U.S. Treasury STRIPS
(j) 05/15/39 (k)		83,700,000		26,820,326
U.S. Government Obligations Total				179,427,495
Total Government & Agency Obligations (cost of $179,595,034)				190,461,952
Commercial Mortgage-Backed Securities – 15.7%
Bear Stearns Commercial Mortgage Securities
4.740% 03/13/40		640,000		682,575
4.830% 08/15/38		3,530,000		3,722,652
5.201% 12/11/38		4,315,000		4,555,567
5.700% 06/13/50		5,660,000		6,090,886
5.742% 09/11/42 (10/01/10) (b)(c)		7,990,000		8,865,994
5.882% 09/11/38 (10/01/10) (b)(c)		482,000		531,952
6.480% 02/15/35		8,886,849		9,010,113
Chase Commercial Mortgage Securities Corp.
6.484% 02/12/16 (a)		13,237,263		13,422,843
Credit Suisse First Boston Mortgage Securities Corp.
6.387% 08/15/36		1,262,085		1,314,182
Credit Suisse Mortgage Capital Certificates
6.020% 06/15/38 (10/01/10) (b)(c)		10,911,000		11,950,252
GMAC Commercial Mortgage Securities, Inc.
I.O.: 1.355% 07/15/29 (10/01/10) (b)(c)		7,308,338		306,250
0.854% 04/10/40 (10/01/10) (a)(b)(c)		18,624,146		25,033
Greenwich Capital Commercial Funding Corp.
4.533% 01/05/36		816,705		845,114
4.799% 08/10/42 (10/01/10) (b)(c)		6,960,000		7,421,066
JPMorgan Chase Commercial Mortgage Securities Corp.
5.050% 12/12/34		8,110,000		8,626,927
5.440% 06/12/47		5,025,000		5,267,148
5.932% 02/12/49 (10/01/10) (b)(c)		5,135,000		5,628,935

	Par ($)		Value ($)
I.O., 0.344% 10/15/42 (10/01/10) (b)(c)		72,464,065		311,595
LB-UBS Commercial Mortgage Trust
5.020% 08/15/29 (10/11/10) (b)(c)		5,308,000		5,710,062
5.084% 02/15/31		6,486,573		6,543,160
5.430% 02/15/40		4,585,000		4,796,042
5.866% 09/15/45 (10/11/10) (b)(c)		3,735,000		3,951,221
Merrill Lynch Mortgage Investors, Inc.
I.O., 0.576% 12/15/30 (10/01/10) (b)(c)		20,842,427		398,113
Merrill Lynch Mortgage Trust
4.747% 06/12/43 (10/01/10) (b)(c)		6,450,000		6,959,778
Morgan Stanley Capital I
4.970% 12/15/41		9,194,000		9,919,372
5.447% 02/12/44 (10/01/10) (b)(c)		7,250,000		7,562,598
Morgan Stanley Dean Witter Capital I
4.920% 03/12/35		2,960,000		3,161,450
5.080% 09/15/37		5,755,000		6,096,872
Wachovia Bank Commercial Mortgage Trust
5.037% 03/15/42		4,178,299		4,413,046
5.374% 10/15/44 (10/01/10) (b)(c)		4,320,000		4,762,789
5.418% 01/15/45 (10/01/10) (b)(c)		9,000,000		9,715,668
5.487% 12/15/44 (10/01/10) (b)(c)		180,000		180,525
5.609% 03/15/45 (10/01/10) (b)(c)		5,635,000		5,629,220
5.726% 06/15/45		300,889		300,652
6.413% 04/15/34		5,000,000		5,319,231
I.O., 0.426% 03/15/42 (10/01/10) (a)(b)(c)		247,612,900		1,025,291
Total Commercial Mortgage-Backed Securities (cost of $162,466,903)				175,024,174
Asset-Backed Securities – 4.9%
Ally Auto Receivables Trust
1.450% 05/15/14		1,500,000		1,515,335
BMW Vehicle Lease Trust
0.820% 04/15/13		2,700,000		2,702,757
Bombardier Capital Mortgage Securitization Corp.
6.230% 04/15/28		73,485		71,423
Chrysler Financial Auto Securitization Trust
6.250% 05/08/14 (a)		4,377,000		4,614,992

See Accompanying Notes to Financial Statements.

16

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Asset-Backed Securities (continued)
	Par ($)		Value ($)
Chrysler Financial Lease Trust
1.780% 06/15/11 (a)		2,355,000		2,361,795
Citibank Credit Card Issuance Trust
6.300% 06/20/14		275,000		292,567
6.950% 02/18/14		955,000		1,013,505
Contimortgage Home Equity Trust
6.880% 01/15/28		87,057		72,097
Daimler Chrysler Auto Trust
4.940% 02/08/12		3,452,244		3,455,499
5.280% 03/08/13		5,300,000		5,470,309
Discover Card Master Trust
0.632% 06/15/15 (12/15/10) (b)(c)		1,375,000		1,373,780
1.557% 12/15/14 (10/15/10) (b)(c)		2,865,000		2,911,421
1.557% 02/17/15 (10/15/10) (b)(c)		2,350,000		2,391,440
First Alliance Mortgage Loan Trust
7.625% 07/25/25		554,353		513,887
Ford Credit Auto Owner Trust
4.050% 10/15/16		2,500,000		2,607,622
4.950% 03/15/13		7,500,000		7,858,325
5.160% 04/15/13		5,650,000		5,957,479
Franklin Auto Trust
5.360% 05/20/16		3,200,000		3,278,474
7.160% 05/20/16 (a)		2,100,000		2,256,241
IMC Home Equity Loan Trust
7.500% 04/25/26		97,051		98,077
Long Beach Auto Receivables Trust
4.250% 04/15/12		818,880		819,810
Money Store Home Equity Trust
0.557% 08/15/29 (10/15/10) (b)(c)		2,927,822		1,370,662
Popular ABS Mortgage Pass-Through Trust
0.456% 02/25/36 (10/25/10) (b)(c)		51,902		51,852
SACO I, Inc.
0.456% 04/25/35 (10/25/10) (a)(b)(c)		291,667		114,440
SLM Student Loan Trust
0.352% 03/15/17 (12/15/10) (b)(c)		168,747		168,329
Soundview Home Equity Loan Trust
0.556% 11/25/35 (10/25/10) (b)(c)		1,391,470		1,322,368
Total Asset-Backed Securities (cost of $55,361,240)				54,664,486

	Par ($)		Value ($)
Municipal Bonds – 1.6%
California – 0.5%
CA State
Series 2009, 7.550% 04/01/39		2,875,000		3,137,229
CA Los Angeles Unified School District
Series 2009, 5.750% 07/01/34		2,665,000		2,688,105
California Total				5,825,334
Kentucky – 0.5%
KY Asset/Liability Commission General Fund
Series 2010, 3.165% 04/01/18		5,505,000		5,557,848
Kentucky Total				5,557,848
New York – 0.6%
NY Triborough Bridge & Tunnel Authority
Series 2008 C, 5.000% 11/15/38		5,525,000		5,904,789
New York Total				5,904,789
Total Municipal Bonds (cost of $16,391,743)				17,287,971
Collateralized Mortgage Obligations – 0.6%
Non-Agency – 0.6%
Bear Stearns Alt-A Trust
0.536% 01/25/35 (10/25/10) (b)(c)		1,400,590		1,096,122
2.838% 10/25/33 (10/25/10) (b)(c)		1,270,867		1,181,704
Citigroup Mortgage Loan Trust, Inc.
3.573% 09/25/37 (10/01/10) (b)(c)		3,867,815		2,572,813
Morgan Stanley Mortgage Loan Trust
0.476% 02/25/47 (10/25/10) (b)(c)		7,463,033		1,081,095
Sequoia Mortgage Trust
1.137% 07/20/34 (10/20/10) (b)(c)		1,969,112		504,788
Non-Agency Total				6,436,522
Total Collateralized Mortgage Obligations (cost of $15,990,374)				6,436,522

See Accompanying Notes to Financial Statements.

17

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

Preferred Stocks (continued)
	Shares		Value ($)
Preferred Stocks – 0.5%
Communications – 0.0%
Media – 0.0%
CMP Susquehanna Radio Holdings Corp.,
Series A (a)(d)(l)		6,343		64
Media Total				64
Communications Total				64
Financials – 0.5%
Banks – 0.2%
National City Preferred
Capital Trust I		2,215,000		2,461,950
Banks Total				2,461,950
Diversified Financial Services – 0.3%
Citigroup Capital XIII		123,500		3,105,683
Diversified Financial Services Total				3,105,683
Financials Total				5,567,633
Total Preferred Stocks (cost of $5,586,492)				5,567,697
Common Stock – 0.0%
Consumer Discretionary – 0.0%
Hotels, Restaurants & Leisure – 0.0%
Six Flags Entertainment Corp. (l)		3,384		148,758
Hotels, Restaurants & Leisure Total				148,758
Consumer Discretionary Total				148,758
Total Common Stock (cost of $99,821)				148,758
Warrants – 0.0%
	Units
Financials – 0.0%
CNB Capital Trust I
Expires 03/23/19 (d)(l)		7,248		72
Financials Total				72
Total Warrants (cost of $73)				72

	Par ($)		Value ($)
Short-Term Obligation – 6.7%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.230%, collateralized by a U.S. Government Agency obligation maturing 11/25/11, market value $76,061,213 (repurchase proceeds $74,566,476)		74,566,000		74,566,000
Total Short-Term Obligation (cost of $74,566,000)				74,566,000
Total Investments – 107.3% (cost of $1,146,202,622) (m)				1,193,398,955
Other Assets & Liabilities, Net – (7.3)%				(81,382,636	)
Net Assets – 100.0%				1,112,016,319

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, 2010, these securities, which are not illiquid except for the following, amounted to $116,217,057, which represents 10.5% of net assets.

Security	Acquisition Date		Shares		Cost		Value
CMP Susquehanna Radio Holdings Corp., Series A, Preferred Stock		04/01/09		6,343		$64		$64

(b)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(c)  Parenthetical date represents the next interest rate reset date for the security.

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2010, the value of these securities amounted to $16,066, which represents less than 0.1% of net assets.

(e)  Security purchased on a delayed delivery basis.

(f)  Security has no value.

(g)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Interest Income		Value, end of period
Merrill Lynch & Co., Inc., 5.700% 05/02/17	$	3,513,772	$	—	$	1,052,384	$	15,129	$	—
Merrill Lynch & Co., Inc., 6.150% 04/25/13		3,547,733		—		—		16,887		—
Merrill Lynch & Co., Inc., 7.750% 05/14/38		2,477,433		—		—		14,434		—
Total	$	9,538,938	$	—	$	1,052,384	$	46,450	$	—

  As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

See Accompanying Notes to Financial Statements.

18

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

(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, 2010, the value of these securities amounted to $2,129,720, which represents 0.2% of net assets.

(i)  Loan participation agreement.

(j)  Zero coupon bond.

(k)  The security or a portion of the security is pledged as collateral for open futures contracts. At September 30, 2010, the total market value of securities pledged amounted to $5,767,812.

(l)  Non-income producing security.

(m)  Cost for federal income tax purposes is $1,146,202,622.

The following table summarizes the inputs used, as of September 30, 2010, 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	$	—	$	15,646,505	$	—	$	15,646,505
Communications		—		48,026,098		15,930		48,042,028
Consumer Cyclical		—		28,196,214		2,136,544		30,332,758
Consumer Non-Cyclical		—		33,434,853		—		33,434,853
Diversified		—		631,887		—		631,887
Energy		—		64,292,332		—		64,292,332
Financials		—		195,295,191		—		195,295,191
Industrials		—		21,749,590		—		21,749,590
Technology		—		5,580,957		—		5,580,957
Utilities		—		58,448,383		—		58,448,383
Total Corporate Fixed-Income Bonds & Notes		—		471,302,010		2,152,474		473,454,484
Total Mortgage-Backed Securities		73,370,221		122,416,618		—		195,786,839
Government & Agency Obligations
Foreign Government Obligations		—		11,034,457		—		11,034,457
U.S. Government Obligations		179,427,495		—		—		179,427,495
Total Government & Agency Obligations		179,427,495		11,034,457		—		190,461,952
Total Commercial Mortgage-Backed Securities		—		175,024,174		—		175,024,174
Total Asset-Backed Securities		—		54,664,486		—		54,664,486
Total Municipal Bonds		—		17,287,971		—		17,287,971

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total Collateralized Mortgage Obligations	$	—		$	6,436,522		$	—	$	6,436,522
Preferred Stocks
Communications		—			—			64		64
Financials		3,105,683			2,461,950			—		5,567,633
Total Preferred Stocks		3,105,683			2,461,950			64		5,567,697
Total Common Stocks		148,758			—			—		148,758
Total Warrants		—			—			72		72
Total Short-Term Obligation		—			74,566,000			—		74,566,000
Total Investments		256,052,157			935,194,188			2,152,610		1,193,398,955
Value of Credit Default Swap Contracts Appreciation		—			2,431,933			—		2,431,933
Value of Credit Default Swap Contracts Depreciation		—			(123,365	)		—		(123,365	)
Unrealized Depreciation on Futures Contracts		(2,146,514	)		—			—		(2,146,514	)
Total	$	253,905,643		$	937,502,756		$	2,152,610	$	1,193,561,009

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its correlation to prices and information from market transactions for similar or identical assets.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Preferred Stock and Warrants classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company's capital structure. Certain Corporate Fixed-Income Bonds & Notes classified as Level 3 securities are valued using the market approach and may utilize single market quotations from broker dealers. Certain Corporate Fixed-Income Bonds & Notes classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors including, but not limited to, observed yields on securities management deemed comparable. Certain Corporate Fixed-Income Bonds & Notes classified as Level 3 securities are valued using an income approach, which considers estimates of distributions from potential actions related to the respective company's bankruptcy filing.

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

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

The following table reconciles asset balances for the six month period ending September 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2010
Corporate Fixed-Income Bonds & Notes Communications	$	15,930	$	237	$	—	$	(237	)	$	—	$	—		$	—	$	—	$	15,930
Consumer Cyclical		2,726,977		4,182		29,089		90,256			—		(713,960	)		—		—		2,136,544
Preferred Stock		63		—		—		1			—		—			—		—		64
Warrants		72		—		—		—			—		—			—		—		72
	$	2,743,042	$	4,419	$	29,089	$	90,020		$	—	$	(713,960	)	$	—	$	—	$	2,152,610

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.

See Accompanying Notes to Financial Statements.

19

Columbia Total Return Bond Fund

September 30, 2010 (Unaudited)

The change in unrealized appreciation attributed to securities owned at September 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $90,020. This amount is included in net change in unrealized appreciation (depreciation) on the Statements 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.

At September 30, 2010, 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	$	5,165,000	$	40,574		$	143,204
Barclays Capital	Textron, Inc.	Buy		1.000	%	03/20/15		3,000,000		95,390			68,157
Barclays Capital	D.R. Horton, Inc.	Buy		1.000	%	03/20/15		6,000,000		261,866			180,537
Barclays Capital	The Home Depot, Inc.	Buy		1.000	%	03/20/15		5,500,000		(26,109	)		(36,851	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	06/20/15		5,700,000		234,078			62,087
BNP Paribas	Marriott International, Inc.	Buy		1.000	%	03/20/15		6,280,000		58,332			3,721
Credit Suisse First Boston	Textron, Inc.	Buy		1.000	%	03/20/15		3,280,000		111,555			68,070
Credit Suisse First Boston	Morgan Stanley	Buy		1.000	%	06/20/15		8,050,000		692,955			(390,207	)
JPMorgan	Macy's, Inc.	Buy		1.000	%	03/20/15		8,000,000		429,112			(89,192	)
JPMorgan	D.R. Horton, Inc.	Buy		1.000	%	03/20/15		5,800,000		253,112			174,419
Morgan Stanley	Limited Brands, Inc.	Buy		1.000	%	03/20/15		5,700,000		268,715			(7,768	)
Morgan Stanley	The Home Depot, Inc.	Buy		1.000	%	03/20/15		6,200,000		(46,941	)		(26,062	)
												$	150,115

At September 30, 2010, the Fund held the following open short futures contracts:

Risk Exposure/Type

Interest Rate Risk	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
10-Year U.S. Treasury Notes		975	$	122,895,703	$	122,205,815	Dec-2010	$	(689,888	)
2-Year U.S. Treasury Notes		650		142,664,844		142,368,200	Dec-2010		(296,644	)
30-Year U.S. Treasury Notes		604		80,766,125		80,434,068	Dec-2010		(332,057	)
5-Year U.S. Treasury Notes		900		108,780,469		107,952,544	Dec-2010		(827,925	)
								$	(2,146,514	)

At September 30, 2010, the Fund held investments in the following sectors:

Sector	% of Net Assets
Corporate Fixed-Income Bonds & Notes		42.6
Mortgage-Backed Securities		17.6
Government & Agency Obligations		17.1
Commercial Mortgage-Backed Securities		15.7
Asset-Backed Securities		4.9
Municipal Bonds		1.6
Collateralized Mortgage Obligations		0.6
Preferred Stocks		0.5
Common Stock		0.0	*
Warrants		0.0	*
		100.6
Short-Term Obligation		6.7
Other Assets & Liabilities, Net		(7.3	)
		100.0

*  Rounds to less than 0.1%

Acronym	Name
I.O.	Interest Only
PIK	Payment-In-Kind
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

See Accompanying Notes to Financial Statements.

20

Investment Portfolio – Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 29.6%
	Par ($)		Value ($)
Basic Materials – 0.8%
Chemicals – 0.1%
Lubrizol Corp.
5.500% 10/01/14		1,636,000		1,804,213
Chemicals Total				1,804,213
Iron/Steel – 0.4%
ArcelorMittal USA, Inc.
6.500% 04/15/14		7,580,000		8,400,724
Nucor Corp.
5.000% 06/01/13		2,504,000		2,736,264
Iron/Steel Total				11,136,988
Metals & Mining – 0.3%
Vale Inco Ltd.
7.750% 05/15/12		6,235,000		6,784,023
Metals & Mining Total				6,784,023
Basic Materials Total				19,725,224
Communications – 4.5%
Media – 1.1%
DIRECTV Holdings LLC
3.550% 03/15/15		7,210,000		7,484,290
NBC Universal, Inc.
2.100% 04/01/14 (a)(e)		10,000,000		10,046,450
Time Warner, Inc.
3.150% 07/15/15		9,285,000		9,624,172
Media Total				27,154,912
Telecommunication Services – 3.4%
America Movil S.A. de C.V.
5.500% 03/01/14		7,420,000		8,194,084
AT&T, Inc.
6.700% 11/15/13		14,000,000		16,210,040
British Telecommunications PLC
5.150% 01/15/13		6,505,000		6,951,627
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14		12,000,000		13,570,260
Deutsche Telekom International Finance BV
5.250% 07/22/13		3,715,000		4,074,968
5.875% 08/20/13		5,000,000		5,584,990
Telecom Italia Capital SA
4.950% 09/30/14		7,785,000		8,288,923
Telefonica Emisiones SAU
0.775% 02/04/13 (11/04/10) (b)(c)		10,875,000		10,645,516
Vodafone Group PLC
5.375% 01/30/15		9,038,000		10,179,382
Telecommunication Services Total				83,699,790
Communications Total				110,854,702

	Par ($)		Value ($)
Consumer Cyclical – 0.2%
Retail – 0.2%
CVS Caremark Corp.
5.750% 08/15/11		5,997,000		6,248,574
Retail Total				6,248,574
Consumer Cyclical Total				6,248,574
Consumer Non-Cyclical – 3.6%
Beverages – 1.2%
Anheuser-Busch InBev Worldwide, Inc.
2.500% 03/26/13		8,500,000		8,720,787
Bottling Group LLC
6.950% 03/15/14		5,000,000		5,927,680
Diageo Capital PLC
5.200% 01/30/13		5,600,000		6,103,054
Miller Brewing Co.
5.500% 08/15/13 (a)		4,460,000		4,904,626
SABMiller PLC
5.700% 01/15/14 (a)		2,360,000		2,647,007
Beverages Total				28,303,154
Commercial Services – 0.4%
RR Donnelley & Sons Co.
5.500% 05/15/15		8,000,000		8,404,112
Commercial Services Total				8,404,112
Food – 0.8%
ConAgra Foods, Inc.
5.875% 04/15/14		6,840,000		7,809,303
HJ Heinz Finance Co.
6.000% 03/15/12		5,110,000		5,450,372
Kraft Foods, Inc.
2.625% 05/08/13		6,650,000		6,892,260
Food Total				20,151,935
Healthcare Products – 0.2%
Hospira, Inc.
5.550% 03/30/12		5,015,000		5,380,634
Healthcare Products Total				5,380,634
Healthcare Services – 0.4%
Roche Holdings, Inc.
5.000% 03/01/14 (a)		6,200,000		6,931,978
UnitedHealth Group, Inc.
5.500% 11/15/12		3,641,000		3,946,611
Healthcare Services Total				10,878,589
Pharmaceuticals – 0.6%
Express Scripts, Inc.
6.250% 06/15/14		7,080,000		8,128,569

See Accompanying Notes to Financial Statements.

21

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Wyeth
6.950% 03/15/11		7,031,000		7,235,827
Pharmaceuticals Total				15,364,396
Consumer Non-Cyclical Total				88,482,820
Energy – 2.5%
Oil & Gas – 1.1%
Anadarko Petroleum Corp.
7.625% 03/15/14		6,650,000		7,525,259
Canadian Natural Resources Ltd.
5.450% 10/01/12		4,100,000		4,414,991
6.700% 07/15/11		3,010,000		3,145,074
Occidental Petroleum Corp.
6.750% 01/15/12		2,750,000		2,952,777
Ras Laffan Liquefied Natural Gas Co. Ltd. III
4.500% 09/30/12 (a)		9,250,000		9,724,340
Oil & Gas Total				27,762,441
Oil & Gas Services – 0.3%
Weatherford International Ltd.
5.150% 03/15/13		6,885,000		7,371,859
Oil & Gas Services Total				7,371,859
Pipelines – 1.1%
Energy Transfer Partners LP
8.500% 04/15/14		6,000,000		7,123,896
Plains All American Pipeline LP
4.250% 09/01/12		5,000,000		5,215,060
TransCanada PipeLines Ltd.
3.400% 06/01/15		6,385,000		6,828,247
Williams Partners LP
7.250% 02/01/17		6,290,000		7,492,346
Pipelines Total				26,659,549
Energy Total				61,793,849
Financials – 13.9%
Banks – 9.3%
ANZ National International Ltd.
6.200% 07/19/13 (a)		12,735,000		14,153,412
Barclays Bank PLC
3.900% 04/07/15		12,325,000		13,060,568
Canadian Imperial Bank of Commerce
1.450% 09/13/13		2,000,000		2,013,350
Capital One Financial Corp.
6.250% 11/15/13		9,160,000		10,187,505
Citigroup, Inc.
5.500% 10/15/14		14,000,000		15,190,966
6.500% 08/19/13		2,000,000		2,209,740

	Par ($)		Value ($)
Comerica Bank
0.418% 05/26/11 (11/26/10) (b)(c)		1,590,000		1,582,589
0.439% 05/24/11 (11/24/10) (b)(c)		2,000,000		1,990,786
Commonwealth Bank of Australia
3.750% 10/15/14 (a)		13,000,000		13,893,295
Credit Suisse/New York NY
5.000% 05/15/13		12,300,000		13,400,026
Goldman Sachs Group, Inc.
3.700% 08/01/15		10,000,000		10,231,110
ING Bank NV
1.157% 01/13/12 (10/13/10) (a)(b)(c)		12,500,000		12,490,400
JPMorgan Chase & Co.
1.039% 09/30/13 (12/30/10) (b)(c)		19,000,000		19,055,879
Keycorp
6.500% 05/14/13		7,925,000		8,685,332
Merrill Lynch & Co., Inc.
5.000% 01/15/15 (d)		17,200,000		18,317,518
Morgan Stanley
2.876% 05/14/13 (11/15/10) (b)(c)		10,015,000		10,206,206
Royal Bank of Scotland PLC
3.950% 09/21/15		11,315,000		11,433,298
Santander U.S. Debt SA Unipersonal
2.991% 10/07/13 (a)(e)		10,300,000		10,281,460
Svenska Handelsbanken AB
2.875% 09/14/12 (a)		12,155,000		12,505,684
U.S. Bank N.A.
6.300% 02/04/14		11,200,000		12,827,898
Wachovia Corp.
0.656% 08/01/13 (11/01/10) (b)(c)		11,010,000		10,855,409
2.236% 05/01/13 (11/01/10) (b)(c)		7,465,000		7,682,090
Banks Total				232,254,521
Diversified Financial Services – 1.7%
ERAC USA Finance LLC
5.600% 05/01/15 (a)		7,000,000		7,841,386
General Electric Capital Corp.
0.568% 05/08/13 (11/08/10) (b)(c)		30,510,000		29,847,140
Lehman Brothers Holdings, Inc.
3.950% 11/10/09 (f)		5,365,000		1,187,006
Woodside Finance Ltd.
8.125% 03/01/14 (a)		2,070,000		2,434,657
Diversified Financial Services Total				41,310,189

See Accompanying Notes to Financial Statements.

22

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Insurance – 2.0%
Berkshire Hathaway Finance Corp.
5.000% 08/15/13		8,327,000		9,213,026
Berkshire Hathaway, Inc.
0.834% 02/11/13 (11/12/10) (b)(c)		4,969,000		4,993,159
CNA Financial Corp.
5.850% 12/15/14		6,585,000		7,057,599
Lincoln National Corp.
4.750% 02/15/14		1,855,000		1,967,515
5.650% 08/27/12		5,300,000		5,668,663
Metropolitan Life Global Funding I
5.125% 04/10/13 (a)		10,650,000		11,591,407
Principal Life Income Funding Trusts
0.598% 11/08/13 (11/08/10) (b)(c)		4,500,000		4,443,129
Prudential Financial, Inc.
3.625% 09/17/12		2,000,000		2,078,420
4.500% 07/15/13		3,750,000		3,945,964
Insurance Total				50,958,882
Real Estate Investment Trusts (REITs) – 0.9%
Duke Realty LP
7.375% 02/15/15		6,340,000		7,228,443
Kimco Realty Corp.
4.300% 02/01/18		6,300,000		6,383,897
Simon Property Group LP
4.900% 01/30/14		7,760,000		8,388,855
Real Estate Investment Trusts (REITs) Total				22,001,195
Financials Total				346,524,787
Industrials – 1.2%
Aerospace & Defense – 0.1%
United Technologies Corp.
6.100% 05/15/12		1,719,000		1,857,955
Aerospace & Defense Total				1,857,955
Machinery – 0.3%
John Deere Capital Corp.
4.500% 04/03/13		6,215,000		6,716,948
Machinery Total				6,716,948
Miscellaneous Manufacturing – 0.6%
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		6,002,000		7,426,485
Tyco International Finance SA
4.125% 10/15/14		2,000,000		2,176,866
6.000% 11/15/13		4,337,000		4,915,512
Miscellaneous Manufacturing Total				14,518,863

	Par ($)		Value ($)
Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.750% 07/15/11		5,405,000		5,668,024
Transportation Total				5,668,024
Industrials Total				28,761,790
Technology – 1.0%
Computers – 0.6%
Electronic Data Systems Corp.
6.000% 08/01/13		7,500,000		8,524,178
International Business Machines Corp.
6.500% 10/15/13		5,010,000		5,823,769
Computers Total				14,347,947
Networking & Telecom Equipment – 0.2%
Cisco Systems, Inc.
5.250% 02/22/11		5,095,000		5,187,984
Networking & Telecom Equipment Total				5,187,984
Software – 0.2%
Oracle Corp.
5.000% 01/15/11		6,625,000		6,707,295
Software Total				6,707,295
Technology Total				26,243,226
Utilities – 1.9%
Electric – 1.3%
Consolidated Edison Co. of New York, Inc.
4.875% 02/01/13		5,193,000		5,623,952
5.550% 04/01/14		265,000		300,314
National Rural Utilities Cooperative Finance Corp.
5.500% 07/01/13		9,325,000		10,440,140
Ohio Power Co.
5.750% 09/01/13		5,870,000		6,543,230
Pacific Gas & Electric Co.
4.200% 03/01/11		5,850,000		5,937,656
Sierra Pacific Power Co.
6.250% 04/15/12		4,200,000		4,489,342
Electric Total				33,334,634
Gas – 0.6%
Atmos Energy Corp.
5.125% 01/15/13		1,960,000		2,114,434
7.375% 05/15/11		3,875,000		4,019,844
Sempra Energy
8.900% 11/15/13		6,505,000		7,821,898
Gas Total				13,956,176
Utilities Total				47,290,810
Total Corporate Fixed-Income Bonds & Notes (cost of $711,475,412)				735,925,782

See Accompanying Notes to Financial Statements.

23

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Collateralized Mortgage Obligations – 23.1%
	Par ($)		Value ($)
Agency – 19.0%
Federal Home Loan Mortgage Corp.
3.100% 08/15/19		4,789,119		4,900,823
3.200% 07/15/19		14,756,736		15,131,210
3.500% 01/15/17		1,403,582		1,430,613
4.000% 09/15/15		192,254		192,774
4.000% 08/15/16		584,988		596,167
4.000% 12/15/17		8,167,441		8,389,132
4.000% 12/15/17		17,020,186		17,979,395
4.250% 04/15/33		1,132,880		1,181,768
4.500% 03/15/17		470,628		478,717
4.500% 03/15/19		8,903,511		9,330,844
4.500% 07/15/22		15,443,855		16,144,118
4.500% 01/15/29		6,934,161		7,107,965
4.500% 11/15/32		6,074,018		6,423,158
4.500% 05/15/39		9,057,991		9,731,360
4.750% 08/15/19		15,840,357		16,595,744
4.750% 08/15/19		17,333,724		18,160,326
5.000% 07/15/17		7,424,187		8,038,538
5.000% 02/15/21		10,899,310		11,446,614
5.000% 10/15/34		2,740,169		2,832,571
5.000% 12/15/35		11,040,741		11,518,022
5.000% 10/15/36		18,073,459		18,865,750
5.000% 07/15/37		9,701,483		10,438,922
5.125% 10/15/15		1,131,185		1,145,167
5.350% 05/15/29		6,995,707		7,152,448
5.500% 08/15/13		254,715		261,515
5.500% 12/15/19		7,835,857		8,136,759
5.500% 11/15/21		1,117,798		1,129,218
5.500% 04/15/26		432,667		434,431
5.500% 12/15/26		864,355		867,193
5.500% 09/15/27		156,099		156,127
5.500% 10/15/27		850,945		855,124
5.500% 06/15/28		1,028,384		1,036,186
5.500% 11/15/28		1,349,575		1,376,478
5.500% 01/15/29		3,022,510		3,089,751
5.500% 10/15/29		1,161,974		1,175,861
5.500% 12/15/31		5,208,912		5,427,571
6.000% 09/15/27		1,294,248		1,296,380
7.000% 06/15/22		71,646		82,975
Federal National Mortgage Association
0.100% 05/25/23		769,014		685,152
3.000% 11/25/24		16,693,630		17,235,036
3.500% 03/25/18		6,015,658		6,244,611
3.750% 05/25/30		5,806,450		5,961,512
4.000% 01/25/19		3,914,610		4,158,888
4.000% 06/25/23		3,416,239		3,632,692
4.000% 11/25/23		17,545,700		18,413,183
4.250% 03/25/22		2,797,240		2,893,545
4.500% 11/25/21		3,421,329		3,576,307

	Par ($)		Value ($)
4.500% 03/25/23		10,669,611		11,296,219
4.500% 12/25/23		7,806,848		8,314,284
4.500% 09/25/24		24,102,710		25,213,801
4.500% 10/25/39		21,409,900		21,969,163
5.000% 12/25/16		1,328,906		1,345,000
5.000% 12/25/17		1,018,924		1,030,981
5.000% 11/25/24		7,180,649		7,475,513
5.000% 04/25/31		1,102,179		1,129,844
5.000% 05/25/32		2,747,911		2,891,959
5.000% 07/25/33		16,247,297		16,973,237
5.000% 09/25/33		2,720,331		2,881,236
5.500% 12/25/29		4,233,057		4,343,877
5.500% 06/25/30		894,810		919,456
5.500% 01/25/33		12,601,343		12,963,653
5.500% 05/25/33		4,983,745		5,272,244
Government National Mortgage Association
4.000% 06/20/37		7,454,815		7,746,986
4.000% 05/16/39		20,912,882		21,443,819
4.000% 08/20/39		9,749,321		10,244,890
4.500% 01/16/31		2,507,154		2,680,453
4.500% 03/20/33		7,163,392		7,668,343
4.500% 08/20/35		243,413		251,954
4.500% 05/20/39		5,211,484		5,444,795
5.000% 05/16/27		242,063		254,216
Agency Total				473,094,564
Non-Agency – 4.1%
Bank of America Mortgage Securities
3.059% 03/25/34 (10/01/10) (b)(c)		2,316,312		2,223,368
BCAP LLC Trust
4.000% 01/26/37 (10/01/10) (a)(b)(c)		14,494,579		14,349,634
5.000% 12/26/36 (10/01/10) (a)(b)(c)		9,404,330		9,427,841
6.000% 05/26/37 (10/01/10) (a)(b)(c)		8,639,881		8,657,785
Countrywide Alternative Loan Trust
0.656% 03/25/34 (10/25/10) (b)(c)		212,585		201,750
Countrywide Home Loan Mortgage Pass Through Trust
0.756% 03/25/34 (10/25/10) (b)(c)		846,275		774,063
Credit Suisse Mortgage Capital Certificates
5.000% 12/27/36 (a)		11,174,495		11,202,431
5.000% 06/27/37 (10/01/10) (a)(b)(c)		3,655,775		3,648,829
5.200% 04/27/36 (10/01/10) (a)(b)(c)		2,453,561		2,453,561
5.540% 10/27/37 (10/01/10) (a)(b)(c)		9,299,274		9,415,515

See Accompanying Notes to Financial Statements.

24

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Collateralized Mortgage Obligations (continued)
	Par ($)		Value ($)
6.000% 08/27/37 (10/01/10) (a)(b)(c)		11,131,853		11,277,958
6.000% 01/27/47 (a)		5,396,682		5,511,362
6.250% 12/27/36 (a)		6,143,256		6,354,596
GMAC Mortgage Corporation Loan Trust
0.756% 05/25/18 (10/25/10) (b)(c)		1,022,640		951,890
Residential Accredit Loans, Inc.
0.856% 07/25/32 (10/25/10) (b)(c)		19,985		13,703
Structured Asset Securities Corp.
5.500% 05/25/33		170,804		175,589
5.500% 07/25/33		70,598		72,390
5.750% 04/25/33		1,107,838		1,135,552
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 10/25/35		1,604,949		1,505,787
Wells Fargo Mortgage Backed Securities Trust
3.424% 04/25/36 (10/01/10) (b)(c)		3,428,663		3,146,199
4.500% 08/25/18		179,301		182,640
Wells Fargo Mortgage Loan Trust
5.619% 12/27/46 (10/01/10) (a)(b)(c)		8,811,006		8,912,685
Non-Agency Total				101,595,128
Total Collateralized Mortgage Obligations (cost of $571,012,312)				574,689,692
Asset-Backed Securities – 14.5%
AmeriCredit Automobile Receivables Trust
1.220% 10/08/13		6,200,000		6,220,782
4.630% 06/06/12		2,423,416		2,425,154
5.020% 11/06/12		2,533,642		2,535,624
5.210% 09/06/13		1,367,061		1,396,948
5.420% 08/08/11		1,050,083		1,051,067
5.420% 05/07/12		883,010		883,780
5.530% 01/06/14		23,888,000		24,467,215
5.560% 06/06/14		12,110,669		12,759,044
5.640% 09/06/13		5,601,582		5,688,606
5.680% 12/12/12		4,453,905		4,536,014
Americredit Prime Automobile Receivable
5.220% 06/08/12		1,478,738		1,482,598
Amresco Residential Securities Mortgage Loan Trust
0.736% 07/25/28 (10/25/10) (b)(c)		14,774		10,283
Arizona Educational Loan Marketing Corp.
0.517% 12/01/23		8,842,105		8,740,333
BMW Floorplan Master Owner Trust
1.407% 09/15/14 (10/15/10) (a)(b)(c)		15,000,000		15,189,954

	Par ($)		Value ($)
BMW Vehicle Lease Trust
2.910% 03/15/12		4,376,816		4,419,488
Capital Auto Receivables Asset Trust
5.300% 05/15/14		1,750,000		1,809,526
5.420% 12/15/14		3,070,000		3,285,071
Chrysler Financial Auto Securitization Trust
2.820% 01/15/16		14,405,000		14,676,023
CitiFinancial Auto Issuance Trust
2.590% 10/15/13 (a)		15,000,000		15,248,688
Cityscape Home Equity Loan Trust
7.380% 07/25/28 (10/01/10) (b)(c)		607,686		576,399
7.410% 05/25/28		7,173		7,092
CPS Auto Trust
5.330% 11/15/12 (a)		3,858,943		3,864,659
Daimler Chrysler Auto Trust
4.940% 02/08/12		948,546		949,440
EFS Volunteer LLC
1.389% 10/26/26 (10/25/10) (a)(b)(c)		15,000,000		15,007,250
Fifth Third Auto Trust
4.070% 01/17/12		909,363		911,016
First Alliance Mortgage Loan Trust
6.680% 06/25/25		51,477		50,725
8.225% 09/20/27		172,892		143,916
Ford Credit Auto Owner Trust
5.240% 07/15/12		1,097,500		1,129,661
Ford Credit Floorplan Master Owner Trust
1.907% 12/15/14 (10/15/10) (a)(b)(c)		10,000,000		10,206,632
Franklin Auto Trust
5.360% 05/20/16		2,498,000		2,559,259
GS Auto Loan Trust
5.480% 12/15/14		11,340,000		11,679,136
Household Automotive Trust
5.340% 09/17/13		2,423,528		2,459,517
IMC Home Equity Loan Trust
7.080% 08/20/28		7,519		7,325
7.500% 04/25/26		128,519		129,878
7.520% 08/20/28		785,262		793,641
Keycorp Student Loan Trust
0.369% 06/27/25		13,877,840		13,234,902
0.619% 12/27/29 (12/27/10) (b)(c)		14,200,600		13,549,815
0.748% 08/25/27 (11/25/10) (b)(c)		12,311,999		11,946,237
Long Beach Auto Receivables Trust
4.250% 04/15/12		605,971		606,659
4.522% 06/15/12		744,191		745,120
5.500% 05/15/13		705,659		706,827

See Accompanying Notes to Financial Statements.

25

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Asset-Backed Securities (continued)
	Par ($)		Value ($)
Marriott Vacation Club Owner Trust
4.809% 07/20/31 (a)		7,663,733		7,953,417
Merrill Auto Trust Securitization
5.500% 03/15/12		1,732,796		1,752,737
MMCA Automobile Trust
3.930% 03/15/13 (a)		5,800,000		5,941,343
National Collegiate Student Loan Trust 0.406% 07/25/26
(10/25/10) (b)(c)		12,000,000		10,378,042
Navistar Financial Corp. Owner Trust
1.470% 10/18/12 (a)		10,000,000		10,036,548
Nissan Auto Receivables Owner Trust
4.280% 06/16/14		2,768,771		2,839,722
Novastar Home Equity Loan
1.036% 05/25/33 (10/25/10) (b)(c)		2,093,373		1,641,540
Residential Funding Mortgage Securities II, Inc.
0.546% 08/25/33 (10/25/10) (b)(c)		14,281		9,963
Santander Drive Auto Receivables Trust
0.950% 08/15/13		8,575,000		8,576,311
1.360% 03/15/13		7,675,000		7,684,882
SLM Student Loan Trust
0.352% 03/15/17 (12/15/10) (b)(c)		87,889		87,671
0.372% 12/15/20 (12/15/10) (b)(c)		5,314,826		5,291,257
0.498% 07/25/17 (10/25/10) (b)(c)		11,814,973		11,754,702
0.977% 09/15/20 (12/15/10) (b)(c)		12,802,258		11,747,697
Terwin Mortgage Trust
1.156% 07/25/34 (10/25/10) (b)(c)		797,807		731,507
Triad Auto Receivables Owner Trust
0.317% 02/12/14 (10/12/10) (b)(c)		12,361,153		12,181,425
5.310% 05/13/13		11,405,592		11,651,372
UPFC Auto Receivables Trust
5.530% 07/15/13		5,393,727		5,457,939
Volkswagen Auto Lease Trust
3.410% 04/16/12		24,870,000		25,265,057
Total Asset-Backed Securities (cost of $357,501,760)				359,074,436
Government & Agency Obligations – 11.8%
Foreign Government Obligations – 2.4%
Financement-Quebec
5.000% 10/25/12		11,146,000		12,030,837

	Par ($)		Value ($)
Morocco Government AID Bond
0.463% 05/01/23 (10/05/10) (b)(c)(g)		1,105,000		1,049,750
Nova Scotia Province
5.750% 02/27/12		10,493,000		11,246,177
Petroleos Mexicanos
4.875% 03/15/15 (a)		7,000,000		7,550,361
Province of Ontario
4.100% 06/16/14		13,175,000		14,473,159
Svensk Exportkredit AB
4.875% 09/29/11		13,090,000		13,652,765
Foreign Government Obligations Total				60,003,049
U.S. Government Obligations – 9.4%
U.S. Treasury Inflation Indexed Note
3.000% 07/15/12		42,437,850		45,063,692
U.S. Treasury Notes
0.875% 03/31/11 (h)		1,750,000		1,755,742
1.375% 03/15/13		160,000,000		163,288,000
1.875% 06/30/15		22,630,000		23,319,513
U.S. Government Obligations Total				233,426,947
Total Government & Agency Obligations (cost of $272,454,340)				293,429,996
Mortgage-Backed Securities – 10.0%
Federal Home Loan Mortgage Corp.
2.395% 04/01/35 (10/01/10) (b)(c)		455,797		470,968
2.642% 03/01/34 (10/01/10) (b)(c)		832,870		867,578
4.000% 05/01/11		1,456,583		1,474,561
4.000% 05/01/24		4,954,805		5,179,541
4.000% 07/01/24		13,592,106		14,208,605
4.500% 11/01/20		1,616,354		1,713,804
4.500% 03/01/21		3,169,624		3,355,561
4.500% 05/01/23		11,587,309		12,200,815
4.500% 05/01/24		3,449,871		3,629,834
4.500% 06/01/24		7,885,999		8,297,373
4.500% 08/01/24		29,772,496		31,325,585
4.500% 10/01/24		5,701,245		5,998,652
4.500% 06/01/25		122,130		128,501
5.000% 09/01/22		9,037,532		9,590,371
5.000% 01/01/24		2,224,861		2,360,959
5.000% 02/01/24		3,646,056		3,869,091
5.500% 05/01/17		64,255		69,312
5.500% 09/01/17		240,427		259,349
5.500% 01/01/19		5,920		6,397
5.500% 07/01/19		306,192		330,865
5.500% 12/01/20		3,300,750		3,564,662
5.500% 01/01/21		5,801,003		6,264,824

See Accompanying Notes to Financial Statements.

26

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
5.500% 02/01/21		5,591,527		6,020,252
5.505% 01/01/36 (10/01/10) (b)(c)		1,302,843		1,373,457
5.863% 07/01/36 (10/01/10) (b)(c)		50,429		53,918
6.000% 03/01/17		29,444		31,950
6.000% 04/01/17		35,104		38,092
6.000% 06/01/17		2,130		2,311
6.000% 08/01/17		101,261		109,880
6.000% 08/01/21		833,479		904,809
6.000% 09/01/21		315,518		342,520
6.000% 10/01/21		3,498,168		3,797,543
7.500% 09/01/15		32,389		34,949
8.500% 07/01/30		20,158		23,449
TBA:
4.500% 10/01/25 (e)		9,265,000		9,742,722
5.000% 10/01/25 (e)		12,000,000		12,721,116
Federal National Mortgage Association
2.055% 06/01/33 (10/01/10) (b)(c)		1,373,895		1,398,815
2.438% 04/01/34 (10/01/10) (b)(c)		1,163,242		1,214,246
2.510% 01/01/35 (10/01/10) (b)(c)		1,114,823		1,160,415
2.548% 03/01/34 (10/01/10) (b)(c)		1,290,342		1,349,814
2.689% 06/01/34 (10/01/10) (b)(c)		882,493		922,176
2.765% 07/01/34 (10/01/10) (b)(c)		1,506,715		1,579,365
4.500% 11/01/14		1,056,157		1,095,346
4.500% 07/01/24		4,921,568		5,187,666
4.826% 06/01/35 (10/01/10) (b)(c)		1,908,467		2,000,237
4.983% 07/01/35 (10/01/10) (b)(c)		1,424,545		1,514,915
5.000% 07/01/22		10,586,252		11,233,001
5.000% 08/01/24		6,195,061		6,572,918
5.000% 03/01/25		11,046,823		11,720,605
5.500% 05/01/21		733,775		790,552
5.500% 11/01/21		3,355,674		3,615,326
5.500% 10/01/23		3,793,668		4,085,813
5.500% 01/01/24		5,526,941		5,952,562
5.500% 10/01/24		2,860,449		3,080,727
5.694% 10/01/35 (10/01/10) (b)(c)		908,655		972,442
5.698% 04/01/36 (10/01/10) (b)(c)		1,514,837		1,600,099
5.728% 07/01/36 (10/01/10) (b)(c)		67,643		72,340

	Par ($)		Value ($)
6.000% 03/01/37		1,481,596		1,587,735
6.230% 09/01/37 (10/01/10) (b)(c)		755,971		816,957
6.500% 03/01/12		4,183		4,527
7.500% 08/01/15		22,663		24,684
7.500% 10/01/28		1,208,552		1,375,390
7.500% 01/01/29		393,890		448,266
8.000% 05/01/15		47,461		51,725
8.000% 01/01/16		91,808		99,647
8.000% 08/01/30		15,402		17,849
8.000% 05/01/31		52,099		60,378
8.000% 07/01/31		23,158		26,852
9.000% 04/01/16		380		383
TBA,
4.500% 10/01/25 (e)		24,000,000		25,237,488
Government National Mortgage Association
1.000% 03/20/30 (10/01/10) (b)(c)		49,009		50,610
3.375% 04/20/22 (10/01/10) (b)(c)		1,332,603		1,374,740
3.375% 06/20/29 (10/01/10) (b)(c)		180,095		185,790
3.625% 07/20/18 (10/01/10) (b)(c)		231,208		239,078
6.500% 09/15/13		14,694		15,953
6.500% 03/15/32		1,737		1,939
6.500% 11/15/33		219,810		244,870
7.000% 11/15/13		21,938		23,297
7.000% 04/15/29		57,365		65,515
7.000% 08/15/29		2,879		3,288
8.000% 10/15/17		210,893		233,169
Small Business Administration
0.875% 06/25/22 (10/01/10) (b)(c)		153,302		153,804
Total Mortgage-Backed Securities (cost of $243,050,902)				249,827,490
Commercial Mortgage-Backed Securities – 9.2%
Bear Stearns Commercial Mortgage Securities, Inc.
4.060% 08/15/38		6,677,893		6,761,468
5.280% 10/12/42 (10/01/10) (b)(c)		17,850,000		18,942,318
5.382% 12/11/40		11,000,000		11,869,618
5.882% 09/11/38 (10/01/10) (b)(c)		3,500,000		3,862,723
6.480% 02/15/35		621,714		630,337
Citigroup Commercial Mortgage Trust
4.755% 05/15/43		12,540,899		13,189,937
Credit Suisse First Boston Mortgage Securities Corp.
3.727% 03/15/35		347,740		355,835

See Accompanying Notes to Financial Statements.

27

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

Commercial Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
4.302% 07/15/36		419,726		419,417
4.681% 04/15/37		14,543,650		15,163,183
5.100% 08/15/38 (10/01/10) (b)(c)		6,000,000		6,402,907
Credit Suisse Mortgage Capital Certificates
5.250% 03/15/39		2,208,486		2,225,064
CW Capital Cobalt Ltd.
5.324% 05/15/46		813,696		835,441
First Union National Bank Commercial Mortgage
6.141% 02/12/34		4,118,706		4,312,267
GE Capital Commercial Mortgage Corp.
4.599% 06/10/48		2,435,828		2,564,323
4.970% 08/11/36		2,075,788		2,144,760
6.070% 06/10/38		14,600,000		15,186,882
6.531% 05/15/33		6,908,894		7,003,640
Greenwich Capital Commercial Funding Corp.
4.533% 01/05/36		6,214,016		6,430,173
4.619% 08/10/42		5,029,211		5,253,215
JPMorgan Chase Commercial Mortgage Securities Corp.
4.659% 07/15/42		12,193,562		12,843,215
4.914% 07/12/37		1,385,927		1,401,288
4.980% 02/15/51		2,522,539		2,580,899
5.017% 02/12/51		309,148		310,087
5.201% 08/12/37 (10/01/10) (b)(c)		11,275,581		11,918,608
5.320% 06/12/47		1,146,450		1,171,770
5.338% 05/12/45		1,199,367		1,205,057
5.506% 12/12/44 (10/01/10) (b)(c)		9,603,616		10,322,085
5.822% 05/12/34		865,839		886,307
6.062% 04/15/45		3,000,000		3,225,804
JPMorgan Commercial Mortgage Finance Corp.
6.812% 01/15/30		2,301,443		2,329,899
LB-UBS Commercial Mortgage Trust
4.095% 03/15/27		3,039,191		3,116,998
5.007% 04/15/30		2,124,474		2,248,950
5.391% 02/15/40		3,245,207		3,303,150
5.403% 02/15/40		5,526,335		5,941,771
5.611% 04/15/41		3,080,330		3,207,659
5.642% 12/15/25		977,088		993,752
6.653% 11/15/27		6,222,692		6,311,945
Merrill Lynch Mortgage Investors, Inc.
I.O., 0.576% 12/15/30 (10/01/10) (b)(c)		4,100,731		78,328
Morgan Stanley Capital I
5.257% 12/15/43		943,744		952,187
5.380% 04/15/49		14,986,450		15,396,535
Morgan Stanley Dean Witter Capital I
6.390% 10/15/35		3,281,267		3,422,339
6.540% 02/15/31		177,569		177,821

	Par ($)		Value ($)
Nationslink Funding Corp.
7.104% 01/22/26		8,872,137		9,753,600
Prudential Securities Secured Financing Corp.
7.623% 06/16/31 (10/01/10) (b)(c)		1,066,707		1,066,115
Salomon Brothers Mortgage Securities VII
6.428% 12/18/35		829,317		840,874
Wachovia Bank Commercial Mortgage Trust
5.037% 03/15/42		665,773		703,178
Total Commercial Mortgage-Backed Securities (cost of $226,888,601)				229,263,729
Short-Term Obligation – 2.1%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 11/20/14, market value $53,703,763 (repurchase proceeds $52,646,336)		52,646,000		52,646,000
Total Short-Term Obligation (cost of $52,646,000)				52,646,000
Total Investments – 100.3% (cost of $2,449,722,851) (i)				2,494,857,125
Other Assets & Liabilities, Net – (0.3)%				(7,617,351	)
Net Assets – 100.0%				2,487,239,774

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, 2010, these securities, which are not illiquid, amounted to $301,657,151, which represents 12.1% of net assets.

(b)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(c)  Parenthetical date represents the next interest rate reset date for the security.

(d)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Interest Income		Value, end of period
Merrill Lynch & Co., Inc. 6.150% 04/25/13	$	2,153,404	$	—	$	—	$	10,250	$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(e)  Security purchased on a delayed delivery basis.

See Accompanying Notes to Financial Statements.

28

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

(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, 2010, the value of this security amounted to $1,187,006, which represents less than 0.1% of net assets.

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2010, the value of this security amounted to $1,049,750, which represents less than 0.1% of net assets.

(h)  The security or a portion of the security is pledged as collateral for open futures contracts. At September 30, 2010, the total market value of securities pledged amounted to $1,755,742

(i)  Cost for federal income tax purposes is $2,449,722,851.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Corporate Fixed-Income Bonds & Notes	$	—	$	735,925,782	$	—	$	735,925,782
Total Collateralized Mortgage Obligations		—		574,689,692		—		574,689,692
Total Asset-Backed Securities		—		359,074,436		—		359,074,436
Government & Agency Obligations
Foreign Governmment Obligations		—		58,953,299		1,049,750		60,003,049
U.S. Government Obligations		233,426,947		—		—		233,426,947
Total Government & Agency Obligations		233,426,947		58,953,299		1,049,750		293,428,996

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Mortgage-Backed Securities	$	47,701,326		$	202,126,164	$	—	$	249,827,490
Total Commercial Mortgage-Backed Securities		—			229,263,729		—		229,263,729
Total Short-Term Obligations		—			52,646,000		—		52,646,000
Total Investments		281,128,273			2,212,679,102		1,049,750		2,494,857,125
Unrealized Depreciation on Futures Contracts		(1,207,638	)		—		—		(1,207,638	)
Total	$	279,920,635		$	2,212,679,102	$	1,049,750	$	2,493,649,487

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

Certain Government & Agency Obligations classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors including, but not limited to, estimated cash flows of the securities and observed yields on securities management deemed comparable.

The following table reconciles asset balances for the six month period ending September 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2010
Government & Agency Obligations
Foreign Government Obligations	$	—	$	755	$	1,167	$	32,356	$	—	$	(42,500	)	$	1,057,972	$	—	$	1,049,750

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, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $32,356. This amount is included in net change in unrealized appreciation (depreciation) on the Statements of Changes in Net Assets.

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

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	1,057,972	$	1,057,972	$	—

Financial Assets were transferred from Level 2 to Level 3 as the result of the pricing services discontinuing coverage of the securities. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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.

See Accompanying Notes to Financial Statements.

29

Columbia Short Term Bond Fund

September 30, 2010 (Unaudited)

At September 30, 2010, the Fund held the following open short futures contracts:

Risk Exposure/Type

Interest Rate Risk	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
2-Year U.S. Treasury Notes		1,275	$	279,842,579	$	279,340,387	Dec-2010	$	(502,192	)
5-Year U.S. Treasury Notes		570		68,894,297		68,188,851	Dec-2010		(705,446	)
								$	(1,207,638	)

At September 30, 2010, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		29.6
Collateralized Mortgage Obligations		23.1
Asset-Backed Securities		14.5
Government & Agency Obligations		11.8
Mortgage-Backed Securities		10.0
Commercial Mortgage-Backed Securities		9.2
		98.2
Short-Term Obligation		2.1
Other Assets & Liabilities, Net		(0.3	)
		100.0

Acronym	Name
I.O.	Interest Only
TBA	To Be Announced

See Accompanying Notes to Financial Statements.

30

Investment Portfolio – Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 92.8%
	Par (a)		Value ($)
Basic Materials – 8.6%
Chemicals – 4.0%
Agricultural Chemicals – 0.3%
CF Industries, Inc.
6.875% 05/01/18		1,245,000		1,339,931
7.125% 05/01/20		1,000,000		1,093,750
				2,433,681
Chemicals-Diversified – 3.2%
Georgia Gulf Corp.
9.000% 01/15/17 (b)		3,300,000		3,456,750
INVISTA
9.250% 05/01/12 (b)		3,138,000		3,177,225
Koppers, Inc.
7.875% 12/01/19		2,435,000		2,538,488
NOVA Chemicals Corp.
3.748% 11/15/13 (11/15/10) (c)(d)		4,425,000		4,231,406
6.500% 01/15/12		3,975,000		4,134,000
8.375% 11/01/16		2,020,000		2,126,050
Olin Corp.
8.875% 08/15/19		2,945,000		3,187,963
Westlake Chemical Corp.
6.625% 01/15/16		3,190,000		3,213,925
				26,065,807
Chemicals-Specialty – 0.3%
Huntsman International LLC
5.500% 06/30/16		2,160,000		2,068,200
				2,068,200
Chemicals Total				30,567,688
Forest Products & Paper – 4.2%
Forestry – 0.2%
Weyerhaeuser Co.
6.950% 10/01/27		1,965,000		1,938,052
				1,938,052
Paper & Related Products – 4.0%
ABI Escrow Corp.
10.250% 10/15/18 (b)		3,255,000		3,311,962
Bowater, Inc.
9.375% 12/15/21 (e)		2,945,000		839,325
Domtar Corp.
7.875% 10/15/11		5,005,000		5,280,275
Georgia-Pacific LLC
7.000% 01/15/15 (b)		4,750,000		4,940,000
7.750% 11/15/29		757,000		794,850

	Par (a)		Value ($)
8.000% 01/15/24		921,000		1,033,823
8.125% 05/15/11		1,485,000		1,540,687
8.875% 05/15/31		6,745,000		7,689,300
Smurfit Capital Funding PLC
7.500% 11/20/25		7,825,000		7,003,375
				32,433,597
Forest Products & Paper Total				34,371,649
Iron/Steel – 0.3%
Steel-Producers – 0.3%
Ryerson, Inc.
12.000% 11/01/15		1,930,000		1,987,900
				1,987,900
Iron/Steel Total				1,987,900
Metals & Mining – 0.3%
Metal-Diversified – 0.3%
Allegheny Technologies, Inc.
8.375% 12/15/11		2,320,000		2,444,336
				2,444,336
Metals & Mining Total				2,444,336
Basic Materials Total				69,371,573
Communications – 13.8%
Advertising – 0.1%
Advertising Agencies – 0.1%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		1,171,000		1,244,187
				1,244,187
Advertising Total				1,244,187
Media – 5.3%
Cable TV – 4.1%
Charter Communications Operating LLC / Charter Communications Operating Capital
8.000% 04/30/12 (b)		5,230,000		5,543,800
Charter Communications Term Loan C Extended
3.790% 09/06/16		3,651,322		3,561,156
Charter Term Loan Incremental Term Loan
2.260% 03/06/14 (c)(f)		450,913		438,650
CSC Holdings, Inc.
6.750% 04/15/12		3,960,000		4,143,150
Rainbow National Services LLC
8.750% 09/01/12 (b)		4,605,000		4,622,269
10.375% 09/01/14 (b)		1,556,000		1,618,240
Shaw Communications, Inc.
7.500% 11/20/13	CAD	6,060,000		6,696,156

See Accompanying Notes to Financial Statements.

31

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Videotron Ltee
6.375% 12/15/15		665,000		679,962
6.875% 01/15/14		5,860,000		5,947,900
				33,251,283
Multimedia – 0.8%
Lamar Media Corp.
6.625% 08/15/15		4,320,000		4,377,656
7.875% 04/15/18		1,995,000		2,094,750
				6,472,406
Publishing-Newspapers – 0.2%
Morris Publishing Group LLC
PIK, 10.000% 09/01/14		1,795,982		1,715,163
				1,715,163
Publishing-Periodicals – 0.0%
Ziff Davis Media, Inc.
PIK, 11.500% 07/15/11 (10/15/10) (c)(d)(g)		691,865		18,058
				18,058
Television – 0.2%
CW Media Holdings, Inc.
13.500% 08/15/15 (b)		1,015,000		1,159,638
ION Media Networks, Inc.
PIK, 10.070% 01/15/13 (b)(e)(g)		1,254,550		125
				1,159,763
Media Total				42,616,673
Telecommunication Services – 8.4%
Cellular Telecommunications – 1.0%
iPCS, Inc.
2.591% 05/01/13 (11/01/10) (c)(d)		1,120,000		1,064,000
MetroPCS Wireless, Inc.
7.875% 09/01/18		1,585,000		1,632,550
Millicom International Cellular SA
10.000% 12/01/13		5,115,000		5,262,056
				7,958,606
Media – 1.3%
Nielsen Finance LLC
2.258% 08/09/13 (10/12/10) (c)(d)(f)		465,000		447,752
2.258% 08/09/13 (10/12/10) (c)(d)(f)		3,912,549		3,767,425
10.000% 08/01/14		975,000		1,024,969

	Par (a)		Value ($)
Quebecor Media, Inc.
7.750% 03/15/16		5,025,000		5,182,031
9.750% 01/15/49 (g)		1,885,000		98,020
				10,520,197
Satellite Telecommunications – 1.7%
Inmarsat Finance PLC
7.375% 12/01/17 (b)		1,635,000		1,708,575
Intelsat Subsidiary Holding Co., Ltd.
8.500% 01/15/13		10,785,000		10,906,331
8.875% 01/15/15 (b)		915,000		942,450
				13,557,356
Telecommunication Equipment – 0.5%
Lucent Technologies, Inc.
6.450% 03/15/29		4,825,000		3,510,188
6.500% 01/15/28		920,000		664,700
				4,174,888
Telecommunication Services – 2.8%
American Tower Corp.
7.250% 05/15/19		1,405,000		1,652,631
CC Holdings GS V LLC/Crown Castle GS III Corp.
7.750% 05/01/17 (b)		5,845,000		6,458,725
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000% 12/01/15 (b)		3,145,000		3,396,600
GCI, Inc.
7.250% 02/15/14		3,225,000		3,289,500
8.625% 11/15/19		1,800,000		1,921,500
Sable International Finance Ltd.
7.750% 02/15/17 (b)		3,765,000		3,972,075
tw telecom holdings, Inc.
8.000% 03/01/18		1,544,000		1,617,340
				22,308,371
Telephone-Integrated – 1.1%
Sprint Capital Corp.
8.750% 03/15/32		3,445,000		3,617,250
Virgin Media Finance PLC
8.375% 10/15/19		1,395,000		1,531,013
9.125% 08/15/16		1,115,000		1,193,050
9.500% 08/15/16		2,580,000		2,915,400
				9,256,713
Telecommunication Services Total				67,776,131
Communications Total				111,636,991
Consumer Cyclical – 14.3%
Airlines – 0.0%
Delta Air Lines, Inc.
2.875% 02/06/24 (h)		1,555,000		27,368
2.875% 02/18/49 (h)		905,000		15,928

See Accompanying Notes to Financial Statements.

32

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
8.000% 06/03/23 (h)		2,885,000		50,776
8.000% 06/03/49 (h)		2,256,000		39,706
8.300% 12/15/29 (h)		1,023,000		17,903
9.250% 03/15/49 (h)		715,000		12,513
9.750% 05/15/49 (h)		2,335,000		40,862
10.000% 08/15/49 (h)		1,945,000		34,038
10.375% 12/15/22 (h)		2,990,000		52,325
10.375% 02/01/49 (h)		4,295,000		75,162
Northwest Airlines, Inc.
7.625% 11/15/23 (h)		2,552,500		6,381
7.875% 03/15/13 (h)		2,390,800		6,216
8.700% 03/15/49 (h)		260,000		676
8.875% 06/01/49 (h)		971,900		2,527
9.875% 03/15/37 (h)		4,278,500		11,124
10.000% 02/01/49 (h)		2,426,300		6,308
Airlines Total				399,813
Apparel – 0.8%
Apparel Manufacturers – 0.3%
Hanesbrands, Inc.
8.000% 12/15/16		1,835,000		1,938,219
				1,938,219
Textile-Apparel – 0.5%
Unifi, Inc.
11.500% 05/15/14		3,984,000		4,163,280
				4,163,280
Apparel Total				6,101,499
Auto Manufacturers – 1.1%
Auto-Cars/Light Trucks – 1.0%
Ford Holdings LLC
9.300% 03/01/30		870,000		967,875
Ford Motor Co.
3.010% 12/15/13 (10/15/10) (c)(d)(f)		7,641,776		7,487,748
				8,455,623
Auto-Medium & Heavy Duty Trucks – 0.1%
Oshkosh Corp.
8.500% 03/01/20		580,000		627,850
				627,850
Auto Manufacturers Total				9,083,473
Auto Parts & Equipment – 2.5%
Auto/Truck Parts & Equipment-Original – 1.4%
Collins & Aikman Products Co.
12.875% 08/15/12 (b)(g)(i)		6,910,000		691
Lear Corp.
7.875% 03/15/18		455,000		482,300

	Par (a)		Value ($)
8.125% 03/15/20		360,000		384,750
8.750% 12/01/16 (g)(h)		1,595,000		2,393
Tenneco Automotive, Inc.
7.750% 08/15/18 (b)		1,590,000		1,629,750
8.125% 11/15/15		2,670,000		2,793,487
8.625% 11/15/14		755,000		773,875
Titan International, Inc.
7.875% 10/01/17 (b)		1,620,000		1,636,200
TRW Automotive, Inc.
7.000% 03/15/14 (b)		3,180,000		3,354,900
				11,058,346
Auto/Truck Parts & Equipment-Replacement – 0.4%
Affinia Group, Inc.
9.000% 11/30/14		1,470,000		1,514,100
10.750% 08/15/16 (b)		1,000,000		1,112,500
Allison Transmission
PIK, 11.250% 11/01/15 (b)		679,800		737,583
				3,364,183
Rubber-Tires – 0.7%
Cooper Tire & Rubber Co.
7.625% 03/15/27		855,000		799,425
Goodyear Tire & Rubber Co.
8.250% 08/15/20		2,815,000		2,962,787
10.500% 05/15/16		1,815,000		2,055,488
				5,817,700
Auto Parts & Equipment Total				20,240,229
Distribution/Wholesale – 0.6%
ACE Hardware Corp.
9.125% 06/01/16 (b)		3,055,000		3,261,213
American Tire Distributors, Inc.
9.750% 06/01/17 (b)		1,525,000		1,624,125
Distribution/Wholesale Total				4,885,338
Entertainment – 3.8%
Casino Services – 0.9%
American Casino & Entertainment Properties LLC
11.000% 06/15/14		1,460,000		1,423,500
Greektown Superholdings, Inc.
13.000% 07/01/15 (b)		2,045,000		2,219,581
Peninsula Gaming LLC
8.375% 08/15/15		1,500,000		1,560,000
10.750% 08/15/17		2,285,000		2,413,532
				7,616,613
Gambling (Non-Hotel) – 2.1%
Global Cash Access LLC
8.750% 03/15/12		932,000		922,680

See Accompanying Notes to Financial Statements.

33

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Isle of Capri Casinos, Inc.
7.000% 03/01/14		1,016,000		919,480
Jacobs Entertainment, Inc.
9.750% 06/15/14		3,955,000		3,618,825
Mohegan Tribal Gaming Authority
6.125% 02/15/13		2,180,000		1,724,925
Penn National Gaming, Inc.
6.750% 03/01/15		3,755,000		3,755,000
Pinnacle Entertainment, Inc.
7.500% 06/15/15		2,925,000		2,829,937
Seminole Hard Rock Entertainment, Inc.
2.792% 03/15/14 (12/15/10) (b)(c)(d)		3,280,000		2,878,200
				16,649,047
Motion Pictures & Services – 0.0%
United Artists Theatre Circuit, Inc.
9.300% 07/01/15 (g)		174,231		173,011
				173,011
Professional Sports – 0.4%
MU Finance PLC
8.375% 02/01/17 (b)		3,115,000		3,037,125
				3,037,125
Racetracks – 0.2%
Speedway Motorsports, Inc.
8.750% 06/01/16		1,780,000		1,922,400
				1,922,400
Resorts/Theme Parks – 0.2%
Vail Resorts, Inc.
6.750% 02/15/14		1,580,000		1,613,575
				1,613,575
Entertainment Total				31,011,771
Housewares – 0.3%
Libbey Glass, Inc.
10.000% 02/15/15 (b)		2,620,000		2,816,500
Housewares Total				2,816,500
Leisure Time – 0.3%
Leisure & Recreational Products – 0.1%
Brunswick Corp.
11.250% 11/01/16 (b)		770,000		887,425
				887,425
Recreational Centers – 0.2%
Town Sports International, Inc.
11.000% 02/01/14		1,690,000		1,601,275
				1,601,275
Leisure Time Total				2,488,700

	Par (a)		Value ($)
Lodging – 1.7%
Casino Hotels – 0.5%
Ameristar Casinos, Inc.
9.250% 06/01/14		1,360,000		1,451,800
FireKeepers Development Authority
13.875% 05/01/15 (b)		545,000		634,925
MGM Resorts International
13.000% 11/15/13		412,000		484,100
Seneca Gaming Corp.
7.250% 05/01/12		1,275,000		1,255,875
				3,826,700
Hotels & Motels – 1.2%
Host Hotels & Resorts LP
6.375% 03/15/15		1,635,000		1,673,831
6.750% 06/01/16		2,220,000		2,300,475
6.875% 11/01/14		1,090,000		1,125,425
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18		2,190,000		2,354,250
7.875% 05/01/12		2,345,000		2,515,013
				9,968,994
Lodging Total				13,795,694
Office Furnishings – 0.2%
Interface, Inc.
11.375% 11/01/13		1,200,000		1,362,000
Office Furnishings Total				1,362,000
Retail – 3.0%
Retail-Apparel/Shoe – 0.2%
Phillips-Van Heusen Corp.
7.375% 05/15/20		1,540,000		1,622,775
				1,622,775
Retail-Automobiles – 1.0%
Asbury Automotive Group, Inc.
7.625% 03/15/17		2,298,000		2,240,550
8.000% 03/15/14		555,000		560,550
AutoNation, Inc.
6.750% 04/15/18		1,680,000		1,722,000
Sonic Automotive, Inc.
8.625% 08/15/13		355,000		361,212
9.000% 03/15/18		230,000		238,625
United Auto Group, Inc.
7.750% 12/15/16		3,320,000		3,241,150
				8,364,087
Retail-Miscellaneous/Diversified – 0.7%
Sally Holdings LLC
9.250% 11/15/14		1,945,000		2,047,112
Susser Holdings LLC
8.500% 05/15/16		3,110,000		3,234,400
				5,281,512

See Accompanying Notes to Financial Statements.

34

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Retail-Propane Distributors – 0.3%
AmeriGas Partners LP
7.125% 05/20/16		845,000		880,913
7.250% 05/20/15		1,665,000		1,723,275
				2,604,188
Retail-Regional Department Stores – 0.3%
JC Penney Corp., Inc.
7.125% 11/15/23		1,855,000		1,938,475
				1,938,475
Retail-Restaurants – 0.1%
Roadhouse Financing, Inc.
10.750% 10/15/17 (b)		810,000		830,250
				830,250
Retail-Vitamins/Nutritional Supplements – 0.4%
NBTY, Inc.
7.125% 10/01/15		3,300,000		3,423,750
				3,423,750
Retail Total				24,065,037
Consumer Cyclical Total				116,250,054
Consumer Non-Cyclical – 15.9%
Agriculture – 0.3%
Tobacco – 0.3%
Alliance One International, Inc.
10.000% 07/15/16		2,285,000		2,473,513
				2,473,513
Agriculture Total				2,473,513
Beverages – 1.0%
Beverages-Non-Alcoholic – 0.8%
Cott Beverages USA, Inc.
8.125% 09/01/18 (b)		2,390,000		2,530,413
Cott Beverages, Inc.
8.375% 11/15/17 (b)		3,825,000		4,054,500
				6,584,913
Beverages-Wine/Spirits – 0.2%
Constellation Brands, Inc.
8.375% 12/15/14		1,315,000		1,451,431
				1,451,431
Beverages Total				8,036,344
Biotechnology – 0.2%
Medical-Biomedical/Gene – 0.2%
Bio-Rad Laboratories, Inc.
8.000% 09/15/16		1,440,000		1,562,400
				1,562,400
Biotechnology Total				1,562,400

	Par (a)		Value ($)
Commercial Services – 3.2%
Commercial Services – 1.2%
KAR Holdings, Inc.
8.750% 05/01/14		1,930,000		2,009,612
10.000% 05/01/15		4,225,000		4,436,250
Quintiles Transnational Corp.
PIK, 9.500% 12/30/14 (b)		3,130,000		3,216,075
				9,661,937
Commercial Services-Finance – 1.0%
Lender Processing Services, Inc.
8.125% 07/01/16		3,805,000		4,099,887
National Money Mart Co.
10.375% 12/15/16		3,555,000		3,786,075
				7,885,962
Consulting Services – 0.2%
FTI Consulting, Inc.
7.750% 10/01/16		2,025,000		2,106,000
				2,106,000
Printing-Commercial – 0.1%
Cenveo Corp.
8.875% 02/01/18		650,000		642,688
				642,688
Private Corrections – 0.1%
Corrections Corp. of America
7.750% 06/01/17		810,000		870,750
				870,750
Schools – 0.6%
Knowledge Learning Corp., Inc.
7.750% 02/01/15 (b)		4,700,000		4,653,000
				4,653,000
Commercial Services Total				25,820,337
Food – 1.9%
Fisheries – 0.1%
American Seafoods Group LLC/American Seafoods Finance, Inc.
10.750% 05/15/16 (b)		825,000		841,500
				841,500
Food-Meat Products – 1.1%
Smithfield Foods, Inc.
10.000% 07/15/14 (b)		2,090,000		2,403,500
Tyson Foods, Inc.
8.250% 10/01/11		2,420,000		2,568,225
10.500% 03/01/14		3,465,000		4,170,994
				9,142,719

See Accompanying Notes to Financial Statements.

35

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Food-Miscellaneous/Diversified – 0.1%
B&G Foods, Inc.
7.625% 01/15/18		630,000		655,988
				655,988
Food-Retail – 0.4%
American Stores Co.
7.900% 05/01/17		2,425,000		2,346,187
8.000% 06/01/26		175,000		147,219
Stater Brothers Holdings
8.125% 06/15/12		385,000		385,481
				2,878,887
Food-Wholesale/Distributor – 0.2%
C&S Group Enterprises LLC
8.375% 05/01/17 (b)		1,910,000		1,864,637
				1,864,637
Food Total				15,383,731
Healthcare Products – 2.9%
Diagnostic Kits – 0.1%
Alere, Inc.
8.625% 10/01/18 (b)		975,000		989,625
				989,625
Medical Products – 2.8%
Biomet, Inc.
10.000% 10/15/17		1,380,000		1,523,175
11.625% 10/15/17		2,380,000		2,650,725
DJO Finance LLC/DJO Finance Corp.
10.875% 11/15/14		4,700,000		5,111,250
Hanger Orthopedic Group, Inc.
10.250% 06/01/14		3,560,000		3,738,000
Invacare Corp.
9.750% 02/15/15		2,110,000		2,252,425
ReAble Therapeutics Finance LLC / ReAble Therapeutics Finance Corp.
11.750% 11/15/14		2,760,000		2,891,100
Universal Hospital Services, Inc.
4.134% 06/01/15 (12/01/10) (c)(d)		2,817,000		2,422,620
PIK, 8.500% 06/01/15		1,820,000		1,831,375
				22,420,670
Healthcare Products Total				23,410,295
Healthcare Services – 2.8%
Medical-HMO – 0.4%
Multiplan, Inc.
9.875% 09/01/18 (b)		3,185,000		3,328,325
				3,328,325

	Par (a)		Value ($)
Medical-Hospitals – 1.9%
Capella Healthcare, Inc.
9.250% 07/01/17 (b)		1,620,000		1,733,400
Community Health Systems, Inc.
2.549% 07/25/14 (11/30/10) (c)(d)(f)		5,119,194		4,841,260
2.549% 07/25/14 (11/30/10) (c)(d)(f)		290,824		275,772
2.549% 07/25/14 (11/30/10) (c)(d)(f)		150,000		142,237
8.875% 07/15/15		3,020,000		3,208,750
HCA, Inc.
6.300% 10/01/12		4,305,000		4,369,575
Vanguard Health Holding Co. II, LLC/Vanguard Holding Co. II, Inc.
8.000% 02/01/18		500,000		507,500
				15,078,494
Medical-Nursing Homes – 0.3%
Sun Healthcare Group, Inc.
9.125% 04/15/15		2,285,000		2,422,100
				2,422,100
Physical Therapy/Rehab Centers – 0.2%
Healthsouth Corp.
8.125% 02/15/20		1,655,000		1,721,200
Psychiatric Solutions, Inc.
7.750% 07/15/15		170,000		176,800
				1,898,000
Healthcare Services Total				22,726,919
Household Products/Wares – 1.4%
Consumer Products-Miscellaneous – 1.1%
Central Garden & Pet Co.
8.250% 03/01/18		1,950,000		1,991,438
Jarden Corp.
7.500% 05/01/17		3,090,000		3,198,150
Spectrum Brands Holdings, Inc.
9.500% 06/15/18 (b)		3,735,000		4,005,787
				9,195,375
Soap & Cleaning Preparations – 0.3%
Diversey, Inc.
8.250% 11/15/19		2,045,000		2,188,150
				2,188,150
Household Products/Wares Total				11,383,525

See Accompanying Notes to Financial Statements.

36

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Pharmaceuticals – 2.2%
Medical-Drugs – 1.5%
Catalent Pharma Solutions, Inc.
PIK, 9.500% 04/15/15 (10/15/10) (c)(d)		4,079,467		4,120,262
Lantheus Medical Imaging, Inc.
9.750% 05/15/17 (b)		1,600,000		1,648,000
Phibro Animal Health Corp.
9.250% 07/01/18 (b)		1,915,000		1,982,025
Valeant Pharmaceuticals International
6.750% 10/01/17 (b)		1,210,000		1,234,200
7.000% 10/01/20 (b)		1,210,000		1,237,225
8.375% 06/15/16		2,290,000		2,656,400
				12,878,112
Medical-Generic Drugs – 0.4%
Mylan, Inc.
7.625% 07/15/17 (b)		3,215,000		3,419,956
				3,419,956
Pharmacy Services – 0.3%
BioScrip, Inc.
10.250% 10/01/15		1,960,000		2,004,100
				2,004,100
Pharmaceuticals Total				18,302,168
Consumer Non-Cyclical Total				129,099,232
Diversified – 0.3%
Diversified Holding Companies – 0.3%
Diversified Operations – 0.3%
Leucadia National Corp.
7.125% 03/15/17		2,165,000		2,170,412
				2,170,412
Diversified Holding Companies Total				2,170,412
Diversified Total				2,170,412
Energy – 12.9%
Coal – 0.9%
Arch Coal, Inc.
8.750% 08/01/16		1,105,000		1,218,263
Consol Energy, Inc.
8.000% 04/01/17 (b)		3,755,000		4,064,787
Peabody Energy Corp.
7.375% 11/01/16		370,000		403,300
7.875% 11/01/26		1,855,000		2,045,137
Coal Total				7,731,487

	Par (a)		Value ($)
Energy-Alternate Sources – 0.3%
Headwaters, Inc.
11.375% 11/01/14		2,460,000		2,619,900
Salton Sea Funding
8.300% 05/30/11		1,390		1,415
Energy-Alternate Sources Total				2,621,315
Oil & Gas – 8.6%
Oil & Gas Drilling – 0.1%
Pioneer Drilling Co.
9.875% 03/15/18 (b)		520,000		531,700
				531,700
Oil Companies-Exploration & Production – 7.7%
Berry Petroleum Co.
10.250% 06/01/14		2,205,000		2,486,137
Chaparral Energy, Inc.
8.500% 12/01/15		3,700,000		3,598,250
Comstock Resources, Inc.
6.875% 03/01/12		1,635,000		1,637,093
Concho Resources, Inc.
8.625% 10/01/17		1,500,000		1,590,000
Continental Resources, Inc.
8.250% 10/01/19		1,600,000		1,752,000
Denbury Resources, Inc.
9.750% 03/01/16		1,625,000		1,824,062
Forest Oil Corp.
8.000% 12/15/11		475,000		502,313
8.500% 02/15/14		2,000,000		2,185,000
Hilcorp Energy I LP/Hilcorp Finance Co.
7.750% 11/01/15 (b)		4,495,000		4,539,950
Hilcorp Energy LP/Hilcorp Finance Co.
9.000% 06/01/16 (b)		1,110,000		1,151,625
KCS Energy, Inc.
7.125% 04/01/12		803,000		805,008
Linn Energy LLC
9.875% 07/01/18		1,545,000		1,695,638
11.750% 05/15/17		2,005,000		2,300,737
Mariner Energy, Inc.
7.500% 04/15/13		1,890,000		1,958,512
Newfield Exploration Co.
6.625% 09/01/14		4,450,000		4,550,125
6.625% 04/15/16		3,310,000		3,442,400
PetroHawk Energy Corp.
7.875% 06/01/15		2,720,000		2,849,200
10.500% 08/01/14		1,000,000		1,132,500
Petroquest Energy, Inc.
10.000% 09/01/17		1,905,000		1,924,050
Plains Exploration & Production Co.
10.000% 03/01/16		2,520,000		2,872,800

See Accompanying Notes to Financial Statements.

37

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Range Resources Corp.
6.375% 03/15/15		1,420,000		1,451,950
7.500% 05/15/16		1,595,000		1,666,775
Rosetta Resources, Inc.
9.500% 04/15/18		1,995,000		2,054,850
Stone Energy Corp.
6.750% 12/15/14		2,714,000		2,496,880
8.625% 02/01/17		845,000		830,213
W&T Offshore, Inc.
8.250% 06/15/14 (b)		1,631,000		1,565,760
Whiting Petroleum Corp.
7.000% 02/01/14		7,655,000		8,076,025
				62,939,853
Oil Refining & Marketing – 0.8%
Frontier Oil Corp.
6.625% 10/01/11		2,475,000		2,484,281
8.500% 09/15/16		2,290,000		2,381,600
Holly Corp.
9.875% 06/15/17		1,420,000		1,503,425
				6,369,306
Oil & Gas Total				69,840,859
Oil & Gas Services – 0.9%
Oil-Field Services – 0.9%
American Petroleum Tankers LLC/AP Tankers Co.
10.250% 05/01/15 (b)		1,640,000		1,676,900
Complete Production Services, Inc.
8.000% 12/15/16		2,650,000		2,729,500
Expro Finance Luxembourg SCA
8.500% 12/15/16 (b)		2,950,000		2,809,875
				7,216,275
Oil & Gas Services Total				7,216,275
Pipelines – 2.2%
ANR Pipeline Co.
7.375% 02/15/24		1,205,000		1,554,628
Copano Energy LLC/Copano Energy Finance Corp.
7.750% 06/01/18		5,175,000		5,226,750
8.125% 03/01/16		395,000		402,900
Crosstex Energy LP/Crosstex Energy Finance Corp.
8.875% 02/15/18		1,165,000		1,220,338
El Paso Natural Gas Co.
8.375% 06/15/32		1,250,000		1,514,032
MarkWest Energy Partners LP
6.875% 11/01/14		1,065,000		1,079,644
8.500% 07/15/16		5,100,000		5,380,500
8.375% 12/15/13		1,198,000		1,248,915
Pipelines Total				17,627,707
Energy Total				105,037,643

	Par (a)		Value ($)
Financials – 9.7%
Banks – 0.9%
Commercial Banks – 0.3%
CapitalSource, Inc.
12.750% 07/15/14 (b)		2,405,000		2,795,813
				2,795,813
Mortgage Banks – 0.6%
Ocwen Financial Corp.
9.000% 07/29/15 (f)		3,090,750		3,106,204
Provident Funding Associates
10.250% 04/15/17 (b)		1,600,000		1,648,000
				4,754,204
Banks Total				7,550,017
Diversified Financial Services – 6.0%
Finance-Auto Loans – 4.6%
Ally Financial, Inc.
6.875% 09/15/11		2,830,000		2,918,438
7.250% 03/02/11		580,000		590,150
8.000% 11/01/31		5,247,000		5,627,408
8.300% 02/12/15 (b)		5,395,000		5,880,550
AmeriCredit Corp.
8.500% 07/01/15		2,560,000		2,691,200
Credit Acceptance Corp.
9.125% 02/01/17 (b)		1,915,000		2,010,750
Ford Motor Credit Co.
5.542% 06/15/11 (12/15/10) (c)(d)		2,350,000		2,408,750
7.250% 10/25/11		4,100,000		4,303,893
7.800% 06/01/12		630,000		670,015
8.125% 01/15/20		7,700,000		8,847,800
12.000% 05/15/15		1,320,000		1,662,496
				37,611,450
Finance-Other Services – 0.5%
Nationstar Mortgage/Nationstar Capital Corp.
10.875% 04/01/15 (b)		4,765,000		3,990,688
				3,990,688
Investment Management/Advisor Service – 0.5%
Janus Capital Group, Inc.
6.500% 06/15/12		480,000		503,500
6.950% 06/15/17		3,065,000		3,201,751
Nuveen Investments, Inc.
10.500% 11/15/15		230,000		228,562
				3,933,813

See Accompanying Notes to Financial Statements.

38

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Special Purpose Entity – 0.4%
Harley-Davidson Funding Corp.
6.800% 06/15/18 (b)		2,900,000		3,153,138
				3,153,138
Diversified Financial Services Total				48,689,089
Insurance – 2.4%
Insurance Brokers – 0.8%
HUB International Holdings, Inc.
9.000% 12/15/14 (b)		2,495,000		2,463,812
Trinity Acquisition Ltd.
12.875% 12/31/16 (b)(g)		1,840,000		2,568,031
USI Holdings Corp.
4.251% 11/15/14 (11/15/10) (b)(c)(d)		780,000		663,975
9.750% 05/15/15 (b)		840,000		814,800
				6,510,618
Multi-Line Insurance – 0.6%
Fairfax Financial Holdings Ltd.
7.375% 04/15/18		875,000		906,719
7.750% 07/15/37		3,590,000		3,414,987
8.300% 04/15/26		185,000		186,156
				4,507,862
Mutual Insurance – 0.0%
Lumbermens Mutual Casualty
8.300% 12/01/37 (b)(e)		180,000		1,818
8.450% 12/01/97 (b)(e)		4,600,000		46,460
9.150% 07/01/26 (b)(e)		9,865,000		99,637
				147,915
Property/Casualty Insurance – 1.0%
Crum & Forster Holdings Corp.
7.750% 05/01/17		7,655,000		7,970,769
				7,970,769
Insurance Total				19,137,164
Real Estate Investment Trusts (REITs) – 0.4%
REITS-Health Care – 0.4%
Omega Healthcare Investors, Inc.
7.000% 04/01/14		2,920,000		2,980,225
				2,980,225
Real Estate Investment Trusts (REITs) Total				2,980,225
Financials Total				78,356,495

	Par (a)		Value ($)
Industrials – 8.8%
Aerospace & Defense – 0.6%
Aerospace/Defense – 0.4%
DAE Aviation Holdings, Inc.
4.230% 07/31/14 (10/29/10) (c)(d)(f)		554,377		508,343
11.250% 08/01/15 (b)		2,565,000		2,584,494
				3,092,837
Aerospace/Defense-Equipment – 0.2%
BE Aerospace, Inc.
8.500% 07/01/18		1,540,000		1,678,600
				1,678,600
Aerospace & Defense Total				4,771,437
Building Materials – 1.7%
Building & Construction Products-Miscellaneous – 0.9%
Associated Materials LLC/Associated Materials Finance, Inc.
9.875% 11/15/16		1,490,000		1,802,900
Building Materials Corp. of America
6.875% 08/15/18 (b)		2,350,000		2,308,875
7.500% 03/15/20 (b)		3,210,000		3,226,050
				7,337,825
Building Products-Air & Heating – 0.2%
Goodman Global, Inc.
PIK, 13.500% 02/15/16		1,835,000		2,018,500
				2,018,500
Building Products-Cement/Aggregates – 0.6%
Texas Industries, Inc.
9.250% 08/15/20 (b)		4,670,000		4,845,125
				4,845,125
Building Materials Total				14,201,450
Building Products – 0.2%
Chemicals-Plastics – 0.2%
CPG International I, Inc.
10.500% 07/01/13		1,580,000		1,595,800
				1,595,800
Building Products Total				1,595,800
Electrical Components & Equipment – 0.5%
Wire & Cable Products – 0.5%
Belden, Inc.
7.000% 03/15/17		3,948,000		3,957,870
				3,957,870
Electrical Components & Equipment Total				3,957,870

See Accompanying Notes to Financial Statements.

39

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Electronics – 0.2%
Electronic Components-Miscellaneous – 0.2%
Stoneridge, Inc.
9.500% 10/15/17 (b)		1,620,000		1,660,500
				1,660,500
Electronics Total				1,660,500
Environmental Control – 0.7%
Pollution Control – 0.7%
Geo Sub Corp.
11.000% 05/15/12		6,165,000		5,533,088
				5,533,088
Environmental Control Total				5,533,088
Metal Fabricate/Hardware – 0.9%
Metal Processors & Fabrication – 0.6%
Neenah Foundry Co.
11.000% 01/29/15 (11/29/10) (c)(d)(f)(g)		4,320,000		4,320,000
15.000% 07/29/15 (g)		837,777		837,777
				5,157,777
Steel Pipe & Tube – 0.3%
Mueller Water Products, Inc.
7.375% 06/01/17		2,205,000		1,945,912
				1,945,912
Metal Fabricate/Hardware Total				7,103,689
Miscellaneous Manufacturing – 1.5%
Diversified Manufacturing Operators – 1.3%
Actuant Corp.
6.875% 06/15/17		2,215,000		2,259,300
Amsted Industries, Inc.
8.125% 03/15/18 (b)		5,460,000		5,685,225
SPX Corp.
7.625% 12/15/14		2,335,000		2,545,150
Tyco Electronics Group SA
6.000% 10/01/12		375,000		405,527
				10,895,202
Firearms & Ammunition – 0.2%
Colt Defense LLC/Colt Finance Corp.
8.750% 11/15/17 (b)		1,640,000		1,205,400
				1,205,400
Miscellaneous Manufacturing Total				12,100,602
Packaging & Containers – 1.4%
Containers-Metal/Glass – 1.0%
Greif, Inc.
6.750% 02/01/17		1,535,000		1,582,969

	Par (a)		Value ($)
Owens-Brockway Glass Container, Inc.
6.750% 12/01/14		4,120,000		4,233,300
Silgan Holdings, Inc.
6.750% 11/15/13		2,375,000		2,410,625
				8,226,894
Containers-Paper/Plastic – 0.4%
Plastipak Holdings, Inc.
8.500% 12/15/15 (b)		1,000,000		1,035,000
10.625% 08/15/19 (b)		2,200,000		2,442,000
				3,477,000
Packaging & Containers Total				11,703,894
Transportation – 1.1%
Automotive – 0.0%
BHM Technologies
8.500% 01/26/13 (c)(f)(g)(i)		1,237,123		3,340
				3,340
Transportation-Railroad – 0.2%
Kansas City Southern de Mexico SA de CV
7.375% 06/01/14		1,850,000		1,914,750
				1,914,750
Transportation-Services – 0.3%
syncreon Global Ireland Ltd./ syncreon Global Finance US, Inc.
9.500% 05/01/18 (b)		2,410,000		2,364,813
				2,364,813
Transportation-Shipping – 0.6%
Great Lakes Dredge & Dock Corp.
7.750% 12/15/13		2,945,000		2,959,725
Greenbrier Companies, Inc.
8.375% 05/15/15		1,970,000		1,910,900
				4,870,625
Transportation Total				9,153,528
Industrials Total				71,781,858
Technology – 1.8%
Semiconductors – 0.4%
Electronic Components-Semiconductors – 0.4%
Advanced Micro Devices, Inc.
7.750% 08/01/20 (b)		1,585,000		1,636,513
STATS ChipPAC Ltd.
7.500% 08/12/15 (b)		1,595,000		1,718,612
				3,355,125
Semiconductors Total				3,355,125

See Accompanying Notes to Financial Statements.

40

Columbia High Income Fund

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Software – 1.4%
Application Software – 1.4%
SS&C Technologies, Inc.
11.750% 12/01/13		2,922,000		3,046,185
Sungard Data Systems, Inc.
4.875% 01/15/14		3,585,000		3,468,488
9.125% 08/15/13		1,485,000		1,516,556
10.625% 05/15/15		2,725,000		3,038,375
				11,069,604
Software Total				11,069,604
Technology Total				14,424,729
Utilities – 6.7%
Electric – 6.3%
Electric-Generation – 0.7%
Cedar Brakes LLC
8.500% 02/15/14 (b)		1,254,327		1,294,691
Cedar Brakes II LLC
9.875% 09/01/13 (b)		1,647,756		1,719,911
Reliant Energy Mid-Atlantic Power Holdings LLC
9.237% 07/02/17		115,598		120,222
9.681% 07/02/26		2,490,000		2,595,825
				5,730,649
Electric-Integrated – 3.2%
Calpine Construction Finance Co. LP
8.000% 06/01/16 (b)		4,980,000		5,328,600
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.
10.000% 12/01/20		1,625,000		1,612,674
Ipalco Enterprises, Inc.
7.250% 04/01/16 (b)		2,475,000		2,660,625
8.625% 11/14/11		1,575,000		1,659,656
PNM Resources, Inc.
9.250% 05/15/15		2,915,000		3,137,269
Public Service Co. of New Mexico
7.950% 05/15/18		3,265,000		3,603,659
Texas Competitive Electric Holdings Co. LLC
3.757% 10/10/14 (10/12/10) (c)(d)(f)		2,771,330		2,143,161
4.066% 10/10/14 (11/10/10) (c)(d)(f)		6,888,731		5,342,597
				25,488,241
Independent Power Producer – 2.4%
AES Eastern Energy LP
9.000% 01/02/17		3,567,003		3,691,848
Calpine Corp.
3.415% 03/29/14		5,297,577		5,168,083

	Par (a)		Value ($)
GenOn Escrow Corp.
9.500% 10/15/18 (b)		1,145,000		1,102,063
RRI Energy, Inc.
6.750% 12/15/14		2,455,000		2,510,238
7.625% 06/15/14		685,000		678,150
7.875% 06/15/17		7,145,000		6,662,712
				19,813,094
Electric Total				51,031,984
Gas Utilities – 0.4%
Retail-Propane Distributors – 0.4%
Star Gas Partners LP/Star Gas Finance Co.
10.250% 02/15/13		2,949,000		3,015,352
				3,015,352
Gas Utilities Total				3,015,352
Utilities Total				54,047,336
Total Corporate Fixed-Income Bonds & Notes (cost of $722,055,203)				752,176,323
Convertible Bonds – 1.4%
Communications – 0.0%
Internet – 0.0%
Web Portals/ISP – 0.0%
At Home Corp.
4.750% 12/15/06 (g)(i)		3,896,787		390
Internet Total				390
Communications Total				390
Consumer Cyclical – 0.6%
Retail – 0.6%
Sonic Automotive, Inc.
5.000% 10/01/29		1,575,000		1,667,531
United Auto Group, Inc.
3.500% 04/01/26		3,408,000		3,425,040
Retail Total				5,092,571
Consumer Cyclical Total				5,092,571
Diversified – 0.5%
Diversified Holding Companies – 0.5%
Icahn Enterprises LP
4.000% 08/15/13 (10/15/10) (b)(c)(d)		4,375,000		4,025,000
Diversified Holding Companies Total				4,025,000
Diversified Total				4,025,000

See Accompanying Notes to Financial Statements.

41

Columbia High Income Fund

September 30, 2010 (Unaudited)

Convertible Bonds (continued)
	Par (a)		Value ($)
Telecommunication Services – 0.3%
Wireless Telecommunication Services – 0.3%
NII Holdings, Inc.
3.125% 06/15/12		2,470,000		2,395,900
Wireless Telecommunication Services Total				2,395,900
Telecommunication Services Total				2,395,900
Total Convertible Bonds (cost of $10,605,868)				11,513,861
Preferred Stocks – 0.4%
	Shares
Financials – 0.4%
Real Estate Investment Trusts (REITs) – 0.4%
REITS-Diversified – 0.4%
Sovereign Real Estate Investment Corp., 12.00% (b)		2,581		3,000,412
				3,000,412
Real Estate Investment Trusts (REITs) Total				3,000,412
Financials Total				3,000,412
Transportation – 0.0%
Automotive – 0.0%
BHM Technologies (g)(j)		1,378		14
Automotive Total				14
Transportation Total				14
Total Preferred Stocks (cost of $2,524,997)				3,000,426
Common Stocks – 0.1%
Communications – 0.0%
Media – 0.0%
Haights Cross Communications (g)(j)(k)		275,078		—
Vertis Holdings, Inc. (g)		1,908		19
Ziff Davis Media, Inc. (g)(j)		12,260		123
Media Total				142
Communications Total				142
Consumer Staples – 0.0%
Beverages – 0.0%
Cott Corp. (j)		7,100		55,735
Beverages Total				55,735
Consumer Staples Total				55,735

	Shares		Value ($)
Financials – 0.0%
Diversified Financial Services – 0.0%
Adelphia Recovery Trust (g)(j)		1,410,902		14,109
Diversified Financial Services Total				14,109
Financials Total				14,109
Industrials – 0.1%
Commercial Services & Supplies – 0.1%
Neenah Enterprises, Inc. (g)		162,528		729,751
Quad/Graphics, Inc. (j)		2,915		136,189
Commercial Services & Supplies Total				865,940
Industrials Total				865,940
Information Technology – 0.0%
Communications Equipment – 0.0%
Loral Space & Communications, Inc. (j)		101		5,272
Communications Equipment Total				5,272
Information Technology Total				5,272
Transportation – 0.0%
Automotive – 0.0%
BHM Technologies (g)(j)		115,119		1,151
Automotive Total				1,151
Transportation Total				1,151
Total Common Stocks (cost of $4,977,908)				942,349
Warrants – 0.0%
	Units
Communications – 0.0%
Media – 0.0%
Multimedia – 0.0%
Haights Cross Communications Expires 12/10/11 (g)(j)(k)		1,366		—
				—
Media Total				—
Communications Total				—
Total Warrants (cost of $—)				—

See Accompanying Notes to Financial Statements.

42

Columbia High Income Fund

September 30, 2010 (Unaudited)

Short-Term Obligation – 3.7%
	Par (a)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10, at 0.230%, collateralized by a U.S. Government Agency obligation maturing 09/24/13, market value $30,372,919 (repurchase proceeds $29,774,190)		29,774,000		29,774,000
Total Short-Term Obligation (cost of $29,774,000)				29,774,000
Total Investments – 98.4% (cost of $769,937,976) (l)				797,406,959
Other Assets & Liabilities, Net – 1.6%				13,111,579
Net Assets – 100.0%				810,518,538

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, 2010, these securities, which are not illiquid except for the following, amounted to $202,433,548, which represents 25.0% of net assets.

Security	Acquisition Date	Par/ Shares		Cost		Value
Advanced Micro
Devices, Inc.
7.750% 08/01/20	07/26/10	$	1,585,000	$	1,585,000	$	1,636,513
Building Materials Corp. of America	08/10/10 -
6.875% 08/15/18	08/11/10		2,350,000		2,315,188		2,308,875
Cott Beverages  USA, Inc.
8.125% 09/01/18	08/12/10		2,390,000		2,437,256		2,530,413
ION Media Networks,  Inc., PIK
10.070% 01/15/13	02/28/08		1,254,550		1,137,893		125
Lumbermens Mutual Casualty:
8.300% 12/01/37	06/04/03		180,000		20,250		1,818
8.450% 12/01/97	03/06/03		4,600,000		422,625		46,460
9.150% 07/01/26	01/10/03 - 06/04/03		9,865,000		2,090,824		99,637
Sovereign Real   Estate Investment  Corp.,
12.00% Preferred Stock	08/21/00 - 10/17/06		2,581		2,524,923		3,000,412
Trinity Acquisition Ltd.,
12.875% 12/31/16	03/06/09		1,840,000		1,840,000		2,568,031
						$	12,192,284

(c)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

(e)  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, 2010, the value of these securities amounted to $987,365, which represents 0.1% of net assets.

(f)  Loan assignment agreement.

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2010, the value of these securities amounted to $8,737,003, which represents 1.1% of net assets.

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

(i)  The issuer is in default of certain debt covenants. Income is not being accrued. At September 30, 2010, the value of these securities amounted to $4,421, which represents less than 0.1% of net assets.

(j)  Non-income producing security.

(k)  Security has no value.

(l)  Cost for federal income tax purposes is $769,937,976.

The following table summarizes the inputs used, as of September 30, 2010, 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	$	—	$	69,371,573	$	—	$	69,371,573
Communications		—		111,520,788		116,203		111,636,991
Consumer Cyclical		—		116,073,959		176,095		116,250,054
Consumer Non-Cyclical		—		129,099,232		—		129,099,232
Diversified		—		2,170,412		—		2,170,412
Energy		—		105,037,643		—		105,037,643
Financials		—		75,788,464		2,568,031		78,356,495
Industrials		—		66,620,741		5,161,117		71,781,858
Technology		—		14,424,729		—		14,424,729
Utilities		—		54,047,336		—		54,047,336
Total Corporate Fixed-Income Bonds & Notes		—		744,154,877		8,021,446		752,176,323
Convertible Bonds
Communications		—		—		390		390
Consumer Cyclical		—		5,092,571		—		5,092,571
Diversified		—		4,025,000		—		4,025,000
Telecommunication Services		—		2,395,900		—		2,395,900
Total Convertible Bonds		—		11,513,471		390		11,513,861
Preferred Stocks
Financials		—		3,000,412		—		3,000,412
Transportation		—		—		14		14
Total Preferred Stocks		—		3,000,412		14		3,000,426
Common Stocks
Communications		—		—		142		142
Consumer Staples		55,735		—		—		55,735
Financials		—		—		14,109		14,109
Industrials		136,189		—		729,751		865,940
Information Technology		5,272		—		—		5,272
Transportation		—		—		1,151		1,151
Total Common Stocks		197,196		—		745,153		942,349
Total Warrants		—		—		—		—
Total Short-Term Obligation		—		29,774,000		—		29,774,000
Total Investments	$	197,196	$	788,442,760	$	8,767,003	$	797,406,959

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

See Accompanying Notes to Financial Statements.

43

Columbia High Income Fund

September 30, 2010 (Unaudited)

Certain common stocks classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the liquidation of company assets or potential actions related to the respective company's bankruptcy filing.

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

Certain corporate fixed-income bonds and notes classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company's capital structure.

The following table reconciles asset balances for the six month period ending September 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2010		Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2010
Common Stocks
Communications	$	142	$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	142
Financials		14,109		—			—			—			—		—			—		—		14,109
Industrials		—		—			—			(646,865	)		1,376,616		—			—		—		729,751
Transportation		1,151		—			—			—			—		—			—		—		1,151
Preferred Stocks
Transportation		14		—			—			—			—		—			—		—		14
Convertible Bonds
Communications		390		—			—			—			—		—			—		—		390
Corporate Fixed-Income Bonds & Notes
Communications		250,353		—			44,203			73,901			729,971		(982,225	)		—		—		116,203
Consumer Cyclical		113,063		2,532			2,449			68,713			—		(13,055	)		2,393		—		176,095
Financials		2,532,381		—			—			35,650			—		—			—		—		2,568,031
Industrials		4,066,492		(35,032	)		(47,819	)		49,097			3,157,777		(2,029,398	)		—		—		5,161,117
	$	6,978,095	$	(32,500	)	$	(1,167	)	$	(419,504	)	$	5,264,364	$	(3,024,678	)	$	2,393	$	—	$	8,767,003

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 depreciation attributed to securities owned at September 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $983,729. This amount is included in net change in unrealized appreciation (depreciation) on the Statements of Changes in Net Assets.

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

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	2,393	$	2,393	$	—

Financial Assets were transferred from Level 2 to Level 3 due to management's determination and consideration of estimates of distributions from potential actions related to the respective company's bankruptcy filing. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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.

At September 30, 2010, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		92.8
Convertible Bonds		1.4
Preferred Stocks		0.4
Common Stocks		0.1
Warrants		0.0	*
		94.7
Short Term Obligation		3.7
Other Assets & Liabilities, Net		1.6
		100.0

*  Represents less than 0.1%

Acronym	Name
CAD	Canadian Dollar
PIK	Payment-In-Kind

See Accompanying Notes to Financial Statements.

44

Statements of Assets and Liabilities – Corporate Bond Funds

September 30, 2010 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Assets
Investments, at identified cost		1,146,202,622			2,449,722,851			769,937,976
Investments, at value		1,193,398,955			2,494,857,125			797,406,959
Cash		34,529			13,250,657			3,427,099
Open credit default swap contracts		700,195			—			—
Credit default swap contracts premiums paid		2,201,496			—			—
Receivable for:
Investments sold		9,727,778			36,143,879			2,289,738
Fund shares sold		3,010,181			7,264,532			1,924,422
Interest		9,591,509			13,159,313			16,336,884
Foreign tax reclaims		279			—			—
Expense reimbursement due from investment advisor		—			100,040			—
Trustees' deferred compensation plan		7,535			13,903			—
Prepaid expenses		16,062			32,319			9,913
Other assets		9,781			44,869			—
Total Assets		1,218,698,300			2,564,866,637			821,395,015
Liabilities
Open credit default swap contracts		550,080			—			—
Credit default swap contracts premiums received		64,027			—			—
Payable for:
Investments purchased		8,595,562			19,884,544			8,434,233
Investments purchased on a delayed delivery basis		76,417,136			48,247,103			—
Fund shares repurchased		17,387,173			3,768,188			1,672,810
Futures variation margin		13,922			106,406			—
Distributions		2,984,164			4,303,643			—
Investment advisory fee		344,068			612,734			353,922
Administration fee		128,425			274,275			139,422
Pricing and bookkeeping fees		21,181			17,235			16,799
Transfer agent fee		72,040			142,343			86,399
Trustees' fees		62,727			95,927			55,654
Custody fee		3,336			4,644			4,733
Distribution and service fees		12,460			125,311			67,130
Trustees' deferred compensation plan		7,535			13,903			—
Other liabilities		18,145			30,607			45,375
Total Liabilities		106,681,981			77,626,863			10,876,477
Net Assets		1,112,016,319			2,487,239,774			810,518,538
Net Assets Consist of
Paid-in capital		1,123,038,966			2,478,473,100			868,724,401
Overdistributed net investment income		(72,475	)		(4,971,790	)		(125,902	)
Accumulated net realized loss		(56,135,622	)		(30,188,172	)		(85,550,686	)
Net unrealized appreciation (depreciation) on:
Investments		47,196,333			45,134,274			27,468,983
Foreign currency translations		188			—			1,742
Credit default swap contracts		135,443			—			—
Futures contracts		(2,146,514	)		(1,207,638	)		—
Net Assets		1,112,016,319			2,487,239,774			810,518,538

See Accompanying Notes to Financial Statements.

45

Statements of Assets and Liabilities(continued) – Corporate Bond Funds

September 30, 2010 (Unaudited)

	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Class A
Net assets	$	22,125,646		$	301,969,864		$	123,028,026
Shares outstanding		2,188,903			30,143,081			15,524,917
Net asset value per share (a)	$	10.11		$	10.02		$	7.92
Maximum sales charge		3.25	%		1.00	%		4.75	%
Maximum offering price per share (b)	$	10.45		$	10.12		$	8.31
Class B
Net assets	$	3,508,087		$	8,602,207		$	24,541,019
Shares outstanding		346,942			859,122			3,106,184
Net asset value per share (a)	$	10.11		$	10.01		$	7.90
Class C
Net assets	$	5,707,509		$	129,671,707		$	23,121,358
Shares outstanding		564,618			12,958,015			2,942,657
Net asset value per share (a)	$	10.11		$	10.01		$	7.86
Class I (c)
Net assets		—		$	2,501			—
Shares outstanding		—			250			—
Net asset value, offering and redemption price per share		—		$	10.00			—
Class R (c)
Net assets		—		$	2,501			—
Shares outstanding		—			250			—
Net asset value, offering and redemption price per share		—		$	10.02	(d)		—
Class W (c)
Net assets		—		$	2,501			—
Shares outstanding		—			250			—
Net asset value, offering and redemption price per share		—		$	10.02	(d)		—
Class Y
Net assets		—		$	20,782,803			—
Shares outstanding		—			2,078,794			—
Net asset value per share		—		$	10.00			—
Class Z
Net assets	$	1,080,675,077		$	2,026,205,690		$	639,828,135
Shares outstanding		106,812,062			202,626,040			79,886,478
Net asset value per share	$	10.12		$	10.00		$	8.01

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

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

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

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

See Accompanying Notes to Financial Statements.

46

Statements of Operations – Corporate Bond Funds

For the Six Months Ended September 30, 2010 (Unaudited)

	($)			($)			($)
	Columbia Total Return Bond Fund			Columbia Short Term Bond Fund			Columbia High Income Fund
Investment Income
Dividends		—			—			215,318
Interest		28,769,971			39,659,173			31,414,979
Interest from affiliates		46,450			10,250			—
Securities lending		29			—			—
Total Investment Income		28,816,450			39,669,423			31,630,297
Expenses
Investment advisory fee		2,176,352			3,715,096			2,119,838
Administration fee		820,906			1,663,712			834,357
Distribution fee:
Class B		13,986			33,641			99,373
Class C		19,670			461,828			84,384
Service fee:
Class B		4,662			11,214			33,125
Class C		6,557			153,943			28,128
Distribution and service fees:
Class A		26,516			343,266			146,103
Transfer agent fee—Class A, Class B, Class C and Class Z		755,577			—			527,712
Transfer agent fee—Class A, Class B, Class C, Class R, Class W and Class Z		—			517,578			—
Transfer agent fee—Class Y		—			99			—
Pricing and bookkeeping fees		94,568			85,882			83,989
Trustees' fees		14,439			21,590			20,741
Custody fee		30,257			34,726			13,185
Chief compliance officer expenses		472			402			424
Other expenses		140,251			253,556			149,601
Expenses before interest expense		4,104,213			7,296,533			4,140,960
Interest expense		313			—			—
Total Expenses		4,104,526			7,296,533			4,140,960
Fees waived or expenses reimbursed by investment advisor and/or administrator		—			(347,128	)		—
Fees waived by distributor—Class C		—			(270,939	)		—
Expense reductions		(74	)		(2,595	)		(450	)
Net Expenses		4,104,452			6,675,871			4,140,510
Net Investment Income		24,711,998			32,993,552			27,489,787

See Accompanying Notes to Financial Statements.

47

Statements of Operations(continued) – Corporate Bond Funds

For the Six Months Ended September 30, 2010 (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		37,261,752			11,445,121			2,478,547
Foreign currency transactions and forward foreign currency exchange contracts		147,812			—			(16,633	)
Futures contracts		(26,822,182	)		(4,390,445	)		—
Credit default swap contracts		(900,671	)		—			—
Net realized gain		9,686,711			7,054,676			2,461,914
Net change in unrealized appreciation (depreciation) on:
Investments		22,661,955			14,506,972			10,405,620
Foreign currency translations and forward foreign currency exchange contracts		1,206			—			(2,843	)
Futures contracts		(1,338,764	)		(1,109,668	)		—
Credit default swap contracts		733,876			—			—
Net change in unrealized appreciation (depreciation)		22,058,273			13,397,304			10,402,777
Net Gain		31,744,984			20,451,980			12,864,691
Net Increase Resulting from Operations		56,456,982			53,445,532			40,354,478

See Accompanying Notes to Financial Statements.

48

Statements of Changes in Net Assets – Corporate Bond Funds

Increase (Decrease) in Net Assets	Columbia Total Return Bond Fund						Columbia Short Term Bond Fund						Columbia High Income Fund
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)(a)(b)			Year Ended March 31, 2010 ($)(c)(d)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		24,711,998			58,446,150			32,993,552			67,230,409			27,489,787			57,190,902
Net realized gain (loss) on investments, foreign currency transactions, forward foreign currency exchange contracts, futures contracts and credit default swap contracts		9,686,711			29,997,990			7,054,676			1,967,672			2,461,914			(44,352,384	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts, futures contracts and credit default swap contracts		22,058,273			129,605,028			13,397,304			79,994,878			10,402,777			244,111,177
Net increase resulting from operations		56,456,982			218,049,168			53,445,532			149,192,959			40,354,478			256,949,695
Distributions to Shareholders
From net investment income:
Class A		(434,286	)		(903,090	)		(3,750,413	)		(6,207,014	)		(4,177,627	)		(7,623,106	)
Class B		(62,703	)		(180,119	)		(89,100	)		(271,323	)		(825,085	)		(2,585,782	)
Class C		(87,441	)		(153,315	)		(1,489,311	)		(2,094,729	)		(716,428	)		(1,557,575	)
Class I		—			—			(1	)		—			—			—
Class R		—			—			(1	)		—			—			—
Class W		—			—			(1	)		—			—			—
Class Y		—			—			(357,317	)		(690,988	)		—			—
Class Z		(25,172,068	)		(61,455,109	)		(30,530,294	)		(58,760,506	)		(22,524,773	)		(46,773,102	)
Total distributions to shareholders		(25,756,498	)		(62,691,633	)		(36,216,438	)		(68,024,560	)		(28,243,913	)		(58,539,565	)
Net Capital Stock Transactions		(215,904,284	)		(83,078,763	)		50,466,489			1,036,423,022			2,833,814			(14,622,568	)
Increase from regulatory settlements		—			40,867			—			49,053			—			177,263
Total increase (decrease) in net assets		(185,203,800	)		72,319,639			67,695,583			1,117,640,474			14,944,379			183,964,825
Net Assets
Beginning of period		1,297,220,119			1,224,900,480			2,419,544,191			1,301,903,717			795,574,159			611,609,334
End of period		1,112,016,319			1,297,220,119			2,487,239,774			2,419,544,191			810,518,538			795,574,159
Undistributed (overdistributed) net investment income at end of period		(72,475	)		972,025			(4,971,790	)		(1,748,904	)		(125,902	)		628,224

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

(b)  Class I, Class R and Class W shares reflect activity for the period September 27, 2010 through September 30, 2010.

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

(d)  Class Y shares reflect activity for the period July 15, 2009 through March 31, 2010.

See Accompanying Notes to Financial Statements.

49

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

	Columbia Total Return Bond Fund												Columbia Short Term Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010 (a)(b)						Year Ended March 31, 2010 (c)(d)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		315,545			3,137,695			397,880			3,796,868			10,253,510			102,278,122			19,545,601			192,127,134
Distributions reinvested		28,740			286,248			71,501			682,118			263,300			2,629,193			522,432			5,145,173
Redemptions		(218,274	)		(2,174,245	)		(497,035	)		(4,721,691	)		(5,088,864	)		(50,774,983	)		(8,226,025	)		(81,090,294	)
Net increase (decrease)		126,011			1,249,698			(27,654	)		(242,705	)		5,427,946			54,132,332			11,842,008			116,182,013
Class B
Subscriptions		50,256			503,001			101,131			958,579			141,669			1,411,293			269,391			2,650,071
Distributions reinvested		4,215			41,965			14,583			138,911			6,923			69,076			23,567			231,211
Redemptions		(144,948	)		(1,438,095	)		(235,850	)		(2,234,617	)		(227,413	)		(2,266,479	)		(464,484	)		(4,570,887	)
Net decrease		(90,477	)		(893,129	)		(120,136	)		(1,137,127	)		(78,821	)		(786,110	)		(171,526	)		(1,689,605	)
Class C
Subscriptions		140,226			1,384,815			209,261			2,011,184			3,062,388			30,511,629			9,522,422			93,616,714
Distributions reinvested		4,771			47,528			9,859			94,253			86,299			860,728			137,158			1,351,256
Redemptions		(40,523	)		(401,177	)		(163,888	)		(1,572,741	)		(1,565,608	)		(15,607,456	)		(2,082,162	)		(20,462,910	)
Net increase (decrease)		104,474			1,031,166			55,232			532,696			1,583,079			15,764,901			7,577,418			74,505,060
Class I
Subscriptions		—			—			—			—			250			2,500			—			—
Distributions reinvested		—			—			—			—			—	(e)		1			—			—
Net increase		—			—			—			—			250			2,501			—			—
Class R
Subscriptions		—			—			—			—			250			2,500			—			—
Distributions reinvested		—			—			—			—			—	(e)		1			—			—
Net increase		—			—			—			—			250			2,501			—			—
Class W
Subscriptions		—			—			—			—			250			2,500			—			—
Distributions reinvested		—			—			—			—			—	(e)		1			—			—
Net increase		—			—			—			—			250			2,501			—			—
Class Y
Subscriptions		—			—			—			—			10,400			104,000			3,701,658			36,034,293
Distributions reinvested		—			—			—			—			9,060			90,253			14,109			139,640
Redemptions		—			—			—			—			(570,471	)		(5,685,770	)		(1,085,962	)		(10,693,171	)
Net increase (decrease)		—			—			—			—			(551,011	)		(5,491,517	)		2,629,805			25,480,762
Class Z
Subscriptions		4,768,221			47,433,183			14,729,781			138,286,475			43,276,190			430,908,990			140,730,646			1,377,894,072
Distributions reinvested		548,856			5,470,870			1,792,766			17,116,076			783,230			7,805,936			1,673,563			16,441,940
Redemptions		(27,250,398	)		(270,196,072	)		(25,132,516	)		(237,634,178	)		(45,376,460	)		(451,875,546	)		(58,374,664	)		(572,391,220	)
Net increase (decrease)		(21,933,321	)		(217,292,019	)		(8,609,969	)		(82,231,627	)		(1,317,040	)		(13,160,620	)		84,029,545			821,944,792

See Accompanying Notes to Financial Statements.

50

	Columbia High Income Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		3,389,071			26,435,400			6,596,682			47,672,499
Distributions reinvested		367,392			2,858,475			811,059			5,873,327
Redemptions		(2,665,180	)		(20,779,642	)		(4,940,770	)		(36,525,050	)
Net increase (decrease)		1,091,283			8,514,233			2,466,971			17,020,776
Class B
Subscriptions		63,962			498,665			206,107			1,433,179
Distributions reinvested		54,040			418,722			223,836			1,596,281
Redemptions		(951,151	)		(7,397,697	)		(2,701,733	)		(19,678,794	)
Net decrease		(833,149	)		(6,480,310	)		(2,271,790	)		(16,649,334	)
Class C
Subscriptions		433,639			3,343,543			561,599			4,004,756
Distributions reinvested		51,411			396,803			136,602			977,029
Redemptions		(580,008	)		(4,456,283	)		(723,507	)		(5,265,262	)
Net increase (decrease)		(94,958	)		(715,937	)		(25,306	)		(283,477	)
Class I
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Net increase		—			—			—			—
Class R
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Net increase		—			—			—			—
Class W
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Net increase		—			—			—			—
Class Y
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Redemptions		—			—			—			—
Net increase (decrease)		—			—			—			—
Class Z
Subscriptions		14,814,081			116,663,937			33,783,341			246,485,305
Distributions reinvested		856,609			6,741,083			1,992,576			14,454,556
Redemptions		(15,495,512	)		(121,889,192	)		(37,410,313	)		(275,650,394	)
Net increase (decrease)		175,178			1,515,828			(1,634,396	)		(14,710,533	)

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

(b)  Class I, Class R and Class W shares reflect activity for the period September 27, 2010 through September 30, 2010.

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

(d)  Class Y shares reflect activity for the period July 15, 2009 through March 31, 2010.

(e) Rounds to less than one share.

See Accompanying Notes to Financial Statements.

51

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.84		$	8.72		$	9.51		$	9.74		$	9.56		$	9.80
Income from Investment Operations:
Net investment income (b)		0.20			0.40			0.43			0.45			0.44			0.35
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.27			1.16			(0.76	)		(0.23	)		0.18			(0.17	)
Total from investment operations		0.47			1.56			(0.33	)		0.22			0.62			0.18
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.44	)		(0.46	)		(0.45	)		(0.44	)		(0.39	)
From net realized gains		—			—			—			—			—			(0.03	)
Total distributions to shareholders		(0.20	)		(0.44	)		(0.46	)		(0.45	)		(0.44	)		(0.42	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.11		$	9.84		$	8.72		$	9.51		$	9.74		$	9.56
Total return (d)		4.86	%(f)		18.10	%(e)		(3.45	)%		2.34	%		6.65	%		1.84	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		0.93	%(i)		0.89	%		0.85	%		0.85	%		0.79	%		0.79	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—			—			—
Net expenses (h)		0.93	%(i)		0.89	%		0.85	%		0.85	%		0.79	%		0.79	%
Waiver/Reimbursement		—			—			—			—			—			0.06	%(k)
Net investment income (h)		3.92	%(i)		4.27	%		4.79	%		4.74	%		4.60	%		3.91	%
Portfolio turnover rate		90	%(f)		165	%		223	%		253	%		320	%		199	%
Net assets, end of period (000s)	$	22,126		$	20,300		$	18,221		$	23,087		$	24,704		$	35,849

(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)  Rounds to less than $0.01 per share.

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

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

(f)  Not annualized.

(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 —% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

52

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.84		$	8.72		$	9.51		$	9.74		$	9.57		$	9.81
Income from Investment Operations:
Net investment income (b)		0.16			0.33			0.36			0.38			0.37			0.28
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.28			1.15			(0.76	)		(0.23	)		0.17			(0.17	)
Total from investment operations		0.44			1.48			(0.40	)		0.15			0.54			0.11
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.36	)		(0.39	)		(0.38	)		(0.37	)		(0.32	)
From net realized gains		—			—			—			—			—			(0.03	)
Total distributions to shareholders		(0.17	)		(0.36	)		(0.39	)		(0.38	)		(0.37	)		(0.35	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.11		$	9.84		$	8.72		$	9.51		$	9.74		$	9.57
Total return (d)		4.47	%(f)		17.23	%(e)		(4.16	)%		1.58	%		5.75	%		1.09	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.68	%(i)		1.64	%		1.60	%		1.60	%		1.54	%		1.54	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—			—			—
Net expenses (h)		1.68	%(i)		1.64	%		1.60	%		1.60	%		1.54	%		1.54	%
Waiver/Reimbursement		—			—			—			—			—			0.06	%(k)
Net investment income (h)		3.19	%(i)		3.55	%		4.04	%		3.99	%		3.85	%		3.14	%
Portfolio turnover rate		90	%(f)		165	%		223	%		253	%		320	%		199	%
Net assets, end of period (000s)	$	3,508		$	4,306		$	4,861		$	7,334		$	8,735		$	10,108

(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)  Rounds to less than $0.01 per share.

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

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

(f)  Not annualized.

(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 —% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

53

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.84		$	8.72		$	9.51		$	9.74		$	9.56		$	9.80
Income from Investment Operations:
Net investment income (b)		0.16			0.33			0.36			0.38			0.37			0.28
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.28			1.15			(0.76	)		(0.23	)		0.18			(0.17	)
Total from investment operations		0.44			1.48			(0.40	)		0.15			0.55			0.11
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.36	)		(0.39	)		(0.38	)		(0.37	)		(0.32	)
From net realized gains		—			—			—			—			—			(0.03	)
Total distributions to shareholders		(0.17	)		(0.36	)		(0.39	)		(0.38	)		(0.37	)		(0.35	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.11		$	9.84		$	8.72		$	9.51		$	9.74		$	9.56
Total return (d)		4.47	%(f)		17.23	%(e)		(4.17	)%		1.57	%		5.86	%		1.08	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.68	%(i)		1.64	%		1.60	%		1.60	%		1.54	%		1.54	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—			—			—
Net expenses (h)		1.68	%(i)		1.64	%		1.60	%		1.60	%		1.54	%		1.54	%
Waiver/Reimbursement		—			—			—			—			—			0.06	%(k)
Net investment income (h)		3.16	%(i)		3.50	%		4.04	%		3.97	%		3.84	%		3.20	%
Portfolio turnover rate		90	%(f)		165	%		223	%		253	%		320	%		199	%
Net assets, end of period (000s)	$	5,708		$	4,528		$	3,529		$	3,120		$	2,275		$	2,956

(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)  Rounds to less than $0.01 per share.

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

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

(f)  Not annualized.

(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 —% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

54

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.85		$	8.72		$	9.51		$	9.75		$	9.57		$	9.81
Income from Investment Operations:
Net investment income (b)		0.21			0.43			0.45			0.48			0.47			0.37
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.28			1.16			(0.76	)		(0.24	)		0.18			(0.16	)
Total from investment operations		0.49			1.59			(0.31	)		0.24			0.65			0.21
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.46	)		(0.48	)		(0.48	)		(0.47	)		(0.42	)
From net realized gains		—			—			—			—			—			(0.03	)
Total distributions to shareholders		(0.22	)		(0.46	)		(0.48	)		(0.48	)		(0.47	)		(0.45	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.12		$	9.85		$	8.72		$	9.51		$	9.75		$	9.57
Total return (d)		4.99	%(f)		18.52	%(e)		(3.20	)%		2.49	%		6.91	%		2.10	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		0.68	%(i)		0.64	%		0.60	%		0.60	%		0.54	%		0.54	%
Interest expense		—	%(i)(j)		—	%(j)		—	%(j)		—			—			—
Net expenses (h)		0.68	%(i)		0.64	%		0.60	%		0.60	%		0.54	%		0.54	%
Waiver/Reimbursement		—			—			—			—			—			0.06	%(k)
Net investment income (h)		4.18	%(i)		4.52	%		5.03	%		4.98	%		4.85	%		4.13	%
Portfolio turnover rate		90	%(f)		165	%		223	%		253	%		320	%		199	%
Net assets, end of period (000s)	$	1,080,675		$	1,268,087		$	1,198,289		$	1,682,595		$	1,865,289		$	1,997,046

(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)  Rounds to less than $0.01 per share.

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

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

(f)  Not annualized.

(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 —% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

55

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.95		$	9.47		$	9.89		$	9.84		$	9.75		$	9.82
Income from Investment Operations:
Net investment income (b)		0.12			0.32			0.42			0.44			0.40			0.31
Net realized and unrealized gain (loss) on investments and futures contracts		0.09			0.49			(0.42	)		0.05			0.09			(0.07	)
Total from investment operations		0.21			0.81			—			0.49			0.49			0.24
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.33	)		(0.42	)		(0.44	)		(0.40	)		(0.31	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.02		$	9.95		$	9.47		$	9.89		$	9.84		$	9.75
Total return (d)(e)		2.09	%(f)		8.68	%		0.03	%		5.13	%		5.12	%		2.47	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		0.73	%(h)		0.73	%		0.73	%		0.73	%		0.73	%		0.72	%
Waiver/Reimbursement		0.03	%(h)		0.03	%		0.04	%		0.02	%		0.02	%		0.08	%(i)
Net investment income (g)		2.47	%(h)		3.27	%		4.43	%		4.43	%		4.05	%		3.27	%
Portfolio turnover rate		37	%(f)		91	%		58	%		58	%		72	%		80	%
Net assets, end of period (000s)	$	301,970		$	245,872		$	121,914		$	76,196		$	85,635		$	83,675

(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)  Rounds to less than $0.01 per share.

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

(e)  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% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

56

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.94		$	9.47		$	9.89		$	9.84		$	9.74		$	9.81
Income from Investment Operations:
Net investment income (b)		0.09			0.26			0.35			0.36			0.32			0.25
Net realized and unrealized gain (loss) on investments and futures contracts		0.08			0.47			(0.42	)		0.06			0.11			(0.08	)
Total from investment operations		0.17			0.73			(0.07	)		0.42			0.43			0.17
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.26	)		(0.35	)		(0.37	)		(0.33	)		(0.24	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.01		$	9.94		$	9.47		$	9.89		$	9.84		$	9.74
Total return (d)(e)		1.71	%(f)		7.77	%		(0.72	)%		4.35	%		4.45	%		1.71	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.48	%(h)		1.48	%		1.48	%		1.48	%		1.48	%		1.47	%
Waiver/Reimbursement		0.03	%(h)		0.03	%		0.04	%		0.02	%		0.02	%		0.08	%(i)
Net investment income (g)		1.73	%(h)		2.62	%		3.69	%		3.69	%		3.30	%		2.69	%
Portfolio turnover rate		37	%(f)		91	%		58	%		58	%		72	%		80	%
Net assets, end of period (000s)	$	8,602		$	9,326		$	10,502		$	14,035		$	20,303		$	28,061

(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)  Rounds to less than $0.01 per share.

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

(e)  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% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

57

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.94		$	9.46		$	9.88		$	9.83		$	9.74		$	9.81
Income from Investment Operations:
Net investment income (b)		0.11			0.29			0.39			0.41			0.37			0.26
Net realized and unrealized gain (loss) on investments and futures contracts		0.08			0.49			(0.42	)		0.05			0.09			(0.07	)
Total from investment operations		0.19			0.78			(0.03	)		0.46			0.46			0.19
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.30	)		(0.39	)		(0.41	)		(0.37	)		(0.26	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.01		$	9.94		$	9.46		$	9.88		$	9.83		$	9.74
Total return (d)(e)		1.93	%(f)		8.35	%		(0.29	)%		4.80	%		4.80	%		1.94	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.04	%(h)		1.04	%		1.04	%		1.04	%		1.04	%		1.20	%
Waiver/Reimbursement		0.47	%(h)		0.47	%		0.48	%		0.46	%		0.46	%		0.35	%(i)
Net investment income (g)		2.16	%(h)		2.90	%		4.12	%		4.12	%		3.75	%		2.69	%
Portfolio turnover rate		37	%(f)		91	%		58	%		58	%		72	%		80	%
Net assets, end of period (000s)	$	129,672		$	113,038		$	35,926		$	18,644		$	17,598		$	22,091

(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)  Rounds to less than $0.01 per share.

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

(e)  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% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

58

Financial Highlights – Columbia Short Term Bond Fund

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

Class I Shares	(Unaudited) Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized gain on investments and futures contracts (c)		—
Total from investment operations (c)		—
Less Distributions to Shareholders:
From net investment income (c)		—
Net Asset Value, End of Period	$	10.00
Total return (d)(e)		0.02	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.45	%
Waiver/Reimbursement (g)		0.02	%
Net investment income (f)(g)		2.11	%
Portfolio turnover rate (e)		37	%
Net assets, end of period (000s)	$	3

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

59

Financial Highlights – Columbia Short Term Bond Fund

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

Class R Shares	(Unaudited) Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	10.02
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized gain on investments and futures contracts (c)		—
Total from investment operations (c)		—
Less Distributions to Shareholders:
From net investment income (c)		—
Net Asset Value, End of Period	$	10.02
Total return (d)(e)		0.02	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.98	%
Waiver/Reimbursement (g)		0.04	%
Net investment income (f)(g)		1.43	%
Portfolio turnover rate (e)		37	%
Net assets, end of period (000s)	$	3

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

60

Financial Highlights – Columbia Short Term Bond Fund

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

Class W Shares	(Unaudited) Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	10.02
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized gain on investments and futures contracts (c)		—
Total from investment operations (c)		—
Less Distributions to Shareholders:
From net investment income (c)		—
Net Asset Value, End of Period	$	10.02
Total return (d)(e)		0.02	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.73	%
Waiver/Reimbursement (g)		0.05	%
Net investment income (f)(g)		1.82	%
Portfolio turnover rate (e)		37	%
Net assets, end of period (000s)	$	3

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

61

Financial Highlights – Columbia Short Term Bond Fund

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

Class Y Shares	(Unaudited) Six Months Ended September 30, 2010			Period Ended March 31, 2010 (a)
Net Asset Value, Beginning of Period	$	9.93		$	9.70
Income from Investment Operations:
Net investment income (b)		0.14			0.24
Net realized and unrealized gain on investments and futures contracts		0.08			0.23
Total from investment operations		0.22			0.47
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.24	)
Increase from regulatory settlements		—			—	(c)
Net Asset Value, End of Period	$	10.00		$	9.93
Total return (e)(f)		2.23	%		4.91	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)(h)		0.47	%		0.47	%
Waiver/Reimbursement		—			—	%(h)(i)
Net investment income (g)(h)		2.74	%		3.39	%
Portfolio turnover rate (f)		37	%		91	%
Net assets, end of period (000s)	$	20,783		$	26,110

(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)  Rounds to less than $0.01 per share.

(d)  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.

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

(f)  Not annualized.

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

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

62

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	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.93		$	9.45		$	9.87		$	9.82		$	9.73		$	9.80
Income from Investment Operations:
Net investment income (b)		0.14			0.35			0.45			0.46			0.42			0.33
Net realized and unrealized gain (loss) on investments and futures contracts		0.08			0.49			(0.43	)		0.06			0.09			(0.07	)
Total from investment operations		0.22			0.84			0.02			0.52			0.51			0.26
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.36	)		(0.44	)		(0.47	)		(0.42	)		(0.33	)
Increase from regulatory settlements		—			—	(c)		—	(c)		—			—			—
Net Asset Value, End of Period	$	10.00		$	9.93		$	9.45		$	9.87		$	9.82		$	9.73
Total return (d)(e)		2.22	%(f)		8.97	%		0.27	%		5.39	%		5.39	%		2.73	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.48	%(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%
Waiver/Reimbursement		0.03	%(h)		0.03	%		0.04	%		0.02	%		0.02	%		0.08	%(i)
Net investment income (g)		2.72	%(h)		3.54	%		4.68	%		4.67	%		4.29	%		3.40	%
Portfolio turnover rate		37	%(f)		91	%		58	%		58	%		72	%		80	%
Net assets, end of period (000s)	$	2,026,206		$	2,025,199		$	1,133,563		$	1,092,555		$	857,655		$	1,130,604

(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)  Rounds to less than $0.01 per share.

(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.

(i)  Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.02% for the fiscal year ended March 31, 2006.

See Accompanying Notes to Financial Statements.

63

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)	2010			2010			2009			2008 (b)			2007			2006 (c)
Net Asset Value, Beginning of Period	$	7.81		$	5.92		$	8.03		$	9.11		$	8.91		$	9.31
Income from Investment Operations:
Net investment income (d)		0.27			0.54			0.57			0.64			0.62			0.63
Net realized and unrealized gain (loss) on investments and foreign currency		0.12			1.90			(2.05	)		(1.00	)		0.32			(0.10	)
Total from investment operations		0.39			2.44			(1.48	)		(0.36	)		0.94			0.53
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.55	)		(0.57	)		(0.65	)		(0.62	)		(0.66	)
From net realized gains		—			—			(0.06	)		(0.07	)		(0.12	)		(0.27	)
Total distributions to shareholders		(0.28	)		(0.55	)		(0.63	)		(0.72	)		(0.74	)		(0.93	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	7.92		$	7.81		$	5.92		$	8.03		$	9.11		$	8.91
Total return (f)		5.07	%(g)		42.43	%		(19.17	)%(h)		(4.22	)%(i)		11.10	%		6.03	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.20	%(k)		1.19	%		1.18	%		1.16	%		1.13	%		1.08	%
Interest expense		—			—			—			—	%(l)		—			—
Net expenses (j)		1.20	%(k)		1.19	%		1.18	%		1.16	%		1.13	%		1.08	%
Waiver/Reimbursement		—			—			—	%(l)		—			—			—
Net investment income (j)		6.84	%(k)		7.35	%		8.06	%		7.28	%		6.88	%		6.90	%
Portfolio turnover rate		25	%(g)		41	%		25	%		2	%(g)(m)		—			—
Turnover of Columbia High Income Master Portfolio		—			—			—			32	%(g)		44	%		34	%
Net assets, end of period (000s)	$	123,028		$	112,678		$	70,836		$	98,973		$	123,071		$	109,029

(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.

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

(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, resepectively.

(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.

64

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)	2010			2010			2009			2008 (b)			2007			2006 (c)
Net Asset Value, Beginning of Period	$	7.78		$	5.90		$	8.01		$	9.09		$	8.89		$	9.29
Income from Investment Operations:
Net investment income (d)		0.24			0.48			0.52			0.57			0.55			0.56
Net realized and unrealized gain (loss) on investments and foreign currency		0.13			1.90			(2.05	)		(1.00	)		0.32			(0.10	)
Total from investment operations		0.37			2.38			(1.53	)		(0.43	)		0.87			0.46
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.50	)		(0.52	)		(0.58	)		(0.55	)		(0.59	)
From net realized gains		—			—			(0.06	)		(0.07	)		(0.12	)		(0.27	)
Total distributions to shareholders		(0.25	)		(0.50	)		(0.58	)		(0.65	)		(0.67	)		(0.86	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	7.90		$	7.78		$	5.90		$	8.01		$	9.09		$	8.89
Total return (f)		4.82	%(g)		41.33	%		(19.84	)%(h)		(4.95	)%(i)		10.29	%		5.25	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.95	%(k)		1.94	%		1.93	%		1.91	%		1.88	%		1.83	%
Interest expense		—			—			—			—	%(l)		—			—
Net expenses (j)		1.95	%(k)		1.94	%		1.93	%		1.91	%		1.88	%		1.83	%
Waiver/Reimbursement		—			—			—	%(l)		—			—			—
Net investment income (j)		6.09	%(k)		6.71	%		7.29	%		6.54	%		6.16	%		6.22	%
Portfolio turnover rate		25	%(g)		41	%		25	%		2	%(g)(m)		—			—
Turnover of Columbia High Income Master Portfolio		—			—			—			32	%(g)		44	%		34	%
Net assets, end of period (000s)	$	24,541		$	30,664		$	36,667		$	64,786		$	93,413		$	102,085

(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.

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

(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.

(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, resepectively.

(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.

65

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)	2010			2010			2009			2008 (b)			2007			2006 (c)
Net Asset Value, Beginning of Period	$	7.74		$	5.87		$	7.97		$	9.05		$	8.86		$	9.25
Income from Investment Operations:
Net investment income (d)		0.24			0.48			0.52			0.57			0.55			0.56
Net realized and unrealized gain (loss) on investments and foreign currency		0.13			1.89			(2.04	)		(1.00	)		0.31			(0.09	)
Total from investment operations		0.37			2.37			(1.52	)		(0.43	)		0.86			0.47
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.50	)		(0.52	)		(0.58	)		(0.55	)		(0.59	)
From net realized gains		—			—			(0.06	)		(0.07	)		(0.12	)		(0.27	)
Total distributions to shareholders		(0.25	)		(0.50	)		(0.58	)		(0.65	)		(0.67	)		(0.86	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	7.86		$	7.74		$	5.87		$	7.97		$	9.05		$	8.86
Total return (f)		4.85	%(g)		41.38	%		(19.81	)%(h)		(4.98	)%(i)		10.21	%		5.39	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.95	%(k)		1.94	%		1.93	%		1.91	%		1.88	%		1.83	%
Interest expense		—			—			—			—	%(l)		—			—
Net expenses (j)		1.95	%(k)		1.94	%		1.93	%		1.91	%		1.88	%		1.83	%
Waiver/Reimbursement		—			—			—	%(l)		—			—			—
Net investment income (j)		6.09	%(k)		6.63	%		7.32	%		6.54	%		6.16	%		6.23	%
Portfolio turnover rate		25	%(g)		41	%		25	%		2	%(g)(m)		—			—
Turnover of Columbia High Income Master Portfolio		—			—			—			32	%(g)		44	%		34	%
Net assets, end of period (000s)	$	23,121		$	23,519		$	17,991		$	26,976		$	35,639		$	39,547

(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.

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

(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.

(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, resepectively.

(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.

66

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)	2010			2010			2009			2008 (b)			2007			2006 (c)
Net Asset Value, Beginning of Period	$	7.89		$	5.98		$	8.10		$	9.19		$	8.98		$	9.37
Income from Investment Operations:
Net investment income (d)		0.28			0.56			0.60			0.66			0.64			0.66
Net realized and unrealized gain (loss) on investments and foreign currency		0.13			1.92			(2.07	)		(1.01	)		0.33			(0.10	)
Total from investment operations		0.41			2.48			(1.47	)		(0.35	)		0.97			0.56
Less Distributions to Shareholders:
From net investment income		(0.29	)		(0.57	)		(0.59	)		(0.67	)		(0.64	)		(0.68	)
From net realized gains		—			—			(0.06	)		(0.07	)		(0.12	)		(0.27	)
Total distributions to shareholders		(0.29	)		(0.57	)		(0.65	)		(0.74	)		(0.76	)		(0.95	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	8.01		$	7.89		$	5.98		$	8.10		$	9.19		$	8.98
Total return (f)		5.28	%(g)		42.69	%		(18.92	)%(h)		(4.05	)%(i)		11.41	%		6.37	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		0.95	%(k)		0.94	%		0.93	%		0.91	%		0.88	%		0.83	%
Interest expense		—			—			—			—	%(l)		—			—
Net expenses (j)		0.95	%(k)		0.94	%		0.93	%		0.91	%		0.88	%		0.83	%
Waiver/Reimbursement		—			—			—	%(l)		—			—			—
Net investment income (j)		7.09	%(k)		7.63	%		8.41	%		7.54	%		7.14	%		7.19	%
Portfolio turnover rate		25	%(g)		41	%		25	%		2	%(g)(m)		—			—
Turnover of Columbia High Income Master Portfolio		—			—			—			32	%(g)		44	%		34	%
Net assets, end of period (000s)	$	639,828		$	628,713		$	486,116		$	545,228		$	739,921		$	681,752

(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..

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

(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.

(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, resepectively.

(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.

67

Notes to Financial Statements – Corporate Bond Funds

September 30, 2010 (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 eight classes of shares: Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z. Effective September 27, 2010, Class I, Class R and Class W shares of Columbia Short Term Bond Fund commenced operations. Columbia Short Term Bond Fund is also authorized to issue Class R4 shares, however as of the date of this report Class R4 shares are not offered for sale and have not commenced operations. Class Y shares of Columbia Short Term Bond Fund commenced operations effective July 15, 2009. Each share class has its own expense structure and sales charges, as applicable.

The Funds no longer accept investments by new or existing investors in the Funds' Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of each Fund and exchanges by existing Class B shareholders of the 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 maximum contingent deferred sales charge ("CDSC") of 1.00% based upon the holding period 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 I, Class R, Class W, Class Y and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, as described in each 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.

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and, except as disclosed in Note 13, 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

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

68

Corporate Bond Funds, September 30, 2010 (Unaudited)

techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

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 spread quotations from market makers.

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.

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 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.

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.

GAAP 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

69

Corporate Bond Funds, September 30, 2010 (Unaudited)

•  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.

Derivative Instruments

The Funds may invest in derivative instruments. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

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

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 Funds 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 Funds will not incur any registration costs upon such resale.

Treasury Inflation Protected Securities

The Funds may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS 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

The Funds may invest in Interest Only ("IO") and Principal Only ("PO") stripped mortgage-backed securities. These securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience

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greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in an IO security; therefore, the daily interest accrual factor is adjusted each month to reflect the paydown of principal. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that a 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 specific class of shares are charged to that share class. 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.

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Note 3. Federal Tax Information

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

	Ordinary Income*		Long-Term Capital Gains
Columbia Total Return Bond Fund	$	62,691,633	$	—
Columbia Short Term Bond Fund		68,024,560		—
Columbia High Income Fund		58,539,565		—

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia Total Return Bond Fund	$	71,610,777	$	(24,414,444	)	$	47,196,333
Columbia Short Term Bond Fund		53,988,484		(8,854,210	)		45,134,274
Columbia High Income Fund		53,793,158		(26,324,175	)		27,468,983

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2012		2013		2014		2015		2016		2017		2018		Total
Columbia Total Return Bond Fund	$	—	$	—	$	—	$	—	$	—	$	65,175,950	$	—	$	65,175,950
Columbia Short Term Bond Fund		1,196,305		9,446,701		11,783,069		12,691,619		642,768		—		—		35,760,462
Columbia High Income Fund		—		—		—		—		—		16,962,990		69,241,867		86,204,857

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.

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Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Funds. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Funds and subsequently changed its name to Columbia Management Investment Advisers, LLC (the "New Advisor"). The New Advisor 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	%

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Funds under the same fee structure.

For the six month period ended September 30, 2010, 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		0.37	%
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 the New Advisor to serve as the investment sub-advisor to Columbia High Income Fund. As the sub-advisor, and subject to the oversight of the New Advisor 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. The New Advisor, 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	%

Prior to the Closing, MacKay Shields provided sub-advisory services to Columbia High Income Fund under the same fee structure in accordance with an agreement with Columbia.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Funds under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Funds, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor receives an administration fee, computed daily and paid monthly, based on each Fund's average daily net assets at the annual rates listed below less

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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	%

Prior to the Closing, Columbia provided administrative services to the Funds at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Funds entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank and Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds 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. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. 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.

Also prior to the Closing, the Funds entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Funds reimbursed 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. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Funds and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Funds.

The New 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 New Transfer Agent from shareholders of the Funds and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Funds. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc, an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Funds and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

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For the six months ended September 30, 2010, the Funds' effective transfer agent fee rate for each class as a percentage of average daily net assets was as follows:

	Class A			Class B			Class C			Class R			Class W			Class Y			Class Z
Columbia Total Return Bond Fund		0.13	%		0.13	%		0.13	%	N/A			N/A			N/A				0.13	%
Columbia Short Term Bond Fund		0.04	%		0.04	%		0.04	%		0.05	%		0.05	%		0.00	%*		0.04	%
Columbia High Income Fund		0.13	%		0.13	%		0.13	%	N/A			N/A			N/A				0.13	%

Class I shares do not pay transfer agent fees.

*Rounds to less than 0.01%.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below each 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 Statements of Operations. For the six month period ended September 30, 2010, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Funds and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor").

For the six month period ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares were as follows:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class A		Class B		Class C
Columbia Total Return Bond Fund	$	1,000	$	—	$	1,204	$	25
Columbia Short Term Bond Fund		22,854		11,573		2,465		37,028
Columbia High Income Fund		7,509		—		7,107		793

The Trust has adopted distribution plans for Class B, Class C, Class R and Class W shares, shareholder servicing plans for Class B, Class C and Class W shares, and a combined distribution and shareholder servicing plan for Class A shares. 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 New 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 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 may be paid to affiliates of the New Distributor.

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

	Current Fee Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%(1)		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75%			0.75%
Class R Distribution Plan*		0.50	%		0.50	%

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Corporate Bond Funds, September 30, 2010 (Unaudited)

	Current Fee Rate		Plan Limit
Class W Shareholder Servicing Plan*		up to 0.25%		0.25	%(2)
Class W Distribution Plan*		up to 0.25%		0.25	%(2)

*  For Columbia Short Term Bond Fund

(1)  Columbia Short Term Bond Fund pays its shareholder servicing fees, at the rates shown above, under a separate shareholder servicing plan.

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

The New Distributor has voluntarily agreed to waive a portion of the distribution fee on Class C shares for Columbia Short Term Bond Fund so that it does not exceed 0.31% of average net assets. This arrangement may be modified or terminated by the New Distributor at any time.

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 eight classes of shares: Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z. Effective September 27, 2010, Class I, Class R and Class W shares of Columbia Short Term Bond Fund commenced operations. Also on that date, Class R4 shares of Columbia Short Term Bond Fund were registered with the Securities and Exchange Commission, however as of September 30, 2010, Class R4 shares have not yet commence operations. Class Y shares of Columbia Short Term Bond Fund commenced operations effective July 15, 2009. Each share class has its own expense structure and sales charges, as applicable.

The Funds no longer accept investments by new or existing investors in the Funds' Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of each Fund and exchanges by existing Class B shareholders of the 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 I, Class R, Class W, Class Y and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, as described in each Fund's prospectus.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Funds' shares. There were no changes to the underwriting discount structure of the Funds, the service or distribution fee rates paid by the Funds, or the distribution fee waivers for Class C shares of Columbia Short Term Bond Fund as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective September 27, 2010, the New Advisor has voluntarily agreed to reimburse a portion of Columbia Short Term Bond Fund expenses so that ordinary operating expenses (excluding any brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 0.73%, 1.45%, 1.45%, 0.45%, 0.98%, 0.73%, 0.48% and 0.48% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively, based on the Fund's average daily net assets. These arrangements may be modified or terminated by the New Advisor at any time.

From May 1, 2010 to September 26, 2010, the New Advisor had voluntarily agreed to reimburse a portion of Columbia Short Term Bond Fund expenses so that ordinary operating

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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 custodian, did not exceed 0.48% of the Fund's average daily net assets on an annualized basis. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Fund expenses in the same manner.

Effective May 1, 2010, the New Advisor has voluntarily agreed to reimburse a portion of Columbia Total Return Bond Fund and Columbia High Income Fund 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 each Fund's custodian, do not exceed the annual rates of 0.70% and 1.00%, respectively, based on each Fund's average daily net assets. These arrangements may be modified or terminated by the New Advisor at any time. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of each Fund's expenses in the same manner.

The New Advisor is 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 time of recovery. Prior to May 1, 2010, Columbia was entitled to recover fees waived and/or expenses reimbursed from Columbia Total Return Bond Fund in the same manner.

At September 30, 2010, no amounts were potentially recoverable from the Fund.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Funds are employees of the New Advisor 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. Prior to the Closing, each Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Funds, as set forth on the Statements of Operations. 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 Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant's deferral account was based on the rate of return of BofA Treasury Reserves (formerly known as Columbia Treasury Reserves). 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 are included in "Trustees' fees" on the Statements of Operations. Liabilities under the deferred compensation plan are 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, 2010, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Total Return Bond Fund	$	74
Columbia Short Term Bond Fund		2,595
Columbia High Income Fund		450

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Corporate Bond Funds, September 30, 2010 (Unaudited)

Note 6. Objectives and Strategies for Investing in Derivative Instruments

Columbia Total Return Bond Fund and Columbia Short Term Bond Fund use derivatives instruments including futures contracts, credit default swaps and forward contracts in order to meet their 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 an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, each Fund may not achieve its investment objectives.

In pursuit of the Funds' investment objectives, the Funds are 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.

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 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 note provides more detailed information about each derivative type held by the Funds:

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. 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.

During the six month period ended September 30, 2010, the Columbia Total Return Bond Fund entered into 34 forward foreign currency exchange contracts.

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, among others: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, and (3) an inaccurate prediction of the future direction of interest rates by the Funds' investment advisor. In addition, upon entering

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into index futures contracts, the Fund bears risks which may include securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.

Upon entering into a futures contract, a Fund identifies within its portfolio of investments cash or securities in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by 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.

During the six month period ended September 30, 2010, Columbia Total Return Bond Fund and Columbia Short Term Bond Fund entered into 8,876 and 5,803 futures contracts, respectively.

Credit Default Swaps—Columbia Total Return Bond Fund 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 a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place. The Funds may receive an upfront payment as the protection seller or make an upfront payment as the protection buyer. 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 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.

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.

Credit default swap agreements involve greater risks than if a Fund 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.

During the six month period ended September 30, 2010, Columbia Total Return Bond Fund purchased credit default swaps with a notional amount of $68,675,000.

The following table is a summary of the value of the Funds' derivative instruments as of September 30, 2010:

	Fair Value of Derivative Instruments
	Statements of Assets and Liabilities
	Assets				Liabilities
Funds	Futures Variation Margin*		Credit Default Swaps/Premiums		Futures Variation Margin*		Credit Default Swaps/Premiums
	Fair Value				Fair Value
Columbia Total Return Bond Fund	$	—	$	2,901,691	$	13,922	$	614,107
Columbia Short Term Bond Fund		—		—		106,406		—

*  Includes only current day's variation margin.

79

Corporate Bond Funds, September 30, 2010 (Unaudited)

The effect of derivative instruments on the Funds' Statements of Operations for the six month period ended September 30, 2010:

	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			Forward Foreign Currency Exchange Contracts		Futures Contracts			Credit Default Swaps		Forward Foreign Currency Exchange Contracts
Columbia Total Return Bond Fund	Interest Rate	$	(26,822,182	)		—			—	$	(1,338,764	)		—		—
	Credit		—		$	(900,671	)		—		—		$	733,876		—
	Foreign Exchange Rate		—			—		$	49,743		—			—	$	(19,656	)
Columbia Short Term Bond Fund	Interest Rate		(4,390,445	)		—			—		(1,109,668	)		—		—

Note 7. Portfolio Information

For the six month period ended September 30, 2010, 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	$	706,737,951	$	676,738,814	$	311,875,709	$	587,374,092
Columbia Short Term Bond Fund		687,144,264		328,913,641		289,232,888		566,411,649
Columbia High Income Fund		—		—		200,705,203		180,193,070

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.

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.

For the six month period ended September 30, 2010, Columbia Total Return Bond Fund borrowed under these arrangements. The average daily loan balance outstanding on days where borrowing existed was $7,600,000 at a weighted average interest rate of 1.483%.

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Corporate Bond Funds, September 30, 2010 (Unaudited)

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 loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Funds. Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Funds. The Funds bear the risk of loss with respect to the investment of collateral.

For the six months period ended September 30, 2010, the Funds did not participate in the securities lending program.

Note 10. Shareholder Concentration

As of September 30, 2010, certain shareholder accounts owned of record more than 10% of the outstanding shares of one or more of the Funds. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Funds. The number of accounts and aggregate percentages of shares outstanding held therein are as follows:

	Number of Accounts		% of Shares Outstanding Held
Columbia Total Return Bond Fund		1		76.6
Columbia Short Term Bond Fund		1		58.6
Columbia High Income Fund		1		53.6

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

Note 11. Regulatory Settlements

During the year ended March 31, 2010, the following Funds received payments relating to certain regulatory settlements with third parties that the Funds had participated in during the year. 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	$	40,867
Columbia Short Term Bond Fund		49,053
Columbia High Income Fund		177,263

Note 12. 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

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.

81

Corporate Bond Funds, September 30, 2010 (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 Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Information Regarding Pending and Settled Legal Proceedings

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

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to

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Corporate Bond Funds, September 30, 2010 (Unaudited)

make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Note 13. Subsequent Events

The Board of Trustees has approved a proposal to merge Columbia Total Return Bond Fund into Columbia Intermediate Bond Fund and Columbia High Income Fund into Columbia Income Opportunities Fund (formerly known as RiverSource Income Opportunities Fund). Shareholders of Columbia Total Return Bond Fund and Columbia High Income Fund will vote on each respective proposed merger at a Special Meeting of Shareholders scheduled to be held during the first half of 2011.

Effective October 26, 2010, MacKay Shields ceased serving as the investment sub-advisor to Columbia High Income Fund. Effective on that date, the New Advisor became responsible for the day to day management of the Fund. As a result, the administration fee for Columbia High Income Fund will be reduced as follows:

Columbia High Income Fund
Average Daily Net Assets	Annual Fee Rate
First $1 billion		0.08	%
$1 billion to $3 billion		0.07	%
Over $3 billion		0.06	%

Effective October 14, 2010, the line of credit disclosed in Note 8 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

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Board Consideration and Approval of Amendment to Investment Management Services Agreement – Columbia Short Term Bond Fund

In September 2010, the Board (the "Board") of Columbia Funds Series Trust (the "Trust") unanimously approved an amendment to the Investment Management Services Agreement (the "IMS Agreement") between Columbia Management Investment Advisers, LLC ("Columbia Management") and the Trust, on behalf of Columbia Short Term Bond Fund (the "Fund"). As detailed below, the Contracts Review Committee and/or the Board held numerous meetings and discussions with Columbia Management and reviewed and considered extensive materials in connection with the approval of the changes to the fee rates payable by the Fund before determining to approve the amendment to the IMS Agreement.

Prior to approving the proposed changes to the fee rates payable by the Fund, the trustees (the "Trustees") of the Board were presented with, and requested, received and evaluated, materials about the current IMS Agreement, the proposed changes to the fee rates and related matters from Columbia Management. The Trustees also reviewed reports prepared by Lipper, Inc., an independent provider of investment company data, which included information comparing the Fund's current fees and expense ratios with a group of comparable funds that were selected by Lipper, Inc. Included in these reports were comparisons of contractual and actual investment advisory fee rates and total operating expenses.

In addition, the Trustees considered that the proposed amendment was part of a larger group of proposals, aligning the fees and expenses for similar funds based on a more consistent and uniform pricing model for all funds in the family of funds. In this regard, the Board recognized that many of the funds in the fund family were organized at different times by many different sponsors, and as a result, their fees and expenses did not reflect a common overall design.

The Trustees also reviewed and considered information that they had previously received, addressing the services Columbia Management provides and fund performance, among other things, in connection with their most recent consideration and approval of the IMS Agreement. Moreover, the Board and its Contract Review Committee met on several occasions, and received extensive materials, which the Trustees considered relevant to their consideration and approval of the proposed changes to the fee rates payable by the Fund. The Trustees also consulted with the non-interested Trustees' independent legal counsel, who advised on the legal standards for consideration by the Trustees, and otherwise assisted the Trustees in their deliberations.

At the conclusion of its review of the materials discussed above and of the discussions among the Trustees leading up to and during the September 20, 2010 meetings, the Board, on behalf of the Fund, agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of the amendment to the IMS Agreement.

In making its decision to approve the proposed amendment to the IMS Agreement for the Fund, the Board considered factors bearing on the nature, extent and quality of the services provided to the Fund, and the costs for those services, with a view toward making a business judgment as to whether the proposed amendment to the IMS Agreement is, under all of the circumstances, in the best interest of the Fund and the Fund's shareholders. The factors that the Trustees considered and the conclusions that they, in their business judgment, reached included, principally, the following:

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

•  The Board's favorable evaluation of the nature, extent and quality of investment management services provided by Columbia Management to the Fund;

•  The Board's recent evaluation of the historical performance of Columbia Management in managing the Fund, recognizing that no assurances can be given that the Fund would achieve any level of performance in the future;

•  The Board's recent evaluation of the Fund's potential to realize economies scale through operations of Columbia Management;

•  The benefits from soft dollar arrangements that Columbia Management has obtained and will continue to obtain, from managing the Fund;

•  The expected benefits to shareholders of further integrating the legacy Columbia-branded funds (the "Columbia Funds Complex") and the legacy RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia RiverSource Funds Complex"

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and, collectively with the Columbia Funds Complex, the "Combined Fund Complex") by:

°  Standardizing investment advisory fee rates and total management fee rates (i.e., the investment advisory fee rates and the administration fee rates), to the extent possible, across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Mid Cap Value Fund with those of all other actively managed mid-cap funds in the Combined Fund Complex) to promote uniformity of pricing among similar funds;

°  Implementing contractual expense limitations that will generally cap annual operating expense ratios for each fund in the Combined Fund Complex at levels that are at or below the median net operating expense ratio of the other funds in the respective fund's peer group (as determined annually by an independent third-party data provider); and

°  Correlating investment advisory and administration fee rates across the Combined Fund Complex commensurate with the level of services being provided to various funds in the same investment category.

In making its decision to approve the amendment to the IMS Agreement that included the increase of the investment advisory fee rates payable by the Fund at all or most asset levels, the factors that the Trustees considered and the conclusions that they reached included, principally, the following:

•  The impact of the proposed changes in investment advisory fee rates on the gross and net expense ratios of the Fund, including the contemporaneous reduction in the rates payable by the Fund under the administration services agreement contingent on shareholder approval of the amendment to the IMS Agreement and the willingness of Columbia Management to contractually agree to limit total operating expenses for the Fund for a certain period of time;

•  Current and projected profits to Columbia Management from providing investment management and other services to the Fund, both under the current investment advisory fee rates and the proposed investment advisory fee rates; and

•  That the proposed investment advisory fee rates are designed to be competitive and to fairly compensate Columbia Management for services performed for the Fund.

In their deliberations, the Trustees did not identify any single item that was paramount or controlling and individual Trustees may have attributed different weights to various factors. The Trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of the Fund and other funds. Based on the foregoing, and other relevant information received, the Trustees concluded that the proposed investment advisory fee rate increase for the Fund is acceptable and competitive, including when compared to similar funds in the industry. Accordingly, the Board unanimously approved the amendment to the IMS Agreement with respect to the Fund.

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Summary of Management Fee Evaluation by Independent Fee Consultant

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

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

September 21, 2010

I. Overview

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

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

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

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

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

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

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

³  Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

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A. Role of the Independent Fee Consultant

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

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1.  Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a "Fee Change Fund").

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

3.  CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a "Fee Increase Fund"). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

4.  The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA's proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

5.  CMIA's fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the

87

actual management fees would be in the fourth or fifth quintiles.

6.  Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

7.  CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to an expense limitation calculated by reference to the median of the relevant fund's Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

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

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

10.  CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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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 the Corporate Bond Funds listed on the front cover.

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.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

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

Corporate Bond Funds
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1065 A (11/10)

Fixed Income Sector Portfolios

Semiannual Report for the Period Ended September 30, 2010

>  Corporate Bond Portfolio

>  Mortgage- and Asset-Backed Portfolio

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Corporate Bond Portfolio	1
Mortgage- and Asset-Backed Portfolio	3
Investment Portfolios	5
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	20
Important Information About This Report	29

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

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Corporate Bond Portfolio

Average annual total return as of 09/30/10 (%)

Inception	08/30/02
6-month (cumulative)		8.28
1-year		13.54
5-year		7.23
Life		6.80

No fees or expenses are charged to the Portfolio. Participants in a wrap fee program who are eligible to invest in the Portfolio, however, may pay program level fees. The Portfolio may incur significant transaction costs that are in addition to the program level fees. 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.

¹The 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.

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 09/30/10

	+8.28%
	Portfolio Performance
	+8.07%
	Barclays Capital U.S Credit Bond Index1

Net asset value per share

as of 09/30/10 ($) 10.82

Distributions declared per share

04/01/10 – 09/30/10 ($) 0.32

1

Understanding Your Expenses – Corporate Bond Portfolio

The information on this page is intended to help you understand your ongoing costs of investing in the portfolio.

The table below reflects the fact that no fees or expenses are charged to the portfolio. Participants in the wrap fee programs eligible to invest in the portfolio pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. 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 ($) 04/01/10				Account value at the end of the period ($) 09/30/10				Expenses paid during the period ($)*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,082.80		1,024.93		—		—

* 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.

2

Performance Information – Mortgage- and Asset-Backed Portfolio

Average annual total return as of 09/30/10 (%)

Inception	08/30/02
6-month (cumulative)		4.09
1-year		8.04
5-year		3.79
Life		3.77

No fees or expenses are charged to the Portfolio. Participants in a wrap fee program who are eligible to invest in the Portfolio, however, may pay program level fees. The Portfolio may incur significant transaction costs that are in addition to the program level fees. 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.

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 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 09/30/10

	+4.09%
	Portfolio Performance
	+4.00%
	Barclays Capital U.S. Securitized Index1

Net asset value per share

as of 09/30/10 ($) 9.48

Distributions declared per share

04/01/10 – 09/30/10 ($) 0.16

3

Understanding Your Expenses – Mortgage- and Asset-Backed Portfolio

The information on this page is intended to help you understand your ongoing costs of investing in the portfolio.

The table below reflects the fact that no fees or expenses are charged to the portfolio. Participants in the wrap fee programs eligible to invest in the portfolio pay an asset-based fee, which is negotiable, for investment services, brokerage services and investment consultation. Please read the wrap program documents for information regarding fees charged.

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 ($) 04/01/10				Account value at the end of the period ($) 09/30/10				Expenses paid during the period ($)*
Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical
	1,000.00		1,000.00		1,040.90		1,024.93		—		—

* 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.

4

Investment Portfolio – Corporate Bond Portfolio

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 93.7%
	Par ($)		Value ($)
Basic Materials – 4.7%
Chemicals – 1.7%
Dow Chemical Co. 5.900% 02/15/15		160,000		178,413
8.550% 05/15/19		40,000		50,508
9.400% 05/15/39		90,000		127,393
Chemicals Total				356,314
Iron/Steel – 2.2%
ArcelorMittal 7.000% 10/15/39		180,000		183,883
Nucor Corp. 5.850% 06/01/18		245,000		288,620
Iron/Steel Total				472,503
Metals & Mining – 0.8%
Vale Overseas Ltd. 6.875% 11/21/36		160,000		182,793
Metals & Mining Total				182,793
Basic Materials Total				1,011,610
Communications – 10.8%
Media – 5.8%
Comcast Cable Holdings LLC 9.875% 06/15/22		72,000		101,442
Comcast Corp. 6.950% 08/15/37		70,000		82,081
DirecTV Holdings LLC 6.375% 06/15/15		75,000		77,625
NBC Universal, Inc. 5.950% 04/01/41 (a)(b)		150,000		154,292
News America, Inc. 6.400% 12/15/35		204,000		226,230
6.550% 03/15/33		35,000		39,065
Rogers Cable, Inc. 6.250% 06/15/13		6,000		6,752
Time Warner Cable, Inc. 3.500% 02/01/15		125,000		131,203
5.850% 05/01/17		60,000		68,413
7.300% 07/01/38		145,000		178,110
Time Warner, Inc. 6.500% 11/15/36		160,000		179,432
Media Total				1,244,645
Telecommunication Services – 5.0%
AT&T, Inc. 5.625% 06/15/16		130,000		151,006
6.550% 02/15/39		135,000		157,001
BellSouth Corp. 5.200% 09/15/14		160,000		179,927

	Par ($)		Value ($)
Cellco Partnership/Verizon Wireless Capital LLC 5.550% 02/01/14		220,000		248,788
Telefonica Emisiones SAU 6.221% 07/03/17		100,000		116,757
6.421% 06/20/16		190,000		222,693
Telecommunication Services Total				1,076,172
Communications Total				2,320,817
Consumer Cyclical – 2.1%
Airlines – 0.4%
Continental Airlines, Inc. 7.461% 04/01/15		78,797		81,949
Airlines Total				81,949
Home Builders – 0.0%
D.R. Horton, Inc. 5.625% 09/15/14		10,000		10,000
Home Builders Total				10,000
Retail – 1.7%
CVS Pass-Through Trust 5.298% 01/11/27 (a)		104,779		107,814
McDonald's Corp. 4.875% 07/15/40		55,000		57,073
5.700% 02/01/39		165,000		190,106
Retail Total				354,993
Consumer Cyclical Total				446,942
Consumer Non-Cyclical – 12.3%
Beverages – 3.1%
Anheuser-Busch InBev Worldwide, Inc. 7.200% 01/15/14 (a)		565,000		658,377
Beverages Total				658,377
Food – 6.1%
Campbell Soup Co. 4.500% 02/15/19		90,000		100,691
ConAgra Foods, Inc. 7.000% 10/01/28		75,000		90,453
Kraft Foods, Inc. 4.125% 02/09/16		610,000		659,837
Kroger Co. 3.900% 10/01/15		420,000		455,823
Food Total				1,306,804
Healthcare Services – 0.5%
WellPoint, Inc. 7.000% 02/15/19		90,000		109,594
Healthcare Services Total				109,594

See Accompanying Notes to Financial Statements.

5

Corporate Bond Portfolio

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Household Products/Wares – 0.4%
Fortune Brands, Inc. 5.125% 01/15/11		90,000		91,034
Household Products/Wares Total				91,034
Pharmaceuticals – 2.2%
Novartis Securities Investment Ltd. 5.125% 02/10/19		185,000		212,403
Wyeth 5.500% 02/01/14		225,000		255,341
Pharmaceuticals Total				467,744
Consumer Non-Cyclical Total				2,633,553
Energy – 10.9%
Oil & Gas – 5.5%
Canadian Natural Resources Ltd. 6.250% 03/15/38		240,000		275,911
Devon Energy Corp. 6.300% 01/15/19		70,000		84,704
Marathon Oil Corp. 6.000% 07/01/12		25,000		26,947
6.000% 10/01/17		54,000		62,843
Nexen, Inc. 5.875% 03/10/35		75,000		76,536
7.500% 07/30/39		45,000		55,292
Qatar Petroleum 5.579% 05/30/11 (a)		20,007		20,294
Shell International Finance BV 5.500% 03/25/40		225,000		257,575
Talisman Energy, Inc. 5.850% 02/01/37		140,000		147,202
7.750% 06/01/19		135,000		172,324
Oil & Gas Total				1,179,628
Oil & Gas Services – 1.5%
Hess Corp. 5.600% 02/15/41		70,000		73,038
Smith International, Inc. 9.750% 03/15/19		130,000		186,357
Weatherford International Ltd. Bermuda 5.150% 03/15/13		35,000		37,475
Weatherford International Ltd. Bermuda 5.125% 09/15/20		30,000		30,668
Oil & Gas Services Total				327,538
Pipelines – 3.9%
Plains All American Pipeline LP 5.750% 01/15/20		10,000		11,043
6.500% 05/01/18		330,000		380,897
8.750% 05/01/19		120,000		152,305
Southern Natural Gas Co. 8.000% 03/01/32		105,000		123,221

	Par ($)		Value ($)
TransCanada Pipelines Ltd. 6.350% 05/15/67 (05/15/17) (c)(d)		185,000		172,975
Pipelines Total				840,441
Energy Total				2,347,607
Financials – 29.2%
Banks – 15.7%
Bank of New York Mellon Corp. 5.450% 05/15/19		60,000		70,034
Barclays Bank PLC 3.900% 04/07/15		65,000		68,879
5.000% 09/22/16		135,000		147,707
Capital One Capital IV 6.745% 02/17/37 (d)		110,000		109,450
Capital One Capital V 10.250% 08/15/39		125,000		135,313
Capital One Financial Corp. 7.375% 05/23/14		15,000		17,510
Chinatrust Commercial Bank 5.625% 12/29/49 (03/01/15) (a)(c)(d)		45,000		44,268
Citigroup, Inc. 5.375% 08/09/20		65,000		67,251
6.010% 01/15/15		25,000		27,485
8.125% 07/15/39		65,000		82,107
Comerica Bank 5.200% 08/22/17		120,000		128,074
Comerica, Inc. 3.000% 09/16/15		280,000		283,390
Discover Bank/Greenwood DE 8.700% 11/18/19		275,000		324,487
Discover Financial Services 10.250% 07/15/19		60,000		76,865
JPMorgan Chase Capital XX 6.550% 09/29/36		100,000		101,400
JPMorgan Chase Capital XXIII 1.376% 05/15/47 (11/15/10) (c)(d)		150,000		107,978
KeyCorp. 3.750% 08/13/15		160,000		163,249
KeyBank N.A. 5.800% 07/01/14		175,000		190,802
Lloyds TSB Bank PLC 4.375% 01/12/15 (a)		211,000		216,089
Marshall & IIsley Bank 5.300% 09/08/11		67,000		67,282
Merrill Lynch & Co., Inc. 6.050% 08/15/12 (e)		35,000		37,566
6.400% 08/28/17 (e)		120,000		131,317

See Accompanying Notes to Financial Statements.

6

Corporate Bond Portfolio

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
National City Corp. 4.900% 01/15/15		15,000		16,543
6.875% 05/15/19		110,000		129,032
Northern Trust Co. 6.500% 08/15/18		25,000		30,473
PNC Funding Corp. 3.625% 02/08/15		145,000		153,055
5.125% 02/08/20		90,000		97,432
Regions Financial Corp. 7.750% 09/15/24		32,000		32,414
Santander US Debt SA Unipersonal 3.781% 10/07/15 (a)(b)		200,000		199,980
Scotland International Finance No. 2 4.250% 05/23/13 (a)		127,000		125,476
Banks Total				3,382,908
Diversified Financial Services – 3.1%
Eaton Vance Corp. 6.500% 10/02/17		110,000		130,277
ERAC USA Finance LLC 2.750% 07/01/13 (a)		175,000		178,780
5.250% 10/01/20 (a)		160,000		170,895
Fund American Companies, Inc. 5.875% 05/15/13		110,000		115,540
Lehman Brothers Holdings, Inc. 5.625% 01/24/13 (f)		240,000		55,200
6.875% 05/02/18 (f)		45,000		10,575
Diversified Financial Services Total				661,267
Insurance – 7.7%
CNA Financial Corp. 5.850% 12/15/14		61,000		65,378
7.350% 11/15/19		124,000		139,417
ING Groep NV 5.775% 12/29/49 (12/08/15) (c)(d)		105,000		94,237
Liberty Mutual Group, Inc. 7.500% 08/15/36 (a)		265,000		269,536
10.750% 06/15/58 (a)(d)		45,000		53,100
Lincoln National Corp. 8.750% 07/01/19		170,000		218,681
MetLife Capital Trust X 9.250% 04/08/38 (a)(d)		100,000		118,000
MetLife, Inc. 10.750% 08/01/39		80,000		103,800
Prudential Financial, Inc. 4.500% 07/15/13		90,000		94,703
7.375% 06/15/19		50,000		60,908
8.875% 06/15/38 (d)		70,000		78,050

	Par ($)		Value ($)
Transatlantic Holdings, Inc. 8.000% 11/30/39		150,000		156,286
Unum Group 7.125% 09/30/16		180,000		207,735
Insurance Total				1,659,831
Real Estate Investment Trusts (REITs) – 2.7%
Brandywine Operating Partnership LP 7.500% 05/15/15		110,000		123,306
Duke Realty LP 7.375% 02/15/15		140,000		159,619
8.250% 08/15/19		200,000		236,858
Highwoods Properties, Inc. 5.850% 03/15/17		55,000		56,569
Real Estate Investment Trusts (REITs) Total				576,352
Financials Total				6,280,358
Industrials – 5.1%
Aerospace & Defense – 0.7%
Embraer Overseas Ltd. 6.375% 01/15/20		140,000		153,300
Aerospace & Defense Total				153,300
Machinery-Construction & Mining – 0.8%
Caterpillar, Inc. 8.250% 12/15/38		115,000		172,576
Machinery-Construction & Mining Total				172,576
Miscellaneous Manufacturing – 1.3%
Ingersoll-Rand Global Holding Co., Ltd. 9.500% 04/15/14		150,000		185,600
Tyco International Ltd./Tyco International Finance SA 6.875% 01/15/21		75,000		93,256
Miscellaneous Manufacturing Total				278,856
Transportation – 2.3%
BNSF Funding Trust I 6.613% 12/15/55 (01/15/26) (c)(d)		130,000		130,650
Burlington Northern Santa Fe Corp. 7.950% 08/15/30		115,000		154,913
Union Pacific Corp. 4.698% 01/02/24		9,415		9,791
5.700% 08/15/18		165,000		192,378
Transportation Total				487,732
Industrials Total				1,092,464
Technology – 2.2%
Networking Products – 0.7%
Cisco Systems, Inc. 5.900% 02/15/39		120,000		138,684
Networking Products Total				138,684

See Accompanying Notes to Financial Statements.

7

Corporate Bond Portfolio

September 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Software – 1.5%
Oracle Corp. 5.375% 07/15/40 (a)		305,000		328,051
Software Total				328,051
Technology Total				466,735
Utilities – 16.4%
Electric – 14.1%
AEP Texas Central Co. 6.650% 02/15/33		160,000		184,903
Columbus Southern Power Co. 6.600% 03/01/33		41,000		49,854
Commonwealth Edison Co. 4.000% 08/01/20		210,000		220,134
5.950% 08/15/16		80,000		94,924
6.950% 07/15/18		95,000		113,098
Detroit Edison Co. 3.450% 10/01/20		255,000		258,949
Duke Energy Corp. 5.300% 10/01/15		285,000		331,548
Exelon Generation Co. LLC 6.200% 10/01/17		220,000		257,927
Georgia Power Co. 4.750% 09/01/40		235,000		231,739
MidAmerican Energy Holdings Co. 5.000% 02/15/14		197,000		216,067
6.125% 04/01/36		70,000		80,083
Nevada Power Co. 5.375% 09/15/40		285,000		293,973
Niagara Mohawk Power Corp. 4.881% 08/15/19 (a)		80,000		87,923
Oncor Electric Delivery Co. LLC 5.250% 09/30/40 (a)		195,000		198,621
5.950% 09/01/13		155,000		173,652
Southern California Edison Co. 4.500% 09/01/40		105,000		102,664
Southern Co. 4.150% 05/15/14		60,000		65,002
Xcel Energy, Inc. 4.700% 05/15/20		65,000		70,670
Electric Total				3,031,731
Gas – 2.3%
Atmos Energy Corp. 6.350% 06/15/17		100,000		114,515
8.500% 03/15/19		115,000		149,494
Nakilat, Inc. 6.067% 12/31/33 (a)		145,000		159,500
Sempra Energy 6.500% 06/01/16		60,000		71,788
Gas Total				495,297
Utilities Total				3,527,028
Total Corporate Fixed-Income Bonds & Notes (Cost of $18,418,965)				20,127,114

Government & Agency Obligations – 3.7%
	Par ($)		Value ($)
Foreign Government Obligations – 3.7%
European Investment Bank 3.000% 04/08/14		310,000		330,127
Province of Ontario 3.375% 05/20/11		115,000		117,225
Province of Quebec 5.125% 11/14/16		200,000		233,897
Republic of Italy 5.375% 06/12/17		105,000		115,929
Foreign Government Obligations Total				797,178
U.S. Government Obligations – 0.0%
U.S. Treasury Bond 4.375% 05/15/40		1,000		1,123
U.S. Government Obligations Total				1,123
Total Government & Agency Obligations (Cost of $763,034)				798,301
Municipal Bonds – 1.4%
California – 0.6%
CA State Series 2009, 7.550% 04/01/39		25,000		27,281
CA Los Angeles Unified School District Series 2009, 5.750% 07/01/34		115,000		115,997
California Total				143,278
Kentucky – 0.8%
KY Asset/Liability Commission General Fund Series 2010, 3.165% 04/01/18		165,000		166,584
Kentucky Total				166,584
Total Municipal Bonds (Cost of $303,833)				309,862
Short-Term Obligation – 1.0%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.230%, collateralized by a U.S. Government Agency obligation maturing 01/27/14, market value $211,575 (repurchase proceeds $203,001)		203,000		203,000
Total Short-Term Obligation (Cost of $203,000)				203,000

See Accompanying Notes to Financial Statements.

8

Corporate Bond Portfolio

September 30, 2010 (Unaudited)

	Value ($)
Total Investments – 99.8% (Cost of $19,688,832) (g)		21,438,277
Other Assets & Liabilities, Net – 0.2%		44,815
Net Assets – 100.0%		21,483,092

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, 2010, these securities, which are not illiquid, amounted to $3,090,996, which represents 14.4% of net assets.

(b)  Security purchased on a delayed delivery basis.

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

(d)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(e)  Investments in affiliate during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Interest Income		Value, end of period
Merrill Lynch & Co., Inc. 6.050% 08/15/12*	$	37,380	$	—	$	—	$	176	$	—

*  As of May 1, 2010, this company was no longer an affiliate of the Portfolio.

(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, 2010, the value of these securities amounted to $65,775, which represents 0.3% of net assets.

(g)  Cost for federal income tax purposes is $19,688,832.

The following table summarizes the inputs used, as of September 30, 2010, 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	$	—		$	1,011,610		$	—	$	1,011,610
Communications		—			2,320,817			—		2,320,817
Consumer Cyclical		—			364,993			81,949		446,942
Consumer Non-Cyclical		—			2,633,553			—		2,633,553
Energy		—			2,347,607			—		2,347,607
Financials		—			6,280,358			—		6,280,358
Industrials		—			1,082,673			9,791		1,092,464
Technology		—			466,735			—		466,735
Utilities		—			3,527,028			—		3,527,028
Total Corporate Fixed-Income Bonds & Notes		—			20,035,374			91,740		20,127,114
Government & Agency Obligations
Foreign Government Obligations		—			797,178			—		797,178
U.S. Government Obligations		1,123			—			—		1,123
Total Government & Agency Obligations		1,123			797,178			—		798,301
Total Municipal Bonds		—			309,862			—		309,862
Total Short-Term Obligation		—			203,000			—		203,000
Total Investments		1,123			21,345,414			91,740		21,438,277
Unrealized Depreciation on open Futures Contracts		(20,835	)		—			—		(20,835	)
Unrealized Appreciation on Credit Default Swap Contracts		—			27,278			—		27,278
Unrealized Depreciation on Credit Default Swap Contracts		—			(6,701	)		—		(6,701	)
Total	$	(19,712	)	$	21,365,991		$	91,740	$	21,438,019

The Portfolio's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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

Certain corporate fixed-income bonds & notes classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.

The following table reconciles asset balances for the six months ended September 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investment in Securities	Balance as of March 31, 2010		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2010
Corporate Fixed-Income Bonds & Notes
Consumer Cyclical	$	91,195	$	277	$	476	$	3,553		$	—	$	(13,552	)	$	—	$	—	$	81,949
Industrials		—		—		—		(14	)		—		(312	)		10,117		—		9,791
	$	91,195	$	277	$	476	$	3,539		$	—	$	(13,864	)	$	10,117	$	—	$	91,740

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.

See Accompanying Notes to Financial Statements.

9

Corporate Bond Portfolio

September 30, 2010 (Unaudited)

The change in unrealized appreciation attributable to securities owned at September 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $3,539. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

The following table shows transfers of financial assets between Level 2 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	10,117	$	10,117	$	—

Financial Assets were transferred from Level 2 to Level 3 as the result of the pricing service changing the pricing methodology from the use of observable market inputs to the use of a single broker quote. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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.

At September 30, 2010, 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.	Buy		1.000	%	03/20/15	$	300,000	$	13,093		$	9,027
Barclays Capital	The Home Depot, Inc.	Buy		1.000	%	03/20/15		200,000		(949	)		(1,340	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	06/20/15		300,000		12,320			3,268
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy		1.000	%	09/20/14		215,000		1,689			5,961
JPMorgan	D.R. Horton, Inc.	Buy		1.000	%	03/20/15		300,000		13,092			9,022
JPMorgan	Macy's, Inc.	Buy		1.000	%	03/20/15		300,000		16,092			(3,345	)
Morgan Stanley	Limited Brands, Inc.	Buy		1.000	%	03/20/15		400,000		18,857			(545	)
Morgan Stanley	The Home Depot, Inc.	Buy		1.000	%	03/20/15		350,000		(2,650	)		(1,471	)
												$	20,577

At September 30, 2010 the Portfolio held the following open short futures contracts:

Interest Rate Risk

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
10-Year U.S. Treasury Notes		17	$	2,142,797	$	2,127,444	Dec-2010	$	(15,353	)
Ultra Long-Term U.S. Treasury Bonds		4		565,125		559,643	Dec-2010		(5,482	)
								$	(20,835	)

As of September 30, 2010, cash of $99,000 was pledged as collateral for open futures contracts.

At September 30, 2010, the Portfolio held investments in the following sectors:

Sector	% of Net Assets
Financials		29.2
Utilities		16.4
Consumer Non-Cyclical		12.3
Energy		10.9
Communications		10.8
Industrials		5.1
Basic Materials		4.7
Technology		2.2
Consumer Cyclical		2.1
		93.7
Government & Agency Obligations		3.7
Municipal Bond		1.4
Short Term Obligation		1.0
Other Assets & Liabilities, Net		0.2
		100.0

See Accompanying Notes to Financial Statements.

10

Investment Portfolio – Mortgage- and Asset-Backed Portfolio

September 30, 2010 (Unaudited)

Mortgage-Backed Securities – 52.8%
	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
5.632% 06/01/37 (10/01/10) (a)(b)		455,604		485,396
6.500% 11/01/32		6,740		7,484
Federal National Mortgage Association
4.000% 12/01/39		691,412		711,513
4.000% 09/01/40		1,847,559		1,901,273
4.500% 04/01/39		225,285		236,928
4.500% 04/01/40		267,899		281,121
4.500% 06/01/40		1,651,922		1,734,566
4.500% 07/01/40		1,471,223		1,544,836
5.000% 06/01/40		1,467,761		1,546,052
5.000% 07/01/40		1,244,052		1,319,731
5.500% 06/01/38		3,600,204		3,850,411
5.500% 07/01/39		3,596,312		3,856,099
6.000% 09/01/36		1,147,753		1,243,851
6.000% 11/01/38		913,232		986,359
6.500% 10/01/37		231,707		253,110
7.000% 02/01/32		10,280		11,643
TBA:
3.500% 10/01/40 (c)		350,000		352,570
5.500% 10/01/40 (c)		450,000		478,336
Government National Mortgage Association
7.000% 03/15/31		1,433		1,638
Total Mortgage-Backed Securities (Cost of $20,690,315)				20,802,917
Commercial Mortgage-Backed Securities – 23.6%
Bear Stearns Commercial Mortgage Securities
4.740% 03/13/40		95,848		102,224
4.830% 08/15/38		123,627		130,374
5.201% 12/11/38		474,847		501,320
5.700% 06/13/50		435,000		468,116
5.742% 09/11/42 (10/01/10) (a)(b)		145,000		160,897
6.480% 02/15/35		148,724		150,787
Commercial Mortgage Pass Through Certificates
5.472% 07/10/37 (10/01/10) (a)(b)		235,000		255,335
Credit Suisse Mortgage Capital Certificates
5.681% 02/15/39 (10/01/10) (a)(b)		50,000		54,042
6.020% 06/15/38 (10/01/10) (a)(b)		265,000		290,241
First Union National Bank Commercial Mortgage
6.141% 02/12/34		166,448		174,270
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		425,000		452,632
5.349% 08/11/36		130,000		137,326
GMAC Commercial Mortgage Securities, Inc.
5.659% 05/10/40 (10/01/10) (a)(b)		80,000		87,814

	Par ($)		Value ($)
Greenwich Capital Commercial Funding Corp.
4.799% 08/10/42 (10/01/10) (a)(b)		140,000		149,274
JPMorgan Chase Commercial Mortgage Securities Corp.
4.985% 01/12/37		85,000		90,391
5.122% 01/15/49		45,366		45,725
5.170% 05/15/47		164,470		166,445
5.255% 07/12/37 (a)		30,000		32,409
5.552% 05/12/45		440,000		476,808
5.857% 10/12/35		122,828		127,005
LB-UBS Commercial Mortgage Trust
4.166% 05/15/32		205,000		216,535
4.810% 01/15/36 (10/11/10) (a)(b)		554,190		560,838
4.853% 09/15/31		512,196		542,727
5.020% 08/15/29 (10/11/10) (a)(b)		170,000		182,877
5.430% 02/15/40		295,000		308,579
5.866% 09/15/45 (10/11/10) (a)(b)		400,000		423,156
Morgan Stanley Capital I
4.970% 12/15/41		280,000		302,091
5.332% 12/15/43		419,566		457,093
Morgan Stanley Dean Witter Capital I
4.920% 03/12/35		400,722		427,994
Wachovia Bank Commercial Mortgage Trust
4.039% 10/15/41		177,749		179,015
4.748% 02/15/41		265,000		284,754
4.807% 04/15/42		181,839		191,815
4.980% 11/15/34		85,000		90,114
5.037% 03/15/42		270,901		286,121
5.308% 11/15/48		115,000		123,846
5.374% 10/15/44 (10/01/10) (a)(b)		470,000		518,174
5.609% 03/15/45 (10/01/10) (a)(b)		45,000		44,954
5.997% 06/15/45		85,000		93,038
Total Commercial Mortgage-Backed Securities (Cost of $8,568,772)				9,287,156
Asset-Backed Securities – 8.4%
Ally Auto Receivables Trust
1.380% 07/15/14 (10/15/10) (a)(b)		135,000		136,406
BMW Vehicle Lease Trust
0.820% 04/15/13		100,000		100,102
Capital Auto Receivables Asset Trust
5.210% 03/17/14		196,596		201,894
Capital One Multi-Asset Execution Trust
0.337% 09/15/15 (10/15/10) (a)(b)		320,000		317,977

See Accompanying Notes to Financial Statements.

11

Mortgage- and Asset-Backed Portfolio

September 30, 2010 (Unaudited)

Asset-Backed Securities (continued)
	Par ($)		Value ($)
Chrysler Financial Auto Securitization Trust
6.250% 05/08/14 (d)		100,000		105,437
Chrysler Financial Lease Trust
1.780% 06/15/11 (d)		75,000		75,217
Citibank Credit Card Issuance Trust
0.458% 02/09/15 (11/07/10) (a)(b)		385,000		383,050
6.950% 02/18/14		38,000		40,328
CitiFinancial Auto Issuance Trust
2.590% 10/15/13 (d)		200,000		203,316
Daimler Chrysler Auto Trust
5.280% 03/08/13		200,000		206,427
Ford Credit Auto Owner Trust
1.320% 06/15/14		100,000		101,026
5.160% 04/15/13		389,000		410,170
Franklin Auto Trust
5.360% 05/20/16		100,000		102,452
GE Capital Credit Card Master Note Trust
3.690% 07/15/15		135,000		141,569
SACO I, Inc.
0.456% 04/25/35 (10/25/10) (a)(b)(d)		13,515		5,303
SLM Student Loan Trust
0.352% 03/15/17 (a)(b)		10,494		10,468
Soundview Home Equity Loan Trust
0.556% 11/25/35 (10/25/10) (a)(b)		47,369		45,017
Terwin Mortgage Trust
1.156% 07/25/34 (10/25/10) (a)(b)		44,088		40,424
USAA Auto Owner Trust
5.070% 06/15/13		579,434		591,507
Volkswagen Auto Loan Enhanced Trust
5.470% 03/20/13		80,440		83,049
Total Asset-Backed Securities (Cost of $3,257,612)				3,301,139
Collateralized Mortgage Obligations – 10.5%
Agency – 10.2%
Federal Home Loan Mortgage Corp.
4.000% 12/15/22		535,786		567,421
4.500% 11/15/24		794,074		838,065
Federal National Mortgage Association
5.000% 04/25/18		2,385,138		2,597,314
Agency Total				4,002,800
Non-Agency – 0.3%
Bear Stearns Alt-A Trust
0.536% 01/25/35 (10/25/10) (a)(b)		59,665		46,695

	Par ($)		Value ($)
Morgan Stanley Mortgage Loan Trust
0.476% 02/25/47 (10/25/10) (a)(b)		636,597		92,217
Non-Agency Total				138,912
Total Collateralized Mortgage Obligations (Cost of $4,639,365)				4,141,712
Government Obligation – 0.1%
U.S. Government Obligation – 0.1%
U.S. Treasury Note
1.875% 06/30/15		20,000		20,609
U.S. Government Obligation Total				20,609
Total Government Obligation (Cost of $20,177)				20,609
Short-Term Obligations – 1.8%
Repurchase Agreement – 1.1%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.230%, collateralized by a U.S. Government Agency obligation maturing 01/27/14, market value $468,488 (repurchase proceeds $458,003)		458,000		458,000
U.S. Government Obligation – 0.7%
U.S. Treasury Bill
0.010% 08/25/11		270,000		269,410
Total Short-Term Obligations (Cost of $727,446)				727,410
Total Investments – 97.2% (Cost of $37,903,687) (e)				38,280,943
Other Assets & Liabilities, Net – 2.8%				1,093,628
Net Assets – 100.0%				39,374,571

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

(c)  Security purchased on a delayed delivery basis.

(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, 2010, these securities, which are not illiquid, amounted to $389,273, which represents 1.0% of net assets.

(e)  Cost for federal income tax purposes is $37,903,687.

See Accompanying Notes to Financial Statements.

12

Mortgage- and Asset-Backed Portfolio

September 30, 2010 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Portfolio's assets:

Description	Quoted Prices in (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Mortgage-Backed Securities	$	830,906		$	19,972,011	$	—	$	20,802,917
Total Commercial Mortgage-Backed Securities		—			9,287,156		—		9,287,156
Total Asset-Backed Securities		—			3,301,139		—		3,301,139
Total Collateralized Mortgage Obligations		—			4,141,712		—		4,141,712
Total Government Obligation		20,609			—		—		20,609
Short-Term Obligations
Repurchase Agreement		—			458,000		—		458,000
U.S. Government Obligation		—			269,410		—		269,410
Total Short-Term Obligations		—			727,410		—		727,410
Total Investments		851,515			37,429,428		—		38,280,943
Unrealized Depreciation on Futures Contracts		(4,782	)		—		—		(4,782	)
Total	$	846,733		$	37,429,428	$	—	$	38,276,161

The Portfolio's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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

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, 2010, the Portfolio held the following open short futures contracts:

Interest Rate Risk

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
5-Year U.S. Treasury Notes		5	$	604,336	$	599,554	Dec-2010	$	(4,782	)

As of September 30, 2010, cash of $20,000 was pledged as collateral for open futures contracts.

At September 30, 2010, the asset allocation of the Portfolio is as follows:

Asset Allocation	% of Net Assets
Mortgage-Backed Securities		52.8
Commercial Mortgage-Backed Securities		23.6
Asset-Backed Securities		8.4
Collateralized Mortgage Obligations		10.5
Government & Agency Obligation		0.1
		95.4
Short-Term Obligation		1.8
Other Assets & Liabilities, Net		2.8
		100.0

Acronym	Name
TBA	To Be Announced

See Accompanying Notes to Financial Statements.

13

Statements of Assets and Liabilities – Fixed Income Sector Portfolios

September 30, 2010 (Unaudited)

	($)			($)
	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
Assets
Investments, at identified cost		19,688,832			37,903,687
Investments, at value		21,438,277			38,280,943
Cash		921			979
Cash collateral for open futures contracts		99,000			20,000
Open credit default swap contracts		27,278			—
Credit default swap contracts premiums paid		66,613			—
Receivable for:
Investments sold on a delayed delivery basis		59,967			4,712,989
Portfolio shares sold		—			330
Interest		261,225			164,388
Futures variation margin		1,234			—
Foreign tax reclaims		12			—
Other assets		9,498			—
Total Assets		21,964,025			43,179,629
Liabilities
Open credit default swap contracts		6,701			—
Credit default swap contracts premiums received		3,157			—
Payable for:
Investments purchased on a delayed delivery basis		350,579			3,616,589
Portfolio shares repurchased		120,210			188,235
Futures variation margin		—			234
Interest payable		286			—
Total Liabilities		480,933			3,805,058
Net Assets		21,483,092			39,374,571
Net Assets Consist of
Paid-in capital		23,053,861			51,245,101
Undistributed net investment income		31,216			24,063
Accumulated net realized loss		(3,343,836	)		(12,267,067	)
Net unrealized appreciation (depreciation) on:
Investments		1,749,445			377,256
Credit default swap contracts		13,241			—
Futures contracts		(20,835	)		(4,782	)
Net Assets		21,483,092			39,374,571
Shares outstanding		1,986,125			4,154,137
Net asset value price per share		10.82			9.48

See Accompanying Notes to Financial Statements.

14

Statements of Operations – Fixed Income Sector Portfolios

For the Six Months Ended September 30, 2010 (Unaudited)

	($)			($)
	Corporate Bond Portfolio			Mortgage- and Asset-Backed Portfolio
Investment Income
Interest		613,681			660,154
Interest from affiliate		176			—
Total Investment Income		613,857			660,154
Expenses
Expenses before interest expense		—			—
Interest expense		2,098			—
Total Expenses		2,098			—
Net Investment Income		611,759			660,154
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Credit Default Swap Contracts
Net realized gain (loss) on:
Investments		597,655			923,711
Futures contracts		(145,878	)		(20,780	)
Credit default swap contracts		(24,851	)		—
Net realized gain		426,926			902,931
Net change in unrealized appreciation (depreciation) on:
Investments		697,151			115,249
Futures contracts		(20,835	)		(4,782	)
Credit default swap contracts		45,204			—
Net change in unrealized appreciation (depreciation)		721,520			110,467
Net Gain		1,148,446			1,013,398
Net Increase Resulting from Operations		1,760,205			1,673,552

See Accompanying Notes to Financial Statements.

15

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, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		611,759			1,345,672			660,154			1,747,063
Net realized gain on investments, futures contracts and credit default   swap contracts		426,926			400,541			902,931			954,764
Net change in unrealized appreciation (depreciation) on investments,   futures contracts and credit default   swap contracts		721,520			3,275,751			110,467			823,140
Net increase resulting from operations		1,760,205			5,021,964			1,673,552			3,524,967
Distributions to Shareholders
From net investment income		(672,072	)		(1,309,428	)		(685,402	)		(1,762,349	)
Net Capital Stock Transactions		(3,436,702	)		564,513			(2,269,835	)		(9,234,695	)
Total increase (decrease) in net assets		(2,348,569	)		4,277,049			(1,281,685	)		(7,472,077	)
Net Assets
Beginning of period		23,831,661			19,554,612			40,656,256			48,128,333
End of period		21,483,092			23,831,661			39,374,571			40,656,256
Undistributed net investment income at end of period		31,216			91,529			24,063			49,311

See Accompanying Notes to Financial Statements.

16

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

	Corporate Bond Portfolio												Mortgage- and Asset-Backed Portfolio
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		7,482			78,359			465,475			4,487,267			492,162			4,569,031			536,314			4,902,872
Distributions reinvested		296			3,074			1,274			12,338			9,926			93,308			16,385			148,495
Redemptions		(335,484	)		(3,518,135	)		(415,326	)		(3,935,092	)		(740,220	)		(6,932,174	)		(1,583,094	)		(14,286,062	)
Net increase (decrease)		(327,706	)		(3,436,702	)		51,423			564,513			(238,132	)		(2,269,835	)		(1,030,395	)		(9,234,695	)

See Accompanying Notes to Financial Statements.

17

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,
	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.30		$	8.64		$	9.66		$	10.06		$	9.93		$	10.19
Income from Investment Operations:
Net investment income (a)		0.29			0.60			0.56			0.58			0.55			0.49
Net realized and unrealized gain (loss) on investments, futures contracts and credit default swap contracts		0.55			1.65			(1.01	)		(0.40	)		0.13			(0.25	)
Total from investment operations		0.84			2.25			(0.45	)		0.18			0.68			0.24
Less Distributions to Shareholders:
From net investment income		(0.32	)		(0.59	)		(0.57	)		(0.58	)		(0.55	)		(0.49	)
From net realized gains		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.32	)		(0.59	)		(0.57	)		(0.58	)		(0.55	)		(0.50	)
Net Asset Value, End of Period	$	10.82		$	10.30		$	8.64		$	9.66		$	10.06		$	9.93
Total return (b)		8.28	%(c)		26.58	%		(4.65	)%		1.81	%(d)		7.01	%		2.34	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		—			—			—			—			—			—
Interest expense		0.02	%(f)		—			—			—			—			—
Net expenses (e)		0.02	%(f)		—			—			—			—			—
Net investment income (e)		5.48	%(f)		6.14	%		6.10	%		5.84	%		5.55	%		4.83	%
Portfolio turnover rate		66	%(c)		146	%		137	%		189	%		114	%		62	%
Net assets, end of period (000s)	$	21,483		$	23,832		$	19,555		$	73,803		$	78,588		$	64,597

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

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

(c)  Not annualized.

(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.

18

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,
	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.26		$	8.88		$	9.32		$	10.01		$	9.85		$	10.01
Income from Investment Operations:
Net investment income (a)		0.15			0.38			0.44			0.54			0.54			0.40
Net realized and unrealized gain (loss) on investments and futures contracts		0.23			0.39			(0.44	)		(0.67	)		0.14			(0.12	)
Total from investment operations		0.38			0.77			—			(0.13	)		0.68			0.28
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.39	)		(0.44	)		(0.53	)		(0.52	)		(0.40	)
From net realized gains		—			—			—			(0.03	)		—			(0.04	)
Total distributions to shareholders		(0.16	)		(0.39	)		(0.44	)		(0.56	)		(0.52	)		(0.44	)
Net Asset Value, End of Period	$	9.48		$	9.26		$	8.88		$	9.32		$	10.01		$	9.85
Total return (b)		4.09	%(c)		8.79	%		0.10	%		(1.34	)%		7.12	%		2.85	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		—			—			—			—			—			—
Net investment income (d)		3.19	%(e)		4.20	%		4.92	%		5.50	%		5.41	%		4.00	%
Portfolio turnover rate		136	%(c)		146	%		142	%		369	%		543	%		561	%
Net assets, end of period (000s)	$	39,375		$	40,656		$	48,128		$	138,196		$	135,358		$	89,569

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

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

(c)  Not annualized.

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

(e)  Annualized.

See Accompanying Notes to Financial Statements.

19

Notes to Financial Statements – Fixed Income Sector Portfolios

September 30, 2010 (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 its affiliates.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted, except as disclosed in Note 9, no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

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

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

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

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 spread quotations from market makers.

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.

GAAP 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

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Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

•  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.

Derivative Instruments

The Portfolios may invest in derivative instruments. For additional information on derivative instruments, please see Note 5.

Repurchase Agreements

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

Delayed Delivery Securities

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

Income Recognition

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

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Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

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, 2010 was as follows:

	Ordinary Income*		Long-term Capital Gains
Corporate Bond Portfolio	$	1,309,428	$	—
Mortgage- and Asset-Backed Portfolio		1,762,349		—

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Corporate Bond Portfolio	$	1,993,534	$	(244,089	)	$	1,749,445
Mortgage- and Asset-Backed Portfolio		1,018,028		(640,772	)		377,256

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2014		2015		2016		2017		2018		Total
Corporate Bond Portfolio	$	190,899	$	595,089	$	576,674	$	2,121,554	$	224,029	$	3,708,245
Mortgage- and Asset-Backed Portfolio		—		—		635,139		12,534,859		—		13,169,998

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.

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Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Portfolios. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Portfolios and subsequently changed its name to Columbia Management Investment Advisers, LLC (the "New Advisor").

The New Advisor does not receive any fees for its investment advisory services. In addition, under its investment advisory agreement, the New Advisor 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.

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Portfolios under the same fee structure.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Portfolios under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Portfolios. The New Advisor does not receive any compensation from the Portfolios for its services.

Prior to the Closing, Columbia provided administrative services to the Portfolios. Columbia did not receive any compensation from the Portfolios for its services.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Portfolios and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent.

The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Portfolios. The New Transfer Agent does not receive any compensation directly from the Portfolios for its services.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Portfolios and contracted with BFDS to serve as sub-transfer agent. The Previous Transfer Agent did not receive any fees for its services to the Portfolios.

Distribution and Service Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Portfolios and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor"). The New Distributor does not receive a fee for its services as distributor.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Portfolios' shares. There were no changes to the underwriting discount structure of the Portfolios as a result of the Transaction. Columbia Management Distributors, Inc. did not receive any fees for its services as distributor.

Note 5. Objectives and Strategies for Investing in Derivative Instruments

The Portfolios may use derivatives instruments including futures and credit default swaps in order to meet their investment objectives. The Portfolios employ strategies in differing combinations to permit them to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the

23

Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

use of derivatives do not work as intended, the Portfolios may not achieve their investment objectives.

In pursuit of their investment objectives the Portfolios are exposed to the following market risks:

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.

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

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

Futures Contracts—The Portfolios entered into interest rate futures contracts to manage the duration and yield curve exposure of the Portfolios 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 the Portfolios' investment advisor.

Upon entering into a futures contract, the Portfolios identify within their portfolio of investments cash or securities in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolios 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 Portfolios recognize a realized gain or loss when the contract is closed or expires.

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

During the six month period ended September 30, 2010, Corporate Bond Portfolio and Mortgage- and Asset-Backed Portfolio entered into 102 and 48 futures contracts, respectively.

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 a 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

24

Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

During the six month period ended September 30, 2010, the Corporate Bond Portfolio purchased credit default swaps with a notional amount of $1,000,000.

The following table is a summary of the value of the Portfolios' derivative instruments as of September 30, 2010:

	Fair Value of Derivative Instruments
	Statement of Assets and Liabilities
	Assets		Fair Value			Liabilities		Fair Value
Corporate Bond Portfolio	Futures Variation Margin		$	1,234	*	$	—	$	—
	Open Credit Default Swap Contracts/Premiums paid			93,891		Open Credit Default Swap Contracts/Premiums received			(9,858	)
Mortgage- and Asset-Backed Portfolio		—		—		Futures Variation Margin		$	(234	)*

*  Includes only current day's variation margin.

The effect of derivative instruments on the Statement of Operations for the six months ended September 30, 2010:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Corporate Bond Portfolio	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate Risk	$	(145,878	)	$	(20,835	)
Credit Default Swap Contracts	Credit Risk		(24,851	)		45,204
Mortgage- and Asset-Backed Portfolio
Futures Contracts	Interest Rate Risk	$	(20,780	)		(4,782	)

Note 6. Portfolio Information

For the six month period ended September 30, 2010, 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	$	5,367,859	$	5,996,493	$	9,363,108	$	11,785,613
Mortgage- and Asset-Backed Portfolio		48,438,967		50,950,859		4,246,957		4,141,889

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Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

Note 6. 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 portfolio 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.

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.

For the six month period ended September 30, 2010, the Corporate Bond Portfolio borrowed under these arrangements. The average daily loan balance outstanding on days where borrowing existed was $1,245,714 at a weighted average interest rate of 1.497%.

Note 7. Shareholder Concentration

As of September 30, 2010, certain shareholder accounts owned of record more than 10% of the outstanding shares of the Portfolios. The aggregate percentages of shares outstanding held therein are as follows:

	% of Shares Outstanding Held
Corporate Bond Portfolio		100.0
Mortgage- and Asset-Backed Portfolio		96.8

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

Note 8. 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

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 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.

Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express

26

Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

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

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

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

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

27

Fixed Income Sector Portfolios, September 30, 2010 (Unaudited)

Note 9. Subsequent Event

Effective October 14, 2010, the line of credit disclosed in Note 6 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

28

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 the Fixed Income Sector Portfolios listed on the front cover.

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.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

29

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

Fixed Income Sector Portfolios
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1125 A (11/10)

Columbia LifeGoal® Portfolios

Semiannual Report for the Period Ended September 30, 2010

>  Columbia LifeGoal® Balanced Growth Portfolio

>  Columbia LifeGoal® Growth Portfolio

>  Columbia LifeGoal® Income & Growth Portfolio

>  Columbia LifeGoal® Income Portfolio

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Columbia LifeGoal® Growth Portfolio	1
Columbia LifeGoal® Balanced Growth Portfolio	3
Columbia LifeGoal® Income & Growth Portfolio	5
Columbia LifeGoal® Income Portfolio	7
Investment Portfolios	9
Financial Statements	13
Board Consideration and Approval of Amendment to Investment Management Services Agreement	52
Summary of Management Fee Evaluation by Independent Fee Consultant	54
Important Information About This Report	57

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

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia LifeGoal Growth Portfolio

Average annual total return as of 09/30/10 (%)

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)		1.30		–4.52		0.88		–4.12		0.89		–0.11		1.19		1.50
1-year		11.68		5.28		10.82		5.82		10.92		9.92		11.41		12.07
5-year		2.90		1.70		2.13		1.85		2.13		2.13		2.66		3.19
10-year		2.01		1.40		1.23		1.23		1.22		1.22		1.89		2.26

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 portfolio 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 R shares are sold at net asset value with 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.

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 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 visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

6-month (cumulative) return as of 09/30/10

	1.30%
	Class A shares (without sales charge)
	–1.42%
	S&P 500 Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.43
Class B	9.56
Class C	9.48
Class R	10.35
Class Z	10.60

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.03
Class B	0.00	*
Class C	0.00	*
Class R	0.02
Class Z	0.04

*Rounds to less than $0.01 per share.

1

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 Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the 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 (Rule12b-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.

04/01/10 – 09/30/10

	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		1,013.00		1,022.56		2.52		2.54		0.50
Class B		1,000.00		1,000.00		1,008.80		1,018.80		6.29		6.33		1.25
Class C		1,000.00		1,000.00		1,008.90		1,018.80		6.30		6.33		1.25
Class R		1,000.00		1,000.00		1,011.90		1,021.31		3.78		3.80		0.75
Class Z		1,000.00		1,000.00		1,015.00		1,023.82		1.26		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 portfolios. If these transaction costs were included, your costs would have been higher.

2

Performance Information – Columbia LifeGoal Balanced Growth Portfolio

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				R		Z
Inception	10/15/96				08/13/97				10/15/96				01/23/06		10/15/96
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		2.42		–3.43		2.05		–2.95		2.02		1.02		2.29		2.55
1-year		10.57		4.16		9.72		4.72		9.70		8.70		10.20		10.75
5-year		4.29		3.07		3.50		3.19		3.50		3.50		4.03		4.56
10-year		4.26		3.64		3.47		3.47		3.47		3.47		4.12		4.51

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 portfolio 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 R shares are sold at net asset value with 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.

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.

²The 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 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 visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

6-month (cumulative) return as of 09/30/10

	2.42%
	Class A shares (without sales charge)
	6.05%
	Barclays Capital Aggregate Bond Index1
	–1.42%
	S&P 500 Index2

Net asset value per share

as of 09/30/10 ($)
Class A	10.38
Class B	10.31
Class C	10.44
Class R	10.37
Class Z	10.36

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.09
Class B	0.06
Class C	0.06
Class R	0.08
Class Z	0.11

3

Understanding Your Expenses – Columbia LifeGoal Balanced Growth Portfolio

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the 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 (Rule12b-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.

04/01/10 – 09/30/10

	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		1,024.20		1,022.56		2.54		2.54		0.50
Class B		1,000.00		1,000.00		1,020.50		1,018.80		6.33		6.33		1.25
Class C		1,000.00		1,000.00		1,020.20		1,018.80		6.33		6.33		1.25
Class R		1,000.00		1,000.00		1,022.90		1,021.31		3.80		3.80		0.75
Class Z		1,000.00		1,000.00		1,025.50		1,023.82		1.27		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 portfolios. If these transaction costs were included, your costs would have been higher.

4

Performance Information – Columbia LifeGoal Income and Growth Portfolio

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				R		Z
Inception	10/15/96				08/07/97				10/15/96				01/23/06		10/15/96
Sales charge	without		with		without		with		without		with		without		without
6-month (cumulative)		3.27		–2.64		2.90		–2.10		2.92		1.92		3.24		3.43
1-year		9.57		3.24		8.69		3.69		8.74		7.74		9.29		9.83
5-year		4.66		3.44		3.86		3.54		3.88		3.88		4.44		4.88
10-year		4.67		4.05		3.88		3.88		3.88		3.88		4.55		4.92

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 portfolio 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 R shares are sold at net asset value with 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.

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.

²The 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 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 visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

6-month (cumulative) return as of 09/30/10

	3.27%
	Class A shares (without sales charge)
	6.05%
	Barclays Capital Aggregate Bond Index1
	–1.42%
	S&P 500 Index2

Net asset value per share

as of 09/30/10 ($)
Class A	10.23
Class B	10.19
Class C	10.13
Class R	10.24
Class Z	10.13

Distributions declared per share

04/01/10 –09/30/10 ($)
Class A	0.13
Class B	0.10
Class C	0.10
Class R	0.12
Class Z	0.15

5

Understanding Your Expenses – Columbia LifeGoal Income and Growth Portfolio

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the 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 (Rule12b-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.

04/01/10 – 09/30/10

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Portfolio's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,032.70		1,022.56		2.55		2.54		0.50
Class B		1,000.00		1,000.00		1,029.00		1,018.80		6.36		6.33		1.25
Class C		1,000.00		1,000.00		1,029.20		1,018.80		6.36		6.33		1.25
Class R		1,000.00		1,000.00		1,032.40		1,021.31		3.82		3.80		0.75
Class Z		1,000.00		1,000.00		1,034.30		1,023.82		1.27		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 portfolios. If these transaction costs were included, your costs would have been higher.

6

Performance Information – Columbia LifeGoal Income Portfolio

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	09/04/03				09/04/03				09/05/03				09/04/03
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		3.63		0.29		3.24		0.24		3.15		2.15		3.65
1-year		8.62		5.12		7.82		4.82		7.83		6.83		8.89
5-year		4.41		3.72		3.64		3.64		3.62		3.62		4.65
Life		4.40		3.91		3.62		3.62		3.60		3.60		4.66

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 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 portfolio 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 portfolio's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class.

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

¹The Barclays Capital U.S. Aggregate 1-3 Years Index is an index of publicly-issued investment-grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three years.

²This blend is 80% Barclays Capital U.S. Aggregate 1-3 Years Index and 20% Barclays Capital U.S. Corporate High Yield Bond Index. The Barclays Capital U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of US. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The index includes reinvestment of income.

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 visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

6-month (cumulative) return as of 09/30/10

	3.63%
	Class A shares (without sales charge)
	1.62%
	Barclays Capital U.S. Aggregate 1-3 Years Index1
	2.63%
	Blended 80% Barclays Capital U.S. Aggregate 1-3 Years Index/ 20% Barclays Capital U.S. Corporate High Yield Bond Index2

Net asset value per share

as of 09/30/10 ($)
Class A	10.10
Class B	10.09
Class C	10.07
Class Z	10.10

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.16
Class B	0.12
Class C	0.12
Class Z	0.17

7

Understanding Your Expenses – Columbia LifeGoal Income Portfolio

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the 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 (Rule12b-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.

04/01/10 – 09/30/10

	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		1,036.30		1,021.71		3.42		3.40		0.67
Class B		1,000.00		1,000.00		1,032.40		1,017.95		7.23		7.18		1.42
Class C		1,000.00		1,000.00		1,031.50		1,017.95		7.23		7.18		1.42
Class Z		1,000.00		1,000.00		1,036.50		1,022.96		2.14		2.13		0.42

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the portfolio's most recent fiscal half-year and divided by 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 portfolio and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different portfolios. If these transaction costs were included, your costs would have been higher.

8

Investment Portfolio – Columbia LifeGoal Growth Portfolio

September 30, 2010 (Unaudited)

Investment Companies (a) – 100.1%
	Shares		Value ($)
Columbia Acorn International, Class Z		382,208		14,523,899
Columbia Acorn USA, Class Z		447,655		10,980,983
Columbia Contrarian Core Fund, Class Z		1,714,293		21,737,229
Columbia Convertible Securities Fund, Class Z		1,054,619		14,479,924
Columbia Core Bond Fund, Class Z		1,203,319		13,441,078
Columbia Disciplined Value Fund, Class Z		868,479		8,997,443
Columbia Dividend Income Fund, Class Z		739,678		8,972,300
Columbia Emerging Markets Fund, Class Z		2,010,172		23,961,248
Columbia Energy and Natural Resources Fund, Class Z		1,431,444		27,354,902
Columbia International Value Fund, Class Z		1,314,281		18,294,786
Columbia Large Cap Core Fund, Class Z		1,537,389		18,110,437
Columbia Large Cap Growth Fund, Class Z		601,052		12,694,218
Columbia Large Cap Value Fund, Class Z		879,331		8,977,967
Columbia Marsico Focused Equities Fund, Class Z		575,302		11,753,429
Columbia Marsico International Opportunities Fund, Class Z		1,612,341		18,187,209
Columbia Mid Cap Growth Fund, Class Z		1,172,653		27,299,359
Columbia Mid Cap Value Fund, Class Z		2,312,405		27,286,374
Columbia Pacific/Asia Fund, Class Z		687,306		5,464,084
Columbia Real Estate Equity Fund, Class Z		730,440		8,575,368
Columbia Select Large Cap Growth Fund, Class Z		1,380,183		15,513,259
Columbia Small Cap Growth Fund I, Class Z		203,407		5,494,017
Columbia Small Cap Growth Fund II, Class Z		532,716		5,497,626
Columbia Small Cap Value Fund I, Class Z		266,965		10,902,864
Columbia Small Cap Value Fund II, Class Z		925,202		10,972,900
Columbia U.S. Treasury Index Fund, Class Z		284,803		3,349,289

	Shares		Value ($)
Columbia Value and Restructuring Fund, Class Z		208,552		9,082,457
Total Investment Companies (cost of $337,184,116)				361,904,649
Total Investments – 100.1% (cost of $337,184,116) (b)				361,904,649
Other Assets & Liabilities, Net – (0.1)%				(483,605	)
Net Assets – 100.0%				361,421,044

Notes to Investment Portfolio:

(a)  Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Investment Advisers, LLC or its affiliates.

(b)  Cost for federal income tax purposes is $337,184,116.

Quoted prices in active markets for identical securities (level 1 measurements) were used in determining value for all securities in the Portfolio as of September 30, 2010.

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.

9

Investment Portfolio – Columbia LifeGoal Balanced Growth Portfolio

September 30, 2010 (Unaudited)

Investment Companies – 98.7%
	Shares		Value ($)
BofA Cash Reserves, Capital Class Shares (c)		2,582,727		2,582,727
Columbia Acorn International, Class Z (a)		293,575		11,155,844
Columbia Acorn USA, Class Z (a)		403,941		9,908,685
Columbia Contrarian Core Fund, Class Z (a)		1,644,970		20,858,215
Columbia Convertible Securities Fund, Class Z (a)		1,400,389		19,227,335
Columbia Core Bond Fund, Class Z (a)		10,658,124		119,051,241
Columbia Disciplined Value Fund, Class Z (a)		797,506		8,262,167
Columbia Dividend Income Fund, Class Z (a)		1,359,367		16,489,122
Columbia Emerging Markets Fund, Class Z (a)		2,142,802		25,542,203
Columbia Energy and Natural Resources Fund, Class Z (a)		2,046,990		39,117,979
Columbia High Income Fund, Class Z (a)		4,914,426		39,364,556
Columbia International Value Fund, Class Z (a)		1,413,458		19,675,336
Columbia Large Cap Core Fund, Class Z (a)		1,767,031		20,815,625
Columbia Large Cap Growth Fund, Class Z (a)		663,107		14,004,822
Columbia Large Cap Value Fund, Class Z (a)		807,195		8,241,465
Columbia Marsico Focused Equities Fund, Class Z (a)		547,708		11,189,680
Columbia Marsico International Opportunities Fund, Class Z (a)		1,743,530		19,667,022
Columbia Mid Cap Growth Fund, Class Z (a)		1,093,655		25,460,278
Columbia Mid Cap Value Fund, Class Z (a)		2,130,841		25,143,925
Columbia Pacific/Asia Fund, Class Z (a)		1,058,868		8,418,002
Columbia Real Estate Equity Fund, Class Z (a)		1,360,875		15,976,669
Columbia Select Large Cap Growth Fund, Class Z (a)		1,525,257		17,143,888
Columbia Small Cap Growth Fund I, Class Z (a)		211,546		5,713,847
Columbia Small Cap Growth Fund II, Class Z (a)		414,845		4,281,203
Columbia Small Cap Value Fund I, Class Z (a)		239,833		9,794,799
Columbia Small Cap Value Fund II, Class Z (a)		835,209		9,905,584

	Shares		Value ($)
Columbia U.S. Treasury Index Fund, Class Z (a)		219,347		2,579,518
Columbia Value and Restructuring Fund, Class Z (a)		192,840		8,398,164
Total Investment Companies (cost of $494,097,690)				537,969,901
Government Obligations – 1.4%
	Par ($)
U.S. Government Obligations – 1.4%
U.S. Treasury Inflation Indexed Bonds: 2.125% 02/15/40		161,384		180,334
2.375% 01/15/25		1,069,827		1,230,218
3.875% 04/15/29		1,041,028		1,447,679
U.S. Treasury Inflation Indexed Notes: 1.625% 01/15/15		907,683		970,016
1.875% 07/15/13		593,500		630,779
2.000% 01/15/14		707,922		759,246
2.000% 01/15/16		620,602		680,141
2.125% 01/15/19		695,563		783,051
2.625% 07/15/17		510,162		588,201
3.000% 07/15/12		412,253		437,761
U.S. Government Obligations Total				7,707,426
Total Government Obligations (cost of $7,407,038)				7,707,426
Total Investments – 100.1% (cost of $501,504,728)(b)				545,677,327
Other Assets & Liabilities, Net – (0.1)%				(524,912	)
Net Assets – 100.0%				545,152,415

Notes to Investment Portfolio:

(a)  Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Investment Advisers, LLC or its affiliates.

(b)  Cost for federal income tax purposes is $501,504,728.

Quoted prices in active markets for identical securities (level 1 measurement) were used in determining value for all securities in the Investment Portfolio as of September 30, 2010.

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

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

(c)  As of May 1, 2010, this security was no longer an affiliate of the Portfolio.

See Accompanying Notes to Financial Statements.

10

Investment Portfolio – Columbia LifeGoal Income and Growth Portfolio

September 30, 2010 (Unaudited)

Investment Companies – 97.2%
	Shares		Value ($)
BofA Cash Reserves, Capital Class Shares (c)		670,885		670,885
Columbia Acorn USA, Class Z (a)		43,963		1,078,406
Columbia Contrarian Core Fund, Class Z (a)		250,898		3,181,385
Columbia Convertible Securities Fund, Class Z (a)		463,145		6,358,982
Columbia Core Bond Fund, Class Z (a)		3,792,184		42,358,694
Columbia Disciplined Value Fund, Class Z (a)		135,508		1,403,859
Columbia Dividend Income Fund, Class Z (a)		404,521		4,906,837
Columbia Emerging Markets Fund, Class Z (a)		424,508		5,060,134
Columbia Energy and Natural Resources Fund, Class Z (a)		373,118		7,130,289
Columbia High Income Fund, Class Z (a)		2,042,839		16,363,138
Columbia International Value Fund, Class Z (a)		104,720		1,457,696
Columbia Large Cap Core Fund, Class Z (a)		269,650		3,176,480
Columbia Large Cap Growth Fund, Class Z (a)		100,989		2,132,898
Columbia Marsico Focused Equities Fund, Class Z (a)		69,382		1,417,483
Columbia Marsico International Opportunities Fund, Class Z (a)		127,156		1,434,323
Columbia Mid Cap Growth Fund, Class Z (a)		153,978		3,584,600
Columbia Mid Cap Value Fund, Class Z (a)		301,120		3,553,214
Columbia Pacific/Asia Fund, Class Z (a)		90,067		716,035
Columbia Real Estate Equity Fund, Class Z (a)		234,090		2,748,213
Columbia Select Large Cap Growth Fund, Class Z (a)		257,012		2,888,817
Columbia Short Term Bond Fund, Class Z (a)		1,213,211		12,132,107
Columbia Small Cap Growth Fund I, Class Z (a)		40,208		1,086,005
Columbia Small Cap Value Fund I, Class Z (a)		26,099		1,065,877
Columbia Small Cap Value Fund II, Class Z (a)		90,479		1,073,084
Columbia U.S. Treasury Index Fund, Class Z (a)		228,009		2,681,385

	Shares		Value ($)
Mortgage- and Asset-Backed Portfolio (a)		424,931		4,028,345
Total Investment Companies (cost of $126,142,889)				133,689,171
Government Obligations – 2.9%
	Par ($)
U.S. Government Obligations – 2.9%
U.S. Treasury Inflation Indexed Bonds: 2.125% 02/15/40		80,692		90,167
2.375% 01/15/25		560,936		645,033
3.875% 04/15/29		530,460		737,671
U.S. Treasury Inflation Indexed Notes: 1.625% 01/15/15		473,822		506,360
1.875% 07/15/13		314,555		334,313
2.000% 01/15/14		377,558		404,931
2.000% 01/15/16		318,539		349,099
2.125% 01/15/19		365,551		411,531
2.625% 07/15/17		262,970		303,196
3.000% 07/15/12		206,127		218,881
U.S. Government Obligations Total				4,001,182
Total Government Obligations (cost of $3,845,293)				4,001,182
Total Investments – 100.1% (cost of $129,988,182)(b)				137,690,353
Other Assets & Liabilities, Net – (0.1)%				(89,039	)
Net Assets – 100.0%				137,601,314

Notes to Investment Portfolio:

(a)  Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Investment Advisers, LLC or one of its affiliates.

(b)  Cost for federal income tax purposes is $129,988,182.

Quoted prices in active markets for identical securities (level 1 measurements) were used in determining value for all securities in the Investment Portfolio as of September 30, 2010.

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

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

(c)  As of May 1, 2010, this security was no longer an affiliate of the Portfolio.

See Accompanying Notes to Financial Statements.

11

Investment Portfolio – Columbia LifeGoal Income Portfolio

September 30, 2010 (Unaudited)

Investment Companies – 95.3%
	Shares			Value ($)
BofA Cash Reserves, Capital Class Shares (c)		565,093			565,093
Columbia Convertible Securities Fund, Class Z (a)		103,031			1,414,614
Columbia Core Bond Fund, Class Z (a)		1,106,633			12,361,085
Columbia Dividend Income Fund, Class Z (a)		115,926			1,406,188
Columbia Energy and Natural Resources Fund, Class Z (a)		44,803			856,184
Columbia High Income Fund, Class Z (a)		460,773			3,690,789
Columbia International Value Fund, Class Z (a)		40,349			561,656
Columbia Mid Cap Value Fund, Class Z (a)		—	(d)		1
Columbia Real Estate Equity Fund, Class Z (a)		48,045			564,047
Columbia Short Term Bond Fund, Class Z (a)		312,044			3,120,442
Columbia Small Cap Value Fund I, Class Z (a)		3,319			135,530
Columbia Small Cap Value Fund II, Class Z (a)		11,345			134,548
Columbia U.S. Treasury Index Fund, Class Z (a)		72,496			852,554
Mortgage- and Asset-Backed Portfolio (a)		134,326			1,273,412
Total Investment Companies (cost of $25,495,786)					26,936,143
Government Obligations – 4.9%
	Par ($)
U.S. Government Obligations – 4.9%
U.S. Treasury Inflation Indexed Bonds: 2.125% 02/15/40		35,303			39,448
2.375% 01/15/25		196,617			226,094
3.875% 04/15/29		172,400			239,743
U.S. Treasury Inflation Indexed Notes: 1.625% 01/15/15		165,552			176,921
1.875% 07/15/13		100,895			107,233
2.000% 01/15/14		129,786			139,195
2.000% 01/15/16		115,333			126,398
2.125% 01/15/19		132,005			148,608
2.625% 07/15/17		94,669			109,151
3.000% 07/15/12		72,751			77,252
U.S. Government Obligations Total					1,390,043
Total Government Obligations (cost of $1,335,884)					1,390,043

	Value ($)
Total Investments – 100.2% (cost of $26,831,670) (b)		28,326,186
Other Assets & Liabilities, Net – (0.2)%		(50,278	)
Net Assets – 100.0%		28,275,908

Notes to Investment Portfolio:

(a)  Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Investment Advisers, LLC or its affiliates.

(b)  Cost for federal income tax purposes is $26,831,670.

(c)  As of May 1, 2010, this security was no longer an affiliate of the Portfolio.

(d)  Fraction of a share.

Quoted prices in active markets for identical securities (level 1 measurements) were used in determining value for all securities in the Investment Portfolio as of September 30, 2010.

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

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.

12

Statements of Assets and Liabilities – Columbia LifeGoal Portfolios
September 30, 2010 (Unaudited)

	($)			($)			($)			($)
	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio			Columbia LifeGoal Income and Growth Portfolio			Columbia LifeGoal Income Portfolio
Assets
Affiliated investments, at identified cost		337,184,116			491,514,963			125,472,004			24,930,693
Unaffiliated investments, at identified cost		—			9,989,765			4,516,178			1,900,977
Total investments, at identified cost		337,184,116			501,504,728			129,988,182			26,831,670
Affiliated investments, at value		361,904,649			535,387,174			133,018,286			26,371,050
Unaffiliated investments, at value		—			10,290,153			4,672,067			1,955,136
Total investments, at value		361,904,649			545,677,327			137,690,353			28,326,186
Cash		—			87,855			52,437			20,741
Receivable for:
Investments sold		598,168			301,884			54,051			—
Portfolio shares sold		174,463			362,507			31,860			31,107
Interest		—			44,160			22,787			7,765
Expense reimbursement due from investment advisor		—			—			—			10,498
Other assets		—			—			—			26,271
Total Assets		362,677,280			546,473,733			137,851,488			28,422,568
Liabilities
Payable for:
Investments purchased		—			—			—			7,909
Portfolio shares repurchased		1,031,053			962,449			162,461			50,795
Distributions		9			76			313			—
Investment advisory fee		73,280			110,653			28,001			1,068
Administration fee		—			—			—			690
Pricing and bookkeeping fees		—			—			—			2,213
Transfer agent fee		—			—			—			1,804
Trustees' fees		—			—			—			37,074
Audit fee		—			—			—			16,707
Legal fee		—			—			—			13,335
Custody fee		—			—			—			513
Distribution and service fees		151,894			248,140			59,399			12,126
Chief compliance officer expenses		—			—			—			4
Other liabilities		—			—			—			2,422
Total Liabilities		1,256,236			1,321,318			250,174			146,660
Net Assets		361,421,044			545,152,415			137,601,314			28,275,908
Net Assets Consist of
Paid-in capital		426,632,900			580,407,870			143,047,980			29,013,876
Undistributed (overdistributed) net investment income		(3,022	)		755			7,430			2,446
Accumulated net realized loss		(89,929,367	)		(79,428,809	)		(13,156,267	)		(2,234,930	)
Net unrealized appreciation (depreciation) on investments		24,720,533			44,172,599			7,702,171			1,494,516
Net Assets		361,421,044			545,152,415			137,601,314			28,275,908

See Accompanying Notes to Financial Statements.

13

Statements of Assets and Liabilities (continued) – Columbia LifeGoal Portfolios
September 30, 2010 (Unaudited)

	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio			Columbia LifeGoal Income and Growth Portfolio			Columbia LifeGoal Income Portfolio
Class A
Net assets	$	173,435,300		$	252,829,186		$	58,745,915		$	13,674,351
Shares outstanding		16,625,611			24,365,019			5,741,406			1,353,775
Net asset value and redemption price per share (a)	$	10.43		$	10.38		$	10.23		$	10.10
Maximum sales charge		5.75	%		5.75	%		5.75	%		3.25	%
Maximum offering price per share	$	11.07	(b)	$	11.01	(b)	$	10.85	(b)	$	10.44	(c)
Class B
Net assets	$	78,325,943		$	153,166,135		$	33,588,393		$	6,195,887
Shares outstanding		8,190,942			14,862,900			3,294,769			614,226
Net asset value and offering price per share (a)	$	9.56		$	10.31		$	10.19		$	10.09
Class C
Net assets	$	63,728,464		$	85,148,554		$	23,274,626		$	5,060,774
Shares outstanding		6,720,098			8,158,472			2,297,512			502,411
Net asset value and offering price per share (a)	$	9.48		$	10.44		$	10.13		$	10.07
Class R
Net assets	$	1,926,209		$	2,494,881		$	652,188			—
Shares outstanding		186,127			240,647			63,707			—
Net asset value and offering price per share	$	10.35		$	10.37		$	10.24			—
Class Z
Net assets	$	44,005,128		$	51,513,659		$	21,340,192		$	3,344,896
Shares outstanding		4,152,079			4,970,369			2,106,386			331,092
Net asset value and offering price per share	$	10.60		$	10.36		$	10.13		$	10.10

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

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

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

See Accompanying Notes to Financial Statements.

14

Statements of Operations – Columbia LifeGoal Portfolios
For the Six Months Ended September 30, 2010 (Unaudited)

	($)			($)			($)			($)
	Columbia LifeGoal Growth Portfolio			Columbia LifeGoal Balanced Growth Portfolio			Columbia LifeGoal Income and Growth Portfolio			Columbia LifeGoal Income Portfolio
Investment Income
Dividends from affiliates		1,905,823			6,014,095			2,061,652			517,470
Dividends		39,407			61,161			15,443			386
Interest		—			124,555			51,927			14,588
Total Investment Income		1,945,230			6,199,811			2,129,022			532,444
Expenses
Investment advisory fee		456,347			687,060			173,735			8,291
Administration fee		—			—			—			17,975
Distribution and service fees:
Class A		214,881			303,706			72,545			17,204
Distribution fee:
Class B		306,437			612,984			137,956			24,743
Class C		238,289			316,884			86,814			19,070
Class R		4,084			4,855			1,492			—
Service fee:
Class B		102,146			204,328			45,985			8,247
Class C		79,430			105,628			28,938			6,357
Transfer agent fee		—			—			—			17,633
Pricing and bookkeeping fees		—			—			—			13,160
Trustees' fees		—			—			—			15,306
Custody fee		—			—			—			2,606
Registration fees		—			—			—			21,457
Audit fee		—			—			—			12,934
Legal fees		—			—			—			24,623
Chief compliance officer expenses		—			—			—			402
Other expenses		—			—			—			10,584
Total Expenses		1,401,614			2,235,445			547,465			220,592
Fees waived or expenses reimbursed by investment advisor and/or administrator		—			—			—			(83,766	)
Net Expenses		1,401,614			2,235,445			547,465			136,826
Net Investment Income		543,616			3,964,366			1,581,557			395,618
Net Realized and Unrealized Gain (Loss) on Investments and Capital Gains Distributions Received
Net realized gain (loss) on:
Affiliated investments		(1,109,399	)		16,058,410			6,154,208			1,225,812
Investments		(140,002	)		(99,979	)		(23,695	)		4,811
Capital gains distributions received from affiliates		1,048,495			1,088,955			212,288			1,123
Net realized gain (loss)		(200,906	)		17,047,386			6,342,801			1,231,746
Net change in unrealized appreciation (depreciation) on investments		2,180,320			(10,844,607	)		(3,867,043	)		(666,062	)
Net Gain		1,979,414			6,202,779			2,475,758			565,684
Net Increase Resulting from Operations		2,523,030			10,167,145			4,057,315			961,302

See Accompanying Notes to Financial Statements.

15

Statements of Changes in Net Assets – Columbia LifeGoal Portfolios

Increase (Decrease) in Net Assets	Columbia LifeGoal Growth Portfolio						Columbia LifeGoal Balanced Growth Portfolio						Columbia LifeGoal Income and Growth Portfolio						Columbia LifeGoal Income Portfolio
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		543,616			849,551			3,964,366			11,354,374			1,581,557			4,079,078			395,618			1,076,274
Net realized gain (loss) on investments and capital gains distributions received		(200,906	)		(15,019,054	)		17,047,386			(22,053,973	)		6,342,801			(1,712,275	)		1,231,746			(514,103	)
Net change in unrealized appreciation (depreciation) on investments		2,180,320			158,467,291			(10,844,607	)		191,543,831			(3,867,043	)		31,464,277			(666,062	)		4,929,754
Net increase resulting from operations		2,523,030			144,297,788			10,167,145			180,844,232			4,057,315			33,831,080			961,302			5,491,925
Distributions to Shareholders
From net investment income:
Class A		(557,299	)		(354,759	)		(2,253,815	)		(5,327,779	)		(761,807	)		(1,774,246	)		(214,147	)		(500,449	)
Class B		(31,332	)		(72,537	)		(891,612	)		(3,029,203	)		(344,861	)		(1,045,055	)		(77,804	)		(224,860	)
Class C		(24,595	)		(49,902	)		(465,907	)		(1,330,248	)		(226,850	)		(542,321	)		(60,124	)		(164,769	)
Class R		(3,364	)		(2,306	)		(16,389	)		(37,238	)		(7,352	)		(14,094	)		—			—
Class Z		(204,887	)		(102,921	)		(615,003	)		(1,522,123	)		(307,336	)		(647,227	)		(63,225	)		(176,430	)
Total distributions to shareholders		(821,477	)		(582,425	)		(4,242,726	)		(11,246,591	)		(1,648,206	)		(4,022,943	)		(415,300	)		(1,066,508	)
Net Capital Stock Transactions		(32,111,810	)		(22,899,343	)		(41,328,168	)		(26,500,404	)		(10,449,670	)		(4,264,005	)		(2,787,236	)		(2,232,566	)
Increase from regulatory settlements		—			7,713			—			—			—			—			—			—
Total increase (decrease) in net assets		(30,410,257	)		120,823,733			(35,403,749	)		143,097,237			(8,040,561	)		25,544,132			(2,241,234	)		2,192,851
Net Assets
Beginning of period		391,831,301			271,007,568			580,556,164			437,458,927			145,641,875			120,097,743			30,517,142			28,324,291
End of period		361,421,044			391,831,301			545,152,415			580,556,164			137,601,314			145,641,875			28,275,908			30,517,142
Undistributed (overdistributed) net investment income at end of period		(3,022	)		274,839			755			279,115			7,430			74,079			2,446			22,128

See Accompanying Notes to Financial Statements.

16

See Accompanying Notes to Financial Statements.

17

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia LifeGoal Growth Portfolio												Columbia LifeGoal Balanced Growth Portfolio
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,333,005			13,412,073			3,091,308			27,588,415			2,773,438			27,889,172			4,803,386			44,609,724
Distributions reinvested		42,634			414,095			43,067			335,160			152,179			1,497,726			532,093			4,997,088
Redemptions		(2,059,096	)		(20,491,863	)		(3,207,836	)		(29,248,812	)		(2,548,264	)		(25,554,231	)		(4,546,857	)		(42,351,740	)
Net increase (decrease)		(683,457	)		(6,665,695	)		(73,461	)		(1,325,237	)		377,353			3,832,667			788,622			7,255,072
Class B
Subscriptions		28,172			261,504			300,175			2,294,384			78,131			787,569			589,083			5,178,715
Distributions reinvested		3,354			29,546			9,589			68,850			62,131			602,880			310,682			2,872,923
Redemptions		(1,518,236	)		(13,966,597	)		(2,663,286	)		(21,979,706	)		(3,099,405	)		(30,866,177	)		(4,573,702	)		(41,976,618	)
Net decrease		(1,486,710	)		(13,675,547	)		(2,353,522	)		(19,616,472	)		(2,959,143	)		(29,475,728	)		(3,673,937	)		(33,924,980	)
Class C
Subscriptions		349,954			3,223,144			961,091			7,928,734			465,718			4,721,861			1,437,027			13,435,382
Distributions reinvested		2,326			20,310			5,627			40,063			30,592			303,080			115,164			1,082,100
Redemptions		(884,456	)		(8,039,282	)		(1,945,856	)		(15,923,996	)		(843,776	)		(8,484,686	)		(1,846,000	)		(17,014,082	)
Net decrease		(532,176	)		(4,795,828	)		(979,138	)		(7,955,199	)		(347,466	)		(3,459,745	)		(293,809	)		(2,496,600	)
Class R
Subscriptions		39,146			384,779			59,693			489,491			86,780			856,507			60,150			539,862
Distributions reinvested		345			3,364			298			2,306			1,635			16,389			4,033			37,237
Redemptions		(8,165	)		(80,610	)		(30,267	)		(272,508	)		(18,077	)		(181,622	)		(121,078	)		(1,160,141	)
Net increase (decrease)		31,326			307,533			29,724			219,289			70,338			691,274			(56,895	)		(583,042	)
Class Z
Subscriptions		525,254			5,366,113			1,752,025			16,262,948			647,018			6,535,725			1,506,119			13,977,974
Distributions reinvested		4,759			47,499			7,159			56,483			21,837			217,775			114,054			1,061,854
Redemptions		(1,298,943	)		(12,695,885	)		(1,187,216	)		(10,541,155	)		(2,058,465	)		(19,670,136	)		(1,268,234	)		(11,790,682	)
Net increase (decrease)		(768,930	)		(7,282,273	)		571,968			5,778,276			(1,389,610	)		(12,916,636	)		351,939			3,249,146

See Accompanying Notes to Financial Statements.

18

See Accompanying Notes to Financial Statements.

19

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

	Columbia LifeGoal Income and Growth Portfolio												Columbia LifeGoal Income Portfolio
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		790,638			7,895,960			1,792,223			16,683,536			212,046			2,110,754			414,030			3,845,408
Distributions reinvested		46,842			464,151			159,758			1,519,412			15,941			158,000			44,786			422,811
Redemptions		(1,156,819	)		(11,455,707	)		(1,470,993	)		(13,754,411	)		(226,264	)		(2,260,037	)		(422,314	)		(4,050,740	)
Net increase (decrease)		(319,339	)		(3,095,596	)		480,988			4,448,537			1,723			8,717			36,502			217,479
Class B
Subscriptions		67,257			666,570			209,608			1,919,007			28,835			285,915			81,196			758,008
Distributions reinvested		21,355			209,456			101,019			952,550			5,462			54,016			20,424			192,117
Redemptions		(843,187	)		(8,390,230	)		(1,290,520	)		(12,149,208	)		(135,767	)		(1,347,329	)		(257,918	)		(2,441,151	)
Net decrease		(754,575	)		(7,514,204	)		(979,893	)		(9,277,651	)		(101,470	)		(1,007,398	)		(156,298	)		(1,491,026	)
Class C
Subscriptions		189,035			1,866,685			555,399			5,176,368			66,283			653,644			126,587			1,191,173
Distributions reinvested		14,222			139,528			47,502			445,991			4,014			39,695			14,092			132,492
Redemptions		(251,626	)		(2,478,350	)		(565,216	)		(5,289,047	)		(132,128	)		(1,309,744	)		(173,176	)		(1,638,681	)
Net increase (decrease)		(48,369	)		(472,137	)		37,685			333,312			(61,831	)		(616,405	)		(32,497	)		(315,016	)
Class R
Subscriptions		9,999			98,324			24,710			228,170			—			—			—			—
Distributions reinvested		734			7,352			1,484			14,094			—			—			—			—
Redemptions		(2,660	)		(26,399	)		(15,095	)		(140,807	)		—			—			—			—
Net increase		8,073			79,277			11,099			101,457			—			—			—			—
Class Z
Subscriptions		375,584			3,695,299			579,483			5,364,435			172,620			1,714,369			204,365			1,949,223
Distributions reinvested		13,320			131,867			43,544			408,286			1,905			18,929			11,166			105,281
Redemptions		(335,034	)		(3,274,176	)		(615,771	)		(5,642,381	)		(295,216	)		(2,905,448	)		(285,245	)		(2,698,507	)
Net increase (decrease)		53,870			552,990			7,256			130,340			(120,691	)		(1,172,150	)		(69,714	)		(644,003	)

See Accompanying Notes to Financial Statements.

20

See Accompanying Notes to Financial Statements.

21

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.33		$	6.68		$	13.24		$	14.69		$	13.92		$	12.19
Income from Investment Operations:
Net investment income (b)		0.03			0.05			0.06			0.05			0.07			0.05
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.10			3.62			(4.12	)		(0.59	)		1.38			2.34
Total from investment operations		0.13			3.67			(4.06	)		(0.54	)		1.45			2.39
Less Distributions to Shareholders:
From net investment income		(0.03	)		(0.02	)		(0.03	)		(0.05	)		(0.05	)		(0.09	)
From net realized gains		—			—			(2.46	)		(0.86	)		(0.63	)		(0.57	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.03	)		(0.02	)		(2.50	)		(0.91	)		(0.68	)		(0.66	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.43		$	10.33		$	6.68		$	13.24		$	14.69		$	13.92
Total return (d)		1.30	%(e)		55.04	%		(37.62	)%		(4.31	)%		10.74	%		20.01	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.50	%(g)		0.50	%		0.50	%(h)		0.50	%(h)		0.50	%		0.50	%
Net investment income		0.57	%(g)		0.54	%		0.68	%(h)		0.31	%(h)		0.31	%		0.37	%
Portfolio turnover rate		29	%(e)		19	%		45	%		21	%		8	%		30	%
Net assets, end of period (000s)	$	173,435		$	178,769		$	116,169		$	210,861		$	206,715		$	142,967

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

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized

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

See Accompanying Notes to Financial Statements.

22

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.48		$	6.17		$	12.46		$	13.93		$	13.28		$	11.72
Income from Investment Operations:
Net investment loss (b)		(0.01	)		(0.02	)		(0.01	)		(0.06	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.09			3.34			(3.80	)		(0.55	)		1.32			2.25
Total from investment operations		0.08			3.32			(3.81	)		(0.61	)		1.28			2.20
Less Distributions to Shareholders:
From net investment income		(—	)(c)		(0.01	)		(0.01	)		—			—			(0.07	)
From net realized gains		—			—			(2.46	)		(0.86	)		(0.63	)		(0.57	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(—	)(c)		(0.01	)		(2.48	)		(0.86	)		(0.63	)		(0.64	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.56		$	9.48		$	6.17		$	12.46		$	13.93		$	13.28
Total return (d)		0.88	%(e)		53.78	%		(37.99	)%		(5.08	)%		9.90	%		19.13	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.25	%(g)		1.25	%		1.25	%(h)		1.25	%(h)		1.25	%		1.25	%
Net investment loss		(0.20	)%(g)		(0.21	)%		(0.09	)%(h)		(0.46	)%(h)		(0.45	)%		(0.38	)%
Portfolio turnover rate		29	%(e)		19	%		45	%		21	%		8	%		30	%
Net assets, end of period (000s)	$	78,326		$	91,699		$	74,197		$	150,705		$	170,971		$	153,920

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

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized

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

See Accompanying Notes to Financial Statements.

23

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.40		$	6.12		$	12.38		$	13.85		$	13.20		$	11.66
Income from Investment Operations:
Net investment loss (b)		(0.01	)		(0.02	)		(0.01	)		(0.06	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.09			3.31			(3.77	)		(0.55	)		1.32			2.23
Total from investment operations		0.08			3.29			(3.78	)		(0.61	)		1.28			2.18
Less Distributions to Shareholders:
From net investment income		(—	)(c)		(0.01	)		(0.01	)		—			—			(0.07	)
From net realized gains		—			—			(2.46	)		(0.86	)		(0.63	)		(0.57	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(—	)(c)		(0.01	)		(2.48	)		(0.86	)		(0.63	)		(0.64	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	9.48		$	9.40		$	6.12		$	12.38		$	13.85		$	13.20
Total return (d)		0.89	%(e)		53.73	%		(37.99	)%		(5.11	)%		9.97	%		19.06	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.25	%(g)		1.25	%		1.25	%(h)		1.25	%(h)		1.25	%		1.25	%
Net investment loss		(0.18	)%(g)		(0.21	)%		(0.09	)%(h)		(0.41	)%(h)		(0.43	)%		(0.38	)%
Portfolio turnover rate		29	%(e)		19	%		45	%		21	%		8	%		30	%
Net assets, end of period (000s)	$	63,728		$	68,150		$	50,343		$	98,889		$	96,558		$	66,261

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

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized

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

See Accompanying Notes to Financial Statements.

24

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.25		$	6.64		$	13.19		$	14.67		$	13.92		$	13.19
Income from Investment Operations:
Net investment income (loss) (b)		0.02			0.03			0.04			0.02			0.14			(0.03	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.10			3.60			(4.10	)		(0.60	)		1.27			0.76
Total from investment operations		0.12			3.63			(4.06	)		(0.58	)		1.41			0.73
Less Distributions to Shareholders:
From net investment income		(0.02	)		(0.02	)		(0.02	)		(0.04	)		(0.03	)		—
From net realized gains		—			—			(2.46	)		(0.86	)		(0.63	)		—
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.02	)		(0.02	)		(2.49	)		(0.90	)		(0.66	)		—
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.35		$	10.25		$	6.64		$	13.19		$	14.67		$	13.92
Total return (d)		1.19	%(e)		54.68	%		(37.76	)%		(4.65	)%		10.45	%		5.53	%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.75	%(g)		0.75	%		0.75	%(h)		0.75	%(h)		0.75	%		0.75	%(g)
Net investment income (loss)		0.35	%(g)		0.29	%		0.45	%(h)		0.12	%(h)		0.76	%		(1.15	)%(g)
Portfolio turnover rate		29	%(e)		19	%		45	%		21	%		8	%		30	%(e)
Net assets, end of period (000s)	$	1,926		$	1,586		$	831		$	1,206		$	1,169		$	10

(a)  The Portfolio's Class R shares commenced operations on January 23, 2006.

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized.

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

See Accompanying Notes to Financial Statements.

25

Financial Highlights – Columbia LifeGoal Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.49		$	6.78		$	13.37		$	14.80		$	14.01		$	12.24
Income from Investment Operations:
Net investment income (b)		0.04			0.07			0.09			0.16			0.10			0.08
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.11			3.66			(4.17	)		(0.66	)		1.40			2.36
Total from investment operations		0.15			3.73			(4.08	)		(0.50	)		1.50			2.44
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.02	)		(0.04	)		(0.07	)		(0.08	)		(0.10	)
From net realized gains		—			—			(2.46	)		(0.86	)		(0.63	)		(0.57	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.04	)		(0.02	)		(2.51	)		(0.93	)		(0.71	)		(0.67	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.60		$	10.49		$	6.78		$	13.37		$	14.80		$	14.01
Total return (d)		1.50	%(e)		55.20	%		(37.38	)%		(4.02	)%		11.01	%		20.33	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.25	%(g)		0.25	%		0.25	%(h)		0.25	%(h)		0.25	%		0.25	%
Net investment income		0.83	%(g)		0.78	%		0.90	%(h)		1.07	%(h)		0.55	%		0.62	%
Portfolio turnover rate		29	%(e)		19	%		45	%		21	%		8	%		30	%
Net assets, end of period (000s)	$	44,005		$	51,627		$	29,467		$	55,202		$	252,536		$	188,132

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

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized

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

See Accompanying Notes to Financial Statements.

26

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.23		$	7.33		$	11.36		$	12.38		$	11.86		$	11.50
Income from Investment Operations:
Net investment income (b)		0.09			0.23			0.22			0.25			0.26			0.22
Net realized and unrealized gain (loss) on investments and capital gains ditributions received		0.15			2.89			(2.91	)		(0.45	)		0.88			1.08
Total from investment operations		0.24			3.12			(2.69	)		(0.20	)		1.14			1.30
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.22	)		(0.22	)		(0.25	)		(0.26	)		(0.27	)
From net realized gains		—			—			(1.12	)		(0.57	)		(0.36	)		(0.67	)
Total distributions to shareholders		(0.09	)		(0.22	)		(1.34	)		(0.82	)		(0.62	)		(0.94	)
Net Asset Value, End of Period	$	10.38		$	10.23		$	7.33		$	11.36		$	12.38		$	11.86
Total return (c)		2.42	%(d)		42.94	%		(26.48	)%		(1.99	)%		9.95	%		11.75	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		0.50	%(f)		0.50	%		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%
Net investment income		1.75	%(f)		2.45	%		2.44	%(g)		2.05	%(g)		2.17	%		1.89	%
Portfolio turnover rate		50	%(d)		27	%		47	%		18	%		18	%		46	%
Net assets, end of period (000s)	$	252,829		$	245,327		$	170,155		$	275,576		$	266,506		$	219,302

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

See Accompanying Notes to Financial Statements.

27

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.16		$	7.29		$	11.30		$	12.31		$	11.81		$	11.45
Income from Investment Operations:
Net investment income (b)		0.05			0.16			0.15			0.16			0.17			0.13
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.16			2.87			(2.89	)		(0.44	)		0.86			1.08
Total from investment operations		0.21			3.03			(2.74	)		(0.28	)		1.03			1.21
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.16	)		(0.15	)		(0.16	)		(0.17	)		(0.18	)
From net realized gains		—			—			(1.12	)		(0.57	)		(0.36	)		(0.67	)
Total distributions to shareholders		(0.06	)		(0.16	)		(1.27	)		(0.73	)		(0.53	)		(0.85	)
Net Asset Value, End of Period	$	10.31		$	10.16		$	7.29		$	11.30		$	12.31		$	11.81
Total return (c)		2.05	%(d)		41.72	%		(27.01	)%		(2.66	)%		9.00	%		10.99	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Net investment income		0.99	%(f)		1.70	%		1.67	%(g)		1.28	%(g)		1.42	%		1.14	%
Portfolio turnover rate		50	%(d)		27	%		47	%		18	%		18	%		46	%
Net assets, end of period (000s)	$	153,166		$	181,026		$	156,679		$	282,912		$	325,190		$	318,564

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

See Accompanying Notes to Financial Statements.

28

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.29		$	7.38		$	11.43		$	12.44		$	11.92		$	11.56
Income from Investment Operations:
Net investment income (b)		0.05			0.16			0.15			0.16			0.17			0.14
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.16			2.91			(2.93	)		(0.44	)		0.88			1.07
Total from investment operations		0.21			3.07			(2.78	)		(0.28	)		1.05			1.21
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.16	)		(0.15	)		(0.16	)		(0.17	)		(0.18	)
From net realized gains		—			—			(1.12	)		(0.57	)		(0.36	)		(0.67	)
Total distributions to shareholders		(0.06	)		(0.16	)		(1.27	)		(0.73	)		(0.53	)		(0.85	)
Net Asset Value, End of Period	$	10.44		$	10.29		$	7.38		$	11.43		$	12.44		$	11.92
Total return (c)		2.02	%(d)		41.76	%		(27.05	)%		(2.63	)%		9.09	%		10.88	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Net investment income		1.00	%(f)		1.70	%		1.67	%(g)		1.30	%(g)		1.42	%		1.14	%
Portfolio turnover rate		50	%(d)		27	%		47	%		18	%		18	%		46	%
Net assets, end of period (000s)	$	85,149		$	87,496		$	64,940		$	112,902		$	118,747		$	98,160

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

See Accompanying Notes to Financial Statements.

29

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31
Class R Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.22		$	7.33		$	11.36		$	12.37		$	11.86		$	11.59
Income from Investment Operations:
Net investment income (b)		0.08			0.20			0.22			0.21			0.29			0.03
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.15			2.89			(2.94	)		(0.43	)		0.81			0.28
Total from investment operations		0.23			3.09			(2.72	)		(0.22	)		1.10			0.31
Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.20	)		(0.19	)		(0.22	)		(0.23	)		(0.04	)
From net realized gains		—			—			(1.12	)		(0.57	)		(0.36	)		—
Total distributions to shareholders		(0.08	)		(0.20	)		(1.31	)		(0.79	)		(0.59	)		(0.04	)
Net Asset Value, End of Period	$	10.37		$	10.22		$	7.33		$	11.36		$	12.37		$	11.86
Total return (c)		2.29	%(d)		42.46	%		(26.67	)%		(2.15	)%		9.59	%		2.68	%(d)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.75	%(f)		0.75	%		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%(f)
Net investment income		1.50	%(f)		2.16	%		2.48	%(g)		1.69	%(g)		2.34	%		1.13	%(f)
Portfolio turnover rate		50	%(d)		27	%		47	%		18	%		18	%		46	%(d)
Net assets, end of period (000s)	$	2,495		$	1,740		$	1,666		$	1,257		$	1,916		$	10

(a)  The Portfolio's Class R shares commenced operations on January 23, 2006.

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

See Accompanying Notes to Financial Statements.

30

Financial Highlights – Columbia LifeGoal Balanced Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.21		$	7.33		$	11.36		$	12.35		$	11.84		$	11.48
Income from Investment Operations:
Net investment income (b)		0.10			0.25			0.25			0.34			0.29			0.25
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.16			2.88			(2.92	)		(0.47	)		0.87			1.08
Total from investment operations		0.26			3.13			(2.67	)		(0.13	)		1.16			1.33
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.25	)		(0.24	)		(0.29	)		(0.29	)		(0.30	)
From net realized gains		—			—			(1.12	)		(0.57	)		(0.36	)		(0.67	)
Total distributions to shareholders		(0.11	)		(0.25	)		(1.36	)		(0.86	)		(0.65	)		(0.97	)
Net Asset Value, End of Period	$	10.36		$	10.21		$	7.33		$	11.36		$	12.35		$	11.84
Total return (c)		2.55	%(d)		43.01	%		(26.28	)%		(1.49	)%		10.15	%		12.05	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		0.25	%(f)		0.25	%		0.25	%(g)		0.25	%(g)		0.25	%		0.25	%
Net investment income		2.06	%(f)		2.69	%		2.83	%(g)		2.68	%(g)		2.42	%		2.14	%
Portfolio turnover rate		50	%(d)		27	%		47	%		18	%		18	%		46	%
Net assets, end of period (000s)	$	51,514		$	64,967		$	44,020		$	46,711		$	292,939		$	251,980

(a)  On August 22, 2005, the Portfolio's Primanry A shares were renamed Class Z shares

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

See Accompanying Notes to Financial Statements.

31

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.04		$	8.03		$	10.40		$	11.04		$	10.80		$	11.04
Income from Investment Operations:
Net investment income (b)		0.13			0.31			0.33			0.36			0.34			0.28
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.19			2.00			(1.97	)		(0.30	)		0.50			0.54
Total from investment operations		0.32			2.31			(1.64	)		0.06			0.84			0.82
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.30	)		(0.33	)		(0.36	)		(0.34	)		(0.32	)
From net realized gains		—			—			(0.40	)		(0.34	)		(0.26	)		(0.74	)
Total distributions to shareholders		(0.13	)		(0.30	)		(0.73	)		(0.70	)		(0.60	)		(1.06	)
Net Asset Value, End of Period	$	10.23		$	10.04		$	8.03		$	10.40		$	11.04		$	10.80
Total return (c)		3.27	%(d)		29.06	%		(16.58	)%		0.34	%		8.07	%		7.91	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		0.50	%(f)		0.50	%		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%
Interest expense		—			—			—	%(h)		—			—			—
Net expenses (e)		0.50	%(f)		0.50	%		0.50	%(g)		0.50	%(g)		0.50	%		0.50	%
Net investment income		2.57	%(f)		3.26	%		3.59	%(g)		3.29	%(g)		3.15	%		2.61	%
Portfolio turnover rate		64	%(d)		34	%		52	%		20	%		25	%		30	%
Net assets, end of period (000s)	$	58,746		$	60,848		$	44,825		$	54,370		$	50,829		$	48,112

.

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

32

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.00		$	8.01		$	10.36		$	11.00		$	10.77		$	11.01
Income from Investment Operations:
Net investment income (b)		0.09			0.23			0.26			0.28			0.26			0.20
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			1.99			(1.95	)		(0.31	)		0.49			0.54
Total from investment operations		0.29			2.22			(1.69	)		(0.03	)		0.75			0.74
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.23	)		(0.26	)		(0.27	)		(0.26	)		(0.24	)
From net realized gains		—			—			(0.40	)		(0.34	)		(0.26	)		(0.74	)
Total distributions to shareholders		(0.10	)		(0.23	)		(0.66	)		(0.61	)		(0.52	)		(0.98	)
Net Asset Value, End of Period	$	10.19		$	10.00		$	8.01		$	10.36		$	11.00		$	10.77
Total return (c)		2.90	%(d)		27.94	%		(17.09	)%		(0.41	)%		7.20	%		7.12	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Interest expense		—			—			—	%(h)		—			—			—
Net expenses (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Net investment income		1.80	%(f)		2.51	%		2.80	%(g)		2.53	%(g)		2.39	%		1.86	%
Portfolio turnover rate		64	%(d)		34	%		52	%		20	%		25	%		30	%
Net assets, end of period (000s)	$	33,588		$	40,508		$	40,270		$	66,558		$	75,119		$	82,098

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

33

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.94		$	7.96		$	10.30		$	10.94		$	10.71		$	10.96
Income from Investment Operations:
Net investment income (b)		0.09			0.23			0.26			0.28			0.26			0.20
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			1.98			(1.94	)		(0.31	)		0.49			0.53
Total from investment operations		0.29			2.21			(1.68	)		(0.03	)		0.75			0.73
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.23	)		(0.26	)		(0.27	)		(0.26	)		(0.24	)
From net realized gains		—			—			(0.40	)		(0.34	)		(0.26	)		(0.74	)
Total distributions to shareholders		(0.10	)		(0.23	)		(0.66	)		(0.61	)		(0.52	)		(0.98	)
Net Asset Value, End of Period	$	10.13		$	9.94		$	7.96		$	10.30		$	10.94		$	10.71
Total return (c)		2.92	%(d)		27.99	%		(17.09	)%		(0.41	)%		7.24	%		7.06	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Interest expense		—			—			—	%(h)		—			—			—
Net expenses (e)		1.25	%(f)		1.25	%		1.25	%(g)		1.25	%(g)		1.25	%		1.25	%
Net investment income		1.82	%(f)		2.51	%		2.81	%(g)		2.55	%(g)		2.41	%		1.86	%
Portfolio turnover rate		64	%(d)		34	%		52	%		20	%		25	%		30	%
Net assets, end of period (000s)	$	23,275		$	23,321		$	18,370		$	26,501		$	24,367		$	21,104

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

34

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.04		$	8.04		$	10.40		$	11.04		$	10.80		$	10.69
Income from Investment Operations:
Net investment income (b)		0.12			0.28			0.31			0.32			0.36			0.05
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			2.00			(1.96	)		(0.29	)		0.46			0.12
Total from investment operations		0.32			2.28			(1.65	)		0.03			0.82			0.17
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.28	)		(0.31	)		(0.33	)		(0.32	)		(0.06	)
From net realized gains		—			—			(0.40	)		(0.34	)		(0.26	)		—
Total distributions to shareholders		(0.12	)		(0.28	)		(0.71	)		(0.67	)		(0.58	)		(0.06	)
Net Asset Value, End of Period	$	10.24		$	10.04		$	8.04		$	10.40		$	11.04		$	10.80
Total return (c)		3.24	%(d)		28.58	%		(16.69	)%		0.09	%		7.80	%		1.62	%(d)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (e)		0.75	%(f)		0.75	%		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%(f)
Interest expense		—			—			—	%(h)		—			—			—
Net expenses (e)		0.75	%(f)		0.75	%		0.75	%(g)		0.75	%(g)		0.75	%		0.75	%(f)
Net investment income		2.31	%(f)		3.00	%		3.34	%(g)		2.93	%(g)		3.25	%		2.61	%(f)
Portfolio turnover rate		64	%(d)		34	%		52	%		20	%		25	%		30	%(d)
Net assets, end of period (000s)	$	652		$	559		$	358		$	451		$	896		$	10

(a)  The Portfolio's Class R shares commenced operations on January 23, 2006.

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

35

Financial Highlights – Columbia LifeGoal Income and Growth Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.94		$	7.96		$	10.30		$	10.96		$	10.73		$	10.97
Income from Investment Operations:
Net investment income (b)		0.14			0.33			0.35			0.42			0.37			0.31
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			1.98			(1.93	)		(0.36	)		0.49			0.54
Total from investment operations		0.34			2.31			(1.58	)		0.06			0.86			0.85
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.35	)
From net realized gains		—			—			(0.40	)		(0.34	)		(0.26	)		(0.74	)
Total distributions to shareholders		(0.15	)		(0.33	)		(0.76	)		(0.72	)		(0.63	)		(1.09	)
Net Asset Value, End of Period	$	10.13		$	9.94		$	7.96		$	10.30		$	10.96		$	10.73
Total return (c)		3.43	%(d)		29.25	%		(16.23	)%		0.40	%		8.30	%		8.22	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		0.25	%(f)		0.25	%		0.25	%(g)		0.25	%(g)		0.25	%		0.25	%
Interest expense		—			—			—	%(h)		—			—			—
Net expenses (e)		0.25	%(f)		0.25	%		0.25	%(g)		0.25	%(g)		0.25	%		0.25	%
Net investment income		2.83	%(f)		3.51	%		3.98	%(g)		3.78	%(g)		3.42	%		2.86	%
Portfolio turnover rate		64	%(d)		34	%		52	%		20	%		25	%		30	%
Net assets, end of period (000s)	$	21,340		$	20,406		$	16,275		$	13,598		$	68,749		$	66,806

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

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

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

(d)  Not annualized.

(e)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(f)  Annualized.

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

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

36

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.90		$	8.58		$	9.83		$	10.22		$	9.99		$	10.07
Income from Investment Operations:
Net investment income (b)		0.15			0.36			0.38			0.44			0.42			0.38
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.21			1.31			(1.19	)		(0.38	)		0.25			(0.06	)
Total from investment operations		0.36			1.67			(0.81	)		0.06			0.67			0.32
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.35	)		(0.40	)		(0.43	)		(0.43	)		(0.38	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.16	)		(0.35	)		(0.44	)		(0.45	)		(0.44	)		(0.40	)
Net Asset Value, End of Period	$	10.10		$	9.90		$	8.58		$	9.83		$	10.22		$	9.99
Total return (c)(d)		3.63	%(e)		19.77	%		(8.37	)%		0.60	%		6.91	%		3.22	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.67	%(g)		0.67	%		0.67	%		0.67	%(h)		0.67	%		0.67	%
Waiver/Reimbursement		0.58	%(g)		0.58	%		0.39	%		0.47	%		0.54	%		0.37	%
Net investment income		2.99	%(g)		3.78	%		4.40	%		4.34	%(h)		4.19	%		3.60	%
Portfolio turnover rate		75	%(e)		35	%		51	%		24	%		42	%		19	%
Net assets, end of period (000s)	$	13,674		$	13,390		$	11,281		$	13,941		$	15,240		$	15,687

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

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

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

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

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized.

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

See Accompanying Notes to Financial Statements.

37

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.89		$	8.56		$	9.82		$	10.21		$	9.98		$	10.06
Income from Investment Operations:
Net investment income (b)		0.11			0.28			0.31			0.36			0.35			0.29
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.21			1.33			(1.20	)		(0.37	)		0.25			(0.05	)
Total from investment operations		0.32			1.61			(0.89	)		(0.01	)		0.60			0.24
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.28	)		(0.33	)		(0.36	)		(0.36	)		(0.30	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.12	)		(0.28	)		(0.37	)		(0.38	)		(0.37	)		(0.32	)
Net Asset Value, End of Period	$	10.09		$	9.89		$	8.56		$	9.82		$	10.21		$	9.98
Total return (c)(d)		3.24	%(e)		19.04	%		(9.17	)%		(0.15	)%		6.13	%		2.44	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.42	%(g)		1.42	%		1.42	%		1.42	%(h)		1.42	%		1.42	%
Waiver/Reimbursement		0.58	%(g)		0.58	%		0.39	%		0.47	%		0.54	%		0.37	%
Net investment income		2.22	%(g)		3.02	%		3.66	%		3.58	%(h)		3.43	%		2.85	%
Portfolio turnover rate		75	%(e)		35	%		51	%		24	%		42	%		19	%
Net assets, end of period (000s)	$	6,196		$	7,079		$	7,467		$	8,849		$	9,591		$	10,946

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

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

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

(d)  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.

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized.

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

See Accompanying Notes to Financial Statements.

38

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.88		$	8.55		$	9.81		$	10.19		$	9.97		$	10.05
Income from Investment Operations:
Net investment income (b)		0.11			0.28			0.31			0.36			0.35			0.30
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			1.33			(1.20	)		(0.36	)		0.24			(0.06	)
Total from investment operations		0.31			1.61			(0.89	)		0.00			0.59			0.24
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.28	)		(0.33	)		(0.36	)		(0.36	)		(0.30	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.12	)		(0.28	)		(0.37	)		(0.38	)		(0.37	)		(0.32	)
Net Asset Value, End of Period	$	10.07		$	9.88		$	8.55		$	9.81		$	10.19		$	9.97
Total return (c)(d)		3.15	%(e)		19.07	%		(9.18	)%		(0.05	)%		6.03	%		2.45	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.42	%(g)		1.42	%		1.42	%		1.42	%(h)		1.42	%		1.42	%
Waiver/Reimbursement		0.58	%(g)		0.58	%		0.39	%		0.47	%		0.54	%		0.37	%
Net investment income		2.22	%(g)		3.02	%		3.70	%		3.59	%(h)		3.44	%		2.85	%
Portfolio turnover rate		75	%(e)		35	%		51	%		24	%		42	%		19	%
Net assets, end of period (000s)	$	5,061		$	5,573		$	5,104		$	4,932		$	4,734		$	6,082

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

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

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

(d)  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.

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized.

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

See Accompanying Notes to Financial Statements.

39

Financial Highlights – Columbia LifeGoal Income Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.91		$	8.57		$	9.83		$	10.22		$	10.00		$	10.08
Income from Investment Operations:
Net investment income (b)		0.16			0.38			0.42			0.46			0.46			0.38
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.20			1.34			(1.21	)		(0.37	)		0.23			(0.04	)
Total from investment operations		0.36			1.72			(0.79	)		0.09			0.69			0.34
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.38	)		(0.43	)		(0.46	)		(0.46	)		(0.40	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.17	)		(0.38	)		(0.47	)		(0.48	)		(0.47	)		(0.42	)
Net Asset Value, End of Period	$	10.10		$	9.91		$	8.57		$	9.83		$	10.22		$	10.00
Total return (c)(d)		3.65	%(e)		20.33	%		(8.25	)%		0.85	%		7.07	%		3.47	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.42	%(g)		0.42	%		0.42	%		0.42	%(h)		0.42	%		0.42	%
Waiver/Reimbursement		0.58	%(g)		0.58	%		0.39	%		0.47	%		0.54	%		0.37	%
Net investment income		3.28	%(g)		4.04	%		4.60	%		4.57	%(h)		4.50	%		3.85	%
Portfolio turnover rate		75	%(e)		35	%		51	%		24	%		42	%		19	%
Net assets, end of period (000s)	$	3,345		$	4,475		$	4,472		$	5,813		$	3,731		$	403

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

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

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

(d)  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.

(e)  Not annualized.

(f)  Does not include expenses of the underlying investment companies in which the Portfolio invests. If these expenses were included, the expense ratios would have been higher.

(g)  Annualized.

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

See Accompanying Notes to Financial Statements.

40

Notes to Financial Statements – Columbia LifeGoal PortfoliosSeptember 30, 2010 (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 "Portfolio" and collectively, the "Portfolios"):

Columbia LifeGoal Growth Portfolio

Columbia LifeGoal Balanced Growth Portfolio

Columbia LifeGoal Income and Growth Portfolio

Columbia LifeGoal Income Portfolio

Investment Objectives

Columbia LifeGoal Growth Portfolio seeks capital appreciation. Columbia LifeGoal Balanced Growth Portfolio seeks total return, consisting of capital appreciation and current income. Columbia LifeGoal Income and Growth Portfolio seeks total return, consisting of current income and modest capital appreciation.
Columbia LifeGoal Income Portfolio seeks current income, consistent with relative stability of principal.

Under normal circumstances, the Portfolios invest most of their assets in Class Z shares of mutual funds managed by Columbia Management Investment Advisers, LLC, the Portfolios' investment adviser (the "Adviser"), or its affiliates ("Columbia Funds"), exchange traded funds ("ETFs") and third party-advised funds (collectively, "Underlying Funds"), equity and fixed income securities, including Treasury Inflation Protected Securities ("TIPS"), and other instruments such as derivatives. The financial statements of the Underlying Funds in which the Portfolios invest should be read in conjunction with the Portfolios' financial statements.

Portfolio Shares

The Trust is authorized to issue an unlimited number of shares. 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.

Columbia LifeGoal Income Portfolio offers four classes of shares: Class A, Class B, Class C and Class Z shares.

Columbia LifeGoal Growth Portfolio, Columbia LifeGoal Balanced Growth Portfolio and Columbia LifeGoal Income and Growth Portfolio each offer five classes of shares: Class A, Class B, Class C, Class R and Class Z shares. Each share class has its own expense structure and sales charges, as applicable.

The Portfolios no longer accept investments in Class B shares by new or existing investors in the Portfolios' Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of each Portfolio and exchanges by existing Class B shareholders of the other Columbia Funds.

Class A shares are subject to a maximum front-end sales charge of 5.75% for each Portfolio with the exception of Columbia LifeGoal Income Portfolio. Columbia LifeGoal Income Portfolio is subject to a maximum front-end sales charge of 3.25% based on the amount of initial investment.

Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a maximum contingent deferred sales charge ("CDSC") of 1.00% based upon the holding period after purchase.

Class B shares are subject to a maximum CDSC of 5.00% (3.00% for Columbia LifeGoal Income Portfolio) based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase.

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

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

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted, except as disclosed in Note 9, no items

41

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date. Exchange-traded funds 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. Exchange-traded funds for which there were no sales during the day are valued at the latest bid price on such exchanges.

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

Investments in 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.

GAAP 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.

Treasury Inflation Protected Securities

The Portfolios may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS 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.

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.

Distributions from the Underlying Funds are recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Portfolios 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 Portfolio are charged to such Portfolio.

42

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for each Portfolio, except Columbia LifeGoal Income Portfolio for which distributions from net investment income, if any, 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 differ from GAAP.

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, 2010 was as follows:

	Ordinary Income*		Long-Term Capital Gains
Columbia LifeGoal Growth Portfolio	$	582,425	$	—
Columbia LifeGoal Balanced Growth Portfolio		11,246,591		—
Columbia LifeGoal Income and Growth Portfolio		4,022,943		—
Columbia LifeGoal Income Portfolio		1,066,508		—

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia LifeGoal Growth Portfolio	$	49,513,173	$	(24,792,640	)	$	24,720,533
Columbia LifeGoal Balanced Growth Portfolio		59,256,893		(15,084,294	)		44,172,599
Columbia LifeGoal Income and Growth Portfolio		9,246,927		(1,544,756	)		7,702,171
Columbia LifeGoal Income Portfolio		1,555,401		(60,885	)		1,494,516

43

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2017		2018		Total
Columbia LifeGoal Growth Portfolio	$	40,958,553	$	32,807,517	$	73,766,070
Columbia LifeGoal Balanced Growth Portfolio		27,410,771		48,686,674		76,097,445
Columbia LifeGoal Income and Growth Portfolio		2,817,485		8,930,869		11,748,354
Columbia LifeGoal Income Portfolio		425,616		666,391		1,092,007

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

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Portfolios. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Portfolios and subsequently changed its name to Columbia Management Investment Advisers, LLC (the "New Advisor"). The New Advisor receives a monthly investment advisory fee based on each Portfolio's average daily net assets at the following annual rates:

	Annual Fee Rate
Columbia LifeGoal Growth Portfolio		0.25	%
Columbia LifeGoal Balanced Growth Portfolio		0.25	%
Columbia LifeGoal Income and Growth Portfolio		0.25	%
Columbia LifeGoal Income Portfolio		0.50	%*

*  The New Advisor is entitled to receive an investment advisory fee based on Columbia LifeGoal Income Portfolio's assets that are invested in individual securities and the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio, each of which is a series of the Trust. Columbia LifeGoal Income Portfolio is not charged an advisory fee on its assets that are invested in other Columbia Funds (excluding the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio. Actual management fees will be charged to Columbia LifeGoal Income Portfolio based on a weighted average of applicable underlying assets of the Portfolio.)

The New Advisor has contractually agreed to waive 0.10% of advisory fees payable by Columbia LifeGoal Income Portfolio on its assets that are invested in individual securities, the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio until July 31, 2011. There is no guarantee that this arrangement will continue after July 31, 2011.

Under its investment advisory agreement, the New Advisor has agreed to bear all fees and expenses of the Portfolios, excluding Columbia LifeGoal Income Portfolio, (exclusive of investment advisory fees, brokerage fees and commissions, distribution and shareholder servicing fees, taxes, interest expense and extraordinary expenses, if any).

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Portfolios under the same fee structure.

44

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Portfolios under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Portfolios, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor does not receive any compensation for its services from the Portfolios, excluding Columbia LifeGoal Income Portfolio.

With respect to Columbia LifeGoal Income Portfolio, the New Advisor receives an administration fee, computed daily and paid monthly, at the annual rate of 0.23% of its average daily net assets less the custody and the pricing and bookkeeping fees payable by the Portfolio.

The New Advisor has contractually agreed to waive 0.10% of administration fees on Columbia LifeGoal Income Portfolio's assets that are invested in Underlying Funds (excluding the Mortgage- and Asset-Backed Portfolio and the Corporate Bond Portfolio) until July 31, 2011. There is no guarantee that this arrangement will continue after July 31, 2011.

Prior to the Closing, Columbia provided administrative services to the Portfolios at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Portfolios entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank and Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Portfolios. The Portfolios 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 Portfolios. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. Under the State Street Agreements, Columbia LifeGoal Income Portfolio pays State Street an annual fee of $26,000 paid monthly. Columbia LifeGoal Income Portfolio also reimburses State Street for certain out-of-pocket expenses and charges. Except for Columbia LifeGoal Income Portfolio, the Portfolios do not pay any separate fees for services rendered under the State Street Agreements, and, except for Columbia LifeGoal Income Portfolio, the fees for pricing and bookkeeping services incurred by the Portfolios are paid as part of the management fee.

Also prior to the Closing, the Portfolios entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provided services related to Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, Columbia LifeGoal Income Portfolio reimbursed Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Portfolio's portfolio securities, incurred by Columbia in the performance of services under the Services Agreement. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Portfolios and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Portfolios.

The New 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 New Transfer Agent from shareholders of the Portfolios and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Portfolios. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

45

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Portfolios and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the six months ended September 30, 2010, Columbia LifeGoal Income Portfolio's effective transfer agent fee rate was 0.12% of the Portfolio's average net assets.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below each Portfolio'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 Statements of Operations. For the six month period ended September 30, 2010, no minimum account balance fees were charged by the Portfolios.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Portfolios and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor").

For the six month period ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares were as follows:

	Front-End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class A		Class B		Class C
Columbia LifeGoal Growth Portfolio	$	21,060	$	4	$	52,448	$	4,223
Columbia LifeGoal Balanced Growth Portfolio		44,729		—		82,141		3,497
Columbia LifeGoal Income and Growth Portfolio		10,978		—		22,281		1,210
Columbia LifeGoal Income Portfolio		796		—		2,087		229

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

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

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%
Class R Distribution Plan		0.50	%		0.50	%

46

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Portfolios' shares. There were no changes to the underwriting discount structure of the Portfolios or the service or distribution fee rates paid by the Portfolios as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective May 1, 2010, the New Advisor has contractually agreed to bear a portion of Columbia LifeGoal Income Portfolio's expenses through July 31, 2011, so that the Portfolio's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes, extraordinary expenses and expenses associated with the Portfolio's investments in other investment companies, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Portfolio's custodian, do not exceed 0.42% annually of the Portfolio's average daily net assets. There is no guarantee that this expense limitation will continue after July 31, 2011. Prior to May 1, 2010, Columbia contractually agreed to reimburse a portion of Columbia LifeGoal Income Portfolio's expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Portfolios are employees of the New Advisor or its affiliates and, with the exception of the Portfolios' Chief Compliance Officer, receive no compensation from the Portfolios. The Board of Trustees has appointed a Chief Compliance Officer to the Portfolios in accordance with federal securities regulations. Columbia LifeGoal Income Portfolio, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. Columbia LifeGoal Income Portfolio's expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, Columbia LifeGoal Income Portfolio paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Portfolios, as set forth on the Statements of Operations for Columbia LifeGoal Income Portfolio. 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 Columbia LifeGoal Income Portfolio's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant's deferral account was based on the rate of return of BofA Treasury Reserves (formerly known as Columbia Treasury Reserves). 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. Portfolio Information

For the six month period ended September 30, 2010, 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
Columbia LifeGoal Growth Portfolio	$	—	$	—	$	105,031,568	$	139,320,246
Columbia LifeGoal Balanced Growth Portfolio		14,774,029		7,505,318		261,085,821		315,900,323
Columbia LifeGoal Income and Growth Portfolio		5,835,344		2,028,080		82,664,361		98,987,826
Columbia LifeGoal Income Portfolio		1,514,418		184,379		20,298,948		24,863,445

47

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

Note 6. 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 Portfolio 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.

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.

For the six month period ended September 30, 2010, the Portfolios did not borrow under these arrangements.

Note 7. Shareholder Concentration

As of September 30, 2010, certain shareholder accounts owned of record more than 10% of the outstanding shares of one or more of the Portfolios. The number of accounts and aggregate percentages of shares outstanding held therein are as follows:

	Number of Shareholders		% of Shares Outstanding Held
Columbia LifeGoal Growth Portfolio		1		42.9
Columbia LifeGoal Balanced Growth Portfolio		1		43.9
Columbia LifeGoal Income and Growth Portfolio		1		58.2
Columbia LifeGoal Income Portfolio		1		54.6

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

Note 8. Significant Risks and Contingencies

Risk Factors of the Portfolios and the Underlying Funds

Allocation Risk

Each Portfolio uses an asset allocation strategy in pursuing its investment objective. There is a risk that a Portfolio's allocation among asset classes or investments will cause the Portfolio to under-perform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.

Investing in Other Funds Risk

The performance of the Underlying Funds in which the Portfolios invest could be adversely affected if other entities investing in the same Underlying Funds make relatively large investments or redemptions in the Underlying Funds. Because the expenses and costs of the Underlying Funds are shared by the Portfolios, redemptions by other investors in the Underlying Funds could result in decreased economies of scale and increased operating expenses for the Portfolios. In addition, the Advisor has the authority to change the Underlying Funds in which the Portfolios invest or to change the percentage of each Portfolio's investments allocated to each Underlying Fund. If an Underlying Fund pays fees to the Advisor, such fees could result in the Advisor having a potential conflict of interest in selecting the Underlying Funds in which the Portfolios invest or in determining the percentage of the Portfolios' investments allocated to each Underlying Fund.

Smaller Company Securities Risk

Securities of small- or mid-capitalization companies ("smaller companies") may have a higher potential for gains than securities of large-capitalization companies but also may involve more risk. Smaller companies may be more vulnerable to market downturns and adverse economic events than larger, more established companies because smaller companies may have more limited financial resources and business operations. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies.

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Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

Value Securities Risk

Certain Underlying Funds invest in value securities, which are securities of companies that may have experienced adverse business, industry or other developments that have caused the securities to be potentially undervalued. There is the risk that the market value of a portfolio security may not meet Columbia's future value assessment of that security. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities at times may not perform as well as growth securities or the stock market in general.

Interest Rate Risk

Certain Underlying Funds invest in debt securities, which are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security may affect the value of the Underlying Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.

Credit Risk

Certain Underlying Funds are subject to credit risk, which applies to most debt securities, but is generally not a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Underlying Fund could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or principal when it becomes due. Various factors could affect the issuer's actual or perceived ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's ability to increase taxes or otherwise to raise revenue. Certain debt securities are backed only by revenues derived from a particular project, and thus may have a greater risk of default.

Low and Below Investment Grade Securities Risk

Certain Underlying Funds invest in debt securities with the lowest investment grade rating or that are below investment grade. These securities are more speculative than securities with higher ratings, and tend to be more sensitive to credit risk particularly during a downturn in the economy. These securities typically pay a premium in the form of a higher interest rate or yield because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities.

Foreign Securities Risk

Certain Underlying Funds invest in foreign securities which involves certain additional risks. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments or foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities. Investments in emerging market countries are subject to additional risk as these countries are more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Asset-Backed Securities Risk

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

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the

49

Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

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.

Information Regarding Pending and Settled Legal Proceedings

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

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

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

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Columbia LifeGoal Portfolios, September 30, 2010 (Unaudited) (continued)

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

Note 9. Subsequent Event

Effective October 14, 2010, the line of credit disclosed in Note 6 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

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Board Consideration and Approval of Amendment to Investment Management Services Agreement

In September 2010, the Board (the "Board") of Columbia Funds Series Trust (the "Trust") unanimously approved an amendment to the Investment Management Services Agreement (the "IMS Agreement") between Columbia Management Investment Advisers, LLC ("Columbia Management") and the Trust, on behalf of Columbia LifeGoal® Balanced Growth Portfolio, Columbia LifeGoal® Growth Portfolio and Columbia LifeGoal® Income and Growth Portfolio (collectively, the "Bundled Fee Portfolios") and Columbia LifeGoal® Income Portfolio (collectively with the Bundled Fee Portfolios, the "LifeGoal Portfolios"). As detailed below, the Contracts Review Committee and/or the Board held numerous meetings and discussions with Columbia Management and reviewed and considered extensive materials in connection with the approval of the changes to the fee structures of the LifeGoal Portfolios before determining to approve the amendment to the IMS Agreement.

Prior to approving the proposed changes to the fee structures of the LifeGoal Portfolios, the trustees (the "Trustees") of the Board were presented with, and requested, received and evaluated, materials about the current IMS Agreement, the proposed changes to the fee structures and related matters from Columbia Management. The Trustees also reviewed reports prepared by Lipper, Inc., an independent provider of investment company data, which included information comparing the LifeGoal Portfolios' current fees and expense ratios with a group of comparable funds that were selected by Lipper, Inc. Included in these reports were comparisons of contractual and actual investment advisory fee rates and total operating expenses.

In addition, the Trustees considered that the proposed amendment was part of a larger group of proposals, aligning the fees and expenses for similar funds based on a more consistent and uniform pricing model for all funds in the family of funds. In this regard, the Board recognized that many of the funds in the fund family were organized at different times by many different sponsors, and as a result, their fees and expenses did not reflect a common overall design.

The Trustees also reviewed and considered information that they had previously received, addressing the services Columbia Management provides and fund performance, among other things, in connection with their most recent consideration and approval of the IMS Agreement. Moreover, the Board and its Contract Review Committee met on several occasions, and received extensive materials, which the Trustees considered relevant to their consideration and approval of the proposed changes to the fee structures of the LifeGoal Portfolios. The Trustees also consulted with the non-interested Trustees' independent legal counsel, who advised on the legal standards for consideration by the Trustees, and otherwise assisted the Trustees in their deliberations.

At the conclusion of its review of the materials discussed above and of the discussions among the Trustees leading up to and during the September 20, 2010 meetings, the Board, on behalf of the LifeGoal Portfolios, agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of the amendment to the IMS Agreement.

In making its decision to approve the proposed amendment to the IMS Agreement for each LifeGoal Portfolio, the Board considered factors bearing on the nature, extent and quality of the services provided to such LifeGoal Portfolio, and the costs for those services, with a view toward making a business judgment as to whether the proposed amendment to the IMS Agreement is, under all of the circumstances, in the best interest of such LifeGoal Portfolio and the LifeGoal Portfolio's shareholders. The factors that the Trustees considered and the conclusions that they, in their business judgment, reached included, principally, the following:

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

•  The Board's favorable evaluation of the nature, extent and quality of investment management services provided by Columbia Management to each LifeGoal Portfolio;

•  The Board's recent evaluation of the historical performance of Columbia Management in managing the LifeGoal Portfolios, recognizing that no assurances can be given that a LifeGoal Portfolio would achieve any level of performance in the future;

•  The Board's recent evaluation of each LifeGoal Portfolio's potential to realize economies scale through operations of Columbia Management;

•  The benefits from soft dollar arrangements that Columbia Management has obtained and will continue to obtain, from managing the LifeGoal Portfolio;

52

•  The expected benefits to shareholders of further integrating the legacy Columbia-branded funds (the "Columbia Funds Complex") and the legacy RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia RiverSource Funds Complex" and, collectively with the Columbia Funds Complex, the "Combined Fund Complex") by:

°  Standardizing investment advisory fee rates and total management fee rates (i.e., the investment advisory fee rates and the administration fee rates), to the extent possible, across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Mid Cap Value Fund with those of all other actively managed mid-cap funds in the Combined Fund Complex) to promote uniformity of pricing among similar funds;

°  Implementing contractual expense limitations that will generally cap annual operating expense ratios for each fund in the Combined Fund Complex at levels that are at or below the median net operating expense ratio of the other funds in the respective fund's peer group (as determined annually by an independent third-party data provider); and

°  Correlating investment advisory and administration fee rates across the Combined Fund Complex commensurate with the level of services being provided to various funds in the same investment category.

In making its decision to approve the amendment to the IMS Agreement that would change the fee structures of each LifeGoal Portfolio, and which contemplates, for the Bundled Portfolios, the termination of the related assumption agreement, the factors that the Trustees considered and the conclusions that they reached included, principally, the following:

•  That unbundling of the fees payable by the Bundled Portfolios would improve the clarity of the services provided to, and the expenses incurred and paid by, the Bundled Portfolios;

•  The impact of the proposed changes in fee structures on the gross and net expense ratios of each LifeGoal Portfolio, including the termination of the assumption agreement of each Bundled Portfolio and the payment by each Bundled Portfolio of other fees and expenses, and the willingness of Columbia Management to contractually agree to limit total operating expenses for each LifeGoal Portfolio for a certain period of time;

•  The elimination of the investment advisory fee for underlying proprietary funds that pay a management fee to Columbia Management;

•  Current and projected profits to Columbia Management, both under the current fee structures and the proposed fee structures of the LifeGoal Portfolios; and

•  That the fee structures are designed to be competitive and to fairly compensate Columbia Management for services performed for the LifeGoal Portfolios.

In their deliberations, the Trustees did not identify any single item that was paramount or controlling and individual Trustees may have attributed different weights to various factors. The Trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each LifeGoal Portfolio. Based on the foregoing, and other relevant information received, the Trustees concluded that the proposed fee structures for each LifeGoal Portfolio are acceptable and competitive, including when compared to similar funds in the industry. Accordingly, the Board unanimously approved the amendment to the IMS Agreement with respect to the LifeGoal Portfolios.

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Summary of Management Fee Evaluation by Independent Fee Consultant

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

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

September 21, 2010

I. Overview

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

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

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia

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

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

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

³  Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

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Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1.  Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a "Fee Change Fund").

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

3.  CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a "Fee Increase Fund"). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

4.  The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA's proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

5.  CMIA's fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the actual management fees would be in the fourth or fifth quintiles.

6.  Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

7.  CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to an expense limitation calculated by reference to the median of the relevant fund's Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense

55

limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

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

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

10.  CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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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 the Columbia LifeGoal Portfolios listed on the front cover.

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.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

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

Columbia LifeGoal® Portfolios
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1160 A (11/10)

Municipal Bond Funds

Semiannual Report for the Period Ended September 30, 2010

>  Columbia Short Term Municipal Bond Fund

>  Columbia California Intermediate Municipal Bond Fund

>  Columbia Georgia Intermediate Municipal Bond Fund

>  Columbia Maryland Intermediate Municipal Bond Fund

>  Columbia North Carolina Intermediate Municipal Bond Fund

>  Columbia South Carolina Intermediate Municipal Bond Fund

>  Columbia Virginia Intermediate Municipal Bond Fund

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Columbia Short Term Municipal Bond Fund	1
Columbia California Intermediate Municipal Bond Fund	3
Columbia Georgia Intermediate Municipal Bond Fund	5
Columbia Maryland Intermediate Municipal Bond Fund	7
Columbia North Carolina Intermediate Municipal Bond Fund	9
Columbia South Carolina Intermediate Municipal Bond Fund	11
Columbia Virginia Intermediate Municipal Bond Fund	13
Financial Statements	64
Board Consideration and Approval of Amendment to Investment Management Services Agreement— Columbia Short Term Municipal Bond Fund	119
Summary of Management Fee Evaluation by Independent Fee Consultant	121
Important Information About This Report	125

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

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia Short Term Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B		C				Z
Inception	11/02/93				10/12/93		05/19/94				10/07/93
Sales charge	without		with		without		without		with		without
6-month (cumulative)		1.00		–0.04		0.63		0.63		–0.37		1.13
1-year		1.70		0.65		0.94		0.94		–0.06		1.95
5-year		3.28		3.08		2.51		2.51		2.51		3.54
10-year		3.14		3.04		2.38		2.37		2.37		3.40

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

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

All results shown assume the 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.

¹The BofAML 1-3 Year Municipal Index is an unmanaged index that tracks the performance of investment-grade U.S. tax-exempt bonds with remaining terms to final maturities of at least one year and less than three years. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+1.00%
	Class A shares (without sales charge)
	+1.42%
	BofAML 1-3 Year Municipal Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.58
Class B	10.58
Class C	10.58
Class Z	10.58

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.08
Class B	0.04
Class C	0.04
Class Z	0.09

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

1

Understanding Your Expenses – Columbia Short Term Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,010.00		1,021.31		3.78		3.80		0.75
Class B		1,000.00		1,000.00		1,006.30		1,017.55		7.54		7.59		1.50
Class C		1,000.00		1,000.00		1,006.30		1,017.55		7.54		7.59		1.50
Class Z		1,000.00		1,000.00		1,011.30		1,022.56		2.52		2.54		0.50

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.

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.

2

Performance Information – Columbia California Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	09/09/02				08/29/02				09/11/02				08/19/02
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.87		2.39		5.37		2.37		5.37		4.37		5.90
1-year		5.33		1.94		4.45		1.45		4.45		3.45		5.50
5-year		4.54		3.86		3.72		3.72		3.72		3.72		4.76
Life		3.71		3.29		3.03		3.03		2.93		2.93		4.10

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

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 the 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.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.

²The Barclays Capital California 3-15 Year Blend Municipal Bond Index tracks investment grade bonds issued from the state of California and its municipalities.

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

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.87%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1
	+5.93%
	Barclays Capital California 3-15 Year Blend Municipal Bond Index2

Net asset value per share

as of 09/30/10 ($)
Class A	10.13
Class B	10.11
Class C	10.12
Class Z	10.10

Distribution declared per share

04/01/10 – 09/30/10 ($)
Class A	0.16
Class B	0.12
Class C	0.12
Class Z	0.17

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

3

Understanding Your Expenses – Columbia California Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,058.70		1,021.06		4.13		4.05		0.80
Class B		1,000.00		1,000.00		1,053.70		1,017.30		7.98		7.84		1.55
Class C		1,000.00		1,000.00		1,053.70		1,017.30		7.98		7.84		1.55
Class Z		1,000.00		1,000.00		1,059.00		1,022.31		2.84		2.79		0.55

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.

4

Performance Information – Columbia Georgia Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	05/04/92				06/07/93				06/17/92				03/01/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.46		1.99		5.07		2.07		5.07		4.07		5.59
1-year		4.94		1.55		4.06		1.06		4.06		3.06		5.20
5-year		4.25		3.56		3.45		3.45		3.47		3.47		4.51
10-year		4.35		4.01		3.57		3.57		3.57		3.57		4.61

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

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

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

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.46%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.99
Class B	10.99
Class C	10.99
Class Z	10.99

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.16
Class B	0.12
Class C	0.12
Class Z	0.18

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

5

Understanding Your Expenses – Columbia Georgia Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,054.60		1,021.06		4.12		4.05		0.80
Class B		1,000.00		1,000.00		1,050.70		1,017.30		7.97		7.84		1.55
Class C		1,000.00		1,000.00		1,050.70		1,017.30		7.97		7.84		1.55
Class Z		1,000.00		1,000.00		1,055.90		1,022.31		2.83		2.79		0.55

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.

6

Performance Information – Columbia Maryland Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	09/01/90				06/08/93				06/17/92				09/01/90
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.14		1.75		4.74		1.74		4.74		3.74		5.27
1-year		4.91		1.50		4.13		1.13		4.13		3.13		5.07
5-year		3.90		3.21		3.14		3.14		3.12		3.12		4.15
10-year		4.01		3.67		3.25		3.25		3.24		3.24		4.27

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

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 the 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.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.14%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.90
Class B	10.91
Class C	10.90
Class Z	10.90

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.17
Class B	0.13
Class C	0.13
Class Z	0.18

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

7

Understanding Your Expenses – Columbia Maryland Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,051.40		1,021.06		4.11		4.05		0.80
Class B		1,000.00		1,000.00		1,047.40		1,017.30		7.96		7.84		1.55
Class C		1,000.00		1,000.00		1,047.40		1,017.30		7.96		7.84		1.55
Class Z		1,000.00		1,000.00		1,052.70		1,022.31		2.83		2.79		0.55

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.

8

Performance Information – Columbia North Carolina Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	12/14/92				06/07/93				12/16/92				12/11/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.36		1.95		4.97		1.97		4.97		3.97		5.49
1-year		4.77		1.36		3.99		0.99		3.99		2.99		5.03
5-year		3.77		3.07		3.00		3.00		2.99		2.99		4.05
10-year		4.21		3.86		3.45		3.45		3.44		3.44		4.47

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

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 the 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.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.36%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.56
Class B	10.56
Class C	10.56
Class Z	10.56

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.15
Class B	0.11
Class C	0.11
Class Z	0.17

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

9

Understanding Your Expenses – Columbia North Carolina Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,053.60		1,021.06		4.12		4.05		0.80
Class B		1,000.00		1,000.00		1,049.70		1,017.30		7.96		7.84		1.55
Class C		1,000.00		1,000.00		1,049.70		1,017.30		7.96		7.84		1.55
Class Z		1,000.00		1,000.00		1,054.90		1,022.31		2.83		2.79		0.55

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.

10

Performance Information – Columbia South Carolina Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	05/05/92				06/08/93				06/17/92				01/06/92
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.20		1.79		4.70		1.70		4.80		3.80		5.23
1-year		5.23		1.78		4.35		1.35		4.44		3.44		5.39
5-year		4.04		3.35		3.24		3.24		3.26		3.26		4.27
10-year		4.43		4.09		3.66		3.66		3.66		3.66		4.69

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

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 the 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.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.20%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	10.52
Class B	10.52
Class C	10.53
Class Z	10.52

Distribution declared per share

04/01/10 – 09/30/10 ($)
Class A	0.18
Class B	0.14
Class C	0.14
Class Z	0.19

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

11

Understanding Your Expenses – Columbia South Carolina Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,052.00		1,021.06		4.12		4.05		0.80
Class B		1,000.00		1,000.00		1,047.00		1,017.30		7.95		7.84		1.55
Class C		1,000.00		1,000.00		1,048.00		1,017.30		7.96		7.84		1.55
Class Z		1,000.00		1,000.00		1,052.30		1,022.31		2.83		2.79		0.55

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.

12

Performance Information – Columbia Virginia Intermediate Municipal Bond Fund

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				Z
Inception	12/05/89				06/07/93				06/17/92				09/20/89
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		5.06		1.63		4.58		1.58		4.57		3.57		5.19
1-year		4.68		1.32		3.91		0.91		3.99		2.99		5.04
5-year		4.44		3.74		3.66		3.66		3.66		3.66		4.70
10-year		4.53		4.18		3.76		3.76		3.76		3.76		4.80

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

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 the 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.

¹The Barclays Capital 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Summary

6-month (cumulative) return as of 09/30/10

	+5.06%
	Class A shares (without sales charge)
	+5.21%
	Barclays Capital 3-15 Year Blend Municipal Bond Index1

Net asset value per share

as of 09/30/10 ($)
Class A	11.32
Class B	11.32
Class C	11.32
Class Z	11.32

Distributions declared per share

04/01/10 – 09/30/10 ($)
Class A	0.17
Class B	0.13
Class C	0.13
Class Z	0.18

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

13

Understanding Your Expenses – Columbia Virginia Intermediate Municipal Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-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.

04/01/10 – 09/30/10

	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		1,050.60		1,021.06		4.11		4.05		0.80
Class B		1,000.00		1,000.00		1,045.80		1,017.30		7.95		7.84		1.55
Class C		1,000.00		1,000.00		1,045.70		1,017.30		7.95		7.84		1.55
Class Z		1,000.00		1,000.00		1,051.90		1,022.31		2.83		2.79		0.55

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.

14

Investment Portfolio – Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 91.2%
	Par ($)		Value ($)
Education – 3.8%
Education – 3.0%
DE University of Delaware
Series 2009 A, 2.000% 11/01/37 (06/01/11) (a)(b)		10,750,000		10,825,572
FL University Athletic Association, Inc.
Series 2006, LOC: SunTrust Bank 3.800% 10/01/31 (10/01/11) (a)(b)		3,510,000		3,604,419
GA Private Colleges & Universities Authority
Emory University, Series 2008 B, 5.000% 09/01/11		7,400,000		7,718,866
IL Educational Facilities Authority
University of Chicago, Series 1998, 3.375% 07/01/25 (02/03/14) (a)(b)		5,650,000		6,030,584
IL Finance Authority
The Art Institution of Chicago: Series 2010 B, 4.000% 07/01/15		13,850,000		14,726,012
Series 2010, 5.000% 03/01/15		3,200,000		3,622,048
IN St. Joseph County Educational Facilities Revenue
University Notre Dame Du Lac, Series 2005, 3.875% 03/01/40 (03/01/12) (a)(b)		6,700,000		6,935,773
MA Development Finance Agency
Boston University, Series 2009 V-2, 2.875% 10/01/14		4,975,000		5,241,163
MA University of Massachusetts Building Authority
Series 2005, Insured: AMBAC 5.000% 11/01/15		3,000,000		3,468,660
NJ Educational Facilities Authority
Princeton University, Series 2008 K, 5.000% 07/01/11		2,965,000		3,070,376
NY Troy Industrial Development Authority
Rensselaer Polytechnic Institute, Series 2002 E, 4.050% 04/01/37 (09/01/11) (a)(b)		2,500,000		2,566,400

	Par ($)		Value ($)
TN School Bond Authority
Series 2009 A, 2.000% 05/01/11		4,000,000		4,040,200
Education Total				71,850,073
Student Loan – 0.8%
MA Educational Financing Authority
Series 2009 I, 5.250% 01/01/16		12,500,000		13,940,500
NM Educational Assistance Foundation
Series 2009 C, AMT, 3.900% 09/01/14		4,890,000		5,181,591
Student Loan Total				19,122,091
Education Total				90,972,164
Health Care – 8.0%
Hospitals – 8.0%
AZ Health Facilities Authority
Banner Health System, Series 2008 D, 5.000% 01/01/12		2,000,000		2,088,800
CA Health Facilities Financing Authority
Catholic Healthcare West: Series 2009 C, 5.000% 07/01/34 (10/16/14) (a)(b)		12,000,000		13,417,680
Series 2009 G, 5.000% 07/01/28 (07/02/12) (a)(b)		3,000,000		3,168,840
St. Joseph Health System, Series 2009 C, 5.000% 07/01/37 (07/02/12) (a)(b)		15,250,000		16,108,270
CA Newport Beach
Hoag Memorial Hospital, Series 2009 B, 4.000% 12/01/38 (02/08/11) (a)(b)		6,000,000		6,068,880
CA Statewide Communities Development Authority
Kaiser Hospital Asset Management: Series 2002 E, 4.000% 11/01/36 (05/02/11) (a)(b)		15,830,000		16,134,727
Series 2009 A, 5.000% 04/01/13		10,250,000		11,157,022
CO Health Facilities Authority
Catholic Health Initiatives: Series 2008 C-6, 3.950% 09/01/36 (11/10/10) (a)(b)		6,620,000		6,643,832

See Accompanying Notes to Financial Statements.

15

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008 D2, 5.250% 10/01/38 (11/13/10) (a)(b)		2,185,000		2,440,907
Series 2009 B, 5.000% 07/01/39 (11/08/12) (a)(b)		2,250,000		2,428,403
FL Orange County Health Facilities Authority
Orlando Health, Inc., Series 2009, 5.000% 10/01/14		2,000,000		2,184,140
FL Tampa
Baycare Health System, Inc, Series 2010, 5.000% 11/15/16		2,000,000		2,259,220
IA Finance Authority
Central Health System, Series 2009 F, 5.000% 08/15/39 (08/15/12) (a)(b)		5,100,000		5,462,916
Genesis Health Systems, Series 2010: 5.000% 07/01/15		1,075,000		1,187,069
5.000% 07/01/16		1,150,000		1,267,450
IL Finance Authority
Advocate Healthcare Network, Series 2008 A3, 3.875% 11/01/30 (05/01/12) (a)(b)		2,250,000		2,305,350
Northwestern Memorial Hospital, Series 2009 A: 5.000% 08/15/11		2,450,000		2,527,151
5.000% 08/15/12		5,130,000		5,468,529
5.000% 08/15/13		3,500,000		3,821,650
IN Health Facility Financing Authority
Ascension Health, Series 2001 A2, 3.750% 11/15/36 (02/01/12) (a)(b)		9,675,000		10,067,708
KY Economic Development Finance Authority
Catholic Health Initiatives, Series 2009 B, 5.000% 05/01/39 (11/08/12) (a)(b)		2,000,000		2,260,880
MA Health & Educational Facilities Authority
Caregroup, Inc., Series 2008 E-2, 5.000% 07/01/12		2,500,000		2,628,925
MD Health & Higher Educational Facilities Authority
Johns Hopkins Health Systems, Series 2008, 5.000% 05/15/42 (11/15/11) (a)(b)		4,450,000		4,638,502

	Par ($)		Value ($)
MI Hospital Finance Authority
Ascension Health, Series 2010, 5.000% 11/15/15		2,000,000		2,303,480
MI Kent Hospital Financial Authority
Spectrum Health, Series 2008 A, 5.000% 01/15/47 (01/15/12) (a)(b)		1,300,000		1,367,314
NC Medical Care Commission
Duke University Health System, Series 2006 B, 0.570% 06/01/39 (10/07/10) (a)(b)		20,750,000		20,750,000
NV Reno Hospital
Renown Regional Medical Center Project, Series 2007 A: 5.000% 06/01/11		650,000		663,676
5.000% 06/01/12		815,000		854,674
5.000% 06/01/13		500,000		533,070
OK Development Finance Authority
Integris Baptist Medical Center, Series 2008 B, 5.000% 08/15/11		4,590,000		4,767,404
PA Allegheny County Hospital Development Authority
University of Pittsburgh Medical Center, Series 2008 A, 5.000% 09/01/11		9,450,000		9,818,172
PA Higher Educational Facilties Authority
University of Pittsburgh Medical Center, Series 2010 E, 5.000% 05/15/15		4,250,000		4,819,117
TX Harris County Cultural Education Facilities Finance Corp.
Methodist Hospital, Series 2009 B1, 5.000% 12/01/28 (06/01/12) (a)(b)		10,000,000		10,671,000
TX Lubbock Health Facilities Development Corp.
Series 2008 A, 3.050% 07/01/30 (10/16/12) (a)(b)		4,875,000		4,972,207
TX Tarrant County Cultural Education Facilities Finance Corp.
Scott and White Memorial Hospital, Series 2008, 5.000% 08/15/11		1,275,000		1,314,079

See Accompanying Notes to Financial Statements.

16

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
UT Riverton
IHC Health Services Inc, Series 2009, 5.000% 08/15/13		1,400,000		1,549,254
Hospitals Total				190,120,298
Health Care Total				190,120,298
Housing – 1.7%
Multi-Family – 0.6%
GA Clayton County Housing Authority
Tara Court II Apartments Project, Series 2001, LIQ FAC: FNMA 4.350% 12/01/31 (12/01/11) (a)(b)		2,990,000		3,065,946
NY New York City Housing Development Corp.
Series 2009 C2, 5.000% 11/01/11		10,000,000		10,403,400
Multi-Family Total				13,469,346
Single-Family – 1.1%
CT Housing Finance Authority
Series 2008 D, 4.750% 05/15/18		7,000,000		7,227,710
FL Housing Finance Corp.
Series 2010 A, 5.000% 07/01/28		3,500,000		3,805,760
MA Housing Finance Agency
Series 2009 D, 4.000% 09/01/11		7,250,000		7,452,782
MI Housing Development Authority
Series 2009 C, AMT, 3.150% 12/01/10		3,830,000		3,837,852
VA Housing Development Authority
Series 2004 A, AMT, 3.900% 10/01/10		2,740,000		2,740,164
WA Housing Finance Commission
Series 2010 A, Insured: GNMA 4.700% 10/01/28		1,500,000		1,618,710
Single-Family Total				26,682,978
Housing Total				40,152,324
Industrials – 1.6%
Oil & Gas – 1.6%
CA Pollution Control Financing Authority
BP West Coast Products, LLC, Series 2009, 2.600% 12/01/46 (09/02/14) (a)(b)		5,000,000		5,025,050

	Par ($)		Value ($)
GA Public Gas Partners, Inc.
Series 2009 A: 5.000% 10/01/12		2,300,000		2,473,719
5.000% 10/01/14		3,630,000		4,077,724
IN Whiting
BP PLC, Series 2008, 2.800% 06/01/44 (06/02/14) (a)(b)		13,250,000		13,382,367
LA Offshore Terminal Authority
LOOP LLC: Series 2007 B-1A, 1.600% 10/01/37 (12/03/91) (a)(b)(c)		3,350,000		3,350,972
Series 2010 B1, 1.875% 10/01/40 (10/01/10) (a)(b)		3,500,000		3,495,940
TX Gulf Coast Waste Disposal Authority
BP Products North America, Series 2007, GTY AGMT: BP PLC 2.300% 01/01/42 (09/03/13) (a)(b)		3,950,000		3,949,961
TX Municipal Gas Acquisition & Supply Corp.
Series 2006 A, 5.000% 12/15/10		1,500,000		1,511,265
Oil & Gas Total				37,266,998
Industrials Total				37,266,998
Other – 9.7%
Other – 0.7%
CA Infrastructure & Economic Development Bank
J. Paul Getty Trust: Series 2007 A3, 2.250% 10/01/47 (04/02/12) (a)(b)		6,675,000		6,841,274
Series 2007 A4, 1.650% 10/01/47 (04/01/11) (a)(b)		2,325,000		2,338,299
United Nations Development Corp.
Series 2009 A: 4.000% 07/01/12		3,925,000		4,158,027
4.500% 07/01/13		2,200,000		2,414,830
5.000% 07/01/14		2,000,000		2,271,720
Other Total				18,024,150
Pool/Bond Bank – 0.9%
AK Industrial Development & Export Authority
Series 2010 A, 5.000% 04/01/16		2,500,000		2,881,650

See Accompanying Notes to Financial Statements.

17

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
ME Health & Higher Educational Fasilities Authority
Series 2010 B: 4.000% 07/01/16		3,555,000		3,901,933
5.000% 07/01/15		3,455,000		3,939,598
MT Board of Investments
Series 2004, 0.500% 03/01/29 (03/01/11) (a)(b)		3,500,000		3,500,840
PA Delaware Valley Regional Financing Authority
Series 2002, 5.500% 07/01/12		6,000,000		6,355,440
Pool/Bond Bank Total				20,579,461
Refunded/Escrowed (d) – 8.1%
AL County of Jefferson
Series 2001 A, Pre-refunded 02/01/11, Insured: FGIC 5.500% 02/01/40		19,000,000		19,518,700
CA County of Sacramento
Series 1988 A, AMT, Escrowed to Maturity, 8.000% 07/01/16		12,810,000		16,803,517
CA Department of Water Resources
Series 2002 A, Pre-refunded 05/01/12, 6.000% 05/01/14		8,250,000		9,059,903
CA Economic Recovery
Series 2004 A, Pre-refunded 07/01/14, 5.000% 07/01/15		1,170,000		1,352,707
Series 2008 B, Pre-refunded 07/01/11, 5.000% 07/01/23 (07/01/11) (a)(b)		5,650,000		5,851,253
CO Health Facilities Authority
Catholic Health Initiatives, Series 2008 D1, Pre-refunded 11/12/13, 5.250% 10/01/38 (11/12/13) (a)(b)		315,000		359,075
FL Orlando Urban Community Development District
Series 2001 A, Pre-refunded 05/01/11, 6.950% 05/01/33		7,690,000		8,003,983
IL Chicago Water Revenue
Series 2000, Pre-refunded 11/01/10, 5.875% 11/01/30		4,000,000		4,059,360

	Par ($)		Value ($)
IL Chicago
Series 2001, Pre-refunfed 01/01/11, Insured: FGIC 5.500% 01/01/31		2,000,000		2,026,200
IL Health Facilities Authority
Riverside Health Systems, Series 2000, Pre-refunded 11/15/10, 6.850% 11/15/29		4,000,000		4,072,760
IL State
Series 2002, Pre-refunded 10/01/12, Insured: NPFGC 5.250% 10/01/14		5,000,000		5,472,700
LA State
Series 2000 A, Pre-refunded 11/15/10, Insured: FGIC 5.250% 11/15/17		5,005,000		5,036,231
MI State
Series 2001 A, Pre-refunded 11/01/11, Insured: AGMC 5.500% 11/01/13		7,345,000		7,735,313
MN Dakota & Washington Counties Housing & Redevelopment Authority
Series 1988 AMT, Escrowed to Maturity, Insured: GNMA 7.950% 03/01/13		3,000,000		3,502,020
MO Health & Educational Facilities Authority
SSM Healthcare System, Series 2001 A, Pre-refunded 06/01/11, 5.250% 06/01/28		2,000,000		2,083,920
MS State
Capital Improvements, Series 2002, Pre-refunded 11/01/12, Insured: FGIC 5.250% 11/01/13		7,925,000		8,669,237
NJ Economic Development Authority
Series 2008 W, Escrowed to Maturity, 5.000% 09/01/11		4,705,000		4,906,656
NJ Tobacco Settlement Financing Corp.
Series 2002, Pre-refunded 12/01/12, 6.125% 06/01/42		6,425,000		7,029,593

See Accompanying Notes to Financial Statements.

18

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
OH County of Hamilton
Series 2000 B, Pre-refunded 12/01/10, 5.250% 12/01/32		8,845,000		8,918,944
PA Philadelphia
Series 2001, Pre-refunded 03/15/11, Insured: AGMC 5.000% 09/15/31		8,000,000		8,172,960
PA State
Series 2001, Pre-refunded 01/15/2011, 5.000% 01/15/12		12,500,000		12,796,250
SC Greenville County School District
Series 2002, Pre-refunded 12/01/12, 5.875% 12/01/16		5,475,000		6,158,225
TX Houston
Series 2002, Pre-refunded 03/01/12, 5.250% 03/01/19		3,750,000		3,992,363
TX Turnpike Authority
Series 1996, Escrowed to Maturity, Insured: AMBAC (e) 01/01/11		2,500,000		2,497,475
TX Wichita Falls
Series 2001, Pre-refunded 08/01/11, Insured: AMBAC 5.375% 08/01/20		1,500,000		1,562,835
WI Badger Tobacco Asset Securitization Corp.
Pre-refunded to Various Dates, Series 2002, 6.125% 06/01/27		9,520,000		10,179,355
Series 2002, Pre-refunded 06/01/12, 6.000% 06/01/17		20,000,000		21,799,200
Refunded/Escrowed Total				191,620,735
Other Total				230,224,346
Other Revenue – 0.6%
Recreation – 0.6%
FL Board of Education
Series 2006 A, Insured: AMBAC 5.000% 07/01/12		6,150,000		6,608,114

	Par ($)		Value ($)
OR Department of Administrative Services
Series 2004 A, Insured: AGMC 5.000% 04/01/11		5,010,000		5,125,881
Series 2009 A, 3.000% 04/01/11		2,000,000		2,026,200
Recreation Total				13,760,195
Other Revenue Total				13,760,195
Resource Recovery – 1.3%
Disposal – 0.3%
CA Statewide Communities Development Authority
Republic Services, Inc., Series 2003 A, AMT, 4.950% 12/01/12		3,000,000		3,142,170
NY Babylon Industrial Development Agency
Babylon, Inc., Series 2009 A, 5.000% 01/01/13		1,500,000		1,619,310
Babylon, Inc. Series 2009 A, 5.000% 01/01/14		2,000,000		2,205,940
Disposal Total				6,967,420
Resource Recovery – 1.0%
FL County of Hillsborough
Series 2006 A, AMT, Insured: AMBAC 5.000% 09/01/14		3,025,000		3,332,491
FL County of Lee
Series 2001, AMT, Insured: NPFGC 5.625% 10/01/12		5,285,000		5,496,030
FL Tampa Solid Waste System
Series 1999 B, AMT, Insured: AMBAC 5.250% 10/01/15		5,000,000		5,000,700
MD Northeast Waste Disposal Authority
Series 2003, AMT, Insured: AMBAC 5.500% 04/01/11		8,425,000		8,603,442
MS Business Finance Corp.
Waste Management, Inc., Series 2002, AMT, 4.400% 03/01/27 (03/01/11) (a)(b)		2,375,000		2,397,515
Resource Recovery Total				24,830,178
Resource Recovery Total				31,797,598

See Accompanying Notes to Financial Statements.

19

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Tax-Backed – 41.2%
Local Appropriated – 1.4%
CA Golden Empire Schools Financing Authority
Series 2010, 4.000% 05/01/12		10,000,000		10,429,900
FL Palm Beach County School Board
Series 2002 E, Insured: AMBAC 5.250% 08/01/12		7,625,000		8,202,746
IL Chicago Public Building Commission
Series 1999 B, Insured: NPFGC 5.250% 12/01/15		3,165,000		3,660,639
NC Durham
Series 2010 A, 4.000% 10/01/11		2,600,000		2,690,636
NY Dormitory Authority
Series 2008, 5.000% 01/15/14		6,300,000		6,991,299
OK Tulsa County Industrial Authority
Series 2009: 4.000% 09/01/13		1,000,000		1,090,640
5.500% 09/01/14		1,280,000		1,494,925
Local Appropriated Total				34,560,785
Local General Obligations – 10.5%
AK North Slope Borough
Series 2000 B, Insured: NPFGC (e) 06/30/11		16,050,000		15,943,428
CA Gilroy Unified School District
Series 2010, 5.000% 04/01/13		5,125,000		5,547,198
CA Long Beach Community College District
Series 2010 A, 9.850% 01/15/13		13,875,000		16,607,126
CA Long Beach Unified School District
Series 2009 A: 4.000% 08/01/11		2,150,000		2,214,909
5.000% 08/01/11		1,650,000		1,713,575
CA Los Angeles Unified School District
Series 2009, 3.000% 07/01/11		14,905,000		15,179,997
CA Los Angeles
Series 2009 A, 2.500% 09/01/11		8,250,000		8,398,665
FL Miami Dade County School District
Series 1996, Insured: NPFGC 5.000% 07/15/11		5,895,000		6,092,306

	Par ($)		Value ($)
GA Lowndes County School District
Series 2007, 5.000% 02/01/11		2,700,000		2,742,093
GA Richmond County Board of Education
Series 2007, 5.000% 10/01/10		2,000,000		2,000,260
GA Whitfield County School District
Series 2009, 5.000% 04/01/11		3,250,000		3,325,693
HI City & County of Honolulu
Series 1993 B, 8.000% 10/01/10		7,140,000		7,141,499
IL Chicago Board Education
Series 1997, 6.750% 12/01/10		5,000,000		5,051,500
Series 1999 A, Insured: NPFGC (e) 12/01/11		4,500,000		4,432,995
IL County of Cook
Series 2009 C, 5.000% 11/15/12		4,000,000		4,336,240
Series 2009 D, 5.000% 11/15/14		3,000,000		3,434,340
KS Sedgwick County Unified School District No. 259
Series 2001, Insured: AGMC 5.500% 09/01/11		5,100,000		5,343,321
KS Spring Hill
Series 2009 C, 2.000% 09/01/11		5,475,000		5,492,411
KS Topeka
Series 2009 B, 4.000% 08/15/11		5,700,000		5,881,089
LA Orleans Parish Parishwide School District
Series 2010, Insured: AGMC: 4.000% 09/01/15		8,240,000		9,033,924
5.000% 09/01/16		3,785,000		4,366,944
MA Cambridge
Series 2009, 2.000% 03/15/11		2,715,000		2,736,503
MA Plymouth
Series 2009, 3.000% 05/15/11		3,195,000		3,249,123
MI Kent County Refuse Disposal Systems
Series 2006 A, 5.000% 11/01/10		7,605,000		7,636,028
MO St. Louis County Rockwood School District No. R-6
Series 2001, 5.250% 02/01/11		3,500,000		3,559,185

See Accompanying Notes to Financial Statements.

20

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
NJ Jersey City
Series 2002 B, Insured: AMBAC 5.000% 03/01/11		4,195,000		4,269,839
NM Albuquerque
Series 2009 A, 3.000% 07/01/11		6,085,000		6,208,891
NM Central Community College
Series 2009, 3.000% 08/15/11		5,525,000		5,654,506
NM Santa Fe Public School District
Series 2009, 2.500% 08/01/11		7,000,000		7,127,890
NY New York City
Series 2009 E, 5.000% 08/01/15		3,500,000		4,064,865
SC Spartanburg County School District No. 5
Series 2009, 5.000% 05/01/11		6,220,000		6,390,801
TN County of Rutherford
Series 2009, 4.000% 04/01/12		10,000,000		10,490,100
TN Sevier County Public Building Authority
Series 2009, 4.000% 06/01/11		7,500,000		7,663,425
TN Shelby County
Public Improvement, Series 2001 A, 5.000% 04/01/11		6,250,000		6,399,062
TX Denver City Independent School District
Series 2009, 2.500% 02/15/11		3,785,000		3,814,977
TX Plano Independent School District
Series 2002, 5.000% 02/15/12		3,335,000		3,543,604
Series 2004, 5.000% 02/15/12		7,000,000		7,437,850
VA Newport News
Series 2009 B, 3.250% 09/01/11		6,095,000		6,260,357
VA Pittsylvania County
Series 2010 A, 3.500% 07/15/13		3,000,000		3,055,800
WA Seattle
Series 2009, 4.000% 05/01/11		8,655,000		8,843,246
WI Milwaukee
Series 2001 T, 5.250% 09/01/11		5,575,000		5,827,101
Local General Obligations Total				248,512,666

	Par ($)		Value ($)
Special Non-Property Tax – 8.9%
AR Fayetteville
Series 2005 B, Insured: NPFGC 4.000% 12/01/11		6,830,000		7,115,494
CA State
Series 2004 A, 5.000% 07/01/15		1,690,000		1,905,678
Series 2009 B, 5.000% 07/01/23 (07/01/14) (a)(b)		14,500,000		16,412,985
CT State
Series 1991 B, 6.500% 10/01/10		3,905,000		3,905,664
Series 2001 B, Insured: AGMC 5.375% 10/01/14		15,780,000		16,511,403
FL Citizens Property Insurance Corp.
Series 2007 A, Insured: NPFGC 5.000% 03/01/13		15,000,000		15,807,450
Series 2010 A-3, 2.020% 06/01/13 (10/07/10) (a)(b)		10,000,000		9,956,500
FL Department of Environmental Protection
Series 2008 A, 5.000% 07/01/11		4,865,000		5,023,404
FL Jacksonville
Series 2010 A-1, 5.000% 10/01/16		8,985,000		10,459,439
FL Pasco County School District Sales Tax Revenue
Series 2007, Insured: AGMC 5.000% 10/01/10		4,500,000		4,500,585
IL Metropolitan Pier & Exposition Authority
Series 1996 A, Insured: NPFGC (e) 12/15/11		6,500,000		6,367,270
IL Regional Transportation Authority
Series 1999, Insured: AGMC 5.750% 06/01/11		8,125,000		8,410,756
KS Wyandotte County Unified Government
Series 2010, (e) 06/01/21		4,100,000		2,332,039
LA Regional Transit Authority
Series 2010, Insured: AGMC: 4.000% 12/01/15 (c)		1,150,000		1,251,649
4.000% 12/01/16 (c)		1,000,000		1,090,260

See Accompanying Notes to Financial Statements.

21

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
LA State Gas & Fuel Tax
Series 2010 A-1, 1.020% 05/01/43 (10/07/10) (a)(b)		21,250,000		21,239,375
MA School Building Authority
Series 2005 A, Insured: AGMC 5.000% 08/15/12		6,100,000		6,608,374
MO Bi-State Development Agency of the Missouri-Illinois Metropolitan District
Series 2002 B, 5.250% 10/01/15		10,500,000		11,562,390
ND Fargo Sales Tax
Series 2009 D, 3.000% 11/01/11		5,040,000		5,166,353
NM State Severance Tax
Series 2006 A, Insured: NPFGC 4.000% 07/01/13		3,000,000		3,075,330
Series 2009 A, 5.000% 07/01/14		7,895,000		9,074,118
NY Local Government Assistance Corp.
Series 2001 A-1, 5.000% 04/01/11		9,300,000		9,520,875
NY New York City Transitional Finance Authority
Series 2002 B-1, 5.000% 11/01/12		3,500,000		3,819,515
Series 2009 A: 5.000% 11/01/11		3,470,000		3,646,380
5.000% 11/01/11		1,360,000		1,427,252
Series 2009 C1, 5.000% 08/01/14		6,795,000		7,808,406
RI Convention Center Authority
Series 2003 A, Insured: AGMC 5.000% 05/15/16		5,610,000		6,039,502
TX Houston
Series 2001 B, Insured: AMBAC 5.750% 09/01/12		3,590,000		3,703,049
Virgin Islands Public Finance Authority
Series 2009 B: 5.000% 10/01/11		2,500,000		2,585,150
5.000% 10/01/12		4,145,000		4,389,182
Special Non-Property Tax Total				210,715,827
State Appropriated – 7.6%
AL Public School & College Authority
Series 2009 A, 5.000% 05/01/14		9,000,000		10,251,270

	Par ($)		Value ($)
AZ School Facilities Board
Series 2005 A-1, 5.000% 09/01/14		10,000,000		11,193,500
Series 2008, 5.500% 09/01/13		8,000,000		8,874,240
AZ State
Series 2010 A, Insured: AGMC 5.000% 10/01/15		5,000,000		5,722,250
CA Public Works Board
Series 2010 A-1: 5.000% 03/01/15		3,000,000		3,284,010
5.000% 03/01/16		1,325,000		1,459,673
CA Statewide Communities Development Authority
Series 2009, 5.000% 06/15/13		18,200,000		19,941,558
KS Development Finance Authority
Series 2004 F, Insured: AMBAC 5.250% 10/01/11		2,250,000		2,351,970
KY Property & Buildings Commission
Series 2008, 5.000% 11/01/10		4,560,000		4,578,012
LA Facilities Authority Revenue
Hurricane Recovery Program, Series 2007, Insured: AMBAC 5.000% 06/01/11		3,000,000		3,079,770
LA Local Government Environmental Facilities & Community Development Authority
Series 2009 A, 4.000% 10/01/14		1,545,000		1,685,580
MI Building Authority
Series 2005 I, Insured: AMBAC 5.000% 10/15/29 (10/15/11) (a)(b)		12,000,000		12,468,840
NJ Building Authority
Series 2007 B, 5.000% 06/15/13		8,205,000		9,076,371
NY Dormitory Authority
Series 2002 B, Insured: NPFGC 5.250% 11/15/29 (05/15/12) (a)(b)		10,000,000		10,687,900
Series 2004, Insured: NPFGC 5.000% 07/01/14		3,660,000		4,137,850
Series 2008 E, 5.000% 02/15/11		2,170,000		2,207,281

See Accompanying Notes to Financial Statements.

22

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2009, 5.000% 02/15/13		13,505,000		14,741,248
NY Thruway Authority Service Contract
Local Highway & Bridge, Series 2002, 5.500% 04/01/11		3,000,000		3,074,460
Series 2008, 5.000% 04/01/12		5,245,000		5,573,022
NY Triborough Bridge & Tunnel Authority
Series 1990, Insured: NPFGC 6.000% 01/01/11		5,000,000		5,071,300
NY Urban Development Corp.
Series 2002 A, 5.500% 01/01/17 (01/01/11) (a)(b)		11,885,000		12,040,337
OH Building Authority
Series 2003 A, Insured: AGMC 5.000% 04/01/15		2,080,000		2,304,806
OH Major New State Infrastructure
Series 2008-1, 5.000% 06/15/12		2,200,000		2,364,736
OR Department of Administrative Services
Series 2002 B, Insured: NPFGC: 5.250% 05/01/15		6,020,000		6,385,173
5.250% 05/01/16		6,085,000		6,449,187
Series 2009 A, 5.000% 05/01/14		3,125,000		3,537,031
VA Public Building Authority
Series 2008, 5.000% 08/01/11		9,000,000		9,353,970
State Appropriated Total				181,895,345
State General Obligations – 12.8%
AK State
Series 2003 A, Insured:AGMC 5.000% 08/01/14		14,000,000		15,576,400
CA State
Series 2004: 5.000% 04/01/11		1,850,000		1,890,904
5.000% 12/01/15		2,200,000		2,451,328
Series 2005, 5.000% 03/01/15		4,000,000		4,546,320
Series 2006, 5.000% 03/01/14		4,000,000		4,471,560

	Par ($)		Value ($)
CT State
Series 2004 C, Insured: NPFGC 5.000% 04/01/11		5,000,000		5,117,950
Series 2007, 5.000% 03/15/11		3,600,000		3,677,472
Series 2009 B, 4.000% 06/01/11		21,000,000		21,515,550
DE State
Series 2009 B, 3.500% 01/01/11		9,450,000		9,527,301
FL Board of Education
Series 2005 A, 5.000% 06/01/11		4,090,000		4,213,191
Series 2009 D, 5.000% 06/01/14		16,460,000		18,748,105
GA State
Series 1994 D, 6.800% 08/01/11		3,000,000		3,160,050
Series 1995 B, 6.800% 03/01/11		11,000,000		11,294,800
IL State
Series 2002, Insured: NPFGC 5.500% 08/01/16		6,700,000		7,134,562
Series 2009, 3.000% 04/01/11		6,000,000		6,053,040
Series 2010: 5.000% 01/01/16		10,000,000		11,072,400
Insured: AGMC 5.000% 01/01/16		4,250,000		4,714,567
LA State
Series 2005 A, Insured: NPFGC 5.000% 08/01/12		10,000,000		10,813,300
Series 2009 B, 3.000% 04/15/11		19,675,000		19,957,730
MA State
Series 2010 A: 0.650% 02/01/13 (10/07/10) (a)(b)		14,500,000		14,414,595
0.800% 02/01/14 (10/07/10) (a)(b)		2,500,000		2,484,000
2.000% 04/28/11		10,000,000		10,097,676
MD State
Series 2004, 5.000% 02/01/11		4,750,000		4,825,430
MI Finance Authority
Series 2010 D-1, 2.000% 08/19/11		6,400,000		6,467,202

See Accompanying Notes to Financial Statements.

23

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
MI State
Series 2008 A, 5.000% 05/01/12		3,670,000		3,908,036
NC State
Series 2007 A, 5.000% 03/01/11		7,500,000		7,648,575
NJ State
Series 1992 D, 6.000% 02/15/11		7,770,000		7,924,312
OH State
Series 2009 C, 5.000% 09/15/14		20,000,000		23,013,000
TX State
Series 2008, 5.000% 10/01/10		4,275,000		4,275,556
Series 2010 AMT, 5.000% 08/01/15		5,775,000		6,630,566
Series 2010, 2.000% 08/31/11		30,000,000		30,452,135
UT State
Series 2009 C, 5.000% 07/01/14		2,500,000		2,882,375
Series 2010 A, 5.000% 07/01/12		6,180,000		6,671,495
WV State
Series 2005, Insured:NPFGC 5.000% 06/01/11		5,700,000		5,879,151
State General Obligations Total				303,510,634
Tax-Backed Total				979,195,257
Transportation – 10.7%
Airports – 4.8%
AZ Phoenix Civic Improvement Corp.
Series 2002 B, AMT, Insured: NPFGC 5.750% 07/01/17		6,000,000		6,283,560
Series 2005 B, Insured: NPFGC 5.000% 07/01/11		4,500,000		4,658,175
Series 2008 D, AMT, 5.250% 07/01/11		2,600,000		2,685,332
CO Denver City & County Airport
Series 2008 A1, AMT, 5.000% 11/15/11		5,000,000		5,228,100
DC Metropolitan Washington Airports Authority
Series 2007 B, AMT, Insured: AMBAC: 5.000% 10/01/10		7,000,000		7,000,840
5.000% 10/01/11		5,000,000		5,206,250

	Par ($)		Value ($)
Series 2010 B AMT: 5.000% 10/01/11		1,775,000		1,848,219
5.000% 10/01/12		3,300,000		3,544,695
FL Broward County Airport Systems Revenue
Series 1998 G, AMT, Insured: AMBAC 4.500% 10/01/11		3,300,000		3,309,075
FL County of Lee
Series 2010 A, AMT, Insured: AGO 5.000% 10/01/12		1,500,000		1,593,855
FL Greater Orlando Aviation Authority
Series 2008 A, AMT, Insured: AGMC 5.000% 10/01/10		5,625,000		5,625,675
FL Miami Dade County Aviation
Miami International Airport: Series 2007 C, AMT, Insured:AGMC 5.000% 10/01/13		3,500,000		3,808,805
Series 2007 D, Insured:AGO 5.000% 10/01/10		1,745,000		1,745,209
GA Atlanta
Series 2003 D, AMT, Insured: NPFGC 5.250% 01/01/15		5,000,000		5,339,550
HI State
Series 2010 B, AMT, 5.000% 07/01/15		7,000,000		7,826,350
KY Louisville Kentucky Regional Airport Authority
Series 2008 AMT, Insured: AGMC 5.000% 07/01/12		2,935,000		3,113,565
MA Port Authority
Series 2010 E, AMT: 5.000% 07/01/14		5,000,000		5,518,550
5.000% 07/01/15		4,000,000		4,443,440
MN Minneapolis - St. Paul Metropolitan Airports Commission
Series 2008 A, AMT, 5.000% 01/01/11		1,805,000		1,824,079
Series 2009 B, AMT, 5.000% 01/01/14		2,055,000		2,254,273
NV Clark County Airport
Series 2010 E2, 5.000% 07/01/12		7,000,000		7,424,620
PA Philadelphia Industrial Development Authority
Series 1998 A, AMT, Insured: NPFGC 5.250% 07/01/12		5,000,000		5,014,400

See Accompanying Notes to Financial Statements.

24

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
TN Memphis-Shelby County Airport Authority
Series 2010 B, AMT: 4.000% 07/01/15		2,060,000		2,194,827
5.000% 07/01/16		1,000,000		1,112,170
TX Dallas-Fort Worth International Airport Facilities Improvement Corp.
Series 2009 A, 5.000% 11/01/14		3,000,000		3,411,420
TX Houston
Series 2002, Insured: AGMC 5.500% 07/01/13		6,330,000		6,804,054
WA Port of Seattle
Series 2007 B, AMT, Insured: AGMC 5.000% 10/01/11		5,580,000		5,809,617
Airports Total				114,628,705
Ports – 1.0%
CA Port of Oakland
Series 2007 A, AMT, Insured: NPFGC 5.000% 11/01/13		5,610,000		6,058,127
NY Port Authority of New York & New Jersey
Series 2002 AMT, 5.500% 12/15/16		3,630,000		3,860,614
Series 2003 AMT, 5.000% 12/15/16		10,000,000		10,830,300
TX Port of Houston Authority
Series 2001 B, AMT, Insured: NPFGC 5.500% 10/01/13		2,515,000		2,618,492
Ports Total				23,367,533
Toll Facilities – 2.6%
NY Buffalo & Fort Erie Public Bridge Authority
Series 2005, LOC: U.S. Bank N.A. 2.625% 01/01/25 (07/01/14) (a)(b)		11,000,000		11,175,230
NY Thruway Authority
Series 2009, 4.000% 07/15/11		17,000,000		17,478,720
NY Triborough Bridge & Tunnel Authority
Series 2002 B, 5.250% 11/15/16		10,000,000		10,891,500
PA Turnpike Commission
Series 2009 C: 0.790% 12/01/11 (10/07/10) (a)(b)		6,500,000		6,477,120
0.890% 12/01/12 (10/07/10) (a)(b)		10,000,000		9,934,200

	Par ($)		Value ($)
TX Harris County
Series 2002, Insured: AGMC 5.375% 08/15/11		5,150,000		5,377,527
TX North Texas Tollway Authority
Series 2009 A, 5.000% 01/01/13		1,300,000		1,401,296
Toll Facilities Total				62,735,593
Transportation – 2.3%
DE Transportation Authority Motor Fuel Tax
Series 2008 A, 5.000% 07/01/11		3,385,000		3,505,303
IL Chicago Transit Authority
Series 2006 A, 5.000% 06/01/12		3,650,000		3,870,424
KS Department of Transportation
Series 2003 A, 5.000% 09/01/12		8,000,000		8,692,640
NM Finance Authority
Series 2009, 5.000% 06/15/11		2,000,000		2,066,200
NY Metropolitan Transportation Authority
Series 2003 B, 5.250% 11/15/16		4,500,000		5,000,085
Series 2005 H, 5.250% 11/15/10		6,000,000		6,033,780
Series 2008 B, 5.000% 11/15/16 (11/15/11) (a)(b)		20,150,000		21,042,846
TX Transportation Commission
Series 2006 A, 5.000% 04/01/12		3,000,000		3,204,450
Transportation Total				53,415,728
Transportation Total				254,147,559
Utilities – 12.6%
Investor Owned – 3.4%
AL Mobile Industrial Development Board
Alabama Power Co., Series 2007 A, 4.750% 06/01/34 (03/19/12) (a)(b)		2,000,000		2,103,520
CA Infrastructure & Economic Development Bank
Pacific Gas & Electric, Series 2010 E, 2.250% 11/01/26 (04/02/12) (a)(b)		6,000,000		6,028,680

See Accompanying Notes to Financial Statements.

25

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
CT Development Authority
Connecticut Light & Power Co., Series 1996 A, AMT, 1.400% 05/01/31 (04/01/11) (a)(b)		5,000,000		5,002,100
FL Escambia County
Gulf Power Co., Series 2009, 2.000% 04/01/39 (04/03/12) (a)(b)		5,000,000		5,037,450
GA Burke County Development Authority
Georgia Power Co., Series 1994, 3.750% 10/01/32 (01/12/12) (a)(b)		16,025,000		16,535,717
GA Monroe County Development Authority
Georgia Power Co., Series 2008, 0.800% 11/01/48 (01/07/11) (a)(b)		2,400,000		2,398,800
LA Public Facilities Authority
Cleco Power LLC, Series 2008, 7.000% 12/01/38 (12/01/11) (a)(b)		4,000,000		4,201,360
Series 2010 B, 2.875% 11/01/15 (c)		2,750,000		2,746,865
MI Strategic Fund
The Detroit Edison Co., Series 2009, 3.050% 08/01/24 (12/03/12) (a)(b)		5,000,000		5,123,050
NH Business Finance Authority
United Illuminating Co.: Series 2009 A, AMT, 6.875% 12/01/29 (02/01/12) (a)(b)		2,000,000		2,113,360
Series 2009 AMT, 7.125% 07/01/27 (02/01/12) (a)(b)		4,000,000		4,187,240
NJ Salem County Utilities Authority
Public Service Electric & Gas, Series 2010 A, 0.950% 05/01/28 (11/01/10) (a)(b)		4,500,000		4,500,450
OH Air Quality Development Authority
Columbus Southern Power Co., Series 2009 A, 3.875% 12/01/38 (06/01/14) (a)(b)		3,400,000		3,560,038

	Par ($)		Value ($)
Ohio Power Co.: Series 2010 A, 3.250% 06/01/41 (06/02/14) (a)(b)		6,150,000		6,273,861
Series 2010 A, AMT, 2.875% 12/01/27 (08/01/14) (a)(b)		3,130,000		3,131,408
VA Louisa Industrial Development Authority
Virginia Electric & Power Co., Series 1997 A, AMT, 1.375% 04/01/22 (04/01/11) (a)(b)		3,500,000		3,502,170
VA York County Economic Development Authority
Virginia Electric & Power Co., Series 2009 A, 4.050% 05/01/33 (05/01/14) (a)(b)		3,500,000		3,732,540
Investor Owned Total				80,178,609
Joint Power Authority – 4.8%
CA Northern California Power Agency
Series 2010 A, 4.000% 07/01/15		1,355,000		1,463,820
GA Municipal Electric Authority
Series 1998 Y, Insured: AGMC 6.500% 01/01/17		6,300,000		7,423,795
Series 2008 A, 5.000% 01/01/12		2,000,000		2,100,100
GA Municipal Gas Authority
Series 2010, 2.000% 05/17/11		13,000,000		13,128,960
ND McLean County
Great River Energy, Series 2010 C, AMT, 3.500% 07/01/38 (07/01/15) (a)(b)		13,000,000		13,396,110
OK Grand River Dam Authority
Series 1995, Insured: AMBAC 6.250% 06/01/11		13,590,000		14,075,571
SC Public Service Authority
Series 2009 E, 5.000% 01/01/14		1,500,000		1,697,730
TX Lower Colorado River Authority
Series 2010: 5.000% 05/15/14		2,230,000		2,525,854
5.000% 05/15/15		4,000,000		4,607,560

See Accompanying Notes to Financial Statements.

26

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
UT Intermountain Power Agency
Series 2008 A, 5.250% 07/01/11		7,000,000		7,249,970
Series 2009 A, 5.000% 07/01/13		10,000,000		11,068,900
WA Energy Northwest Washington Electric Revenue
Refunding Project No. 1A, Series 2002, Insured: NPFGC 5.500% 07/01/15		5,000,000		5,382,150
WA Energy Northwest
Bonneville Power Administration Series 2001 A, Insured: AGMC 5.500% 07/01/16		10,000,000		10,447,000
Series 1992 A, 6.300% 07/01/12		9,000,000		9,878,490
Series 2001 A, 5.500% 07/01/17		8,800,000		9,193,360
Joint Power Authority Total				113,639,370
Municipal Electric – 2.3%
CA Department of Water Resources
Series 2002 A, Insured: AMBAC 5.500% 05/01/14		7,035,000		7,611,588
FL JEA
Series 2002, 5.250% 10/01/12		4,910,000		5,134,976
FL Kissimmee Utility Authority
Series 2001, Insured: AMBAC 5.000% 10/01/14		7,195,000		7,486,038
FL Lakeland Energy System
Series 2009, 1.020% 10/01/12 (10/07/10) (a)(b)		13,475,000		13,438,483
NE Lincoln
Series 2002, 5.000% 09/01/14		5,000,000		5,389,200
NY Long Island Power Authority
Series 2003 B, 5.250% 06/01/13		4,250,000		4,730,505
WA Clark County Public Utility District No. 1
Series 2010, 5.000% 01/01/15		2,900,000		3,273,143
WA Seattle Municipal Light & Power
Series 2004, Insured: AGMC 5.000% 08/01/15		6,000,000		6,820,740
Municipal Electric Total				53,884,673

	Par ($)		Value ($)
Water & Sewer – 2.1%
AR Development Finance Authority
Series 2004 A, 5.000% 12/01/12		2,435,000		2,505,299
CA Contra Costa Water District
Series 2010 A, 2.000% 10/01/11		6,750,000		6,867,180
CA Los Angeles
Series 2009 A, 5.000% 06/01/12		6,040,000		6,484,665
FL Orlando Utilities Commission Water & Electric
Series 2008, 3.500% 10/01/25 (10/01/12) (a)(b)		10,500,000		10,798,305
FL Reedy Creek Improvement District Utilities
Series 2004 2, 5.250% 10/01/10		3,000,000		3,000,360
Series 2005 2, Insured: AMBAC 5.000% 10/01/10		2,500,000		2,500,275
IL Chicago Wastewater Transmission
Series 1993, Insured: NPFGC 5.375% 01/01/13		2,965,000		3,082,977
NM Albuquerque Bernalillo County Water Utility Authority
Series 2009 A1, 5.000% 07/01/13		2,000,000		2,234,620
TX Dallas Waterworks & Sewer Systems Revenue
Series 2007, Insured: AMBAC 5.000% 10/01/12		5,000,000		5,449,400
TX Houston Water & Sewer System
Series 1991 C, Insured: AMBAC (e) 12/01/11		5,000,000		4,950,650
TX Titus County Fresh Water Supply District
Southwestern Electric Power Co., Series 2008, 4.500% 07/01/11		1,000,000		1,020,450
WA King County Sewer Revenue
Series 2002 B, Insured: AGMC 5.500% 01/01/14		2,000,000		2,112,760
Water & Sewer Total				51,006,941
Utilities Total				298,709,593
Total Municipal Bonds (cost of $2,122,672,908)				2,166,346,332

See Accompanying Notes to Financial Statements.

27

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

Investment Company – 0.8%
	Shares		Value ($)
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (f)		19,845,776		19,845,776
Total Investment Companies (cost of $19,845,776)				19,845,776
Short-Term Obligations – 7.4%
	Par ($)
Variable Rate Demand Notes (g) – 7.4%
AL University of Alabama
Series 2008 B, LOC: Regions Bank 1.080% 09/01/31 (10/07/10) (a)(b)		16,000,000		16,000,000
FL JEA Energy Systems
Series 2004 A, LOC: State Street Bank & Trust Co. 0.240% 10/01/34 (10/07/10) (a)(b)		403,000		403,000
GA Atlanta
Series 2008, Insured: AGMC, LIQ FAC: JPMorgan Chase Bank 0.370% 01/01/13 (10/07/10) (a)(b)		7,430,000		7,430,000
GA Bartow County Development Authority
Georgia Power Co., Series 2009, 0.420% 12/01/32 (10/01/10) (a)(b)		10,000,000		10,000,000
GA Gwinnett County Hospital Authority
Gwinnett Hospital System, Series 2008 C, LOC: Wells Fargo Bank N.A. 0.280% 07/01/32 (10/06/10) (a)(b)		11,135,000		11,135,000
IA Finance Authority
Village Court Associates, Series 1985 B, GTY AGMT: E.I. DuPont De Nemours 0.320% 11/01/35 (10/07/10) (a)(b)		15,000,000		15,000,000
IL Finance Authority
Dominican University, Series 2006, LOC: JPMorgan Chase Bank 0.270% 03/01/36 (10/06/10) (a)(b)		6,170,000		6,170,000

	Par ($)		Value ($)
Provena Health, Series 2009 C, LOC: JPMorgan Chase Bank 0.270% 08/15/44 (10/07/10) (a)(b)		15,000,000		15,000,000
IN Finance Authority
Duke Energy, Inc, Series 2003 A, AMT, 0.550% 12/01/38 (10/06/10) (a)(b)		12,000,000		12,000,000
IN Goshen
Goshen College, Inc, Series 2007, LOC: JPMorgan Chase Bank 0.270% 10/01/42 (10/07/10) (a)(b)		11,700,000		11,700,000
NM Farmington Hospital Revenue
San Juan Regional Medical Center, Series 2004-B, LOC: Bank of Nova Scotia 0.280% 06/01/28 (10/07/10) (a)(b)		14,500,000		14,500,000
NY Clinton County Industrial Development Agency
Champlain Valley Physicians, Series 2006 A, LOC: Keybank N.A. 0.350% 07/01/17 (10/07/10) (a)(b)		8,655,000		8,655,000
OH County of Cuyahoga
Cleveland Hearing and Speech, Series 2008, LOC: Keybank N.A. 0.450% 06/01/38 (10/07/10) (a)(b)		2,690,000		2,690,000
TX Dallas-Fort Worth International Airport Facilities Improvement Corp.
Series 2008, AMT, Insured: AGMC, LIQ FAC: JPMorgan Chase Bank 0.420% 05/01/12 (10/07/10) (a)(b)		6,945,000		6,945,000
WA Chelan County Public Utility District No 1
Series 2008 B, AMT, SPA: U.S. Bank N.A. 0.280% 07/01/32 (10/06/10) (a)(b)		37,720,000		37,720,000
Variable Rate Demand Notes Total				175,348,000
Total Short-Term Obligations (cost of $175,348,000)				175,348,000

See Accompanying Notes to Financial Statements.

28

Columbia Short Term Municipal Bond Fund

September 30, 2010 (Unaudited)

	Value ($)
Total Investments – 99.4% (cost of $2,317,866,684) (h)		2,361,540,108
Other Assets & Liabilites, Net – 0.6%		13,618,852
Net Assets – 100.0%		2,375,158,960

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

(c)  Security purchased on a delayed delivery basis.

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

(e)  Zero coupon bond.

(f)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	8,152,375	$	120,426,296	$	96,471,671	$	2,413	$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The table reflects activity for the period from April 1, 2010 through April 30, 2010.

(g)  Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at September 30, 2010.

(h)  Cost for federal income tax purposes is $2,317,866,684.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	2,166,346,332	$	—	$	2,166,346,332
Total Investment Company		19,845,776		—		—		19,845,776
Total Short-Term Obligations		—		175,348,000		—		175,348,000
Total investments	$	19,845,776	$	2,341,694,332	$	—	$	2,361,540,108

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its correlation to prices and information from market transactions for similar or identical assets.

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

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		41.2
Utilities		12.6
Transportation		10.7
Other		9.7
Health Care		8.0
Education		3.8
Industrials		1.7
Housing		1.6
Resource Recovery		1.3
Other Revenue		0.6
		91.2
Investment Company		0.8
Short Term Obligations		7.4
Other Assets & Liabilities, Net		0.6
		100.0

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GTY AGMT	Guaranty Agreement
LIQ FAC	Liquidity Facility
LOC	Letter of Credit
NPFGC	National Public Finance Guarantee Corp.
SPA	Stand-by Purchase Agreement

See Accompanying Notes to Financial Statements.

29

Investment Portfolio – Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 94.7%
	Par ($)		Value ($)
Education – 6.4%
Education – 6.4%
CA Educational Facilities Authority
Pitzer College: Series 2005 A, 5.000% 04/01/25		1,270,000		1,302,385
Series 2009, 5.000% 04/01/19		1,610,000		1,790,417
Pomona College, Series 2009 A, 5.000% 01/01/24		1,175,000		1,366,137
University of Southern California, Series 2009, 5.250% 10/01/24		3,000,000		3,709,650
CA Public Works Board
California State University, Series 2006 A, Insured: FGIC 5.000% 10/01/16		1,000,000		1,108,250
University of California: Series 2005 C, 5.000% 04/01/16		1,000,000		1,128,470
Series 2005 D, 5.000% 05/01/15		1,000,000		1,141,050
CA State University
Series 2009 A, 5.250% 11/01/22		2,500,000		2,865,875
CA University of California
Series 2009 O, 5.000% 05/15/20		1,000,000		1,182,890
Education Total				15,595,124
Education Total				15,595,124
Health Care – 7.9%
Continuing Care Retirement – 1.5%
CA ABAG Finance Authority for Nonprofit Corporations
Series 2010, Insured: CMI 4.000% 09/01/15		1,500,000		1,578,345
CA Health Facilities Financing Authority
Episcopal Senior Communities, Series 2010 B, 5.100% 02/01/19		1,000,000		1,055,350
Nevada Methodist Homes, Series 2006, Insured: CMI 5.000% 07/01/26		1,000,000		1,014,390
Continuing Care Retirement Total				3,648,085

	Par ($)		Value ($)
Hospitals – 6.4%
CA Health Facilities Financing Authority
Catholic Healthcare West: Series 2009 A, 6.000% 07/01/29		1,250,000		1,396,775
Series 2009 E, 5.625% 07/01/25		1,500,000		1,647,030
Children's Hospital Orange County, Series 2009 A, 6.000% 11/01/21		2,000,000		2,213,760
CA Loma Linda
Loma Linda University Medical Center, Series 2005, 5.000% 12/01/18		1,000,000		1,018,060
CA Municipal Finance Authority
Community Hospitals of Central California, Series 2013, 5.000% 02/01/13		1,150,000		1,208,121
CA Rancho Mirage Joint Powers Financing Authority
Eisenhower Medical Center, Series 1997 B, Insured: NPFGC 4.875% 07/01/22		1,500,000		1,535,850
CA Statewide Communities Development Authority
Adventist Health System West, Series 2005 A, 5.000% 03/01/17		1,000,000		1,063,430
John Muir Health, Series 2006 A, 5.000% 08/15/17		3,000,000		3,246,930
Kaiser Permanente, Series 2009 A, 5.000% 04/01/19		2,000,000		2,252,660
Hospitals Total				15,582,616
Health Care Total				19,230,701
Housing – 0.4%
Single-Family – 0.4%
CA Department of Veteran Affairs
Series 2006, 4.500% 12/01/23		1,000,000		1,002,810
Single-Family Total				1,002,810
Housing Total				1,002,810
Industrials – 1.9%
Oil & Gas – 1.9%
CA M-S-R Energy Authority
Series 2009, 6.125% 11/01/29		2,000,000		2,193,960

See Accompanying Notes to Financial Statements.

30

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Pollution Control Financing Authority
BP West Coast Products, LLC, Series 2009, 2.600% 12/01/46 (09/02/14) (a)(b)		2,000,000		2,010,020
CA Roseville Natural Gas Financing Authority
Series 2007, 5.000% 02/15/11		500,000		506,320
Oil & Gas Total				4,710,300
Industrials Total				4,710,300
Other – 3.4%
Other – 1.5%
CA Infrastructure & Economic Development Bank
California Science Center, Series 2006 B, Insured: FGIC: 5.000% 05/01/22		1,360,000		1,383,120
5.000% 05/01/23		1,240,000		1,254,818
CA Statewide Communities Development Authority
The California Endowment, Series 2003, 5.000% 07/01/13		1,000,000		1,112,370
Other Total				3,750,308
Refunded/Escrowed (c) – 0.9%
CA Department of Water Resources
Series 2003 Y, Escrowed to Maturity, Insured: FGIC 5.000% 12/01/10		15,000		15,121
CA Lucia Mar Unified School District
Series 2004 A, Pre-refunded 08/01/14, Insured: FGIC 5.250% 08/01/20		1,230,000		1,433,823
CA Orange County Water District
Series 2003 B, Pre-refunded 08/15/13, Insured: NPFGC 5.375% 08/15/17		650,000		738,231
Refunded/Escrowed Total				2,187,175
Tobacco – 1.0%
CA California County Tobacco Securitization Agency
Series 2006, (d) 06/01/21 (5.250% 12/01/10)		1,000,000		949,810

	Par ($)		Value ($)
CA Golden State Tobacco Securitization Corp.
Series 2005 A, Insured: AMBAC 5.000% 06/01/14		1,250,000		1,357,087
Tobacco Total				2,306,897
Other Total				8,244,380
Resource Recovery – 1.6%
Resource Recovery – 1.6%
CA Los Angeles Sanitation Equipment
Series 2005, Insured: FGIC 5.000% 02/01/13		1,000,000		1,096,340
CA Los Angeles Solid Waste
Series 2009 A, 4.000% 02/01/17		2,445,000		2,729,354
Resource Recovery Total				3,825,694
Resource Recovery Total				3,825,694
Tax-Backed – 39.2%
Local Appropriated – 9.7%
CA Anaheim Public Financing Authority
Series 1997 C, Insured: AGMC 6.000% 09/01/11		1,000,000		1,046,300
CA City & County of San Francisco
Series 2009 B, 5.000% 04/01/24		1,495,000		1,655,219
CA County of Monterey
Series 2009, Insured: AGMC 5.000% 08/01/17		1,000,000		1,150,610
CA County of San Diego
Certificates of Participation, Series 2001, Insured: AMBAC 5.000% 11/01/11		1,000,000		1,044,720
CA Golden Empire Schools Financing Authority
Series 2010, 4.000% 05/01/12		2,500,000		2,607,475
CA Kings River Conservation District
Series 2004, 5.000% 05/01/14		3,135,000		3,425,834
CA Los Angeles Community Redevelopment Agency
Series 2005, Insured: AMBAC 5.000% 09/01/15		1,095,000		1,203,755

See Accompanying Notes to Financial Statements.

31

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Los Angeles County Capital Asset Leasing Corp.
Series 2002 B, Insured: AMBAC 6.000% 12/01/12		1,000,000		1,060,510
CA Los Angeles Municipal Improvement Corp.
Series 2002 G, Insured: NPFGC 5.250% 09/01/13		1,500,000		1,672,845
CA Oakland Joint Powers Financing Authority
Series 2008 B, Insured: AGO 5.000% 08/01/22		2,000,000		2,173,240
CA Pico Rivera Public Financing Authority
Series 2009, 5.250% 09/01/26		1,085,000		1,177,388
CA Richmond Joint Powers Financing Authority
Series 2009, Insured: AGO 5.000% 08/01/17		1,570,000		1,755,307
CA Sacramento City Financing Authority
Series 2006, Insured: AMBAC 5.250% 12/01/22		1,000,000		1,093,690
CA San Mateo County Joint Powers Financing Authority
Series 2008 A, 5.000% 07/15/20		435,000		493,638
CA Santa Clara County Financing Authority
Series 2010 N, 5.000% 05/15/17		1,000,000		1,163,540
CA Vista
Series 2007, Insured: NPFGC 4.750% 05/01/21		750,000		781,823
Local Appropriated Total				23,505,894
Local General Obligations – 10.2%
CA Culver City School Facilities Financing Authority
Series 2005, Insured: AGMC 5.500% 08/01/23		1,490,000		1,840,031
CA East Bay Municipal Utility District
Series 2003 F, Insured: AMBAC 5.000% 04/01/15		1,000,000		1,094,450
CA East Side Union High School District
Series 2006, Insured: AGMC 5.250% 09/01/20		1,280,000		1,504,691

	Par ($)		Value ($)
CA Foothill-De Anza Community College District
Series 2002, Insured: FGIC 5.000% 08/01/14		975,000		1,043,416
Series 2005, Insured: FGIC 5.250% 08/01/18		1,000,000		1,210,080
CA Long Beach Unified School District
Series 2009 A, 5.250% 08/01/21		1,750,000		2,069,217
CA Los Angeles Unified School District
Series 2006 G, Insured: AMBAC 5.000% 07/01/20		1,000,000		1,110,490
CA Los Angeles
Series 2004 A, Insured: NPFGC 4.000% 09/01/13		1,000,000		1,089,730
CA Pasadena Area Community College District
Series 2006 C, Insured: AMBAC (e) 08/01/11		2,000,000		1,990,880
CA Rancho Santiago Community College District
Series 2005, Insured: AGMC 5.250% 09/01/19		1,000,000		1,215,590
CA Rescue Unified School District
Series 2005, Insured: NPFGC (e) 09/01/26		1,100,000		461,153
CA San Mateo County Community College District
Series 2006 A, Insured: NPFGC (e) 09/01/15		1,000,000		886,800
CA San Mateo Foster City School Facilities Financing Authority
Series 2005, Insured: AGMC: 4.000% 08/15/12		1,000,000		1,063,390
5.500% 08/15/19		2,000,000		2,479,520
CA San Ramon Valley Unified School District
Series 2004, Insured: AGMC 5.250% 08/01/16		1,800,000		2,046,348
CA Saugus Union School District
Series 2006, Insured: NPFGC 5.250% 08/01/21		1,000,000		1,203,200

See Accompanying Notes to Financial Statements.

32

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Simi Valley School Financing Authority
Series 2007, Insured: AGMC 5.000% 08/01/18		1,045,000		1,237,165
CA South San Francisco School District
Series 2006, Insured: NPFGC 5.250% 09/15/20		1,000,000		1,211,910
Local General Obligations Total				24,758,061
Special Non-Property Tax – 3.3%
CA Economic Recovery
Series 2004 A, Insured: FGIC 5.250% 07/01/14		1,000,000		1,143,410
Series 2009 A, 5.000% 07/01/18		3,000,000		3,552,180
CA Napa County Flood Protection & Watershed Improvement Authority
Series 2005, Insured: AMBAC 4.500% 06/15/12		1,000,000		1,061,130
CA Orange County Local Transportation Authority
Series 1992, Insured: AMBAC 6.200% 02/14/11		560,000		567,151
VI Virgin Islands Public Finance Authority
Series 2010 A, 5.000% 10/01/20		1,490,000		1,630,746
Special Non-Property Tax Total				7,954,617
Special Property Tax – 3.5%
CA Culver City Redevelopment Finance Authority
Series 1993, Insured: AMBAC 5.500% 11/01/14		1,730,000		1,785,360
CA Indian Wells Redevelopment Agency
Series 2003 A, Insured: AMBAC 5.000% 09/01/14		450,000		479,682
CA Long Beach Bond Finance Authority
Series 2002 B, Insured: AMBAC 5.500% 11/01/19		1,070,000		1,191,916
CA Oakland Redevelopment Agency
Series 1992, Insured: AMBAC 5.500% 02/01/14		2,520,000		2,565,587
CA Redwood City Redevelopment Agency
Series 2003 A, Insured: AMBAC 5.250% 07/15/13		1,000,000		1,077,290

	Par ($)		Value ($)
CA San Francisco City & County Redevelopment Agency
Series 2009, 5.000% 08/01/18		1,255,000		1,360,595
Special Property Tax Total				8,460,430
State Appropriated – 6.7%
CA Bay Area Infrastructure Financing Authority
Series 2006: Insured: FGIC 5.000% 08/01/17		2,000,000		2,116,080
Insured: SYNC 5.000% 08/01/17		2,000,000		2,107,780
CA Public Works Board
Series 2005 A, 5.000% 06/01/15		1,200,000		1,315,968
Series 2006 A, 5.000% 04/01/28		1,000,000		1,011,020
Series 2009, 5.000% 11/01/17		2,000,000		2,218,280
Series 2010 A-1, 5.250% 03/01/22		2,000,000		2,141,020
CA San Francisco Building Authority
Series 2005 A, 5.000% 12/01/12		3,000,000		3,189,480
CA Statewide Communities Development Authority
Series 2009, 5.000% 06/15/13		2,000,000		2,191,380
State Appropriated Total				16,291,008
State General Obligations – 5.8%
CA State
Series 2005, 5.000% 06/01/11		2,000,000		2,058,720
Series 2007: 4.500% 08/01/26		1,000,000		1,005,420
5.000% 08/01/18		3,750,000		4,220,700
Series 2009: 5.250% 10/01/29		1,500,000		1,591,650
5.625% 04/01/26		2,000,000		2,221,640
PR Commonwealth of Puerto Rico Public Buildings Authority
Series 2004 J, Insured: AMBAC 5.000% 07/01/36 (07/01/12) (a)(b)		1,255,000		1,301,410
Series 2007 A, Insured: FGIC 5.500% 07/01/21		1,500,000		1,644,765
State General Obligations Total				14,044,305
Tax-Backed Total				95,014,315

See Accompanying Notes to Financial Statements.

33

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Transportation – 6.9%
Airports – 5.5%
CA County of Orange
Series 2009 A, 5.250% 07/01/25		1,500,000		1,660,575
CA Los Angeles Department of Airports
Series 2009 A, 5.250% 05/15/22		1,855,000		2,157,495
CA Sacramento County Airport Systems
Series 2008 A, Insured: AGMC 5.000% 07/01/23		1,000,000		1,107,110
CA San Francisco City & County Airports Commission
Series 2003 B, Insured: FGIC 5.250% 05/01/13		2,000,000		2,220,260
Series 2008 34-D, Insured: AGO 5.000% 05/01/18		500,000		587,010
Series 2009 C, Insured: AGMC 5.000% 05/01/18		1,825,000		2,142,586
Series 2010 D, Insured: AGMC 5.000% 05/01/23		2,000,000		2,282,180
CA San Jose Airport
Series 2007, Insured: AMBAC 5.000% 03/01/22		1,000,000		1,067,760
Airports Total				13,224,976
Ports – 1.0%
CA Los Angeles Harbor Department
Series 2009 A, 5.250% 08/01/23		2,000,000		2,318,480
Ports Total				2,318,480
Transportation – 0.4%
CA Department of Transportation
Series 2004 A, Insured: FGIC 4.500% 02/01/13		1,000,000		1,081,960
Transportation Total				1,081,960
Transportation Total				16,625,416

	Par ($)		Value ($)
Utilities – 27.0%
Independent Power Producers – 1.4%
CA Sacramento Power Authority
Series 2005, Insured: AMBAC 5.250% 07/01/15		3,000,000		3,296,070
Independent Power Producers Total				3,296,070
Investor Owned – 0.7%
CA Statewide Communities Development Authority
Series 2010, 4.500% 09/01/29		1,575,000		1,584,986
Investor Owned Total				1,584,986
Joint Power Authority – 8.8%
CA Infrastructure & Economic Development Bank
California Independent System Operator Corp., Series 2009 A, 5.250% 02/01/22		1,900,000		2,021,980
CA M-S-R Public Power Agency
Series 2008 L, Insured: AGMC 5.000% 07/01/21		3,500,000		3,957,590
CA Northern California Power Agency
Series 2008 1C, Insured: AGO 5.000% 07/01/22		3,000,000		3,342,960
CA Northern California Transmission Agency
Series 2009 A, 5.000% 05/01/21		2,500,000		2,783,800
CA Southern California Public Power Authority
Series 1989, 6.750% 07/01/13		3,000,000		3,445,920
Series 2005 A, Insured: AGMC 5.000% 01/01/18		2,000,000		2,221,800
Series 2008 A, 5.000% 07/01/22		2,000,000		2,279,960
Series 2008 B, 6.000% 07/01/27		1,000,000		1,172,110
Joint Power Authority Total				21,226,120
Municipal Electric – 9.8%
CA Anaheim Public Financing Authority
Series 1999, Insured: AMBAC 5.000% 10/01/13		1,500,000		1,646,940
CA Department of Water Resources
Series 2002 A, 6.000% 05/01/13		2,375,000		2,595,091

See Accompanying Notes to Financial Statements.

34

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2002 G 11, 5.000% 05/01/18		2,000,000		2,366,420
CA Imperial Irrigation District
Series 2008, 5.250% 11/01/21		2,500,000		2,879,825
CA Los Angeles Department of Water & Power
Series 2007 A Sub-Series A-1, Insured: AMBAC 5.000% 07/01/19		1,000,000		1,143,720
Series 2009, 5.250% 07/01/23		2,000,000		2,383,080
CA Modesto Irrigation District
Series 2001 A, Insured: AGMC 5.250% 07/01/18		1,185,000		1,238,254
CA Riverside
Series 2008 D, Insured: AGMC 5.000% 10/01/23		1,000,000		1,107,810
CA Sacramento Municipal Utility District
Series 2006, Insured: NPFGC 5.000% 07/01/15		1,000,000		1,116,090
Series 2008 U, Insured: AGMC 5.000% 08/15/21		2,500,000		2,867,750
CA Tuolumne Wind Project Authority
Series 2009 A, 5.000% 01/01/22		1,000,000		1,102,890
CA Walnut Energy Center Authority
Series 2004 A, Insured: AMBAC 5.000% 01/01/16		2,055,000		2,281,769
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2010, 5.000% 07/01/17		1,000,000		1,123,990
Municipal Electric Total				23,853,629
Water & Sewer – 6.3%
CA Clovis Public Financing Authority
Series 2007, Insured: AMBAC 5.000% 08/01/21		1,000,000		1,087,600
CA Fresno
Series 2008 A, Insured: AGO 5.000% 09/01/23		1,000,000		1,122,560

	Par ($)		Value ($)
CA Kern County Water Agency Improvement District No. 004
Series 2008 A, Insured: AGO 5.000% 05/01/22		2,020,000		2,233,615
CA Los Angeles Waste Water System Authority
Series 2009 A, 5.750% 06/01/25		2,000,000		2,371,700
CA Sacramento County Sanitation District
Series 2006, Insured: FGIC 5.000% 12/01/17		1,000,000		1,165,960
CA Sacramento County Water Financing Authority
Series 2007 A, Insured: FGIC 5.000% 06/01/18		2,000,000		2,250,240
CA San Diego Public Facilities Financing Authority
Series 2009 B, 5.250% 05/15/25		1,500,000		1,719,150
Series 2010, 5.000% 08/01/24		2,000,000		2,300,200
CA San Francisco City & County Public Utilities Commission
Series 2003 A, Insured: NPFGC 5.000% 10/01/13		1,000,000		1,097,580
Water & Sewer Total				15,348,605
Utilities Total				65,309,410
Total Municipal Bonds (Cost of $214,953,270)				229,558,150
Municipal Preferred Stock – 0.7%
	Shares
Housing – 0.7%
Multi-Family – 0.7%
Munimae Tax-Exempt Bond Subsidiary LLC
Series 2004 A-2, 4.900% 06/30/49 (09/30/14) (a)(b)(f)		2,000,000		1,640,000
Multi-Family Total				1,640,000
Housing Total				1,640,000
Total Municipal Preferred Stock (Cost of $2,000,000)				1,640,000

See Accompanying Notes to Financial Statements.

35

Columbia California Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Investment Company – 4.3%
	Shares		Value ($)
BofA California Tax-Exempt Reserves, Capital Class (7 day yield of 0.150%) (g)		10,539,909		10,539,909
Total Investment Company (cost of $10,539,909)				10,539,909
Total Investments – 99.7% (cost of $227,493,179) (h)				241,738,059
Other Assets & Liabilities, Net – 0.3%				686,462
Net Assets – 100.0%				242,424,521

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

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

(d)  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.

(e)  Zero coupon bond.

(f)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, this security, which is not illiquid, amounted to $1,640,000, which represents 0.7% of net assets.

(g)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA California Tax-Exempt Reserves, Capital Class (7 day yield of 0.150%)	$	8,127,933	$	8,049,631	$	11,430,000	$	368	$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(h)  Cost for federal income tax purposes is $227,493,179.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	229,558,150	$	—	$	229,558,150
Total Municipal Preferred Stock		—		1,640,000		—		1,640,000
Total Investment Company		10,539,909		—		—		10,539,909
Total Investments	$	10,539,909	$	231,198,150	$	—	$	241,738,059

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its reference to prices and information from market transactions for similar or identical assets.

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		39.2
Utilities		27.0
Health Care		7.9
Transportation		6.9
Education		6.4
Other		3.4
Industrials		1.9
Resource Recovery		1.6
Housing		1.1
		95.4
Investment Company		4.3
Other Assets & Liabilities, Net		0.3
		100.0

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
CMI	California Mortgage Insurance
FGIC	Financial Guaranty Insurance Co.
NPFGC	National Public Finance Guarantee Corp.
SYNC	Syncora Guarantee, Inc.

See Accompanying Notes to Financial Statements.

36

Investment Portfolio – Columbia Georgia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 98.8%
	Par ($)		Value ($)
Education – 11.2%
Education – 11.2%
GA Athens Housing Authority
University of Georgia - East Campus Housing, Series 2010, 4.000% 12/01/16		2,575,000		2,891,210
GA Bleckley & Dodge County Development Authority
Middle Georgia College, Series 2008, 5.000% 07/01/21		1,260,000		1,360,636
GA Bulloch County Development Authority
Georgia Southern University Student Housing, Series 2008, Insured: AGO 5.250% 07/01/20		1,000,000		1,174,200
GA Cobb County Development Authority
Kennesaw State University Foundation, Series 2004, Insured: NPFGC 5.000% 07/15/19		1,870,000		2,076,710
GA DeKalb Newton & Gwinnett Counties Joint Development Authority
GGC Foundation LLC, Series 2009, 5.500% 07/01/24		2,500,000		2,892,375
GA Private Colleges & Universities Authority
Spelman College, Series 2003, 5.250% 06/01/19		2,250,000		2,448,720
GA South Regional Joint Development Authority
Valdosta State University Auxiliary Services, Series 2008, Insured: AGO 5.000% 08/01/23		1,125,000		1,243,541
Education Total				14,087,392
Education Total				14,087,392
Health Care – 12.1%
Hospitals – 12.1%
GA Chatham County Hospital Authority
Memorial Health University Medical Center: Series 2001 A, 6.125% 01/01/24		2,500,000		2,531,925
Series 2004 A, 5.375% 01/01/26		1,000,000		988,140
GA Cobb County Kennestone Hospital Authority
Wellstar Health System, Series 2005 B, 4.000% 04/01/16		1,110,000		1,193,628

	Par ($)		Value ($)
GA DeKalb Private Hospital Authority
Children's Healthcare Atlanta, Inc., Series 2009, 5.000% 11/15/17		320,000		364,512
GA Fayette County Hospital Authority
Series 2009 A, 5.250% 06/15/23		2,000,000		2,199,180
GA Floyd County Hospital Authority
Floyd Healthcare Management, Series 2002, Insured: NPFGC: 5.500% 07/01/14		765,000		824,617
5.500% 07/01/18		1,290,000		1,361,853
GA Gwinnett County Hospital Authority
Gwinnett Hospital System, Series 2007 A, Insured: AGMC 5.000% 07/01/23		2,000,000		2,156,320
GA Macon-Bibb County Hospital Authority
Medical Center of Central Georgia, Series 2009, 5.000% 08/01/23		1,030,000		1,114,748
GA Savannah Hospital Authority
St. Joseph's Candler Health Systems, Series 1998 A, Insured: AGMC: 5.250% 07/01/11		1,225,000		1,234,665
5.250% 07/01/12		1,310,000		1,319,864
Hospitals Total				15,289,452
Health Care Total				15,289,452
Housing – 7.4%
Multi-Family – 7.4%
GA Clayton County Housing Authority
GCC Ventures LLC, Series 2001, LIQ FAC: FNMA 4.350% 12/01/31 (12/01/11) (a)(b)		3,430,000		3,517,122
GA Cobb County Development Authority
Kennesaw State University Foundation: Series 2004 A, Insured: NPFGC 5.250% 07/15/19		2,000,000		2,239,260
Series 2007 A, Insured: AMBAC 5.250% 07/15/27		3,000,000		3,033,900

See Accompanying Notes to Financial Statements.

37

Columbia Georgia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
GA Lawrenceville Housing Authority
Knollwood Park LP, Series 1997, AMT, Guarantor: FNMA 6.250% 12/01/29 (06/01/15) (a)(b)		475,000		505,476
Multi-Family Total				9,295,758
Housing Total				9,295,758
Industrials – 1.1%
Forest Products & Paper – 0.8%
GA Richmond County Development Authority
International Paper Co., Series 2001 A, 5.150% 03/01/15		1,000,000		1,040,620
Forest Products & Paper Total				1,040,620
Oil & Gas – 0.3%
GA Main Street Natural Gas, Inc.
Series 2007 A, 5.250% 09/15/19		295,000		312,095
Oil & Gas Total				312,095
Industrials Total				1,352,715
Other – 5.1%
Refunded/Escrowed (c) – 5.1%
GA Athens Housing Authority
University of Georgia - East Campus Housing: Series 2002, Pre-refunded 12/01/2012, Insured: AMBAC 5.250% 12/01/19		1,150,000		1,259,986
Series 2010, Escrowed to Maturity, 4.000% 12/01/16		295,000		333,300
GA Gwinnett County School District
Series 2008: Escrowed to Maturity, 5.000% 02/01/17		1,000,000		1,199,870
Pre-refunded 02/01/2018, 5.000% 02/01/22		1,000,000		1,208,200
GA State
Series 2007 G, Pre-refunded 12/01/17, 5.000% 12/01/20		2,000,000		2,450,020
Refunded/Escrowed Total				6,451,376
Other Total				6,451,376

	Par ($)		Value ($)
Tax-Backed – 33.1%
Local Appropriated – 2.1%
GA Atlanta Public Safety & Judicial Facilities Authority
Series 2006, Insured: AGMC 5.000% 12/01/17		1,310,000		1,523,203
GA Fulton County Facilities Corp.
Series 2009, 5.000% 11/01/17		1,000,000		1,150,400
Local Appropriated Total				2,673,603
Local General Obligations – 20.0%
GA Atlanta Solid Waste Management Authority
Series 2008, Insured: AGMC 5.000% 12/01/17		795,000		943,784
GA Augusta Richmond County
Series 2009, 4.000% 10/01/15		2,310,000		2,589,695
GA Barrow County School District
Series 2006, 5.000% 02/01/14		1,000,000		1,137,310
GA Chatham County School District
Series 2002, Insured: AGMC 5.250% 08/01/14		1,000,000		1,163,030
Series 2004, Insured: AGMC 5.250% 08/01/19		2,000,000		2,479,740
GA College Park Business & Industrial Development Authority
Series 2005, Insured: AMBAC 5.250% 09/01/19		3,230,000		3,622,703
GA County of Cherokee
Series 2009, 5.000% 08/01/22		2,000,000		2,352,680
GA Douglas County School District
Series 2007, Insured: AGMC: 5.000% 04/01/21		2,000,000		2,287,400
5.000% 04/01/23		1,500,000		1,694,940
GA Fulton County School District
Series 1998, 5.375% 01/01/17		1,390,000		1,681,664
GA Gwinnett County School District
Series 2010: 4.000% 02/01/18		2,000,000		2,280,120
5.000% 02/01/24		1,500,000		1,859,235

See Accompanying Notes to Financial Statements.

38

Columbia Georgia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
GA Lowndes County
Series 2008, Insured: AGMC 5.000% 04/01/14		1,000,000		1,141,620
Local General Obligations Total				25,233,921
Special Non-Property Tax – 4.2%
GA Cobb-Marietta County Coliseum & Exhibit Hall Authority
Series 2005, Insured: NPFGC 5.250% 10/01/19		2,430,000		2,885,333
GA Metropolitan Atlanta Rapid Transit Authority
Series 1992 N, Insured: NPFGC 6.250% 07/01/18		2,000,000		2,356,900
Special Non-Property Tax Total				5,242,233
Special Property Tax – 1.3%
GA Atlanta Tax Allocation
Atlantic Station Project, Series 2007, Insured: AGO 5.250% 12/01/20		1,545,000		1,656,997
Special Property Tax Total				1,656,997
State General Obligations – 5.5%
GA Georgia State
Series 2009 G, 5.000% 11/01/16		1,000,000		1,200,840
Series 2009, 5.000% 05/01/23		3,000,000		3,534,870
PR Commonwealth of Puerto Rico Public Buildings Authority
Series 2007, 6.250% 07/01/23		1,825,000		2,120,614
State General Obligations Total				6,856,324
Tax-Backed Total				41,663,078
Transportation – 4.1%
Toll Facilities – 4.1%
GA State Road & Tollway Authority
Series 2006, Insured: NPFGC 5.000% 06/01/16		3,405,000		4,029,000
Series 2009 A, 5.000% 06/01/21		1,000,000		1,174,570
Toll Facilities Total				5,203,570
Transportation Total				5,203,570

	Par ($)		Value ($)
Utilities – 24.7%
Investor Owned – 0.8%
GA Appling County Development Authority
Georgia Power Co., Series 2006, Insured: AMBAC 4.400% 07/01/16		1,000,000		1,026,490
Investor Owned Total				1,026,490
Joint Power Authority – 5.8%
GA Monroe County Development Authority
Oglethorpe Power Corp., Series 1992, 6.800% 01/01/12		1,000,000		1,060,570
GA Municipal Electric Authority
Power Revenue Bonds, Series 1992 B, Insured: NPFGC 6.375% 01/01/16		2,000,000		2,291,420
Series 1998 A, Insured: NPFGC 5.250% 01/01/13		1,000,000		1,091,840
Series 2008 A, 5.250% 01/01/21		1,395,000		1,635,219
Series 2008 D, 6.000% 01/01/23		1,000,000		1,169,140
Joint Power Authority Total				7,248,189
Municipal Electric – 1.8%
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2002 JJ, Insured: SYNC 5.375% 07/01/16		1,405,000		1,608,781
PR Electric Power Authority
Series 2007 TT, 5.000% 07/01/20		655,000		709,909
Municipal Electric Total				2,318,690
Water & Sewer – 16.3%
GA Atlanta Water & Wastewater
Series 2009 B, Insured: AGMC 5.000% 11/01/17		2,000,000		2,277,260
GA Augusta Water & Sewer
Series 2007, Insured: AGMC: 5.000% 10/01/21		1,000,000		1,145,530
5.000% 10/01/22		2,000,000		2,273,020
GA Dekalb County Water & Sewer
Series 2006 B, 5.250% 10/01/21		2,000,000		2,491,740

See Accompanying Notes to Financial Statements.

39

Columbia Georgia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
GA Gainesville Water & Sewer
Series 2006, Insured: AGMC 5.000% 11/15/16		1,000,000		1,157,620
GA Griffin Combined Public Utility Improvement
Series 2002, Insured: AMBAC 5.125% 01/01/19		2,585,000		2,812,041
GA Gwinnett County Water & Sewerage Authority
Series 2009 A, 4.000% 08/01/17		2,000,000		2,287,740
GA Jackson County Water & Sewer
Series 2006 A, Insured: SYNC 5.000% 09/01/16		1,030,000		1,116,324
GA Upper Oconee Basin Water Authority
Series 2005, Insured: NPFGC: 5.000% 07/01/17		1,140,000		1,326,812
5.000% 07/01/22		1,855,000		2,058,735
GA Walton County Water & Sewer Authority
Walton Hard Labor Creek Reservoir Project, Series 2008, Insured: AGMC 5.000% 02/01/25		1,495,000		1,650,106
Water & Sewer Total				20,596,928
Utilities Total				31,190,297
Total Municipal Bonds (cost of $116,500,167)				124,533,638
Investment Companies – 1.2%
	Shares
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (d)		723,196		723,196
Dreyfus Tax-Exempt Cash Management Fund (7 day yield of 0.110%)		810,917		810,917
Total Investment Companies (cost of $1,534,113)				1,534,113
Total Investments – 100.0% (cost of $118,034,280) (e)				126,067,751
Other Assets & Liabilities, Net – 0.0%				42,495
Net Assets – 100.0%				126,110,246

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

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

(d)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	631,338	$	2,237,118	$	2,018,456	$	111	$	—

As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(e)  Cost for federal income tax purposes is $118,034,280.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	124,533,638	$	—	$	124,533,638
Total Investment Companies		1,534,113		—		—		1,534,113
Total Investments	$	1,534,113	$	124,533,638	$	—	$	126,067,751

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its correlation to prices and information from market transactions for similar or identical assets.

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax Backed		33.1
Utilities		24.7
Health Care		12.1
Education		11.2
Housing		7.4
Other		5.1
Transportation		4.1
Industrials		1.1
		98.8
Investment Companies		1.2
Other Assets & Liabilities, Net		0.0	*
		100.0

*  Rounds to less than 0.01%

See Accompanying Notes to Financial Statements.

40

Columbia Georgia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FNMA	Federal National Mortgage Association
LIQ FAC	Liquidity Facility
NPFGC	National Public Finance Guarantee Corp.
SYNC	Syncora Guarantee, Inc.

See Accompanying Notes to Financial Statements.

41

Investment Portfolio – Columbia Maryland Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 98.4%
	Par ($)		Value ($)
Education – 10.1%
Education – 10.1%
MD Health & Higher Educational Facilities Authority
College of Notre Dame, Series 1998, Insured: NPFGC 4.600% 10/01/14		510,000		573,250
Johns Hopkins University, Series 2008, 5.000% 07/01/18		1,750,000		2,112,688
MD Industrial Development Financing Authority
American Center for Physics, Series 2001, GTY AGMT: American Institute of Physics 5.250% 12/15/15		1,000,000		1,053,890
MD University System of Maryland
Series 2006, 5.000% 10/01/15		3,545,000		4,178,314
Series 2009 D: 4.000% 04/01/21		1,980,000		2,191,048
4.000% 04/01/22		2,060,000		2,253,723
Series 2009, 4.000% 10/01/18		3,000,000		3,407,220
MD Westminster Educational Facilities
McDaniel College, Inc., Series 2006, 5.000% 11/01/17		500,000		551,435
Education Total				16,321,568
Education Total				16,321,568
Health Care – 11.3%
Continuing Care Retirement – 3.8%
MD Baltimore County
Oak Crest Village, Inc., Series 2007 A: 5.000% 01/01/22		1,045,000		1,080,614
5.000% 01/01/27		2,000,000		2,008,380
MD Gaithersburg
Series 2009, 6.000% 01/01/23		1,250,000		1,348,300
MD Health & Higher Educational Facilities Authority
King Farm Presbyterian Community, Series 2007 A, 5.250% 01/01/27		2,000,000		1,675,300
Continuing Care Retirement Total				6,112,594

	Par ($)		Value ($)
Hospitals – 7.5%
MD Baltimore County
Catholic Health Initiatives, Series 2006 A: 5.000% 09/01/16		1,000,000		1,158,990
5.000% 09/01/26		1,500,000		1,623,480
MD Health & Higher Educational Facilities Authority
Carroll Hospital Center, Inc., Series 2006, 4.500% 07/01/26		1,000,000		1,005,230
Johns Hopkins Hospital, Series 2008, 5.000% 05/15/48 (05/15/15) (a)(b)		2,000,000		2,252,060
Peninsula Regional Medical Center, Series 2006, 5.000% 07/01/26		2,000,000		2,077,780
University of Maryland Medical System, Series 2010, 5.000% 07/01/20		1,000,000		1,097,960
Western Maryland Health System, Series 2006 A, Insured: NPFGC: 5.000% 07/01/13		1,280,000		1,390,387
5.000% 01/01/20		1,450,000		1,558,460
Hospitals Total				12,164,347
Health Care Total				18,276,941
Housing – 7.9%
Multi-Family – 5.5%
MD Economic Development Corp.
Collegiate Housing Foundation, Series 1999 A: 5.700% 06/01/12		685,000		693,145
6.000% 06/01/19		815,000		830,852
6.000% 06/01/30		1,850,000		1,885,057
Towson University Project, Series 2007 A, 5.250% 07/01/24		1,185,000		1,203,059
University of Maryland - Baltimore Project, Series 2006, Insured: SYNC 5.000% 07/01/20		600,000		595,848
University of Maryland - College Park Project, Series 2006, Insured: CIFG: 5.000% 06/01/17		1,000,000		1,068,000
5.000% 06/01/19		1,000,000		1,049,710

See Accompanying Notes to Financial Statements.

42

Columbia Maryland Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
MD Montgomery County Housing Opportunities Commission
Series 2000 A, 6.100% 07/01/30		1,500,000		1,501,830
Multi-Family Total				8,827,501
Single-Family – 2.4%
MD Community Development Administration Department of Housing & Community Development
Series 1999 D, AMT, 5.375% 09/01/24		2,410,000		2,419,881
Series 2003, Insured: AGMC 4.400% 07/01/21		1,500,000		1,538,235
Single-Family Total				3,958,116
Housing Total				12,785,617
Other – 6.5%
Other – 3.4%
MD County of Montgomery
Series 2009 A, 5.000% 04/01/22		2,055,000		2,379,484
MD Transportation Authority
Baltimore/Washington International Airport Parking Project, Series 2002 A, Insured: AMBAC 4.500% 03/01/15		3,000,000		3,147,180
Other Total				5,526,664
Pool/Bond Bank – 0.7%
MD Water Quality Financing Administration Revolving Loan Fund
Series 2008 A, 5.000% 03/01/23		1,000,000		1,156,160
Pool/Bond Bank Total				1,156,160
Refunded/Escrowed (c) – 2.4%
MD Baltimore
Series 1994 A, Escrowed to Maturity, 5.000% 07/01/24		1,400,000		1,736,812
MD Transportation Authority
Series 1978, Escrowed to Maturity, 6.800% 07/01/16		430,000		504,816

	Par ($)		Value ($)
MS Hospital Facilities & Equipment Authority
Forrest County General Hospital, Series 2000, Pre-refunded 01/01/11, Insured: AGMC 5.500% 01/01/24		1,500,000		1,534,245
Refunded/Escrowed Total				3,775,873
Other Total				10,458,697
Other Revenue – 1.8%
Hotels – 1.2%
MD Baltimore
Baltimore Hotel Corp., Series 2006 A, Insured: SYNC 5.250% 09/01/17		1,835,000		1,911,391
Hotels Total				1,911,391
Other Industrial Development Bonds – 0.6%
MD Economic Development Corp.
CNX Marine Terminals, Inc, Series 2010, 5.750% 09/01/25		1,000,000		1,027,950
Other Industrial Development Bonds Total				1,027,950
Other Revenue Total				2,939,341
Tax-Backed – 46.2%
Local Appropriated – 1.5%
MD Baltimore
Series 2010, 5.000% 10/01/17		2,100,000		2,458,134
Local Appropriated Total				2,458,134
Local General Obligations – 23.0%
MD Anne Arundel County
Series 2006: 5.000% 03/01/15		2,000,000		2,335,640
5.000% 03/01/18		3,300,000		3,833,082
MD Baltimore County
Series 2006, 5.000% 09/01/15		1,120,000		1,323,235
Series 2008, 5.000% 02/01/18		1,000,000		1,210,410
MD Baltimore
Series 2008 A, Insured: AGMC 5.000% 10/15/22		2,000,000		2,318,120
MD Frederick County
Series 2005, 5.000% 08/01/14		3,000,000		3,460,890

See Accompanying Notes to Financial Statements.

43

Columbia Maryland Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2006: 5.250% 11/01/18		2,005,000		2,474,591
5.250% 11/01/21		2,500,000		3,145,450
MD Howard County
Series 2002 A, 5.250% 08/15/15		795,000		843,400
MD Laurel
Series 1996 A, Insured: FGIC 5.000% 10/01/11		1,530,000		1,535,539
MD Montgomery County
Series 2001, 5.250% 10/01/14		1,000,000		1,056,900
Series 2005 A, 5.000% 07/01/16		1,500,000		1,793,775
Series 2007 A, 5.000% 05/01/24		3,000,000		3,465,570
MD Prince Georges County
Series 1999, Insured: AGMC 5.000% 10/01/12		65,000		65,567
Series 2000, 5.125% 10/01/10		1,000,000		1,000,140
Series 2001, Insured: FGIC: 5.250% 12/01/11		4,825,000		5,107,262
5.250% 12/01/12		2,000,000		2,130,520
Local General Obligations Total				37,100,091
Special Non-Property Tax – 7.5%
MD Department of Transportation
Series 2002, 5.500% 02/01/14		5,000,000		5,768,650
Series 2008, 5.000% 02/15/22		3,125,000		3,605,781
Series 2009, 4.000% 06/15/21		1,495,000		1,656,266
VI Public Finance Authority
Series 2010 A, 5.000% 10/01/17		1,000,000		1,102,230
Special Non-Property Tax Total				12,132,927
Special Property Tax – 1.7%
MD Frederick County
Series 2010 A, 5.000% 07/01/25		2,500,000		2,712,725
Special Property Tax Total				2,712,725
State Appropriated – 2.6%
MD Economic Development Corp.
Series 2010, 4.500% 06/01/22		2,675,000		3,118,836

	Par ($)		Value ($)
MD Stadium Authority
Series 1995, 5.375% 12/15/13		500,000		501,920
NJ Transportation Trust Fund Authority
Series 2006 A, Insured: NPFGC 5.250% 12/15/19		500,000		586,175
State Appropriated Total				4,206,931
State General Obligations – 9.9%
MD State
Series 2002 A, 5.500% 03/01/13		2,245,000		2,511,369
Series 2003, 5.250% 03/01/17		4,000,000		4,864,400
Series 2009, 5.000% 03/01/21		2,000,000		2,384,160
PR Commonwealth of Puerto Rico Public Buildings Authority
Series 2003 H, Insured: AMBAC 5.500% 07/01/18		3,000,000		3,295,140
PR Commonwealth of Puerto Rico
Series 2002 A, Insured: FGIC 5.500% 07/01/17		2,520,000		2,803,802
State General Obligations Total				15,858,871
Tax-Backed Total				74,469,679
Transportation – 4.4%
Toll Facilities – 2.2%
MD State Transportation Authority
Series 2009, 5.000% 07/01/22		3,000,000		3,533,280
Toll Facilities Total				3,533,280
Transportation – 2.2%
DC Washington Metropolitan Area Transit Authority
Series 2009 A, 5.250% 07/01/23		3,000,000		3,478,530
Transportation Total				3,478,530
Transportation Total				7,011,810
Utilities – 10.2%
Investor Owned – 1.8%
MD Economic Development Corp.
Potomac Electric Power Co., Series 2009, 6.200% 09/01/22		2,500,000		2,952,475
Investor Owned Total				2,952,475

See Accompanying Notes to Financial Statements.

44

Columbia Maryland Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Municipal Electric – 1.4%
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2010, 5.250% 07/01/25		1,985,000		2,176,890
Municipal Electric Total				2,176,890
Water & Sewer – 7.0%
MD Baltimore
Series 2006 C, Insured: AMBAC 5.000% 07/01/18		1,125,000		1,283,850
Series 2007 DC, Insured: AMBAC 5.000% 07/01/19		1,250,000		1,461,975
Series 2008 A, 5.000% 07/01/21		1,250,000		1,452,700
MD Washington Suburban Sanitation District
Series 2009 A, 4.000% 06/01/18		1,750,000		2,000,618
Series 2009, 4.000% 06/01/21		2,000,000		2,230,000
MD Water Quality Financing Administration
Bay Restoration Fund, Series 2008, 5.000% 03/01/21		2,500,000		2,876,950
Water & Sewer Total				11,306,093
Utilities Total				16,435,458
Total Municipal Bonds (cost of $148,217,259)				158,699,111
Investment Companies – 1.2%
	Shares
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (d)		789,210		789,210
Dreyfus Tax Exempt Cash Management Fund (7 day yield of 0.110%)		1,216,040		1,216,040
Total Investment Companies (cost of $2,005,250)				2,005,250
Total Investments – 99.6% (cost of $150,222,509) (e)				160,704,361
Other Assets & Liabilities, Net – 0.4%				639,541
Net Assets – 100.0%				161,343,902

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

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

(d)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	2,037,000	$	4,021,188	$	4,886,000	$	114	$	—

As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(e)  Cost for federal income tax purposes is $150,222,509.

The following table summarizes the inputs used, as of September 30, 2010 in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	158,699,111	$	—	$	158,699,111
Total Investment Companies		2,005,250		—		—		2,005,250
Total Investments	$	2,005,250	$	158,699,111	$	—	$	160,704,361

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its correlation to prices and information from market transactions for similar or identical assets.

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax Backed		46.2
Health Care		11.3
Utilities		10.2
Education		10.1
Housing		7.9
Other		6.5
Transportation		4.4
Other Revenue		1.8
		98.4
Investment Companies		1.2
Other Assets & Liabilities, Net		0.4
		100.0

See Accompanying Notes to Financial Statements.

45

Columbia Maryland Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
CIFG	CIFG Assurance North America, Inc.
FGIC	Financial Guaranty Insurance Co.
GTY AGMT	Guaranty Agreement
NPFGC	National Public Finance Guarantee Corp.
SYNC	Syncora Guarantee, Inc.

See Accompanying Notes to Financial Statements.

46

Investment Portfolio – Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 95.5%
	Par ($)		Value ($)
Education – 7.0%
Education – 7.0%
NC Appalachian State University
Series 1998, Insured: NPFGC 5.000% 05/15/12		1,000,000		1,069,270
Series 2005, Insured: NPFGC 5.000% 07/15/21		1,485,000		1,605,404
NC Board of Governors of the University of North Carolina
Series 2008 A, Insured: AGO 5.000% 10/01/22		2,000,000		2,269,760
Series 2009 B, 4.250% 10/01/17		1,000,000		1,127,180
Series 2009 C, 4.500% 10/01/17		1,525,000		1,704,752
Series 2010 B2, 5.000% 04/01/15		1,000,000		1,144,150
Series 2010 C, Insured: AGO 5.000% 10/01/16		3,000,000		3,537,360
NC Capital Facilities Finance Agency
Johnson & Wales University, Series 2003 A, Insured: SYNC 5.250% 04/01/21		1,000,000		1,032,440
Meredith College, Series 2008, 6.000% 06/01/31		1,000,000		1,042,280
Wake Forest University, Series 2009, 5.000% 01/01/26		1,000,000		1,125,740
Education Total				15,658,336
Education Total				15,658,336
Health Care – 10.6%
Continuing Care Retirement – 0.5%
NC Medical Care Commission
Givens Estate, Inc., Series 2007, 5.000% 07/01/16		1,000,000		1,065,150
Continuing Care Retirement Total				1,065,150
Hospitals – 10.1%
AZ University Medical Center Corp.
Series 2004, 5.250% 07/01/13		750,000		802,643

	Par ($)		Value ($)
NC Albemarle Hospital Authority
Series 2007: 5.250% 10/01/21		2,000,000		1,917,780
5.250% 10/01/27		1,000,000		886,660
NC Charlotte Mecklenburg Hospital Authority
Carolinas Healthcare Foundation: Series 2007 A, Insured: AGMC 5.000% 01/15/20		1,550,000		1,722,530
Series 2008, 5.250% 01/15/24		2,000,000		2,185,720
Series 2009, 5.000% 01/15/21		1,000,000		1,117,780
NC Medical Care Commission
Duke University Health System, Series 2006 B, 0.570% 06/01/39 (10/07/10) (a)(b)		2,000,000		2,000,000
North Carolina Baptist Hospitals, Series 2010, 5.000% 06/01/17		1,500,000		1,734,990
Novant Health, Inc., Series 2003 A: 5.000% 11/01/13		3,000,000		3,323,430
5.000% 11/01/17		2,000,000		2,134,060
Wilson Medical Center, Series 2007, 5.000% 11/01/19		3,385,000		3,584,038
NC Northern Hospital District of Surry County
Series 2008, 5.750% 10/01/24		1,000,000		1,040,100
Hospitals Total				22,449,731
Health Care Total				23,514,881
Housing – 1.8%
Single-Family – 1.8%
NC Housing Finance Agency
Series 1998 A-2, AMT, 5.200% 01/01/20		530,000		530,456
Series 1999 A-3, AMT, 5.150% 01/01/19		760,000		760,669
Series 1999 A-5, AMT, 5.550% 01/01/19		1,220,000		1,268,263
Series 1999 A-6, AMT, 6.000% 01/01/16		305,000		305,552

See Accompanying Notes to Financial Statements.

47

Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2000 A-8, AMT, 6.050% 07/01/12		150,000		150,430
Series 2007 A-30, AMT, 5.000% 07/01/23		1,000,000		1,036,570
Single-Family Total				4,051,940
Housing Total				4,051,940
Other – 12.3%
Other – 1.3%
NC Durham County Industrial Facilities & Pollution Control Financing Authority
Research Triangle Institution, Series 2010: 4.000% 02/01/17		1,440,000		1,622,073
4.000% 02/01/18		1,000,000		1,129,110
Other Total				2,751,183
Refunded/Escrowed (c) – 10.1%
NC Cabarrus County
Certificates of Participation, Series 2001, Pre-refunded 04/01/11, 5.500% 04/01/13		2,000,000		2,086,440
NC Craven County
Series 2002, Pre-refunded 05/01/12, Insured: AMBAC 5.000% 05/01/19		1,000,000		1,082,590
NC Durham
Series 2001, Pre-refunded 06/01/11, 5.250% 06/01/16		1,000,000		1,043,400
NC Eastern Municipal Power Agency
Series 1986 A, Escrowed to Maturity, 5.000% 01/01/17		2,165,000		2,536,579
Series 1988 A, Pre-refunded 01/01/22, 6.000% 01/01/26		1,000,000		1,325,220
NC Gaston County
Series 2002, Pre-refunded 06/01/12, Insured: AMBAC 5.250% 06/01/20		1,500,000		1,635,285
NC High Point
Series 2002, Pre-refunded 06/01/12, Insured: NPFGC 4.500% 06/01/14		1,275,000		1,374,106

	Par ($)		Value ($)
NC New Hanover County
Series 2001, Pre-refunded 06/01/11, 4.600% 06/01/14		1,750,000		1,826,230
NC State
Series 2001 A, Pre-refunded 03/01/11, 4.750% 03/01/14		4,605,000		4,759,406
NC Wake County
Series 2009, Pre-refunded 03/01/19, 5.000% 03/01/20		935,000		1,144,206
Wake Medical, Series 1993, Escrowed to Maturity, Insured: NPFGC 5.125% 10/01/26		3,065,000		3,617,834
Refunded/Escrowed Total				22,431,296
Tobacco – 0.9%
NJ Tobacco Settlement Financing Corp.
Series 2007 1A, 4.250% 06/01/12		2,000,000		2,041,300
Tobacco Total				2,041,300
Other Total				27,223,779
Tax-Backed – 36.2%
Local Appropriated – 18.0%
NC Burke County
Series 2006 B, Insured: AMBAC 5.000% 04/01/18		1,425,000		1,570,478
NC Cabarrus County
Series 2007, Insured: AMBAC 5.000% 02/01/13		400,000		439,400
Series 2008, 5.000% 06/01/22		1,545,000		1,753,992
NC Chapel Hill
Series 2005, 5.250% 06/01/21		1,360,000		1,502,025
NC Charlotte
Series 2003 A, 5.500% 08/01/16		2,550,000		2,852,252
NC Chatham County
Series 2006, Insured: AMBAC 5.000% 06/01/20		1,065,000		1,164,034

See Accompanying Notes to Financial Statements.

48

Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
NC Concord
Series 2001 A, Insured: NPFGC 5.000% 06/01/17		1,490,000		1,551,463
NC Craven County
Series 2007, Insured: NPFGC: 5.000% 06/01/18		2,825,000		3,230,161
5.000% 06/01/19		1,825,000		2,063,382
NC Cumberland County
Series 2009 B1, 5.000% 12/01/21		2,775,000		3,239,923
NC Dare County
Series 2005, Insured: NPFGC 5.000% 06/01/20		3,005,000		3,238,699
NC Durham
Series 2010, 5.000% 10/01/12		2,500,000		2,712,125
NC Gaston County
Series 2005, Insured: NPFGC 5.000% 12/01/15		1,350,000		1,552,797
NC Greenville
Series 2004, Insured: AMBAC 5.250% 06/01/22		2,180,000		2,353,005
NC Harnett County
Series 2009, Insured: AGO 5.000% 06/01/22		1,880,000		2,137,240
NC Henderson County
Series 2006 A, Insured: AMBAC 5.000% 06/01/16		1,060,000		1,196,782
NC Mecklenburg County
Series 2009 A, 5.000% 02/01/23		1,000,000		1,141,510
NC New Hanover County
Series 2005, Insured: AMBAC 5.000% 09/01/18		1,755,000		2,063,880
NC Randolph County
Series 2004, Insured: AGMC 5.000% 06/01/14		1,640,000		1,843,836
NC Sampson County
Series 2006, Insured: AGMC 5.000% 06/01/16		1,000,000		1,169,660

	Par ($)		Value ($)
NC Wilmington
Series 2006 A, 5.000% 06/01/17		1,005,000		1,163,710
Local Appropriated Total				39,940,354
Local General Obligations – 12.2%
NC Cabarrus County
Series 2006: 5.000% 03/01/15		1,000,000		1,165,470
5.000% 03/01/16		1,000,000		1,184,370
NC Charlotte
Series 2002 C: 5.000% 07/01/20		1,570,000		1,667,497
5.000% 07/01/22		1,265,000		1,335,182
NC Forsyth County
Series 2009, 4.000% 03/01/17		1,510,000		1,721,929
NC Iredell County
Series 2006, 5.000% 02/01/19		2,420,000		2,752,532
NC Mecklenburg County
Series 1993, 6.000% 04/01/11		1,000,000		1,028,560
Series 2009 A, 5.000% 08/01/19		1,000,000		1,226,230
NC New Hanover County
Series 2009, 5.000% 12/01/17		1,170,000		1,417,408
NC Orange County
Series 2005 A, 5.000% 04/01/22		2,000,000		2,244,560
NC Stanly County
Series 2010: 4.000% 02/01/17		1,220,000		1,368,059
4.000% 02/01/18		1,500,000		1,686,075
NC Wake County
Series 2009: 4.000% 02/01/18		2,000,000		2,281,600
5.000% 03/01/20		4,065,000		4,895,520
NC Wilmington
Series 1997 A, Insured: NPFGC 5.000% 04/01/11		460,000		463,965
NC Winston-Salem
Series 2010, 4.000% 06/01/18		585,000		655,066
Local General Obligations Total				27,094,023

See Accompanying Notes to Financial Statements.

49

Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Special Non-Property Tax – 3.7%
NC Charlotte
Storm Water Fee, Series 2006, 5.000% 06/01/17		1,120,000		1,313,502
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2003 AA, Insured: NPFGC 5.500% 07/01/18		3,500,000		3,921,050
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/20		1,200,000		1,341,012
VI Virgin Islands Public Finance Authority
Series 2010 A, 5.000% 10/01/20		1,560,000		1,707,358
Special Non-Property Tax Total				8,282,922
State Appropriated – 1.3%
NC Infrastructure Finance Corp.
Capital Improvement, Series 2007 A, Insured: AGMC 5.000% 05/01/24		2,570,000		2,873,414
State Appropriated Total				2,873,414
State General Obligations – 1.0%
NC State
Series 2001 A, 4.750% 03/01/14		395,000		407,442
PR Commonwealth of Puerto Rico
Series 2001 A, Insured: NPFGC 5.500% 07/01/14		1,725,000		1,903,089
State General Obligations Total				2,310,531
Tax-Backed Total				80,501,244
Transportation – 2.5%
Airports – 1.5%
NC Raleigh Durham Airport Authority
Series 2010 A, 5.000% 05/01/23		3,000,000		3,417,960
Airports Total				3,417,960

	Par ($)		Value ($)
Ports – 1.0%
NC Ports Authority
Series 2010 B, 5.000% 02/01/25		2,000,000		2,103,460
Ports Total				2,103,460
Transportation Total				5,521,420
Utilities – 25.1%
Joint Power Authority – 6.7%
NC Eastern Municipal Power Agency
Series 1993 B, Insured: NPFGC 6.000% 01/01/22		3,000,000		3,683,040
Series 1993 B, Insured: AGO 6.000% 01/01/22		1,000,000		1,218,310
Series 2005, Insured: AMBAC 5.250% 01/01/20		2,000,000		2,253,340
Series 2008 A, Insured: AGO 5.250% 01/01/19		1,500,000		1,717,395
NC Municipal Power Agency No. 1
Series 2008 A: 5.250% 01/01/17		1,185,000		1,380,715
5.250% 01/01/20		2,000,000		2,298,280
Series 2010 B, 5.000% 01/01/21		2,000,000		2,275,940
Joint Power Authority Total				14,827,020
Municipal Electric – 1.9%
NC Greenville Utilities Commission
Series 2008 A, Insured: AGMC 5.000% 11/01/18		1,040,000		1,232,025
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2007 TT, 5.000% 07/01/22		1,000,000		1,067,450
Series 2007 VV, Insured: NPFGC 5.250% 07/01/25		1,690,000		1,919,536
Municipal Electric Total				4,219,011
Water & Sewer – 16.5%
NC Brunswick County
Enterprise Systems, Series 2008 A, Insured: AGMC: 5.000% 04/01/20		1,915,000		2,210,925
5.000% 04/01/22		1,390,000		1,578,331

See Accompanying Notes to Financial Statements.

50

Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
NC Cape Fear Public Utility Authority
Series 2008, 5.000% 08/01/20		1,000,000		1,166,960
NC Charlotte
Water and Sewer Systems: Series 2002 A, 5.500% 07/01/14		1,250,000		1,461,700
Series 2008, 5.000% 07/01/23		3,000,000		3,470,550
Series 2009 B, 5.000% 07/01/25		3,835,000		4,496,921
Series 2009, 4.000% 07/01/19		1,000,000		1,138,300
NC Concord
Series 2009, 5.000% 12/01/19		1,500,000		1,774,365
NC Gastonia
Combined Utility System, Series 2009, Insured: AGO 4.000% 05/01/17		1,205,000		1,348,034
NC Greensboro
Enterprise Systems, Series 2006: 5.250% 06/01/17		2,000,000		2,428,120
5.250% 06/01/22		1,200,000		1,498,908
Series 2006, 5.250% 06/01/23		2,000,000		2,523,920
NC High Point
Combined Enterprise System, Series 2008, Insured: AGMC: 5.000% 11/01/24		1,000,000		1,129,990
5.000% 11/01/25		1,000,000		1,125,050
NC Raleigh
Combined Enterprise System, Series 2006 A, 5.000% 03/01/16		1,500,000		1,776,555
Series 2010, 5.000% 03/01/17		2,500,000		2,985,575
NC Winston Salem
Water and Sewer System: Series 2007 A, 5.000% 06/01/19		3,000,000		3,508,590
Series 2009, 5.000% 06/01/23		1,000,000		1,167,680
Water & Sewer Total				36,790,474
Utilities Total				55,836,505
Total Municipal Bonds (cost of $199,073,489)				212,308,105

Investment Companies – 3.6%
	Shares		Value ($)
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (d)		3,577,671		3,577,671
Dreyfus Tax Exempt Cash Management Fund (7 day yield of 0.110%)		4,320,498		4,320,498
Total Investment Companies (cost of $7,898,169)				7,898,169
Total Investments – 99.1% (cost of $206,971,658) (e)				220,206,274
Other Assets & Liabilities, Net – 0.9%				2,002,442
Net Assets – 100.0%				222,208,716

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

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

(d)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	551,000	$	4,567,298	$	1,995,000	$	617	$	—

As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(e)  Cost for federal income tax purposes is $206,971,658.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Municipal Bonds	$	—	$	212,308,105	$	—	$	212,308,105
Total Investment Companies		7,898,169		—		—		7,898,169
Total Investments	$	7,898,169	$	212,308,105	$	—	$	220,206,274

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its reference to prices and information from market transactions for similar or identical assets.

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

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.

See Accompanying Notes to Financial Statements.

51

Columbia North Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

At September 30, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		36.2
Utilities		25.1
Other		12.3
Health Care		10.6
Education		7.0
Transportation		2.5
Housing		1.8
		95.5
Investment Companies		3.6
Other Assets & Liabilities, Net		0.9
		100.0

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
NPFGC	National Public Finance Guarantee Corp.
SYNC	Syncora Guarantee, Inc.

See Accompanying Notes to Financial Statements.

52

Investment Portfolio – Columbia South Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 97.1%
	Par ($)		Value ($)
Education – 4.0%
Education – 2.8%
SC Florence Darlington Commission for Technical Education
Series 2005 A, Insured: NPFGC: 5.000% 03/01/18		1,725,000		1,912,801
5.000% 03/01/20		1,905,000		2,103,577
SC University of South Carolina
Series 2008 A, Insured: AGMC 5.000% 06/01/21		1,060,000		1,218,724
Education Total				5,235,102
Student Loan – 1.2%
SC Education Assistance Authority
Series 2009 I, 5.000% 10/01/24		2,000,000		2,106,640
Student Loan Total				2,106,640
Education Total				7,341,742
Health Care – 20.3%
Continuing Care Retirement – 2.6%
SC Jobs-Economic Development Authority
Episcopal Church Home, Series 2007: 5.000% 04/01/15		525,000		559,120
5.000% 04/01/16		600,000		633,924
Lutheran Homes of South Carolina, Inc., Series 2007: 5.000% 05/01/16		1,245,000		1,219,502
5.375% 05/01/21		1,650,000		1,554,036
Wesley Commons, Series 2006, 5.125% 10/01/26		1,000,000		854,760
Continuing Care Retirement Total				4,821,342
Hospitals – 17.7%
SC Charleston County
Care Alliance Health Services, Series 1999 A, Insured: AGMC: 5.000% 08/15/12		1,000,000		1,007,610
5.125% 08/15/15		6,370,000		7,196,189
SC Greenville Hospital System Board
GHS Partners in Health, Series 2008 A, GTY AGMT: Endowment Fund Greenville 5.250% 05/01/21		2,750,000		3,046,862

	Par ($)		Value ($)
SC Horry County
Conway Hospital, Series 1998, Insured: AMBAC 4.875% 07/01/11		1,200,000		1,202,316
SC Jobs-Economic Development Authority
Anmed Health, Series 2010, 5.000% 02/01/17		1,000,000		1,111,540
Bon Secours Health System, Inc., Series 2002 B, 5.500% 11/15/23		2,235,000		2,287,835
Georgetown Memorial Hospital, Series 2001, Insured: RAD 5.250% 02/01/21		1,250,000		1,253,863
Kershaw County Medical Center, Series 2008, 5.500% 09/15/25		1,925,000		1,969,237
Palmetto Health Alliance, Series 2005 A, Insured: AGMC 5.250% 08/01/21		4,000,000		4,438,760
SC Lexington County Health Services District
Lexington Medical Center: Series 1997, Insured: AGMC 5.125% 11/01/21		3,000,000		3,004,140
Series 2007: 5.000% 11/01/17		2,230,000		2,484,131
5.000% 11/01/18		1,000,000		1,101,960
SC Spartanburg County Health Services District
Series 2008 A, Insured: AGO: 5.000% 04/15/18		1,000,000		1,126,100
5.000% 04/15/19		1,225,000		1,365,532
Hospitals Total				32,596,075
Health Care Total				37,417,417
Housing – 0.6%
Single-Family – 0.6%
SC Housing Finance & Development Authority
Series 2010, 5.000% 01/01/28		1,000,000		1,094,470
Single-Family Total				1,094,470
Housing Total				1,094,470

See Accompanying Notes to Financial Statements.

53

Columbia South Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Industrials – 1.4%
Forest Products & Paper – 1.4%
SC Georgetown County
International Paper Co.: Series 1999 A, 5.125% 02/01/12		2,000,000		2,090,600
Series 1997 A, AMT, 5.700% 10/01/21		500,000		500,170
Forest Products & Paper Total				2,590,770
Industrials Total				2,590,770
Other – 6.4%
Refunded/Escrowed (a) – 6.4%
SC Jobs-Economic Development Authority
Palmetto Health Alliance, Series 2000 A, Pre-refunded 12/15/10, 7.125% 12/15/15		3,500,000		3,615,255
SC Lexington County Health Services District
Lexington Medical Center, Series 2003, Pre-refunded 11/01/13, 5.500% 11/01/23		2,000,000		2,294,100
SC Lexington Water & Sewer Authority
Series 1997, Pre-refunded 10/01/14, Insured: RAD 5.450% 04/01/19		2,000,000		2,255,960
SC Tobacco Settlement Revenue Management Authority
Series 2001 B, Pre-refunded 05/15/11, 6.375% 05/15/28		3,500,000		3,659,495
Refunded/Escrowed Total				11,824,810
Other Total				11,824,810
Resource Recovery – 0.9%
Disposal – 0.9%
SC Three Rivers Solid Waste Authority
Series 2007: (b) 10/01/24		1,835,000		889,975
(b) 10/01/25		1,835,000		833,861
Disposal Total				1,723,836
Resource Recovery Total				1,723,836

	Par ($)		Value ($)
Tax-Backed – 32.3%
Local Appropriated – 18.3%
SC Berkeley County School District
Securing Assets for Education, Series 2006: 5.000% 12/01/20		1,000,000		1,089,890
5.000% 12/01/21		2,000,000		2,161,040
5.000% 12/01/22		3,545,000		3,802,013
SC Charleston County
Certificates of Participation, Series 2005, Insured: NPFGC 5.125% 06/01/17		2,470,000		2,808,143
SC Charleston Educational Excellence Financing Corp.
Series 2006, 5.000% 12/01/19		2,000,000		2,280,720
SC Fort Mill School Facilities Corp.
Series 2006, 5.000% 12/01/17		2,900,000		3,212,620
SC Greenville County School District
Series 2003, 5.250% 12/01/16		2,625,000		2,886,686
Series 2006: 5.000% 12/01/27		1,300,000		1,407,965
Insured: AGMC 5.000% 12/01/15		500,000		581,665
SC Hilton Head Island Public Facilities Corp.
Series 2006, Insured: NPFGC 5.000% 08/01/14		1,600,000		1,834,064
SC Newberry Investing in Children's Education
Series 2005, 5.250% 12/01/15		1,265,000		1,425,478
SC South Carolina Association of Governmental Organizations Educational Facilities Corp.
Colleton School District, Series 2006, Insured: AGO 5.000% 12/01/14		1,325,000		1,487,564
Pickens School District, Series 2006, Insured: AGMC: 5.000% 12/01/23		5,000,000		5,448,300
5.000% 12/01/24		2,000,000		2,172,020
SC Sumter Two School Facilities, Inc.
Series 2007, Insured: AGO 5.000% 12/01/17		1,000,000		1,169,710
Local Appropriated Total				33,767,878

See Accompanying Notes to Financial Statements.

54

Columbia South Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
Local General Obligations – 11.2%
SC Anderson County School District No. 004
Series 2006, Insured: AGMC 5.250% 03/01/19		1,115,000		1,278,615
SC Berkeley County
Series 2010, 5.000% 03/01/16		2,000,000		2,363,820
SC Charleston County
Series 2009 A: 5.000% 08/01/23		2,000,000		2,352,000
5.000% 08/01/24		2,000,000		2,340,880
SC Hilton Head Island
Series 2005 A, Insured: AMBAC 5.000% 12/01/17		1,960,000		2,293,572
SC Horry County School District
Series 2010, 5.000% 03/01/17		2,000,000		2,388,200
SC Richland County School District No. 002
Series 2009 A, 5.000% 02/01/18		2,500,000		2,988,225
SC Spartanburg County School District No. 007
Series 2001: 5.000% 03/01/18		2,000,000		2,342,260
5.000% 03/01/21		1,940,000		2,205,004
Local General Obligations Total				20,552,576
Special Non-Property Tax – 2.8%
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/20		1,200,000		1,341,012
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2005 BB, Insured: AMBAC 5.250% 07/01/17		1,080,000		1,188,637
SC Hilton Head Island Public Facilities Corp.
Stormwater System, Series 2002, Insured: NPFGC 5.250% 12/01/16		1,440,000		1,565,366
VI Virgin Islands Public Finance Authority
Series 2010 A, 5.000% 10/01/25		1,060,000		1,108,400
Special Non-Property Tax Total				5,203,415
Tax-Backed Total				59,523,869

	Par ($)		Value ($)
Transportation – 3.1%
Transportation – 3.1%
SC Transportation Infrastructure Bank
Series 2005 A, Insured: AMBAC 5.250% 10/01/20		4,880,000		5,767,233
Transportation Total				5,767,233
Transportation Total				5,767,233
Utilities – 28.1%
Investor Owned – 3.2%
SC Jobs-Economic Development Authority
South Carolina Electric & Gas Co., Series 2002, AMT, Insured: AMBAC 4.200% 11/01/12		3,615,000		3,789,966
SC Oconee County
Duke Energy Carolinas LLC, Series 2009, 3.600% 02/01/17		2,000,000		2,107,480
Investor Owned Total				5,897,446
Joint Power Authority – 6.8%
SC Piedmont Municipal Power Agency
Series 2008 A-3, Insured: AGO: 5.000% 01/01/17		3,000,000		3,435,270
5.000% 01/01/18		3,050,000		3,502,650
SC Public Service Authority
Series 2001 A, Insured: AGMC 5.250% 01/01/18		1,615,000		1,711,125
Series 2009 A, 5.000% 01/01/28		2,000,000		2,233,060
Series 2009 E, 4.000% 01/01/17		1,500,000		1,685,790
Joint Power Authority Total				12,567,895
Municipal Electric – 4.4%
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2007 TT, 5.000% 07/01/20		1,000,000		1,083,830
Series 2010, 5.250% 07/01/25		1,485,000		1,628,555
SC Rock Hill Utility System
Series 2003 A, Insured: AGMC: 5.250% 01/01/13		2,350,000		2,583,543
5.375% 01/01/19		1,500,000		1,617,480

See Accompanying Notes to Financial Statements.

55

Columbia South Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
SC Winnsboro Utility
Series 1999, Insured: NPFGC 5.250% 08/15/13		1,020,000		1,133,781
Municipal Electric Total				8,047,189
Water & Sewer – 13.7%
SC Beaufort-Jasper Water & Sewer Authority
Series 2006, Insured: AGMC: 5.000% 03/01/23		1,500,000		1,691,400
4.750% 03/01/25		3,000,000		3,266,760
SC Berkeley County Water & Sewer
Series 2003, Insured: NPFGC 5.250% 06/01/19		155,000		168,491
Series 2008 A, Insured: AGMC 5.000% 06/01/21		1,000,000		1,159,460
SC Charleston
Waterworks & Sewer System, Series 2009 A, 5.000% 01/01/21		4,000,000		4,702,240
SC Columbia
Waterworks & Sewer System, Series 2005, Insured: AGMC 5.000% 02/01/23		2,000,000		2,222,620
SC Mount Pleasant
Waterworks & Sewer System, Series 2002, Insured: NPFGC: 5.250% 12/01/16		1,980,000		2,152,379
5.250% 12/01/18		1,270,000		1,368,247
SC North Charleston Sewer District
Series 2002, Insured: AGMC 5.500% 07/01/17		3,040,000		3,298,279
SC Renewable Water Resources
Series 2010 A, 5.000% 01/01/20		2,500,000		2,958,925
SC Spartanburg Sanitation Sewer District
Series 2009, Insured: AGO 4.500% 03/01/18		1,000,000		1,139,520

	Par ($)		Value ($)
SC Western Carolina Regional Sewer Authority
Series 2005 B, Insured: AGMC 5.250% 03/01/19		1,000,000		1,214,120
Water & Sewer Total				25,342,441
Utilities Total				51,854,971
Total Municipal Bonds (cost of $167,916,724)				179,139,118
Investment Companies – 2.2%
	Shares
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (c)		2,171,433		2,171,433
Dreyfus Tax Exempt Cash Management Fund (7 day yield of 0.110%)		1,904,840		1,904,840
Total Investment Companies (cost of $4,076,273)				4,076,273
Total Investments – 99.3% (cost of $171,992,997) (d)				183,215,391
Other Assets & Liabilities, Net – 0.7%				1,336,774
Net Assets – 100.0%				184,552,165

Notes to Investment Portfolio:

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

(b)  Zero coupon bond.

(c)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	1,000	$	4,219,068	$	1,834,000	$	176	$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(d)  Cost for federal income tax purposes is $171,992,997.

See Accompanying Notes to Financial Statements.

56

Columbia South Carolina Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description Quoted Prices	Other Significant Observable Inputs (Level 1)		Significant Unobservable Inputs (Level 2)		(Level 3)		Total
Total Municipal Bonds	$	—	$	179,139,118	$	—	$	179,139,118
Total Investment Companies		4,076,273		—		—		4,076,273
Total Investments	$	4,076,273	$	179,139,118	$	—	$	183,215,391

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings by Revenue Source	% of Net Assets
Tax-Backed		32.3
Utilities		28.1
Health Care		20.3
Other		6.4
Education		4.0
Transportation		3.1
Industrials		1.4
Resource Recovery		0.9
Housing		0.6
		97.1
Investment Companies		2.2
Other Assets & Liabilities, Net		0.7
		100.0

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
GTY AGMT	Guaranty Agreement
NPFGC	National Public Finance Guarantee Corp.
RAD	Radian Asset Assurance, Inc.

See Accompanying Notes to Financial Statements.

57

Investment Portfolio – Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds – 97.4%
	Par ($)		Value ($)
Education – 2.2%
Education – 2.2%
VA Amherst Industrial Development Authority
Sweet Briar College, Series 2006, 5.000% 09/01/26		1,000,000		1,027,790
VA College Building Authority
Roanoke College, Series 2007, 5.000% 04/01/23		1,000,000		1,072,730
Washington & Lee University, Series 1998, Insured: NPFGC 5.250% 01/01/26		3,115,000		3,819,706
VA Lexington Industrial Development Authority
VMI Development Board, Inc., Series 2006, 5.000% 12/01/20		1,400,000		1,680,210
Education Total				7,600,436
Education Total				7,600,436
Health Care – 9.0%
Continuing Care Retirement – 1.6%
VA Fairfax County Economic Development Authority
Goodwin House, Inc., Series 2007, 5.000% 10/01/22		2,500,000		2,617,175
Greenspring Village, Inc., Series 2006 A, 4.750% 10/01/26		2,000,000		1,876,760
VA Henrico County Economic Development Authority
Westminster-Canterbury, Series 2006, 5.000% 10/01/21		1,000,000		1,037,360
Continuing Care Retirement Total				5,531,295
Hospitals – 7.4%
AZ University Medical Center Corp.
Series 2004, 5.250% 07/01/14		1,000,000		1,084,800
VA Fairfax County Industrial Development Authority
Inova Health Systems: Series 1993, Insured: NPFGC
5.250% 08/15/19		1,000,000		1,118,230
Series 2009 C, 5.000% 05/15/25		1,000,000		1,103,750

	Par ($)		Value ($)
VA Fredericksburg Economic Development Authority
Medicorp Health Systems, Series 2007: 5.250% 06/15/18		2,000,000		2,243,180
5.250% 06/15/20		6,495,000		7,286,936
VA Medical College of Virginia Hospital Authority
University Health Services, Series 1998, Insured: NPFGC 4.800% 07/01/11		1,000,000		1,002,650
VA Roanoke Economic Development Authority
Carilion Clinic Obligated Group, Series 2010, 5.000% 07/01/25 (a)		2,500,000		2,609,825
VA Roanoke Industrial Development Authority
Carilion Medical Center, Series 2002 A, Insured: NPFGC 5.250% 07/01/12		4,000,000		4,288,040
VA Small Business Financing Authority
Sentara Healthcare, Series 2010, 4.000% 11/01/16		1,000,000		1,088,310
Wellmont Health Systems, Series 2007 A, 5.125% 09/01/22		710,000		727,622
VA Winchester Industrial Development Authority
Valley Health Systems, Series 2007, 5.000% 01/01/26		1,250,000		1,341,350
WI Health & Educational Facilities Authority
Agnesian Healthcare, Inc., Series 2001, 6.000% 07/01/21		1,000,000		1,009,790
Hospitals Total				24,904,483
Health Care Total				30,435,778
Housing – 2.8%
Multi-Family – 2.8%
VA Housing Development Authority
Series 2000 B, AMT, 5.875% 08/01/15		2,655,000		2,659,753
VA Prince William County Industrial Development Authority
CRS Triangle Housing Corp., Series 1998 C, 7.000% 07/01/29		950,000		864,367

See Accompanying Notes to Financial Statements.

58

Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
VA Suffolk Redevelopment & Housing Authority
Windsor Fieldstone LP, Series 2001, 4.850% 07/01/31 (07/01/11) (b)(c)		5,800,000		5,961,066
Multi-Family Total				9,485,186
Housing Total				9,485,186
Industrials – 0.3%
Other Industrial Development Bonds – 0.3%
VA Peninsula Ports Authority
Series 2003, GTY AGMT: Dominion Energy Terminal 5.000% 10/01/33 (10/01/11) (b)(c)		1,000,000		1,026,970
Other Industrial Development Bonds Total				1,026,970
Industrials Total				1,026,970
Other – 23.7%
Other – 1.6%
VA Norfolk Parking Systems
Series 2005 A, Insured: NPFGC 5.000% 02/01/21		5,170,000		5,340,403
Other Total				5,340,403
Pool/Bond Bank – 16.1%
VA Public School Authority
Series 2004 C, 5.000% 08/01/16		7,425,000		8,844,363
Series 2009: 4.000% 08/01/24		1,000,000		1,074,030
4.000% 08/01/25		2,560,000		2,724,582
5.000% 08/01/16		1,000,000		1,191,160
5.000% 08/01/17		2,000,000		2,402,340
VA Resources Authority
Airports Revolving Fund, Series 2001 A, 5.250% 08/01/18		1,205,000		1,222,593
Clean Water State Revolving Fund: Series 2005: 5.500% 10/01/19		5,180,000		6,542,651
5.500% 10/01/20		3,500,000		4,453,330
5.500% 10/01/21		6,475,000		8,308,267
Series 2008, 5.000% 10/01/29		5,000,000		5,612,250
Series 2009, 5.000% 10/01/17		1,380,000		1,665,094

	Par ($)		Value ($)
Virginia Pooled Financing Program: Series 2002 B, 5.000% 11/01/13		1,175,000		1,328,208
Series 2003: 5.000% 11/01/18		1,055,000		1,165,269
5.000% 11/01/19		1,100,000		1,214,972
Series 2005 B, 5.000% 11/01/18		1,030,000		1,184,623
Series 2009 B: 4.000% 11/01/18		4,000,000		4,579,400
4.000% 11/01/18		1,000,000		1,136,070
Pool/Bond Bank Total				54,649,202
Refunded/Escrowed (d) – 6.0%
MS Hospital Facilities & Equipment Authority
Forrest County General Hospital, Series 2000, Pre-refunded 01/01/11, Insured: AGMC 5.625% 01/01/20		1,285,000		1,314,735
VA Biotechnology Research Park Authority
Series 2001, Pre-refunded 09/01/11, 5.125% 09/01/16		1,100,000		1,148,719
VA Hampton
Series 2005 A, Pre-refunded 04/01/15, Insured: NPFGC 5.000% 04/01/18		1,500,000		1,761,000
VA Henrico County
Series 2008 A, Pre-refunded 12/01/18, 5.000% 12/01/21		1,000,000		1,235,150
VA Montgomery County Industrial Development Authority
Series 2000 B, Pre-refunded 01/15/11, Insured: AMBAC 5.500% 01/15/22		2,000,000		2,050,340
VA Resources Authority Infrastructure Authority
Pooled Financing Program: Series 2000 A, Pre-refunded 05/01/11, Insured: NPFGC 5.500% 05/01/21		1,070,000		1,112,961
Series 2003, Pre-refunded 11/01/13: 5.000% 11/01/18		20,000		22,647
5.000% 11/01/19		25,000		28,309

See Accompanying Notes to Financial Statements.

59

Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
VA Tobacco Settlement Financing Corp.
Series 2005: Refunded to various dates/prices: 5.500% 06/01/26		4,250,000		4,795,530
5.250% 06/01/19		2,010,000		2,084,772
VA Virginia Beach Development Authority
Series 2005 A, Pre-refunded 05/01/15, 5.000% 05/01/21		4,000,000		4,706,960
Refunded/Escrowed Total				20,261,123
Other Total				80,250,728
Tax-Backed – 46.5%
Local Appropriated – 11.0%
VA Appomattox County Economic Development Authority
Series 2010, 5.000% 05/01/22		1,490,000		1,688,811
VA Arlington County Industrial Development Authority
Series 2004: 5.000% 08/01/17		1,205,000		1,362,108
5.000% 08/01/18		1,205,000		1,345,383
VA Bedford County Economic Development Authority
Series 2006, Insured: NPFGC 5.000% 05/01/15		1,230,000		1,404,070
VA Fairfax County Economic Development Authority
Series 2003, 5.000% 05/15/15		6,260,000		7,269,112
Series 2005 A, 5.000% 04/01/19		1,380,000		1,546,676
Series 2005, 5.000% 01/15/24		2,315,000		2,505,756
Series 2010, 4.000% 04/01/24		1,340,000		1,439,173
VA Hampton Roads Regional Jail Authority
Series 2004, Insured: NPFGC: 5.000% 07/01/14		1,750,000		1,951,950
5.000% 07/01/15		1,685,000		1,854,696
5.000% 07/01/16		1,930,000		2,105,726
VA Henrico County Economic Development Authority
Series 2009 B, 4.500% 08/01/21		1,770,000		2,036,102
VA James City County Economic Development Authority
Series 2006, Insured: AGMC 5.000% 06/15/23		2,000,000		2,227,440
VA Montgomery County Industrial Development Authority
Series 2008, 5.000% 02/01/29		1,000,000		1,082,140

	Par ($)		Value ($)
VA New Kent County Economic Development Authority
Series 2006, Insured: AGMC: 5.000% 02/01/15		1,000,000		1,150,880
5.000% 02/01/21		2,075,000		2,323,564
VA Prince William County Industrial Development Authority
Series 2005, 5.250% 02/01/17		1,115,000		1,331,522
Series 2006 A, Insured: AMBAC: 5.000% 09/01/17		800,000		920,944
5.000% 09/01/21		1,625,000		1,799,103
Local Appropriated Total				37,345,156
Local General Obligations – 19.9%
VA Arlington County
Series 1993, 6.000% 06/01/12		3,285,000		3,586,990
Series 2006, 5.000% 08/01/17		4,000,000		4,718,880
VA Hampton
Series 2004, 5.000% 02/01/15		1,275,000		1,437,563
Series 2010 A, 4.000% 01/15/19		2,000,000		2,275,500
VA Leesburg
Series 2006 B, Insured: NPFGC 5.000% 09/15/17		1,145,000		1,372,603
VA Loudoun County
Series 1998 B, 5.250% 12/01/15		1,000,000		1,198,780
Series 2005 A, 5.000% 07/01/14		4,000,000		4,611,800
VA Lynchburg
Series 2009 A: 5.000% 08/01/20		525,000		627,407
5.000% 08/01/21		530,000		627,297
VA Manassas Park
Series 2008, Insured: AGMC 5.000% 01/01/22		1,205,000		1,385,545
VA Newport News
Series 2005 A, 5.250% 01/15/23		1,510,000		1,686,625
Series 2006 B, 5.250% 02/01/18		3,030,000		3,686,752
Series 2007 B, 5.250% 07/01/20		2,000,000		2,472,360
Series 2007, 5.250% 07/01/21		2,000,000		2,488,980

See Accompanying Notes to Financial Statements.

60

Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
VA Norfolk
Series 2002 B, Insured: AGMC 5.250% 07/01/11		2,000,000		2,074,540
Series 2005, Insured: NPFGC 5.000% 03/01/15		5,070,000		5,896,106
Series 2010 A, 4.000% 03/01/16		2,000,000		2,254,860
VA Pittsylvania County
Series 2008 B, 5.500% 02/01/23		1,030,000		1,210,075
VA Portsmouth
Series 2003, Insured: AGMC: 5.000% 07/01/17		4,385,000		4,994,603
5.000% 07/01/19		2,060,000		2,329,345
Series 2006 A, Insured: NPFGC 5.000% 07/01/16		1,000,000		1,186,130
VA Richmond
Series 2002, Insured: AGMC 5.250% 07/15/11		2,150,000		2,234,731
Series 2005 A, Insured: AGMC 5.000% 07/15/15		8,840,000		10,397,696
VA Virginia Beach
Series 2004 B: 5.000% 05/01/13		1,305,000		1,451,304
5.000% 05/01/17		1,000,000		1,190,430
Local General Obligations Total				67,396,902
Special Non-Property Tax – 8.0%
PR Commonwealth of Puerto Rico Infrastructure Financing Authority
Series 2005 C, Insured: FGIC 5.500% 07/01/19		2,500,000		2,781,300
VA Greater Richmond Convention Center Authority
Series 2005, Insured: NPFGC: 5.000% 06/15/15		2,480,000		2,791,265
5.000% 06/15/18		3,800,000		4,149,714
5.000% 06/15/25		3,000,000		3,145,800
VA Marquis Community Development Authority
Series 2007, 5.625% 09/01/18		3,000,000		2,400,540

	Par ($)		Value ($)
VA Peninsula Town Center Community Development Authority
Series 2007, 6.250% 09/01/24		2,000,000		2,024,420
VA Reynolds Crossing Community Development Authority
Series 2007, 5.100% 03/01/21		2,150,000		2,041,253
VA Watkins Centre Community Development Authority
Series 2007, 5.400% 03/01/20		2,250,000		2,252,497
VA White Oak Village Shops Community Development Authority
Series 2007, 5.300% 03/01/17		2,708,000		2,766,818
VI Virgin Islands Public Finance Authority
Series 2010 A, 5.000% 10/01/25		2,450,000		2,561,867
Special Non-Property Tax Total				26,915,474
Special Property Tax – 0.9%
VA Fairfax County Economic Development Authority
Series 2004, Insured: NPFGC 5.000% 04/01/24		2,865,000		3,065,321
Special Property Tax Total				3,065,321
State Appropriated – 5.6%
VA Biotechnology Research Partnership Authority
Series 2009, 5.000% 09/01/20		1,715,000		2,059,029
VA College Building Authority
Series 2006 A: 5.000% 09/01/13		2,000,000		2,249,940
5.000% 09/01/14		2,925,000		3,377,234
Series 2009 E-1, 5.000% 02/01/23		1,000,000		1,205,710
VA Public Building Authority
Series 2005 C, 5.000% 08/01/14		2,000,000		2,305,620
Series 2006 A, 5.000% 08/01/15		4,775,000		5,615,161
Series 2006 B, 4.500% 08/01/26		2,000,000		2,129,660
State Appropriated Total				18,942,354

See Accompanying Notes to Financial Statements.

61

Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
State General Obligations – 1.1%
PR Commonwealth of Puerto Rico Public Buildings Authority
Series 2007, 5.500% 07/01/24		3,425,000		3,601,935
State General Obligations Total				3,601,935
Tax-Backed Total				157,267,142
Transportation – 4.8%
Airports – 2.8%
DC Metropolitan Airports Authority
Series 1998 B, AMT, Insured: NPFGC 5.250% 10/01/10		1,000,000		1,000,130
Series 2009 C, 5.000% 10/01/23		3,000,000		3,358,380
Series 2009, 5.000% 10/01/21		3,000,000		3,443,520
Series 2010 C, 5.000% 10/01/27		1,515,000		1,686,453
Airports Total				9,488,483
Ports – 0.9%
VA Port Authority
Series 2003, AMT, Insured: NPFGC: 5.125% 07/01/14		1,360,000		1,487,078
5.125% 07/01/15		1,430,000		1,549,934
Ports Total				3,037,012
Toll Facilities – 1.1%
DC Metropolitan Airports Authority
Series 2009, Insured: AGO (e) 10/01/23		5,000,000		2,646,550
VA Richmond Metropolitan Authority
Series 1998, Insured: FGIC 5.250% 07/15/17		1,000,000		1,130,520
Toll Facilities Total				3,777,070
Transportation Total				16,302,565
Utilities – 8.1%
Investor Owned – 1.4%
VA Chesterfield County Economic Development Authority
Virginia Electric & Power Co, Series 2009 A, 5.000% 05/01/23		2,000,000		2,211,400

	Par ($)		Value ($)
VA Louisa Industrial Development Authority
Virginia Electric & Power Co., Series 2008, 5.375% 11/01/35 (12/02/13) (b)(c)		1,000,000		1,096,870
VA York County Economic Development Authority
Virginia Electric & Power Co., Series 2009 A, 4.050% 05/01/33 (05/01/14) (b)(c)		1,300,000		1,386,372
Investor Owned Total				4,694,642
Municipal Electric – 1.4%
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2002 JJ, Insured: SYNC 5.375% 07/01/16		1,100,000		1,259,544
Series 2007 V, Insured: FGIC 5.250% 07/01/24		1,000,000		1,136,860
Series 2010, 5.250% 07/01/23		2,000,000		2,210,340
Municipal Electric Total				4,606,744
Water & Sewer – 5.3%
VA Fairfax County Water Authority
Series 2005 B, 5.250% 04/01/19		1,835,000		2,258,867
VA Hampton Roads Sanitation District
Series 2007, 5.000% 04/01/22		1,000,000		1,160,270
Series 2008, 5.000% 04/01/24		3,000,000		3,446,670
VA Henrico County Authority
Series 2009 A, 5.000% 05/01/22		1,030,000		1,215,977
VA Newport News Water Authority
Series 2007, Insured: AGMC 5.000% 06/01/19		1,035,000		1,193,831
VA Richmond Public Utility Authority
Series 2007, Insured: AGMC 4.500% 01/15/21		1,000,000		1,107,020
VA Spotsylvania County
Series 2007, Insured: AGMC 5.000% 06/01/19		1,030,000		1,201,145

See Accompanying Notes to Financial Statements.

62

Columbia Virginia Intermediate Municipal Bond Fund

September 30, 2010 (Unaudited)

Municipal Bonds (continued)
	Par ($)		Value ($)
VA Upper Occoquan Sewage Authority
Series 1995 A, Insured: NPFGC 5.150% 07/01/20		1,295,000		1,557,911
Series 2003, Insured: AGMC 5.000% 07/01/13		1,640,000		1,834,783
Series 2005, Insured: AGMC 5.000% 07/01/21		2,640,000		3,002,445
Water & Sewer Total				17,978,919
Utilities Total				27,280,305
Total Municipal Bonds (cost of $306,901,351)				329,649,110
Investment Companies – 2.7%
	Shares
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%) (f)		5,171,000		5,171,000
Dreyfus Tax-Exempt Cash Management Fund (7 day yield of 0.110%)		4,019,054		4,019,054
Total Investment Companies (cost of $9,190,054)				9,190,054
Total Investments – 100.1% (cost of $316,091,405) (g)				338,839,164
Other Assets & Liabilities, Net – (0.1)%				(233,619	)
Net Assets – 100.0%				338,605,545

Notes to Investment Portfolio:

(a)  Security purchased on a delayed delivery basis.

(b)  The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(c)  Parenthetical date represents the next interest rate reset date for the security.

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

(e)  Zero coupon bond.

(f)  Investments in affiliates during the six months ended September 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
BofA Tax-Exempt Reserves, Capital Class (7 day yield of 0.140%)	$	1,987,000	$	5,021,271	$	3,613,000	$	241	$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

(g)  Cost for federal income tax purposes is $316,091,405.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description Quoted Prices	Other Significant Observable Inputs (Level 1)		Significant Unobservable Inputs (Level 2)		(Level 3)		Total
Total Municipal Bonds	$	—	$	329,649,110	$	—	$	329,649,110
Total Investment Companies		9,190,054		—		—		9,190,054
Total Investments	$	9,190,054	$	329,649,110	$	—	$	338,839,164

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through its reference to prices and information from market transactions for similar or identical assets.

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

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, 2010, the composition of the Fund by revenue source is as follows:

Holdings By Revenue Source	% of Net Assets
Tax-Backed		46.5
Other		23.7
Health Care		9.0
Utilities		8.1
Transportation		4.8
Housing		2.8
Education		2.2
Industrials		0.3
		97.4
Investment Companies		2.7
Other Assets & Liabilities, Net		(0.1	)
		100.0

Acronym	Name
AGMC	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
GTY AGMT	Guaranty Agreement
NPFGC	National Public Finance Guarantee Corp.
SYNC	Syncora Guarantee, Inc.

See Accompanying Notes to Financial Statements.

63

Statements of Assets and Liabilities – Municipal Bond Funds

September 30, 2010 (Unaudited)

	($)			($)			($)			($)
	Columbia Short Term Municipal Bond Fund			Columbia California Intermediate Municipal Bond Fund			Columbia Georgia Intermediate Municipal Bond Fund			Columbia Maryland Intermediate Municipal Bond Fund
Assets
Investments, at identified cost		2,317,866,684			227,493,179			118,034,280			150,222,509
Investments, at value		2,361,540,108			241,738,059			126,067,751			160,704,361
Cash		784			406			246			226
Receivable for:
Fund shares sold		3,325,932			404,451			111,416			126,163
Interest		26,970,745			2,967,739			1,620,270			1,833,952
Expense reimbursement due from investment advisor		—			14,995			12,782			17,245
Prepaid expenses		32,314			3,399			1,644			2,107
Other assets		—			6,822			5,591			—
Total Assets		2,391,869,883			245,135,871			127,819,700			162,684,054
Liabilities
Expense reimbursement due to investment advisor		16,135			—			—			—
Payable for:
Investments purchased		—			1,005,680			—			—
Investments purchased on a delayed delivery basis		8,441,657			—			—			—
Fund shares repurchased		4,145,941			880,742			1,231,126			730,115
Distributions		2,808,015			623,653			301,653			406,603
Investment advisory fee		515,943			79,050			42,375			54,030
Administration fee		285,211			23,504			11,141			15,069
Pricing and bookkeeping fees		18,847			9,382			6,607			7,367
Transfer agent fee		221,552			5,435			2,053			3,192
Trustees' fees		49,494			39,741			69,220			75,909
Audit fee		18,454			18,654			15,344			17,043
Legal fee		18,637			17,281			18,059			13,868
Custody fee		8,286			2,102			1,242			2,067
Distribution and service fees		129,107			4,447			7,834			10,005
Chief compliance officer expenses		—			—			—			356
Other liabilities		33,644			1,679			2,800			4,528
Total Liabilities		16,710,923			2,711,350			1,709,454			1,340,152
Net Assets		2,375,158,960			242,424,521			126,110,246			161,343,902
Net Assets Consist of
Paid-in capital		2,343,287,839			228,662,118			118,595,320			155,842,407
Undistributed (overdistributed) net investment income		73,448			(35,128	)		171,096			222,955
Accumulated net realized loss		(11,875,751	)		(447,349	)		(689,641	)		(5,203,312	)
Net unrealized appreciation (depreciation) on investments		43,673,424			14,244,880			8,033,471			10,481,852
Net Assets		2,375,158,960			242,424,521			126,110,246			161,343,902

See Accompanying Notes to Financial Statements.

64

	($)			($)			($)
	Columbia North Carolina Intermediate Municipal Bond Fund			Columbia South Carolina Intermediate Municipal Bond Fund			Columbia Virginia Intermediate Municipal Bond Fund
Assets
Investments, at identified cost		206,971,658			171,992,997			316,091,405
Investments, at value		220,206,274			183,215,391			338,839,164
Cash		553			840			930
Receivable for:
Fund shares sold		203,214			47,361			155,295
Interest		2,773,042			2,286,004			4,143,725
Expense reimbursement due from investment advisor		18,315			21,421			17,854
Prepaid expenses		2,715			2,354			4,133
Other assets		—			—			—
Total Assets		223,204,113			185,573,371			343,161,101
Liabilities
Expense reimbursement due to investment advisor		—			—			—
Payable for:
Investments purchased		—			—			—
Investments purchased on a delayed delivery basis		—			—			2,609,825
Fund shares repurchased		269,762			321,418			816,902
Distributions		488,846			485,865			837,632
Investment advisory fee		72,283			61,312			111,583
Administration fee		21,233			17,533			34,496
Pricing and bookkeeping fees		8,450			7,787			10,752
Transfer agent fee		4,438			3,784			4,634
Trustees' fees		72,507			69,754			71,466
Audit fee		17,043			19,893			19,893
Legal fee		19,741			14,752			14,182
Custody fee		2,133			814			2,407
Distribution and service fees		12,563			13,942			14,634
Chief compliance officer expenses		413			9			16
Other liabilities		5,985			4,343			7,134
Total Liabilities		995,397			1,021,206			4,555,556
Net Assets		222,208,716			184,552,165			338,605,545
Net Assets Consist of
Paid-in capital		212,085,455			174,174,928			315,807,927
Undistributed (overdistributed) net investment income		677,205			1,119,407			859,995
Accumulated net realized loss		(3,788,560	)		(1,964,564	)		(810,136	)
Net unrealized appreciation (depreciation) on investments		13,234,616			11,222,394			22,747,759
Net Assets		222,208,716			184,552,165			338,605,545

See Accompanying Notes to Financial Statements.

65

Statements of Assets and Liabilities(continued) – Municipal Bond Funds

September 30, 2010 (Unaudited)

	Columbia Short Term Municipal Bond Fund			Columbia California Intermediate Municipal Bond Fund			Columbia Georgia Intermediate Municipal Bond Fund			Columbia Maryland Intermediate Municipal Bond Fund
Class A
Net assets	$	398,733,750		$	12,343,917		$	18,898,994		$	27,264,544
Shares outstanding		37,690,186			1,219,077			1,719,910			2,501,584
Net asset value per share (a)	$	10.58		$	10.13		$	10.99		$	10.90
Maximum sales charge		1.00	%		3.25	%		3.25	%		3.25	%
Maximum offering price per share (b)	$	10.69		$	10.47		$	11.36		$	11.27
Class B
Net assets	$	340,012		$	226,031		$	703,972		$	549,880
Shares outstanding		32,139			22,359			64,028			50,416
Net asset value and offering price per share (a)	$	10.58		$	10.11		$	10.99		$	10.91
Class C
Net assets	$	51,808,513		$	2,159,579		$	3,810,798		$	4,744,514
Shares outstanding		4,896,779			213,443			346,721			435,298
Net asset value and offering price per share (a)	$	10.58		$	10.12		$	10.99		$	10.90
Class Z
Net assets	$	1,924,276,685		$	227,694,994		$	102,696,482		$	128,784,964
Shares outstanding		181,877,424			22,543,776			9,346,006			11,813,922
Net asset value, offering and redemption price per share	$	10.58		$	10.10		$	10.99		$	10.90

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

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

See Accompanying Notes to Financial Statements.

66

	Columbia North Carolina Intermediate Municipal Bond Fund			Columbia South Carolina Intermediate Municipal Bond Fund			Columbia Virginia Intermediate Municipal Bond Fund
Class A
Net assets	$	36,324,273		$	18,406,398		$	51,690,897
Shares outstanding		3,439,014			1,749,793			4,567,138
Net asset value per share (a)	$	10.56		$	10.52		$	11.32
Maximum sales charge		3.25	%		3.25	%		3.25	%
Maximum offering price per share (b)	$	10.91		$	10.87		$	11.70
Class B
Net assets	$	1,262,004		$	877,072		$	1,070,016
Shares outstanding		119,500			83,334			94,506
Net asset value and offering price per share (a)	$	10.56		$	10.52		$	11.32
Class C
Net assets	$	4,760,081		$	10,070,869		$	3,739,631
Shares outstanding		450,727			956,741			330,328
Net asset value and offering price per share (a)	$	10.56		$	10.53		$	11.32
Class Z
Net assets	$	179,862,358		$	155,197,826		$	282,105,001
Shares outstanding		17,040,029			14,748,660			24,927,760
Net asset value, offering and redemption price per share	$	10.56		$	10.52		$	11.32

See Accompanying Notes to Financial Statements.

67

Statements of Operations – Municipal Bond Funds

For the Six Months Ended September 30, 2010 (Unaudited)

	($)			($)			($)			($)
	Columbia Short Term Municipal Bond Fund			Columbia California Intermediate Municipal Bond Fund			Columbia Georgia Intermediate Municipal Bond Fund			Columbia Maryland Intermediate Municipal Bond Fund
Investment Income
Interest		27,039,069			4,606,265			2,490,794			3,180,430
Dividends		19,298			4,947			650			995
Dividends from affiliates		2,413			368			111			114
Total Investment Income		27,060,780			4,611,580			2,491,555			3,181,539
Expenses
Investment advisory fee		3,224,467			467,083			259,395			325,043
Administration fee		1,789,475			138,631			68,550			90,702
Distribution fee:
Class B		1,269			837			3,028			2,776
Class C		208,518			7,541			13,973			14,311
Service fee:
Class B		423			279			1,010			926
Class C		69,506			2,514			4,658			4,770
Distribution and service fees:
Class A		551,505			15,264			24,483			34,664
Transfer agent fee		832,530			9,959			7,685			10,165
Pricing and bookkeeping fees		95,617			46,246			34,167			37,341
Trustees' fees		20,514			19,348			19,362			20,429
Custody fee		32,515			5,910			4,643			5,582
Chief compliance officer expenses		827			409			397			803
Other expenses		256,869			58,526			56,631			62,031
Total Expenses		7,084,035			772,547			497,982			609,543
Fees waived or expenses reimbursed by investment advisor		—			(103,872	)		(94,160	)		(105,158	)
Expense reductions		(247	)		(1	)		(3	)		(2	)
Net Expenses		7,083,788			668,674			403,819			504,383
Net Investment Income		19,976,992			3,942,906			2,087,736			2,677,156
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(1,232,803	)		143,285			270,328			(387,896	)
Net change in unrealized appreciation (depreciation) on investments		8,411,537			9,277,482			4,635,682			5,950,730
Net Gain		7,178,734			9,420,767			4,906,010			5,562,834
Net Increase Resulting from Operations		27,155,726			13,363,673			6,993,746			8,239,990

(a)  Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

68

	($)			($)			($)
	Columbia North Carolina Intermediate Municipal Bond Fund			Columbia South Carolina Intermediate Municipal Bond Fund			Columbia Virginia Intermediate Municipal Bond Fund
Investment Income
Interest		3,985,532			3,835,675			6,491,852
Dividends		1,943			601			4,882
Dividends from affiliates		617			176			241
Total Investment Income		3,988,092			3,836,452			6,496,975
Expenses
Investment advisory fee		427,814			367,340			674,075
Administration fee		125,381			104,979			208,499
Distribution fee:
Class B		4,641			4,118			4,886
Class C		15,543			36,702			11,715
Service fee:
Class B		1,547			1,373			1,629
Class C		5,181			12,234			3,905
Distribution and service fees:
Class A		45,296			30,574			65,240
Transfer agent fee		12,881			11,185			17,046
Pricing and bookkeeping fees		43,431			39,211			54,490
Trustees' fees		18,471			18,547			17,864
Custody fee		6,018			5,740			7,378
Chief compliance officer expenses		874			442			481
Other expenses		69,973			65,577			68,191
Total Expenses		777,051			698,022			1,135,399
Fees waived or expenses reimbursed by investment advisor		(116,599	)		(107,925	)		(121,169	)
Expense reductions		(1	)		(3	)		—	(a)
Net Expenses		660,451			590,094			1,014,230
Net Investment Income		3,327,641			3,246,358			5,482,745
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		126,522			847,173			354,804
Net change in unrealized appreciation (depreciation) on investments		7,826,052			5,233,730			10,918,388
Net Gain		7,952,574			6,080,903			11,273,192
Net Increase Resulting from Operations		11,280,215			9,327,261			16,755,937

See Accompanying Notes to Financial Statements.

69

Statements of Changes in Net Assets – Municipal Bond Funds

Increase (Decrease) in Net Assets	Columbia Short Term Municipal Bond Fund						Columbia California Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		19,976,992			36,072,956			3,942,906			7,764,145
Net realized gain (loss) on investments		(1,232,803	)		159,968			143,285			(603,780	)
Net change in unrealized appreciation (depreciation) on investments		8,411,537			15,106,965			9,277,482			9,108,635
Net increase resulting from operations		27,155,726			51,339,889			13,363,673			16,269,000
Distributions to Shareholders
From net investment income:
Class A		(3,153,825	)		(5,907,846	)		(192,856	)		(577,687	)
Class B		(1,151	)		(3,989	)		(2,677	)		(6,372	)
Class C		(189,101	)		(425,275	)		(24,060	)		(39,246	)
Class Z		(16,633,017	)		(29,735,846	)		(3,723,313	)		(7,140,840	)
From net realized gains:
Class A		—			—			—			(16,678	)
Class B		—			—			—			(187	)
Class C		—			—			—			(1,026	)
Class Z		—			—			—			(143,875	)
Total distributions to shareholders		(19,977,094	)		(36,072,956	)		(3,942,906	)		(7,925,911	)
Net Capital Stock Transactions		(197,121,182	)		1,262,297,659			5,804,578			11,140,052
Increase from regulatory settlements		—			1,276			—			—
Total increase (decrease) in net assets		(189,942,550	)		1,277,565,868			15,225,345			19,483,141
Net Assets
Beginning of period		2,565,101,510			1,287,535,642			227,199,176			207,716,035
End of period		2,375,158,960			2,565,101,510			242,424,521			227,199,176
Undistributed (overdistributed) net investment income at end of period		73,448			73,550			(35,128	)		(35,128	)

See Accompanying Notes to Financial Statements.

70

Increase (Decrease) in Net Assets	Columbia Georgia Intermediate Municipal Bond Fund						Columbia Maryland Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		2,087,736			4,509,696			2,677,156			5,601,499
Net realized gain (loss) on investments		270,328			129,577			(387,896	)		(2,377,473	)
Net change in unrealized appreciation (depreciation) on investments		4,635,682			4,826,475			5,950,730			9,226,271
Net increase resulting from operations		6,993,746			9,465,748			8,239,990			12,450,297
Distributions to Shareholders
From net investment income:
Class A		(298,291	)		(560,391	)		(432,195	)		(842,997	)
Class B		(9,263	)		(29,733	)		(8,738	)		(39,020	)
Class C		(42,685	)		(71,706	)		(44,810	)		(65,708	)
Class Z		(1,737,497	)		(3,847,866	)		(2,191,414	)		(4,653,775	)
From net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class Z		—			—			—			—
Total distributions to shareholders		(2,087,736	)		(4,509,696	)		(2,677,157	)		(5,601,500	)
Net Capital Stock Transactions		(12,720,336	)		394,560			(7,073,617	)		1,451,169
Increase from regulatory settlements		—			—			—			—
Total increase (decrease) in net assets		(7,814,326	)		5,350,612			(1,510,784	)		8,299,966
Net Assets
Beginning of period		133,924,572			128,573,960			162,854,686			154,554,720
End of period		126,110,246			133,924,572			161,343,902			162,854,686
Undistributed (overdistributed) net investment income at end of period		171,096			171,096			222,955			222,956

See Accompanying Notes to Financial Statements.

71

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

Increase (Decrease) in Net Assets	Columbia North Carolina Intermediate Municipal Bond Fund						Columbia South Carolina Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)			(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		3,327,641			7,008,384			3,246,358			7,215,833
Net realized gain (loss) on investments		126,522			(509,896	)		847,173			(1,425	)
Net change in unrealized appreciation (depreciation) on investments		7,826,052			7,819,262			5,233,730			6,852,647
Net increase resulting from operations		11,280,215			14,317,750			9,327,261			14,067,055
Distributions to Shareholders
From net investment income:
Class A		(530,107	)		(940,744	)		(413,703	)		(788,201	)
Class B		(13,504	)		(41,658	)		(14,409	)		(43,672	)
Class C		(44,976	)		(97,172	)		(128,417	)		(204,902	)
Class Z		(2,739,054	)		(5,928,809	)		(2,689,829	)		(6,179,058	)
Total distributions to shareholders		(3,327,641	)		(7,008,383	)		(3,246,358	)		(7,215,833	)
Net Capital Stock Transactions		3,096,052			11,137,493			(7,100,942	)		(25,872,504	)
Total increase (decrease) in net assets		11,048,626			18,446,860			(1,020,039	)		(19,021,282	)
Net Assets
Beginning of period		211,160,090			192,713,230			185,572,204			204,593,486
End of period		222,208,716			211,160,090			184,552,165			185,572,204
Undistributed net investment income at end of period		677,205			677,205			1,119,407			1,119,407

See Accompanying Notes to Financial Statements.

72

Increase (Decrease) in Net Assets	Columbia Virginia Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations
Net investment income		5,482,745			11,223,036
Net realized gain (loss) on investments		354,804			(712,903	)
Net change in unrealized appreciation (depreciation) on investments		10,918,388			12,093,012
Net increase resulting from operations		16,755,937			22,603,145
Distributions to Shareholders
From net investment income:
Class A		(797,846	)		(1,611,250	)
Class B		(14,989	)		(46,449	)
Class C		(35,806	)		(51,913	)
Class Z		(4,634,104	)		(9,513,424	)
Total distributions to shareholders		(5,482,745	)		(11,223,036	)
Net Capital Stock Transactions		(7,077,556	)		3,365,566
Total increase (decrease) in net assets		4,195,636			14,745,675
Net Assets
Beginning of period		334,409,909			319,664,234
End of period		338,605,545			334,409,909
Undistributed net investment income at end of period		859,995			859,995

See Accompanying Notes to Financial Statements.

73

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

	Columbia Short Term Municipal Bond Fund												Columbia California Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		6,496,371			68,607,351			40,601,310			427,132,076			249,172			2,473,569			483,750			4,620,287
Distributions reinvested		187,067			1,976,415			414,761			4,366,715			7,251			72,078			43,349			415,676
Redemptions		(15,011,740	)		(158,504,637	)		(15,035,039	)		(158,399,815	)		(483,032	)		(4,749,426	)		(1,057,393	)		(10,175,520	)
Net increase (decrease)		(8,328,302	)		(87,920,871	)		25,981,032			273,098,976			(226,609	)		(2,203,779	)		(530,294	)		(5,139,557	)
Class B
Subscriptions		667			7,034			—			—			23			235			23			221
Distributions reinvested		88			932			361			3,794			45			443			219			2,094
Redemptions		(8	)		(84	)		(12,797	)		(135,133	)		(196	)		(1,939	)		(15,078	)		(142,192	)
Net increase (decrease)		747			7,882			(12,436	)		(131,339	)		(128	)		(1,261	)		(14,836	)		(139,877	)
Class C
Subscriptions		599,041			6,326,670			3,720,975			39,124,683			40,284			400,267			109,932			1,070,384
Distributions reinvested		8,728			92,209			21,795			229,301			732			7,276			877			8,503
Redemptions		(1,259,347	)		(13,299,808	)		(1,325,966	)		(13,975,192	)		(20,573	)		(203,573	)		(31,284	)		(305,059	)
Net increase (decrease)		(651,578	)		(6,880,929	)		2,416,804			25,378,792			20,443			203,970			79,525			773,828
Class Z
Subscriptions		40,356,252			426,214,959			163,803,147			1,724,078,530			2,546,748			25,298,658			6,030,327			57,994,921
Distributions reinvested		155,918			1,647,709			262,626			2,765,331			31,453			312,228			65,061			624,637
Redemptions		(50,201,849	)		(530,189,932	)		(72,404,339	)		(762,892,631	)		(1,791,508	)		(17,805,238	)		(4,473,766	)		(42,973,900	)
Net increase (decrease)		(9,689,679	)		(102,327,264	)		91,661,434			963,951,230			786,693			7,805,648			1,621,622			15,645,658

See Accompanying Notes to Financial Statements.

74

	Columbia Georgia Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		118,008			1,274,769			519,795			5,467,850
Distributions reinvested		17,407			188,311			35,742			376,489
Redemptions		(252,456	)		(2,742,096	)		(172,235	)		(1,826,548	)
Net increase (decrease)		(117,041	)		(1,279,016	)		383,302			4,017,791
Class B
Subscriptions		86			941			9,049			93,766
Distributions reinvested		575			6,211			2,312			24,342
Redemptions		(20,294	)		(218,697	)		(51,914	)		(550,367	)
Net increase (decrease)		(19,633	)		(211,545	)		(40,553	)		(432,259	)
Class C
Subscriptions		36,632			395,946			230,495			2,418,784
Distributions reinvested		2,272			24,615			3,883			40,983
Redemptions		(29,262	)		(318,896	)		(103,530	)		(1,072,642	)
Net increase (decrease)		9,642			101,665			130,848			1,387,125
Class Z
Subscriptions		260,454			2,806,871			1,551,458			16,301,234
Distributions reinvested		4,965			53,707			10,762			113,395
Redemptions		(1,321,494	)		(14,192,018	)		(2,003,923	)		(20,992,726	)
Net increase (decrease)		(1,056,075	)		(11,331,440	)		(441,703	)		(4,578,097	)

See Accompanying Notes to Financial Statements.

75

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

	Columbia Maryland Intermediate Municipal Bond Fund												Columbia North Carolina Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010						(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		122,989			1,316,187			459,976			4,837,296			540,664			5,607,035			1,182,078			11,995,911
Distributions reinvested		26,924			289,111			61,434			644,916			37,965			395,407			73,398			745,118
Redemptions		(252,325	)		(2,714,211	)		(250,909	)		(2,643,212	)		(413,404	)		(4,342,916	)		(354,419	)		(3,593,240	)
Net increase (decrease)		(102,412	)		(1,108,913	)		270,501			2,839,000			165,225			1,659,526			901,057			9,147,789
Class B
Subscriptions		138			1,482			445			4,667			2,972			31,326			8,987			89,797
Distributions reinvested		469			5,042			2,372			24,864			866			9,001			2,839			28,763
Redemptions		(38,363	)		(411,480	)		(134,682	)		(1,408,921	)		(8,184	)		(83,764	)		(84,053	)		(852,174	)
Net decrease		(37,756	)		(404,956	)		(131,865	)		(1,379,390	)		(4,346	)		(43,437	)		(72,227	)		(733,614	)
Class C
Subscriptions		154,023			1,661,561			188,231			1,987,840			92,786			967,812			111,489			1,130,922
Distributions reinvested		3,005			32,342			5,148			54,083			2,206			22,984			4,318			43,832
Redemptions		(32,106	)		(343,750	)		(95,577	)		(1,009,407	)		(17,562	)		(181,307	)		(117,514	)		(1,196,223	)
Net increase (decrease)		124,922			1,350,153			97,802			1,032,516			77,430			809,489			(1,707	)		(21,469	)
Class Z
Subscriptions		567,562			6,096,423			2,836,340			29,758,810			1,947,619			20,320,089			4,615,577			46,761,349
Distributions reinvested		8,698			93,484			17,904			187,830			16,345			169,874			32,514			329,596
Redemptions		(1,221,682	)		(13,099,808	)		(2,953,816	)		(30,987,597	)		(1,919,010	)		(19,819,489	)		(4,396,215	)		(44,346,158	)
Net increase (decrease)		(645,422	)		(6,909,901	)		(99,572	)		(1,040,957	)		44,954			670,474			251,876			2,744,787

See Accompanying Notes to Financial Statements.

76

	Columbia South Carolina Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		179,191			1,859,018			452,624			4,557,470
Distributions reinvested		15,663			162,441			34,175			346,148
Redemptions		(816,625	)		(8,560,412	)		(540,186	)		(5,413,883	)
Net increase (decrease)		(621,771	)		(6,538,953	)		(53,387	)		(510,265	)
Class B
Subscriptions		81			856			4,052			40,272
Distributions reinvested		775			8,024			2,997			30,312
Redemptions		(33,003	)		(343,713	)		(92,474	)		(935,553	)
Net decrease		(32,147	)		(334,833	)		(85,425	)		(864,969	)
Class C
Subscriptions		86,914			902,369			360,994			3,661,805
Distributions reinvested		5,429			56,371			8,931			90,549
Redemptions		(49,151	)		(515,348	)		(80,493	)		(820,500	)
Net increase (decrease)		43,192			443,392			289,432			2,931,854
Class Z
Subscriptions		1,354,198			14,187,091			2,791,722			28,125,140
Distributions reinvested		14,619			151,943			34,920			352,958
Redemptions		(1,455,775	)		(15,009,582	)		(5,523,432	)		(55,907,222	)
Net increase (decrease)		(86,958	)		(670,548	)		(2,696,790	)		(27,429,124	)

See Accompanying Notes to Financial Statements.

77

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

	Columbia Virginia Intermediate Municipal Bond Fund
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		158,988			1,779,009			672,637			7,332,775
Distributions reinvested		45,985			513,878			100,572			1,097,331
Redemptions		(376,089	)		(4,212,532	)		(573,018	)		(6,279,940	)
Net increase (decrease)		(171,116	)		(1,919,645	)		200,191			2,150,166
Class B
Subscriptions		1,662			18,457			6,934			75,488
Distributions reinvested		692			7,734			2,355			25,657
Redemptions		(51,718	)		(574,787	)		(75,392	)		(821,354	)
Net decrease		(49,364	)		(548,596	)		(66,103	)		(720,209	)
Class C
Subscriptions		109,169			1,219,725			80,863			885,276
Distributions reinvested		2,237			25,041			3,508			38,255
Redemptions		(9,374	)		(104,002	)		(35,678	)		(387,391	)
Net increase		102,032			1,140,764			48,693			536,140
Class Z
Subscriptions		1,664,207			18,576,449			4,784,155			52,070,723
Distributions reinvested		19,497			218,013			25,325			276,557
Redemptions		(2,203,463	)		(24,544,541	)		(4,677,774	)		(50,947,811	)
Net increase (decrease)		(519,759	)		(5,750,079	)		131,706			1,399,469

See Accompanying Notes to Financial Statements.

78

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.55		$	10.46		$	10.32		$	10.17		$	10.14		$	10.21
Income from Investment Operations:
Net investment income (b)		0.08			0.17			0.27			0.32			0.30			0.22
Net realized and unrealized gain (loss) on investments		0.03			0.09			0.15			0.15			0.03			(0.04	)
Total from investment operations		0.11			0.26			0.42			0.47			0.33			0.18
Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.17	)		(0.28	)		(0.32	)		(0.30	)		(0.25	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.58		$	10.55		$	10.46		$	10.32		$	10.17		$	10.14
Total return (d)(e)		1.00	%(f)		2.53	%		4.14	%		4.66	%		3.30	%		1.80	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.75	%(h)		0.72	%		0.65	%		0.65	%		0.65	%		0.65	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		0.75	%(h)		0.72	%		0.65	%		0.65	%		0.65	%		0.65	%
Waiver/Reimbursement		—			0.01	%		0.07	%		0.11	%		0.11	%		0.08	%
Net investment income (g)		1.43	%(h)		1.57	%		2.60	%		3.09	%		2.95	%		2.47	%
Portfolio turnover rate		23	%(f)		62	%		94	%		73	%		98	%		13	%
Net assets, end of period (000s)	$	398,734		$	485,404		$	209,539		$	31,952		$	32,855		$	52,003

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

79

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.55		$	10.46		$	10.32		$	10.17		$	10.14		$	10.21
Income from Investment Operations:
Net investment income (b)		0.04			0.10			0.20			0.24			0.22			0.16
Net realized and unrealized gain (loss) on investments		0.03			0.08			0.14			0.15			0.03			(0.05	)
Total from investment operations		0.07			0.18			0.34			0.39			0.25			0.11
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.09	)		(0.20	)		(0.24	)		(0.22	)		(0.18	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.58		$	10.55		$	10.46		$	10.32		$	10.17		$	10.14
Total return (d)(e)		0.63	%(f)		1.77	%		3.37	%		3.88	%		2.54	%		1.04	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.50	%(h)		1.47	%		1.40	%		1.40	%		1.40	%		1.40	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		1.50	%(h)		1.47	%		1.40	%		1.40	%		1.40	%		1.40	%
Waiver/Reimbursement		—			0.01	%		0.07	%		0.11	%		0.11	%		0.08	%
Net investment income (g)		0.68	%(h)		0.91	%		1.98	%		2.35	%		2.20	%		1.72	%
Portfolio turnover rate		23	%(f)		62	%		94	%		73	%		98	%		13	%
Net assets, end of period (000s)	$	340		$	331		$	458		$	615		$	739		$	904

(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)  Rounds to less than $0.01 per share.

(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

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

80

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.55		$	10.46		$	10.32		$	10.17		$	10.14		$	10.21
Income from Investment Operations:
Net investment income (b)		0.04			0.09			0.20			0.24			0.22			0.16
Net realized and unrealized gain (loss) on investments		0.03			0.09			0.14			0.15			0.03			(0.05	)
Total from investment operations		0.07			0.18			0.34			0.39			0.25			0.11
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.09	)		(0.20	)		(0.24	)		(0.22	)		(0.18	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.58		$	10.55		$	10.46		$	10.32		$	10.17		$	10.14
Total return (d)(e)		0.63	%(f)		1.76	%		3.37	%		3.88	%		2.53	%		1.04	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.50	%(h)		1.47	%		1.40	%		1.40	%		1.40	%		1.40	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		1.50	%(h)		1.47	%		1.40	%		1.40	%		1.40	%		1.40	%
Waiver/Reimbursement		—			0.01	%		0.07	%		0.11	%		0.11	%		0.08	%
Net investment income (g)		0.68	%(h)		0.84	%		1.92	%		2.35	%		2.20	%		1.72	%
Portfolio turnover rate		23	%(f)		62	%		94	%		73	%		98	%		13	%
Net assets, end of period (000s)	$	51,809		$	58,529		$	32,750		$	14,816		$	16,549		$	22,848

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

81

Financial Highlights – Columbia Short Term Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.55		$	10.46		$	10.32		$	10.17		$	10.14		$	10.21
Income from Investment Operations:
Net investment income (b)		0.09			0.19			0.30			0.34			0.32			0.25
Net realized and unrealized gain (loss) on investments		0.03			0.10			0.15			0.15			0.04			(0.04	)
Total from investment operations		0.12			0.29			0.45			0.49			0.36			0.21
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.20	)		(0.31	)		(0.34	)		(0.33	)		(0.28	)
Increase from regulatory settlements		—			—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.58		$	10.55		$	10.46		$	10.32		$	10.17		$	10.14
Total return (d)(e)		1.13	%(f)		2.79	%		4.41	%		4.92	%		3.56	%		2.05	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.50	%(h)		0.47	%		0.40	%		0.40	%		0.40	%		0.40	%
Interest expense		—			—	%(i)		—	%(i)		—	%(i)		—	%(i)		—	%(i)
Net expenses (g)		0.50	%(h)		0.47	%		0.40	%		0.40	%		0.40	%		0.40	%
Waiver/Reimbursement		—			0.01	%		0.07	%		0.11	%		0.11	%		0.08	%
Net investment income (g)		1.68	%(h)		1.83	%		2.94	%		3.34	%		3.20	%		2.72	%
Portfolio turnover rate		23	%(f)		62	%		94	%		73	%		98	%		13	%
Net assets, end of period (000s)	$	1,924,277		$	2,020,837		$	1,044,788		$	519,786		$	380,532		$	529,770

(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)  Rounds to less than $0.01 per share.

(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

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

82

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.72		$	9.34		$	9.50		$	9.63		$	9.49		$	9.63
Income from Investment Operations:
Net investment income (b)		0.16			0.32			0.31			0.33			0.33			0.31
Net realized and unrealized gain (loss) on investments and futures contracts		0.41			0.39			(0.16	)		(0.13	)		0.14			(0.08	)
Total from investment operations		0.57			0.71			0.15			0.20			0.47			0.23
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.32	)
From net realized gains		—			(0.01	)		—			—			—			(0.05	)
Total distributions to shareholders		(0.16	)		(0.33	)		(0.31	)		(0.33	)		(0.33	)		(0.37	)
Net Asset Value, End of Period	$	10.13		$	9.72		$	9.34		$	9.50		$	9.63		$	9.49
Total return (c)(d)		5.87	%(e)		7.65	%		1.65	%		2.08	%		5.00	%		2.37	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.79	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		0.80	%(g)		0.79	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.09	%(g)		0.11	%		0.13	%		0.16	%		0.20	%		0.18	%
Net investment income (f)		3.16	%(g)		3.34	%		3.33	%		3.40	%		3.41	%		3.30	%
Portfolio turnover rate		4	%(e)		25	%		19	%		5	%		13	%		35	%
Net assets, end of period (000s)	$	12,344		$	14,059		$	18,463		$	13,488		$	9,108		$	7,145

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

83

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.71		$	9.34		$	9.49		$	9.62		$	9.48		$	9.62
Income from Investment Operations:
Net investment income (b)		0.12			0.25			0.24			0.26			0.26			0.24
Net realized and unrealized gain (loss) on investments and futures contracts		0.40			0.37			(0.15	)		(0.14	)		0.14			(0.08	)
Total from investment operations		0.52			0.62			0.09			0.12			0.40			0.16
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.24	)		(0.24	)		(0.25	)		(0.26	)		(0.25	)
From net realized gains		—			(0.01	)		—			—			—			(0.05	)
Total distributions to shareholders		(0.12	)		(0.25	)		(0.24	)		(0.25	)		(0.26	)		(0.30	)
Net Asset Value, End of Period	$	10.11		$	9.71		$	9.34		$	9.49		$	9.62		$	9.48
Total return (c)(d)		5.37	%(e)		6.74	%		1.00	%		1.32	%		4.22	%		1.61	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.09	%(g)		0.11	%		0.13	%		0.16	%		0.20	%		0.18	%
Net investment income (f)		2.40	%(g)		2.58	%		2.58	%		2.69	%		2.67	%		2.55	%
Portfolio turnover rate		4	%(e)		25	%		19	%		5	%		13	%		35	%
Net assets, end of period (000s)	$	226		$	218		$	348		$	475		$	874		$	1,258

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

(d)  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.

(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.

84

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.72		$	9.35		$	9.50		$	9.63		$	9.49		$	9.63
Income from Investment Operations:
Net investment income (b)		0.12			0.25			0.24			0.26			0.26			0.25
Net realized and unrealized gain (loss) on investments and futures contracts		0.40			0.37			(0.15	)		(0.14	)		0.14			(0.09	)
Total from investment operations		0.52			0.62			0.09			0.12			0.40			0.16
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.24	)		(0.24	)		(0.25	)		(0.26	)		(0.25	)
From net realized gains		—			(0.01	)		—			—			—			(0.05	)
Total distributions to shareholders		(0.12	)		(0.25	)		(0.24	)		(0.25	)		(0.26	)		(0.30	)
Net Asset Value, End of Period	$	10.12		$	9.72		$	9.35		$	9.50		$	9.63		$	9.49
Total return (c)(d)		5.37	%(e)		6.74	%		1.00	%		1.31	%		4.22	%		1.61	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.09	%(g)		0.11	%		0.13	%		0.16	%		0.20	%		0.18	%
Net investment income (f)		2.39	%(g)		2.55	%		2.58	%		2.67	%		2.67	%		2.55	%
Portfolio turnover rate		4	%(e)		25	%		19	%		5	%		13	%		35	%
Net assets, end of period (000s)	$	2,160		$	1,875		$	1,061		$	1,263		$	1,274		$	1,339

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

(d)  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.

(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.

85

Financial Highlights – Columbia California Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	9.70		$	9.33		$	9.48		$	9.61		$	9.47		$	9.61
Income from Investment Operations:
Net investment income (b)		0.17			0.34			0.34			0.35			0.35			0.34
Net realized and unrealized gain (loss) on investments and futures contracts		0.40			0.38			(0.15	)		(0.13	)		0.14			(0.09	)
Total from investment operations		0.57			0.72			0.19			0.22			0.49			0.25
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.34	)		(0.34	)		(0.35	)		(0.35	)		(0.34	)
From net realized gains		—			(0.01	)		—			—			—			(0.05	)
Total distributions to shareholders		(0.17	)		(0.35	)		(0.34	)		(0.35	)		(0.35	)		(0.39	)
Net Asset Value, End of Period	$	10.10		$	9.70		$	9.33		$	9.48		$	9.61		$	9.47
Total return (c)(d)		5.90	%(e)		7.82	%		2.02	%		2.33	%		5.27	%		2.63	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.55	%(g)		0.54	%		0.50	%		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		0.55	%(g)		0.54	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.09	%(g)		0.11	%		0.13	%		0.16	%		0.20	%		0.18	%
Net investment income (f)		3.40	%(g)		3.56	%		3.58	%		3.66	%		3.67	%		3.55	%
Portfolio turnover rate		4	%(e)		25	%		19	%		5	%		13	%		35	%
Net assets, end of period (000s)	$	227,695		$	211,046		$	187,844		$	203,426		$	132,921		$	122,286

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

(d)  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.

(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.

86

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.58		$	10.18		$	10.35		$	10.54		$	10.51		$	10.66
Income from Investment Operations:
Net investment income (b)		0.16			0.34			0.37			0.40			0.40			0.40
Net realized and unrealized gain (loss) on investments and futures contracts		0.41			0.40			(0.17	)		(0.19	)		0.03			(0.15	)
Total from investment operations		0.57			0.74			0.20			0.21			0.43			0.25
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.34	)		(0.37	)		(0.40	)		(0.40	)		(0.40	)
Net Asset Value, End of Period	$	10.99		$	10.58		$	10.18		$	10.35		$	10.54		$	10.51
Total return (c)(d)		5.46	%(e)		7.31	%		2.04	%		2.00	%		4.20	%		2.38	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		0.80	%(g)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.15	%(g)		0.17	%		0.17	%		0.20	%		0.21	%		0.19	%
Net investment income (f)		3.05	%(g)		3.20	%		3.67	%		3.80	%		3.84	%		3.79	%
Portfolio turnover rate		6	%(e)		22	%		22	%		28	%		26	%		12	%
Net assets, end of period (000s)	$	18,899		$	19,433		$	14,801		$	13,742		$	15,574		$	17,913

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

87

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.58		$	10.19		$	10.35		$	10.55		$	10.52		$	10.67
Income from Investment Operations:
Net investment income (b)		0.12			0.26			0.30			0.32			0.33			0.32
Net realized and unrealized gain (loss) on investments and futures contracts		0.41			0.39			(0.16	)		(0.20	)		0.03			(0.15	)
Total from investment operations		0.53			0.65			0.14			0.12			0.36			0.17
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.26	)		(0.30	)		(0.32	)		(0.33	)		(0.32	)
Net Asset Value, End of Period	$	10.99		$	10.58		$	10.19		$	10.35		$	10.55		$	10.52
Total return (c)(d)		5.07	%(e)		6.41	%		1.38	%		1.15	%		3.43	%		1.62	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.15	%(g)		0.17	%		0.17	%		0.20	%		0.21	%		0.19	%
Net investment income (f)		2.30	%(g)		2.47	%		2.92	%		3.05	%		3.09	%		3.04	%
Portfolio turnover rate		6	%(e)		22	%		22	%		28	%		26	%		12	%
Net assets, end of period (000s)	$	704		$	886		$	1,266		$	1,364		$	1,960		$	2,581

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

(d)  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.

(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.

88

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.58		$	10.18		$	10.35		$	10.55		$	10.51		$	10.66
Income from Investment Operations:
Net investment income (b)		0.12			0.26			0.30			0.32			0.33			0.32
Net realized and unrealized gain (loss) on investments and futures contract		0.41			0.40			(0.17	)		(0.20	)		0.04			(0.15	)
Total from investment operations		0.53			0.66			0.13			0.12			0.37			0.17
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.26	)		(0.30	)		(0.32	)		(0.33	)		(0.32	)
Net Asset Value, End of Period	$	10.99		$	10.58		$	10.18		$	10.35		$	10.55		$	10.51
Total return (c)(d)		5.07	%(e)		6.51	%		1.28	%		1.14	%		3.52	%		1.62	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.15	%(g)		0.17	%		0.17	%		0.20	%		0.21	%		0.19	%
Net investment income (f)		2.29	%(g)		2.42	%		2.92	%		3.05	%		3.09	%		3.04	%
Portfolio turnover rate		6	%(e)		22	%		22	%		28	%		26	%		12	%
Net assets, end of period (000s)	$	3,811		$	3,567		$	2,100		$	1,830		$	1,877		$	2,189

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

(d)  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.

(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.

89

Financial Highlights – Columbia Georgia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.58		$	10.18		$	10.35		$	10.54		$	10.51		$	10.66
Income from Investment Operations:
Net investment income (b)		0.18			0.36			0.40			0.42			0.43			0.43
Net realized and unrealized gain (loss) on investments and futures contracts		0.41			0.40			(0.17	)		(0.19	)		0.03			(0.15	)
Total from investment operations		0.59			0.76			0.23			0.23			0.46			0.28
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.36	)		(0.40	)		(0.42	)		(0.43	)		(0.43	)
Net Asset Value, End of Period	$	10.99		$	10.58		$	10.18		$	10.35		$	10.54		$	10.51
Total return (c)(d)		5.59	%(e)		7.58	%		2.30	%		2.26	%		4.46	%		2.63	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.55	%(g)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—	%(h)		—			—	%(h)
Net expenses (f)		0.55	%(g)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.15	%(g)		0.17	%		0.17	%		0.20	%		0.21	%		0.19	%
Net investment income (f)		3.29	%(g)		3.46	%		3.92	%		4.05	%		4.09	%		4.04	%
Portfolio turnover rate		6	%(e)		22	%		22	%		28	%		26	%		12	%
Net assets, end of period (000s)	$	102,696		$	110,040		$	110,408		$	106,927		$	100,541		$	102,259

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

(d)  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.

(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.

90

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.53		$	10.08		$	10.44		$	10.63		$	10.57		$	10.78
Income from Investment Operations:
Net investment income (b)		0.17			0.34			0.38			0.39			0.40			0.39
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.45			(0.36	)		(0.19	)		0.06			(0.22	)
Total from investment operations		0.54			0.79			0.02			0.20			0.46			0.17
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.34	)		(0.38	)		(0.39	)		(0.40	)		(0.38	)
Net Asset Value, End of Period	$	10.90		$	10.53		$	10.08		$	10.44		$	10.63		$	10.57
Total return (c)(d)		5.14	%(e)		7.93	%		0.26	%		1.96	%		4.46	%		1.59	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.79	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		0.80	%(g)		0.79	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.13	%(g)		0.15	%		0.15	%		0.16	%		0.17	%		0.16	%
Net investment income (f)		3.12	%(g)		3.26	%		3.76	%		3.74	%		3.81	%		3.59	%
Portfolio turnover rate		9	%(e)		23	%		11	%		8	%		20	%		24	%
Net assets, end of period (000s)	$	27,265		$	27,423		$	23,530		$	24,405		$	24,730		$	28,877

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

91

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.54		$	10.09		$	10.45		$	10.64		$	10.57		$	10.78
Income from Investment Operations:
Net investment income (b)		0.13			0.27			0.31			0.32			0.33			0.30
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.45			(0.36	)		(0.19	)		0.06			(0.21	)
Total from investment operations		0.50			0.72			(0.05	)		0.13			0.39			0.09
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.27	)		(0.31	)		(0.32	)		(0.32	)		(0.30	)
Net Asset Value, End of Period	$	10.91		$	10.54		$	10.09		$	10.45		$	10.64		$	10.57
Total return (c)(d)		4.74	%(e)		7.13	%		(0.48	)%		1.20	%		3.78	%		0.83	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.13	%(g)		0.15	%		0.15	%		0.16	%		0.17	%		0.16	%
Net investment income (f)		2.37	%(g)		2.56	%		3.01	%		3.00	%		3.07	%		2.84	%
Portfolio turnover rate		9	%(e)		23	%		11	%		8	%		20	%		24	%
Net assets, end of period (000s)	$	550		$	929		$	2,220		$	2,689		$	4,159		$	7,825

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

(d)  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.

(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.

92

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.53		$	10.08		$	10.44		$	10.63		$	10.57		$	10.78
Income from Investment Operations:
Net investment income (b)		0.13			0.26			0.31			0.32			0.32			0.30
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.45			(0.36	)		(0.19	)		0.06			(0.21	)
Total from investment operations		0.50			0.71			(0.05	)		0.13			0.38			0.09
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.26	)		(0.31	)		(0.32	)		(0.32	)		(0.30	)
Net Asset Value, End of Period	$	10.90		$	10.53		$	10.08		$	10.44		$	10.63		$	10.57
Total return (c)(d)		4.74	%(e)		7.12	%		(0.49	)%		1.20	%		3.68	%		0.83	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		1.55	%(g)		1.54	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.13	%(g)		0.15	%		0.15	%		0.16	%		0.17	%		0.16	%
Net investment income (f)		2.34	%(g)		2.49	%		3.02	%		2.99	%		3.06	%		2.84	%
Portfolio turnover rate		9	%(e)		23	%		11	%		8	%		20	%		24	%
Net assets, end of period (000s)	$	4,745		$	3,269		$	2,143		$	1,597		$	1,767		$	1,979

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

(d)  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.

(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.

93

Financial Highlights – Columbia Maryland Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.53		$	10.09		$	10.44		$	10.63		$	10.57		$	10.78
Income from Investment Operations:
Net investment income (b)		0.18			0.37			0.41			0.42			0.43			0.41
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.44			(0.35	)		(0.19	)		0.06			(0.21	)
Total from investment operations		0.55			0.81			0.06			0.23			0.49			0.20
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.37	)		(0.41	)		(0.42	)		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	10.90		$	10.53		$	10.09		$	10.44		$	10.63		$	10.57
Total return (c)(d)		5.27	%(e)		8.09	%		0.61	%		2.21	%		4.72	%		1.84	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.55	%(g)		0.54	%		0.50	%		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		0.55	%(g)		0.54	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.13	%(g)		0.15	%		0.15	%		0.16	%		0.17	%		0.16	%
Net investment income (f)		3.37	%(g)		3.52	%		4.01	%		3.99	%		4.06	%		3.84	%
Portfolio turnover rate		9	%(e)		23	%		11	%		8	%		20	%		24	%
Net assets, end of period (000s)	$	128,785		$	131,234		$	126,661		$	135,506		$	141,094		$	148,553

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

(d)  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.

(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.

94

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.17		$	9.79		$	10.08		$	10.38		$	10.40		$	10.56
Income from Investment Operations:
Net investment income (b)		0.15			0.33			0.37			0.39			0.40			0.41
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			0.38			(0.29	)		(0.30	)		0.03			(0.16	)
Total from investment operations		0.54			0.71			0.08			0.09			0.43			0.25
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.33	)		(0.37	)		(0.39	)		(0.39	)		(0.41	)
From net realized gains		—			—			—			—	(c)		(0.06	)		—
Total distributions to shareholders		(0.15	)		(0.33	)		(0.37	)		(0.39	)		(0.45	)		(0.41	)
Net Asset Value, End of Period	$	10.56		$	10.17		$	9.79		$	10.08		$	10.38		$	10.40
Total return (d)(e)		5.36	%(f)		7.34	%		0.87	%		0.84	%		4.23	%		2.37	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		0.80	%(h)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.11	%(h)		0.13	%		0.14	%		0.16	%		0.18	%		0.17	%
Net investment income (g)		2.92	%(h)		3.27	%		3.79	%		3.73	%		3.80	%		3.89	%
Portfolio turnover rate		9	%(f)		15	%		20	%		25	%		17	%		16	%
Net assets, end of period (000s)	$	36,324		$	33,307		$	23,236		$	22,399		$	18,705		$	19,155

(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)  Rounds to less than $0.01 per share.

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

(e)  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.

95

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.17		$	9.79		$	10.08		$	10.38		$	10.39		$	10.56
Income from Investment Operations:
Net investment income (b)		0.11			0.26			0.30			0.31			0.32			0.33
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			0.38			(0.29	)		(0.30	)		0.04			(0.17	)
Total from investment operations		0.50			0.64			0.01			0.01			0.36			0.16
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.26	)		(0.30	)		(0.31	)		(0.31	)		(0.33	)
From net realized gains		—			—			—			—	(c)		(0.06	)		—
Total distributions to shareholders		(0.11	)		(0.26	)		(0.30	)		(0.31	)		(0.37	)		(0.33	)
Net Asset Value, End of Period	$	10.56		$	10.17		$	9.79		$	10.08		$	10.38		$	10.39
Total return (d)(e)		4.97	%(f)		6.55	%		0.13	%		0.09	%		3.55	%		1.51	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.11	%(h)		0.13	%		0.14	%		0.16	%		0.18	%		0.17	%
Net investment income (g)		2.18	%(h)		2.56	%		3.04	%		2.99	%		3.05	%		3.14	%
Portfolio turnover rate		9	%(f)		15	%		20	%		25	%		17	%		16	%
Net assets, end of period (000s)	$	1,262		$	1,260		$	1,920		$	2,668		$	3,776		$	4,478

(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)  Rounds to less than $0.01 per share.

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

(e)  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.

96

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.17		$	9.79		$	10.08		$	10.38		$	10.40		$	10.56
Income from Investment Operations:
Net investment income (b)		0.11			0.26			0.30			0.31			0.32			0.33
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			0.38			(0.29	)		(0.30	)		0.03			(0.16	)
Total from investment operations		0.50			0.64			0.01			0.01			0.35			0.17
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.26	)		(0.30	)		(0.31	)		(0.31	)		(0.33	)
From net realized gains		—			—			—			—	(c)		(0.06	)		—
Total distributions to shareholders		(0.11	)		(0.26	)		(0.30	)		(0.31	)		(0.37	)		(0.33	)
Net Asset Value, End of Period	$	10.56		$	10.17		$	9.79		$	10.08		$	10.38		$	10.40
Total return (d)(e)		4.97	%(f)		6.55	%		0.12	%		0.09	%		3.45	%		1.60	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.11	%(h)		0.13	%		0.14	%		0.16	%		0.18	%		0.17	%
Net investment income (g)		2.17	%(h)		2.54	%		3.04	%		2.99	%		3.05	%		3.14	%
Portfolio turnover rate		9	%(f)		15	%		20	%		25	%		17	%		16	%
Net assets, end of period (000s)	$	4,760		$	3,797		$	3,672		$	3,108		$	3,760		$	4,650

(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)  Rounds to less than $0.01 per share.

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

(e)  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.

97

Financial Highlights – Columbia North Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.17		$	9.79		$	10.07		$	10.38		$	10.39		$	10.56
Income from Investment Operations:
Net investment income (b)		0.17			0.36			0.40			0.41			0.42			0.43
Net realized and unrealized gain (loss) on investments and futures contracts		0.39			0.38			(0.28	)		(0.31	)		0.05			(0.16	)
Total from investment operations		0.56			0.74			0.12			0.10			0.47			0.27
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.36	)		(0.40	)		(0.41	)		(0.42	)		(0.44	)
From net realized gains		—			—			—			—	(c)		(0.06	)		—
Total distributions to shareholders		(0.17	)		(0.36	)		(0.40	)		(0.41	)		(0.48	)		(0.44	)
Net Asset Value, End of Period	$	10.56		$	10.17		$	9.79		$	10.07		$	10.38		$	10.39
Total return (d)(e)		5.49	%(f)		7.61	%		1.22	%		0.99	%		4.59	%		2.53	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		0.55	%(h)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.11	%(h)		0.13	%		0.14	%		0.16	%		0.18	%		0.17	%
Net investment income (g)		3.18	%(h)		3.54	%		4.03	%		3.99	%		4.05	%		4.14	%
Portfolio turnover rate		9	%(f)		15	%		20	%		25	%		17	%		16	%
Net assets, end of period (000s)	$	179,862		$	172,795		$	163,885		$	154,515		$	155,432		$	138,854

(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)  Rounds to less than $0.01 per share.

(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.

98

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.17		$	9.84		$	10.01		$	10.27		$	10.25		$	10.46
Income from Investment Operations:
Net investment income (b)		0.18			0.34			0.37			0.39			0.39			0.43
Net realized and unrealized gain (loss) on investments and futures contracts		0.35			0.33			(0.17	)		(0.25	)		0.06			(0.17	)
Total from investment operations		0.53			0.67			0.20			0.14			0.45			0.26
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.34	)		(0.37	)		(0.38	)		(0.38	)		(0.40	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.07	)
Total distributions to shareholders		(0.18	)		(0.34	)		(0.37	)		(0.40	)		(0.43	)		(0.47	)
Net Asset Value, End of Period	$	10.52		$	10.17		$	9.84		$	10.01		$	10.27		$	10.25
Total return (c)(d)		5.20	%(e)		6.91	%		2.09	%		1.39	%		4.50	%		2.46	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		0.80	%(g)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.12	%(g)		0.13	%		0.13	%		0.15	%		0.17	%		0.14	%
Net investment income (f)		3.39	%(g)		3.39	%		3.76	%		3.78	%		3.77	%		3.78	%
Portfolio turnover rate		6	%(e)		16	%		21	%		13	%		15	%		11	%
Net assets, end of period (000s)	$	18,406		$	24,126		$	23,865		$	16,007		$	17,443		$	18,855

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

99

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.18		$	9.85		$	10.01		$	10.27		$	10.25		$	10.46
Income from Investment Operations:
Net investment income (b)		0.14			0.27			0.30			0.31			0.31			0.34
Net realized and unrealized gain (loss) on investments and futures contracts		0.34			0.33			(0.16	)		(0.24	)		0.07			(0.16	)
Total from investment operations		0.48			0.60			0.14			0.07			0.38			0.18
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.27	)		(0.30	)		(0.31	)		(0.31	)		(0.32	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.07	)
Total distributions to shareholders		(0.14	)		(0.27	)		(0.30	)		(0.33	)		(0.36	)		(0.39	)
Net Asset Value, End of Period	$	10.52		$	10.18		$	9.85		$	10.01		$	10.27		$	10.25
Total return (c)(d)		4.70	%(e)		6.12	%		1.43	%		0.64	%		3.72	%		1.70	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.12	%(g)		0.13	%		0.13	%		0.15	%		0.17	%		0.14	%
Net investment income (f)		2.63	%(g)		2.64	%		3.03	%		3.03	%		3.02	%		3.03	%
Portfolio turnover rate		6	%(e)		16	%		21	%		13	%		15	%		11	%
Net assets, end of period (000s)	$	877		$	1,175		$	1,978		$	2,268		$	2,866		$	4,135

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

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

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

(d)  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.

(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.

100

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.18		$	9.85		$	10.01		$	10.28		$	10.26		$	10.47
Income from Investment Operations:
Net investment income (b)		0.14			0.27			0.30			0.31			0.31			0.34
Net realized and unrealized gain (loss) on investments and futures contracts		0.35			0.33			(0.16	)		(0.26	)		0.07			(0.16	)
Total from investment operations		0.49			0.60			0.14			0.05			0.38			0.18
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.27	)		(0.30	)		(0.30	)		(0.31	)		(0.32	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.07	)
Total distributions to shareholders		(0.14	)		(0.27	)		(0.30	)		(0.32	)		(0.36	)		(0.39	)
Net Asset Value, End of Period	$	10.53		$	10.18		$	9.85		$	10.01		$	10.28		$	10.26
Total return (c)(d)		4.80	%(e)		6.11	%		1.43	%		0.54	%		3.72	%		1.70	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		1.55	%(g)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.12	%(g)		0.13	%		0.13	%		0.15	%		0.17	%		0.14	%
Net investment income (f)		2.62	%(g)		2.63	%		3.02	%		3.03	%		3.02	%		3.03	%
Portfolio turnover rate		6	%(e)		16	%		21	%		13	%		15	%		11	%
Net assets, end of period (000s)	$	10,071		$	9,300		$	6,146		$	5,697		$	6,324		$	7,060

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

(d)  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.

(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.

101

Financial Highlights – Columbia South Carolina Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.18		$	9.84		$	10.01		$	10.27		$	10.25		$	10.46
Income from Investment Operations:
Net investment income (b)		0.19			0.37			0.40			0.41			0.41			0.46
Net realized and unrealized gain (loss) on investments and futures contracts		0.34			0.34			(0.17	)		(0.24	)		0.07			(0.18	)
Total from investment operations		0.53			0.71			0.23			0.17			0.48			0.28
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.37	)		(0.40	)		(0.41	)		(0.41	)		(0.42	)
From net realized gains		—			—			—			(0.02	)		(0.05	)		(0.07	)
Total distributions to shareholders		(0.19	)		(0.37	)		(0.40	)		(0.43	)		(0.46	)		(0.49	)
Net Asset Value, End of Period	$	10.52		$	10.18		$	9.84		$	10.01		$	10.27		$	10.25
Total return (c)(d)		5.23	%(e)		7.28	%		2.34	%		1.65	%		4.76	%		2.71	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.55	%(g)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—			—	%(h)		—	%(h)
Net expenses (f)		0.55	%(g)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.12	%(g)		0.13	%		0.13	%		0.15	%		0.17	%		0.14	%
Net investment income (f)		3.63	%(g)		3.64	%		4.03	%		4.03	%		4.01	%		4.03	%
Portfolio turnover rate		6	%(e)		16	%		21	%		13	%		15	%		11	%
Net assets, end of period (000s)	$	155,198		$	150,971		$	172,604		$	170,987		$	157,399		$	160,021

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

(d)  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.

(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.

102

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.94		$	10.57		$	10.65		$	10.73		$	10.67		$	10.86
Income from Investment Operations:
Net investment income (b)		0.17			0.35			0.37			0.38			0.38			0.38
Net realized and unrealized gain (loss) on investments and futures contracts		0.38			0.37			(0.08	)		(0.08	)		0.11			(0.18	)
Total from investment operations		0.55			0.72			0.29			0.30			0.49			0.20
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.35	)		(0.37	)		(0.38	)		(0.38	)		(0.38	)
From net realized gains		—			—			—			—	(c)		(0.05	)		(0.01	)
Total distributions to shareholders		(0.17	)		(0.35	)		(0.37	)		(0.38	)		(0.43	)		(0.39	)
Net Asset Value, End of Period	$	11.32		$	10.94		$	10.57		$	10.65		$	10.73		$	10.67
Total return (d)(e)		5.06	%(f)		6.83	%		2.83	%		2.85	%		4.64	%		1.88	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.80	%(h)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		—			—			—			—			—	%(i)		—	%(i)
Net expenses (g)		0.80	%(h)		0.78	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.07	%(h)		0.09	%		0.11	%		0.12	%		0.13	%		0.12	%
Net investment income (g)		3.06	%(h)		3.17	%		3.54	%		3.51	%		3.55	%		3.54	%
Portfolio turnover rate		4	%(f)		12	%		12	%		12	%		22	%		30	%
Net assets, end of period (000s)	$	51,691		$	51,857		$	47,970		$	48,158		$	48,924		$	53,054

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

103

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.95		$	10.57		$	10.65		$	10.73		$	10.67		$	10.86
Income from Investment Operations:
Net investment income (b)		0.13			0.27			0.29			0.30			0.30			0.30
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.37			(0.08	)		(0.08	)		0.11			(0.18	)
Total from investment operations		0.50			0.64			0.21			0.22			0.41			0.12
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.26	)		(0.29	)		(0.30	)		(0.30	)		(0.30	)
From net realized gains		—			—			—			—	(c)		(0.05	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.26	)		(0.29	)		(0.30	)		(0.35	)		(0.31	)
Net Asset Value, End of Period	$	11.32		$	10.95		$	10.57		$	10.65		$	10.73		$	10.67
Total return (d)(e)		4.58	%(f)		6.14	%		2.07	%		2.08	%		3.86	%		1.12	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(i)		—	%(i)
Net expenses (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.07	%(h)		0.09	%		0.11	%		0.12	%		0.13	%		0.12	%
Net investment income (g)		2.31	%(h)		2.44	%		2.80	%		2.77	%		2.80	%		2.79	%
Portfolio turnover rate		4	%(f)		12	%		12	%		12	%		22	%		30	%
Net assets, end of period (000s)	$	1,070		$	1,575		$	2,220		$	2,434		$	3,119		$	4,360

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

104

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.95		$	10.57		$	10.65		$	10.73		$	10.67		$	10.86
Income from Investment Operations:
Net investment income (b)		0.13			0.26			0.29			0.30			0.30			0.30
Net realized and unrealized gain (loss) on investments and futures contracts		0.37			0.38			(0.08	)		(0.08	)		0.11			(0.18	)
Total from investment operations		0.50			0.64			0.21			0.22			0.41			0.12
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.26	)		(0.29	)		(0.30	)		(0.30	)		(0.30	)
From net realized gains		—			—			—			—	(c)		(0.05	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.26	)		(0.29	)		(0.30	)		(0.35	)		(0.31	)
Net Asset Value, End of Period	$	11.32		$	10.95		$	10.57		$	10.65		$	10.73		$	10.67
Total return (d)(e)		4.57	%(f)		6.13	%		2.07	%		2.08	%		3.86	%		1.12	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—			—			—			—			—	%(i)		—	%(i)
Net expenses (g)		1.55	%(h)		1.53	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.07	%(h)		0.09	%		0.11	%		0.12	%		0.13	%		0.12	%
Net investment income (g)		2.29	%(h)		2.41	%		2.79	%		2.77	%		2.80	%		2.79	%
Portfolio turnover rate		4	%(f)		12	%		12	%		12	%		22	%		30	%
Net assets, end of period (000s)	$	3,740		$	2,499		$	1,898		$	967		$	1,340		$	1,450

(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)  Rounds to less than $0.01 per share.

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

(e)  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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

105

Financial Highlights – Columbia Virginia Intermediate Municipal Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	10.94		$	10.57		$	10.65		$	10.73		$	10.67		$	10.86
Income from Investment Operations:
Net investment income (b)		0.18			0.37			0.40			0.40			0.41			0.44
Net realized and unrealized gain (loss) on investments and futures contracts		0.38			0.37			(0.08	)		(0.07	)		0.10			(0.21	)
Total from investment operations		0.56			0.74			0.32			0.33			0.51			0.23
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.37	)		(0.40	)		(0.41	)		(0.40	)		(0.41	)
From net realized gains		—			—			—			—	(c)		(0.05	)		(0.01	)
Total distributions to shareholders		(0.18	)		(0.37	)		(0.40	)		(0.41	)		(0.45	)		(0.42	)
Net Asset Value, End of Period	$	11.32		$	10.94		$	10.57		$	10.65		$	10.73		$	10.67
Total return (d)(e)		5.19	%(f)		7.10	%		3.09	%		3.10	%		4.90	%		2.13	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.55	%(h)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Interest expense		—			—			—			—			—	%(i)		—	%(i)
Net expenses (g)		0.55	%(h)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%
Waiver/Reimbursement		0.07	%(h)		0.09	%		0.11	%		0.12	%		0.13	%		0.12	%
Net investment income (g)		3.30	%(h)		3.42	%		3.80	%		3.76	%		3.80	%		3.79	%
Portfolio turnover rate		4	%(f)		12	%		12	%		12	%		22	%		30	%
Net assets, end of period (000s)	$	282,105		$	278,479		$	267,576		$	288,262		$	273,728		$	266,292

(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)  Rounds to less than $0.01 per share.

(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.

(i)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

106

Notes to Financial Statements – Municipal Bond Funds

September 30, 2010 (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 series of the Trust (each, a "Fund" and collectively, the "Funds"):

Columbia Short Term Municipal Bond Fund

Columbia California Intermediate Municipal Bond Fund

Columbia Georgia Intermediate Municipal Bond Fund

Columbia Maryland Intermediate Municipal Bond Fund

Columbia North Carolina Intermediate Municipal Bond Fund

Columbia South Carolina Intermediate Municipal Bond Fund

Columbia Virginia Intermediate Municipal Bond Fund

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

Investment Objectives

Columbia Short Term Municipal Bond Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.

Each of the state-specific Intermediate Municipal Bond Funds seeks current income exempt from federal income tax and the respective state individual income tax, consistent with moderate fluctuation of principal.

Fund Shares

The Trust may issue an unlimited number of shares, and each Fund offers four classes of shares: Class A, Class B, Class C and Class Z shares. Each share class has its own expense structure and sales charges, as applicable. The Funds no longer accept investments by new or existing investors in the Funds' Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of each Fund and exchanges by existing Class B shareholders of the other Columbia Funds.

Class A shares are subject to a maximum front-end sales charge of 1.00% for Columbia Short Term Municipal Bond Fund and 3.25% for the state-specific Intermediate Municipal Bond Funds, based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a maximum contingent deferred sales charge ("CDSC") of 1.00% based upon the holding period after purchase. Class B shares of the state-specific Intermediate Municipal Bond Funds are subject to a maximum CDSC of 3.00% based upon the holding period after purchase. Class B shares of the state-specific Intermediate Municipal Bond Funds 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 each 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.

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and, except as disclosed in Note 11, 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

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

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Municipal Bond Funds, September 30, 2010 (Unaudited)

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.

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.

GAAP 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.

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 identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Income Recognition

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

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

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, 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

108

Municipal Bond Funds, September 30, 2010 (Unaudited)

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. 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.

Note 3. Federal Tax Information

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

	Tax-Exempt Income		Ordinary Income*		Long-Term Capital Gains
Columbia Short Term Municipal Bond Fund	$	36,039,799	$	33,157	$	—
Columbia California Intermediate Municipal Bond Fund		7,781,315		3,073		141,523
Columbia Georgia Intermediate Municipal Bond Fund		4,506,122		3,574		—
Columbia Maryland Intermediate Municipal Bond Fund		5,494,650		106,849		—
Columbia North Carolina Intermediate Municipal Bond Fund		6,939,301		69,082		—
Columbia South Carolina Intermediate Municipal Bond Fund		7,126,807		89,026		—
Columbia Virginia Intermediate Municipal Bond Fund		11,077,237		145,799		—

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes, were:

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Columbia Short Term Municipal Bond Fund	$	44,095,408	$	(421,984	)	$	43,673,424
Columbia California Intermediate Municipal Bond Fund		14,838,370		(593,490	)		14,244,880
Columbia Georgia Intermediate Municipal Bond Fund		8,113,265		(79,794	)		8,033,471
Columbia Maryland Intermediate Municipal Bond Fund		10,622,946		(141,094	)		10,481,852
Columbia North Carolina Intermediate Municipal Bond Fund		13,443,747		(209,131	)		13,234,616
Columbia South Carolina Intermediate Municipal Bond Fund		11,366,921		(144,527	)		11,222,394
Columbia Virginia Intermediate Municipal Bond Fund		23,676,643		(928,884	)		22,747,759

109

Municipal Bond Funds, September 30, 2010 (Unaudited)

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2011		2012		2013		2014		2015		2016		2017		2018		Total
Columbia Short Term Municipal Bond Fund	$	10,024	$	397,238	$	2,170,497	$	3,786,208	$	3,090,745	$	1,181,270	$	—	$	—	$	10,635,982
Columbia California Intermediate Municipal Bond Fund		—		—		—		—		—		—		—		549,741		549,741
Columbia Georgia Intermediate Municipal Bond Fund		728,393		—		—		—		—		—		—		231,576		959,969
Columbia Maryland Intermediate Municipal Bond Fund		421,787		—		828,332		901,428		271,557		—		511		2,323,465		4,747,080
Columbia North Carolina Intermediate Municipal Bond Fund		—		—		—		—		—		—		1,049,117		2,838,774		3,887,891
Columbia South Carolina Intermediate Municipal Bond Fund		—		—		—		—		—		317,772		952,549		1,541,416		2,811,737
Columbia Virginia Intermediate Municipal Bond Fund		—		—		—		—		—		—		72.197		1,092,743		1,164,940

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.

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Funds. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Funds and subsequently changed its name to Columbia Management Investment Advisers, LLC

110

Municipal Bond Funds, September 30, 2010 (Unaudited)

(the "New Advisor"). The New Advisor receives a monthly investment advisory fee based on each Fund's average daily net assets at the following annual rates:

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

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Funds under the same fee structure.

For the six month period ended September 30, 2010, 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 Short Term Municipal Bond Fund		0.26	%
Columbia California Intermediate Municipal   Bond Fund		0.40	%
Columbia Georgia Intermediate Municipal Bond Fund		0.40	%
Columbia Maryland Intermediate Municipal   Bond Fund		0.40	%
Columbia North Carolina Intermediate Municipal Bond Fund		0.40	%
Columbia South Carolina Intermediate   Municipal Bond Fund		0.40	%
Columbia Virginia Intermediate Municipal Bond Fund		0.40	%

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Funds under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Funds, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor receives an administration fee from each Fund, computed daily and paid monthly, at the annual rate of 0.15% of each Fund's average daily net assets less the fees payable by the Funds as described under the Pricing and Bookkeeping Fees note below. Prior to the Closing, Columbia provided administrative services to the Funds at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Funds entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank and Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds 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. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. Under the State Street Agreements, each Fund pays State Street an annual fee

111

Municipal Bond Funds, September 30, 2010 (Unaudited)

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.

Also, prior to the Closing, the Funds entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Funds reimbursed 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. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Funds and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services, Inc. ("BFDS") to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Funds.

The New 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 New Transfer Agent from shareholders of the Funds and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Funds. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Funds and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the six month period ended September 30, 2010, the annualized effective transfer agent fee rates for each class of the Funds, as a percentage of each Fund's average daily net assets, were as follows:

	Annualized Effective Fee Rate
Columbia Short Term Municipal Bond Fund		0.07	%
Columbia California Intermediate   Municipal Bond Fund		—	%*
Columbia Georgia Intermediate Municipal
Bond Fund		0.01	%
Columbia Maryland Intermediate Municipal Bond Fund		0.01	%
Columbia North Carolina Intermediate Municipal Bond Fund		0.01	%
Columbia South Carolina Intermediate Municipal Bond Fund		0.01	%
Columbia Virginia Intermediate Municipal Bond Fund		0.01%

*  Rounds to less than 0.01%

An annual minimum account balance fee of $20 may apply to certain accounts with a value below each 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

112

Municipal Bond Funds, September 30, 2010 (Unaudited)

reductions on the Statements of Operations. For the six month period ended September 30, 2010, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Funds and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor").

For the six month period ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares were as follows:

	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class A		Class B		Class C
Columbia Short Term Municipal Bond Fund	$	8,890	$	34,188	$	—	$	17,543
Columbia California Intermediate Municipal Bond Fund		1,471		—		—		—
Columbia Georgia Intermediate Municipal Bond Fund		962		—		500		19
Columbia Maryland Intermediate Municipal Bond Fund		2,055		—		1,099		145
Columbia North Carolina Intermediate Municipal Bond Fund		4,000		—		—		—
Columbia South Carolina Intermediate Municipal Bond Fund		2,843		—		—		—	*
Columbia Virginia Intermediate Municipal Bond Fund		1,052		100		2		95

*  Rounds to less than $1.

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 New 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 may be paid to affiliates of the New 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	%

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Funds' shares. There were no changes to the underwriting discount structure of the Funds or the service or distribution fee rates paid by the Funds as a result of the Transaction.

113

Municipal Bond Funds, September 30, 2010 (Unaudited)

Fee Waivers and Expense Reimbursements

Effective May 1, 2010, the New Advisor 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:

	Annual Rate
Columbia Short Term Municipal Bond Fund		0.50	%
Columbia California Intermediate Municipal   Bond Fund		0.55	%
Columbia Georgia Intermediate Municipal Bond Fund		0.55	%
Columbia Maryland Intermediate Municipal   Bond Fund		0.55	%
	Annual Rate
Columbia North Carolina Intermediate Municipal Bond Fund		0.55	%
Columbia South Carolina Intermediate   Municipal Bond Fund		0.55	%
Columbia Virginia Intermediate Municipal Bond Fund		0.55	%

These arrangements may be modified or terminated by the New Advisor at any time. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Funds' expenses in the same manner.

The New Advisor is entitled to recover from the Funds any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement under these arrangements if such recovery does not cause the Funds' expenses to exceed the expense limitations in effect at the time of recovery. Prior to May 1, 2010, Columbia was entitled to recover fees waived and/or expenses reimbursed from the Funds in the same manner.

At September 30, 2010, the amounts potentially recoverable pursuant to this arrangement are as follows:

	Amount of potential recovery expiring March 31,								Total potential		Amount recovered during the six month period ended
	2014		2013		2012		2011		recovery		9/30/10
Columbia Short Term Municipal Bond Fund		$—		$223,599		$602,386		$470,889		$1,296,874		$—
Columbia California Intermediate Municipal Bond Fund		103,872		249,629		299,298		245,824		898,623		—
Columbia Georgia Intermediate Municipal Bond Fund		94,160		221,167		212,433		246,888		774,648		—
Columbia Maryland Intermediate Municipal Bond Fund		105,158		249,129		239,429		267,402		861,118		—
Columbia North Carolina Intermediate Municipal Bond Fund		116,599		259,947		259,156		293,196		928,898		—
Columbia South Carolina Intermediate Municipal Bond Fund		107,925		247,880		267,234		273,304		896,343		—
Columbia Virginia Intermediate Municipal Bond Fund		121,169		298,704		367,033		386,045		1,172,951		—

114

Municipal Bond Funds, September 30, 2010 (Unaudited)

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Funds are employees of the New Advisor 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. Prior to the Closing, each Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Funds, as set forth on the Statements of Operations. 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 Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant's deferral account was based on the rate of return of BofA Treasury Reserves (formerly known as Columbia Treasury Reserves). 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 are included in "Trustees' fees" on the Statements of Operations. Liabilities under the deferred compensation plan are included in "Trustees' fees" on the Statements of Assets and Liabilities.

Other

Prior to the Closing, certain Funds made daily investments of cash balances in BofA (formerly Columbia) Tax-Exempt Reserves and/or BofA (formerly Columbia) California Tax-Exempt Reserves, each formerly an affiliated open-ended investment company of Columbia, pursuant to an exemptive order received from the Securities and Exchange Commission. The income earned prior to the Closing by each Fund from such investments is included as "Dividends from affiliates" on the Statements of Operations. As an investing Fund, each Fund was indirectly allocated its proportionate share of the expenses of BofA Tax-Exempt Reserves and/or BofA California Tax-Exempt Reserves.

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, 2010, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Short Term Municipal Bond Fund	$	247
Columbia California Intermediate Municipal Bond Fund		1
Columbia Georgia Intermediate Municipal Bond Fund		3
Columbia Maryland Intermediate Municipal Bond Fund		2
Columbia North Carolina Intermediate Municipal Bond Fund		1
Columbia South Carolina Intermediate Municipal Bond Fund		3
Columbia Virginia Intermediate Municipal Bond Fund		—*

*  Rounds to less than $1.00.

115

Municipal Bond Funds, September 30, 2010 (Unaudited)

Note 6. Portfolio Information

For the six month period ended September 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Funds were as follows:

	Purchases		Sales
Columbia Short Term Municipal Bond Fund	$	553,451,452	$	685,822,051
Columbia California Intermediate Municipal Bond Fund		12,363,594		9,236,637
Columbia Georgia Intermediate Municipal Bond Fund		8,012,296		19,245,440
Columbia Maryland Intermediate Municipal Bond Fund		13,760,417		17,251,406
Columbia North Carolina Intermediate Municipal Bond Fund		19,582,777		22,268,449
Columbia South Carolina Intermediate Municipal Bond Fund		11,329,707		21,011,074
Columbia Virginia Intermediate Municipal Bond Fund		14,339,436		22,500,297

Note 7. Regulatory Settlements

As of March 31, 2010, Columbia Short Term Municipal Bond Fund had received payments of $1,276 relating to certain regulatory settlements with third parties that the Fund had participated in during the period. The payments have been included in "Increase from regulatory settlements" on the Statements of Changes in Net Assets.

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 each Fund's borrowing limit set forth in each 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 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.

For the six month period ended September 30, 2010, the Funds did not borrow under these arrangements.

Note 9. Shareholder Concentration

As of September 30, 2010, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. The number of accounts and aggregate percentages of shares outstanding held therein are as follows:

	Number of Accounts		% of Shares Outstanding Held
Columbia Short Term Municipal Bond Fund		1		69.8
Columbia California Intermediate Municipal Bond Fund		1		85.4
Columbia Georgia Intermediate Municipal Bond Fund		1		78.0
Columbia Maryland Intermediate Municipal Bond Fund		2		33.8
Columbia North Carolina Intermediate Municipal Bond Fund		1		73.0
Columbia South Carolina Intermediate Municipal Bond Fund		1		75.8
Columbia Virginia Intermediate Municipal Bond Fund		2		87.9

Purchase and redemption activity of these accounts may have a significant effect on the operation of the Funds.

116

Municipal Bond Funds, September 30, 2010 (Unaudited)

Note 10. Significant Risks and Contingencies

State-Specific Municipal Securities Risk

Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. The value of Fund shares may be more volatile than the value of shares of funds that invest in municipal securities of issuers in more than one state, as unfavorable developments have the potential to impact more significantly each Fund than funds that invest in municipal securities of many different states. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects.

Sector Focus Risk

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

Non-Diversified Risk

Columbia Maryland Intermediate Municipal Bond Fund is a non-diversified fund, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.

Geographic Concentration Risk

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

Concentration of Credit Risk

Each Fund holds investments that are insured by private insurers who guarantee the payment of principal and interest in the event of default or that are supported by a letter of credit. At September 30, 2010, private insurers who insured greater than 20% of the total net assets of the Funds were as follows:

Columbia South Carolina Intermediate Municipal Bond Fund

Insurer	% of Total Net Assets
Assured Guaranty Municipal Corp.		24.4

At October 20, 2010, Assured Guaranty Municipal Corp. was rated by Standard & Poor's AAA-.

Tax Development Risk

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

Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as legacy RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court

117

Municipal Bond Funds, September 30, 2010 (Unaudited)

dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates.

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

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

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

Note 11. Subsequent Events

The Board of Trustees has approved a proposal to merge Columbia Georgia Intermediate Municipal Bond Fund and Columbia Maryland Intermediate Municipal Bond Fund (the Acquired Funds) into Columbia Intermediate Municipal Bond Fund. Shareholders of each Acquired Fund will vote on each respective proposed merger at a Special Meeting of Shareholders scheduled to be held during the first half of 2011.

Effective October 14, 2010, the line of credit disclosed in Note 8 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

118

Board Consideration and Approval of Amendment to Investment Management Services Agreement—Columbia Short Term Municipal Bond Fund

In September 2010, the Board (the "Board") of Columbia Funds Series Trust (the "Trust") unanimously approved an amendment to the Investment Management Services Agreement (the "IMS Agreement") between Columbia Management Investment Advisers, LLC ("Columbia Management") and the Trust, on behalf of Columbia Short Term Municipal Bond Fund (the "Fund"). As detailed below, the Contracts Review Committee and/or the Board held numerous meetings and discussions with Columbia Management and reviewed and considered extensive materials in connection with the approval of the changes to the fee rates payable by the Fund before determining to approve the amendment to the IMS Agreement.

Prior to approving the proposed changes to the fee rates payable by the Fund, the trustees (the "Trustees") of the Board were presented with, and requested, received and evaluated, materials about the current IMS Agreement, the proposed changes to the fee rates and related matters from Columbia Management. The Trustees also reviewed reports prepared by Lipper, Inc., an independent provider of investment company data, which included information comparing the Fund's current fees and expense ratios with a group of comparable funds that were selected by Lipper, Inc. Included in these reports were comparisons of contractual and actual investment advisory fee rates and total operating expenses.

In addition, the Trustees considered that the proposed amendment was part of a larger group of proposals, aligning the fees and expenses for similar funds based on a more consistent and uniform pricing model for all funds in the family of funds. In this regard, the Board recognized that many of the funds in the fund family were organized at different times by many different sponsors, and as a result, their fees and expenses did not reflect a common overall design.

The Trustees also reviewed and considered information that they had previously received, addressing the services Columbia Management provides and fund performance, among other things, in connection with their most recent consideration and approval of the IMS Agreement. Moreover, the Board and its Contract Review Committee met on several occasions, and received extensive materials, which the Trustees considered relevant to their consideration and approval of the proposed changes to the fee rates payable by the Fund. The Trustees also consulted with the non-interested Trustees' independent legal counsel, who advised on the legal standards for consideration by the Trustees, and otherwise assisted the Trustees in their deliberations.

At the conclusion of its review of the materials discussed above and of the discussions among the Trustees leading up to and during the September 20, 2010 meetings, the Board, on behalf of the Fund, agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of the amendment to the IMS Agreement.

In making its decision to approve the proposed amendment to the IMS Agreement for the Fund, the Board considered factors bearing on the nature, extent and quality of the services provided to the Fund, and the costs for those services, with a view toward making a business judgment as to whether the proposed amendment to the IMS Agreement is, under all of the circumstances, in the best interest of the Fund and the Fund's shareholders. The factors that the Trustees considered and the conclusions that they, in their business judgment, reached included, principally, the following:

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

•  The Board's favorable evaluation of the nature, extent and quality of investment management services provided by Columbia Management to the Fund;

•  The Board's recent evaluation of the historical performance of Columbia Management in managing the Fund, recognizing that no assurances can be given that the Fund would achieve any level of performance in the future;

•  The Board's recent evaluation of the Fund's potential to realize economies scale through operations of Columbia Management;

•  The benefits from soft dollar arrangements that Columbia Management has obtained and will continue to obtain, from managing the Fund;

•  The expected benefits to shareholders of further integrating the legacy Columbia-branded funds (the "Columbia Funds Complex") and the legacy RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia RiverSource Funds Complex" and, collectively

119

with the Columbia Funds Complex, the "Combined Fund Complex") by:

o  Standardizing investment advisory fee rates and total management fee rates (i.e., the investment advisory fee rates and the administration fee rates), to the extent possible, across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Mid Cap Value Fund with those of all other actively managed mid-cap funds in the Combined Fund Complex) to promote uniformity of pricing among similar funds;

o  Implementing contractual expense limitations that will generally cap annual operating expense ratios for each fund in the Combined Fund Complex at levels that are at or below the median net operating expense ratio of the other funds in the respective fund's peer group (as determined annually by an independent third-party data provider); and

o  Correlating investment advisory and administration fee rates across the Combined Fund Complex commensurate with the level of services being provided to various funds in the same investment category.

In making its decision to approve the amendment to the IMS Agreement that included the increase of the investment advisory fee rates payable by the Fund at all or most asset levels, the factors that the Trustees considered and the conclusions that they reached included, principally, the following:

•  The impact of the proposed changes in investment advisory fee rates on the gross and net expense ratios of the Fund, including the contemporaneous reduction in the rates payable by the Fund under the administration services agreement contingent on shareholder approval of the amendment to the IMS Agreement and the willingness of Columbia Management to contractually agree to limit total operating expenses for the Fund for a certain period of time;

•  Current and projected profits to Columbia Management from providing investment management and other services to the Fund, both under the current investment advisory fee rates and the proposed investment advisory fee rates; and

•  That the proposed investment advisory fee rates are designed to be competitive and to fairly compensate Columbia Management for services performed for the Fund.

In their deliberations, the Trustees did not identify any single item that was paramount or controlling and individual Trustees may have attributed different weights to various factors. The Trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of the Fund and other funds. Based on the foregoing, and other relevant information received, the Trustees concluded that the proposed investment advisory fee rate increase for the Fund is acceptable and competitive, including when compared to similar funds in the industry. Accordingly, the Board unanimously approved the amendment to the IMS Agreement with respect to the Fund.

120

Summary of Management Fee Evaluation by
Independent Fee Consultant

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

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

September 21, 2010

I. Overview

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

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

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management

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

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

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

³  Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

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fees is determined by the Board of Trustees ... using ... an annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1.  Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a "Fee Change Fund").

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

3.  CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a "Fee Increase Fund"). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

4.  The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA's proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

5.  CMIA's fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the actual management fees would be in the fourth or fifth quintiles.

6.  Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

7.  CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to an expense limitation calculated by reference to the median of the relevant fund's Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense

122

limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

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

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

10.  CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

123

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Important Information About This Report

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

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 the Municipal Bond Funds listed on the front cover.

A description of the policies and procedures that each fund uses to determine how to vote proxies and a copy of the funds' 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.

125

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

Municipal Bond Funds
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1080 A (11/10)

Columbia Masters International Equity Portfolio

Semiannual Report for the Period Ended September 30, 2010

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Investment Portfolio	3
Statement of Assets and Liabilities	4
Statement of Operations	6
Statement of Changes in Net Assets	7
Financial Highlights	9
Notes to Financial Statements	14
Important Information About This Report	21

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

President’s Message

Dear Shareholder:

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

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

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

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

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

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

n First-class research and thought leadership. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

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

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

Sincerely,

J. Kevin Connaughton

President, Columbia Funds

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

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

^© 2010 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia Masters International Equity Portfolio

Average annual total return as of 09/30/10 (%)

Share class

A

B

C

R

Z

Inception

02/15/06

02/15/06

02/15/06

02/15/06

02/15/06

Sales charge

without

with

without

with

without

with

without

without

6-month (cumulative)

3.42

–2.50

3.00

–2.00

3.01

2.01

3.28

3.56

1-year

5.71

–0.40

4.88

–0.12

4.88

3.88

5.53

6.03

Life

0.22

–1.06

-0.49

–0.86

–0.52

–0.52

–0.04

0.47

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 portfolio 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 the reinvestment of distributions. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R shares are sold at net asset value with distribution (Rule 12b-1) fees. Class Z and Class R 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.

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

Summary

6-month (cumulative) return as of 09/30/10

	+3.42% Class A shares (without sales charge)
	+0.20% MSCI EAFE Index (Net)1

Net asset value per share
as of 09/30/10 ($)
Class A	8.25
Class B	8.24
Class C	8.23
Class R	8.24
Class Z	8.26
Distributions declared per share
04/01/10 – 09/30/10 ($)
Class A	0.24
Class B	0.18
Class C	0.18
Class R	0.22
Class Z	0.26

¹ The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization Index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of May 27, 2010, the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. 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 many not match those in an index.

1

Understanding Your Expenses – Columbia Masters International Equity Portfolio

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the 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 cost of investing in the portfolio with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

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 the portfolio’s annualized expense ratios used to calculate the expense information below.

04/01/10 – 09/30/10
	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		1,034.20		1,023.82		1.27		1.27		0.25
Class B		1,000.00		1,000.00		1,030.00		1,020.05		5.09		5.06		1.00
Class C		1,000.00		1,000.00		1,030.10		1,020.05		5.09		5.06		1.00
Class R		1,000.00		1,000.00		1,032.80		1,022.56		2.55		2.54		0.50
Class Z		1,000.00		1,000.00		1,035.60		1,025.07		—		—		—

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.

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 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.

* Columbia Masters International Equity Portfolio’s expense ratios do not include fees and expenses incurred by the underlying funds.

2

Investment Portfolio – Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

	Shares		Value ($)
Investment Companies (a) – 100.2%
Columbia Acorn International, Class Z		619,807		23,552,654
Columbia Multi-Advisor International Equity Fund, Class Z		8,069,133		94,408,851
Total Investment Companies (cost of $142,578,094)				117,961,505
Total Investments – 100.2% (cost of $142,578,094) (b)				117,961,505
Other Assets & Liabilities, Net – (0.2)%				(192,802	)
Net Assets – 100.0%				117,768,703

Notes to Investment Portfolio:

(a) Mutual funds registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Investment Advisers, LLC or its affiliates.

(b) Cost for federal income tax purposes is $142,578,094.

Quoted prices in active markets for identical securities (level 1 measurements) were used in determining value for all securities in the Investment Portfolio as of September 30, 2010.

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

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.

3

Statement of Assets and Liabilities – Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

		($)
Assets	Affiliated investments, at identified cost		142,578,094
	Affiliated investments, at value		117,961,505
	Receivable for portfolio shares sold		52,972
	Expense reimbursement due from investment advisor		46,448
	Prepaid expenses		1,811
	Total Assets		118,062,736
Liabilities	Payable for:
	Investments purchased		28,264
	Portfolio shares repurchased		132,112
	Pricing and bookkeeping fees		2,243
	Transfer agent fee		31,804
	Trustees’ fees		36,088
	Legal fee		15,940
	Custody fee		728
	Distribution and service fees		19,910
	Other liabilities		26,944
	Total Liabilities		294,033
	Net Assets		117,768,703
Net Assets Consist of	Paid-in capital		211,204,707
	Undistributed net investment income		175,787
	Accumulated net realized loss		(68,995,202	)
	Net unrealized appreciation (depreciation) on investments		(24,616,589	)
	Net Assets		117,768,703

See Accompanying Notes to Financial Statements.

4

Statement of Assets and Liabilities (continued) – Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

Class A	Net assets	$	45,581,960
	Shares outstanding		5,524,268
	Net asset value per share (a)	$	8.25
	Maximum sales charge		5.75	%
	Maximum offering price per share ($8.25/0.9425) (b)	$	8.75
Class B	Net assets	$	3,467,159
	Shares outstanding		420,908
	Net asset value and offering price per share (a)	$	8.24
Class C	Net assets	$	9,477,651
	Shares outstanding		1,151,717
	Net asset value and offering price per share (a)	$	8.23
Class R	Net assets	$	25,216
	Shares outstanding		3,061
	Net asset value, offering and redemption price per share	$	8.24
Class Z	Net assets	$	59,216,717
	Shares outstanding		7,169,220
	Net asset value, offering and redemption price per share	$	8.26

(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.

5

Statement of Operations – Columbia Masters International Equity Portfolio

For the Six Months Ended September 30, 2010 (Unaudited)

		($)
Investment Income	Dividends from affiliates		403,796
	Total Investment Income		403,796
Expenses	Distribution fee:
	Class B		13,055
	Class C		35,348
	Class R		68
	Service fee:
	Class B		4,351
	Class C		11,783
	Distribution and service fees:
	Class A		58,008
	Transfer agent fee		98,299
	Pricing and bookkeeping fees		13,188
	Trustees’ fees		19,554
	Custody fee		2,582
	Registration fees		32,417
	Legal fees		26,757
	Reports to shareholders		28,941
	Chief compliance officer expenses		357
	Other expenses		17,736
	Total Expenses		362,444
	Fees waived or expenses reimbursed by investment advisor		(239,831	)
	Expense reductions		—	(a)
	Net Expenses		122,613
	Net Investment Income		281,183
Net Realized and Unrealized Gain (Loss) on Investments	Net realized loss on affiliated investments		(10,766,125	)
	Net change in unrealized appreciation (depreciation) on investments		13,098,307
	Net Gain		2,332,182
	Net Increase Resulting from Operations		2,613,365

(a) Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

6

Statement of Changes in Net Assets – Columbia Masters International Equity Portfolio

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2010 ($)			Year Ended March 31, 2010 ($)
Operations	Net investment income		281,183			5,124,789
	Net realized loss on investments		(10,766,125	)		(22,127,081	)
	Net change in unrealized appreciation (depreciation) on investments		13,098,307			75,038,404
	Net increase resulting from operations		2,613,365			58,036,112
Distributions to Shareholders	From net investment income:
	Class A		(1,405,247	)		(1,162,782	)
	Class B		(81,323	)		(29,094	)
	Class C		(218,842	)		(79,794	)
	Class R		(882	)		(433	)
	Class Z		(1,951,490	)		(1,875,064	)
	Total distributions to shareholders		(3,657,784	)		(3,147,167	)
	Net Capital Stock Transactions		(18,020,761	)		(33,028,724	)
	Redemption fees		—			938
	Total increase (decrease) in net assets		(19,065,180	)		21,861,159
Net Assets	Beginning of period		136,833,883			114,972,724
	End of period		117,768,703			136,833,883
	Undistributed net investment income at end of period		175,787			3,552,388

See Accompanying Notes to Financial Statements.

7

Statement of Changes in Net Assets (continued) – Columbia Masters International Equity Portfolio

	Capital Stock Activity
	(Unaudited) Six Months Ended September 30, 2010						Year Ended March 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		161,437			1,261,760			860,237			6,474,067
Distributions reinvested		158,369			1,141,837			148,393			1,091,724
Redemptions		(1,225,267	)		(9,416,258	)		(2,688,107	)		(20,377,765	)
Net decrease		(905,461	)		(7,012,661	)		(1,679,477	)		(12,811,974	)
Class B
Subscriptions		4,864			36,690			45,790			340,223
Distributions reinvested		10,085			72,711			3,423			25,770
Redemptions		(75,835	)		(588,118	)		(128,083	)		(968,770	)
Net decrease		(60,886	)		(478,717	)		(78,870	)		(602,777	)
Class C
Subscriptions		31,539			238,910			88,936			682,997
Distributions reinvested		23,640			170,210			7,447			56,125
Redemptions		(185,947	)		(1,410,414	)		(489,572	)		(3,645,416	)
Net decrease		(130,768	)		(1,001,294	)		(393,189	)		(2,906,294	)
Class R
Subscriptions		558			4,293			3,559			27,333
Distributions reinvested		74			536			58			431
Redemptions		(1,395	)		(9,949	)		(4,632	)		(35,426	)
Net decrease		(763	)		(5,120	)		(1,015	)		(7,662	)
Class Z
Subscriptions		276,965			2,142,400			1,509,342			11,298,156
Distributions reinvested		15,847			114,258			14,075			104,306
Redemptions		(1,513,192	)		(11,779,627	)		(3,692,821	)		(28,102,479	)
Net decrease		(1,220,380	)		(9,522,969	)		(2,169,404	)		(16,700,017	)

See Accompanying Notes to Financial Statements.

8

Financial Highlights – Columbia Masters International Equity Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class A Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	8.24		$	5.49		$	11.14		$	11.69		$	10.26		$	10.00
Income from Investment Operations:
Net investment income (b)		0.02			0.27			0.05			0.17			0.15			—	(c)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.23			2.64			(5.14	)		0.11			1.63			0.26
Total from investment operations		0.25			2.91			(5.09	)		0.28			1.78			0.26
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.16	)		—			(0.13	)		(0.07	)		—
From net realized gains		—			—			(0.56	)		(0.70	)		(0.28	)		—
Total distributions to shareholders		(0.24	)		(0.16	)		(0.56	)		(0.83	)		(0.35	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	8.25		$	8.24		$	5.49		$	11.14		$	11.69		$	10.26
Total return (d)(e)		3.42	%(f)		53.33	%		(48.03	)%		1.76	%		17.39	%		2.60	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)(h)		0.25	%(i)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(i)
Waiver/Reimbursement		0.41	%(i)		0.28	%		0.26	%		0.22	%		0.59	%		13.23	%(i)
Net investment income (loss) (g)		0.43	%(i)		3.50	%		0.56	%		1.39	%		1.31	%		(0.25	)%(i)
Portfolio turnover rate		—	%(f)(j)		2	%		20	%		3	%		1	%		—
Net assets, end of period (000s)	$	45,582		$	53,013		$	44,548		$	119,670		$	75,289		$	5,846

(a) Class A shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

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

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

(e) 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) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

9

Financial Highlights – Columbia Masters International Equity Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class B Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	8.20		$	5.43		$	11.09		$	11.66		$	10.26		$	10.00
Income from Investment Operations:
Net investment income (loss) (b)		(0.01	)		0.21			(0.01	)		0.07			0.10			(0.01	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.23			2.62			(5.09	)		0.12			1.59			0.27
Total from investment operations		0.22			2.83			(5.10	)		0.19			1.69			0.26
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.06	)		—			(0.06	)		(0.01	)		—
From net realized gains		—			—			(0.56	)		(0.70	)		(0.28	)		—
Total distributions to shareholders		(0.18	)		(0.06	)		(0.56	)		(0.76	)		(0.29	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	8.24		$	8.20		$	5.43		$	11.09		$	11.66		$	10.26
Total return (d)(e)		3.00	%(f)		52.13	%		(48.35	)%		1.03	%		16.50	%		2.60	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)(h)		1.00	%(i)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(i)
Waiver/Reimbursement		0.41	%(i)		0.28	%		0.26	%		0.22	%		0.59	%		13.23	%(i)
Net investment income (loss)(g)		(0.31	)%(i)		2.73	%		(0.18	)%		0.55	%		0.93	%		(1.00	)%(i)
Portfolio turnover rate		—	%(f)(j)		2	%		20	%		3	%		1	%		—
Net assets, end of period (000s)	$	3,467		$	3,950		$	3,043		$	7,490		$	5,960		$	1,176

(a) Class B shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

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

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

(e) 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) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

10

Financial Highlights – Columbia Masters International Equity Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class C Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	8.19		$	5.42		$	11.08		$	11.66		$	10.25		$	10.00
Income from Investment Operations:
Net investment income (loss) (b)		(0.01	)		0.21			(0.02	)		0.07			0.10			(0.01	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.23			2.62			(5.08	)		0.11			1.60			0.26
Total from investment operations		0.22			2.83			(5.10	)		0.18			1.70			0.25
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.06	)		—			(0.06	)		(0.01	)		—
From net realized gains		—			—			(0.56	)		(0.70	)		(0.28	)		—
Total distributions to shareholders		(0.18	)		(0.06	)		(0.56	)		(0.76	)		(0.29	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	8.23		$	8.19		$	5.42		$	11.08		$	11.66		$	10.25
Total return (d)(e)		3.01	%(f)		52.22	%		(48.39	)%		0.94	%		16.61	%		2.50	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)(h)		1.00	%(i)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(i)
Waiver/Reimbursement		0.41	%(i)		0.28	%		0.26	%		0.22	%		0.59	%		13.23	%(i)
Net investment income (loss) (g)		(0.32	)%(i)		2.77	%		(0.19	)%		0.60	%		0.88	%		(1.00	)%(i)
Portfolio turnover rate		—	%(f)(j)		2	%		20	%		3	%		1	%		—
Net assets, end of period (000s)	$	9,478		$	10,506		$	9,087		$	27,656		$	21,210		$	3,140

(a) Class C shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

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

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

(e) 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) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

11

Financial Highlights – Columbia Masters International Equity Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	8.22		$	5.47		$	11.12		$	11.68		$	10.26		$	10.00
Income from Investment Operations:
Net investment income (loss) (b)		0.01			0.28			0.02			0.15			0.16			(0.01	)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.23			2.59			(5.11	)		0.09			1.59			0.27
Total from investment operations		0.24			2.87			(5.09	)		0.24			1.75			0.26
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.12	)		—			(0.10	)		(0.05	)		—
From net realized gains		—			—			(0.56	)		(0.70	)		(0.28	)		—
Total distributions to shareholders		(0.22	)		(0.12	)		(0.56	)		(0.80	)		(0.33	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	8.24		$	8.22		$	5.47		$	11.12		$	11.68		$	10.26
Total return (d)(e)		3.28	%(f)		52.81	%		(48.12	)%		1.48	%		17.09	%		2.60	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)(h)		0.50	%(i)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(i)
Waiver/Reimbursement		0.41	%(i)		0.28	%		0.26	%		0.22	%		0.59	%		13.23	%(i)
Net investment income (loss) (g)		0.26	%(i)		3.78	%		0.26	%		1.22	%		1.46	%		(0.50	)%(i)
Portfolio turnover rate		—	%(f)(j)		2	%		20	%		3	%		1	%		—
Net assets, end of period (000s)	$	25		$	31		$	26		$	44		$	12		$	10

(a) Class R shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

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

(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) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

12

Financial Highlights – Columbia Masters International Equity Portfolio

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class Z Shares	2010			2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	8.26		$	5.52		$	11.16		$	11.70		$	10.26		$	10.00
Income from Investment Operations:
Net investment income (b)		0.03			0.29			0.07			0.23			0.12			—	(c)
Net realized and unrealized gain (loss) on investments and capital gains distributions received		0.23			2.64			(5.15	)		0.08			1.69			0.26
Total from investment operations		0.26			2.93			(5.08	)		0.31			1.81			0.26
Less Distributions to Shareholders:
From net investment income		(0.26	)		(0.19	)		—			(0.15	)		(0.09	)		—
From net realized gains		—			—			(0.56	)		(0.70	)		(0.28	)		—
Total distributions to shareholders		(0.26	)		(0.19	)		(0.56	)		(0.85	)		(0.37	)		—
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	8.26		$	8.26		$	5.52		$	11.16		$	11.70		$	10.26
Total return (d)(e)		3.56	%(f)		53.58	%		(47.84	)%		2.03	%		17.69	%		2.60	%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)(h)		—			—			—			—			—			—
Waiver/Reimbursement		0.41	%(i)		0.28	%		0.26	%		0.22	%		0.59	%		13.23	%(i)
Net investment income (g)		0.68	%(i)		3.77	%		0.83	%		1.89	%		0.93	%		—	%(i)(j)
Portfolio turnover rate		—	%(f)(j)		2	%		20	%		3	%		1	%		—
Net assets, end of period (000s)	$	59,217		$	69,334		$	58,268		$	89,568		$	31,029		$	316

(a) Class Z shares commenced operations on February 15, 2006. Per share data and total return reflect activity from that date.

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

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

(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) Does not include expenses of the investment companies in which the Portfolio invests, if these expenses were included, the expense ratios would have been higher.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

13

Notes to Financial Statements – Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

Note 1. Organization

Columbia Masters International Equity Portfolio (the “Portfolio”), a series of Columbia Funds Series Trust (the “Trust”), is a diversified portfolio. The Trust is 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.

Investment Objective

The Portfolio seeks capital appreciation. The Portfolio generally invests in Class Z shares of Columbia Multi-Advisor International Equity Fund and Columbia Acorn International (the “Underlying Funds”). The Underlying Funds are advised by Columbia Management Investment Advisers, LLC, the Portfolio’s investment adviser (the “New Advisor”), or its affiliates.

The financial statements of the Underlying Funds in which the Portfolio invests should be read in conjunction with the Portfolio’s financial statements and are available at www.columbiamanagement.com.

Portfolio Shares

The Trust is authorized to issue an unlimited number of shares, and the Portfolio offers five classes of shares: Class A, Class B, Class C, Class R and Class Z. Each share class has its own expense structure and sales charges, as applicable. The Portfolio no longer accepts investments in Class B shares by new or existing investors in the Portfolio’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of the 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 maximum contingent deferred sales charge (“CDSC”) of 1.00% based upon the holding period 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 generally 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 R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Portfolio’s prospectus.

Note 2. Significant Accounting Policies

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.

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and, except as noted in Note 11, 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 Portfolio in the preparation of its financial statements.

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of the Class Z shares of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.

GAAP 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:

n Level 1 — quoted prices in active markets for identical securities

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

n 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

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Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

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.

Income Recognition

Distributions from the Underlying Funds are recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Portfolio 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 Portfolio are charged to the Portfolio. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Portfolio intends to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the 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 the Portfolio 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, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

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

Distributions paid from:
Ordinary Income*	$	3,147,167
Long-Term Capital Gains		—

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	5,409,218
Unrealized depreciation		(30,025,807	)
Net unrealized depreciation	$	(24,616,589	)

15

Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

The following capital loss carryforwards, determined as of March 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Capital Loss Carryforwards
2017	$	4,980,942
2018		25,984,153
Total	$	30,965,095

Management is required to determine whether a tax position of the Portfolio is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the 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 Portfolio’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

After the close of business on April 30, 2010, Ameriprise Financial, Inc. (“Ameriprise Financial”) acquired a portion of the asset management business of Columbia Management Group, LLC (the “Transaction”), including the business of managing the Portfolio. In connection with the closing of the Transaction (the “Closing”), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Portfolio and subsequently changed its name to Columbia Management Investment Advisers, LLC. The Portfolio does not pay any fee to the New Advisor for its investment advisory services.

Prior to the Closing, Columbia Management Advisors, LLC (“Columbia”), an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”), provided investment advisory services to the Portfolio under the same fee structure.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Portfolio under a new Administrative Services Agreement (the “Administrative Agreement”). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Portfolio, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor does not receive any compensation from the Portfolio for its services.

Prior to the Closing, Columbia provided administrative services to the Portfolio. Columbia did not receive any compensation from the Portfolio for its services.

Pricing and Bookkeeping Fees

Prior to the Closing, the Portfolio entered into a Financial Reporting Services Agreement (the “Financial Reporting Services Agreement”) with State Street Bank and Trust Company (“State Street”) and Columbia pursuant to which State Street provides financial reporting services to the Portfolio. The Portfolio 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 Portfolio. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. Under the State Street Agreements, the Portfolio pays State Street an annual fee of $26,000 paid monthly. The Portfolio also reimburses State Street for certain out-of-pocket expenses and charges.

Also prior to the Closing, the Portfolio entered into a Pricing and Bookkeeping Oversight and Services Agreement (the “Services Agreement”) with Columbia. Under the Services Agreement, Columbia provided services related to Portfolio expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Portfolio reimburses Columbia for out-of- pocket expenses and charges, including fees payable to third parties, such as for pricing the Portfolio’s portfolio securities, incurred by Columbia in the performance of services under the

16

Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

Services Agreement. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Portfolio and subsequently changed its name to Columbia Management Investment Services Corp. (the “New Transfer Agent”). The New Transfer Agent has contracted with Boston Financial Data Services (“BFDS”) to serve as sub-transfer agent. The New Transfer Agent receives monthly account based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Portfolio.

The New 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 New Transfer Agent from shareholders of the Portfolio and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Portfolio. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Portfolio and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the six month period ended September 30, 2010, the Portfolio’s annualized effective transfer account fee rate for each class was 0.17% of the Portfolio’s average daily net assets.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolio’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, 2010, no minimum account balance fees were charged by the Portfolio.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Portfolio and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the “New Distributor”).

For the six month period ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $964 and net CDSC fees paid by shareholders on certain redemptions of Class B and Class C shares amounted to $5,472 and $109, respectively.

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of the Portfolio, a distribution plan for the Class R shares of the Portfolio and a combined distribution and shareholder servicing plan for the Class A shares of the Portfolio. The shareholder servicing plans permit the Portfolio to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Portfolio to compensate or reimburse the New Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes’ shares. Payments for the shareholder servicing plans are made at an annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares. Payments for the distribution plans are made at an annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares and 0.50% annually of the average daily net assets attributable to the Class R shares. The Portfolio’s Class A shares pay a combined distribution and service fee at an annual rate of 0.25% pursuant to the Portfolio’s combined servicing and distribution plan for Class A shares. Payments under the plans are charged as expenses directly to the applicable share class.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Portfolio’s shares. There were no changes to the underwriting discount structure of the Portfolio or the service or distribution fee rates paid by the Portfolio as a result of the Transaction.

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Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

Fee Waivers and Expense Reimbursements

Effective August 1, 2010, the New Advisor has voluntarily agreed to bear a portion of the Portfolio’s expenses so that the Portfolio’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 Portfolio’s custodian, do not exceed 0.00% of the Portfolio’s average net assets. This arrangement may be modified or terminated by the New Advisor at any time. For the period May 1, 2010 through July 31, 2010, the New Advisor contractually agreed to bear a portion of the Portfolio’s expenses at the same rate. Prior to May 1, 2010, Columbia contractually agreed to reimburse a portion of the Portfolio’s expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Portfolio are employees of the New Advisor or its affiliates and, with the exception of the Portfolio’s Chief Compliance Officer, receive no compensation from the Portfolio. The Board of Trustees has appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Portfolio’s expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, the Portfolio paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Portfolio, as set forth on the Statement of Operations. 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 Portfolio’s assets. Income earned on the plan participant’s deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant’s deferral account was based on the rate of return of BofA Treasury Reserves (formerly known as Columbia Treasury Reserves). 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 are included in “Trustees’ fees” on the Statement of Operations. Liabilities under the deferred compensation plan are included in “Trustees’ fees” on the Statement of Assets and Liabilities.

Note 5. Custody Credits

The Portfolio has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Portfolio could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six month period ended September 30, 2010, these custody credits reduced total expenses by less than $1 for the Portfolio.

Note 6. Portfolio Information

For the six month period ended September 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Portfolio were $200,813 and $21,915,464, respectively.

Note 7. Redemption Fees

Effective March 1, 2010, the Portfolio no longer assesses a 2.00% redemption fee on the proceeds from portfolio shares that are redeemed within 60 days of purchase. The redemption fee was designed to offset brokerage commissions and other costs associated with short term trading of portfolio shares. The redemption fees, which were retained by the Portfolio, were accounted for as an addition to paid-in capital and were allocated to each class based on the relative net assets at the time of the redemption. For the year ended March 31, 2010, the redemption fees for Class A, Class B, Class C, and Class Z of the Portfolio amounted to $362, $26, $71 and $479, respectively.

Note 8. Line of Credit

The Portfolio 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.

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Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

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.

For the six month period ended September 30, 2010, the Portfolio did not borrow under these arrangements.

Note 9. Shareholder Concentration

As of September 30, 2010, two shareholder accounts owned 55.4% of the outstanding shares of the Portfolio. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Portfolio.

Note 10. Significant Risks and Contingencies

Allocation Risk

The Portfolio uses an asset allocation strategy in pursuing its investment objective. There is a risk that the Portfolio’s allocation among asset classes or investments will cause the Portfolio to under-perform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.

Investing in Other Funds Risk

The performance of the Underlying Funds in which the Portfolio invests could be adversely affected if other entities investing in the same Underlying Funds make relatively large investments or redemptions in the Underlying Funds. Because the expenses and costs of the Underlying Funds are shared by the Portfolio, redemptions by other investors in the Underlying Funds could result in decreased economies of scale and increased operating expenses for the Portfolio. In addition, Columbia has the authority to change the Underlying Funds in which the Portfolio invests or to change the percentage of the Portfolio’s investments allocated to each Underlying Fund. If an Underlying Fund pays fees to Columbia, such fees could result in Columbia having a potential conflict of interest in selecting the Underlying Funds in which the Portfolio invests or in determining the percentage of the Portfolio’s investments allocated to each Underlying Fund.

Smaller Company Securities Risk

Securities of small- or mid-capitalization companies (“smaller companies”) may have a higher potential for gains than securities of large-capitalization companies but also may involve more risk. Smaller companies may be more vulnerable to market downturns and adverse economic events than larger, more established companies because smaller companies may have more limited financial resources and business operations. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies.

Value Securities Risk

Certain Underlying Funds invest in value securities, which are securities of companies that may have experienced adverse business, industry or other developments that have caused the securities to be potentially undervalued. There is the risk that the market value of a portfolio security may not meet Columbia’s future value assessment of that security. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities at times may not perform as well as growth securities or the stock market in general.

Foreign Securities Risk

Certain Underlying Funds invest in foreign securities which involves certain additional risks. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments or foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities. Investments in emerging market countries are subject to additional risk as these countries are more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as legacy RiverSource) mutual funds and they

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Columbia Masters International Equity Portfolio

September 30, 2010 (Unaudited)

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

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

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

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

Note 11. Subsequent Event

Effective October 14, 2010, the line of credit disclosed in Note 8 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

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Important Information About This Report

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

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

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

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Investment Advisers, LLC

100 Federal Street

Boston, MA 02110

21

Columbia Masters International Equity Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

©2010 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1120 A (11/10)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Series Trust
By (Signature and Title)	/s/J. Kevin Connaughton
	J. Kevin Connaughton, President
Date	November 19, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/J. Kevin Connaughton
	J. Kevin Connaughton, President
Date	November 19, 2010
By (Signature and Title)	/s/Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer
Date	November 19, 2010